Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash, cash equivalents and restricted cash $ 21,022,515 $ 23,501,007
Accounts receivable 625,330 14,167
Marketable securities 1,491,812 1,481,606
Inventories 4,796,787 4,008,332
Prepaid expenses and other current assets 618,575 882,417
Total current assets 28,555,019 29,887,529
Marketable securities - non current 942,739 1,445,912
Property and equipment, net 6,154,039 5,535,902
Operating leases right of use asset 1,211,414 1,329,620
Security deposit 32,517 32,517
Total Assets 36,895,728 38,231,480
Current Liabilities:    
Accounts payable 2,716,121 2,065,680
Accrued liabilities 629,216 1,240,769
Contract liabilities 5,800 5,300
Finance leases liability 16,831
Operating leases right of use liability 486,174 479,314
Total current liabilities 3,854,142 3,791,063
Economic Injury Disaster Loan 499,900 499,900
Finance leases liability non-current 72,739
Operating leases liability - noncurrent 793,559 919,628
Total Liabilities 5,220,340 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 36,063,986 35,581,022
Accumulated deficit (8,321,580) (7,154,808)
Equity attributed to stockholders of Twin Vee   PowerCats Co. 27,751,926 28,435,734
Equity attributable to noncontrolling interests 3,923,462 4,585,155
Total stockholders’ equity 31,675,388 33,020,889
Total liabilities and stockholders’ equity $ 36,895,728 $ 38,231,480