EX-99.2 3 ex_666842.htm FINANCIALS ex_666842.htm

Exhibit 99.2

 

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CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

   

Fiscal Quarters Ended

 
    March 30, 2024    

April 1, 2023

 
                 

Revenues:

               

Product sales

  $ 5,912,634     $ 7,100,267  
                 

Total revenues

    5,912,634       7,100,267  

Cost of product sales

    5,006,324       4,855,564  
                 

Gross Margin

    906,310       2,244,703  

Selling, general, and administrative expense

    1,165,922       1,550,522  
                 

Operating income (loss)

    (259,612 )     694,181  

Other income, net

    79,171       15,590  
                 

Income (loss) before taxes

    (180,441 )     709,771  

Income tax provision

    (37,288 )     250,570  
                 

Net income (loss)

  $ (143,153 )   $ 459,201  
                 

Net income (loss) per basic common share

  $ (0.01 )   $ 0.03  
                 

Weighted average number of basic common shares outstanding

    14,519,215       14,452,284  
                 

Net income (loss) per diluted common share

  $ (0.01 )   $ 0.03  
                 

Weighted average number of diluted common shares outstanding

    14,519,215       14,639,600  

 

 

 

 

CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

 

   

March 30,

2024

   

December 30,

2023

 

ASSETS

               
                 

Current assets:

               

Cash and cash equivalents

  $ 8,667,728     $ 8,813,626  

Accounts receivable-trade, net

    3,848,635       4,389,155  

Accounts receivable-other

    27,490       83,191  

Inventories, net

    4,611,460       4,581,930  

Prepaid expenses and other current assets

    391,953       276,349  

Total current assets

    17,547,266       18,144,251  

Property and equipment:

               

Production equipment

    11,155,183       11,271,982  

Furniture and office equipment

    952,883       952,883  

Leasehold improvements

    985,649       985,649  

Total cost

    13,093,715       13,210,514  

Accumulated depreciation and amortization

    (11,581,885 )     (11,936,004 )

Construction in progress

    206,250       281,629  

Net property and equipment

    1,718,080       1,556,139  

Right-of-use lease asset (note 4, leases)

    297,000       332,000  

Deferred taxes

    1,609,982       1,569,726  

Total Assets

  $ 21,172,328       21,602,116  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               
                 

Current liabilities:

               

Note payable, current portion

    43,478       46,797  

Accounts payable

    2,409,773       2,535,086  

Accrued expenses

    843,770       1,075,137  

Deferred revenue

    207,247       251,755  

Lease liability, current portion

    160,000       160,000  
                 

Total current liabilities

    3,664,268       4,068,775  
                 

Note payable less current portion

    -       8,090  

Deferred revenue – long term

    31,277       31,277  

Long term lease liability

    137,000       172,000  
                 

Total liabilities

    3,832,545       4,280,142  

Commitments & Contingencies

               

Stockholders’ equity:

               

Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,601,487 and 14, 601,487 shares; outstanding 14,519,215 and 14,519,215 shares; at March 30, 2024 and December 30, 2023, respectively

    146,015       146,015  

Additional paid-in capital

    40,341,855       40,180,893  

Accumulated deficit

    (22,897,949 )     (22,754,796 )

Less cost of 82,272 and 82,272 common shares repurchased at March 30, 2024 and December 30, 2023, respectively

    (250,138 )     (250,138 )
                 

Total Stockholders’ Equity

    17,339,783       17,321,974  
                 

Total Liabilities and Stockholders’ Equity

  $ 21,172,328     $ 21,602,116