EX-99.2 3 ex_343923.htm EXHIBIT 99.2 ex_343923.htm

Exhibit 99.2

 

CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

   

Three Months Ended

   

Year Ended

 
   

December 25,

   

December 26,

   

December 25,

   

December 26,

 
   

2021

   

2020

   

2021

   

2020

 

Revenues:

                               

Product sales

  $ 6,206,303     $ 4,150,637     $ 22,449,065     $ 20,872,611  

Total revenues

  $ 6,206,303     $ 4,150,637     $ 22,449,065     $ 20,872,611  
                                 

Cost of product sales

    4,851,502       3,651,987       17,659,347       16,702,848  

Gross Margin

    1,354,801       498,650       4,789,718       4,169,763  
                                 

Selling, general, and administrative expense

    1,042,407       789,329       4,276,751       3,255,526  

Income from operations

    312,394       (290,679 )     512,967       914,237  
                                 

Interest/Other income (expense)

    (2,021 )     57,839       (4,068 )     (14,719 )

Net income before income tax

    310,373       (232,840 )     508,899       899,517  

Income tax provision (benefit)

    92,563       (9,004 )     (2,706,978 )     (8,548 )

Net income

  $ 217,810     $ 223,836     $ 3,215,877     $ 908,065  
                                 

Wtd. Avg. basic common shares outstanding - diluted

    14,727,442       13,302,558       14,588,627       13,348,582  
                                 

Net income per basic common share

  $ 0.01     $ (0.02 )   $ 0.22     $ 0.07  

 

 

 

 

CPS TECHNOLOGIES CORPORATION

BALANCE SHEET (UNAUDITED)

  

   

December 25,

   

December 26,

 
   

2021

   

2020

 
ASSETS                
Current assets:                

Cash and cash equivalents

  $ 5,050,312     $ 195,203  

Accounts receivable-trade, net

    4,870,021       2,914,800  

Inventories, net

    3,911,602       3,709,471  

Prepaid expenses and other current assets

    225,873       71,506  
Total current assets     14,057,808       6,890,980  
Net property and equipment     1,332,933       1,287,947  
Right-of-use lease asset     586,000       25,000  
Deferred taxes, net     2,823,978       117,000  
Total Assets   $ 18,800,719     $ 8,320,927  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 

Current liabilities:

               
Note payable, current portion     55,906     $ 58,134  
Accounts payable     2,100,251       909,291  
Accrued expenses     1,086,429       804,091  
Deferred revenue     1,707,138       12,177  
Lease liability, current portion     155,000       25,000  

Total current liabilities

    5,104,724       1,808,693  

Note payable less current portion

    98,684       154,570  

Long term lease liability

    431,000       --  

Total liabilities

    5,634,408       1,963,263  
                 

Total stockholders’ equity

    13,166,311       6,357,664  

Total liabilities and stockholders’ equity

  $ 18,800,719     $ 8,320,927