EX-99.2 3 ex_554209.htm EXHIBIT 99.2 ex_554209.htm

Exhibit 99.2

 

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CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

 

   

Three Months Ended

   

Six Months Ended

 
   

July 1,

   

July 2,

   

July 1,

   

July 2,

 
   

2023

   

2022

   

2023

   

2022

 

Revenues:

                               

Product sales

  $ 7,418,138     $ 7,070,743     $ 14,518,405     $ 13,723,457  

Total revenues

  $ 7,418,138     $ 7,070,743     $ 14,518,405     $ 13,723,457  
                                 

Cost of product sales

    5,221,880       5,242,106       10,077,444       9,931,330  

Gross Margin

    2,196,259       1,828,637       4,440,961       3,792,127  
                                 

Selling, general, and administrative expense

    1,465,349       1,159,157       3,015,871       2,575,550  

Income from operations

    730,910       669,480       1,425,090       1,216,577  
                                 

Interest/Other income (expense)

    79,652       1,594       95,242       (319 )

Net income before income tax

    810,562       671,074       1,520,332       1,216,258  

Income tax provision (benefit)

    210,058       215,966       460,628       341,714  

Net income

  $ 600,503     $ 455,108     $ 1,059,704     $ 874,544  
                                 

Wtd. Avg. basic common shares outstanding - diluted

    14,621,929       14,708,646       14,630,765       14,682,516  
                                 

Net income per basic common share

  $ 0.04     $ 0.03     $ 0.07     $ 0.06  

 

 

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CPS TECHNOLOGIES CORPORATION

BALANCE SHEET (UNAUDITED)

 

   

July 1,

   

December 31,

 
   

2023

   

2022

 
                 

Current assets:

               

Cash and cash equivalents

  $ 8,681,225     $ 8,266,753  

Accounts receivable-trade, net

    5,074,559       3,777,975  

Accounts Receivable - other

    74,639       685,668  

Inventories, net

    4,813,753       4,875,901  

Prepaid expenses and other current assets

    288,315       211,242  
Total current assets     18,932,491       17,817,539  

Net property and equipment

    1,507,578       1,326,968  
                 

Right-of-use lease asset

    400,000       466,000  

Deferred taxes, net

    1,664,032       2,069,436  

Total Assets

  $ 22,504,101     $ 21,679,943  

LIABILITIES AND STOCKHOLDERS’ EQUITY

               
                 

Current liabilities:

               

Note payable, current portion

    56,681       43,711  

Accounts payable

    2,359,532       1,836,865  

Accrued expenses

    861,514       820,856  

Deferred revenue

    1,828,068       2,521,128  

Lease liability, current portion

    158,000       157,000  

Total current liabilities

    5,263,795       5,379,560  

Note payable less current portion

    20,437       54,847  

Deferred revenue – long term

    31,277       231,020  

Long term lease liability

    242,000       309,000  

Total liabilities

    5,557,509       5,974,427  
                 

Total stockholders’ equity

    16,946,592       15,705,516  

Total liabilities and stockholders’ equity

  $ 22,504,101     $ 21,679,943