Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Net sales $ 8,877,215 $ 5,886,000
Cost of products sold 5,655,385 3,451,646
Gross profit 3,221,830 2,434,354
Operating expenses:    
Selling, general and administrative 1,022,690 682,321
Salaries and wages 3,350,022 2,253,810
Professional fees 297,717 244,739
Depreciation 218,276 80,092
Research and development 702,648 221,545
Total operating expenses 5,591,353 3,482,507
Loss from operations (2,369,523) (1,048,153)
Other income (expense):    
Dividend income 234,510
Other (expense) income (1,551) 598
Interest expense (51,938) (39,840)
Interest income 22,430 24
Loss on disposal of assets (18,408)
Net change in fair value of marketable securities 8,034 (85,538)
Employee retention credit income 329,573
Total other income (expenses) 541,058 (143,164)
Net loss before income tax (1,828,465) (1,191,317)
Income tax provision
Net loss (1,828,465) (1,191,317)
Less: Net loss attributable to noncontrolling interests (661,693)
Net loss attributed to stockholders of Twin Vee PowerCats Co. $ (1,166,772) $ (1,191,317)
Basic and dilutive loss per share of common stock $ (0.19) $ (0.17)
Weighted average number of shares of common stock outstanding 9,520,000 7,000,000