10-K Filing

Twin Vee PowerCats, Co. CIK: 1855509 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001731122-22-000636`
Period End Date	20211231
Filing Date	20220331
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	e3661_10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 42 Cash Flow Statement 80 Stockholders Equity 11

Balance Sheet 78 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$215.57K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.14K	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
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	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
Marketable securities	`MarketableSecuritiesCurrent`	$3.00M	USD	Point-in-time
Inventories	`InventoryNet`	$936.68K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$1.80M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.00M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.00M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$105.50K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.00M	shares	Point-in-time
Due from affiliated companies	`DueFromAffiliateCurrent`	$6.10K	USD	Point-in-time
Due from affiliated companies	`DueFromAffiliateCurrent`	$286.92K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$350.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$903.76K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$13.07M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.83M	USD	Point-in-time
Marketable securities non current	`MarketableSecuritiesNoncurrent`	$3.07M	USD	Point-in-time
Marketable securities non current	`MarketableSecuritiesNoncurrent`	-	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.88M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.55M	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`	$20.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$799.28K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$456.81K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$217.94K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.78K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$14.10K	USD	Point-in-time
Due to affiliated companies	`DueToAffiliateCurrent`	$120.69K	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`	$368.60K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.16M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.44M	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`	$1.24M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.96M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.90M	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; 7,000,000 and 4,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock: 50,000,000 authorized; $0.001 par value; 7,000,000 and 4,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.71M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.01M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$16.70M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$115.61K	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$4.50M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$20.60M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$11.06M	USD	Annual
Net sales	`Revenues`	$15.77M	USD	Annual
Cost of products sold	`CostOfRevenue`	$6.29M	USD	Annual
Cost of products sold	`CostOfRevenue`	$9.50M	USD	Annual
Gross profit	`GrossProfit`	$6.28M	USD	Annual
Gross profit	`GrossProfit`	$4.77M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$872.67K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	Annual
Salaries and wages	`SalariesAndWages`	$5.39M	USD	Annual
Salaries and wages	`SalariesAndWages`	$2.86M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	-	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$211.11K	USD	Annual
Professional fees	`ProfessionalFees`	$380.93K	USD	Annual
Professional fees	`ProfessionalFees`	$167.30K	USD	Annual
Depreciation	`Depreciation`	$155.73K	USD	Annual
Depreciation	`Depreciation`	$198.52K	USD	Annual
Total operating expenses	`OperatingExpenses`	$7.91M	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.05M	USD	Annual
(Loss) from operations	`OperatingIncomeLoss`	$-1.63M	USD	Annual
(Loss) from operations	`OperatingIncomeLoss`	$720.83K	USD	Annual
Other income	`OtherIncome`	-	USD	Annual
Other income	`OtherIncome`	$538.00	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-178.58K	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-136.71K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-254.60K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$19.33K	USD	Annual
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	-	USD	Annual
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	$434.72K	USD	Annual
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	-	USD	Annual
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	$-32.47K	USD	Annual
Government grant income	`GovernmentGrantIncome`	-	USD	Annual
Government grant income	`GovernmentGrantIncome`	$608.22K	USD	Annual
Forgiveness of PPP loan	`ForgivenessOfPppLoan`	-	USD	Annual
Forgiveness of PPP loan	`ForgivenessOfPppLoan`	$609.50K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$450.24K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$619.71K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-1.01M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$1.17M	USD	Annual
Basic and dilutive (loss) income per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$-0.19	USD	Annual
Basic and dilutive (loss) income per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$0.29	USD	Annual
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	5.33M	shares	Annual
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	4.00M	shares	Annual

Cash Flow Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-1.01M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$1.17M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	-	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$309.83K	USD	Annual
Impairment loss	`OperatingLeaseImpairmentLoss`	$50.42K	USD	Annual
Impairment loss	`OperatingLeaseImpairmentLoss`	-	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$155.73K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$198.52K	USD	Annual
Gain (loss) on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$19.33K	USD	Annual
Gain (loss) on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-224.04K	USD	Annual
Gain on government grant	`GainOnGovernmentGrant`	$608.22K	USD	Annual
Gain on government grant	`GainOnGovernmentGrant`	-	USD	Annual
Gain on forgiveness of Paycheck Protection Program loan	`GainOnForgivenessOfPaycheckProtectionProgramLoan`	$609.50K	USD	Annual
Gain on forgiveness of Paycheck Protection Program loan	`GainOnForgivenessOfPaycheckProtectionProgramLoan`	-	USD	Annual
Change of ROU and lease liabilities	`IncreaseDecreaseInOperatingLiabilities`	$384.79K	USD	Annual
Change of ROU and lease liabilities	`IncreaseDecreaseInOperatingLiabilities`	$307.14K	USD	Annual
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	-	USD	Annual
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	$-32.47K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.14K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$913.51K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$232.52K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-11.85K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$903.41K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-64.36K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$401.58K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-15.11K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$238.88K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-275.61K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-354.09K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-64.72K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$7.32K	USD	Annual
Net cash (used in) provided operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.95M	USD	Annual
Net cash (used in) provided operating activities	`NetCashProvidedByUsedInOperatingActivities`	$364.65K	USD	Annual
Security deposit	`PaymentToSecurityDeposit`	-	USD	Annual
Security deposit	`PaymentToSecurityDeposit`	$25.00K	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$349.74K	USD	Annual
Net purchases of investment in trading marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	Annual
Net purchases of investment in trading marketable securities	`PaymentsToAcquireMarketableSecurities`	$6.10M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$525.20K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.94M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-200.45K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.04M	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$15.85M	USD	Annual
Deferred offering cost	`ProceedFromDeferredOfferingCost`	-	USD	Annual
Deferred offering cost	`ProceedFromDeferredOfferingCost`	$105.50K	USD	Annual
Capital contribution from Parent, net	`CapitalContributionFromParentNet`	$262.16K	USD	Annual
Capital contribution from Parent, net	`CapitalContributionFromParentNet`	-	USD	Annual
Proceeds from government grant	`ProceedsFromGovernmentGrant`	-	USD	Annual
Proceeds from government grant	`ProceedsFromGovernmentGrant`	$608.22K	USD	Annual
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	$609.50K	USD	Annual
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	-	USD	Annual
Proceeds from EIDL loan	`ProceedsFromLoans`	-	USD	Annual
Proceeds from EIDL loan	`ProceedsFromLoans`	$499.90K	USD	Annual
Repayment of note payable related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayment of note payable related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-497.65K	USD	Annual
Advances from related parties	`ProceedsFromRelatedPartyDebt`	$44.63K	USD	Annual
Advances from related parties	`ProceedsFromRelatedPartyDebt`	$90.00K	USD	Annual
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$6.10K	USD	Annual
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$331.10K	USD	Annual
Payment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	Annual
Payment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$445.76K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$512.05K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.07M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.08M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$676.24K	USD	Annual
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$215.57K	USD	Point-in-time
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$215.57K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaidNet`	$165.19K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$120.60K	USD	Annual
Increase in the right-of-use asset and lease liability	`IncreaseInRightofuseAssetAndLeaseLiability`	$1.59M	USD	Annual
Increase in the right-of-use asset and lease liability	`IncreaseInRightofuseAssetAndLeaseLiability`	$655.73K	USD	Annual

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$16.70M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.55M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$115.61K	USD	Point-in-time
Common stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$15.85M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$309.83K	USD	Annual
Capital contribution of advances from parent	`ProceedsFromContributionsFromParent`	$262.16K	USD	Annual
Net loss for the year	`ProfitLoss`	$-1.01M	USD	Annual
Net loss for the year	`ProfitLoss`	$1.17M	USD	Annual
Ending balance, value	`StockholdersEquity`	$16.70M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.55M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$115.61K	USD	Point-in-time

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