Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 16,497,703 $ 23,501,007
 Restricted cash 257,530
Accounts receivable 80,160 14,167
Marketable securities 4,462,942 1,481,606
Inventories, net 4,884,761 4,008,332
Prepaid expenses and other current assets 463,222 882,417
Total current assets 26,646,318 29,887,529
Marketable securities - non current 1,445,912
Property and equipment, net 12,293,988 5,535,902
Operating lease right of use asset 854,990 1,329,620
Security deposit 51,417 32,517
Total Assets 39,846,713 38,231,480
Current Liabilities:    
Accounts payable 2,399,026 2,065,680
Accrued liabilities 1,075,512 1,240,769
Contract liabilities 44,195 5,300
Finance lease liability 214,715
Operating lease right of use liability 482,897 479,314
Total current liabilities 4,216,345 3,791,063
Economic Injury Disaster Loan 499,900 499,900
Finance lease liability - noncurrent 2,644,123
Operating lease liability - noncurrent 436,730 919,628
Total Liabilities 7,797,098 5,210,591
Commitments and contingencies (Note 13)
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 37,848,657 35,581,022
Accumulated deficit (14,346,984) (7,154,808)
Equity attributed to stockholders of Twin Vee PowerCats Co, Inc. 23,511,193 28,435,734
Equity attributable to noncontrolling interests 8,538,422 4,585,155
Total stockholders’ equity 32,049,615 33,020,889
Total Liabilities and Stockholders' Equity $ 39,846,713 $ 38,231,480