Exhibit 99.2
CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)
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Three Months Ended |
Six Months Ended |
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July 1, |
July 2, |
July 1, |
July 2, |
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2023 |
2022 |
2023 |
2022 |
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Revenues: |
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Product sales |
$ | 7,418,138 | $ | 7,070,743 | $ | 14,518,405 | $ | 13,723,457 | ||||||||
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Total revenues |
$ | 7,418,138 | $ | 7,070,743 | $ | 14,518,405 | $ | 13,723,457 | ||||||||
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Cost of product sales |
5,221,880 | 5,242,106 | 10,077,444 | 9,931,330 | ||||||||||||
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Gross Margin |
2,196,259 | 1,828,637 | 4,440,961 | 3,792,127 | ||||||||||||
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Selling, general, and administrative expense |
1,465,349 | 1,159,157 | 3,015,871 | 2,575,550 | ||||||||||||
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Income from operations |
730,910 | 669,480 | 1,425,090 | 1,216,577 | ||||||||||||
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Interest/Other income (expense) |
79,652 | 1,594 | 95,242 | (319 | ) | |||||||||||
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Net income before income tax |
810,562 | 671,074 | 1,520,332 | 1,216,258 | ||||||||||||
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Income tax provision (benefit) |
210,058 | 215,966 | 460,628 | 341,714 | ||||||||||||
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Net income |
$ | 600,503 | $ | 455,108 | $ | 1,059,704 | $ | 874,544 | ||||||||
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Wtd. Avg. basic common shares outstanding - diluted |
14,621,929 | 14,708,646 | 14,630,765 | 14,682,516 | ||||||||||||
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Net income per basic common share |
$ | 0.04 | $ | 0.03 | $ | 0.07 | $ | 0.06 | ||||||||
Page 2
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CPS TECHNOLOGIES CORPORATION |
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BALANCE SHEET (UNAUDITED) |
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July 1, |
December 31, |
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2023 |
2022 |
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Current assets: |
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Cash and cash equivalents |
$ | 8,681,225 | $ | 8,266,753 | ||||
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Accounts receivable-trade, net |
5,074,559 | 3,777,975 | ||||||
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Accounts Receivable - other |
74,639 | 685,668 | ||||||
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Inventories, net |
4,813,753 | 4,875,901 | ||||||
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Prepaid expenses and other current assets |
288,315 | 211,242 | ||||||
| Total current assets | 18,932,491 | 17,817,539 | ||||||
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Net property and equipment |
1,507,578 | 1,326,968 | ||||||
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Right-of-use lease asset |
400,000 | 466,000 | ||||||
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Deferred taxes, net |
1,664,032 | 2,069,436 | ||||||
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Total Assets |
$ | 22,504,101 | $ | 21,679,943 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Note payable, current portion |
56,681 | 43,711 | ||||||
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Accounts payable |
2,359,532 | 1,836,865 | ||||||
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Accrued expenses |
861,514 | 820,856 | ||||||
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Deferred revenue |
1,828,068 | 2,521,128 | ||||||
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Lease liability, current portion |
158,000 | 157,000 | ||||||
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Total current liabilities |
5,263,795 | 5,379,560 | ||||||
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Note payable less current portion |
20,437 | 54,847 | ||||||
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Deferred revenue – long term |
31,277 | 231,020 | ||||||
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Long term lease liability |
242,000 | 309,000 | ||||||
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Total liabilities |
5,557,509 | 5,974,427 | ||||||
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Total stockholders’ equity |
16,946,592 | 15,705,516 | ||||||
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Total liabilities and stockholders’ equity |
$ | 22,504,101 | $ | 21,679,943 | ||||