Twin Vee PowerCats Co. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Repurchase Obligations Under certain conditions, the Company is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to the Company’s dealers. The maximum obligation of the Company under such floor plan agreements totaled approximately $10,693,000 or 67 units, and $4,273,000 or 24 units, as of December 31, 2022, and December 31, 2021, respectively. The Company incurred no impact from repurchase events during the year ended December 31, 2022 and year ended December 31, 2021. Short-term lease In August of 2022, Forza signed a six-month lease for a duplex, to be used by its employees to minimize travel expense as it started construction on its new manufacturing facility, for $2,200 per month, on a property in Black Mountain, North Carolina. During the year ended December 31, 2022, the lease expense was $8,800. Litigation The Company is currently involved in various civil litigation in the normal course of business none of which is considered material.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Repurchase Obligations

Under certain conditions, the Company is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to the Company’s dealers. The maximum obligation of the Company under such floor plan agreements totaled approximately $10,693,000 or 67 units, and $4,273,000 or 24 units, as of December 31, 2022, and December 31, 2021, respectively. The Company incurred no impact from repurchase events during the year ended December 31, 2022 and year ended December 31, 2021.

Short-term lease

In August of 2022, Forza signed a six-month lease for a duplex, to be used by its employees to minimize travel expense as it started construction on its new manufacturing facility, for $2,200 per month, on a property in Black Mountain, North Carolina. During the year ended December 31, 2022, the lease expense was $8,800.

Litigation

The Company is currently involved in various civil litigation in the normal course of business none of which is considered material.