10-Q Filing

Twin Vee PowerCats, Co. CIK: 1855509 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001731122-22-000883`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	e3765_10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 38 Cash Flow Statement 62 Stockholders Equity 11

Balance Sheet 76 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.10M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	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`	$5.02K	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-current	`MarketableSecuritiesCurrent`	$3.00M	USD	Point-in-time
Marketable securities-current	`MarketableSecuritiesCurrent`	$3.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$3.21M	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, shares issued	`CommonStockSharesIssued`	7.00M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$221.89K	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$105.50K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.00M	shares	Point-in-time
Due from affiliated companies	`DueFromAffiliateCurrent`	$286.92K	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$903.76K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$819.87K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.61M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$13.07M	USD	Point-in-time
Marketable securities - non current	`MarketableSecuritiesNoncurrent`	$3.07M	USD	Point-in-time
Marketable securities - non current	`MarketableSecuritiesNoncurrent`	$2.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.43M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.55M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.46M	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`	$20.50M	USD	Point-in-time
Total Assets	`Assets`	$20.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.20M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$660.04K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$456.81K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$14.10K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiabilityCurrent`	$200.00	USD	Point-in-time
Due to affiliated companies	`DueToAffiliateCurrent`	$115.04K	USD	Point-in-time
Due to affiliated companies	`DueToAffiliateCurrent`	$115.04K	USD	Point-in-time
Operating lease right of use liability	`OperatingLeaseLiabilityCurrent`	$368.60K	USD	Point-in-time
Operating lease right of use liability	`OperatingLeaseLiabilityCurrent`	$377.86K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.12M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.16M	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`	$1.24M	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$1.15M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.90M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.77M	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 7,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock: 50,000,000 authorized; $0.001 par value; 7,000,000 and 7,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.21M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$15.73M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.70M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.68M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$20.60M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$20.50M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$3.21M	USD	1 Quarter
Net sales	`Revenues`	$5.89M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$3.45M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$1.72M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.43M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$682.32K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$299.43K	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$2.25M	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$928.17K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$244.74K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$59.03K	USD	1 Quarter
Depreciation	`Depreciation`	$80.09K	USD	1 Quarter
Depreciation	`Depreciation`	$46.52K	USD	1 Quarter
Research and design	`ResearchAndDevelopmentExpense`	$221.54K	USD	1 Quarter
Research and design	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.33M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.48M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-1.05M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$154.76K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$598.00	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-17.71K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-39.84K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	-	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$24.00	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-5.10K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-18.41K	USD	1 Quarter
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	-	USD	1 Quarter
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	$-85.54K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-22.81K	USD	1 Quarter
Total other expenses	`NonoperatingIncomeExpense`	$-143.16K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$131.95K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Basic and dilutive (loss) income per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$0.03	USD	1 Quarter
Basic and dilutive (loss) income per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$-0.17	USD	1 Quarter
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	4.00M	shares	1 Quarter
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	7.00M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$131.95K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$224.83K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$80.09K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$46.52K	USD	1 Quarter
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-5.10K	USD	1 Quarter
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-18.41K	USD	1 Quarter
Change of right-of-use asset and lease liabilities	`IncreaseDecreaseInOperatingLiabilities`	$96.52K	USD	1 Quarter
Change of right-of-use asset and lease liabilities	`IncreaseDecreaseInOperatingLiabilities`	$93.11K	USD	1 Quarter
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	-	USD	1 Quarter
Net change in fair value of marketable securities	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	$-85.54K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-118.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$85.56K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$315.13K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.41M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.45K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-83.89K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$129.92K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$768.63K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$71.32K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$203.22K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-88.85K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-88.88K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$199.55K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-13.90K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$189.90K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.15M	USD	1 Quarter
Net purchases of investment in trading marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$516.00	USD	1 Quarter
Net purchases of investment in trading marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$443.25K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$728.37K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-647.86K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-443.25K	USD	1 Quarter
Deferred offering cost	`DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment`	$131.00K	USD	1 Quarter
Deferred offering cost	`DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment`	$116.39K	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	-	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	$608.22K	USD	1 Quarter
Advances from related parties	`ProceedsFromRelatedPartyDebt`	$24.30K	USD	1 Quarter
Advances from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$43.66K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-116.39K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$457.87K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$204.51K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.91M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.06M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$891.82K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.10M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$38.65K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$79.13K	USD	1 Quarter
Increase in the right-of-use asset and lease liability	`IncreaseInRightofuseAssetAndLeaseLiability`	-	USD	1 Quarter
Increase in the right-of-use asset and lease liability	`IncreaseInRightofuseAssetAndLeaseLiability`	$655.73K	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$1.55M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$15.73M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.70M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$1.68M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$224.83K	USD	1 Quarter
Net loss for the period	`ProfitLoss`	$-1.19M	USD	1 Quarter
Net loss for the period	`ProfitLoss`	$131.95K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$1.55M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$15.73M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.70M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$1.68M	USD	Point-in-time

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