Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities    
Net loss $ (5,793,414) $ (1,011,009)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation 1,448,751 309,832
Impairment loss 50,417
Depreciation and amortization 553,750 198,523
Loss on disposal of asset 60,088 224,037
Gain on government grant (608,224)
Change of right-of-use asset 397,136 384,791
Net change in fair value of marketable securities 133,988 32,465
Changes in operating assets and liabilities:    
Accounts receivable (9,030) (5,137)
Inventories (2,208,563) (913,510)
Prepaid expenses and other current assets 21,339 (903,406)
Accounts payable 864,819 401,581
Accrued liabilities 783,955 238,878
Operating lease liabilities (390,050) (354,093)
Contract liabilities (8,800) 7,316
Net cash used in operating activities (4,146,030) (1,947,539)
Cash Flows From Investing Activities    
Security deposit (7,517)
Net sales (purchases) of investment in trading marketable securities 3,002,591 (6,096,562)
Proceeds from sale of property and equipment 175,000
Purchase of property and equipment (3,365,679) (1,940,702)
Net cash used in investing activities (195,605) (8,037,264)
Cash Flows From Financing Activities    
Net proceeds from Twin Vee issuance of common stock 6,001,836 15,746,537
Net proceeds from Forza issuance of common stock  14,934,989
Proceeds from Paycheck Protection Program loan 608,224
Advances from related parties (11,826) 44,628
Repayment to related parties (57,659) (331,100)
Net cash provided by financing activities 20,867,340 16,068,289
Net change in cash and cash equivalents 16,525,705 6,083,486
Cash at beginning of year 6,975,302 891,816
Cash and cash equivalents at end of year 23,501,007 6,975,302
Supplemental Cash Flow Information    
Cash paid for income taxes
Cash paid for interest 150,399 165,195
Non Cash Investing and Financing Activities    
Increase in the right-of-use asset 176,226 655,726
Common stock issued for payment on behalf of Twin Vee Inc. $ 52,400