EX-99.2 3 ex_485552.htm FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 ex_485552.htm

Exhibit 99.2

 

CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

   

Three Months Ended

   

Year Ended

 
   

December 31,

   

December 25,

   

December 31,

   

December 25,

 
   

2022

   

2021

   

2022

   

2021

 

Revenues:

                               

Product sales

  $ 6,115,352     $ 6,206,303     $ 26,586,926     $ 22,449,065  

Total revenues

  $ 6,115,352     $ 6,206,303     $ 26,586,926     $ 22,449,065  
                                 

Cost of product sales

    4,489,640       4,851,502       19,285,846       17,659,347  

Gross Margin

    1,625,712       1,354,801       7,301,080       4,789,718  
                                 

Selling, general, and administrative expense

    1,316,530       1,042,407       5,066,660       4,276,751  

Income from operations

    309,182       312,394       2,234,420       512,967  
                                 

Interest/Other income (expense)

    9,866       (2,021 )     635,248       (4,068 )

Net income before income tax

    319,048       310,373       2,887,668       508,899  

Income tax provision (benefit)

    50,057       92,563       756,268       (2,706,978 )

Net income

  $ 268,991     $ 217,810     $ 2,131,400     $ 3,215,877  
                                 

Wtd. Avg. basic common shares outstanding - diluted

    14,649,719       14,727,442       14,675,646       14,590,725  
                                 

Net income per basic common share

  $ 0.02     $ 0.01     $ 0.15     $ 0.22  

 

 

 

CPS TECHNOLOGIES CORPORATION

BALANCE SHEET (UNAUDITED)

 

   

December 31,

   

December 25,

 
   

2022

   

2021

 

ASSETS

               
                 

Current assets:

               

Cash and cash equivalents

  $ 8,266,753     $ 5,050,312  

Accounts receivable-trade, net

    3,777,975       4,870,021  

Accounts Receivable - other

    685,668       --  

Inventories, net

    4,875,901       3,911,602  

Prepaid expenses and other current assets

    211,242       225,873  

Total current assets

    17,817,539       14,057,808  

Net property and equipment

    1,326,968       1,332,933  

Right-of-use lease asset

    466,000       586,000  

Deferred taxes, net

    2,069,436       2,823,978  

Total Assets

  $ 21,679,943     $ 18,800,719  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               
                 

Current liabilities:

               

Note payable, current portion

    43,711       55,906  

Accounts payable

    1,836,865       2,100,251  

Accrued expenses

    820,856       1,086,429  

Deferred revenue

    2,521,128       1,707,138  

Lease liability, current portion

    157,000       155,000  

Total current liabilities

    5,379,560       5,104,724  

Note payable less current portion

    54,847       98,684  

Deferred revenue – long term

    231,020       --  

Long term lease liability

    309,000       431,000  

Total liabilities

    5,974,427       5,634,408  
                 

Total stockholders’ equity

    15,705,516       13,166,311  

Total liabilities and stockholders’ equity

  $ 21,679,943     $ 18,800,719