Company: CPSH
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001437749-25-014320
Chunk: 3

Company: CPS TECHNOLOGIES CORP/DE/
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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 weighted average price of $2.44with a weighted average remaining term of5.3years. The Plan, as amended, is authorized to issue1,500,000shares of common stock. As ofMarch 29, 2025, there were466,400shares available for future grants.

As ofMarch 29, 2025, there was $608thousand of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan; that cost is expected to be recognized over a weighted average period of2.41years.

During the quarters endedMarch 29, 2025andMarch 30, 2024, the Company recognized approximately $122thousand and $161thousand, respectively, as shared-based compensation expense related to previously granted shares under the Plan.

(8) Inventories

Inventories consist of the following:

                                March 29,                     December 28,                 
                                                                                           
                                2025                          2024                         
 ───────────────────────────────────────────────────────────────────────────────────────────
  Raw materials                 $              2,561,513      $                 2,625,305  
  Work in process                              2,537,536                        1,880,396  
  Finished goods                                 272,212                          343,722  
  Gross inventory                              5,371,221                        4,849,423  
  Reserve for obsolescence                     ( 558,428                        ( 518,357  
  Inventories, net              $              4,812,833      $                 4,331,066  

(9) Accrued Expenses

Accrued expenses consist of the following:

                                            March 29,                     December 28,               
                                                                                                     
                                            2025                          2024                       
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Accrued legal and accounting              $                 79,702      $                 138,600  
  Accrued payroll and related expenses                       456,019                        254,737  
  Accrued other                                              535,211                        519,942  
  Total Accrued Expenses                    $              1,070,932      $                 913,279  

(10) Revolving Line of Credit

InMay 2023, the Company entered into a line of credit (LOC) in the amount of $3.0million with Rockland Trust Company. The LOC is secured