Twin Vee PowerCats Co

For the period ended Dec 31, 2023. Filed Mar 27, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 27, 2024

VEEE$7.86-5.0%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations

CONSOLIDATED STATEMENTS OF OPERATIONS
	Years Ended
	December 31,
	2023	2022
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)
Basic and dilutive loss per share of common stock	$(0.76)	$(0.67)
Weighted average number of shares of common stock outstanding	9,520,000	7,624,938

TWIN VEE POWERCATS CO. AND SUBSIDIARIES

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.