Exhibit 99.2
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CPS TECHNOLOGIES CORP. Statements of Operations (Unaudited) |
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Three Months Ended |
Six Months Ended |
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July 2, |
June 26, |
July 2, |
June 26, |
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2022 |
2021 |
2022 |
2021 |
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| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Revenues: |
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Product sales |
$ | 7,070,743 | $ | 5,862,183 | $ | 13,723,457 | $ | 10,727,890 | ||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Total revenues |
7,070,743 | 5,862,183 | 13,723,457 | 10,727,890 | ||||||||||||
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Cost of product sales |
5,242,106 | 4,510,600 | 9,931,330 | 8,432,168 | ||||||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Gross Margin |
1,828,637 | 1,351,583 | 3,792,127 | 2,295,722 | ||||||||||||
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Selling, general, and administrative expense |
1,159,157 | 1,098,616 | 2,575,550 | 2,007,087 | ||||||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Income from operations |
669,480 | 252,967 | 1,216,577 | 288,635 | ||||||||||||
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Interest income (expense), net |
1,594 | (13,769 | ) | (319 | ) | (18,079 | ) | |||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Net income before income tax |
671,074 | 239,198 | 1,216,258 | 270,556 | ||||||||||||
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Income tax provision |
215,966 | -- | 341,714 | 456 | ||||||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Net income |
$ | 455,108 | $ | 239,198 | $ | 874,544 | $ | 270,101 | ||||||||
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Net income per basic common share |
$ | 0.03 | $ | 0.02 | $ | 0.06 | $ | 0.02 | ||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Gross Margin |
1,828,637 | 1,351,583 | 3,792,127 | 2,295,722 | ||||||||||||
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Selling, general, and administrative expense |
1,159,157 | 1,098,616 | 2,575,550 | 2,007,087 | ||||||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Income from operations |
669,480 | 252,967 | 1,216,577 | 288,635 | ||||||||||||
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Interest income (expense), net |
1,594 | (13,769 | ) | (319 | ) | (18,079 | ) | |||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Net income before income tax |
671,074 | 239,198 | 1,216,258 | 270,556 | ||||||||||||
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Income tax provision |
215,966 | -- | 341,714 | 456 | ||||||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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Net income |
$ | 455,108 | $ | 239,198 | $ | 874,544 | $ | 270,101 | ||||||||
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========= |
========= |
========= |
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Net income per basic common share |
$ | 0.03 | $ | 0.02 | $ | 0.06 | $ | 0.02 | ||||||||
| ------------ | ------------ | ------------ | ------------ | |||||||||||||
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CPS TECHNOLOGIES CORP. |
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Balance Sheet (Unaudited) |
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July 2, |
December 25, |
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2022 |
2021 |
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ASSETS |
------------- | ------------- | ||||||
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Current assets: |
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Cash and cash equivalents |
$ | 5,076,282 | $ | 5,050,312 | ||||
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Accounts receivable-trade, net |
4,536,973 | 4,870,021 | ||||||
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Inventories, net |
4,665,719 | 3,911,602 | ||||||
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Prepaid expenses and other current assets |
313,501 | 225,873 | ||||||
| ------------- | ------------- | |||||||
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Total current assets |
14,592,475 | 14,057,808 | ||||||
| ------------- | ------------- | |||||||
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Net property and equipment |
1,412,923 | 1,322,494 | ||||||
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Right-of-use lease asset |
528,000 | 586,000 | ||||||
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Deferred taxes, net |
2,482,720 | 2,823,978 | ||||||
| ------------- | ------------- | |||||||
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Total Assets |
$ | 19,016,118 | $ | 18,800,719 | ||||
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========= |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Note payable, current portion |
$ | 47,321 | 55,906 | |||||
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Accounts payable |
1,621,278 | 2,100,251 | ||||||
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Accrued expenses |
648,180 | 1,086,429 | ||||||
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Deferred revenue |
1,752,543 | 1,707,138 | ||||||
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Lease liability, current portion |
157,000 | 155,000 | ||||||
| ------------- | ------------- | |||||||
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Total current liabilities |
4,226,322 | 5,104,724 | ||||||
| ------------- | ------------- | |||||||
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Note payable less current portion |
77,120 | 98,684 | ||||||
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Long term lease liability |
371,000 | 431,000 | ||||||
| ------------- | ------------- | |||||||
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Total liabilities |
4,674,442 | 5,634,408 | ||||||
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Total stockholders’ equity |
14,341,676 | 13,166,311 | ||||||
| ------------- | ------------- | |||||||
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Total liabilities and stockholders’ equity |
$ | 19,016,118 | $ | 18,800,719 | ||||
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