Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash, cash equivalents and restricted cash $ 26,337,127 $ 23,501,007
Accounts receivable 570,133 14,167
Marketable securities 999,609 1,481,606
Inventories 5,576,480 4,008,332
Prepaid expenses and other current assets 454,751 882,417
Total current assets 33,938,100 29,887,529
Marketable securities - non current 947,788 1,445,912
Property and equipment, net 9,556,167 5,535,902
Operating lease right of use asset 1,092,908 1,329,620
Security deposit 47,517 32,517
Total Assets 45,582,480 38,231,480
Current Liabilities:    
Accounts payable 2,465,400 2,065,680
Accrued liabilities 1,192,490 1,240,769
Contract liability 182,335 5,300
Finance leases liability 178,687
Operating lease right of use liability 493,056 479,314
Total current liabilities 4,511,968 3,791,063
Economic Injury Disaster Loan 499,900 499,900
 Finance leases liability 2,712,885
Operating lease liability - noncurrent 667,169 919,628
Total Liabilities 8,391,922 5,210,591
Commitments and contingencies (Note 11)
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; 9,520,000 shares issued and outstanding 9,520 9,520
Additional paid-in capital 36,918,233 35,581,022
Accumulated deficit (9,656,223) (7,154,808)
Equity attributed to stockholders of Twin Vee PowerCats Co. 27,271,530 28,435,734
Equity attributable to noncontrolling interests 9,919,028 4,585,155
Total stockholders’ equity 37,190,558 33,020,889
Total liabilities and stockholders’ equity $ 45,582,480 $ 38,231,480