false
0000814676
0000814676
2024-07-31
2024-07-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2024
CPS TECHNOLOGIES CORP.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware
|
0-16088
|
04-2832509
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
111 South Worcester Street, Norton, Massachusetts
|
02766
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Registrant’s telephone number, including area code
|
508-222-0614
|
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the exchange Act (17 CFR 240.14a-12)
|
|
☐
|
Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4( c)) under the Exchange Act (17 CFR 240.13e-4(c)).
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Stock, $0.01 par value
|
CPSH
|
Nasdaq Capital Market
|
Item 2.02 Results of Operations and Financial Condition
On July 31, 2024, the Company issued a press release announcing its financial results for the quarter and six months ended June 29, 2024. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein in its entirety by reference.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (The “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements.
Except for historical information contained in the press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.
Item 8.01 Other Events
Exhibit 99.2 is incorporated herein in its entirety by reference.
Item 9.01 Financial Statements and Exhibits
|
EXHIBIT
NUMBER
|
DESCRIPTION
|
|
99.1
|
|
|
99.2
|
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
CPS Technologies Corp.
(Registrant)
|
|
Date: August 1, 2024
|
/s/ Charles K. Griffith, Jr.
Charles K. Griffith Jr.
Chief Financial Officer
|
Exhibit 99.1
FOR RELEASE: IMMEDIATE
CPS Technologies Corporation Announces Second Quarter 2024 Financial Results
Performance Impacted by Contract Completion as Company Focuses on New Business Development
Norton, Massachusetts – July 31, 2024 – CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced financial results for the fiscal second quarter ended June 29, 2024.
Second Quarter Summary
| |
●
|
Revenue of $5.0 million for the second quarter of 2024 versus $7.4 million in the prior-year period, reflecting lower overall shipments due to the end of the Company’s HybridTech Armor® contract with Kinetic Protection for the US Navy
|
| |
●
|
Gross margin of (4.6) percent versus 29.6 percent in the second quarter of 2023, largely reflecting lower manufacturing efficiencies and impact of fixed costs on lower revenue.
|
| |
●
|
Operating loss of $1.3 million for the quarter ended June 29, 2024 compared to an operating profit of $0.7 million in the prior-year period
|
| |
●
|
The Company’s recent SBIR Phase II award and ongoing product development initiatives in response to customer requirements point to accelerating wins heading into fiscal 2025
|
“This quarter’s results reflect the previously-announced completion of our HybridTech® Armor contract with Kinetic Protection, as the Navy’s current needs have been fulfilled after many quarters of delivering our state-of-the-art panels to provide ballistic protection for the U.S. Navy’s fleet of aircraft carriers,” said Brian Mackey, President and CEO. “While this near-term headwind has been well known for quite some time, it does not lessen the impact it has had on our overall performance. Despite the current operating environment, our growth path going forward will be augmented by the continued expansion of our product development pipeline.
“Notably, our latest SBIR contract from the U.S. Navy Air Systems Command, valued at over $1 million, will enable us to continue to develop our novel metal matrix composites for thermal energy storage applications. Our MMCs have been shown to provide cutting-edge thermal energy storage, which supports long-range missile strike capability for the Navy. Potential applications include avionics, weapons, and high-pulse power modules. This new program, along with ongoing efforts to address our customer’s pressing technical challenges, with materials such as fiber reinforced aluminum, or “FRA”, and lightweight radiation shielding material, will continue to enhance company value. Our new Phase II contract, the company’s first in many years, clearly underscores not only our unique capabilities but the successful execution of a long-term growth strategy through expanded product development that addresses critical customer requirements.”
Results of Operations
CPS reported revenue of $5.0 million in the second quarter of fiscal 2024 versus $7.4 million in the prior-year period, reflecting the completion of the Company’s HybridTech Armor® contract with Kinetic Protection, the prime contractor for the US Navy. Gross loss was $0.2 million, or (4.6) percent of revenue, versus a gross profit of $2.2 million, or 29.6 percent of revenue, in the fiscal 2023 second quarter, with the negative variance year-over-year due to the impact of fixed costs on lower overall revenue and reduced production efficiencies due to new product launches.
Page 2
The Company reported an operating loss of $1.3 million in the fiscal 2024 second quarter compared with an operating profit of $0.7 million in the prior-year period. Reported net loss was $1.0 million, or $(0.07) per diluted share, versus net income of $0.6 million, or $0.04 per diluted share, in the quarter ended July 1, 2023.
Conference Call
The Company will be hosting its second quarter 2024 earnings call at 9:00 am tomorrow, August 1, 2024. Those interested in participating in the conference call should dial the following:
Call in Number: 1-844-943-2942
Participant Passcode: 281331
The Company encourages those who wish to participate to call in 10 minutes before the scheduled start time to ensure the operator can connect all participants.
About CPS
CPS is a technology and manufacturing leader in producing high-performance materials solutions for its customers. The company’s products and intellectual property address critical needs in a variety of applications, including electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, Navy ships, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. CPS’ armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions for the transition to clean energy.
Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2024 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com
Investor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.com
Page 3
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 |
|
Page 4
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 |
|
Page 5
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 |
|
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 |
|
Page 2
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 |
|
Page 3
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 |
|
v3.24.2.u1
Document And Entity Information
|
Jul. 31, 2024 |
| Document Information [Line Items] |
|
| Entity, Registrant Name |
CPS TECHNOLOGIES CORP.
|
| Document, Type |
8-K
|
| Document, Period End Date |
Jul. 31, 2024
|
| Entity, Incorporation, State or Country Code |
DE
|
| Entity, File Number |
0-16088
|
| Entity, Tax Identification Number |
04-2832509
|
| Entity, Address, Address Line One |
111 South Worcester Street
|
| Entity, Address, City or Town |
Norton
|
| Entity, Address, State or Province |
MA
|
| Entity, Address, Postal Zip Code |
02766
|
| City Area Code |
508
|
| Local Phone Number |
222-0614
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Entity, Emerging Growth Company |
false
|
| Title of 12(b) Security |
Common Stock
|
| Trading Symbol |
CPSH
|
| Security Exchange Name |
NASDAQ
|
| Amendment Flag |
false
|
| Entity, Central Index Key |
0000814676
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
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na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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