EX-99.2 3 ex_298888.htm EXHIBIT 99.2 ex_298888.htm

Exhibit 99.2

 

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CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 25,

   

September 26,

   

September 25,

   

September 26,

 
   

2021

   

2020

   

2021

   

2020

 

Revenues:

                               

Product sales

  $ 5,514,872     $ 4,452,387     $ 16,242,762     $ 16,721,973  

Total revenues

    5,514,872       4,452,387       16,242,762       16,721,973  
                                 

Cost of product sales

    4,375,676       3,514,813       12,807,844       13,050,860  

Gross Margin

    1,139,196       937,574       3,434,918       3,671,113  
                                 

Selling, general, and administrative expense

    1,227,258       684,836       3,234,344       2,466,196  

Income from operations

    (88,062)       252,738       200,573       1,204,915  
                                 

Interest/Other income (expense)

    16,032       (21,266)       (2,047)       (72,558)  

Net income before income tax

    (72,030)       231,472       198,526       1,132,357  

Income tax provision (benefit)

    (2,840,951)       456       (2,840,951)       456  

Net income

  $ 2,768,921     $ 231,016     $ 3,039,021     $ 1,131,901  

Net income per basic common share

  $ 0.19     $ 0.02     $ 0.22     $ 0.09  

 

 

 

CPS TECHNOLOGIES CORPORATION

BALANCE SHEET (UNAUDITED)

 

    September 25,     December 26,  
    2021     2020  
ASSETS                
                 

Current assets:

               

Cash and cash equivalents

  $ 3,837,737     $ 195,203  

Accounts receivable-trade, net

    5,032,187       2,914,800  

Inventories, net

    3,773,228       3,709,471  

Prepaid expenses and other current assets

    132,315       71,506  
                 
Total current assets     12,775,467       6,890,980  
                 

Net property and equipment

    1,175,244       1,287,947  
                 

Right-of-use lease asset

    613,000       25,000  

Deferred taxes, net

    2,958,407       117,000  
                 

Total Assets

  $ 17,522,118     $ 8,320,927  
                 
LIABILITIES AND STOCKHOLDERS’EQUITY                
                 

Current liabilities:

               
Note payable, current portion     44,821     $ 58,134  
Accounts payable     1,699,154       909,291  
Accrued expenses     911,387       804,091  
Deferred revenue     1,150,797       12,177  
Lease liability, current portion     153,000       25,000  
                 

Total current liabilities

    3,959,159       1,808,693  
                 

Note payable less current portion

    124,566       154,570  

Long term lease liability

    460,000       --  
                 

Total liabilities

    4,543,725       1,963,263  
                 

Total stockholders’ equity

    12,978,393       6,357,664  
                 

Total liabilities and stockholders’ equity

  $ 17,522,118     $ 8,320,927