CPS Technologies (CPSH) 8-K CPS Technologies Corporation Announces Second Quarter 2021 Results

CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

		Three Months Ended				Six Months Ended
		June 26,		June 27,		June 26,		June 27,
		2021		2020		2021		2020
Revenues:
Product sales	$	5,862,183	$	5,758,015	$	10,727,890	$	12,269,586
Total revenues		5,862,183		5,758,015		10,727,890		12,269,586
Cost of product sales		4,510,600		4,574,686		8,432,168		9,536,047
Gross Margin		1,351,583		1,183,329		2,295,722		2,733,539
Selling, general, and
administrative expense		1,098,616		852,773		2,007,087		1,781,362
Income from operations		252,967		330,556		288,635		952,176
Interest income (expense), net		(13,769)		(31,325)		(18,079)		(51,291)
Net income before
income tax		239,198		299,231		270,556		900,885
Income tax provision		—		—		456		—
Net income	$	239,198	$	299,231	$	270,100	$	900,885
Net income per
basic common share	$	0.02	$	0.02	$	0.02	$	0.07

CPS TECHNOLOGIES CORP.

BALANCE SHEET (UNAUDITED)

		June 26,		June 27,
		2021		2020
ASSETS
Current assets:
Cash and cash equivalents	$	3,015,760	$	195,203
Accounts receivable-trade, net		4,432,310		2,914,800
Inventories, net		3,989,435		3,709,471
Prepaid expenses and other current assets		273,523		71,506
Total current assets		11,711,028		6,890,980
Net property and equipment		1,172,862		1,287,947
Right-of-use lease asset		638,000		25,000
Deferred taxes, net		117,000		117,000
Total Assets	$	13,638,890	$	8,320,927
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Note payable, current portion	$	59,438	$	58,134
Accounts payable		1,522,336		909,291
Accrued expenses		997,755		804,091
Deferred revenue		400,874		12,177
Lease liability, current portion		151,000		25,000
Total current liabilities		3,131,403		1,808,693
Note payable less current portion		124,566		154,570
Long term lease liability		487,000		—
Total liabilities		3,742,969		1,963,263
Total stockholders’ equity		9,895,921		6,357,664
Total liabilities and stockholders’ equity	$	13,638,890	$	8,320,927