Exhibit 99.2

 

 

CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
   

July 2,

   

June 26,

   

July 2,

   

June 26,

 
   

2022

   

2021

   

2022

   

2021

 
      ------------       ------------       ------------       ------------  

Revenues:

                               

Product sales

  $ 7,070,743     $ 5,862,183     $ 13,723,457     $ 10,727,890  
      ------------       ------------       ------------       ------------  

Total revenues

    7,070,743       5,862,183       13,723,457       10,727,890  
                                 

Cost of product sales

    5,242,106       4,510,600       9,931,330       8,432,168  
      ------------       ------------       ------------       ------------  

Gross Margin

    1,828,637       1,351,583       3,792,127       2,295,722  
                                 

Selling, general, and administrative expense

    1,159,157       1,098,616       2,575,550       2,007,087  
      ------------       ------------       ------------       ------------  

Income from operations

    669,480       252,967       1,216,577       288,635  
                                 

Interest income (expense), net

    1,594       (13,769 )     (319 )     (18,079 )
      ------------       ------------       ------------       ------------  

Net income before income tax

    671,074       239,198       1,216,258       270,556  

Income tax provision

    215,966       --       341,714       456  
      ------------       ------------       ------------       ------------  

Net income

  $ 455,108     $ 239,198     $ 874,544     $ 270,101  
   

=========

   

=========

   

=========

   

=========

 

Net income per basic common share

  $ 0.03     $ 0.02     $ 0.06     $ 0.02  
      ------------       ------------       ------------       ------------  

Gross Margin

    1,828,637       1,351,583       3,792,127       2,295,722  
                                 

Selling, general, and administrative expense

    1,159,157       1,098,616       2,575,550       2,007,087  
      ------------       ------------       ------------       ------------  

Income from operations

    669,480       252,967       1,216,577       288,635  
                                 

Interest income (expense), net

    1,594       (13,769 )     (319 )     (18,079 )
      ------------       ------------       ------------       ------------  

Net income before income tax

    671,074       239,198       1,216,258       270,556  

Income tax provision

    215,966       --       341,714       456  
      ------------       ------------       ------------       ------------  

Net income

  $ 455,108     $ 239,198     $ 874,544     $ 270,101  
   

=========

   

=========

   

=========

   

=========

 

Net income per basic common share

  $ 0.03     $ 0.02     $ 0.06     $ 0.02  
      ------------       ------------       ------------       ------------  

  

 

 

 

 

 

CPS TECHNOLOGIES CORP.

Balance Sheet (Unaudited)

 

   

July 2,

   

December 25,

 
   

2022

   

2021

 

ASSETS

    -------------       -------------  
                 

Current assets:

               

Cash and cash equivalents

  $ 5,076,282     $ 5,050,312  

Accounts receivable-trade, net

    4,536,973       4,870,021  

Inventories, net

    4,665,719       3,911,602  

Prepaid expenses and other current assets

    313,501       225,873  
      -------------       -------------  

Total current assets

    14,592,475       14,057,808  
      -------------       -------------  

Net property and equipment

    1,412,923       1,322,494  
                 

Right-of-use lease asset

    528,000       586,000  

Deferred taxes, net

    2,482,720       2,823,978  
      -------------       -------------  

Total Assets

  $ 19,016,118     $ 18,800,719  
   

=========

   

=========

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               
                 

Current liabilities:

               

Note payable, current portion

  $ 47,321       55,906  

Accounts payable

    1,621,278       2,100,251  

Accrued expenses

    648,180       1,086,429  

Deferred revenue

    1,752,543       1,707,138  

Lease liability, current portion

    157,000       155,000  
      -------------       -------------  

Total current liabilities

    4,226,322       5,104,724  
      -------------       -------------  

Note payable less current portion

    77,120       98,684  

Long term lease liability

    371,000       431,000  
      -------------       -------------  

Total liabilities

    4,674,442       5,634,408  
                 

Total stockholders’ equity

    14,341,676       13,166,311  
      -------------       -------------  

Total liabilities and stockholders’ equity

  $ 19,016,118     $ 18,800,719  
   

==========

   

==========