EX-99.2 3 ex_515320.htm EXHIBIT 99.2 FINANCIAL STATEMENTS ex_515319.htm

Exhibit 99.2

 

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CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

 

   

Fiscal Quarters Ended

 
   

April 1,

   

April 2,

 
   

2023

   

2022

 
                 

Revenues:

               

Product sales

  $ 7,100,267     $ 6,652,714  
                 

Total revenues

    7,100,267       6,652,714  

Cost of product sales

    4,855,564       4,689,224  
                 

Gross Profit

    2,244,703       1,963,490  

Selling, general, and administrative expense

    1,550,522       1,416,393  
                 

Income from operations

    694,181       547,097  

Other income (expense), net

    15,590       -1,913  
                 

Income before taxes

    709,771       545,184  

Income tax provision

    250,570       125,748  
                 

Net income

  $ 459,201     $ 419,436  
                 

Net income per basic common share

  $ 0.03     $ 0.03  

 

 

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CPS TECHNOLOGIES CORPORATION

BALANCE SHEET (UNAUDITED)

 

   

April 1,

   

December 31,

 
   

2023

   

2022

 
ASSETS                
                 

Current assets:

         
Cash and cash equivalents   $ 7,369,863     $ 8,266,753  
Accounts receivable-trade, net     4,714,138       3,777,975  
Accounts Receivable - other     700,703       685,668  
Inventories, net     4,692,655       4,875,901  
Prepaid expenses and other current assets     299,601       211,242  
Total current assets     17,776,960       17,817,539  

Net property and equipment

    1,378,679       1,326,968  
                 

Right-of-use lease asset

    433,000       466,000  

Deferred taxes, net

    1,842,992       2,069,436  

Total Assets

  $ 21,431,931     $ 21,679,943  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 

Current liabilities:

               
Note payable, current portion     44,424       43,711  
Accounts payable     2,046,893       1,836,865  
Accrued expenses     731,454       820,856  
Deferred revenue     1,828,068       2,521,128  
Lease liability, current portion     157,000       157,000  

Total current liabilities

    4,807,839       5,379,560  

Note payable less current portion

    43,439       54,847  

Deferred revenue – long term

    --       231,020  

Long term lease liability

    276,000       309,000  

Total liabilities

    5,127,278       5,974,427  
                 

Total stockholders’ equity

    16,304,653       15,705,516  

Total liabilities and stockholders’ equity

  $ 21,431,931     $ 21,679,943