Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Net sales $ 14,388,517 $ 33,425,912
Cost of products sold 15,139,942 30,159,024
Gross (loss) profit (751,425) 3,266,888
Operating expenses:    
Selling, general and administrative 3,095,868 3,734,406
Salaries and wages 4,906,819 7,473,441
Professional fees 1,669,474 1,249,388
Impairment of property & equipment 1,674,000
Loss on disposal of assets 172,684
Gain on sale of R&D equipment (50,097)
Depreciation and amortization 1,745,217 1,353,383
Research and development 586,379 1,443,569
Total operating expenses 13,800,344 15,254,187
Loss from operations (14,551,769) (11,987,299)
Other income (expense):    
Dividend income 510,099 909,215
Other income 63,391 9,898
Interest expense (222,594) (221,157)
Interest income 150,553 48,370
Unrealized gain on marketable securities 87,781
Realized gain on marketable securities 40,414 103,941
Employee Retention Credit income 1,267,055
Total other income 541,863 2,205,103
Loss before income tax (14,009,906) (9,782,196)
Income taxes provision
Net loss (14,009,906) (9,782,196)
Less: Net loss attributable to noncontrolling interests (2,963,935) (2,590,020)
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc. $ (11,045,971) $ (7,192,176)
Basic loss per share of common stock $ (1.10) $ (0.76)
Dilutive loss per share of common stock $ (1.10) $ (0.76)
Weighted average number of shares of common stock outstanding basic 10,032,040 9,520,000
Weighted average number of shares of common stock outstanding dilutive 10,032,040 9,520,000