Exhibit 99.2
CPS TECHNOLOGIES CORP. Statements of Operations (Unaudited) |
Three Months Ended | Six Months Ended | |||||||||||||||
July 2, | June 26, | July 2, | June 26, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Revenues: | ||||||||||||||||
Product sales | $ | 7,070,743 | $ | 5,862,183 | $ | 13,723,457 | $ | 10,727,890 | ||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Total revenues | 7,070,743 | 5,862,183 | 13,723,457 | 10,727,890 | ||||||||||||
Cost of product sales | 5,242,106 | 4,510,600 | 9,931,330 | 8,432,168 | ||||||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Gross Margin | 1,828,637 | 1,351,583 | 3,792,127 | 2,295,722 | ||||||||||||
Selling, general, and administrative expense | 1,159,157 | 1,098,616 | 2,575,550 | 2,007,087 | ||||||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Income from operations | 669,480 | 252,967 | 1,216,577 | 288,635 | ||||||||||||
Interest income (expense), net | 1,594 | (13,769 | ) | (319 | ) | (18,079 | ) | |||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Net income before income tax | 671,074 | 239,198 | 1,216,258 | 270,556 | ||||||||||||
Income tax provision | 215,966 | -- | 341,714 | 456 | ||||||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Net income | $ | 455,108 | $ | 239,198 | $ | 874,544 | $ | 270,101 | ||||||||
========= | ========= | ========= | ========= | |||||||||||||
Net income per basic common share | $ | 0.03 | $ | 0.02 | $ | 0.06 | $ | 0.02 | ||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Gross Margin | 1,828,637 | 1,351,583 | 3,792,127 | 2,295,722 | ||||||||||||
Selling, general, and administrative expense | 1,159,157 | 1,098,616 | 2,575,550 | 2,007,087 | ||||||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Income from operations | 669,480 | 252,967 | 1,216,577 | 288,635 | ||||||||||||
Interest income (expense), net | 1,594 | (13,769 | ) | (319 | ) | (18,079 | ) | |||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Net income before income tax | 671,074 | 239,198 | 1,216,258 | 270,556 | ||||||||||||
Income tax provision | 215,966 | -- | 341,714 | 456 | ||||||||||||
------------ | ------------ | ------------ | ------------ | |||||||||||||
Net income | $ | 455,108 | $ | 239,198 | $ | 874,544 | $ | 270,101 | ||||||||
========= | ========= | ========= | ========= | |||||||||||||
Net income per basic common share | $ | 0.03 | $ | 0.02 | $ | 0.06 | $ | 0.02 | ||||||||
------------ | ------------ | ------------ | ------------ |
CPS TECHNOLOGIES CORP. |
Balance Sheet (Unaudited) |
July 2, | December 25, | |||||||
2022 | 2021 | |||||||
ASSETS | ------------- | ------------- | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 5,076,282 | $ | 5,050,312 | ||||
Accounts receivable-trade, net | 4,536,973 | 4,870,021 | ||||||
Inventories, net | 4,665,719 | 3,911,602 | ||||||
Prepaid expenses and other current assets | 313,501 | 225,873 | ||||||
------------- | ------------- | |||||||
Total current assets | 14,592,475 | 14,057,808 | ||||||
------------- | ------------- | |||||||
Net property and equipment | 1,412,923 | 1,322,494 | ||||||
Right-of-use lease asset | 528,000 | 586,000 | ||||||
Deferred taxes, net | 2,482,720 | 2,823,978 | ||||||
------------- | ------------- | |||||||
Total Assets | $ | 19,016,118 | $ | 18,800,719 | ||||
========= | ========= | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Note payable, current portion | $ | 47,321 | 55,906 | |||||
Accounts payable | 1,621,278 | 2,100,251 | ||||||
Accrued expenses | 648,180 | 1,086,429 | ||||||
Deferred revenue | 1,752,543 | 1,707,138 | ||||||
Lease liability, current portion | 157,000 | 155,000 | ||||||
------------- | ------------- | |||||||
Total current liabilities | 4,226,322 | 5,104,724 | ||||||
------------- | ------------- | |||||||
Note payable less current portion | 77,120 | 98,684 | ||||||
Long term lease liability | 371,000 | 431,000 | ||||||
------------- | ------------- | |||||||
Total liabilities | 4,674,442 | 5,634,408 | ||||||
Total stockholders’ equity | 14,341,676 | 13,166,311 | ||||||
------------- | ------------- | |||||||
Total liabilities and stockholders’ equity | $ | 19,016,118 | $ | 18,800,719 | ||||
========== | ========== |