Exhibit 99.2
CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)
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Three Months Ended |
Year Ended |
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December 31, |
December 25, |
December 31, |
December 25, |
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2022 |
2021 |
2022 |
2021 |
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Revenues: |
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Product sales |
$ | 6,115,352 | $ | 6,206,303 | $ | 26,586,926 | $ | 22,449,065 | ||||||||
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Total revenues |
$ | 6,115,352 | $ | 6,206,303 | $ | 26,586,926 | $ | 22,449,065 | ||||||||
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Cost of product sales |
4,489,640 | 4,851,502 | 19,285,846 | 17,659,347 | ||||||||||||
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Gross Margin |
1,625,712 | 1,354,801 | 7,301,080 | 4,789,718 | ||||||||||||
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Selling, general, and administrative expense |
1,316,530 | 1,042,407 | 5,066,660 | 4,276,751 | ||||||||||||
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Income from operations |
309,182 | 312,394 | 2,234,420 | 512,967 | ||||||||||||
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Interest/Other income (expense) |
9,866 | (2,021 | ) | 635,248 | (4,068 | ) | ||||||||||
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Net income before income tax |
319,048 | 310,373 | 2,887,668 | 508,899 | ||||||||||||
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Income tax provision (benefit) |
50,057 | 92,563 | 756,268 | (2,706,978 | ) | |||||||||||
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Net income |
$ | 268,991 | $ | 217,810 | $ | 2,131,400 | $ | 3,215,877 | ||||||||
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Wtd. Avg. basic common shares outstanding - diluted |
14,649,719 | 14,727,442 | 14,675,646 | 14,590,725 | ||||||||||||
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Net income per basic common share |
$ | 0.02 | $ | 0.01 | $ | 0.15 | $ | 0.22 | ||||||||
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CPS TECHNOLOGIES CORPORATION |
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BALANCE SHEET (UNAUDITED) |
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December 31, |
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 |
$ | 8,266,753 | $ | 5,050,312 | ||||
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Accounts receivable-trade, net |
3,777,975 | 4,870,021 | ||||||
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Accounts Receivable - other |
685,668 | -- | ||||||
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Inventories, net |
4,875,901 | 3,911,602 | ||||||
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Prepaid expenses and other current assets |
211,242 | 225,873 | ||||||
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Total current assets |
17,817,539 | 14,057,808 | ||||||
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Net property and equipment |
1,326,968 | 1,332,933 | ||||||
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Right-of-use lease asset |
466,000 | 586,000 | ||||||
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Deferred taxes, net |
2,069,436 | 2,823,978 | ||||||
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Total Assets |
$ | 21,679,943 | $ | 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 |
43,711 | 55,906 | ||||||
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Accounts payable |
1,836,865 | 2,100,251 | ||||||
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Accrued expenses |
820,856 | 1,086,429 | ||||||
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Deferred revenue |
2,521,128 | 1,707,138 | ||||||
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Lease liability, current portion |
157,000 | 155,000 | ||||||
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Total current liabilities |
5,379,560 | 5,104,724 | ||||||
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Note payable less current portion |
54,847 | 98,684 | ||||||
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Deferred revenue – long term |
231,020 | -- | ||||||
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Long term lease liability |
309,000 | 431,000 | ||||||
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Total liabilities |
5,974,427 | 5,634,408 | ||||||
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Total stockholders’ equity |
15,705,516 | 13,166,311 | ||||||
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Total liabilities and stockholders’ equity |
$ | 21,679,943 | $ | 18,800,719 | ||||