CPS Technologies (CPSH) 8-K CPS Technologies Corporation Announces First Quarter 2022 Results

Exhibit 99.2

CPS TECHNOLOGIES CORP.

Statements of Operations (Unaudited)

	Fiscal Quarters Ended
	April 2,			March 27,
	2022			2021
Revenues:
Product sales	$	6,652,714		$	4,865,708
Total revenues		6,652,714			4,865,708
Cost of product sales		4,689,224			3,921,568
Gross Margin		1,963,490			944,140
Selling, general, and administrative expense		1,416,393			908,471
Income from operations		547,097			35,669
Other income (expense), net		(1,913	)		(4,310	)
Income before taxes		545,184			31,359
Income tax provision		125,748			456
Net income	$	419,436		$	30,903
Net income per basic common share	$	0.03		$	0.00

111 South Worcester Street, Norton, Massachusetts 02766-2102   Tel: 508-222-0614 Fax: 508-222-0220

CPS is Certified to the ISO 9001 Standard

Visit us on the Web: www.cpstechnologysolutions.com

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CPS TECHNOLOGIES CORP.

Balance Sheet (Unaudited)

	April 2,		December 25,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	4,699,694	$	5,050,312
Accounts receivable-trade, net		4,902,518		4,870,021
Inventories, net		4,705,526		3,911,602
Prepaid expenses and other current assets		334,963		225,873
Total current assets		14,642,701		14,057,808
Net property and equipment		1,322,494		1,322,494
Right-of-use lease asset		558,000		586,000
Deferred taxes, net		2,698,686		2,823,978
Total Assets	$	19,221,881	$	18,800,719
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Note payable, current portion		51,620		55,906
Accounts payable		2,251,122		2,100,251
Accrued expenses		717,482		1,086,429
Deferred revenue		1,707,138		1,707,138
Lease liability, current portion		157,000		155,000
Total current liabilities		4,879,361		5,104,724
Note payable less current portion		87,988		98,684
Long term lease liability		401,000		431,000
Total liabilities		5,373,350		5,634,408
Total stockholders’ equity		13,848,531		13,166,311
Total liabilities and stockholders’ equity	$	19,221,881	$	18,800,719