15. Subsequent Events

Management evaluated all additional events subsequent to the balance sheet date through to November 14, 2021, the date the condensed consolidated financial statements were available to be issued, and determined the following items:

On October 1, 2021, Carrie Gunnerson was appointed Chief Financial Officer of Twin Vee PowerCats Co. In connection with the Board of Directors appointment of Mrs. Gunnerson as Chief Financial Officer, the Company and Mrs. Gunnerson entered into a five-year employment agreement (the Employment Agreement). The Employment Agreement provides for an initial annual base salary of $175,000 and a potential performance bonus of up to 30% of the base salary as well as severance and other standard employment benefits. As an inducement for Mrs. Gunnerson to join the Company and as additional compensation, the Board of Directors awarded her options to purchase 136,000 share of the Company’s common stock an exercise price of $3.87 per share (the Option Agreement). These options vest over a five-year period.

On October 13, 2021, the Company signed a land purchase agreement give it the right to acquire a 14.5-acre parcel near the waterfront in Fort Pierce, Florida. The terms of the agreement grant the Company a 60-day due diligence period that ends on December 6. The Company is then provided with 150 days to accomplish necessary site and zoning approvals before closing on the site.

On October 15, 2021, Electra Power Sprots, Inc., a wholly owned subsidiary of Twin Vee PowerCats Co., was incorporated in the state of Delaware. On October 29, 2021, the Company filed a Certificate of Amendment and changed the company name to Forza X1, Inc.