EX-99.2 3 ex_442023.htm EXHIBIT 99.2 ex_442023.htm

Exhibit 99.2

 

CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
   

October 1,

   

September 25,

   

October 1,

   

September 25,

 
   

2022

   

2021

   

2022

   

2021

 
                                 

Revenues:

                               

Product sales

  $ 6,748,117     $ 5,514,872     $ 20,471,574     $ 16,242,762  

Total revenues

    6,748,117       5,514,872       20,471,574       16,242,762  
                                 

Cost of product sales

    4,864,876       4,375,676       14,796,206       12,807,844  

Gross Margin

    1,883,241       1.139,196       5,675,368       3,434,918  
                                 

Selling, general, and administrative expense

    1,174,581       1,227,258       3,750,131       3,234,344  

Income from operations

    708,660       (88,062 )     1,925,237       200,574  
                                 

Interest/Other income (expense), net

    643,702       16,032       643,383       (2,048 )

Net income before income tax

    1,352,362       (72,030 )     2,568,620       198,526  

Income tax provision

    364,497       (2,799,997 )     706,211       (2,799,541 )

Net income

  $ 987,865     $ 2,727,967     $ 1,862,409     $ 2,998,067  
                                 

Net income per basic common share

  $ 0.07     $ 0.18     $ 0.13     $ 0.21  

 

 

 

CPS TECHNOLOGIES CORP.

Balance Sheet (Unaudited)

 

   

July 2,

   

December 25,

 
   

2022

   

2021

 
                 

Current assets:

               

Cash and cash equivalents

  $ 5,598,503     $ 5,050,312  

Accounts receivable-trade, net

    5,835,738       4,870,021  

Inventories, net

    4,868,550       3,911,602  

Prepaid expenses and other current assets

    246,680       225,873  

Total current assets

    16,549,471       14,057,808  

Net property and equipment

    1,408,749       1,322,494  
                 

Right-of-use lease asset

    497,000       586,000  

Deferred taxes, net

    2,118,223       2,823,978  

Total Assets

  $ 20,573,443     $ 18,800,719  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               
                 

Current liabilities:

               

Note payable, current portion

  $ 43,136       55,906  

Accounts payable

    2,044,857       2,100,251  

Accrued expenses

    865,538       1,086,429  

Deferred revenue

    1,707,138       1,707,138  

Lease liability, current portion

    157,000       155,000  

Total current liabilities

    4,817,669       5,104,724  

Note payable less current portion

    65,947       98,684  

Long term lease liability

    340,000       431,000  

Total liabilities

    5,223,616       5,634,408  
                 

Total stockholders’ equity

    15,349,827       13,166,311  

Total liabilities and stockholders’ equity

  $ 20,573,443     $ 18,800,719