Exhibit 99.2
CPS TECHNOLOGIES CORPORATION
Statements of Operations (Unaudited)
| | | Three Months Ended | | | Year Ended | |
| | | December 25, | | | December 26, | | | December 25, | | | December 26, | |
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
Revenues: | | | | | | | | | | | | | | | | |
Product sales | | $ | 6,206,303 | | | $ | 4,150,637 | | | $ | 22,449,065 | | | $ | 20,872,611 | |
Total revenues | | $ | 6,206,303 | | | $ | 4,150,637 | | | $ | 22,449,065 | | | $ | 20,872,611 | |
| | | | | | | | | | | | | | | | | |
Cost of product sales | | | 4,851,502 | | | | 3,651,987 | | | | 17,659,347 | | | | 16,702,848 | |
Gross Margin | | | 1,354,801 | | | | 498,650 | | | | 4,789,718 | | | | 4,169,763 | |
| | | | | | | | | | | | | | | | | |
Selling, general, and administrative expense | | | 1,042,407 | | | | 789,329 | | | | 4,276,751 | | | | 3,255,526 | |
Income from operations | | | 312,394 | | | | (290,679 | ) | | | 512,967 | | | | 914,237 | |
| | | | | | | | | | | | | | | | | |
Interest/Other income (expense) | | | (2,021 | ) | | | 57,839 | | | | (4,068 | ) | | | (14,719 | ) |
Net income before income tax | | | 310,373 | | | | (232,840 | ) | | | 508,899 | | | | 899,517 | |
Income tax provision (benefit) | | | 92,563 | | | | (9,004 | ) | | | (2,706,978 | ) | | | (8,548 | ) |
Net income | | $ | 217,810 | | | $ | 223,836 | | | $ | 3,215,877 | | | $ | 908,065 | |
| | | | | | | | | | | | | | | | | |
Wtd. Avg. basic common shares outstanding - diluted | | | 14,727,442 | | | | 13,302,558 | | | | 14,588,627 | | | | 13,348,582 | |
| | | | | | | | | | | | | | | | | |
Net income per basic common share | | $ | 0.01 | | | $ | (0.02 | ) | | $ | 0.22 | | | $ | 0.07 | |
CPS TECHNOLOGIES CORPORATION |
BALANCE SHEET (UNAUDITED) |
| | | December 25, | | | December 26, | |
| | | 2021 | | | 2020 | |
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 5,050,312 | | | $ | 195,203 | |
Accounts receivable-trade, net | | | 4,870,021 | | | | 2,914,800 | |
Inventories, net | | | 3,911,602 | | | | 3,709,471 | |
Prepaid expenses and other current assets | | | 225,873 | | | | 71,506 | |
| Total current assets | | | 14,057,808 | | | | 6,890,980 | |
| Net property and equipment | | | 1,332,933 | | | | 1,287,947 | |
| Right-of-use lease asset | | | 586,000 | | | | 25,000 | |
| Deferred taxes, net | | | 2,823,978 | | | | 117,000 | |
| Total Assets | | $ | 18,800,719 | | | $ | 8,320,927 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
| | | | | | | | | |
Current liabilities: | | | | | | | | |
| Note payable, current portion | | | 55,906 | | | $ | 58,134 | |
| Accounts payable | | | 2,100,251 | | | | 909,291 | |
| Accrued expenses | | | 1,086,429 | | | | 804,091 | |
| Deferred revenue | | | 1,707,138 | | | | 12,177 | |
| Lease liability, current portion | | | 155,000 | | | | 25,000 | |
Total current liabilities | | | 5,104,724 | | | | 1,808,693 | |
Note payable less current portion | | | 98,684 | | | | 154,570 | |
Long term lease liability | | | 431,000 | | | | -- | |
Total liabilities | | | 5,634,408 | | | | 1,963,263 | |
| | | | | | | | | |
Total stockholders’ equity | | | 13,166,311 | | | | 6,357,664 | |
Total liabilities and stockholders’ equity | | $ | 18,800,719 | | | $ | 8,320,927 | |
