EXHIBIT 99.1
TWIN VEE POWERCATS CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| Pro Forma as of September 30, | September 30, | |||||||
| 2025 | 2025 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | 2,704,571.00 | 2,704,571.00 | ||||||
| Restricted cash | 215,117.00 | 215,117.00 | ||||||
| Accounts receivable | 760,677.04 | 312,993.00 | ||||||
| Marketable securities | — | — | ||||||
| Inventories, net | 2,462,141.00 | 2,462,141.00 | ||||||
| Deferred offering costs | — | — | ||||||
| Due from affiliated companies | — | — | ||||||
| Prepaid expenses and other current assets | 251,242.00 | 251,242.00 | ||||||
| Deferred offering expenses | 151,088.00 | 151,088.00 | ||||||
| Assets held for sale, net | — | 3,956,623.00 | ||||||
| Total current assets | 6,544,836.04 | 10,053,775.00 | ||||||
| Marketable securities - non current | — | |||||||
| Notes Receivable - non current | 3,750,000.00 | — | ||||||
| Property and equipment, net | 8,716,923.00 | 8,716,923.00 | ||||||
| Operating lease right of use asset, net | 97,819.00 | 97,819.00 | ||||||
| Security deposit | 26,193.00 | 26,193.00 | ||||||
| Total Assets | 19,135,771.04 | 18,894,710.00 | ||||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | 1,410,071.00 | 1,410,071.00 | ||||||
| Accrued liabilities | 599,044.00 | 599,044.00 | ||||||
| Contract liabilities | 297,887.00 | 297,887.00 | ||||||
| Note payable - related party | — | — | ||||||
| Due to affiliated companies | — | — | ||||||
| Finance lease liabilities | 20,497.00 | 20,497.00 | ||||||
| Operating lease liabilities | 109,329.00 | 109,329.00 | ||||||
| Total current liabilities | 2,436,828.00 | 2,436,828.00 | ||||||
| Paycheck Protection Program Loan | — | |||||||
| Economic Injury Disaster Loan | 499,900.00 | 499,900.00 | ||||||
| Finance lease liabilities - non current | 26,362.00 | 26,362.00 | ||||||
| Operating lease liabilities - non current | — | |||||||
| Total Liabilities | 2,963,090.00 | 2,963,090.00 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock: 10,000,000 authorized; $0.001 par value; no shares issued and outstanding | — | — | ||||||
| Common stock: 50,000,000 authorized; $0.001 par value; 2,237,299 and 1,487,445 issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 2,237.00 | 2,237.00 | ||||||
| Additional paid-in capital | 47,342,162.00 | 47,342,162.00 | ||||||
| Accumulated deficit | (31,171,717.96 | ) | (31,412,779.00 | ) | ||||
| Equity attributed to stockholders of Twin Vee PowerCats Co, Inc. | 16,172,681.04 | 15,931,620.00 | ||||||
| Equity attributable to noncontrolling interests | — | — | ||||||
| Total stockholders’ equity | 16,172,681.04 | 15,931,620.00 | ||||||
| Total Liabilities and Stockholders' Equity | 19,135,771.04 | 18,894,710.00 | ||||||
All share numbers have been retrospectively adjusted for the one-for-ten reverse stock split effective April 7, 2025.
The accompanying notes are an integral part of these unaudited financial statements