ex_706864.htm

EX-99.2 3 ex_706864.htm EXHIBIT 99.2 ex_706864.htm

Exhibit 99.2

CPS TECHNOLOGIES CORP.

Statements of Operations and Other Comprehensive Income (Unaudited

	Three Months Ended					Six Months Ended
	June 29,			July 1,		June 29,			July 1,
	2024			2023		2024			2023
Revenues:
Product sales	$	5,030,313		$	7,418,138	$	10,942,947		$	14,518,405

Total revenues		5,030,313			7,418,138		10,942,947			14,518,405

Cost of product sales		5,260,305			5,221,880		10,266,629			10,077,444

Gross margin		(229,992	)		2,196,259		676,318			4,440,961

Selling, general, and administrative expense		1,084,995			1,465,349		2,250,917			3,015,871

Income (loss) from operations		(1,314,987	)		730,910		(1,574,599	)		1,425,090

Interest income (expense), net		90,851			79,652		170,021			95,242

Net income (loss) before income tax		(1,224,136	)		810,562		(1,404,578	)		1,520,332
Income tax provision (benefit)		(269,832	)		210,058		(307,120	)		460,628

Net income (loss)	$	(954,304	)	$	600,503	$	(1,097,458	)	$	1,059,704
Other comprehensive income
Net unrealized gains on available for sale securities		8,701			--		8,701			--
Total other comprehensive income		8,701			--		8,701			--
Total comprehensive income		(945,603	)		--		(1,088,757	)		--

Net income per basic common share	$	(0.07	)	$	0.04	$	(0.08	)	$	0.07

Weighted average number of basic common shares outstanding		14,519,215			14,493,970		14,519,215			14,473,128

Net income per diluted common share	$	(0.07	)	$	0.04	$	(0.08	)	$	0.07

Weighted average number of diluted common shares outstanding		14,519,215			14,621,929		14,519,215			14,630,765

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CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

	June 29,			December 30,
	2024			2023
ASSETS

Current assets:
Cash and cash equivalents	$	6,306,244		$	8,813,626
Marketable Securities		758,701			--
Accounts receivable-trade, net		4,064,293			4,389,155
Accounts receivable-other		198,348			83,191
Inventories, net		4,121,678			4,581,930
Prepaid expenses and other current assets		366,655			276,349

Total current assets		15,815,919			18,144,251

Property and equipment:
Production equipment		9,940,480			11,271,982
Furniture and office equipment		891,921			952,883
Leasehold improvements		873,730			985,649

Total cost		11,706,131			13,210,514

Accumulated depreciation and amortization		(10,068,557	)		(11,936,004	)
Construction in progress		496,331			281,629

Net property and equipment		2,133,905			1,556,139

Right-of-use lease asset		261,000			332,000
Deferred taxes, net		1,877,302			1,569,726

Total assets	$	20,088,126		$	21,602,116

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CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

(concluded)

	June 29,			December 30,
	2024			2023
LIABILITIES AND STOCKHOLDERS` EQUITY

Current liabilities:
Note payable, current portion	$	31,885		$	46,797
Accounts payable		2,587,874			2,535,086
Accrued expenses		671,853			1,075,137
Deferred revenue		65,578			251,755
Lease liability, current portion		160,000			160,000

Total current liabilities		3,517,190			4,068,775

Note payable less current portion		--			8,090
Deferred revenue – long term		31,277			31,277
Long term lease liability		101,000			172,000

Total liabilities		3,649,467			4,280,142

Commitments and contingencies (note 6)

Stockholders` equity:
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,601,487 shares; outstanding 14,519,215 shares at each June 29, 2024 and December 30, 2023		146,015			146,015
Additional paid-in capital		40,386,335			40,180,893
Accumulated other comprehensive income		8,701			--
Accumulated deficit		(23,852,254	)		(22,754,796	)
Less cost of 82,272 common shares repurchased at each June 29, 2024 and December 30, 2023		(250,138	)		(250,138	)

Total stockholders` equity		16,438,659			17,321,974

Total liabilities and stockholders` equity	$	20,088,126		$	21,602,116