10-Q Filing

Twin Vee PowerCats, Co. CIK: 1855509 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001731122-21-001432`
Period End Date	20210630
Filing Date	20210824
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	e3045_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 65 Cash Flow Statement 58 Stockholders Equity 16

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$367.56K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$406.64K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$215.57K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$20.54K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$936.68K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.54M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	-	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$206.29K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Due from affiliated companies	`DueFromAffiliateCurrent`	$6.10K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.00M	shares	Point-in-time
Due from affiliated companies	`DueFromAffiliateCurrent`	$287.61K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$350.00	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$439.24K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$428.87K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.90M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.83M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.64M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.74M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.28M	USD	Point-in-time
Security deposit	`DepositsAssetsCurrent`	$25.00K	USD	Point-in-time
Security deposit	`DepositsAssetsCurrent`	$25.00K	USD	Point-in-time
Total Assets	`Assets`	$4.50M	USD	Point-in-time
Total Assets	`Assets`	$6.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$799.28K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.19M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$142.94K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$114.01K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$188.98K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$6.78K	USD	Point-in-time
Warranty reserve	`ProductWarrantyAccrualClassifiedCurrent`	$75.00K	USD	Point-in-time
Warranty reserve	`ProductWarrantyAccrualClassifiedCurrent`	$75.00K	USD	Point-in-time
Note payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Note payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$27.85K	USD	Point-in-time
Due to affiliated companies	`DueToAffiliateCurrent`	$92.84K	USD	Point-in-time
Due to affiliated companies	`DueToAffiliateCurrent`	$115.04K	USD	Point-in-time
Operating lease right of use liability	`OperatingLeaseLiabilityCurrent`	$295.37K	USD	Point-in-time
Operating lease right of use liability	`OperatingLeaseLiabilityCurrent`	$361.05K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.44M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.04M	USD	Point-in-time
Paycheck Protection Program Loan	`OtherLoansPayable`	$608.22K	USD	Point-in-time
Paycheck Protection Program Loan	`OtherLoansPayable`	-	USD	Point-in-time
Economic Injury Disaster Loan	`OtherLoansPayableLongTerm`	$499.90K	USD	Point-in-time
Economic Injury Disaster Loan	`OtherLoansPayableLongTerm`	$499.90K	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$1.02M	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$1.43M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.96M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.58M	USD	Point-in-time
Preferred stock: 10,000,000 authorized; $0.001 par value; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: 10,000,000 authorized; $0.001 par value; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock: 50,000,000 authorized; $0.001 par value; 4,000,000 shares issued and outstanding	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock: 50,000,000 authorized; $0.001 par value; 4,000,000 shares issued and outstanding	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-823.75K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.01M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$170.74K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.68M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$115.61K	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.73M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$194.26K	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$6.31M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$4.50M	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$6.51M	USD	2 Qtrs
Net sales	`Revenues`	$4.39M	USD	2 Qtrs
Net sales	`Revenues`	$1.72M	USD	1 Quarter
Net sales	`Revenues`	$3.30M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$1.98M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$1.03M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$2.52M	USD	2 Qtrs
Cost of products sold	`CostOfRevenue`	$3.70M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.86M	USD	2 Qtrs
Gross profit	`GrossProfit`	$2.80M	USD	2 Qtrs
Gross profit	`GrossProfit`	$695.45K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.32M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$173.80K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$278.18K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$577.60K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$457.52K	USD	2 Qtrs
Salaries and wages	`SalariesAndWages`	$1.13M	USD	2 Qtrs
Salaries and wages	`SalariesAndWages`	$1.98M	USD	2 Qtrs
Salaries and wages	`SalariesAndWages`	$1.05M	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$451.35K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$39.06K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$53.18K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$112.21K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$79.46K	USD	2 Qtrs
Depreciation	`Depreciation`	$32.06K	USD	1 Quarter
Depreciation	`Depreciation`	$101.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$54.48K	USD	1 Quarter
Depreciation	`Depreciation`	$62.89K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.73M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$696.27K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.77M	USD	2 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$-824.00	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$138.21K	USD	2 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$-116.93K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$37.83K	USD	2 Qtrs
Interest expense	`InterestIncomeExpenseNet`	$-35.15K	USD	2 Qtrs
Interest expense	`InterestIncomeExpenseNet`	$-83.08K	USD	2 Qtrs
Interest expense	`InterestIncomeExpenseNet`	$-22.70K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-17.44K	USD	1 Quarter
Loss on disposal of asset	`GainLossOnDispositionOfAssets`	$-254.60K	USD	2 Qtrs
Loss on disposal of asset	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Loss on disposal of asset	`GainLossOnDispositionOfAssets`	-	USD	2 Qtrs
Loss on disposal of asset	`GainLossOnDispositionOfAssets`	$249.50K	USD	Point-in-time
Loss on disposal of asset	`GainLossOnDispositionOfAssets`	$-249.50K	USD	1 Quarter
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	-	USD	1 Quarter
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	-	USD	2 Qtrs
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	$434.72K	USD	2 Qtrs
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	$434.72K	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$167.78K	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-22.70K	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$144.97K	USD	2 Qtrs
Total other income (expenses)	`NonoperatingIncomeExpense`	$-83.08K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$55.13K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-23.52K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$182.80K	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$50.85K	USD	1 Quarter
Basic and dilutive income per share of common stock	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Basic and dilutive income per share of common stock	`EarningsPerShareBasicAndDiluted`	$0.01	USD	2 Qtrs
Basic and dilutive income per share of common stock	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and dilutive income per share of common stock	`EarningsPerShareBasicAndDiluted`	$0.05	USD	2 Qtrs
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.00M	shares	1 Quarter
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.00M	shares	2 Qtrs
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.00M	shares	2 Qtrs
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.00M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$55.13K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$-23.52K	USD	1 Quarter
Net income	`NetIncomeLoss`	$182.80K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$50.85K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$101.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$62.89K	USD	2 Qtrs
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-224.04K	USD	2 Qtrs
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Change of ROU and lease liabilities	`IncreaseDecreaseInOperatingLiabilities`	$15.35K	USD	2 Qtrs
Change of ROU and lease liabilities	`IncreaseDecreaseInOperatingLiabilities`	$15.77K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.54K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$99.44K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$602.84K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$225.00	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$438.89K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-185.09K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$390.87K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-97.35K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-28.93K	USD	2 Qtrs
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$182.19K	USD	2 Qtrs
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-66.05K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.04K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-314.37K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$604.99K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$119.69K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-119.69K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-604.99K	USD	2 Qtrs
Deferred offering costs	`PaymentsOfFinancingCosts`	-	USD	2 Qtrs
Deferred offering costs	`PaymentsOfFinancingCosts`	$206.29K	USD	2 Qtrs
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	$609.50K	USD	2 Qtrs
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	$608.22K	USD	2 Qtrs
Proceeds from EIDL loan	`ProceedsFromLoans`	$499.90K	USD	2 Qtrs
Proceeds from EIDL loan	`ProceedsFromLoans`	-	USD	2 Qtrs
Advances from related parties	`ProceedsFromRelatedPartyDebt`	$117.41K	USD	2 Qtrs
Advances from related parties	`ProceedsFromRelatedPartyDebt`	$24.30K	USD	2 Qtrs
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$311.46K	USD	2 Qtrs
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$549.22K	USD	2 Qtrs
Finance lease payments	`FinanceLeasePrincipalPayments`	$91.54K	USD	2 Qtrs
Finance lease payments	`FinanceLeasePrincipalPayments`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$586.04K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$114.77K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$151.99K	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-485.17K	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$367.56K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$406.64K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$215.57K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$367.56K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$406.64K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$215.57K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$97.47K	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$60.33K	USD	2 Qtrs
Increase in the right-of-use asset and lease liability	`IncreaseInRightofuseAssetAndLeaseLiability`	$1.59M	USD	2 Qtrs
Increase in the right-of-use asset and lease liability	`IncreaseInRightofuseAssetAndLeaseLiability`	$655.73K	USD	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$170.74K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.68M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$115.61K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.55M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.73M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$194.26K	USD	Point-in-time
Net loss for the period	`ProfitLoss`	$78.66K	USD	1 Quarter
Net loss for the period	`ProfitLoss`	$131.95K	USD	1 Quarter
Net loss for the period	`ProfitLoss`	$-23.52K	USD	1 Quarter
Net loss for the period	`ProfitLoss`	$50.85K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$170.74K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.68M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$115.61K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.55M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.73M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$194.26K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.