EX-99.2 3 ex_741707.htm EXHIBIT 99.2 ex_741707.htm

Exhibit 99.2

 

CPS TECHNOLOGIES CORPORATION

Statements of Operations (Unaudited)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 28,

    

September 30,

    

September 28,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Revenues:

                                

Product sales

   $ 4,247,116     $ 6,285,041     $ 15,190,063     $ 20,803,447  
                                 

Total revenues

     4,247,116       6,285,041       15,190,063       20,803,447  
                                 

Cost of product sales

     4,770,548       5,049,177       15,037,177       15,126,621  
                                 

Gross profit (loss)

     (523,432 )     1,235,864       152,886       5,676,826  
                                 

Selling, general, and administrative expense

     963,064       1,105,227       3,214,831       4,121,099  
                                 

Income (loss) from operations

     (1,486,496 )     130,637       (3,061,945 )     1,555,727  
                                 

Interest income (expense), net

     71,650       78,181       241,686       176,325  

Other income (expense), net

     (676 )     (1,228 )     159       (4,130 )
                                 

Net income (loss) before income tax

     (1,415,522 )     207,590       (2,820,100 )     1,727,922  

Income tax provision (benefit)

     (372,683 )     36,509       (679,803 )     497,137  
                                 

Net income (loss)

   $ (1,042,839 )   $ 171,081     $ (2,140,297 )   $ 1,230,785  

Other comprehensive income

                                

Net unrealized gains on available for sale securities

     8,745       --       17,446       --  

Total other comprehensive income

     8,745       --       17,446       --  

Total comprehensive income (loss)

   $ (1,034,094 )   $ 171,081     $ (2,122,851 )   $ 1,230,785  
                                 

Net income (loss) per basic common share

   $ (0.07 )   $ 0.01     $ (0.15 )   $ 0.08  
                                 

Weighted average number of basic common shares outstanding

     14,525,664       14,517,364       14,520,827       14,487,873  
                                 

Net income (loss) per diluted common share

   $ (0.07 )   $ 0.01     $ (0.15 )   $ 0.08  
                                 

Weighted average number of diluted common shares outstanding

     14,525,664       14,636,241       14,520,827       14,632,591  

 

 
 

 

CPS TECHNOLOGIES CORP.

Balance Sheets (Unaudited)

 

   

September 28,

    

December 30,

  
   

2024

    

2023

  

ASSETS

                
                 

Current assets:

                

Cash and cash equivalents

   $ 4,689,004     $ 8,813,626  

Marketable securities, at fair value

     1,020,952       –  

Accounts receivable-trade, net

     3,654,549       4,389,155  

Accounts receivable-other

     362,312       83,191  

Inventories, net

     4,433,412       4,581,930  

Prepaid expenses and other current assets

     506,126       276,349  
                 

Total current assets

     14,666,355       18,144,251  
                 

Property and equipment:

                

Production equipment

     9,953,702       11,271,982  

Furniture and office equipment

     891,921       952,883  

Leasehold improvements

     988,804       985,649  
                 

Total cost

     11,834,427       13,210,514  
                 

Accumulated depreciation and amortization

     (10,200,302 )     (11,936,004 )

Construction in progress

     448,184       281,629  
                 

Net property and equipment

     2,082,309       1,556,139  
                 

Right-of-use lease asset

     224,000       332,000  

Deferred taxes, net

     2,249,985       1,569,726  
                 

Total assets

   $ 19,222,649     $ 21,602,116  

 

   

September 28,

    

December 30,

  
   

2024

    

2023

  

LIABILITIES AND STOCKHOLDERS` EQUITY

                
                 

Current liabilities:

                

Note payable, current portion

   $ 20,103     $ 46,797  

Accounts payable

     2,497,055       2,535,086  

Accrued expenses

     840,757       1,075,137  

Deferred revenue

     160,412       251,755  

Lease liability, current portion

     160,000       160,000  
                 

Total current liabilities

     3,678,327       4,068,775  
                 

Note payable less current portion

     –       8,090  

Deferred revenue – long term

     31,277       31,277  

Long term lease liability

     64,000       172,000  
                 

Total liabilities

     3,773,604       4,280,142  
                 

Commitments and contingencies (note 7)

                
                 

Stockholders` equity:

                

Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,661,487 shares; outstanding 14,525,960 shares at September 28, 2024 and issued 14,601,487 shares; outstanding 14,519,215 shares at December 30, 2023

     146,615       146,015  

Preferred stock, no shares issued or outstanding

     –       –  

Additional paid-in capital

     40,520,215       40,180,893  

Accumulated other comprehensive income

     17,446       –  

Accumulated deficit

     (24,895,093 )     (22,754,796 )

Less cost of 135,527 common shares repurchased at September 28, 2024 and 82,272 common shares repurchased at December 30, 2023

     (340,138 )     (250,138 )
                 

Total stockholders` equity

     15,449,045       17,321,974  
                 

Total liabilities and stockholders` equity

   $ 19,222,649     $ 21,602,116