10-Q Filing

Twin Vee PowerCats, Co. CIK: 1855509 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001731122-23-000946`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	e4712_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 50 Cash Flow Statement 56 Stockholders Equity 12

Balance Sheet 79 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, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash, cash equivalents and restricted cash	`CashAndCashEquivalentsAtCarryingValue`	$21.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash	`CashAndCashEquivalentsAtCarryingValue`	$23.50M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$625.33K	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`	$1.49M	USD	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$4.01M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$4.80M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.52M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$618.58K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$882.42K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.52M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.52M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.52M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$29.89M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$28.56M	USD	Point-in-time
Marketable securities - non current	`MarketableSecuritiesNoncurrent`	$1.45M	USD	Point-in-time
Marketable securities - non current	`MarketableSecuritiesNoncurrent`	$942.74K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.15M	USD	Point-in-time
Operating leases right of use asset	`OperatingLeaseRightOfUseAsset`	$1.33M	USD	Point-in-time
Operating leases right of use asset	`OperatingLeaseRightOfUseAsset`	$1.21M	USD	Point-in-time
Security deposit	`DepositsAssetsCurrent`	$32.52K	USD	Point-in-time
Security deposit	`DepositsAssetsCurrent`	$32.52K	USD	Point-in-time
Total Assets	`Assets`	$36.90M	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`	$2.72M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$629.22K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.24M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.80K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.30K	USD	Point-in-time
Finance leases liability	`FinanceLeaseLiabilityCurrent`	-	USD	Point-in-time
Finance leases liability	`FinanceLeaseLiabilityCurrent`	$16.83K	USD	Point-in-time
Operating leases right of use liability	`OperatingLeaseLiabilityCurrent`	$479.31K	USD	Point-in-time
Operating leases right of use liability	`OperatingLeaseLiabilityCurrent`	$486.17K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.85M	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
Finance leases liability non-current	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Finance leases liability non-current	`FinanceLeaseLiabilityNoncurrent`	$72.74K	USD	Point-in-time
Operating leases liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$919.63K	USD	Point-in-time
Operating leases liability - noncurrent	`OperatingLeaseLiabilityNoncurrent`	$793.56K	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.21M	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.22M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	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 shares issued and outstanding	`CommonStockValue`	$9.52K	USD	Point-in-time
Common stock: 50,000,000 authorized; $0.001 par value; 9,520,000 shares issued and outstanding	`CommonStockValue`	$9.52K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$35.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$36.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.32M	USD	Point-in-time
Equity attributed to stockholders of Twin Vee PowerCats Co.	`StockholdersEquity`	$28.44M	USD	Point-in-time
Equity attributed to stockholders of Twin Vee PowerCats Co.	`StockholdersEquity`	$27.75M	USD	Point-in-time
Equity attributable to noncontrolling interests	`MinorityInterest`	$4.59M	USD	Point-in-time
Equity attributable to noncontrolling interests	`MinorityInterest`	$3.92M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$33.02M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$15.73M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.70M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$31.68M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$36.90M	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`	$5.89M	USD	1 Quarter
Net sales	`Revenues`	$8.88M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$5.66M	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$3.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.43M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.02M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$682.32K	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$2.25M	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$3.35M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$244.74K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$297.72K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$218.28K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$80.09K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$221.54K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$702.65K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.48M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.59M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.37M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.05M	USD	1 Quarter
Dividend income	`DividendIncomeOperating`	$234.51K	USD	1 Quarter
Dividend income	`DividendIncomeOperating`	-	USD	1 Quarter
Other (expense) income	`OtherIncome`	$-1.55K	USD	1 Quarter
Other (expense) income	`OtherIncome`	$598.00	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-39.84K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-51.94K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$24.00	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$22.43K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-18.41K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$8.03K	USD	1 Quarter
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$-85.54K	USD	1 Quarter
Employee retention credit income	`EmployeeRetentionCreditIncome`	$329.57K	USD	1 Quarter
Employee retention credit income	`EmployeeRetentionCreditIncome`	-	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$541.06K	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-143.16K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-1.19M	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-1.83M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-661.69K	USD	1 Quarter
Less: Net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributed to stockholders of Twin Vee PowerCats Co.	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.17M	USD	1 Quarter
Net loss attributed to stockholders of Twin Vee PowerCats Co.	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.19M	USD	1 Quarter
Basic and dilutive loss per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$-0.17	USD	1 Quarter
Basic and dilutive loss per share of common stock	`BasicAndDilutiveLossIncomePerShareOfCommonStock`	$-0.19	USD	1 Quarter
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	9.52M	shares	1 Quarter
Weighted average number of shares of common stock outstanding	`WeightedAverageNumberOfSharesOfCommonStockOutstanding`	7.00M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.19M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$224.83K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$482.96K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$218.28K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$80.09K	USD	1 Quarter
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Loss on disposal of asset	`GainLossOnSaleOfPropertyPlantEquipment`	$-18.41K	USD	1 Quarter
Change in right-of-use asset	`IncreaseDecreaseInOperatingLiabilities`	$93.11K	USD	1 Quarter
Change in right-of-use asset	`IncreaseDecreaseInOperatingLiabilities`	$118.21K	USD	1 Quarter
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$8.03K	USD	1 Quarter
Net change in fair value of marketable securities	`NetChangeInFairValueOfMarketableSecurities`	$-85.54K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$611.16K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-118.00	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.41M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$788.46K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-263.84K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-83.89K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$768.63K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$650.44K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$203.22K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-611.55K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-119.21K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-88.88K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$500.00	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-13.90K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.15M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.23M	USD	1 Quarter
Net sales of investment in trading marketable securities	`NetSalesPurchasesOfInvestmentInTradingMarketableSecurities`	$516.00	USD	1 Quarter
Net sales of investment in trading marketable securities	`NetSalesPurchasesOfInvestmentInTradingMarketableSecurities`	$501.00K	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`	$744.01K	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`	$-243.01K	USD	1 Quarter
Deferred offering cost	`DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment`	$116.39K	USD	1 Quarter
Deferred offering cost	`DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment`	-	USD	1 Quarter
Finance lease liability	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Finance lease liability	`FinanceLeasePrincipalPayments`	$2.83K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.83K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-116.39K	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.91M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.48M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.06M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.98M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.50M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.06M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.02M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.98M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.50M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$38.65K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$59.90K	USD	1 Quarter
Finance lease	`FinanceLease`	-	USD	1 Quarter
Finance lease	`FinanceLease`	$92.41K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$33.02M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$15.73M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.70M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$31.68M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$482.96K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$224.83K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.83M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.19M	USD	1 Quarter
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$33.02M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$15.73M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$16.70M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$31.68M	USD	Point-in-time

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