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, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Net sales $ 33,425,912 $ 31,987,724
Cost of products sold 23,702,885 21,330,918
Gross profit 9,723,027 10,656,806
Operating expenses:    
Selling, general and administrative 3,734,406 2,759,625
Salaries and wages 13,929,580 11,457,569
Professional fees 1,249,388 966,037
Depreciation and amortization 1,353,383 553,750
Research and development 1,443,569 941,533
Total operating expenses 21,710,326 16,678,514
Loss from operations (11,987,299) (6,021,708)
Other income (expense):    
Dividend income 909,215
Other income 9,898 155,137
Interest expense (221,157) (164,155)
Interest income 48,370 75,401
Loss on disposal of assets (60,088)
Unrealized gain on marketable securities 87,781 (133,988)
Realized gain on marketable securities 103,941
Employee Retention Credit income 1,267,055 355,987
Total other income 2,205,103 228,294
Income before income tax (9,782,196) (5,793,414)
Income taxes provision
Net loss (9,782,196) (5,793,414)
Less: Net loss attributable to noncontrolling interests (2,590,020) (656,162)
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc. $ (7,192,176) $ (5,137,252)