Exhibit 99.2
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 |