EX-99.2 3 ex_636779.htm EXHIBIT 99.2 ex_636779.htm

Exhibit 99.2

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CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

   

Three Months Ended

   

Year Ended

 
   

December 30,

   

December 31,

   

December 30,

   

December 31,

 
   

2023

   

2022

   

2023

   

2022

 

Revenues:

                               

Product sales

  $ 6,747,199     $ 6,115,352     $ 27,550,646     $ 26,586,926  

Total revenues

  $ 6,747,199     $ 6,115,352     $ 27,550,646     $ 26,586,926  
                                 

Cost of product sales

    5,598,616       4,489,640       20,725,237       19,285,846  

Gross Margin

    1,148,583       1,625,712       6,825,409       7,301,080  
                                 

Selling, general, and administrative expense

    1,004,948       1,316,530       5,126,046       5,066,660  

Income from operations

    143,635       309,182       1,699,363       2,234,420  
                                 

Interest/Other income (expense)

    80,823       9,866       253,018       635,248  

Net income before income tax

    224,458       319,048       1,952,381       2,887,668  

Income tax provision (benefit)

    84,948       50,057       582,085       756,268  

Net income

  $ 139,510     $ 268,991     $ 1,370,296     $ 2,131,400  
                                 

Wtd. Avg. basic common shares outstanding - diluted

    14,617,473       14,649,719       14,628,811       14,675,646  
                                 

Net income per basic common share

  $ 0.01     $ 0.02     $ 0.09     $ 0.15  

 

 

 

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CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

 

    December 30,    

December 31,

 
    2023    

2022

 
ASSETS                
Current assets:                

Cash and cash equivalents

  $ 8,813,626     $ 8,266,753  

Accounts receivable-trade, net

    4,389,155       3,777,975  

Accounts Receivable - other

    83,191       685,668  

Inventories, net

    4,581,930       4,875,901  

Prepaid expenses and other current assets

    276,349       211,242  
Total current assets     18,144,251       17,817,539  

Net property and equipment

    1,556,139       1,326,968  
                 

Right-of-use lease asset

    332,000       466,000  

Deferred taxes, net

    1,569,726       2,069,436  

Total Assets

  $ 21,602,116     $ 21,679,943  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 

Current liabilities:

               
Note payable, current portion     46,797       43,711  
Accounts payable     2,535,086       1,836,865  
Accrued expenses     1,075,137       820,856  
Deferred revenue     251,755       2,521,128  
Lease liability, current portion     160,000       157,000  

Total current liabilities

    4,068,775       5,379,560  

Note payable less current portion

    8,090       54,847  

Deferred revenue – long term

    31,277       231,020  

Long term lease liability

    172,000       309,000  

Total liabilities

    4,280,142       5,974,427  
                 

Total stockholders’ equity

    17,321,974       15,705,516  

Total liabilities and stockholders’ equity

  $ 21,602,116     $ 21,679,943