CPS Technologies Files 2023 10-K Amendment

TL;DR

CPS Tech amended its 2023 10-K, showing $14.6M assets vs $14.5M liabilities, with a small net loss.

AI Summary

CPS Technologies Corp/DE/ filed an amendment to its 2023 10-K on August 2, 2024, reporting financial results for the fiscal year ending December 30, 2023. The company reported total assets of $14.6 million and total liabilities of $14.5 million, resulting in a net loss of $0.01 million for the year. This filing provides updated financial information and disclosures for the period.

Why It Matters

This amended filing provides updated financial data for CPS Technologies Corp/DE/, which is crucial for investors and stakeholders to assess the company's financial health and performance as of December 30, 2023.

Risk Assessment

Risk Level: low — This is a routine amendment to a previously filed annual report, primarily for updating financial figures and disclosures.

Key Numbers

• $14.6M — Total Assets (As of December 30, 2023)
• $14.5M — Total Liabilities (As of December 30, 2023)
• $0.01M — Net Loss (For the fiscal year ended December 30, 2023)

Key Players & Entities

• CPS TECHNOLOGIES CORP/DE/ (company) — Filer
• 20231230 (date) — Fiscal Year End
• 20240802 (date) — Filing Date
• 14.6 million (dollar_amount) — Total Assets
• 14.5 million (dollar_amount) — Total Liabilities

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CPSH NASDAQ Capital Marke

Filing Documents

• cpsh20231231_10ka.htm (10-K/A) — 626KB
• ex_705360.htm (EX-31.1) — 7KB
• ex_705361.htm (EX-31.2) — 7KB
• ex_705362.htm (EX-32.1) — 4KB
• 0001437749-24-024423.txt ( ) — 4558KB
• cpsh-20231230.xsd (EX-101.SCH) — 46KB
• cpsh-20231230_def.xml (EX-101.DEF) — 330KB
• cpsh-20231230_lab.xml (EX-101.LAB) — 282KB
• cpsh-20231230_pre.xml (EX-101.PRE) — 356KB
• cpsh-20231230_cal.xml (EX-101.CAL) — 48KB
• cpsh20231231_10ka_htm.xml (XML) — 634KB

Controls and Procedures

Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Under the direction of our Chief Executive Officer and Chief Financial Officer, management has carried out an evaluation of the effectiveness of the Company's disclosure controls and procedures as such item is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures were effective as of December 30, 2023. Changes in Internal Control over Financial Reporting There were no material changes in the Company's internal control over financial reporting during fiscal 2023. Management ' s Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company, as such term is defined in Rule 13a-15(f) of the Exchange Act. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States and includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transac

Notes to Financial Statements

Notes to Financial Statements Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of CPS Technologies Corporation Opinion on the Financial Statements We have audited the accompanying balance sheets of CPS Technologies Corporation (the Company) as of December 30, 2023 and December 31, 2022, the related statements of operations, stockholders' equity and cash flows for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 30, 2023 and December 31, 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal

Notes to Financial Statements

Notes to Financial Statements ( 1 ) Nature of Business CPS Technologies Corp. (the Company' or CPS') provides advanced material solutions to the transportation, automotive, energy, computing/internet, telecommunications, aerospace, defense and oil and gas end markets. Our primary material solution is metal matrix composites. We design, manufacture and sell custom metal matrix composite components which improve the performance and reliability of systems in these end markets. ( 2 ) Summary of Significant Accounting Policies ( 2 )(a) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. ( 2 )(b) Accounts Receivable The Company reports its accounts receivable at the invoiced amount less an allowance for credit losses. The Company's management provides appropriate provisions for uncollectible accounts based upon factors surrounding the credit risk and activity of specific customers, historical trends, economic conditions and other information to estimate future expected losses. Adjustments to the allowance are charged to operations in the period in which information becomes available that may affect the allowance. The Company maintains an allowance for credit losses of $ 10,000 as of December 30, 2023 and December 31, 2022. ( 2 )(b)( 1 ) Accounts Receivable-Other As of December 30, 2023 this amount was primarily VAT paid by CPS, but due to be repaid by its European customers with future shipments. In 2022 the Company filed for the Employee Retention Tax Credit (ERTC) in the amount of $ 641,086 . This credit was still due from the Internal Revenue Service ("IRS") on December 31, 2022 however was collected in 2023. ( 2 )(c) Inventories Inventories are stated at the lower of cost (cost is based on standard costs which approximate actual costs), as determined under the first -in, first -out method (FIFO), or net realizable value. A reserve for

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View this 10-K/A filing on SEC EDGAR