Exhibit 99.2
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CPS TECHNOLOGIES CORPORATION |
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Statements of Operations (Unaudited) |
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Three Months Ended |
Nine Months Ended |
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September 28, |
September 30, |
September 28, |
September 30, |
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2024 |
2023 |
2024 |
2023 |
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Revenues: |
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Product sales |
$ | 4,247,116 | $ | 6,285,041 | $ | 15,190,063 | $ | 20,803,447 | ||||||||
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Total revenues |
4,247,116 | 6,285,041 | 15,190,063 | 20,803,447 | ||||||||||||
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Cost of product sales |
4,770,548 | 5,049,177 | 15,037,177 | 15,126,621 | ||||||||||||
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Gross profit (loss) |
(523,432 | ) | 1,235,864 | 152,886 | 5,676,826 | |||||||||||
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Selling, general, and administrative expense |
963,064 | 1,105,227 | 3,214,831 | 4,121,099 | ||||||||||||
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Income (loss) from operations |
(1,486,496 | ) | 130,637 | (3,061,945 | ) | 1,555,727 | ||||||||||
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Interest income (expense), net |
71,650 | 78,181 | 241,686 | 176,325 | ||||||||||||
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Other income (expense), net |
(676 | ) | (1,228 | ) | 159 | (4,130 | ) | |||||||||
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Net income (loss) before income tax |
(1,415,522 | ) | 207,590 | (2,820,100 | ) | 1,727,922 | ||||||||||
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Income tax provision (benefit) |
(372,683 | ) | 36,509 | (679,803 | ) | 497,137 | ||||||||||
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Net income (loss) |
$ | (1,042,839 | ) | $ | 171,081 | $ | (2,140,297 | ) | $ | 1,230,785 | ||||||
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Other comprehensive income |
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Net unrealized gains on available for sale securities |
8,745 | -- | 17,446 | -- | ||||||||||||
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Total other comprehensive income |
8,745 | -- | 17,446 | -- | ||||||||||||
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Total comprehensive income (loss) |
$ | (1,034,094 | ) | $ | 171,081 | $ | (2,122,851 | ) | $ | 1,230,785 | ||||||
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Net income (loss) per basic common share |
$ | (0.07 | ) | $ | 0.01 | $ | (0.15 | ) | $ | 0.08 | ||||||
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Weighted average number of basic common shares outstanding |
14,525,664 | 14,517,364 | 14,520,827 | 14,487,873 | ||||||||||||
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Net income (loss) per diluted common share |
$ | (0.07 | ) | $ | 0.01 | $ | (0.15 | ) | $ | 0.08 | ||||||
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Weighted average number of diluted common shares outstanding |
14,525,664 | 14,636,241 | 14,520,827 | 14,632,591 | ||||||||||||
CPS TECHNOLOGIES CORP.
Balance Sheets (Unaudited)
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September 28, |
December 30, |
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2024 |
2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 4,689,004 | $ | 8,813,626 | ||||
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Marketable securities, at fair value |
1,020,952 | – | ||||||
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Accounts receivable-trade, net |
3,654,549 | 4,389,155 | ||||||
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Accounts receivable-other |
362,312 | 83,191 | ||||||
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Inventories, net |
4,433,412 | 4,581,930 | ||||||
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Prepaid expenses and other current assets |
506,126 | 276,349 | ||||||
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Total current assets |
14,666,355 | 18,144,251 | ||||||
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Property and equipment: |
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Production equipment |
9,953,702 | 11,271,982 | ||||||
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Furniture and office equipment |
891,921 | 952,883 | ||||||
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Leasehold improvements |
988,804 | 985,649 | ||||||
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Total cost |
11,834,427 | 13,210,514 | ||||||
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Accumulated depreciation and amortization |
(10,200,302 | ) | (11,936,004 | ) | ||||
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Construction in progress |
448,184 | 281,629 | ||||||
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Net property and equipment |
2,082,309 | 1,556,139 | ||||||
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Right-of-use lease asset |
224,000 | 332,000 | ||||||
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Deferred taxes, net |
2,249,985 | 1,569,726 | ||||||
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Total assets |
$ | 19,222,649 | $ | 21,602,116 | ||||
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September 28, |
December 30, |
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2024 |
2023 |
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LIABILITIES AND STOCKHOLDERS` EQUITY |
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Current liabilities: |
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Note payable, current portion |
$ | 20,103 | $ | 46,797 | ||||
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Accounts payable |
2,497,055 | 2,535,086 | ||||||
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Accrued expenses |
840,757 | 1,075,137 | ||||||
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Deferred revenue |
160,412 | 251,755 | ||||||
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Lease liability, current portion |
160,000 | 160,000 | ||||||
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Total current liabilities |
3,678,327 | 4,068,775 | ||||||
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Note payable less current portion |
– | 8,090 | ||||||
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Deferred revenue – long term |
31,277 | 31,277 | ||||||
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Long term lease liability |
64,000 | 172,000 | ||||||
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Total liabilities |
3,773,604 | 4,280,142 | ||||||
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Commitments and contingencies (note 7) |
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Stockholders` equity: |
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Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,661,487 shares; outstanding 14,525,960 shares at September 28, 2024 and issued 14,601,487 shares; outstanding 14,519,215 shares at December 30, 2023 |
146,615 | 146,015 | ||||||
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Preferred stock, no shares issued or outstanding |
– | – | ||||||
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Additional paid-in capital |
40,520,215 | 40,180,893 | ||||||
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Accumulated other comprehensive income |
17,446 | – | ||||||
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Accumulated deficit |
(24,895,093 | ) | (22,754,796 | ) | ||||
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Less cost of 135,527 common shares repurchased at September 28, 2024 and 82,272 common shares repurchased at December 30, 2023 |
(340,138 | ) | (250,138 | ) | ||||
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Total stockholders` equity |
15,449,045 | 17,321,974 | ||||||
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Total liabilities and stockholders` equity |
$ | 19,222,649 | $ | 21,602,116 | ||||