Exhibit 99.2
CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)
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Three Months Ended |
Year Ended |
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December 25, |
December 26, |
December 25, |
December 26, |
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2021 |
2020 |
2021 |
2020 |
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Revenues: |
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Product sales |
$ | 6,206,303 | $ | 4,150,637 | $ | 22,449,065 | $ | 20,872,611 | ||||||||
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Total revenues |
$ | 6,206,303 | $ | 4,150,637 | $ | 22,449,065 | $ | 20,872,611 | ||||||||
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Cost of product sales |
4,851,502 | 3,651,987 | 17,659,347 | 16,702,848 | ||||||||||||
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Gross Margin |
1,354,801 | 498,650 | 4,789,718 | 4,169,763 | ||||||||||||
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Selling, general, and administrative expense |
1,042,407 | 789,329 | 4,276,751 | 3,255,526 | ||||||||||||
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Income from operations |
312,394 | (290,679 | ) | 512,967 | 914,237 | |||||||||||
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Interest/Other income (expense) |
(2,021 | ) | 57,839 | (4,068 | ) | (14,719 | ) | |||||||||
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Net income before income tax |
310,373 | (232,840 | ) | 508,899 | 899,517 | |||||||||||
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Income tax provision (benefit) |
92,563 | (9,004 | ) | (2,706,978 | ) | (8,548 | ) | |||||||||
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Net income |
$ | 217,810 | $ | 223,836 | $ | 3,215,877 | $ | 908,065 | ||||||||
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Wtd. Avg. basic common shares outstanding - diluted |
14,727,442 | 13,302,558 | 14,588,627 | 13,348,582 | ||||||||||||
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Net income per basic common share |
$ | 0.01 | $ | (0.02 | ) | $ | 0.22 | $ | 0.07 | |||||||
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CPS TECHNOLOGIES CORPORATION |
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BALANCE SHEET (UNAUDITED) |
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December 25, |
December 26, |
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2021 |
2020 |
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| ASSETS | ||||||||
| Current assets: | ||||||||
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Cash and cash equivalents |
$ | 5,050,312 | $ | 195,203 | ||||
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Accounts receivable-trade, net |
4,870,021 | 2,914,800 | ||||||
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Inventories, net |
3,911,602 | 3,709,471 | ||||||
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Prepaid expenses and other current assets |
225,873 | 71,506 | ||||||
| Total current assets | 14,057,808 | 6,890,980 | ||||||
| Net property and equipment | 1,332,933 | 1,287,947 | ||||||
| Right-of-use lease asset | 586,000 | 25,000 | ||||||
| Deferred taxes, net | 2,823,978 | 117,000 | ||||||
| Total Assets | $ | 18,800,719 | $ | 8,320,927 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
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Current liabilities: |
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| Note payable, current portion | 55,906 | $ | 58,134 | |||||
| Accounts payable | 2,100,251 | 909,291 | ||||||
| Accrued expenses | 1,086,429 | 804,091 | ||||||
| Deferred revenue | 1,707,138 | 12,177 | ||||||
| Lease liability, current portion | 155,000 | 25,000 | ||||||
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Total current liabilities |
5,104,724 | 1,808,693 | ||||||
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Note payable less current portion |
98,684 | 154,570 | ||||||
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Long term lease liability |
431,000 | -- | ||||||
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Total liabilities |
5,634,408 | 1,963,263 | ||||||
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Total stockholders’ equity |
13,166,311 | 6,357,664 | ||||||
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Total liabilities and stockholders’ equity |
$ | 18,800,719 | $ | 8,320,927 | ||||