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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October 1, |
September 25, |
October 1, |
September 25, |
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2022 |
2021 |
2022 |
2021 |
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Revenues: |
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Product sales |
$ | 6,748,117 | $ | 5,514,872 | $ | 20,471,574 | $ | 16,242,762 | ||||||||
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Total revenues |
6,748,117 | 5,514,872 | 20,471,574 | 16,242,762 | ||||||||||||
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Cost of product sales |
4,864,876 | 4,375,676 | 14,796,206 | 12,807,844 | ||||||||||||
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Gross Margin |
1,883,241 | 1.139,196 | 5,675,368 | 3,434,918 | ||||||||||||
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Selling, general, and administrative expense |
1,174,581 | 1,227,258 | 3,750,131 | 3,234,344 | ||||||||||||
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Income from operations |
708,660 | (88,062 | ) | 1,925,237 | 200,574 | |||||||||||
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Interest/Other income (expense), net |
643,702 | 16,032 | 643,383 | (2,048 | ) | |||||||||||
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Net income before income tax |
1,352,362 | (72,030 | ) | 2,568,620 | 198,526 | |||||||||||
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Income tax provision |
364,497 | (2,799,997 | ) | 706,211 | (2,799,541 | ) | ||||||||||
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Net income |
$ | 987,865 | $ | 2,727,967 | $ | 1,862,409 | $ | 2,998,067 | ||||||||
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Net income per basic common share |
$ | 0.07 | $ | 0.18 | $ | 0.13 | $ | 0.21 | ||||||||
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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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Current assets: |
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Cash and cash equivalents |
$ | 5,598,503 | $ | 5,050,312 | ||||
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Accounts receivable-trade, net |
5,835,738 | 4,870,021 | ||||||
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Inventories, net |
4,868,550 | 3,911,602 | ||||||
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Prepaid expenses and other current assets |
246,680 | 225,873 | ||||||
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Total current assets |
16,549,471 | 14,057,808 | ||||||
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Net property and equipment |
1,408,749 | 1,322,494 | ||||||
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Right-of-use lease asset |
497,000 | 586,000 | ||||||
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Deferred taxes, net |
2,118,223 | 2,823,978 | ||||||
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Total Assets |
$ | 20,573,443 | $ | 18,800,719 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Note payable, current portion |
$ | 43,136 | 55,906 | |||||
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Accounts payable |
2,044,857 | 2,100,251 | ||||||
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Accrued expenses |
865,538 | 1,086,429 | ||||||
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Deferred revenue |
1,707,138 | 1,707,138 | ||||||
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Lease liability, current portion |
157,000 | 155,000 | ||||||
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Total current liabilities |
4,817,669 | 5,104,724 | ||||||
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Note payable less current portion |
65,947 | 98,684 | ||||||
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Long term lease liability |
340,000 | 431,000 | ||||||
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Total liabilities |
5,223,616 | 5,634,408 | ||||||
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Total stockholders’ equity |
15,349,827 | 13,166,311 | ||||||
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Total liabilities and stockholders’ equity |
$ | 20,573,443 | $ | 18,800,719 | ||||