XML 28 R19.htm IDEA: XBRL DOCUMENT v3.23.2

LEASES

3 Months Ended

Jun. 30, 2023

LEASES

LEASES

NOTE 13 – LEASES

On August 25, 2021, 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 $82,998 per month. 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, 2023			March 31, 2023
Finance lease:		​	​	​	​
Right of use asset – operating lease	​	$	6,629,396	​	$	6,629,396
Right of use asset – finance leases	​	​	65,016	​	​	65,016
Amortization	​	​	(1,201,908)	​	​	(1,033,474)
Right of use asset, net	​	$	5,492,504	​	$	5,660,938
Lease liability – operating lease	​	$	5,648,643	​	$	5,819,365
Lease liability – finance leases	​	​	30,146	​	​	36,336
Total lease liability	​	$	5,678,789	​	$	5,855,701

​

Other supplemental information regarding our leases is contained in the following tables:

​

​	​	​	​	​	​	​
Components of lease expense for the three months ended:		June 30, 2023			June 30, 2022
Operating lease amortization	​	$	164,101	​	$	158,071
Finance lease amortization	​	$	4,333	​	$	6,300
Finance lease interest	​	$	281	​	$	544

​

​	​	​	​	​	​
Weighted average lease term and discount rate at:		June 30, 2023		June 30, 2022
Lease term (years) – operating lease		7.00	​	8.00	​
Lease term (years) – finance lease	​	2.40	​	2.70	​
Lease rate – operating lease	​	4.5	%	4.5	%
Lease rate – finance lease		4.5	%	3.7	%

​

​

​	​	​	​	​	​	​
Supplemental cash flow information related to leases for the three months ended:		June 30, 2023			June 30, 2022
Cash used in operating activities	​	$	234,700	​	$	193,393
Cash used in financing activities	​	$	6,191	​	$	16,860

​

Maturities of lease liabilities at June 30, 2023 for the next five years and thereafter:

​

​	​	​	​
2024		$	952,880
2025	​		948,701
2026	​		946,226
2027	​		938,802
2028	​	​	938,802
Thereafter	​		1,876,899
Total lease payments	​	$	6,602,310
Less: imputed interest	​		923,521
Total	​	$	5,678,789

​

X

- 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

Name:	tpcs_LeaseOfLesseeDisclosureTextBlock
Namespace Prefix:	tpcs_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration