Exhibit 99.2
CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)
|
Three Months Ended |
Nine Months Ended |
|||||||||||||||
|
September 25, |
September 26, |
September 25, |
September 26, |
|||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Revenues: |
||||||||||||||||
|
Product sales |
$ | 5,514,872 | $ | 4,452,387 | $ | 16,242,762 | $ | 16,721,973 | ||||||||
|
Total revenues |
5,514,872 | 4,452,387 | 16,242,762 | 16,721,973 | ||||||||||||
|
Cost of product sales |
4,375,676 | 3,514,813 | 12,807,844 | 13,050,860 | ||||||||||||
|
Gross Margin |
1,139,196 | 937,574 | 3,434,918 | 3,671,113 | ||||||||||||
|
Selling, general, and administrative expense |
1,227,258 | 684,836 | 3,234,344 | 2,466,196 | ||||||||||||
|
Income from operations |
(88,062) | 252,738 | 200,573 | 1,204,915 | ||||||||||||
|
Interest/Other income (expense) |
16,032 | (21,266) | (2,047) | (72,558) | ||||||||||||
|
Net income before income tax |
(72,030) | 231,472 | 198,526 | 1,132,357 | ||||||||||||
|
Income tax provision (benefit) |
(2,840,951) | 456 | (2,840,951) | 456 | ||||||||||||
|
Net income |
$ | 2,768,921 | $ | 231,016 | $ | 3,039,021 | $ | 1,131,901 | ||||||||
|
Net income per basic common share |
$ | 0.19 | $ | 0.02 | $ | 0.22 | $ | 0.09 | ||||||||
|
CPS TECHNOLOGIES CORPORATION |
|
BALANCE SHEET (UNAUDITED) |
| September 25, | December 26, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ | 3,837,737 | $ | 195,203 | ||||
|
Accounts receivable-trade, net |
5,032,187 | 2,914,800 | ||||||
|
Inventories, net |
3,773,228 | 3,709,471 | ||||||
|
Prepaid expenses and other current assets |
132,315 | 71,506 | ||||||
| Total current assets | 12,775,467 | 6,890,980 | ||||||
|
Net property and equipment |
1,175,244 | 1,287,947 | ||||||
|
Right-of-use lease asset |
613,000 | 25,000 | ||||||
|
Deferred taxes, net |
2,958,407 | 117,000 | ||||||
|
Total Assets |
$ | 17,522,118 | $ | 8,320,927 | ||||
| LIABILITIES AND STOCKHOLDERS’EQUITY | ||||||||
|
Current liabilities: |
||||||||
| Note payable, current portion | 44,821 | $ | 58,134 | |||||
| Accounts payable | 1,699,154 | 909,291 | ||||||
| Accrued expenses | 911,387 | 804,091 | ||||||
| Deferred revenue | 1,150,797 | 12,177 | ||||||
| Lease liability, current portion | 153,000 | 25,000 | ||||||
|
Total current liabilities |
3,959,159 | 1,808,693 | ||||||
|
Note payable less current portion |
124,566 | 154,570 | ||||||
|
Long term lease liability |
460,000 | -- | ||||||
|
Total liabilities |
4,543,725 | 1,963,263 | ||||||
|
Total stockholders’ equity |
12,978,393 | 6,357,664 | ||||||
|
Total liabilities and stockholders’ equity |
$ | 17,522,118 | $ | 8,320,927 | ||||