EX-99.2 3 ex_590739.htm EXHIBIT 99.2 ex_590739.htm

Exhibit 99.2

 

 

CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

 

   

Fiscal Quarters Ended

   

Nine Months Ended

 
   

September 30,

   

October 1,

   

September 30,

   

October 1,

 
   

2023

   

2022

   

2023

   

2022

 

Revenues:

                               

Product sales

  $ 6,285,041     $ 6,748,117     $ 20,803,447     $ 20,471,574  

Total Revenues

    6,285,041       6,748,117       20,803,447       20,471,574  
                                 

Cost of product sales

    5,049,177       4,864,876       15,126,621       14,796,206  

Gross Profit

    1,235,864       1,883,241       5,676,826       5,675,368  
                                 

Selling, general and administrative expense

    1,105,227       1,174,581       4,121,099       3,750,131  

Operating income (loss)

    130,637       708,660       1,555,727       1,925,237  
                                 

Interest income (expense), net

    78,181       (1,892

)

    176,325       (6,245

)

Other income (expense), net

    (1,228

)

    645,594       (4,130

)

    649,628  

Net income (loss) before income tax expense

    207,590       1,352,362       1,727,922       2,568,620  

Income tax provision (benefit)

    36,509       364,497       497,137       706,211

)

Net income

  $ 171,081     $ 987,865     $ 1,230,785     $ 1,862,409  

Net income per basic common share

  $ 0.01     $ 0.07     $ 0.08     $ 0.13  

Weighted average number of basic common shares outstanding

    14,517,364       14,434,468       14,487,873       14,417,995  

Net income per diluted common share

  $ 0.01     $ 0.07     $ 0.08     $ 0.13  

Weighted average number of diluted common shares outstanding

    14,636,241       14,686,476       14,632,591       14,683,632  

 

 

 

 

CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)

 

   

September 30,

   

December 31,

 
   

2023

   

2022

 

ASSETS

               
                 

Current assets:

               

Cash and cash equivalents

 

$

8,778,856

   

$

8,266,753

 

Accounts receivable-trade, net

   

5,006,451

     

3,777,975

 

Accounts receivable-other

   

17.043

     

685,668

 

Inventories, net

   

4,827,957

     

4,875,901

 

Prepaid expenses and other current assets

   

337,476

     

211,242

 

Total current assets

   

18,967,783

     

17,817,539

 

Property and equipment:

               

Production equipment

   

11,195,993

     

10,770,427

 

Furniture and office equipment

   

952,883

     

952,883

 

Leasehold improvements

   

985,649

     

985,649

 

Total cost

   

13,134,525

     

12,708,959

 
                 

Accumulated depreciation and amortization

   

(11,810,209

)

   

(11,446,901

)

Construction in progress

   

206,693

     

64,910

 

Net property and equipment

   

1,531,009

     

1,326,968

 

Right-of-use lease asset

   

367,000

     

466,000

 

Deferred taxes, net

   

1,645,467

     

2,069,436

 

Total assets

 

$

22,511,259

   

$

21,679,943

 

 

   

October 1,

   

December 31,

 
   

2022

   

2022

 

LIABILITIES AND STOCKHOLDERS` EQUITY

               
                 

Current liabilities:

               

Note payable, current portion

   

57,457

     

43,711

 

Accounts payable

   

2,151,127

     

1,836,865

 

Accrued expenses

   

1,067,293

     

820,856

 

Deferred revenue

   

1,675,086

     

2,521,128

 

Lease liability, current portion

   

159,000

     

157,000

 

Total current liabilities

   

5,109,963

     

5,379,560

 

Note payable less current portion

   

8,655

     

54,847

 

Deferred revenue-long term

   

31,277

     

231,020

 

Long term lease liability

   

208,000

     

309,000

 

Total liabilities

   

5,357,895

     

5,974,427

 
                 

Commitments (note 4)

               
                 

Stockholders` equity:

               

Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,601487 and 14,460,486, respectively; outstanding 14,519,215 and 14,450,470, respectively; at September 30, 2023 and December 31, 2022;

   

146,015

     

144,605

 

Additional paid-in capital

   

40,151,794

     

39,726,851

 

Accumulated deficit

   

(22,894,307

)

   

(24,125,092

)

Less cost of 82,272 and 10,016 common shares repurchased, respectively; at September 30, 2023 and December 31, 2022

   

(250,138

)

   

(40,848

)

Total stockholders` equity

   

17,153,364

     

15,705,516

 

Total liabilities and stockholders` equity

 

$

22,511,259

   

$

21,679,943