Exhibit 99.2
CPS TECHNOLOGIES CORP.
Statements of Operations and Other Comprehensive Income (Unaudited
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
June 29, |
July 1, |
June 29, |
July 1, |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||||||
|
Revenues: |
||||||||||||||||
|
Product sales |
$ | 5,030,313 | $ | 7,418,138 | $ | 10,942,947 | $ | 14,518,405 | ||||||||
|
Total revenues |
5,030,313 | 7,418,138 | 10,942,947 | 14,518,405 | ||||||||||||
|
Cost of product sales |
5,260,305 | 5,221,880 | 10,266,629 | 10,077,444 | ||||||||||||
|
Gross margin |
(229,992 | ) | 2,196,259 | 676,318 | 4,440,961 | |||||||||||
|
Selling, general, and administrative expense |
1,084,995 | 1,465,349 | 2,250,917 | 3,015,871 | ||||||||||||
|
Income (loss) from operations |
(1,314,987 | ) | 730,910 | (1,574,599 | ) | 1,425,090 | ||||||||||
|
Interest income (expense), net |
90,851 | 79,652 | 170,021 | 95,242 | ||||||||||||
|
Net income (loss) before income tax |
(1,224,136 | ) | 810,562 | (1,404,578 | ) | 1,520,332 | ||||||||||
|
Income tax provision (benefit) |
(269,832 | ) | 210,058 | (307,120 | ) | 460,628 | ||||||||||
|
Net income (loss) |
$ | (954,304 | ) | $ | 600,503 | $ | (1,097,458 | ) | $ | 1,059,704 | ||||||
|
Other comprehensive income |
||||||||||||||||
|
Net unrealized gains on available for sale securities |
8,701 | -- | 8,701 | -- | ||||||||||||
|
Total other comprehensive income |
8,701 | -- | 8,701 | -- | ||||||||||||
|
Total comprehensive income |
(945,603 | ) | -- | (1,088,757 | ) | -- | ||||||||||
|
Net income per basic common share |
$ | (0.07 | ) | $ | 0.04 | $ | (0.08 | ) | $ | 0.07 | ||||||
|
Weighted average number of basic common shares outstanding |
14,519,215 | 14,493,970 | 14,519,215 | 14,473,128 | ||||||||||||
|
Net income per diluted common share |
$ | (0.07 | ) | $ | 0.04 | $ | (0.08 | ) | $ | 0.07 | ||||||
|
Weighted average number of diluted common shares outstanding |
14,519,215 | 14,621,929 | 14,519,215 | 14,630,765 | ||||||||||||
Page 2
CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)
|
June 29, |
December 30, |
|||||||
|
2024 |
2023 |
|||||||
|
ASSETS |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ | 6,306,244 | $ | 8,813,626 | ||||
|
Marketable Securities |
758,701 | -- | ||||||
|
Accounts receivable-trade, net |
4,064,293 | 4,389,155 | ||||||
|
Accounts receivable-other |
198,348 | 83,191 | ||||||
|
Inventories, net |
4,121,678 | 4,581,930 | ||||||
|
Prepaid expenses and other current assets |
366,655 | 276,349 | ||||||
|
Total current assets |
15,815,919 | 18,144,251 | ||||||
|
Property and equipment: |
||||||||
|
Production equipment |
9,940,480 | 11,271,982 | ||||||
|
Furniture and office equipment |
891,921 | 952,883 | ||||||
|
Leasehold improvements |
873,730 | 985,649 | ||||||
|
Total cost |
11,706,131 | 13,210,514 | ||||||
|
Accumulated depreciation and amortization |
(10,068,557 | ) | (11,936,004 | ) | ||||
|
Construction in progress |
496,331 | 281,629 | ||||||
|
Net property and equipment |
2,133,905 | 1,556,139 | ||||||
|
Right-of-use lease asset |
261,000 | 332,000 | ||||||
|
Deferred taxes, net |
1,877,302 | 1,569,726 | ||||||
|
Total assets |
$ | 20,088,126 | $ | 21,602,116 | ||||
Page 3
CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)
(concluded)
|
June 29, |
December 30, |
|||||||
|
2024 |
2023 |
|||||||
|
LIABILITIES AND STOCKHOLDERS` EQUITY |
||||||||
|
Current liabilities: |
||||||||
|
Note payable, current portion |
$ | 31,885 | $ | 46,797 | ||||
|
Accounts payable |
2,587,874 | 2,535,086 | ||||||
|
Accrued expenses |
671,853 | 1,075,137 | ||||||
|
Deferred revenue |
65,578 | 251,755 | ||||||
|
Lease liability, current portion |
160,000 | 160,000 | ||||||
|
Total current liabilities |
3,517,190 | 4,068,775 | ||||||
|
Note payable less current portion |
-- | 8,090 | ||||||
|
Deferred revenue – long term |
31,277 | 31,277 | ||||||
|
Long term lease liability |
101,000 | 172,000 | ||||||
|
Total liabilities |
3,649,467 | 4,280,142 | ||||||
|
Commitments and contingencies (note 6) |
||||||||
|
Stockholders` equity: |
||||||||
|
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,601,487 shares; outstanding 14,519,215 shares at each June 29, 2024 and December 30, 2023 |
146,015 | 146,015 | ||||||
|
Additional paid-in capital |
40,386,335 | 40,180,893 | ||||||
|
Accumulated other comprehensive income |
8,701 | -- | ||||||
|
Accumulated deficit |
(23,852,254 | ) | (22,754,796 | ) | ||||
|
Less cost of 82,272 common shares repurchased at each June 29, 2024 and December 30, 2023 |
(250,138 | ) | (250,138 | ) | ||||
|
Total stockholders` equity |
16,438,659 | 17,321,974 | ||||||
|
Total liabilities and stockholders` equity |
$ | 20,088,126 | $ | 21,602,116 | ||||