10-K Filing

Twin Vee PowerCats, Co. CIK: 1855509 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001731122-23-000505`
Period End Date	20221231
Filing Date	20230330
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	e4543_10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 50 Cash Flow Statement 70 Stockholders Equity 15

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
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`	$23.50M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$5.14K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$14.17K	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
Marketable securities	`MarketableSecuritiesCurrent`	$1.48M	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`	$4.01M	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
Inventories	`InventoryNet`	$1.80M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.00M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$105.50K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.52M	shares	Point-in-time
Due from affiliated companies	`DueFromAffiliatedCompanies`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.00M	shares	Point-in-time
Due from affiliated companies	`DueFromAffiliatedCompanies`	$286.92K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.52M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$903.76K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$882.42K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.89M	USD	Point-in-time
Marketable securities - non current	`MarketableSecuritiesNoncurrent`	$3.07M	USD	Point-in-time
Marketable securities - non current	`MarketableSecuritiesNoncurrent`	$1.45M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.54M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.33M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$1.55M	USD	Point-in-time
Security deposit	`DepositsAssetsCurrent`	$32.52K	USD	Point-in-time
Security deposit	`DepositsAssetsCurrent`	$25.00K	USD	Point-in-time
Total Assets	`Assets`	$20.60M	USD	Point-in-time
Total Assets	`Assets`	$38.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.20M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.24M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$456.81K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$14.10K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.30K	USD	Point-in-time
Due to affiliated companies	`DueToAffiliatedCompanies`	-	USD	Point-in-time
Due to affiliated companies	`DueToAffiliatedCompanies`	$115.04K	USD	Point-in-time
Operating lease right of use liability	`OperatingLeaseLiabilityCurrent`	$479.31K	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`	$3.79M	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`	$919.63K	USD	Point-in-time
Operating lease liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$1.24M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.21M	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; 9,520,000 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; 9,520,000 and 7,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$9.52K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.71M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$35.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.02M	USD	Point-in-time
Equity attributed to stockholders of Twin Vee PowerCats Co, Inc.	`StockholdersEquity`	$16.70M	USD	Point-in-time
Equity attributed to stockholders of Twin Vee PowerCats Co, Inc.	`StockholdersEquity`	$28.44M	USD	Point-in-time
Equity attributable to noncontrolling interests	`MinorityInterest`	$4.59M	USD	Point-in-time
Equity attributable to noncontrolling interests	`MinorityInterest`	-	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.70M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$33.02M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$20.60M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$38.23M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$31.99M	USD	Annual
Net sales	`Revenues`	$15.77M	USD	Annual
Cost of products sold	`CostOfRevenue`	$9.50M	USD	Annual
Cost of products sold	`CostOfRevenue`	$21.33M	USD	Annual
Gross profit	`GrossProfit`	$6.28M	USD	Annual
Gross profit	`GrossProfit`	$10.66M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.76M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	Annual
Salaries and wages	`SalariesAndWages`	$11.46M	USD	Annual
Salaries and wages	`SalariesAndWages`	$5.39M	USD	Annual
Professional fees	`ProfessionalFees`	$966.04K	USD	Annual
Professional fees	`ProfessionalFees`	$380.93K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$553.75K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$198.52K	USD	Annual
Research and design	`ResearchAndDevelopmentExpense`	$941.53K	USD	Annual
Research and design	`ResearchAndDevelopmentExpense`	$211.11K	USD	Annual
Total operating expenses	`OperatingExpenses`	$16.68M	USD	Annual
Total operating expenses	`OperatingExpenses`	$7.91M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-6.02M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.63M	USD	Annual
Other income	`OtherIncome`	$155.14K	USD	Annual
Other income	`OtherIncome`	$538.00	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-164.16K	USD	Annual
Interest expense	`InterestIncomeExpenseNet`	$-136.71K	USD	Annual
Interest income	`InterestAndOtherIncome`	-	USD	Annual
Interest income	`InterestAndOtherIncome`	$75.40K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-254.60K	USD	Annual
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-60.09K	USD	Annual
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	$434.72K	USD	Annual
Gain from insurance recovery	`GainOnBusinessInterruptionInsuranceRecovery`	-	USD	Annual
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$-32.47K	USD	Annual
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$-133.99K	USD	Annual
Government grant income	`GovernmentGrantIncome`	$355.99K	USD	Annual
Government grant income	`GovernmentGrantIncome`	$608.22K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$228.29K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$619.71K	USD	Annual
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-1.01M	USD	Annual
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-5.79M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-5.79M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.01M	USD	Annual
Less: Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$656.16K	USD	Annual
Less: Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc.	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.14M	USD	Annual
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc.	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.01M	USD	Annual
Basic and dilutive loss per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$-0.19	USD	Annual
Basic and dilutive loss per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$-0.76	USD	Annual
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	7.62M	shares	Annual
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	5.33M	shares	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.79M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.01M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$309.83K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.45M	USD	Annual
Impairment loss	`OperatingLeaseImpairmentLoss`	$50.42K	USD	Annual
Impairment loss	`OperatingLeaseImpairmentLoss`	-	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$553.75K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$198.52K	USD	Annual
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-224.04K	USD	Annual
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-60.09K	USD	Annual
Gain on government grant	`GainOnGovernmentGrant`	$608.22K	USD	Annual
Gain on government grant	`GainOnGovernmentGrant`	-	USD	Annual
Change of right-of-use asset	`IncreaseDecreaseInOperatingLiabilities`	$397.14K	USD	Annual
Change of right-of-use asset	`IncreaseDecreaseInOperatingLiabilities`	$384.79K	USD	Annual
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$-32.47K	USD	Annual
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$-133.99K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.03K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.14K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$913.51K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$2.21M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-21.34K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$903.41K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$864.82K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$401.58K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$783.96K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$238.88K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-390.05K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-354.09K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$7.32K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-8.80K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.95M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.15M	USD	Annual
Security deposit	`PaymentToSecurityDeposit`	$7.52K	USD	Annual
Security deposit	`PaymentToSecurityDeposit`	-	USD	Annual
Net sales (purchases) of investment in trading marketable securities	`NetSalesPurchasesOfInvestmentInTradingMarketableSecurities`	$-3.00M	USD	Annual
Net sales (purchases) of investment in trading marketable securities	`NetSalesPurchasesOfInvestmentInTradingMarketableSecurities`	$6.10M	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$175.00K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.37M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.94M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.04M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-195.60K	USD	Annual
Net proceeds from Twin Vee issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$15.75M	USD	Annual
Net proceeds from Twin Vee issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.00M	USD	Annual
Net proceeds from Forza issuance of common stock	`NetProceedsFromForzaIssuanceOfCommonStock`	$14.93M	USD	Annual
Net proceeds from Forza issuance of common stock	`NetProceedsFromForzaIssuanceOfCommonStock`	-	USD	Annual
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	$608.22K	USD	Annual
Proceeds from Paycheck Protection Program loan	`ProceedsFromShortTermDebt`	-	USD	Annual
Advances from related parties	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-11.83K	USD	Annual
Advances from related parties	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$44.63K	USD	Annual
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$331.10K	USD	Annual
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$57.66K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$20.87M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.07M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$16.53M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.08M	USD	Annual
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.50M	USD	Point-in-time
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.98M	USD	Point-in-time
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$891.82K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.50M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.98M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$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`	$150.40K	USD	Annual
Increase in the right-of-use asset	`IncreaseInRightofuseAsset`	$176.23K	USD	Annual
Increase in the right-of-use asset	`IncreaseInRightofuseAsset`	$655.73K	USD	Annual
Common stock issued for payment on behalf of Twin Vee Inc.	`CommonStockIssuedForPaymentOnBehalfOfTwinVeeInc.`	$52.40K	USD	Annual
Common stock issued for payment on behalf of Twin Vee Inc.	`CommonStockIssuedForPaymentOnBehalfOfTwinVeeInc.`	-	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.70M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$33.02M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.55M	USD	Point-in-time
Common stock issued for payment on behalf of Twin Vee PowerCats, Inc.	`CommonStockIssuedForPaymentOnBehalfOfTwinVeePowercatsInc.`	$52.40K	USD	Annual
Common stock issued for cash	`StockIssuedDuringPeriodValueNewIssues`	$15.85M	USD	Annual
Common stock issued for cash	`StockIssuedDuringPeriodValueNewIssues`	$6.00M	USD	Annual
Subsidiary share issuance	`SubsidiaryShareIssuanceValue`	$14.83M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$1.45M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$309.83K	USD	Annual
Merger of Twin Vee PowerCats, Inc.	`MergerOfTwinVeePowercatsIncValue`	$-217.87K	USD	Annual
Net loss	`ProfitLoss`	$-5.79M	USD	Annual
Net loss	`ProfitLoss`	$-1.01M	USD	Annual
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.70M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$33.02M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.55M	USD	Point-in-time

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