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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended March 31, 2016
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OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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51-0539828
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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1 Bella Drive, Westminster, MA
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01473
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(Address of principal executive offices)
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(Zip Code)
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☐ Yes
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☒ No
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☐ Yes
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☒ No
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☒ Yes
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☐ No
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☒ Yes
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☐ No
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
(Do not check if a smaller reporting company)
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Smaller reporting company x
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Page
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PART III
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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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PART IV
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Item 15. Exhibits, Financial Statement Schedules
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·
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each of our directors;
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·
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each Named Executive Officer;
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·
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each person owning of record or known by us, based on information provided to us by the persons named below, to own beneficially at least 5% of our common stock; and
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·
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all directors and Named Executive Officers as a group.
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Name
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Shares
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Percentage
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Andrew A. Levy (1)
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1,622,100
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5.76%
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Alexander Shen (2)
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666,667
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2.37%
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Thomas Sammons (3)
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166,667
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*
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Michael Holly (4)
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197,500
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*
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Philip A. Dur (5)
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145,000
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*
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Leonard M. Anthony (6)
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185,000
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*
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Robert G. Isaman (7)
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200,000
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*
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Richard F. Fitzgerald (8)
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67,500
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*
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All officers and directors as a group (eight individuals) (9)
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3,250,434
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11.54%
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* Less than 1%
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(1)
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Includes 50,000 shares of common stock issuable upon the exercise of stock options granted to Mr. Levy that may be exercised within 60 days of July 28, 2016.
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(2)
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Includes 666,667 shares of common stock issuable upon the exercise of stock options granted to Mr. Shen that may be exercised within 60 days of July 28, 2016.
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(3)
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Includes 166,667 shares of common stock issuable upon the exercise of stock options granted to Mr. Sammons that may be exercised within 60 days of July 28, 2016.
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(4)
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Includes 112,500 shares of common stock issuable upon the exercise of stock options granted to Mr. Holly that may be exercised within 60 days of July 28, 2016.
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(5)
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Includes 105,000 shares of common stock issuable upon the exercise of stock options granted to Mr. Dur that may be exercised within 60 days of July 28, 2016.
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(6)
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Includes 165,000 shares of common stock issuable upon the exercise of stock options granted to Mr. Anthony that may be exercised within 60 days of July 28, 2016.
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(7)
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Includes 100,000 shares of common stock issuable upon the exercise of stock options granted to Mr. Isaman that may be exercised within 60 days of July 28, 2016.
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(8)
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In accordance with the 2006 TechPrecision Long-Term Incentive Plan, all options previously granted to Mr. Fitzgerald expired in accordance with their terms on January 23, 2016.
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(9)
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Includes 1,365,834 shares of common stock issuable upon the exercise of stock options granted to our directors and Named Executive Officers that may be exercised within 60 days of July 28, 2016.
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2.1
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Assignment of Claim Agreement, dated April 17, 2015, by and between Ranor, Inc. and Citigroup Financial Products Inc. (Exhibit 2.1 to our Current Report on Form 8-K, filed with the Commission on April 23, 2015 and incorporated herein by reference).
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3.1
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Certificate of Incorporation of the Registrant (Exhibit 3.1 to our registration statement on Form SB-2, filed with the Commission on August 28, 2006 and incorporated herein by reference).
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3.2
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Amended and Restated By-laws of the Registrant (Exhibit 3.1 to our Current Report on Form 8-K, filed with the Commission on February 3, 2014 and incorporated herein by reference).
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3.3
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Certificate of Designation for Series A Convertible Preferred Stock of the Registrant (Exhibit 3.1 to our Current Report on Form 8-K, filed with the Commission on March 3, 2006 and incorporated herein by reference).
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3.4
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Certificate of Amendment to Certificate of Designation for Series A Convertible Preferred Stock of the Registrant (Exhibit 3.5 to our quarterly report on Form 10-Q, filed with the Commission on November 12, 2009 and incorporated herein by reference).
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4.1
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Amended and Restated Term Note in the original principal amount of $1,500,000 in the name of Revere High Yield Fund, LP, dated January 22, 2016 (Exhibit 10.2 to our Current Report on Form 8-K, filed with the Commission on January 25, 2016 and incorporated herein by reference).
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4.2
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Amended and Restated Term Note in the original principal amount of $750,000 in the name of Revere High Yield Fund, LP, dated January 22, 2016 (Exhibit 10.3 to our Current Report on Form 8-K, filed with the Commission on January 25, 2016 and incorporated herein by reference).
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10.1†
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2006 Long-term Incentive Plan, as restated effective November 22, 2010 (Exhibit 10.2 to our quarterly report on Form 10-Q, filed with the Commission on February 14, 2011 and incorporated herein by reference).
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10.2
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Purchase and Sale Agreement, dated December 20, 2010, between WM Realty Management, LLC and Ranor, Inc. (Exhibit 10.3 to our quarterly report on Form 10-Q, filed with the Commission on February 14, 2011 and incorporated herein by reference).
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10.3†
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Form of Option Award Agreement for Directors (Exhibit 10.1 to our Current Report on Form 8-K filed with the Commission on June 17, 2013 and incorporated herein by reference).
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10.4†
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Form of Restricted Stock Award Agreement (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on March 20, 2014 and incorporated herein by reference).
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10.5†
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Separation, Severance and Release Agreement, dated July 14, 2014, between TechPrecision Corporation and Robert Francis (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on July 18, 2014 and incorporated herein by reference).
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10.6†
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Employment Agreement, dated November 14, 2014, between TechPrecision Corporation and Alexander Shen (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on November 20, 2014 and incorporated herein by reference).
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10.7
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Lease Agreement, dated June 1, 2015, by and between GPX Wayne Office Properties, L.P. and TechPrecision Corporation (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on June 5, 2015 and incorporated herein by reference).
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10.8
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Term Loan and Security Agreement, dated December 22, 2014, by and between Revere High Yield Fund, LP and Ranor, Inc. (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on December 29, 2014 and incorporated herein by reference).
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10.9
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Guaranty Agreement, dated December 22, 2014, by and between TechPrecision Corporation and Revere High Yield Fund LP (Exhibit 10.4 to our Current Report on Form 8-K, filed with the Commission on December 29, 2014 and incorporated herein by reference).
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10.10
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Note and Other Loan Documents Modification Agreement, dated December 31, 2015, by and between Revere High Yield Fund, LP, Ranor, Inc. and TechPrecision Corporation (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on January 6, 2016 and incorporated herein by reference).
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10.11
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Note and Other Loan Documents Modification Agreement No. 2, dated January 22, 2016, by and between Revere High Yield Fund, LP, Ranor, Inc. and TechPrecision Corporation (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on January 25, 2016 and incorporated herein by reference).
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10.12†
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Employment Agreement, dated March 31, 2016, between TechPrecision Corporation and Thomas Sammons (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on April 6, 2016 and incorporated herein by reference).
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10.13
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Master Loan and Security Agreement No. 4180, dated as of March 31, 2016, by and between People's Capital and Leasing Corp. and Ranor, Inc. (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on May 2, 2016 and incorporated herein by reference).
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10.14
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Loan Documents Modification Agreement No. 3, dated March 31, 2016, by and among Revere High Yield Fund, LP, Ranor, Inc., and TechPrecision Corporation (Exhibit 10.2 to our Current Report on Form 8-K, filed with the Commission on May 2, 2016 and incorporated herein by reference).
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10.15
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Intercreditor and Subordination Agreement, dated as of March 31, 2016, between and among People's Capital and Leasing Corp., Revere High Yield Fund, LP, and Ranor, Inc. (Exhibit 10.3 to our Current Report on Form 8-K, filed with the Commission on May 2, 2016 and incorporated herein by reference).
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10.16
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Mortgagee's Disclaimer and Consent, dated March 31, 2016, by Revere High Yield Fund, LP in favor of People's Capital and Leasing Corp. (Exhibit 10.4 to our Current Report on Form 8-K, filed with the Commission on May 2, 2016 and incorporated herein by reference).
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21.1*
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List of Subsidiaries.
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23.1*
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Consent of Marcum LLP.
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31.1
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31.2
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32.1#
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Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101*
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The following financial information from this Annual Report on Form 10-K for the fiscal year ended March 31, 2016, formatted in XBRL (Extensible Business Reporting Language) and furnished electronically herewith: (i) the Consolidated Balance Sheets at March 31, 2016 and 2015; (ii) the Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended March 31, 2016 and 2015; (iii) the Consolidated Statements of Stockholders' Equity for the years ended March 31, 2016 and 2015; (iv) the Consolidated Statements of Cash Flows for the years ended March 31, 2016 and 2015; and (v) the Notes to the Consolidated Financial Statements.
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TECHPRECISION CORPORATION
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August 5, 2016
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By: /s/ Thomas Sammons
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Thomas Sammons
Chief Financial Officer
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Exhibit Number
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Description of Document
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31.1
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31.2
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Dated: August 5, 2016
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/s/ Alexander Shen
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Alexander Shen
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Chief Executive Officer
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Dated: August 5, 2016
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/s/ Thomas Sammons
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Thomas Sammons
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Chief Financial Officer
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