Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Net sales $ 31,987,724 $ 15,774,170
Cost of products sold 21,330,918 9,498,384
Gross profit 10,656,806 6,275,786
Operating expenses:    
Selling, general and administrative 2,759,625 1,726,345
Salaries and wages 11,457,569 5,389,599
Professional fees 966,037 380,929
Depreciation and amortization 553,750 198,523
Research and design 941,533 211,111
Total operating expenses 16,678,514 7,906,507
Loss from operations (6,021,708) (1,630,721)
Other income (expense):    
Other income 155,137 538
Interest expense (164,155) (136,709)
Interest income 75,401
Loss on disposal of assets (60,088) (254,600)
Gain from insurance recovery 434,724
Net change in fair value of marketable securities (133,988) (32,465)
Government grant income 355,987 608,224
Total other income 228,294 619,712
Loss before income tax (5,793,414) (1,011,009)
Provision for income taxes
Net loss (5,793,414) (1,011,009)
Less: Net loss attributable to noncontrolling interests (656,162)
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc. $ (5,137,252) $ (1,011,009)
Basic and dilutive loss per share of common stock $ (0.76) $ (0.19)
Weighted average number of shares of common stock outstanding 7,624,938 5,331,400