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v3.22.2.2

LEASES | 3 Months Ended
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Jun. 30, 2022
LEASES |
LEASES | NOTE 14 – LEASES Stadco became party to an amended building and property operating lease and recorded a right of use asset and liability of $6.6 million. Monthly base rent for the property is $78,233 per month, with a 20% discount through November 30, 2022. The term of the lease will expire on June 30, 2030, and the lessee has no right of renewal beyond the expiration date. The lease contains customary default provisions allowing the Landlord to terminate the lease if the lessee fails to remedy a breach of its obligations under the lease within the period specified in the lease, or upon certain events of bankruptcy or seizure or attachment of the lessee’s assets or interest in the lease. The lease also contains other customary provisions for real property leases of this type. The following table lists our right-of-use assets and liabilities on our condensed consolidated balance sheets at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2022 |  | March 31, 2022
Finance lease: | ​ | ​ | ​ | ​ | ​ | ​
Right of use asset – operating lease | ​ | $ | 6,649,744 | ​ | $ | 6,649,744
Right of use asset – finance leases | ​ | ​ | 125,032 | ​ | ​ | 125,032
Amortization | ​ |  | (555,531) | ​ |  | (391,161)
Right of use asset, net | ​ | $ | 6,219,245 | ​ | $ | 6,383,615
Lease liability – operating lease | ​ | $ | 6,251,853 | ​ | $ | 6,374,691
Lease liability – finance leases | ​ | ​ | 56,048 | ​ | ​ | 72,908
Total lease liability | ​ | $ | 6,307,901 | ​ | $ | 6,447,599
​ Other supplemental information regarding our leases are contained in the following tables: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Components of lease expense for the three months ended: |  | June 30, 2022 |  | June 30, 2021
Operating lease amortization | ​ | $ | 158,071 | ​ | $ | 1,234
Finance lease amortization | ​ | $ | 6,300 | ​ | $ | 2,283
Finance lease interest | ​ | $ | 544 | ​ | $ | 362
​
​ | ​ | ​ | ​ | ​ | ​
Weighted average lease term and discount rate at: |  | June 30, 2022 |  | June 30, 2021 | ​
Lease term (years) – finance | ​ | 2.70 | ​ | 5.00 | ​
Lease term (years) – operating |  | 8.00 | ​ | — | ​
Lease rate - finance | ​ | 3.7 | % | 3.2 | %
Lease rate - operating |  | 4.5 | % | — | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental cash flow information related to leases for the three months ended: |  | June 30, 2022 |  | June 30, 2021
Cash used in operating activities | ​ | $ | 193,393 | ​ | $ | 1,596
Cash used in financing activities | ​ | $ | 16,860 | ​ | $ | 2,113
​ Maturities of lease liabilities as of June 30 for each of the next five years and thereafter: ​
​ | ​ | ​ | ​
2023 |  | $ | 911,059
2024 | ​ |  | 952,881
2025 | ​ |  | 948,701
2026 | ​ |  | 946,226
2027 | ​ |  | 938,801
Thereafter | ​ |  | 2,738,171
Total lease payments | ​ | $ | 7,435,839
Less: imputed interest | ​ |  | 1,127,938
Total | ​ | $ | 6,307,901
​

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References No definition available. + Details
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Namespace Prefix: | tpcs_
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Balance Type: | na
Period Type: | duration

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- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration