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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 10-Q
(Mark One) |
|
|
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR |
|
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________
to _______________
Commission File Number: 001-40623
TWIN VEE POWERCATS CO.
(Exact name of registrant
as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization) |
27-1417610
(I.R.S. Employer
Identification No.) |
|
|
3101 S. US-1
Ft. Pierce, Florida
(Address of principal executive offices) |
34982
(Zip Code) |
(772) 429-2525
(Registrant’s telephone number, including
area code)
Securities registered pursuant to Section 12(b) of the
Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
VEEE |
The Nasdaq Stock Market, LLC (The Nasdaq Capital Market) |
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒
No ☐
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
|
Smaller reporting company |
☒ |
|
|
|
Emerging growth company |
☒ |
If an emerging growth company indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 14, 2023, there were 9,520,000 shares of Common Stock,
$0.001 par value per share, outstanding.
TWIN VEE POWERCATS CO.
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements,
other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding
our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of
management, are forward-looking statements. The words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,”
“target,” “potential,” “will,” “would,” “could,” “should,”
“continue” and similar expressions are intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words.
The forward-looking statements contained in
this Quarterly Report on Form 10-Q are based on assumptions that we have made in light of our industry experience and our
perceptions of historical trends, current conditions, expected future developments, and other factors we believe are appropriate
under the circumstances. As you read and consider this Quarterly Report on Form 10-Q, you should understand that these statements
are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control), and assumptions.
Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors
could affect our actual operating and financial performance and cause our performance to differ materially from the performance
anticipated in the forward-looking statements. We believe these factors include, but are not limited to, those described under
“Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, our actual
operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.
Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.
As a result of these and other factors, we
may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not
place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.
NOTE REGARDING COMPANY REFERENCES
Throughout this Quarterly Report on Form 10-Q, “Twin
Vee,” “the Company,” “we” and “our” refer to Twin Vee PowerCats Co.
PART I—FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TWIN VEE POWERCATS
CO.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| |
| |
|
Assets | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash, cash equivalents and restricted cash | |
$ | 26,337,127 | | |
$ | 23,501,007 | |
Accounts receivable | |
| 570,133 | | |
| 14,167 | |
Marketable securities | |
| 999,609 | | |
| 1,481,606 | |
Inventories | |
| 5,576,480 | | |
| 4,008,332 | |
Prepaid expenses and other current assets | |
| 454,751 | | |
| 882,417 | |
Total current assets | |
| 33,938,100 | | |
| 29,887,529 | |
| |
| | | |
| | |
Marketable securities - non current | |
| 947,788 | | |
| 1,445,912 | |
Property and equipment, net | |
| 9,556,167 | | |
| 5,535,902 | |
Operating lease right of use asset | |
| 1,092,908 | | |
| 1,329,620 | |
Security deposit | |
| 47,517 | | |
| 32,517 | |
Total Assets | |
$ | 45,582,480 | | |
$ | 38,231,480 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 2,465,400 | | |
$ | 2,065,680 | |
Accrued liabilities | |
| 1,192,490 | | |
| 1,240,769 | |
Contract liability | |
| 182,335 | | |
| 5,300 | |
Finance leases liability | |
| 178,687 | | |
| — | |
Operating lease right of use liability | |
| 493,056 | | |
| 479,314 | |
Total current liabilities | |
| 4,511,968 | | |
| 3,791,063 | |
| |
| | | |
| | |
Economic Injury Disaster Loan | |
| 499,900 | | |
| 499,900 | |
Finance leases liability | |
| 2,712,885 | | |
| — | |
Operating lease liability - noncurrent | |
| 667,169 | | |
| 919,628 | |
Total Liabilities | |
| 8,391,922 | | |
| 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 | |
| 36,918,233 | | |
| 35,581,022 | |
Accumulated deficit | |
| (9,656,223 | ) | |
| (7,154,808 | ) |
Equity attributed to stockholders of Twin Vee PowerCats Co. | |
| 27,271,530 | | |
| 28,435,734 | |
Equity attributable to noncontrolling interests | |
| 9,919,028 | | |
| 4,585,155 | |
Total stockholders’ equity | |
| 37,190,558 | | |
| 33,020,889 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 45,582,480 | | |
$ | 38,231,480 | |
The accompanying notes are an integral
part of these unaudited condensed consolidated financial statements
TWIN VEE POWERCATS CO.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| |
| |
| |
|
| |
Three Months Ended | |
Six months ended |
| |
June 30, | |
June 30, |
| |
2023 | |
2022 | |
2023 | |
2022 |
| |
| |
| |
| |
|
Net sales | |
$ | 8,124,632 | | |
$ | 8,519,613 | | |
$ | 17,001,847 | | |
$ | 14,405,613 | |
Cost of products sold | |
| 5,864,170 | | |
| 5,072,401 | | |
| 11,519,555 | | |
| 8,524,047 | |
Gross profit | |
| 2,260,462 | | |
| 3,447,212 | | |
| 5,482,292 | | |
| 5,881,566 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 914,430 | | |
| 637,744 | | |
| 1,937,120 | | |
| 1,320,065 | |
Salaries and wages | |
| 3,426,919 | | |
| 2,793,281 | | |
| 6,776,941 | | |
| 5,047,091 | |
Professional fees | |
| 417,305 | | |
| 193,542 | | |
| 715,022 | | |
| 438,281 | |
Depreciation | |
| 284,562 | | |
| 119,817 | | |
| 502,838 | | |
| 199,909 | |
Research and development | |
| 261,473 | | |
| 174,807 | | |
| 964,121 | | |
| 396,352 | |
Total operating expenses | |
| 5,304,689 | | |
| 3,919,191 | | |
| 10,896,042 | | |
| 7,401,698 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (3,044,227 | ) | |
| (471,979 | ) | |
| (5,413,750 | ) | |
| (1,520,132 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Dividend income | |
| 252,889 | | |
| — | | |
| 487,399 | | |
| — | |
Other income | |
| 8,654 | | |
| 2,632 | | |
| 7,103 | | |
| 3,230 | |
Interest expense | |
| (70,127 | ) | |
| (43,716 | ) | |
| (122,065 | ) | |
| (83,556 | ) |
Interest income | |
| 16,543 | | |
| 32,901 | | |
| 38,973 | | |
| 32,925 | |
Loss on disposal of assets | |
| — | | |
| (31,582 | ) | |
| — | | |
| (49,990 | ) |
Net change in fair value of marketable securities | |
| (4,957 | ) | |
| (27,038 | ) | |
| 3,077 | | |
| (112,576 | ) |
Employee retention credit income | |
| 937,482 | | |
| — | | |
| 1,267,055 | | |
| — | |
Total other income (expenses) | |
| 1,140,484 | | |
| (66,803 | ) | |
| 1,681,542 | | |
| (209,967 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income taxes provision | |
| — | | |
| — | | |
| — | | |
| — | |
Net loss | |
| (1,903,743 | ) | |
| (538,782 | ) | |
| (3,732,208 | ) | |
| (1,730,099 | ) |
Less: Net loss attributable to noncontrolling interests | |
| (569,100 | ) | |
| — | | |
| (1,230,793 | ) | |
| — | |
Net loss attributed to stockholders of Twin Vee PowerCats Co. | |
$ | (1,334,643 | ) | |
$ | (538,782 | ) | |
$ | (2,501,415 | ) | |
$ | (1,730,099 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Basic and dilutive loss per share of common stock | |
$ | (0.14 | ) | |
$ | (0.08 | ) | |
$ | (0.26 | ) | |
$ | (0.25 | ) |
Weighted average number of shares of common stock outstanding | |
| 9,520,000 | | |
| 7,000,000 | | |
| 9,520,000 | | |
| 7,000,000 | |
The accompanying notes are an integral
part of these unaudited condensed consolidated financial statements
TWIN VEE POWERCATS CO.
CONDENSED CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
For the three and six months ended June 30, 2022
| |
| |
| |
| |
| |
| |
| |
|
| |
| |
| |
| |
| |
Additional | |
| |
Total |
| |
Preferred Stock | |
Common Stock | |
Paid-in | |
Accumulated | |
Stockholders’ |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Capital | |
Deficit | |
Equity |
| |
| |
| |
| |
| |
| |
| |
|
Balance at December 31, 2021 | |
| — | | |
$ | — | | |
| 7,000,000 | | |
$ | 7,000 | | |
$ | 18,710,256 | | |
$ | (2,017,556 | ) | — |
$ | 16,699,700 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 224,832 | | |
| — | | |
| 224,832 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,191,317 | ) | — |
| (1,191,317 | ) |
Balance at March 31, 2022 | |
| — | | |
$ | — | | |
| 7,000,000 | | |
$ | 7,000 | | |
$ | 18,935,088 | | |
$ | (3,208,873 | ) | — |
$ | 15,733,215 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 301,891 | | |
| — | | |
| 301,891 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (538,782 | ) | — |
| (538,782 | ) |
Balance at June 30, 2022 | |
| — | | |
$ | — | | |
| 7,000,000 | | |
$ | 7,000 | | |
$ | 19,236,979 | | |
$ | (3,747,655 | ) | — |
$ | 15,496,324 | |
For the three and six months ended June 30, 2023
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
| |
| |
| |
| |
Additional | |
| |
| |
Total |
| |
Preferred Stock | |
Common Stock | |
Paid-in | |
Accumulated | |
Noncontrolling | |
Stockholders’ |
| |
Shares | |
Amount | |
Shares | |
Amount | |
Capital | |
Deficit | |
Interests | |
Equity |
| |
| |
| |
| |
| |
| |
| |
| |
|
Balance at December 31, 2022 | |
| — | | |
$ | — | | |
| 9,520,000 | | |
$ | 9,520 | | |
$ | 35,581,022 | | |
$ | (7,154,808 | ) | |
$ | 4,585,155 | | |
$ | 33,020,889 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 482,964 | | |
| — | | |
| — | | |
| 482,964 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,166,772 | ) | |
| (661,693 | ) | |
| (1,828,465 | ) |
Balance at March 31, 2023 | |
| — | | |
$ | — | | |
| 9,520,000 | | |
$ | 9,520 | | |
$ | 36,063,986 | | |
$ | (8,321,580 | ) | |
$ | 3,923,462 | | |
$ | 31,675,388 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Forza share issuance | |
| — | | |
| — | | |
| — | | |
| — | | |
| 364,886 | | |
| — | | |
| 6,564,666 | | |
| 6,929,552 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| 489,361 | | |
| — | | |
| — | | |
| 489,361 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,334,643 | ) | |
| (569,100 | ) | |
| (1,903,743 | ) |
Balance at June 30, 2023 | |
| — | | |
$ | — | | |
| 9,520,000 | | |
$ | 9,520 | | |
$ | 36,918,233 | | |
$ | (9,656,223 | ) | |
$ | 9,919,028 | | |
$ | 37,190,558 | |
The accompanying notes are an integral
part of these unaudited condensed consolidated financial statements
TWIN VEE POWERCATS CO.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | | |
| | |
| |
Six months ended |
| |
June 30, |
| |
2023 | |
2022 |
Cash Flows From Operating Activities | |
| |
|
Net loss | |
$ | (3,732,208 | ) | |
$ | (1,730,105 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock based compensation | |
| 972,325 | | |
| 526,723 | |
Depreciation and amortization | |
| 502,840 | | |
| 199,909 | |
Loss on disposal of asset | |
| — | | |
| 49,990 | |
Change of right-of-use asset and lease liabilities | |
| 236,712 | | |
| 189,647 | |
Net change in fair value of marketable securities | |
| (3,077 | ) | |
| 112,576 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (555,966 | ) | |
| 5,137 | |
Inventories | |
| (1,568,148 | ) | |
| (2,569,780 | ) |
Prepaid expenses and other current assets | |
| 427,666 | | |
| 395,553 | |
Accounts payable | |
| 399,720 | | |
| 1,061,573 | |
Accrued liabilities | |
| (48,279 | ) | |
| 226,537 | |
Operating lease liabilities | |
| (238,717 | ) | |
| (182,038 | ) |
Contract liabilities | |
| 177,035 | | |
| 518,027 | |
Net cash used in operating activities | |
| (3,430,097 | ) | |
| (1,196,251 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Security deposit | |
| (15,000 | ) | |
| — | |
Net sales of investment in trading marketable securities | |
| 983,198 | | |
| 2,002,591 | |
Proceeds from sale of property and equipment | |
| — | | |
| 80,000 | |
Purchase of property and equipment | |
| (1,623,867 | ) | |
| (1,809,486 | ) |
Net cash (used in) provided by investing activities | |
| (655,669 | ) | |
| 273,105 | |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Forza net proceeds from issuance of common stock | |
| 6,996,015 | | |
| — | |
Forza deferred offering cost | |
| (66,463 | ) | |
| (141,629 | ) |
Finance lease liabilities | |
| (7,666 | ) | |
| — | |
Net cash provided by (used in) financing activities | |
| 6,921,886 | | |
| (141,629 | ) |
| |
| | | |
| | |
Net change in cash, cash equivalents and restricted cash | |
| 2,836,120 | | |
| (1,064,775 | ) |
Cash, cash equivalents and restricted cash at beginning of period | |
| 23,501,007 | | |
| 6,975,302 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 26,337,127 | | |
$ | 5,910,527 | |
| |
| | | |
| | |
Supplemental Cash Flow Information | |
| | | |
| | |
Cash paid for interest | |
$ | 110,395 | | |
$ | 73,471 | |
| |
| | | |
| | |
Non Cash Investing and Financing Activities | |
| | | |
| | |
Finance leases | |
$ | 2,899,238 | | |
$ | — | |
The accompanying notes are an integral
part of these unaudited condensed consolidated financial statements
TWIN VEE POWERCATS CO.
NOTES TO THE UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
1. Organization and Summary
of Significant Accounting Policies
Organization
Twin Vee PowerCats Co. (“Twin
Vee” or the “Company”) was incorporated as Twin Vee Catamarans, Inc., in the state of Florida, on December 1,
2009. On April 7, 2021, the Company filed a Certificate of Conversion to register and incorporate in the state of Delaware and
changed the company name to Twin Vee PowerCats Co. The Certificate of Incorporation for Twin Vee PowerCats Co. was also filed on
April 7, 2021.
On September 1, 2021, the Company formed Fix My Boat, Inc., (“Fix My
Boat”), a wholly-owned subsidiary. Fix My Boat will utilize a franchise model for marine mechanics across the country. Fix
My Boat has been inactive for the majority of 2022 and the six months ended June 30, 2023, however the Company anticipates focusing resources
on this entity by the end of 2023.
Forza X1, Inc. was initially incorporated as Electra Power Sports, Inc. on October
15, 2021, and subsequently changed the name to Forza X1, Inc. (“Forza X1” or “Forza”) on October 29, 2021. Prior
to Forza’s incorporation on October 15, 2021, the electric boat business was operated as the Company’s Electra Power Sports™
Division. Following the Company’s initial public offering that closed on July 23, 2021 (the “IPO”), it determined in
October 2021 that for several reasons, that it would market the Company’s new independent line of electric boats under a new brand
name (and new subsidiary).
On April 20, 2023, the Company formed
AquaSport Co., a wholly owned subsidiary in the state of Florida in connection with the Company’s plan to lease the assets
of former AQUASPORT™ boat brand and manufacturing facility in White Bluff Tennessee.
Merger
On December 5, 2022, pursuant to the
terms of the Agreement and Plan of Merger, dated as of September 8, 2022 (the “Merger Agreement”), by and between Twin
Vee PowerCats Co. and Twin Vee PowerCats, Inc., a Florida corporation (“TVPC”), TVPC was merged with and into the Company
(the “Merger”).
As TVPC did not meet the definition
of a business under ASC 805, the merger was not accounted for as a business combination. The Merger was accounted for as a recapitalization
of Twin Vee PowerCats, Co., effected through the exchange of TVPC shares for Twin Vee PowerCats, Co. shares, and the cancellation
of Twin Vee PowerCats, Co. shares held by Twin Vee Inc. Upon the effective date of the Merger, December 5, 2022, Twin Vee Co. accounted
for the Merger by assuming TVPC’s net liabilities. Twin Vee PowerCats, Co.’s financial statements reflect the operations
of TVPC. prospectively and will not be restated retroactively to reflect the historical financial position or results of operations
of TVPC.
Principles of Consolidation
The condensed
consolidated financial statements include the accounts of Twin Vee and its wholly owned subsidiaries AquaSport Co., and Fix My
Boat, Inc., (“Fix My Boat”) and majority owned subsidiary, Forza X1, Inc. (“Forza X1” “Forza”),
collectively referred to as the “Company”. The Company’s net loss excludes losses attributable to noncontrolling
interests. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s
equity. All inter-company balances and transactions are eliminated in consolidation.
Basis
of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all
information and footnotes required by accounting principles generally accepted in the United States of America for annual financial
statements.
In the opinion of the Company’s
management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting
only of normal recurring accruals) to present the financial position of the Company as of June 30, 2023 and the results of operations
and cash flows for the periods presented. The results of operations for the six months ended June 30, 2023 is not necessarily indicative
of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2022 included
in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023.
Revenue Recognition
The Company’s revenue is derived
primarily from the sale of boats, motors and trailers to its independent dealers. The Company recognizes revenue when obligations
under the terms of a contract are satisfied and control over promised goods is transferred to the dealer. For the majority of sales,
this occurs when the product is released to the carrier responsible for transporting it to a dealer. The Company typically receives
payment within five business days of shipment. Revenue is measured as the amount of consideration it expects to receive in exchange
for a product. The Company offers dealer incentives that include wholesale rebates, retail rebates and promotions, floor plan reimbursement
or cash discounts, and other allowances that are recorded as reductions of revenues in net sales in the statements of operations.
The consideration recognized represents the amount specified in a contract with a customer, net of estimated incentives the Company
reasonably expects to pay. The estimated liability and reduction in revenue for dealer incentives is recorded at the time of sale.
Subsequent adjustments to incentive estimates are possible because actual results may differ from these estimates if conditions
dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from
historical trends. Accrued dealer incentives are included in accrued liabilities in the accompanying consolidated balance sheets.
Payment received for the future sale
of a boat to a customer is recognized as a customer deposit. Customer deposits are recognized as revenue when control over promised
goods is transferred to the customer. At June 30, 2023 and December 31, 2022, the Company had customer deposits of $182,335 and
$5,300, respectively, which is recorded as contract liabilities on the consolidated balance sheets. These deposits are expected
to be recognized as revenue within a one-year period.
Rebates and Discounts
Dealers earn wholesale rebates based
on purchase volume commitments and achievement of certain performance metrics. The Company estimates the amount of wholesale rebates
based on historical achievement, forecasted volume, and assumptions regarding dealer behavior. Rebates that apply to boats already
in dealer inventory are referred to as retail rebates. The Company estimates the amount of retail rebates based on historical data
for specific boat models adjusted for forecasted sales volume, product mix, dealer and consumer behavior, and assumptions concerning
market conditions. The Company also utilizes various programs whereby it offers cash discounts or agrees to reimburse its dealers
for certain floor plan interest costs incurred by dealers for limited periods of time, generally ranging up to nine months.
Other Revenue Recognition Matters
Dealers generally have no right to return
unsold boats. Occasionally, the Company may accept returns in limited circumstances and at the Company’s discretion under
its warranty policy. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under
its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The repurchase commitment
is on an individual unit basis with a term from the date it is financed by the lending institution through the payment date by
the dealer, generally not exceeding 30 months.
The Company has excluded sales and other
taxes assessed by a governmental authority in connection with revenue-producing activities from the determination of the transaction
price for all contracts. The Company has not adjusted net sales for the effects of a significant financing component because the
period between the transfer of the promised goods and the customer’s payment is expected to be one year or less.
Use of Estimates
The preparation of condensed consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual
results may differ from these estimates.
Concentrations of Credit and Business
Risk
Financial instruments that potentially
subject the Company to concentrations of credit risk primarily consist of trade receivables. Credit risk on trade receivables is
mitigated as a result of the Company’s use of trade letters of credit, dealer floor plan financing arrangements, and the
geographically diversified nature of the Company’s customer base. The Company minimizes the concentration of credit risk
associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances
in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000 are at risk. As of June
30, 2023 and December 31, 2022, the Company had $24,926,490 and $22,666,301, respectively, in excess of FDIC insured limits.
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted
cash include all highly liquid investments with original maturities of six months or less at the time of purchase. On June 30,
2023 and December 31, 2022, the Company had cash, cash equivalents and restricted cash of $26,337,127 and $23,501,007, respectively.
Included within restricted cash on the Company’s condensed consolidated balance sheets is an irrevocable letter of credit
for $200,000, which is being held by a third party bank as collateral.
Marketable Securities
The Company’s investments in debt
securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive
intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt
securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or
available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on
available-for-sale debt securities are included in net income.
Fair Value of Financial Instruments
The Company follows accounting guidelines
on fair value measurements for financial instruments measured on a recurring basis, as well as for certain assets and liabilities
that are initially recorded at their estimated fair values. Fair Value is defined as the exit price, or the amount that would be
received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as the measurement
date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of
unobservable inputs to value its financial instruments:
|
● |
Level
1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. |
|
● |
Level
2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. |
|
● |
Level
3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments
whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments
for which the determination of fair value requires a significant judgment or estimation. |
Financial instruments measured as fair
value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The
Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires it to
make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation
methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current
market exchange.
The carrying amounts of cash equivalents
approximate their fair value due to their liquid or short-term nature, such as accounts receivable and payable, and other financial
instruments in current assets or current liabilities.
Inventories
Inventories are valued at the lower
of cost and net realizable value, with cost determined using the average cost method. Net realizable value is defined as sales
price less cost of completion, disposable and transportation and a normal profit margin. Production costs, consisting of labor
and overhead, are applied to ending finished goods inventories at a rate based on estimated production capacity. Excess production
costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable
value.
Property and Equipment
Property and equipment is stated at
cost, net of accumulated depreciation and amortization, using the straight-line method over the assets’ useful life. Leasehold
improvements are amortized over the shorter of the assets’ useful life or the lease term. The estimated useful lives of property
and equipment range from three to five years. Upon sale or retirement, the cost and related accumulated depreciation is eliminated
from their respective accounts, and the resulting gain or loss is included in results of operations. Repairs and maintenance charges,
which do not increase the useful lives of the assets, are charged to operations as incurred.
Impairment of Long-Lived Assets
Management assesses the recoverability
of its long-lived assets when indicators of impairment are present. If such indicators are present, recoverability of these assets
is determined by comparing the undiscounted net cash flows estimated to result from those assets over the remaining life to the
assets’ net carrying amounts. If the estimated undiscounted net cash flows are less than the net carrying amount, the assets
would be adjusted to their fair value, based on appraisal or the present value of the undiscounted net cash flows.
Advertising
Advertising and marketing costs are
expensed as incurred. During the six months ended June 30, 2023 and 2022, advertising costs incurred by the Company totaled $241,702 and
$18,754, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements
of operations.
Research and Development
The Company expenses research and development
costs relating to new product development as incurred. For the six months ended June 30, 2023 and 2022, research and development
costs amounted to $964,121 and $396,352, respectively.
Shipping and Handling Costs
Shipping and handling costs include
those costs incurred to transport product to customers and internal handling costs, which relate to activities to prepare goods
for shipment. The Company has elected to account for shipping and handling costs associated with outbound freight after control
over a product has been transferred to a customer as a fulfillment cost. The Company includes shipping and handling costs, including
cost billed to customers, in cost of sales in the statements of operations. All manufactured boats are free on board (FOB), from
the Fort Pierce manufacturing plant. Dealers are required to either pick up the boats themselves or contract with a transporter.
For the six months ended June 30, 2023, and 2022, shipping and handling costs amounted to $395,767 and $54,081, respectively.
These costs have increased by $341,686, due to adding dealers in the New England stated and Michigan, compared to the prior year,
when all of the boats were shipped to the states in the southeast portion of the United States.
Leases
The Company determines if an arrangement
is a lease at inception. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement
date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit
rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The Company calculates the associated lease liability and corresponding ROU asset upon lease commencement
using a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The operating
lease ROU asset also includes any lease payments made and is reduced by lease incentives. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses
for lease payments is recognized on a straight-line basis over the lease term.
Supplier Concentrations
The Company is dependent on the ability
of its suppliers to provide products on a timely basis and on favorable pricing terms. The loss of certain principal suppliers
or a significant reduction in product availability from principal suppliers could have a material adverse effect on the Company.
Business risk insurance is in place to mitigate the business risk associated with sole suppliers for sudden disruptions such as
those caused by natural disasters.
The Company is dependent on third-party
equipment manufacturers, distributors, and dealers for certain parts and materials utilized in the manufacturing process. During
the six months ended June 30, 2023, the Company purchased all engines for its boats under supplier agreements with two vendors.
During the six months ended June 30, 2022, the Company purchased all engines for its boats under supplier agreements with one vendor.
For the six months ended June 30, 2023 and 2022, total purchases to these vendors were $3,562,550 and $2,702,733, respectively.
Employee Retention Credit
On Mach 27, 2020, the Coronavirus Aid,
Relief, and Economic Security Act (“CARES Act”) was signed into law providing numerous tax provisions and other stimulus
measures, including an employee retention credit (“ERC”), which is a refundable tax credit against certain employment
taxes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded
the availability of the ERC.
Pursuant to the employee retention credit,
eligible employers could receive a 50% - 70% credit on qualified wages against their employment taxes each quarter during the eligible
period in 2020 and 2021, respectively, with any excess credits eligible for refunds. During the six months ended June 30, 2023,
the Company recognized income related to the employee retention credit of $1,267,055 upon completion of an analysis providing
reasonable assurance that the Company met the conditions set forth in the CARES Act. The employee retention credit was recorded in the
condensed consolidated statement of operations for the six months ended June 30, 2023.
Stock-Based Compensation
The Company recognizes stock-based compensation
costs for its restricted stock measured at the fair value of each award at the time of grant, as an expense over the period during
which an employee is required to provide service. Compensation cost is recognized over the service period for the fair value of
awards that vest.
Income Taxes
Income taxes are accounted for under the
asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in
which those temporary differences are expected to be recover or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of
deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets
will not be realized. The ultimate realization of deferred tax assets is entirely dependent upon the generation of future taxable
income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of
deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
The Company files income tax returns
in the U.S. federal jurisdiction and various states.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued ASU No.
2016-13, “Financial Instruments Credit Losses —Measurement of Credit Losses on Financial Instruments.”
ASU 2016-13 requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net
amount expected to be collected, which includes the Company’s accounts receivable. This ASU was adopted by the Company for
reporting periods beginning after December 15, 2022.
The Company has considered all other
recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact
on its financial statements.
2. Marketable securities
Assets and liabilities measured at fair
value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of June 30, 2023 and December 31, 2022
are as follows:
Schedule of fair value marketable securities | |
| | | |
| | | |
| | | |
| | |
| |
| |
Fair Value Measurements Using | |
|
| |
Balance as of
June 30, 2023 | |
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | |
Significant Other
Observable Inputs
(Level 2) | |
Significant
Nonobservable Inputs
(Level 3) |
Marketable securities: | |
| | | |
| | | |
| | | |
| | |
Corporate Bonds | |
$ | 1,451,161 | | |
$ | — | | |
$ | 1,451,161 | | |
$ | — | |
Certificates of Deposits | |
| 496,235 | | |
| — | | |
| 496,235 | | |
| — | |
Total marketable securities | |
$ | 1,947,396 | | |
$ | — | | |
$ | 1,947,396 | | |
$ | — | |
| |
| |
Fair Value Measurements Using | |
|
| |
Balance as of
December 31, 2022 | |
Quoted Pricesin
Active Markets for
Identical Assets
(Level 1) | |
Significant Other
Observable Inputs
(Level 2) | |
Significant
Nonobservable Inputs
(Level 3) |
Marketable securities: | |
| | | |
| | | |
| | | |
| | |
Corporate Bonds | |
$ | 2,436,333 | | |
$ | — | | |
$ | 2,436,333 | | |
$ | — | |
Certificates of Deposits | |
| 491,185 | | |
| — | | |
| 491,185 | | |
| — | |
Total marketable securities | |
$ | 2,927,518 | | |
$ | — | | |
$ | 2,927,518 | | |
$ | — | |
The Company’s investments in corporate
bonds, commercial paper and certificates of deposits are measured based on quotes from market makers for similar items in active
markets.
3. Inventories
At June 30, 2023 and December 31, 2022
inventories consisted of the following:
Schedule of inventories | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Raw Materials | |
$ | 4,685,317 | | |
$ | 3,406,371 | |
Inventory in transit | |
| 694,413 | | |
| 222,607 | |
Work in Process | |
| 155,253 | | |
| 246,734 | |
Finished Product | |
| 41,497 | | |
| 132,620 | |
Total Inventory | |
$ | 5,576,480 | | |
$ | 4,008,332 | |
4. Property and Equipment
At June 30, 2023 and December 31, 2022,
property and equipment consisted of the following:
Schedule of property and equipment | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Machinery and equipment | |
$ | 2,315,568 | | |
$ | 1,977,482 | |
Furniture and fixtures | |
| 22,487 | | |
| 20,335 | |
Land | |
| 1,000,000 | | |
| — | |
Leasehold improvements | |
| 1,140,224 | | |
| 950,132 | |
Software and website development | |
| 90,396 | | |
| 148,693 | |
Computer hardware and software | |
| 277,217 | | |
| 123,088 | |
Boat molds | |
| 4,356,966 | | |
| 2,277,664 | |
Vehicles | |
| 143,360 | | |
| 94,534 | |
Electric prototypes and tooling | |
| 142,526 | | |
| 142,526 | |
Assets under construction | |
| 1,628,654 | | |
| 859,839 | |
| |
| 11,117,398 | | |
| 6,594,293 | |
Less accumulated depreciation and amortization | |
| (1,561,231 | ) | |
| (1,058,391 | ) |
| |
$ | 9,556,167 | | |
$ | 5,535,902 | |
Depreciation and amortization expense of property and equipment for the
three months ended June 30, 2023 and 2022 are $284,562 and $119,817, respectively. Depreciation and amortization expense
of property and equipment for the six months ended June 30, 2023 and 2022 are $502,840 and $199,909, respectively.
5. Leases – Related Party
Operating right of use
(“ROU”) assets and operating lease liabilities are recognized at the lease commencement date. Operating lease
liabilities represent the present value of lease payments not yet paid. Operating right of use assets represent the Company’s
right to use an underlying asset and is based upon the operating lease liabilities adjusted for prepayments or accrued lease
payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease
payments not yet paid, the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases. The
Company used used the U.S. Treasury rate of 0.36%
at June 30, 2023 and December 31, 2022.
The Company’s office lease contains
rent escalations over the lease term. The Company recognizes expense for this office lease on a straight-line basis over the
lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s
right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease
term.
The Company leases its office and warehouse
facilities, and the land which are located at 3101 S US-1, Fort Pierce, Florida (the “Property”) from Visconti Holdings,
LLC. Visconti Holdings, LLC is a single member LLC that holds the ownership of the property, and its sole member is Joseph C. Visconti,
the CEO of the Company. The Company entered into the lease on January 1, 2020, and as amended January 1, 2021, the lease has a
term of five years. The current base rent payment is $30,000 per month including property taxes and the lease required a $25,000 security
deposit. The base rent will increase five percent (5%) on the anniversary of each annual term.
At June 30, 2023 and December 31, 2022,
supplemental balance sheet information related to leases were as follows:
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 973,872 | | |
$ | 1,167,551 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 403,707 | | |
$ | 393,069 | |
Non-current portion | |
| 644,097 | | |
| 851,096 | |
Total | |
$ | 1,047,804 | | |
$ | 1,244,165 | |
At June 30, 2023, future minimum lease
payments under the non-cancelable operating leases are as follows:
Schedule of future lease payments | |
|
Year Ending December 31, | |
|
| 2023 (excluding the six months ended June 30, 2023) | | |
$ | 198,450 | |
| 2024 | | |
| 416,745 | |
| 2025 | | |
| 437,582 | |
| Total lease payment | | |
| 1,052,777 | |
| Less imputed interest | | |
| (4,973 | ) |
| Total | | |
$ | 1,047,804 | |
The following summarizes other supplemental
information about the Company’s operating lease:
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 0.36 | % |
Weighted average remaining lease term (years) | |
| 2.42 | |
6. Leases
Operating right of use (“ROU”)
assets and operating lease liabilities are recognized at the lease commencement date. Operating lease liabilities represent the
present value of lease payments not yet paid. Operating right of use assets represent the Company’s right to use an underlying
asset and is based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct
costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid,
the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases. The Company used the U.S. Treasury
rate of 4% at December 31, 2022.
The Company leases a warehouse facility,
and the land which are located at 150 Commerce Street, Old Fort, North Carolina (the “Property”) from NC Limited Liability
Company. The Company entered into the lease on October 7, 2022, the lease has a term of two years. The current base rent payment
is $7,517 per month including property taxes, insurance, and common area maintenance. The lease required a $7,517 security
deposit. The base rent will increase three percent (3%) on October 15, 2023.
At June 30, 2023 and December 31, 2022,
supplemental balance sheet information related to leases were as follows:
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 119,036 | | |
$ | 162,069 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 89,349 | | |
$ | 86,245 | |
Non-current portion | |
| 23,072 | | |
| 68,532 | |
Total | |
$ | 112,421 | | |
$ | 154,777 | |
At June 30, 2023, future minimum lease
payments under the non-cancelable operating leases are as follows:
Schedule of future minimum lease payments | |
| | |
2023
(excluding the six months ended June 30, 2023) | |
$ | 45,777 | |
2024 | |
| 69,680 | |
Total
lease payment | |
$ | 115,456 | |
Less
imputed interest | |
| 3,035 | |
Total | |
| 112,421 | |
The following summarizes other supplemental information about
the Company’s operating lease:
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 4 | % |
Weighted average remaining lease term (years) | |
| 1.33 | |
Schedule of operating lease |
|
|
|
|
Six
Months Ended
June 30, 2023 |
Operating lease
cost |
|
$ |
45,100 |
Total lease cost |
|
$ |
45,100 |
7. Finance Leases
Vehicle and Equipment Lease
The Company has finance leases for a vehicle
and a forklift. The Company entered into the forklift lease in January of 2023, with an asset value of $43,579, which is recorded
in net property and equipment on the balance sheet, it is a 60-month lease at a 7.5% interest rate. The Company entered into the
vehicle lease in February of 2023, with an asset value of $48,826, which is recorded in net property and equipment on the balance
sheet, it is a 60-month lease at a 3% interest rate.
AquaSport lease
On April 20, 2023 Twin Vee incorporated AquaSport Co., a wholly owned subsidiary,
in the state of Florida in connection with its plan to lease the AQUASPORT™ boat brand and manufacturing facility in White Bluff
Tennessee. On May 5, 2023, Twin Vee and AquaSport Co. entered into an agreement with Ebbtide Corporation (“Ebbtide”) providing
AquaSport Co. with the right to acquire assets, AQUASPORT™ boat brand, trademarks, 150,000-square-foot manufacturing facility situated
on 18.5 acres in White Bluff Tennessee, related tooling, molds, and equipment to build five Aquasport models ranging in size from 21 to
25-foot boats (the “AquaSport Assets”).
Under the Agreement, the Company
has the right to purchase the AquaSport Assets from Ebbtide for $3,100,000 during the five-year term of the Agreement (or extension
period), less credit for a $300,000 security deposit paid by the Company and $16,000 a month for any rent paid under the Agreement
by AquaSport Co. to Ebbtide. AquaSport Co. will lease the AquaSport Assets from Ebbtide under the Agreement at a monthly rent of
$22,000 with the option to acquire the AquaSport Assets. The lease is for a term of five years,
commencing June 1, 2023 at
a 2.93% interest rate, with one option to renew the lease for an additional five years. In the event AquaSport Co. commits three
payment Events of Default (as defined in the Agreement) within any consecutive two-year period or commits any other material Event
of Default that is not cured timely and remains uncured, Ebbtide may terminate AquaSport’s rights under the Agreement to
acquire the AquaSport Assets. In addition, Ebbtide has the right to terminate the Agreement if an Event of Default occurs. AquaSport’s
obligations under the Agreement have been guaranteed by the Company.
Finance leases on AquaSport lease are
recorded in property and equipment, net on the balance sheet.
Schedule of finance lease in property and equipment | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| Land | | |
$ | 1,000,000 | | |
$ | — | |
| Building | | |
| 100,000 | | |
| — | |
| Equipment | | |
| 2,135,132 | | |
| — | |
At June 30, 2023 and December 31, 2022,
supplemental balance sheet information related to finance leases were as follows:
Schedule of supplemental balance sheet of finance lease | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Finance lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 178,687 | | |
$ | — | |
Non-current portion | |
| 2,712,885 | | |
| — | |
Total | |
$ | 2,891,572 | | |
$ | — | |
At June 30, 2023, future minimum lease
payments under the non-cancelable finance leases are as follows:
Schedule of future minimum lease payments of finance lease | |
|
Year Ending December 31, | |
|
| 2023 | | |
$ | 120,475 | |
| 2024 | | |
| 284,950 | |
| 2025 | | |
| 284,950 | |
| 2026 | | |
| 284,950 | |
| 2027 | | |
| 284,950 | |
| Thereafter | | |
| 1,982,874 | |
| Total lease payment | | |
| 3,243,149 | |
| Less imputed interest | | |
| (351,577 | ) |
| Total | | |
$ | 2,891,572 | |
The following summarizes other supplemental information about
the Company’s finance lease:
Schedule of summarizez other supplemental information of finance lease | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 3.07 | % |
Weighted average remaining lease term (years) | |
| 4.91 | |
8. Accrued Liabilities
At June 30, 2023 and December 31, 2022,
accrued liabilities consisted of the following:
Schedule of accrued liabilities | |
| | | |
| | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Accrued wages and benefits | |
$ | 511,067 | | |
$ | 333,976 | |
Accrued interest | |
| 37,821 | | |
| 47,607 | |
Accrued bonus | |
| 241,650 | | |
| 20,000 | |
Accrued rebates | |
| — | | |
| 15,000 | |
Accrued professional fees | |
| 40,813 | | |
| 89,500 | |
Accrued operating expense | |
| 168,910 | | |
| 64,601 | |
Accrued inventory | |
| — | | |
| 577,712 | |
Accrued commission | |
| 57,805 | | |
| — | |
Warranty reserve | |
| 134,424 | | |
| 92,373 | |
Total accrued liabilities | |
$ | 1,192,490 | | |
$ | 1,240,769 | |
9. Notes Payable – SBA
EIDL Loan
On April 22, 2020, the Company received
an SBA Economic Injury Disaster Loan (“EIDL”) in the amount of $499,900.
The loan is in response to the COVID-19 pandemic. The loan is a 30-year
loan with an interest rate of 3.75%,
interest only monthly payments of $2,437 to
begin October 22, 2022, under the EIDL program, which is administered through the SBA. Under the guidelines of the EIDL, the maximum
term is 30 years; however, terms are determined on a case-by-case basis based on each borrower’s ability to repay and carry an
interest rate of 3.75%. The EIDL loan has an initial deferment period wherein no payments are due for thirty months from the date of
disbursement. The EIDL loan may be prepaid by the Company at any time prior to maturity
with no prepayment penalties. The proceeds from this loan must be used solely as working capital to alleviate economic injury
caused by the COVID-19 pandemic.
As
part of the EIDL loan, the Company granted the SBA a continuing security interest in and to any and all collateral to secure
payment and performance of all debts, liabilities and obligations of the Company to the SBA under the EIDL loan. The collateral
includes substantially all tangible and intangible personal property of the Company.
A summary of the minimum maturities
of term debt follows for the years set forth below.
Schedule of minimum maturities | |
|
Year ended December 31, | |
|
| 2023 | | |
$ | — | |
| 2024 | | |
| — | |
| 2025 | | |
| — | |
| 2026 | | |
| — | |
| 2027 and thereafter | | |
| 499,900 | |
| Total | | |
$ | 499,900 | |
10. Related Party Transactions
As discussed in note 5, the Company has leased
its Fort Pierce, Florida facilities from a company owned by its CEO.
During the six months ended June 30, 2023,
and 2022, the Company recorded management fees of $0 and $27,000, respectively, paid to its shareholder parent company.
During the six months ended June 30,
2023 and 2022, Twin Vee received a monthly fee of $6,800 and $5,850, respectively, to provide management services and facility
utilization to Forza. This income for Twin Vee, and expense for Forza, has been eliminated in the condensed consolidated financial
statements.
11. Commitments and Contingencies
Repurchase Obligations
Under certain conditions, the Company
is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to the Company’s
dealers. The maximum obligation of the Company under such floor plan agreements totaled approximately $10,215,000 or 54 units, and
$10,693,000 or 67 units, as of June 30, 2023, and December 31, 2022, respectively. The Company incurred no impact from
repurchase events during the six months ended June 30, 2023 and year ended December 31, 2022.
Short-term lease
In August of 2022, Forza signed a six-month
lease for a duplex, to be used by its employees to minimize travel expenses as it started construction on its new manufacturing
facility, for $2,200 per month, on a property in Black Mountain, North Carolina. During the six months ended June 30, 2023
and 2022, the lease expense was $11,000 and $0, respectively.
Litigation
The Company is currently involved in
various civil litigation in the normal course of business none of which is considered material.
Irrevocable line of credit
As of June 30, 2023, the Company had
$200,000 of restricted cash included in cash, cash equivalents and restricted cash. This amount represents a deposit to secure
an irrevocable letter of credit for a supplier contract with Yamaha. These deposits are held in an interest-bearing account.
12. Stockholders’ Equity
Twin Vee
Common
Stock Warrants
On October 3, 2022, the Company issued
and sold to ThinkEquity LLC, as the underwriter in a firm commitment underwritten public offering (the “Offering”)
pursuant to the term of an underwriting agreement that the Company entered into with ThinkEquity LLC on September 28, 2022 (the
“Underwriting Agreement”),an aggregate of 2,500,000 shares of the Company’s common stock, par value
$0.001 per share, at a public offering price of $2.75 per share, for gross proceeds of $6,875,000, before deducting underwriting
discounts, commissions and offering expenses. Pursuant to the Underwriting Agreement, the Company has
also issued to the underwriter warrants to purchase up to 143,750 shares of Common Stock. The warrants will be exercisable
at a per share exercise price of $3.4375.
As of June 30, 2023, the Company had outstanding warrants
to purchase 150,000 shares of common stock issuable at a weighted-average exercise price of $7.50 per share that
were issued to the representative of the underwriters on July 23, 2021 in connection with the Company’s initial public offering
that closed on July 23, 2021 (the “IPO”). The representative’s warrants are exercisable at any time and from
time to time, in whole or in part, and expire on July 20, 2026. There was no warrant activity during the six months ended June
30, 2023.
Equity Compensation Plan
The Company
maintains an equity compensation plan (the “Plan”) under which it may award employees, directors and consultants’
incentive and non-qualified stock options, restricted stock units, stock appreciation rights and other stock-based awards with
terms established by the Compensation Committee of the Board of Directors which has been appointed by the Board of Directors to
administer the Plan. The number of awards under the Plan automatically increased on January 1, 2023. As of June 30, 2023, there
were 75,823 shares remaining available for grant under this Plan.
Accounting for Stock -Based Compensation
Stock Compensation Expense
For the three months ended June 30, 2023
and 2022, the Company recorded $489,361 and $301,891, respectively, of stock-based compensation expense. For the six months ended
June 30, 2023 and 2022, the Company recorded $972,325 and
$526,723,
respectively, of stock-based compensation expense. Stock-based compensation expense is included in salaries and wages on the accompanying condensed
consolidated statement of operations. Included in the $972,325 of
stock options expense for the six months ending June 30, 2023, is Forza’s stock-based compensation expense of $682,980.
Stock
Options
Under the Company’s
2021 Stock Incentive Plan the Company has issued stock options. A stock option grant gives the holder the right, but not the obligation
to purchase a certain number of shares at a predetermined price for a specific period of time. The Company typically issues options
that vest pro rata on a monthly basis over various periods. Under the terms of the Plan, the contractual life of the option grants
may not exceed ten years.
The Company
utilizes the Black-Scholes model to determine fair value of stock option awards on the date of grant. The Company utilized the
following assumptions for option grants during the six months ended June 30, 2023 and 2022:
Schedule of assumptions |
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Expected term |
|
|
5 years |
|
|
|
4.94 - 5 years |
|
Expected average volatility |
|
|
49 - 51% |
|
|
|
49 - 55% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Risk-free interest rate |
|
|
1.50 –4.45% |
|
|
|
0.72 - 1.00% |
|
The expected
volatility of the option is determined using historical volatilities based on historical stock price of comparable boat manufacturing
companies. The Company estimated the expected life of the options granted based upon historical weighted average of comparable
boat manufacturing companies. The risk-free interest rate is determined using the U.S. Department of the Treasury yield curve rates
with a remaining term equal to the expected life of the option. The Company has never paid a dividend, and as such the dividend
yield is 0.0%
Schedule of expected volatility of option | |
| |
| |
|
| |
Options Outstanding | |
Weighted Average | |
|
| |
Number of | |
Weighted Average | |
Remaining life | |
|
| |
Options | |
Exercise Price | |
(years) | |
Fair value of option |
| |
| |
| |
| |
|
| Outstanding, December 31, 2022 | | |
| 1,283,571 | | |
$ | 4.14 | | |
| 8.95 | | |
| 2,256,233 | |
| Granted | | |
| — | | |
| — | | |
| — | | |
| — | |
| Exercised | | |
| — | | |
| — | | |
| — | | |
| | |
| Expired | | |
| (44,394 | ) | |
| (5.40 | ) | |
| — | | |
| (101,960 | ) |
| Forfeited/canceled | | |
| — | | |
| — | | |
| — | | |
| — | |
| Outstanding, June 30, 2023 | | |
| 1,239,177 | | |
$ | 4.09 | | |
| 8.47 | | |
| 2,154,274 | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exercisable options, June 30, 2023 | | |
| 753,175 | | |
$ | 4.43 | | |
| 8.34 | | |
| | |
At June 30, 2023, 486,002 Twin Vee options
are unvested and expected to vest over the next four years.
Forza
Common Stock Warrants
Forza had outstanding warrants to purchase 172,500 shares
of common stock issuable at a weighted-average exercise price of $6.25 per share that were issued to the representative of
the underwriters on August 16, 2022 in connection with Forza’s IPO. Forza also had outstanding warrants to purchase 306,705
shares of common stock issuable at a weighted-average exercise price of $1.88 per share that were issued to the representative
of the underwriters on June 14, 2023 in connection with Forza’s secondary offering. The representative’s warrants are
exercisable at any time and from time to time, in whole or in part, and expire on August 16, 2027 and June 16, 2028, respectively.
There was no warrant activity during the six months ended June 30, 2023.
Equity
Compensation Plan
Forza maintains
an equity compensation plan under which it may award employees, directors and consultants’ incentive and non-qualified stock
options, restricted stock, stock appreciation rights and other stock-based awards with terms established by the Compensation Committee
of the Board of Directors which has been appointed by the Board of Directors to administer the plan. The number of awards under
the Plan will automatically increase on January 1, 2023. As of June 30, 2023, there were 568,750 shares remaining available
for grant under this Plan. Stock based compensation expense is included in the Statements of Operations, under salaries and wages.
Accounting
for Stock -Based Compensation
For the three months ended June 30, 2023 and
2022, Forza recorded $341,817 and $0, respectively, of stock-based compensation expense. For the six months ended June 30, 2023 and
2022, Forza recorded $682,980 and
$0,
respectively, of stock-based compensation expense. Stock-based compensation expense is included in salaries and wages on
the accompanying condensed statement of operations.
Stock
Options
Under Forza’s
2022 Stock Incentive Plan (the “Forza Plan”), Forza has issued stock options. A stock option grant gives the holder
the right, but not the obligation, to purchase a certain number of shares at a predetermined price for a specific period of time.
Forza typically issues options that vest pro rata on a monthly basis over various periods. Under the terms of the Forza Plan, the
contractual life of the option grants may not exceed ten years.
Forza utilizes
the Black-Scholes model to determine fair value of stock option awards on the date of grant. Forza utilized the following assumptions for
option grants during the six months ended June 30, 2023:
Schedule of assumptions | |
| | |
| |
| Year ended | |
| |
| June 30, | |
| |
| 2023 | |
Expected term | |
| 5 years | |
Expected average volatility | |
| 111 - 115% | |
Expected dividend yield | |
| — | |
Risk-free interest rate | |
| 2.98 - 3.62% | |
The expected volatility of the option
is determined using historical volatilities based on historical stock price of comparable boat manufacturing companies. Forza estimated
the expected life of the options granted based upon historical weighted average of comparable boat manufacturing companies. The
risk-free interest rate is determined using the U.S. Department of the Treasury yield curve rates with a remaining term equal to
the expected life of the option. Forza has never paid a dividend, and as such the dividend yield is 0.0%.
Schedule of expected volatility of option |
|
|
|
|
|
|
|
|
Options Outstanding |
|
Weighted Average |
|
|
|
|
Number of |
|
Weighted Average |
|
Remaining life |
|
|
|
|
Options |
|
Exercise Price |
|
(years) |
|
Fair value of option |
|
|
|
|
|
|
|
|
|
|
Outstanding, December 31, 2021 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
Granted |
|
|
|
1,441,500 |
|
|
|
3.41 |
|
|
|
10.00 |
|
|
|
4,009,913 |
|
|
Exercised |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/canceled |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Outstanding, December 31, 2022 |
|
|
|
1,441,500 |
|
|
$ |
3.41 |
|
|
|
0.07 |
|
|
$ |
4,009,913 |
|
|
Granted |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercised |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/canceled |
|
|
|
(36,944 |
) |
|
|
1.33 |
|
|
|
9.74 |
|
|
|
— |
|
|
Outstanding, June 30, 2023 |
|
|
|
1,404,556 |
|
|
$ |
3.46 |
|
|
|
9.27 |
|
|
$ |
4,009,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable options, June 30, 2023 |
|
|
|
360,125 |
|
|
$ |
3.98 |
|
|
|
9.22 |
|
|
|
|
|
13. Customer Concentration
Significant dealers are those that account
for greater than 10% of the Company’s revenues and purchases.
During the six months ended June 30,
2023, one individual dealer had sales of over 10%
of the Company’s total sales, that dealer represented 20%
of total sales. During the six months ended June 30, 2022, three individual dealers had sales of over 10%
of the Company’s total sales, and combined these three dealers represented 46%
of total sales.
14. Segment
The Company reports segment information
based on the “management” approach. The management approach designates the internal reporting used by management for
making decisions and assessing performance as the source of the Company’s reportable segments.
The Company reported its financial performance
based on the following segments: Gas-powered Boats, Franchise and Electric Boats.
The Company evaluates the performance
of its reportable segments based on net sales and operating income. Net sales for business segments are generally based on the
sale of boats and the sale of franchises. Income (loss) from operations for each segment includes net sales to third parties, related
cost of sales and operating expenses directly attributable to the segment. Operating income for each segment excludes other income
and expenses. The Company does not include intercompany transfers between segments for management reporting purposes.
The following table shows information
by reportable segments for the three and six months ended June 30, 2023 and 2022:
For the three months ended June 30,
2023
Schedule of reportable segments | |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 8,124,632 | | |
$ | — | | |
$ | — | | |
$ | 8,124,632 | |
Cost of products sold | |
| 5,823,374 | | |
| — | | |
| 40,796 | | |
| 5,864,170 | |
Operating expense | |
| 3,725,689 | | |
| 278 | | |
| 1,578,722 | | |
| 5,304,689 | |
Loss from operations | |
| (1,424,431 | ) | |
| (278 | ) | |
| (1,619,518 | ) | |
| (3,044,227 | ) |
Other income (expense) | |
| 1,008,741 | | |
| (4,122 | ) | |
| 135,865 | | |
| 1,140,484 | |
Net loss | |
$ | (415,690 | ) | |
$ | (4,400 | ) | |
$ | (1,483,653 | ) | |
$ | (1,903,743 | ) |
For the three months
ended June 30, 2022
| |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 8,519,613 | | |
$ | — | | |
$ | — | | |
$ | 8,519,613 | |
Cost of products sold | |
| 5,059,389 | | |
| — | | |
| 13,012 | | |
| 5,072,401 | |
Operating expense | |
| 3,356,381 | | |
| 7,723 | | |
| 555,087 | | |
| 3,919,191 | |
Income (loss) from operations | |
| 103,843 | | |
| (7,723 | ) | |
| (568,099 | ) | |
| (471,979 | ) |
Other expense | |
| (31,089 | ) | |
| (3,882 | ) | |
| (31,832 | ) | |
| (66,803 | ) |
Net income (loss) | |
$ | 72,754 | | |
$ | (11,605 | ) | |
$ | (599,931 | ) | |
$ | (538,782 | ) |
For the six months ended June 30, 2023
| |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 17,001,847 | | |
$ | — | | |
$ | — | | |
$ | 17,001,847 | |
Cost of products sold | |
| 11,428,818 | | |
| — | | |
| 90,737 | | |
| 11,519,555 | |
Operating expense | |
| 7,236,112 | | |
| 1,399 | | |
| 3,658,531 | | |
| 10,896,042 | |
Loss from operations | |
| (1,663,083 | ) | |
| (1,399 | ) | |
| (3,749,268 | ) | |
| (5,413,750 | ) |
Other income (expense) | |
| 1,429,242 | | |
| (8,184 | ) | |
| 260,484 | | |
| 1,681,542 | |
Net loss | |
$ | (233,841 | ) | |
$ | (9,583 | ) | |
$ | (3,488,784 | ) | |
$ | (3,732,208 | ) |
For the six months
ended June 30, 2022
| |
| | | |
| | | |
| | | |
| | |
|
|
Gas-Powered Boats |
|
Franchise |
|
Electric Boat and Development |
|
Total |
Net sales |
|
$ |
14,406,645 |
|
|
$ |
(1,032 |
) |
|
$ |
— |
|
|
$ |
14,405,613 |
|
Cost of products sold |
|
|
8,498,930 |
|
|
|
1,027 |
|
|
|
24,090 |
|
|
|
8,524,047 |
|
Operating expense |
|
|
6,309,997 |
|
|
|
33,978 |
|
|
|
1,057,723 |
|
|
|
7,401,698 |
|
Loss from operations |
|
|
(402,282 |
) |
|
|
(36,037 |
) |
|
|
(1,081,813 |
) |
|
|
(1,520,132 |
) |
Other expense |
|
|
(151,442 |
) |
|
|
(26,116 |
) |
|
|
(32,409 |
) |
|
|
(209,967 |
) |
Net loss |
|
$ |
(553,724 |
) |
|
$ |
(62,153 |
) |
|
$ |
(1,114,222 |
) |
|
$ |
(1,730,099 |
) |
Property and equipment, net classified by business were as
follows:
Schedule of property and equipment, net classified by business | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| Gas-Powered Boats | | |
$ | 8,558,194 | | |
$ | 4,770,496 | |
| Franchise | | |
$ | — | | |
$ | — | |
| Electric-Boats | | |
$ | 997,973 | | |
$ | 765,406 | |
15. Subsequent Events
The Company has evaluated all event
or transactions that occurred after June 30, 2023 through August 13, 2023, which is the date that the condensed consolidated financial
statements were available to be issued. During this period, there were no material subsequent events requiring recognition or disclosure.
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
You should read the following discussion
and analysis of our financial condition and results of operations together with our financial statements and related notes included
in this Quarterly Report on Form 10-Q. The following discussion contains forward-looking statements that involve risks and
uncertainties. See “Forward-Looking Statements.” Our actual results and the timing of certain events could differ materially
from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and
elsewhere in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with the accompanying unaudited
condensed consolidated financial statements and notes thereto. You should also review the disclosure under the heading “Risk
Factors” in this Quarterly Report on Form 10-Q and under Part 1, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2022 for a discussion of important factors that could cause our actual
results to differ materially from those anticipated in these forward-looking statements.
OVERVIEW
We are a designer, manufacturer and marketer
of recreational and commercial power boats. We believe our company has been an innovator in the recreational and commercial power
catamaran industry. We currently have 13 gas-powered models in production ranging in size from our 20-foot mono hull, single engine,
center console to our newly designed 40-foot offshore 400 GFX catamaran, quad engines. While our twin-hull catamaran running surface,
known as a symmetrical catamaran hull design, adds to the Twin Vee ride quality by reducing drag, increasing fuel efficiency, and
offering users a stable riding boat, our new mono hull line represents the largest portion of the overall market.
We have organized our business into three operating
segments: (i) our gas-powered boat segment which manufactures and distributes gas-powered boats under the Twin Vee and AquaSport
names; (ii) our electric-powered boat segment which is developing fully electric boats, through our majority owned subsidiary,
Forza X1, Inc., a Delaware corporation (“Forza”) and (iii) our franchise segment which is developing a standard product
offering and will be selling franchises across the United States through our wholly owned subsidiary, Fix My Boat, Inc., a Delaware
corporation.
Our gas-powered boats allow consumers to use
them for a wide range of recreational activities including fishing, diving and water skiing and commercial activities including
transportation, eco tours, fishing and diving expeditions. We believe that the performance, quality and value of our boats position
us to achieve our goal of increasing our market share and expanding the power catamaran boating market. We currently primarily
sell our boats through a current network of 23 independent boat dealers in 37 locations across North America and the Caribbean
who resell our boats to the end user Twin Vee and AquaSport customers. We continue recruiting efforts for high quality boat dealers
and seek to establish new dealers and distributors domestically and internationally to distribute our boats as we grow our production
and introduce new models. Our gas-powered boats are currently outfitted with gas-powered outboard combustion engines.
Due to the growing demand for sustainable,
environmentally friendly electric and alternative fuel commercial and recreational vehicles, Forza, is designing and developing
a line of electric-powered boats. Our electric boats are being designed as fully integrated electric boats including the hull,
outboard motor and control system. To date, Forza X1 has built-out and tested multiple Forza company units, including: three offshore-style
catamarans, two bay boat-style catamarans, one deck boat and three 22-foot center console (F22) monohulls. In addition, Forza has
also electrified a pontoon boat for a major national pontoon manufacturer. We are in the process of an additional pontoon electrification
project and are building an additional five monohulls. Each build cycle includes improvements and involves extensive duration and
performance testing. The engine design and lower units and the control systems are continuously improved with each iteration. Cooling
system improvements have also been prioritized and have yielded a myriad of benefits to runtime, speed, and range. We continue
to iterate the engine design, including value engineering of parts and lightweighting of engine components. We are experimenting
with our first 300 HP stacked motor design. We anticipate revenues from the sale of these fully integrated electric boats and motors
to commence in late 2023. Forza will continue to build prototype engines and boats for the next six to nine months.
During the second quarter of 2023, we saw a
small decrease in demand of our productions. Our company’s objectives have been to add new, larger boat models to our GFX
lineup, expand our dealers and distribution network, and increase unit production to fulfill our customer and dealer orders. We
have now added our monohull line, shipping our first model of the monohull, the 22 foot, in February of 2023. We have increased
our sales by 18% for the first six months of 2023, compared to 2022, shipping 129 boats compared to 96 in 2022, a 33% increase.
The average selling price of our units did decrease by 13%, in the first six month of 2023 down to approximately $132,000. This
is due to the inclusion of our monohull boats which have an average selling price of approximately $60,000 per unit.
We are monitoring the overall market carefully,
the addition of the monohull boat accounted for 17% of our total sales in the first six months. We anticipate that sales of the
monohull will continue to increase,
As we move forward, we anticipate our operating
income to be breakeven for our core gas-powered boat segment, as we bring our new Tennessee facility on line, however, our electric
boat division will continue to incur losses as we continue to develop our fully integrated electric boats, which includes research
and development efforts.
Recent Developments
On April 20, 2023 we incorporated AquaSport
Co., a wholly owned subsidiary, in the state of Florida in connection with our plan to lease the AQUASPORT™ boat brand and
manufacturing facility in White Bluff Tennessee. On May 5, 2023, we and AquaSport Co. entered into an agreement with Ebbtide Corporation
(“Ebbtide”) providing AquaSport Co. with the right to acquire assets, AQUASPORT™ boat brand, trademarks, 150,000-square-foot
manufacturing facility situated on 18.5 acres in White Bluff Tennessee, related tooling, molds, and equipment to build five Aquasport
models ranging in size from 21 to 25-foot boats (the “AquaSport Assets”).
Under the agreement, AquaSport Co. has the
right to purchase the AquaSport assets from Ebbtide for $3,100,000 during the five-year term of the Agreement (or extension period),
less credit for a $300,000.00 security deposit paid by us and $16,000 a month for any rent paid under the Agreement by AquaSport
Co. to Ebbtide. AquaSport Co. will lease the AquaSport assets from Ebbtide under the agreement at a monthly rent of $22,000 pending
AquaSport Co.’s acquisition of the AquaSport assets. The lease is for a term of five years, commencing June 1, 2023, with
one option to renew the lease for an additional five years.
Results of Operations
Comparison of the Three Months Ended June 30, 2023 and 2022
The following table provides certain selected financial information
for the periods presented:
|
|
Three Months Ended |
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
% Change |
Net sales |
|
$ |
8,124,632 |
|
|
$ |
8,519,613 |
|
|
$ |
(394,981 |
) |
|
|
(5 |
%) |
Cost of products sold |
|
$ |
5,864,170 |
|
|
$ |
5,072,401 |
|
|
$ |
791,769 |
|
|
|
16 |
% |
Gross profit |
|
$ |
2,260,462 |
|
|
$ |
3,447,212 |
|
|
$ |
(1,186,750 |
) |
|
|
(34 |
%) |
Operating expenses |
|
$ |
5,304,689 |
|
|
$ |
3,919,191 |
|
|
$ |
1,385,498 |
|
|
|
35 |
% |
Loss from Operations |
|
$ |
(3,044,227 |
) |
|
$ |
(471,979 |
) |
|
$ |
(2,572,248 |
) |
|
|
545 |
% |
Other income (expense) |
|
$ |
1,140,484 |
|
|
$ |
(66,803 |
) |
|
$ |
1,207,287 |
|
|
|
(1,807 |
%) |
Net loss |
|
$ |
(1,903,743 |
) |
|
$ |
(538,782 |
) |
|
$ |
(1,364,961 |
) |
|
|
253 |
% |
Net loss per common share: Basic and Diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.06 |
) |
|
|
82 |
% |
Weighted average number of common shares outstanding: Basic and diluted |
|
|
9,520,000 |
|
|
|
7,000,000 |
|
|
|
|
|
|
|
|
|
Net Sales and Cost Sales
Our net sales decreased $394,981, or 5% to
$8,124,632 for the three months ended June 30, 2023 from $8,519,613 for the three months ended June 30, 2022. This decrease was
due to an increase in the number of monohull boats sold and a decrease in the multi hull boats, with a much higher average price,
during the three months ended June 30, 2023. The number of our boats sold during the three months ended June 30, 2023 increased
34% over the three months ended June 30, 2022. Additionally, we increased our discounts and rebates, to move the boats from the
factory to retail customers.
Gross Profit
Gross profits decreased by $1,186,750 or 34% to $2,260,462
for the three months ended June 30, 2023 from $3,447,212 for the three months ended June 30, 2022. Gross profit as a percentage of sales,
for the three months ended June 30, 2023 and 2022 as 28% and 40% respectively. The model mix has changed significantly in the second quarter,
shifting from our traditional catamarans to our new 220 monohulls. This has put downward pressure on our gross profits for the quarter.
The Company is just entering into the monohull market which is highly competitive. As the company moves forward the model mix between
mono and catamarans will have an impact on our gross profit.
Total Operating Expenses
Our total operating expenses for the three months
ended June 30, 2023 and 2022 were $5,304,689 and $3,919,191 respectively. Operating expenses as a percentage of sales were 65% compared
to 46% in the prior year. Our total operating expenses, for our gas-powered boat segment, for the three months ended June 30, 2023 and
2022 were $3,692,199 and $3,356,381 respectively. Our total operating expenses for Forza, our electric powered boat and development segment,
for the three months ended June 30, 2023 and 2022 were $1,578,722 and $555,087, respectively.
Selling, general and administrative expenses
increased by approximately 43%, or $276,686 to $914,430 for the three months ended June 30, 2023, compared to $637,744 for the
three months ended June 30, 2022. Increased costs in liability and workman’s compensation insurance, were $30,682. These
insurance charges increase based on employment level and sales revenue, both of which have increased significantly quarter over
quarter. Another $89,029 was due to Forza now carrying cost of being publicly traded. Our sales and marketing expenses for the
quarter increased $111,835, this is due to the promotion of our products, and the hiring of our marketing team. The need for a
strong sales and marketing team has increased due to the addition of Forza, AquaSport and new models for Twin Vee. Our travel expenses
increased approximately $36,004 primarily due to Forza’s remote workforce being required to travel for development and testing,
and travel to Italy to explore a battery partnership. Hiring expenses increased $42,188 primarily due to Forza’s utilization
of a recruiting firm to hire specialized engineers. Lastly our dues and subscriptions increased $36,099, we have implemented a
new ERP system that requires a monthly subscription fee, as well as engineering software that is being utilized by Forza. These
increases were offset by decreased expenses related to Directors and Officers insurance of $227,632. The market has improved significantly
for this insurance, and we are no longer a brand new publicly traded firm.
Salaries and wages related expenses increased
by approximately 23%, or $633,638 to $3,426,919 for the three months ended June 30, 2023, compared to $2,793,281 for the three
months ended June 30, 2022. The majority of the increase is due to Forza’s additional staff and benefits, this accounted
for $567,975 of the increase. Included in salaries and wage related expenses for the three months ended June 30, 2023 was stock
based compensation expense of $489,360, Forza’s portion of that expense was $341,817, which was an increase of $341,817.
Twin Vee’s stock based compensation for the three months ended June 30, 2023 decreased $237,379 compared to the three months
ended June 30, 2022. Forza now has a board of director and the fees associated with the board were $25,875 for the three months
ended June 30, compared to $0, for the three months ended June 30, 2022. We have added a full package of benefits for our employees,
in order to retain our quality employees, which resulted in an increase of $54,553. The remaining increase in salaries and wages
during the three months ended June 30, 2023 is associated with taxes.
Research and development expenses increased
by $86,666, or 50% to $261,473 for the three months ended June 30, 2023, from $174,807 for the three months ended June 30, 2022.
Part of the use of proceeds from our initial public offering (“IPO”), was the development of an electric boat and an
electric motor.
Professional fees increased by 116%, or $223,763
to $417,305 for the three months ended June 30, 2023, compared to $193,542 for the three months ended 2022. This increase was also
due to the additional costs we incurred associated with Forza being public. We engaged the services of an outside financial consultant,
as well as an audit firm for quarterly reporting and SEC legal counsel to fulfill our public company reporting obligations.
Depreciation and amortization expense increased by
137%, or $164,745 to $284,562 for the three months ended June 30, 2023, compared to $119,817 for the three months ended 2022. This increase
is due to the addition of fixed assets, primarily molds, to increase our production levels and throughput.
Our other income increased by $1,207,287 to $1,140,484
for the three months ended June 30, 2023, compared to an expense of $66,803 for the three months ended, 2022. We received $937,482 of
government grant income, due to the Employee Retention Credit. Our dividend income increased by $252,889.
Net Loss
Net loss for the three months ended June 30, 2023
was $1,903,743, compared to $538,782 for the three months ended June 30, 2022, and increase of $1,364,961. Our electric segment, which
does not generate any revenue, at this time, incurred a loss of $1,483,653, for the three months ended June 30, 2023, related to research
and development. Our gas-powered segment incurred a loss of $233,841 for the three months ended June 30, 2023, this was due to the addition
of the AquaSport facility starting to incur expense but not yet generating revenue. Basic and dilutive loss per share of common stock
for the three months ended June 30, 2023 was ($0.14) compared to ($0.08) for the three months ended June 30, 2022.
Comparison of the Six Months Ended June 30, 2023 and 2022
The following table provides certain selected financial information
for the periods presented:
|
|
Six months ended |
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
% Change |
Net sales |
|
$ |
17,001,847 |
|
|
$ |
14,405,613 |
|
|
$ |
2,596,234 |
|
|
|
18 |
% |
Cost of products sold |
|
$ |
11,519,555 |
|
|
$ |
8,524,047 |
|
|
$ |
2,995,508 |
|
|
|
35 |
% |
Gross profit |
|
$ |
5,482,292 |
|
|
$ |
5,881,566 |
|
|
$ |
(399,274 |
) |
|
|
(7 |
%) |
Operating expenses |
|
$ |
10,896,042 |
|
|
$ |
7,401,698 |
|
|
$ |
3,494,344 |
|
|
|
47 |
% |
Loss from operations |
|
$ |
(5,413,750 |
) |
|
$ |
(1,520,132 |
) |
|
$ |
(3,893,618 |
) |
|
|
256 |
% |
Other expense |
|
$ |
(1,681,542 |
) |
|
$ |
209,967 |
|
|
$ |
(1,891,509 |
) |
|
|
(901 |
%) |
Net loss |
|
$ |
(3,732,208 |
) |
|
$ |
(1,730,099 |
) |
|
$ |
(2,002,109 |
) |
|
|
116 |
% |
Basic and dilutive income per share of common stock |
|
$ |
(0.26 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.01 |
) |
|
|
6 |
% |
Weighted average number of shares of common stock outstanding |
|
|
9,520,000 |
|
|
|
7,000,000 |
|
|
|
|
|
|
|
|
|
Net Sales and Cost Sales
Our net sales increased $2,596,234, or 18%
to $17,001,847 for the six months ended June 30, 2023 from $14,405,613 for the six months ended June 30, 2022. This increase was
due to an increase in the number of boats sold during the six months ended June 30, 2023. The number of our boats sold during the
six months ended June 30, 2023 increased 34% over the six months ended June 30, 2022, due to our increased production plan, enabling
us to produce more boats during the quarter. Additionally, we have increased discounts and rebates, to help move boats through
to retail customers.
Gross Profit
Gross profits decreased by $399,274, or 7%
to $5,482,292 for the six months ended June 30, 2023 from $5,881,566 for the six months ended June 30, 2022. Gross profit as a
percentage of sales, for the six months ended June 30, 2023 and 2022 as 32% and 41% respectively. The model mix changed significantly
in the second quarter, shifting from our traditional catamarans to our new 220 monohulls. This has put downward pressure on our
gross profits for the quarter. The Company is just entering into the monohull market which is highly competitive. As the company
moves forward the model mix between mono and catamarans will have an impact on our gross profit.
Total Operating Expenses
Our total operating expenses for the six months ended
June 30, 2023 and 2022 were $10,896,042 and $7,401,698 respectively. Operating expenses as a percentage of net sales were 64% compared
to 51% in the prior year. Our total operating expenses, for our gas-powered boat segment, for the six months ended June 30, 2023 and 2022
were $7,236,112 and $6,309,997 respectively. Our gas-powered segment, operating expenses as a percentage of net sales were 43% compared
to 44% in the prior year. Our total operating expenses for Forza, our electric powered boat and development segment, for the six months
ended June 30, 2023 and 2022 were $3,658,531 and $1,057,723, respectively.
Selling, general and administrative expenses
increased by approximately 47%, or $617,055 to $1,937,120 for the six months ended June 30, 2023, compared to $1,320,065 for the
six months ended June 30, 2022. Increased costs in liability and workman’s compensation insurance, were $98,371. These insurance
charges increase based on your employment level and sales revenue, both of which have increased significantly for the six months
ended June 30, 2023. Another $167,920 was due to Forza now carrying cost of being publicly traded. Our sales and marketing expenses
for the period ended June 30, 2023, increased $221,947,
this is due to the promotion of our products, to include our new AquaSport
brand, as well as production of marketing material which include photo and video shoots. The need for a strong sales and marketing
team has increased due to the addition of Forza, AquaSport and new models for Twin Vee. Our travel expenses increased approximately
$117,477 primarily due to Forza’s remote workforce being required to travel for development and testing, Forza further had
two international trips, one to promote their electric boat and one to explore a battery partnership. Hiring expenses increased
$83,800 primarily due to Forza’s utilization of a recruiting firm to hire two specialized engineers. Lastly our dues and
subscriptions increased $84,539, we have implemented a new ERP system that requires a monthly subscription fee, as well as engineering
software that is being utilized by Forza. These increases were offset by decreased expenses related to Directors and Officers insurance
for Twin Vee of $224,590. The market has improved significantly for this insurance, and we are no longer a brand new publicly traded
firm.
Salaries and wages related expenses increased
by approximately 34%, or $1,729,850 to $6,776,941 for the six months ended June 30, 2023, compared to $5,047,091 for the six months
ended June 30, 2022. Salaries and wages related expenses related to Forza increase $1,248,453. Included in salaries and wage related
expenses for the six months ended June 30, 2023 was stock based compensation expense of $972,325, which was an increase of $445,601
compared to the six months ended June 30, 2022, $682,980 of the stock based compensation is attributed to Forza. Forza now has
a board of director and the fees associated with the board were $51,750 for the six months ended June 30, 2023, compared to $0,
for the six months ended June 30, 2022. We have added a full package of benefits for our employees, in order to retain our quality
employees, which resulted in an increase of $132,027. The remaining increase in salaries and wages during the six months ended
June 30, 2023 is associated with taxes.
Research and development expenses increased
by $567,769, or 143% to $964,121 for the six months ended June 30, 2023, from $396,352 for the six months ended June 30, 2022.
Part of the use of proceeds from our IPO, was the development of an electric boat and an electric motor.
Professional fees increased by 63%, or $272,741
to $715,022 for the six months ended June 30, 2023, compared to $438,281 for the six months ended 2022. This increase was also
due to the additional costs we incurred associated with Forza being public. We engaged the services of an outside financial consultant,for
quarterly reporting and SEC legal counsel and our audit firm to fulfill our public company reporting obligations.
Depreciation and amortization expense increased by
152%, or $302,929 to $502,838 for the six months ended June 30, 2023, compared to $199,909 for the six months ended 2022. This increase
is due to the addition of fixed assets, primarily molds, to increase our production levels and throughput.
Our other income increased by $1,891,509 to $1,681,542
for the six months ended June 30, 2023, compared to an expense of $209,967 for the six months ended, 2022. We received $1,267,055 of government
grant income, due to the Employee Retention Credit. Our dividend income increased by $487,399.
Net Loss
Net loss for the six months ended June 30, 202 was
$3,732,208, compared to $1,730,099 for the six months ended June 30, 2022, an increase of $2,002,109. Our electric segment, which does
not generate any revenue, at this time, incurred a loss of $3,488,786, for the six months ended June 30, 2023, related to research and
development. Our gas-powered segment incurred a loss of $233,841 for the six months ended June 30, 2023, this was due to the addition
of the AquaSport facility starting to incur expense but not yet generating revenue. Basic and dilutive loss per share of common stock
for the six months ended June 30, 2023 was ($0.26) compared to ($0.25) for the six months ended June 30, 2022.
Liquidity and Capital Resources
A primary source of funds for the year ended
December 31, 2022 and through June 30, 2023 was net cash received from our secondary offering, as well as Forza’s initial
public and secondary offering and revenue generated from operations. Our primary use of cash was related to funding the expansion
of our operations through capital improvements, adding staff and increasing inventory levels to meet the increase in demand for
our products. With uncertainty on component availability, prolonged lead time and rising prices, we have been adding to our inventory
far earlier than in previous years.
The following table provides selected financial
data about us as of June 30, 2023 and December 31, 2022.
| |
June 30, | |
December 31, | |
| |
|
| |
2023 | |
2022 | |
Change | |
% Change |
Cash, cash equivalents and restricted cash | |
$ | 26,337,127 | | |
$ | 23,501,007 | | |
$ | 2,836,120 | | |
| 12.1 | % |
Current assets | |
$ | 33,938,100 | | |
$ | 29,887,529 | | |
$ | 4,050,571 | | |
| 13.6 | % |
Current liabilities | |
$ | 4,511,968 | | |
$ | 3,791,063 | | |
$ | 720,905 | | |
| 19.0 | % |
Working capital | |
$ | 29,426,132 | | |
$ | 26,096,466 | | |
$ | 3,329,666 | | |
| 12.8 | % |
As of June 30, 2023, we had $26,337,127 of
cash, cash equivalents and restricted cash and $1,947,397 of marketable securities, total current assets of $33,938,100, and total
assets of $45,528,480. Our total liabilities were $8,391,922. Our total liabilities were comprised of current liabilities of $4,511,968
which included accounts payable and accrued liabilities of $3,657,890, current portion of operating leases right of use liability
of $493,056, finance leases liability of $178,687, contract liability of $182,335 and long-term liabilities of $3,879,954. As of
December 31, 2022, we had $26,428,525 of cash, cash equivalents, restricted cash and marketable securities, total current assets
of $29,887,529 and total assets of $38,231,480. Our total current liabilities were $3,791,063 and total liabilities of $5,210,591
which included long-term operating leases liabilities for the lease of our facility.
The accumulated deficit was $9,622,733 as of June 30, 2023 compared
to accumulated deficit of $7,154,808 as of December 31, 2022.
Our working capital increased by $3,329,666
to $29,426,132 as of June 30, 2023, compared to $26,096,466 on December 31, 2022, this is attributable to the public offering the
Forza completed in June of 2023.
We believe that our cash and cash equivalents
will provide sufficient resources to finance operations for the next 12 months from the date of the filing of this Quarterly Report
on Form 10-Q. In addition to cash, cash equivalents and marketable securities, we anticipate that we will be able to rely, in part,
on cash flows from operations in order to meet our liquidity and capital expenditure needs in the next year. We do anticipate Forza’s
expenses to increase during the next two years as it constructs its planned manufacturing facility in McDowell, North Carolina,
the cost of which we expect will be paid for through the proceeds of Forza’s public offerings, and certain grant funding,
provided the conditions to receipt of the grant funding are met, of which there can be no assurance.
Cash Flow
| |
Six Months Ended | |
| |
|
| |
June 30, | |
| |
|
| |
2023 | |
2022 | |
Change | |
% Change |
Cash used in operating activities | |
$ | (3,430,097 | ) | |
$ | (1,196,245 | ) | |
$ | (2,233,852 | ) | |
| (187 | %) |
Cash (used in) provided by investing activities | |
$ | (655,669 | ) | |
$ | 273,105 | | |
$ | (928,774 | ) | |
| (340 | %) |
Cash provided by (used in) financing activities | |
$ | 6,921,886 | | |
$ | (141,629 | ) | |
$ | 7,063,515 | | |
| (4,987 | %) |
Cash, cash equivalents and restricted cash at end of period | |
$ | 26,337,127 | | |
$ | 5,910,527 | | |
$ | 20,426,594 | | |
| 346 | % |
Cash Flow from Operating Activities
For the six months ended June 30, 2023, net
cash flows used in operating activities was $3,430,097 compared to $1,196,245 during the six months ended June 30, 2022. We have
increased inventory levels by $1,568,148, due to opening the AquaSport production facility and adding two additional engine suppliers,
this is further emphasized by our production ramp up, and added models. Accounts receivable increased by $555,966. Accounts payable
increased $399,720. Our accrued liabilities increased $48,279 and prepaid expenses decreased $427,666. Our net loss from operation
was $3,732,208, was decreased by non-cash expenses of $1,675,308, primarily due to stock-based compensation of $972,325, change
of right-of-use asset and leases liabilities of $236,712, net change in fair value of marketable securities of $3,077 and depreciation
of $502,840.
Cash Flow from Investing Activities
During the six months ended June 30, 2023,
we used $655,669 in investment activities, compared to $273,105 provided by investment activities during the six months ended June
30, 2022. We invested $1,597,208 in the purchase of property and equipment, primarily for new model boat molds of approximately
$379,000, leasehold improvements of approximately $90,000, new production equipment of approximately $338,000, new vehicles of
approximately $49,000, new computers, software and furniture of approximately $156,000, and assets under construction of approximately
$585,000. We had proceeds from the sale of investments of approximately $983,198, and we paid $15,000 in security deposits for
the new AquaSport facility.
Cash Flows from Financing Activities
For the six months ended June 30, 2023,
net cash provided by financing activities was approximately $6,921,886 compared to net cash used in financing activities of $141,629
for the six months ended June 30, 2022. The cash flow from financing activities for the six months ended
June 30, 2023 included net proceeds of $6,996,015 and deferred offering cost of $66,463 from a follow on underwritten public offering
in June 2023. Additional cash used for financing activities of $7,666 was due
from equipment financing. Cash used in financing for the six months ended June 30,2022, was $141,629 for deferred offering costs.
CRITICAL ACCOUNTING ESTIMATES
We believe that several accounting policies
are important to understanding our historical and future performance. We refer to these policies as “critical” because
these specific areas generally require us to make judgments and estimates about matters that are uncertain at the time we make
the estimate, and different estimates—which also would have been reasonable—could have been used, which would have
resulted in different financial results.
Our management’s discussion and analysis
of financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared
in accordance with U.S. GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates
and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent
assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and make various assumptions,
which management believes to be reasonable under the circumstances, which form the basis for judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions or conditions.
The notes to our condensed consolidated financial
statements contained herein contain a summary of our significant accounting policies. We consider the following accounting policies
critical to the understanding of the results of our operations:
Revenue Recognition
The Company’s revenue is derived
primarily from the sale of boats, motors and trailers to its independent dealers. The Company recognizes revenue when obligations
under the terms of a contract are satisfied and control over promised goods is transferred to the dealer. For the majority of sales,
this occurs when the product is released to the carrier responsible for transporting it to a dealer. The Company typically receives
payment within five business days of shipment. Revenue is measured as the amount of consideration it expects to receive in exchange
for a product. The Company offers dealer incentives that include wholesale rebates, retail rebates and promotions, floor plan reimbursement
or cash discounts, and other allowances that are recorded as reductions of revenues in net sales in the statements of operations.
The consideration recognized represents the amount specified in a contract with a customer, net of estimated incentives the Company
reasonably expects to pay. The estimated liability and reduction in revenue for dealer incentives is recorded at the time of sale.
Subsequent adjustments to incentive estimates are possible because actual results may differ from these estimates if conditions
dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from
historical trends. Accrued dealer incentives are included in accrued liabilities in the accompanying consolidated balance sheets.
Payment received for the future sale
of a boat to a customer is recognized as a customer deposit. Customer deposits are recognized as revenue when control over promised
goods is transferred to the customer.
Use of Estimates
The preparation of financial statements in
conformity with accounting principles generally accepted in the United States “U.S. GAAP” requires management to make
estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those
estimates. Included in those estimates are assumptions about allowances for inventory obsolescence, useful life of fixed assets,
warranty reserves and bad-debt reserves.
Inventories
Inventories are stated at the lower of cost
or net realizable value using the first-in, first-out (FIFO) method. Net realizable value is defined as sales price less cost of
completion, disposable and transportation and a normal profit margin. Production costs, consisting of labor and overhead, are applied
to ending finished goods inventories at a rate based on estimated production capacity. Excess production costs are charged to cost
of products sold. Provisions are made when necessary to reduce excess or obsolete inventories to their net realizable value.
Impairment of
Long-Lived Assets
Management assesses the recoverability of its
long-lived assets when indicators of impairment are present. If such indicators are present, recoverability of these assets is
determined by comparing the undiscounted net cash flows estimated to result from those assets over the remaining life to the assets’
net carrying amounts. If the estimated undiscounted net cash flows are less than the net carrying amount, the assets would be adjusted
to their fair value, based on appraisal or the present value of the undiscounted net cash flows.
Product Warranty Costs
As required by FASB ASC Topic 460, Guarantees,
we are including the following disclosure applicable to our product warranties.
We accrue for warranty costs based on the expected
material and labor costs to provide warranty replacement products. The methodology used in determining the liability for warranty
cost is based upon historical information and experience. Our warranty reserve is calculated as the gross sales multiplied by the
historical warranty expense return rate.
Leases
We adopted FASB Accounting Standards Update
(“ASU”) No. 2016-02, Leases (“Topic 842”), using the modified retrospective adoption method
with an effective date of January 1, 2019. This standard requires all lessees to recognize a right-of-use asset and a lease liability,
initially measured at the present value of the lease payments.
Under Topic 842, we applied a dual approach
to all leases whereby we are a lessee and classify leases as either finance or operating leases based on the principle of whether
or not the lease is effectively a financed purchase by us. Lease classification is evaluated at the inception of the lease agreement.
Deferred Income Taxes and Valuation Allowance
We account for income taxes under ASC 740 “Income
Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided
for certain deferred tax assets if it is more likely than not that we will not realize tax assets through future operations.
OFF-BALANCE SHEET ARRANGEMENTS
We did not have during the periods presented, and we do not currently
have, any off-balance sheet arrangements, as defined under SEC rules.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
We are a smaller reporting company as defined
by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our
Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of
June 30, 2023. The term “disclosure controls and procedures,” as defined in Rules 13a-15I and 15d-15I under
the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be
disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that
it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal
executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding
required disclosure. We have adopted and maintain disclosure controls and procedures (as defined Rules 13a-15I and 15d-15I under
the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in the reports filed
under the Exchange Act, such as this Quarterly Report on Form 10-Q, is collected, recorded, processed, summarized, and reported
within the time periods specified in the rules of the SEC. Our disclosure controls and procedures are also designed to ensure
that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. Management
recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of
achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible
controls and procedures. Based on the evaluation of our disclosure controls and procedures as of June 30, 2023, our Chief Executive
Officer and Chief Financial Officer concluded that, as of such a date, our disclosure controls and procedures were not effective
due to the material weaknesses in our internal control over financial reporting, related
to not yet having retained sufficient staff or engaged sufficient outside consultants with appropriate experience in GAAP
presentation, especially of complex instruments.
Remediation Plan
Management has developed
and is executing a remediation plan to address the previously disclosed material weaknesses, due to inadequate staffing levels.
We have retained a full-time Controller and a Staff Accountant; we have selected and have recently implemented a robust operating
system, and we are utilizing the assistance of outside advisors where appropriate.
To remediate the existing
material weaknesses, additional time is required to demonstrate the effectiveness of the remediation efforts. The material weaknesses
cannot be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has
concluded, through testing, that these controls are operating effectively. As of June 30, 2023, controls and procedures have been
implemented to remediate the material weakness, however testing of controls continues.
Changes in Internal Control over Financial
Reporting
During the six months ended June 30, 2023,
we hired replacement staff in our finance department and are developing and refining our controls and other producers that are
designed to ensure that information required to be disclosed by us in the reports that we file with the SEC are recorded, processed,
summarized and reported within the time periods specified in SEC rules and in accordance with GAAP.
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
From time to time, we may become involved in
legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal
proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business,
operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because
of defense and settlement costs, diversion of management resources and other factors.
ITEM 1A. RISK FACTORS.
Investing in our securities
involves a high degree of risk. You should consider carefully the following risks, together with all the other information in this
Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and notes thereto. If any of the following
risks actually materializes, our operating results, financial condition and liquidity could be materially adversely affected. The
following information updates, and should be read in conjunction with, the information disclosed in Part I, Item 1A, ”Risk
Factors,” contained in our Annual Report on Form 10-K for the year ended December 31, 2022. Except as disclosed
below, there have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended
December 31, 2022.
We have incurred losses for the
quarter ended June 30, 2023 and the year ended December 31, 2022 and could continue to incur losses in the future.
For the year ended December 31, 2022, we incurred
a loss from operations of $6,021,707 and a net loss of $5,793,414. For the six months ended June 30, 2023, we incurred a loss from
operations of $5,380,260 and a net loss of $3,698,718. As of June 30, 2023, we had an accumulated deficit of approximately $9.7
million. There can be no assurance that expenses will not continue to increase in future periods or that the cash generated from
operations in future periods will be sufficient to satisfy our operating needs and to generate income from operations and net income.
The capacity
of the manufacturing facility that we and Forza utilize will not be sufficient to support our future growth and business plans.
We
are currently operating close to full capacity at our current manufacturing facility in Fort Pierce. Forza plans to manufacture
its electric boats at a new state of the art carbon neutral factory that it plans to build in McDowell County, North Carolina.
Until we are able to expand our manufacturing capacity and Forza is able to build the planned manufacturing facility, we will
continue to share our current manufacturing facility with Forza, which has a limited capacity and may not be able to satisfy our
and their manufacturing needs. Any facility that we build will require a significant capital investment and is expected to take
at least one to two years to build and become fully operational. As a result of limited capacity at our facility, Forza’s
ability to produce any boats will be limited to the available capacity of our facility until Forza’s future manufacturing
facility is operational. If capacity is not available, Forza will not be able to produce its electric boats as planned.
In
addition. Forza intends to utilize grant funding to pay for certain costs associated with the building of its manufacturing facility.
On July 28, 2022, we received notice that the North Carolina Economic investment committee has approved a Job Development Investment
Grant (“JDIG”) providing for reimbursement to us of up to $1,367,100 over a twelve-year period to establish a new
manufacturing plant in McDowell County, North Carolina. The receipt of grant funding is conditioned upon Forza investing over
$10.5 million in land, buildings and fixtures, infrastructure and machinery and equipment by the end of 2025 and Forza creating
as many as 170 jobs. There can be no assurance that Forza will meet the conditions necessary to receive the grant funding.
Changes in general economic conditions,
geopolitical conditions, domestic and foreign trade policies, monetary policies and other factors beyond our control may adversely
impact our business and operating results.
Our operations and performance depend on global,
regional and U.S. economic and geopolitical conditions. General worldwide economic conditions have experienced significant instability
in recent years including the recent global economic uncertainty and financial market conditions. Russia’s invasion and military
attacks on Ukraine have triggered significant sanctions from U.S. and European leaders and financial markets around the world experienced
volatility following the invasion of Ukraine by Russia in February 2022. Resulting changes in U.S. trade policy could trigger retaliatory
actions by Russia, its allies and other affected countries, including China, resulting in a “trade war.” Furthermore,
if other countries, including the U.S., become further involved in the conflict, we could face significant adverse effects to our
business and financial condition.
The uncertain financial markets, disruptions
in supply chains, mobility restraints, and changing priorities as well as volatile asset values could impact our business in the
future. The COVID-19 outbreak and government measures taken in response to the pandemic have also had a significant impact, both
direct and indirect, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities
and production have been suspended; and demand for certain goods and services, such as medical services and supplies, have spiked,
while demand for other goods and services, such as travel, have fallen. The future progression of the pandemic and its effects
on our business and operations are uncertain. In addition, the outbreak of a pandemic could disrupt our operations due to
absenteeism by infected or ill members of management or other employees, or absenteeism by members of management and other employees
who elect not to come to work due to the illness affecting others in our office or laboratory facilities, or due to quarantines.
Pandemics could also impact members of our Board of Directors resulting in absenteeism from meetings of the directors or committees
of directors, and making it more difficult to convene the quorums of the full Board of Directors or its committees needed to conduct
meetings for the management of our affairs.
Further, due to increasing inflation, operating
costs for many businesses including ours have increased and, in the future, could impact demand or pricing manufacturing of our
drug candidates or services providers, foreign exchange rates or employee wages. Inflation rates, particularly in the United
States, have increased recently to levels not seen in years, and increased inflation may result in increases in our operating costs
(including our labor costs), reduced liquidity and limits on our ability to access credit or otherwise raise capital. In addition,
the Federal Reserve has raised, and may again raise, interest rates in response to concerns about inflation, which coupled with
reduced government spending and volatility in financial markets may have the effect of further increasing economic uncertainty
and heightening these risks.
Actual events involving reduced or limited
liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the
financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds,
have in the past and may in the future lead to market-wide liquidity problems. For example, on March 10, 2023, Silicon Valley Bank,
was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation
as receiver. Although we did not have any cash or cash equivalent balances on deposit with Silicon Valley Bank, uncertainty and
liquidity concerns in the broader financial services industry remain and the failure of Silicon Valley Bank and its potential near-
and long-term effects on the biotechnology industry and its participants such as our vendors, suppliers, and investors, may also
adversely affect our operations and stock price.
We are actively monitoring the effects these
disruptions and increasing inflation could have on our operations.
These conditions make it extremely difficult
for us to accurately forecast and plan future business activities.
We depend on
our network of independent dealers for our gas-powered boats, face increasing competition for dealers, and have little control
over their activities.
A significant portion
of our sales of our gas-powered boats are derived from our network of independent dealers. We typically manufacture our gas-powered
boats based upon indications of interest received from dealers who are not contractually obligated to purchase any boats. While
our dealers typically have purchased all of the boats for which they have provided us with indications of interest, it is possible
that a dealer could choose not to purchase boats for which it has provided an indication of interest (e.g., if it were to have
reached the credit limit on its floor plan), and as a result we once experienced, and in the future could experience, excess inventory
and costs. For the six months ended June 30, 2023, our top three dealers accounted for approximately 36% of our consolidated revenues.
During the six months ended June 30, 2023, one individual dealer had sales of over 10% of our total sales, that dealer
represented 20% of total sales. The loss of a significant dealer could have a material adverse effect on our financial condition
and results of operations. The number of dealers supporting our products and the quality of their marketing and servicing efforts
are essential to our ability to generate sales. Competition for dealers among other boat manufacturers continues to increase based
on the quality, price, value, and availability of the manufacturers’ products, the manufacturers’ attention to customer
service, and the marketing support that the manufacturer provides to the dealers. We face intense competition from other boat manufacturers
in attracting and retaining dealers, affecting our ability to attract or retain relationships with qualified and successful dealers.
Although our management believes that the quality of our products in the performance sport boat industry should permit us to maintain
our relationships with our dealers and our market share position, there can be no assurance that we will be able to maintain or
improve our relationships with our dealers or our market share position. In addition, independent dealers in the boating industry
have experienced significant consolidation in recent years, which could result in the loss of one or more of our dealers in the
future if the surviving entity in any such consolidation purchases similar products from a competitor. A substantial deterioration
in the number of dealers or the quality of our network of dealers would have a material adverse effect on our business, financial
condition, and results of operations.
The
loss of one or a few dealers could have a material adverse effect on us.
A few dealers have
in the past, and may in the future, account for a significant portion of our revenues in any one year or over a period
of several consecutive years. For example, during the six months ended June 30, 2023, one individual dealers had sales
of over 10% of our total sales, and that dealers represented 20% of total sales. During the six months ended June 30, 2022,
three dealers represented 36% of our sales. The loss of business from a significant dealer could have a material adverse effect
on our business, financial condition, results of operations and cash flows.
Forza’s planned fully electric
sport boat has not yet been developed, and even if developed, interest in it may not develop.
Forza has completed the design and is testing
it first monohull sport boat. There can be no assurance that Forza will be able to complete testing of their product when anticipated,
if at all, that we will be able to mass produce the electric boats or that the anticipated features or services to be included
in the electric boat will create substantial interest or a market, and therefore Forza’s anticipated product, its sales and
growth for our product may not develop as expected, or at all. For example, in May 2021 we experienced a small fire in connection
with the sea trial of a prototype of our electric boat which resulted in a six-month delay in our design timetable as we implemented
changes to the design for outboard electric motor system as a result of the fire. We cannot guarantee that similar events will
not occur in the future, or that we will be able to contain such events without damage or delay. Even if such a market for the
electric sport boat develops, there can be no assurance that Forza would be able to maintain that market.
Forza’s operations to date have been
primarily limited to finalizing the design and engineering of its electric sport boat as well as organizing and staffing Forza
in preparation for launching the electric boat. As such, Forza has not yet demonstrated, and the success of Forza is wholly dependent
upon, its ability to commercialize its products. The successful commercialization of any products will require us to perform a
variety of functions, including:
|
● |
completing the design and testing for the electric sport boat and Forza’s proprietary outboard electric motor; |
|
|
|
|
● |
manufacturing the electric sport boats; |
|
|
|
|
● |
developing a vertically integrated direct-to-consumer distribution system; and |
|
|
|
|
● |
conducting sales and marketing activities. |
Forza cannot be certain that its business strategy
for its electric-powered boats will be successful or that we will successfully address these risks. In the event that we do not
successfully address these risks, our business, prospects, financial condition, and results of operations could be materially and
adversely affected, and Forza may not have the resources to continue or expand the business operations of its electric-powered
boats business.
Forza may not receive the anticipated
grant funding.
On July 28, 2022, Forza received notice that
the North Carolina Economic investment committee has approved the JDIG providing for reimbursement to us of up to $1,367,100 over
a twelve-year period to establish a new manufacturing plant in McDowell County, North Carolina. The receipt of grant funding is
conditioned upon us investing over $10.5 million in land, buildings and fixtures, infrastructure and machinery and equipment by
the end of 2025 and us creating as many as 170 jobs. Forza is currently in negotiations for a new site to build the Forza factory
in North Carolina. There can be no assurance that the negotiations will be successful. If unsuccessful, it will not meet the conditions
necessary to receive the grant funding and will be subject to the limited capacity at the Twin Vee factory that Twin Vee allows
Forza, in its discretion, to use. There can be no assurance that Forza will meet the conditions necessary to receive the grant
funding. Forza is currently in negotiations for a new site to build the Forza factory in North Carolina. There can be no assurance
that the negotiations will be successful.
We have identified
weaknesses in our internal controls, and we cannot provide assurances that these weaknesses will be effectively remediated or that
additional material weaknesses will not occur in the future.
As a public company, we will be subject to
the reporting requirements of the Exchange Act, and the Sarbanes-Oxley Act. We expect that the requirements of these rules and
regulations will continue to increase our legal, accounting and financial compliance costs, make some activities more difficult,
time consuming and costly, and place significant strain on our personnel, systems and resources.
The Sarbanes-Oxley Act requires, among other
things, that we maintain effective disclosure controls and procedures, and internal control over financial reporting.
As of June 30, 2023, we do not yet have effective
disclosure controls and procedures, or internal controls over all aspects of our financial reporting. We are continuing to develop
and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by
us in the reports that we will file with the SEC is recorded, processed, summarized and reported within the time periods specified
in SEC rules and in accordance with GAAP. Our management is responsible for establishing and maintaining adequate internal control
over our financial reporting, as defined in Rule 13a-15(f) under the Exchange Act. We will be required to expend time and resources
to further improve our internal controls over financial reporting, including by expanding our staff. However, we cannot assure
you that our internal control over financial reporting, as modified, will enable us to identify or avoid material weaknesses in
the future.
We will be required to expend time and resources
to further improve our internal controls over financial reporting, including by expanding our staff. However, we cannot assure
you that our internal control over financial reporting, as modified, will enable us to identify or avoid material weaknesses in
the future.
We are in the process of hiring additional
staff and providing them with the required training, we continue to engage outside consultants with appropriate experience in GAAP
presentation, especially of complex instruments, to devise and implement effective disclosure controls and procedures, or internal
controls. We will be required to spend time and resources hiring and engaging additional staff and outside consultants with the
appropriate experience to remedy these weaknesses. We cannot assure you that management will be successful in locating and retaining
appropriate candidates; that newly engaged staff or outside consultants will be successful in remedying material weaknesses thus
far identified or identifying material weaknesses in the future; or that appropriate candidates will be located and retained prior
to these deficiencies resulting in material and adverse effects on our business.
Our current controls and any new controls that
we develop may become inadequate because of changes in conditions in our business, including increased complexity resulting from
our international expansion. Further, weaknesses in our disclosure controls or our internal control over financial reporting may
be discovered in the future. Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation
or improvement, could harm our operating results or cause us to fail to meet our reporting obligations and may result in a restatement
of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial
reporting could also adversely affect the results of management reports and independent registered public accounting firm audits
of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will
be filed with the SEC. Ineffective disclosure controls and procedures, and internal control over financial reporting could also
cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on
the market price of our common stock.
Our independent registered public accounting
firm is not required to audit the effectiveness of our internal control over financial reporting until after we are no longer an
“emerging growth company” as defined in the JOBS Act. At such time, our independent registered public accounting firm
may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial
reporting is documented, designed or operating. Any failure to maintain effective disclosure controls and internal control over
financial reporting could have a material and adverse effect on our business and operating results and cause a decline in the market
price of our common stock.
ITEM 2. UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
(a) |
Unregistered Sales of Equity Securities. |
None.
On July 23, 2021, we closed our initial public
offering pursuant to which we offered and sold 3,000,000 shares of our common stock at an offering price of $6.00 per share (for
aggregate gross proceeds of $18,000,000), pursuant to our Registration Statement on Form S-1 (as amended) (File No. 333-255134),
which was declared effective by the SEC on July 20, 2021, as amended by the Registration Statement on Form S-1 MEF (File No. 333-258058)
filed with the SEC on July 20, 2021 and effective as of the date of filing. After deducting underwriting discounts and commissions
of approximately $1,260,000, and other offering expenses payable by us of approximately $1,567,150, we received approximately $15,849,037
in net proceeds from our initial public offering. ThinkEquity LLC acted as the representative of the several underwriters for the
offering. We also granted a 45-day option to the representative of the underwriters to purchase up to 450,000 additional shares
of common stock solely to cover over-allotments, if any, which expired unexercised.
At the time of the initial public offering,
the primary use of the net proceeds was as follows: (i) approximately $1,500,000 for production and marketing of our larger fully
equipped boats; (ii) approximately $2,500,000 for the design, development, testing, manufacturing and marketing of our new line
of electric boats; (iii) approximately $6,000,000 for the design, development, testing, manufacturing and marketing of our fully
electric propulsion system; (iv) approximately $3,500,000 for acquisition of waterfront property and development of the Electra
Power Sports- EV Innovation & Testing Center, in Fort Pierce, Florida to build, design and manufacture our electric propulsion
systems; and (v) the balance for working capital.
It was originally anticipated that we would
retrofit a gas-powered boat with an electric motor that would be designed by us and that we would also sell the motors to other
third-party boat manufacturers to retrofit their boats. The retrofitting would require extensive development, testing and manufacturing
of multiple variations of electric motors. However, consumer preference in the electric marine market was and is trending towards
a single purchase of a fully integrated electric boat rather than a retrofitted existing gas and diesel fuel powered boat with
electric outboard motors and battery packs. Therefore, we decided not to continue designing electric motors for retrofitting, resulting
in us no longer needing any funding for the design, development, testing, manufacturing and marketing of our fully electric propulsion
system and instead those funds are anticipated to be used for working capital needs.
Further, we originally anticipated that we
would acquire waterfront property for a testing center in Fort Pierce, the price of real estate in Florida has prohibited us from
moving forward. Therefore, we decided to use the $3,500,000 of funds to build additional manufacturing space at our Fort Pierce
location.
The remaining planned use of proceeds has not
changed since the initial public offering.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not Applicable.
ITEM 4. MINE SAFETY DISCLOSURES.
Not Applicable.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS.
The exhibits filed as part of this Quarterly Report on Form 10-Q
are set forth on the Exhibit Index. The Exhibit Index is incorporated herein by reference.
EXHIBIT INDEX
Exhibit No. |
Description |
|
|
2.1 |
Agreement and Plan of Merger, dated September 8, 2022, by and between Twin Vee PowerCats Co. and Twin Vee PowerCats, Inc. (Incorporated by reference to the Exhibit 2.1 to the Company’s Form 8-K, File No. 001-40623, filed with the Securities and Exchange Commission on September 9, 2022) |
2.2 |
Form of Support Agreement, by and between Twin Vee PowerCats Co. and Twin Vee PowerCats, Inc.’s directors, officers and certain stockholders (Incorporated by reference to the Exhibit 2.2 to the Company’s Form 8-K, File No. 001-40623, filed with the Securities and Exchange Commission on September 9, 2022) |
3.1 |
Articles of Incorporation filed with the Secretary of State of the State of Florida, dated December 1, 2009 (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
3.2 |
Articles of Amendment to the Articles of Incorporation, filed with the Secretary of State of the State of Florida on January 22, 2016 (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
3.3 |
Articles of Amendment to the Articles of Incorporation, filed with the Secretary of State of the State of Florida on April 12, 2016 (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
3.4 |
Article of Conversion filed with the Secretary of State of the State of Florida, dated April 7, 2021 (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
3.5 |
Certificate of Conversion filed with the Secretary of State of the State of Delaware on April 7, 2021 (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
3.6 |
Certificate of Incorporation filed with the Secretary of State of the State of Delaware on April 7, 2021 (incorporated by reference to Exhibit 3.6 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
3.7 |
Bylaws (incorporated by reference to Exhibit 3.7 to the Registration Statement on Form S-1 with the Securities and Exchange Commission on April 8, 2021 (File No. 333-255134)) |
10.1 |
Commercial Lease Agreement (with Option to Purchase), dated May 5, 2023, by and between, AquaSport Co., Ebbtide Corporation and Twin Vee PowerCats Co. (incorporated by reference to Current Report on Form 8-K filed with the Securities and Exchange Commission on May 9, 2023 (File No. 001-40623)) |
31.1* |
Certification by principal executive officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2* |
Certification by principal financial officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1* |
Certification by principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2* |
Certification by principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS* |
InlineXBRL Instance Document |
101.SCH* |
InlineXBRL Taxonomy Extension Schema Document |
101.CAL* |
InlineXBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* |
InlineXBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* |
InlineXBRL Taxonomy Extension Label Linkbase Document |
101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104* |
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
TWIN VEE POWERCATS CO. |
|
|
|
Date: August 14, 2023 |
By: |
/s/ Joseph C. Visconti |
|
|
Joseph C. Visconti |
|
|
Chairman and Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
Date: August 14, 2023 |
By: |
/s/ Carrie Gunnerson |
|
|
Carrie Gunnerson |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
41
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14(a) OR
RULE 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Joseph C. Visconti,
certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Twin Vee PowerCats Co.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
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|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2023 |
By: |
/s/ Joseph C. Visconti |
|
|
Name: Joseph C. Visconti |
|
|
Title: Chairman and Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) OR
RULE 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Carrie Gunnerson, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Twin Vee PowerCats Co.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
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b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
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|
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b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2023 |
By: |
/s/ Carrie Gunnerson |
|
|
Name: Carrie Gunnerson |
|
|
Title: Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT
TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with
the Quarterly Report of Twin Vee PowerCats Co. (the “Registrant”) on Form 10-Q for the period ended June 30, 2023 as
filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph C. Visconti, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: August 14, 2023 |
By: |
/s/ Joseph C. Visconti |
|
|
Name: Joseph C. Visconti |
|
|
Title: Chairman and Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT
TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
In connection with
the Quarterly Report of Twin Vee PowerCats Co. (the “Registrant”) on Form 10-Q for the period ended June 30, 2023 as
filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Carrie Gunnerson, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements
of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: August 14, 2023 |
By: |
/s/ Carrie Gunnerson |
|
|
Name: Carrie Gunnerson |
|
|
Title: Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40623
|
|
Entity Registrant Name |
TWIN VEE POWERCATS CO.
|
|
Entity Central Index Key |
0001855509
|
|
Entity Tax Identification Number |
27-1417610
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
3101 S. US-1
|
|
Entity Address, Address Line Two |
Ft. Pierce
|
|
Entity Address, City or Town |
Florida
|
|
Entity Address, Country |
US
|
|
Entity Address, Postal Zip Code |
34982
|
|
City Area Code |
(772)
|
|
Local Phone Number |
429-2525
|
|
Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
|
Trading Symbol |
VEEE
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash, cash equivalents and restricted cash |
$ 26,337,127
|
$ 23,501,007
|
Accounts receivable |
570,133
|
14,167
|
Marketable securities |
999,609
|
1,481,606
|
Inventories |
5,576,480
|
4,008,332
|
Prepaid expenses and other current assets |
454,751
|
882,417
|
Total current assets |
33,938,100
|
29,887,529
|
Marketable securities - non current |
947,788
|
1,445,912
|
Property and equipment, net |
9,556,167
|
5,535,902
|
Operating lease right of use asset |
1,092,908
|
1,329,620
|
Security deposit |
47,517
|
32,517
|
Total Assets |
45,582,480
|
38,231,480
|
Current Liabilities: |
|
|
Accounts payable |
2,465,400
|
2,065,680
|
Accrued liabilities |
1,192,490
|
1,240,769
|
Contract liability |
182,335
|
5,300
|
Finance leases liability |
178,687
|
|
Operating lease right of use liability |
493,056
|
479,314
|
Total current liabilities |
4,511,968
|
3,791,063
|
Economic Injury Disaster Loan |
499,900
|
499,900
|
Finance leases liability |
2,712,885
|
|
Operating lease liability - noncurrent |
667,169
|
919,628
|
Total Liabilities |
8,391,922
|
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 |
36,918,233
|
35,581,022
|
Accumulated deficit |
(9,656,223)
|
(7,154,808)
|
Equity attributed to stockholders of Twin Vee PowerCats Co. |
27,271,530
|
28,435,734
|
Equity attributable to noncontrolling interests |
9,919,028
|
4,585,155
|
Total stockholders’ equity |
37,190,558
|
33,020,889
|
Total liabilities and stockholders’ equity |
$ 45,582,480
|
$ 38,231,480
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
9,520,000
|
9,520,000
|
Common stock, shares outstanding |
9,520,000
|
9,520,000
|
X |
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 8,124,632
|
$ 8,519,613
|
$ 17,001,847
|
$ 14,405,613
|
Cost of products sold |
5,864,170
|
5,072,401
|
11,519,555
|
8,524,047
|
Gross profit |
2,260,462
|
3,447,212
|
5,482,292
|
5,881,566
|
Operating expenses: |
|
|
|
|
Selling, general and administrative |
914,430
|
637,744
|
1,937,120
|
1,320,065
|
Salaries and wages |
3,426,919
|
2,793,281
|
6,776,941
|
5,047,091
|
Professional fees |
417,305
|
193,542
|
715,022
|
438,281
|
Depreciation |
284,562
|
119,817
|
502,838
|
199,909
|
Research and development |
261,473
|
174,807
|
964,121
|
396,352
|
Total operating expenses |
5,304,689
|
3,919,191
|
10,896,042
|
7,401,698
|
Loss from operations |
(3,044,227)
|
(471,979)
|
(5,413,750)
|
(1,520,132)
|
Other income (expense): |
|
|
|
|
Dividend income |
252,889
|
|
487,399
|
|
Other income |
8,654
|
2,632
|
7,103
|
3,230
|
Interest expense |
(70,127)
|
(43,716)
|
(122,065)
|
(83,556)
|
Interest income |
16,543
|
32,901
|
38,973
|
32,925
|
Loss on disposal of assets |
|
(31,582)
|
|
(49,990)
|
Net change in fair value of marketable securities |
(4,957)
|
(27,038)
|
3,077
|
(112,576)
|
Employee retention credit income |
937,482
|
|
1,267,055
|
|
Total other income (expenses) |
1,140,484
|
(66,803)
|
1,681,542
|
(209,967)
|
Loss before income tax |
(1,903,743)
|
(538,782)
|
(3,732,208)
|
(1,730,099)
|
Income taxes provision |
|
|
|
|
Net loss |
(1,903,743)
|
(538,782)
|
(3,732,208)
|
(1,730,099)
|
Less: Net loss attributable to noncontrolling interests |
(569,100)
|
|
(1,230,793)
|
|
Net loss attributed to stockholders of Twin Vee PowerCats Co. |
$ (1,334,643)
|
$ (538,782)
|
$ (2,501,415)
|
$ (1,730,099)
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Earning per share. basic |
$ (0.14)
|
$ (0.08)
|
$ (0.26)
|
$ (0.25)
|
Earning per share. diluted |
$ (0.14)
|
$ (0.08)
|
$ (0.26)
|
$ (0.25)
|
Weighted average number of shares outstanding, basic |
9,520,000
|
7,000,000
|
9,520,000
|
7,000,000
|
Weighted average number of shares outstanding, diluted |
9,520,000
|
7,000,000
|
9,520,000
|
7,000,000
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
$ 7,000
|
$ 18,710,256
|
$ (2,017,556)
|
|
$ 16,699,700
|
Balance at beginning, shares at Dec. 31, 2021 |
|
7,000,000
|
|
|
|
|
Stock-based compensation |
|
|
224,832
|
|
|
224,832
|
Net loss |
|
|
|
(1,191,317)
|
|
(1,191,317)
|
Ending balance, value at Mar. 31, 2022 |
|
$ 7,000
|
18,935,088
|
(3,208,873)
|
|
15,733,215
|
Balance at ending, shares at Mar. 31, 2022 |
|
7,000,000
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
|
$ 7,000
|
18,710,256
|
(2,017,556)
|
|
16,699,700
|
Balance at beginning, shares at Dec. 31, 2021 |
|
7,000,000
|
|
|
|
|
Net loss |
|
|
|
|
|
(1,730,099)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 7,000
|
19,236,979
|
(3,747,655)
|
|
15,496,324
|
Balance at ending, shares at Jun. 30, 2022 |
|
7,000,000
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 7,000
|
18,935,088
|
(3,208,873)
|
|
15,733,215
|
Balance at beginning, shares at Mar. 31, 2022 |
|
7,000,000
|
|
|
|
|
Stock-based compensation |
|
|
301,891
|
|
|
301,891
|
Net loss |
|
|
|
(538,782)
|
|
(538,782)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 7,000
|
19,236,979
|
(3,747,655)
|
|
15,496,324
|
Balance at ending, shares at Jun. 30, 2022 |
|
7,000,000
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 9,520
|
35,581,022
|
(7,154,808)
|
4,585,155
|
33,020,889
|
Balance at beginning, shares at Dec. 31, 2022 |
|
9,520,000
|
|
|
|
|
Stock-based compensation |
|
|
482,964
|
|
|
482,964
|
Net loss |
|
|
|
(1,166,772)
|
(661,693)
|
(1,828,465)
|
Ending balance, value at Mar. 31, 2023 |
|
$ 9,520
|
36,063,986
|
(8,321,580)
|
3,923,462
|
31,675,388
|
Balance at ending, shares at Mar. 31, 2023 |
|
9,520,000
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 9,520
|
35,581,022
|
(7,154,808)
|
4,585,155
|
33,020,889
|
Balance at beginning, shares at Dec. 31, 2022 |
|
9,520,000
|
|
|
|
|
Net loss |
|
|
|
|
|
(3,732,208)
|
Ending balance, value at Jun. 30, 2023 |
|
$ 9,520
|
36,918,233
|
(9,656,223)
|
9,919,028
|
37,190,558
|
Balance at ending, shares at Jun. 30, 2023 |
|
9,520,000
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 9,520
|
36,063,986
|
(8,321,580)
|
3,923,462
|
31,675,388
|
Balance at beginning, shares at Mar. 31, 2023 |
|
9,520,000
|
|
|
|
|
Forza share issuance |
|
|
364,886
|
|
6,564,666
|
6,929,552
|
Stock-based compensation |
|
|
489,361
|
|
|
489,361
|
Net loss |
|
|
|
(1,334,643)
|
(569,100)
|
(1,903,743)
|
Ending balance, value at Jun. 30, 2023 |
|
$ 9,520
|
$ 36,918,233
|
$ (9,656,223)
|
$ 9,919,028
|
$ 37,190,558
|
Balance at ending, shares at Jun. 30, 2023 |
|
9,520,000
|
|
|
|
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows From Operating Activities |
|
|
Net loss |
$ (3,732,208)
|
$ (1,730,105)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Stock based compensation |
972,325
|
526,723
|
Depreciation and amortization |
502,840
|
199,909
|
Loss on disposal of asset |
|
49,990
|
Change of right-of-use asset and lease liabilities |
236,712
|
189,647
|
Net change in fair value of marketable securities |
(3,077)
|
112,576
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(555,966)
|
5,137
|
Inventories |
(1,568,148)
|
(2,569,780)
|
Prepaid expenses and other current assets |
427,666
|
395,553
|
Accounts payable |
399,720
|
1,061,573
|
Accrued liabilities |
(48,279)
|
226,537
|
Operating lease liabilities |
(238,717)
|
(182,038)
|
Contract liabilities |
177,035
|
518,027
|
Net cash used in operating activities |
(3,430,097)
|
(1,196,251)
|
Cash Flows From Investing Activities |
|
|
Security deposit |
(15,000)
|
|
Net sales of investment in trading marketable securities |
983,198
|
2,002,591
|
Proceeds from sale of property and equipment |
|
80,000
|
Purchase of property and equipment |
(1,623,867)
|
(1,809,486)
|
Net cash (used in) provided by investing activities |
(655,669)
|
273,105
|
Cash Flows From Financing Activities |
|
|
Forza net proceeds from issuance of common stock |
6,996,015
|
|
Forza deferred offering cost |
(66,463)
|
(141,629)
|
Finance lease liabilities |
(7,666)
|
|
Net cash provided by (used in) financing activities |
6,921,886
|
(141,629)
|
Net change in cash, cash equivalents and restricted cash |
2,836,120
|
(1,064,775)
|
Cash, cash equivalents and restricted cash at beginning of period |
23,501,007
|
6,975,302
|
Cash, cash equivalents and restricted cash at end of period |
26,337,127
|
5,910,527
|
Supplemental Cash Flow Information |
|
|
Cash paid for interest |
110,395
|
73,471
|
Non Cash Investing and Financing Activities |
|
|
Finance leases |
$ 2,899,238
|
|
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v3.23.2
Organization and Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Summary of Significant Accounting Policies |
1. Organization and Summary
of Significant Accounting Policies
Organization
Twin Vee PowerCats Co. (“Twin
Vee” or the “Company”) was incorporated as Twin Vee Catamarans, Inc., in the state of Florida, on December 1,
2009. On April 7, 2021, the Company filed a Certificate of Conversion to register and incorporate in the state of Delaware and
changed the company name to Twin Vee PowerCats Co. The Certificate of Incorporation for Twin Vee PowerCats Co. was also filed on
April 7, 2021.
On September 1, 2021, the Company formed Fix My Boat, Inc., (“Fix My
Boat”), a wholly-owned subsidiary. Fix My Boat will utilize a franchise model for marine mechanics across the country. Fix
My Boat has been inactive for the majority of 2022 and the six months ended June 30, 2023, however the Company anticipates focusing resources
on this entity by the end of 2023.
Forza X1, Inc. was initially incorporated as Electra Power Sports, Inc. on October
15, 2021, and subsequently changed the name to Forza X1, Inc. (“Forza X1” or “Forza”) on October 29, 2021. Prior
to Forza’s incorporation on October 15, 2021, the electric boat business was operated as the Company’s Electra Power Sports™
Division. Following the Company’s initial public offering that closed on July 23, 2021 (the “IPO”), it determined in
October 2021 that for several reasons, that it would market the Company’s new independent line of electric boats under a new brand
name (and new subsidiary).
On April 20, 2023, the Company formed
AquaSport Co., a wholly owned subsidiary in the state of Florida in connection with the Company’s plan to lease the assets
of former AQUASPORT™ boat brand and manufacturing facility in White Bluff Tennessee.
Merger
On December 5, 2022, pursuant to the
terms of the Agreement and Plan of Merger, dated as of September 8, 2022 (the “Merger Agreement”), by and between Twin
Vee PowerCats Co. and Twin Vee PowerCats, Inc., a Florida corporation (“TVPC”), TVPC was merged with and into the Company
(the “Merger”).
As TVPC did not meet the definition
of a business under ASC 805, the merger was not accounted for as a business combination. The Merger was accounted for as a recapitalization
of Twin Vee PowerCats, Co., effected through the exchange of TVPC shares for Twin Vee PowerCats, Co. shares, and the cancellation
of Twin Vee PowerCats, Co. shares held by Twin Vee Inc. Upon the effective date of the Merger, December 5, 2022, Twin Vee Co. accounted
for the Merger by assuming TVPC’s net liabilities. Twin Vee PowerCats, Co.’s financial statements reflect the operations
of TVPC. prospectively and will not be restated retroactively to reflect the historical financial position or results of operations
of TVPC.
Principles of Consolidation
The condensed
consolidated financial statements include the accounts of Twin Vee and its wholly owned subsidiaries AquaSport Co., and Fix My
Boat, Inc., (“Fix My Boat”) and majority owned subsidiary, Forza X1, Inc. (“Forza X1” “Forza”),
collectively referred to as the “Company”. The Company’s net loss excludes losses attributable to noncontrolling
interests. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s
equity. All inter-company balances and transactions are eliminated in consolidation.
Basis
of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all
information and footnotes required by accounting principles generally accepted in the United States of America for annual financial
statements.
In the opinion of the Company’s
management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting
only of normal recurring accruals) to present the financial position of the Company as of June 30, 2023 and the results of operations
and cash flows for the periods presented. The results of operations for the six months ended June 30, 2023 is not necessarily indicative
of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2022 included
in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023.
Revenue Recognition
The Company’s revenue is derived
primarily from the sale of boats, motors and trailers to its independent dealers. The Company recognizes revenue when obligations
under the terms of a contract are satisfied and control over promised goods is transferred to the dealer. For the majority of sales,
this occurs when the product is released to the carrier responsible for transporting it to a dealer. The Company typically receives
payment within five business days of shipment. Revenue is measured as the amount of consideration it expects to receive in exchange
for a product. The Company offers dealer incentives that include wholesale rebates, retail rebates and promotions, floor plan reimbursement
or cash discounts, and other allowances that are recorded as reductions of revenues in net sales in the statements of operations.
The consideration recognized represents the amount specified in a contract with a customer, net of estimated incentives the Company
reasonably expects to pay. The estimated liability and reduction in revenue for dealer incentives is recorded at the time of sale.
Subsequent adjustments to incentive estimates are possible because actual results may differ from these estimates if conditions
dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from
historical trends. Accrued dealer incentives are included in accrued liabilities in the accompanying consolidated balance sheets.
Payment received for the future sale
of a boat to a customer is recognized as a customer deposit. Customer deposits are recognized as revenue when control over promised
goods is transferred to the customer. At June 30, 2023 and December 31, 2022, the Company had customer deposits of $182,335 and
$5,300, respectively, which is recorded as contract liabilities on the consolidated balance sheets. These deposits are expected
to be recognized as revenue within a one-year period.
Rebates and Discounts
Dealers earn wholesale rebates based
on purchase volume commitments and achievement of certain performance metrics. The Company estimates the amount of wholesale rebates
based on historical achievement, forecasted volume, and assumptions regarding dealer behavior. Rebates that apply to boats already
in dealer inventory are referred to as retail rebates. The Company estimates the amount of retail rebates based on historical data
for specific boat models adjusted for forecasted sales volume, product mix, dealer and consumer behavior, and assumptions concerning
market conditions. The Company also utilizes various programs whereby it offers cash discounts or agrees to reimburse its dealers
for certain floor plan interest costs incurred by dealers for limited periods of time, generally ranging up to nine months.
Other Revenue Recognition Matters
Dealers generally have no right to return
unsold boats. Occasionally, the Company may accept returns in limited circumstances and at the Company’s discretion under
its warranty policy. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under
its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The repurchase commitment
is on an individual unit basis with a term from the date it is financed by the lending institution through the payment date by
the dealer, generally not exceeding 30 months.
The Company has excluded sales and other
taxes assessed by a governmental authority in connection with revenue-producing activities from the determination of the transaction
price for all contracts. The Company has not adjusted net sales for the effects of a significant financing component because the
period between the transfer of the promised goods and the customer’s payment is expected to be one year or less.
Use of Estimates
The preparation of condensed consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual
results may differ from these estimates.
Concentrations of Credit and Business
Risk
Financial instruments that potentially
subject the Company to concentrations of credit risk primarily consist of trade receivables. Credit risk on trade receivables is
mitigated as a result of the Company’s use of trade letters of credit, dealer floor plan financing arrangements, and the
geographically diversified nature of the Company’s customer base. The Company minimizes the concentration of credit risk
associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances
in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000 are at risk. As of June
30, 2023 and December 31, 2022, the Company had $24,926,490 and $22,666,301, respectively, in excess of FDIC insured limits.
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted
cash include all highly liquid investments with original maturities of six months or less at the time of purchase. On June 30,
2023 and December 31, 2022, the Company had cash, cash equivalents and restricted cash of $26,337,127 and $23,501,007, respectively.
Included within restricted cash on the Company’s condensed consolidated balance sheets is an irrevocable letter of credit
for $200,000, which is being held by a third party bank as collateral.
Marketable Securities
The Company’s investments in debt
securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive
intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt
securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or
available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on
available-for-sale debt securities are included in net income.
Fair Value of Financial Instruments
The Company follows accounting guidelines
on fair value measurements for financial instruments measured on a recurring basis, as well as for certain assets and liabilities
that are initially recorded at their estimated fair values. Fair Value is defined as the exit price, or the amount that would be
received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as the measurement
date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of
unobservable inputs to value its financial instruments:
|
● |
Level
1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. |
|
● |
Level
2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. |
|
● |
Level
3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments
whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments
for which the determination of fair value requires a significant judgment or estimation. |
Financial instruments measured as fair
value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The
Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires it to
make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation
methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current
market exchange.
The carrying amounts of cash equivalents
approximate their fair value due to their liquid or short-term nature, such as accounts receivable and payable, and other financial
instruments in current assets or current liabilities.
Inventories
Inventories are valued at the lower
of cost and net realizable value, with cost determined using the average cost method. Net realizable value is defined as sales
price less cost of completion, disposable and transportation and a normal profit margin. Production costs, consisting of labor
and overhead, are applied to ending finished goods inventories at a rate based on estimated production capacity. Excess production
costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable
value.
Property and Equipment
Property and equipment is stated at
cost, net of accumulated depreciation and amortization, using the straight-line method over the assets’ useful life. Leasehold
improvements are amortized over the shorter of the assets’ useful life or the lease term. The estimated useful lives of property
and equipment range from three to five years. Upon sale or retirement, the cost and related accumulated depreciation is eliminated
from their respective accounts, and the resulting gain or loss is included in results of operations. Repairs and maintenance charges,
which do not increase the useful lives of the assets, are charged to operations as incurred.
Impairment of Long-Lived Assets
Management assesses the recoverability
of its long-lived assets when indicators of impairment are present. If such indicators are present, recoverability of these assets
is determined by comparing the undiscounted net cash flows estimated to result from those assets over the remaining life to the
assets’ net carrying amounts. If the estimated undiscounted net cash flows are less than the net carrying amount, the assets
would be adjusted to their fair value, based on appraisal or the present value of the undiscounted net cash flows.
Advertising
Advertising and marketing costs are
expensed as incurred. During the six months ended June 30, 2023 and 2022, advertising costs incurred by the Company totaled $241,702 and
$18,754, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements
of operations.
Research and Development
The Company expenses research and development
costs relating to new product development as incurred. For the six months ended June 30, 2023 and 2022, research and development
costs amounted to $964,121 and $396,352, respectively.
Shipping and Handling Costs
Shipping and handling costs include
those costs incurred to transport product to customers and internal handling costs, which relate to activities to prepare goods
for shipment. The Company has elected to account for shipping and handling costs associated with outbound freight after control
over a product has been transferred to a customer as a fulfillment cost. The Company includes shipping and handling costs, including
cost billed to customers, in cost of sales in the statements of operations. All manufactured boats are free on board (FOB), from
the Fort Pierce manufacturing plant. Dealers are required to either pick up the boats themselves or contract with a transporter.
For the six months ended June 30, 2023, and 2022, shipping and handling costs amounted to $395,767 and $54,081, respectively.
These costs have increased by $341,686, due to adding dealers in the New England stated and Michigan, compared to the prior year,
when all of the boats were shipped to the states in the southeast portion of the United States.
Leases
The Company determines if an arrangement
is a lease at inception. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement
date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit
rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The Company calculates the associated lease liability and corresponding ROU asset upon lease commencement
using a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The operating
lease ROU asset also includes any lease payments made and is reduced by lease incentives. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses
for lease payments is recognized on a straight-line basis over the lease term.
Supplier Concentrations
The Company is dependent on the ability
of its suppliers to provide products on a timely basis and on favorable pricing terms. The loss of certain principal suppliers
or a significant reduction in product availability from principal suppliers could have a material adverse effect on the Company.
Business risk insurance is in place to mitigate the business risk associated with sole suppliers for sudden disruptions such as
those caused by natural disasters.
The Company is dependent on third-party
equipment manufacturers, distributors, and dealers for certain parts and materials utilized in the manufacturing process. During
the six months ended June 30, 2023, the Company purchased all engines for its boats under supplier agreements with two vendors.
During the six months ended June 30, 2022, the Company purchased all engines for its boats under supplier agreements with one vendor.
For the six months ended June 30, 2023 and 2022, total purchases to these vendors were $3,562,550 and $2,702,733, respectively.
Employee Retention Credit
On Mach 27, 2020, the Coronavirus Aid,
Relief, and Economic Security Act (“CARES Act”) was signed into law providing numerous tax provisions and other stimulus
measures, including an employee retention credit (“ERC”), which is a refundable tax credit against certain employment
taxes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded
the availability of the ERC.
Pursuant to the employee retention credit,
eligible employers could receive a 50% - 70% credit on qualified wages against their employment taxes each quarter during the eligible
period in 2020 and 2021, respectively, with any excess credits eligible for refunds. During the six months ended June 30, 2023,
the Company recognized income related to the employee retention credit of $1,267,055 upon completion of an analysis providing
reasonable assurance that the Company met the conditions set forth in the CARES Act. The employee retention credit was recorded in the
condensed consolidated statement of operations for the six months ended June 30, 2023.
Stock-Based Compensation
The Company recognizes stock-based compensation
costs for its restricted stock measured at the fair value of each award at the time of grant, as an expense over the period during
which an employee is required to provide service. Compensation cost is recognized over the service period for the fair value of
awards that vest.
Income Taxes
Income taxes are accounted for under the
asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in
which those temporary differences are expected to be recover or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of
deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets
will not be realized. The ultimate realization of deferred tax assets is entirely dependent upon the generation of future taxable
income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of
deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
The Company files income tax returns
in the U.S. federal jurisdiction and various states.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued ASU No.
2016-13, “Financial Instruments Credit Losses —Measurement of Credit Losses on Financial Instruments.”
ASU 2016-13 requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net
amount expected to be collected, which includes the Company’s accounts receivable. This ASU was adopted by the Company for
reporting periods beginning after December 15, 2022.
The Company has considered all other
recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact
on its financial statements.
|
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- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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v3.23.2
Marketable securities
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities |
|
Marketable securities |
2. Marketable securities
Assets and liabilities measured at fair
value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of June 30, 2023 and December 31, 2022
are as follows:
Schedule of fair value marketable securities | |
| | | |
| | | |
| | | |
| | |
| |
| |
Fair Value Measurements Using | |
|
| |
Balance as of
June 30, 2023 | |
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | |
Significant Other
Observable Inputs
(Level 2) | |
Significant
Nonobservable Inputs
(Level 3) |
Marketable securities: | |
| | | |
| | | |
| | | |
| | |
Corporate Bonds | |
$ | 1,451,161 | | |
$ | — | | |
$ | 1,451,161 | | |
$ | — | |
Certificates of Deposits | |
| 496,235 | | |
| — | | |
| 496,235 | | |
| — | |
Total marketable securities | |
$ | 1,947,396 | | |
$ | — | | |
$ | 1,947,396 | | |
$ | — | |
| |
| |
Fair Value Measurements Using | |
|
| |
Balance as of
December 31, 2022 | |
Quoted Pricesin
Active Markets for
Identical Assets
(Level 1) | |
Significant Other
Observable Inputs
(Level 2) | |
Significant
Nonobservable Inputs
(Level 3) |
Marketable securities: | |
| | | |
| | | |
| | | |
| | |
Corporate Bonds | |
$ | 2,436,333 | | |
$ | — | | |
$ | 2,436,333 | | |
$ | — | |
Certificates of Deposits | |
| 491,185 | | |
| — | | |
| 491,185 | | |
| — | |
Total marketable securities | |
$ | 2,927,518 | | |
$ | — | | |
$ | 2,927,518 | | |
$ | — | |
The Company’s investments in corporate
bonds, commercial paper and certificates of deposits are measured based on quotes from market makers for similar items in active
markets.
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v3.23.2
Inventories
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
3. Inventories
At June 30, 2023 and December 31, 2022
inventories consisted of the following:
Schedule of inventories | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Raw Materials | |
$ | 4,685,317 | | |
$ | 3,406,371 | |
Inventory in transit | |
| 694,413 | | |
| 222,607 | |
Work in Process | |
| 155,253 | | |
| 246,734 | |
Finished Product | |
| 41,497 | | |
| 132,620 | |
Total Inventory | |
$ | 5,576,480 | | |
$ | 4,008,332 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.2
Property and Equipment
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
4. Property and Equipment
At June 30, 2023 and December 31, 2022,
property and equipment consisted of the following:
Schedule of property and equipment | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Machinery and equipment | |
$ | 2,315,568 | | |
$ | 1,977,482 | |
Furniture and fixtures | |
| 22,487 | | |
| 20,335 | |
Land | |
| 1,000,000 | | |
| — | |
Leasehold improvements | |
| 1,140,224 | | |
| 950,132 | |
Software and website development | |
| 90,396 | | |
| 148,693 | |
Computer hardware and software | |
| 277,217 | | |
| 123,088 | |
Boat molds | |
| 4,356,966 | | |
| 2,277,664 | |
Vehicles | |
| 143,360 | | |
| 94,534 | |
Electric prototypes and tooling | |
| 142,526 | | |
| 142,526 | |
Assets under construction | |
| 1,628,654 | | |
| 859,839 | |
| |
| 11,117,398 | | |
| 6,594,293 | |
Less accumulated depreciation and amortization | |
| (1,561,231 | ) | |
| (1,058,391 | ) |
| |
$ | 9,556,167 | | |
$ | 5,535,902 | |
Depreciation and amortization expense of property and equipment for the
three months ended June 30, 2023 and 2022 are $284,562 and $119,817, respectively. Depreciation and amortization expense
of property and equipment for the six months ended June 30, 2023 and 2022 are $502,840 and $199,909, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
Leases – Related Party
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Leases – Related Party |
5. Leases – Related Party
Operating right of use
(“ROU”) assets and operating lease liabilities are recognized at the lease commencement date. Operating lease
liabilities represent the present value of lease payments not yet paid. Operating right of use assets represent the Company’s
right to use an underlying asset and is based upon the operating lease liabilities adjusted for prepayments or accrued lease
payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease
payments not yet paid, the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases. The
Company used used the U.S. Treasury rate of 0.36%
at June 30, 2023 and December 31, 2022.
The Company’s office lease contains
rent escalations over the lease term. The Company recognizes expense for this office lease on a straight-line basis over the
lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s
right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease
term.
The Company leases its office and warehouse
facilities, and the land which are located at 3101 S US-1, Fort Pierce, Florida (the “Property”) from Visconti Holdings,
LLC. Visconti Holdings, LLC is a single member LLC that holds the ownership of the property, and its sole member is Joseph C. Visconti,
the CEO of the Company. The Company entered into the lease on January 1, 2020, and as amended January 1, 2021, the lease has a
term of five years. The current base rent payment is $30,000 per month including property taxes and the lease required a $25,000 security
deposit. The base rent will increase five percent (5%) on the anniversary of each annual term.
At June 30, 2023 and December 31, 2022,
supplemental balance sheet information related to leases were as follows:
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 973,872 | | |
$ | 1,167,551 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 403,707 | | |
$ | 393,069 | |
Non-current portion | |
| 644,097 | | |
| 851,096 | |
Total | |
$ | 1,047,804 | | |
$ | 1,244,165 | |
At June 30, 2023, future minimum lease
payments under the non-cancelable operating leases are as follows:
Schedule of future lease payments | |
|
Year Ending December 31, | |
|
| 2023 (excluding the six months ended June 30, 2023) | | |
$ | 198,450 | |
| 2024 | | |
| 416,745 | |
| 2025 | | |
| 437,582 | |
| Total lease payment | | |
| 1,052,777 | |
| Less imputed interest | | |
| (4,973 | ) |
| Total | | |
$ | 1,047,804 | |
The following summarizes other supplemental
information about the Company’s operating lease:
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 0.36 | % |
Weighted average remaining lease term (years) | |
| 2.42 | |
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- DefinitionThe entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
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v3.23.2
Leases
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
Leases |
6. Leases
Operating right of use (“ROU”)
assets and operating lease liabilities are recognized at the lease commencement date. Operating lease liabilities represent the
present value of lease payments not yet paid. Operating right of use assets represent the Company’s right to use an underlying
asset and is based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct
costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid,
the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases. The Company used the U.S. Treasury
rate of 4% at December 31, 2022.
The Company leases a warehouse facility,
and the land which are located at 150 Commerce Street, Old Fort, North Carolina (the “Property”) from NC Limited Liability
Company. The Company entered into the lease on October 7, 2022, the lease has a term of two years. The current base rent payment
is $7,517 per month including property taxes, insurance, and common area maintenance. The lease required a $7,517 security
deposit. The base rent will increase three percent (3%) on October 15, 2023.
At June 30, 2023 and December 31, 2022,
supplemental balance sheet information related to leases were as follows:
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 119,036 | | |
$ | 162,069 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 89,349 | | |
$ | 86,245 | |
Non-current portion | |
| 23,072 | | |
| 68,532 | |
Total | |
$ | 112,421 | | |
$ | 154,777 | |
At June 30, 2023, future minimum lease
payments under the non-cancelable operating leases are as follows:
Schedule of future minimum lease payments | |
| | |
2023
(excluding the six months ended June 30, 2023) | |
$ | 45,777 | |
2024 | |
| 69,680 | |
Total
lease payment | |
$ | 115,456 | |
Less
imputed interest | |
| 3,035 | |
Total | |
| 112,421 | |
The following summarizes other supplemental information about
the Company’s operating lease:
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 4 | % |
Weighted average remaining lease term (years) | |
| 1.33 | |
Schedule of operating lease |
|
|
|
|
Six
Months Ended
June 30, 2023 |
Operating lease
cost |
|
$ |
45,100 |
Total lease cost |
|
$ |
45,100 |
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v3.23.2
Finance Leases
|
6 Months Ended |
Jun. 30, 2023 |
Finance Leases |
|
Finance Leases |
7. Finance Leases
Vehicle and Equipment Lease
The Company has finance leases for a vehicle
and a forklift. The Company entered into the forklift lease in January of 2023, with an asset value of $43,579, which is recorded
in net property and equipment on the balance sheet, it is a 60-month lease at a 7.5% interest rate. The Company entered into the
vehicle lease in February of 2023, with an asset value of $48,826, which is recorded in net property and equipment on the balance
sheet, it is a 60-month lease at a 3% interest rate.
AquaSport lease
On April 20, 2023 Twin Vee incorporated AquaSport Co., a wholly owned subsidiary,
in the state of Florida in connection with its plan to lease the AQUASPORT™ boat brand and manufacturing facility in White Bluff
Tennessee. On May 5, 2023, Twin Vee and AquaSport Co. entered into an agreement with Ebbtide Corporation (“Ebbtide”) providing
AquaSport Co. with the right to acquire assets, AQUASPORT™ boat brand, trademarks, 150,000-square-foot manufacturing facility situated
on 18.5 acres in White Bluff Tennessee, related tooling, molds, and equipment to build five Aquasport models ranging in size from 21 to
25-foot boats (the “AquaSport Assets”).
Under the Agreement, the Company
has the right to purchase the AquaSport Assets from Ebbtide for $3,100,000 during the five-year term of the Agreement (or extension
period), less credit for a $300,000 security deposit paid by the Company and $16,000 a month for any rent paid under the Agreement
by AquaSport Co. to Ebbtide. AquaSport Co. will lease the AquaSport Assets from Ebbtide under the Agreement at a monthly rent of
$22,000 with the option to acquire the AquaSport Assets. The lease is for a term of five years,
commencing June 1, 2023 at
a 2.93% interest rate, with one option to renew the lease for an additional five years. In the event AquaSport Co. commits three
payment Events of Default (as defined in the Agreement) within any consecutive two-year period or commits any other material Event
of Default that is not cured timely and remains uncured, Ebbtide may terminate AquaSport’s rights under the Agreement to
acquire the AquaSport Assets. In addition, Ebbtide has the right to terminate the Agreement if an Event of Default occurs. AquaSport’s
obligations under the Agreement have been guaranteed by the Company.
Finance leases on AquaSport lease are
recorded in property and equipment, net on the balance sheet.
Schedule of finance lease in property and equipment | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| Land | | |
$ | 1,000,000 | | |
$ | — | |
| Building | | |
| 100,000 | | |
| — | |
| Equipment | | |
| 2,135,132 | | |
| — | |
At June 30, 2023 and December 31, 2022,
supplemental balance sheet information related to finance leases were as follows:
Schedule of supplemental balance sheet of finance lease | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Finance lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 178,687 | | |
$ | — | |
Non-current portion | |
| 2,712,885 | | |
| — | |
Total | |
$ | 2,891,572 | | |
$ | — | |
At June 30, 2023, future minimum lease
payments under the non-cancelable finance leases are as follows:
Schedule of future minimum lease payments of finance lease | |
|
Year Ending December 31, | |
|
| 2023 | | |
$ | 120,475 | |
| 2024 | | |
| 284,950 | |
| 2025 | | |
| 284,950 | |
| 2026 | | |
| 284,950 | |
| 2027 | | |
| 284,950 | |
| Thereafter | | |
| 1,982,874 | |
| Total lease payment | | |
| 3,243,149 | |
| Less imputed interest | | |
| (351,577 | ) |
| Total | | |
$ | 2,891,572 | |
The following summarizes other supplemental information about
the Company’s finance lease:
Schedule of summarizez other supplemental information of finance lease | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 3.07 | % |
Weighted average remaining lease term (years) | |
| 4.91 | |
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v3.23.2
Accrued Liabilities
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Liabilities |
8. Accrued Liabilities
At June 30, 2023 and December 31, 2022,
accrued liabilities consisted of the following:
Schedule of accrued liabilities | |
| | | |
| | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Accrued wages and benefits | |
$ | 511,067 | | |
$ | 333,976 | |
Accrued interest | |
| 37,821 | | |
| 47,607 | |
Accrued bonus | |
| 241,650 | | |
| 20,000 | |
Accrued rebates | |
| — | | |
| 15,000 | |
Accrued professional fees | |
| 40,813 | | |
| 89,500 | |
Accrued operating expense | |
| 168,910 | | |
| 64,601 | |
Accrued inventory | |
| — | | |
| 577,712 | |
Accrued commission | |
| 57,805 | | |
| — | |
Warranty reserve | |
| 134,424 | | |
| 92,373 | |
Total accrued liabilities | |
$ | 1,192,490 | | |
$ | 1,240,769 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
Notes Payable – SBA EIDL Loan
|
6 Months Ended |
Jun. 30, 2023 |
Notes Payable Sba Eidl Loan |
|
Notes Payable – SBA EIDL Loan |
9. Notes Payable – SBA
EIDL Loan
On April 22, 2020, the Company received
an SBA Economic Injury Disaster Loan (“EIDL”) in the amount of $499,900.
The loan is in response to the COVID-19 pandemic. The loan is a 30-year
loan with an interest rate of 3.75%,
interest only monthly payments of $2,437 to
begin October 22, 2022, under the EIDL program, which is administered through the SBA. Under the guidelines of the EIDL, the maximum
term is 30 years; however, terms are determined on a case-by-case basis based on each borrower’s ability to repay and carry an
interest rate of 3.75%. The EIDL loan has an initial deferment period wherein no payments are due for thirty months from the date of
disbursement. The EIDL loan may be prepaid by the Company at any time prior to maturity
with no prepayment penalties. The proceeds from this loan must be used solely as working capital to alleviate economic injury
caused by the COVID-19 pandemic.
As
part of the EIDL loan, the Company granted the SBA a continuing security interest in and to any and all collateral to secure
payment and performance of all debts, liabilities and obligations of the Company to the SBA under the EIDL loan. The collateral
includes substantially all tangible and intangible personal property of the Company.
A summary of the minimum maturities
of term debt follows for the years set forth below.
Schedule of minimum maturities | |
|
Year ended December 31, | |
|
| 2023 | | |
$ | — | |
| 2024 | | |
| — | |
| 2025 | | |
| — | |
| 2026 | | |
| — | |
| 2027 and thereafter | | |
| 499,900 | |
| Total | | |
$ | 499,900 | |
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
10. Related Party Transactions
As discussed in note 5, the Company has leased
its Fort Pierce, Florida facilities from a company owned by its CEO.
During the six months ended June 30, 2023,
and 2022, the Company recorded management fees of $0 and $27,000, respectively, paid to its shareholder parent company.
During the six months ended June 30,
2023 and 2022, Twin Vee received a monthly fee of $6,800 and $5,850, respectively, to provide management services and facility
utilization to Forza. This income for Twin Vee, and expense for Forza, has been eliminated in the condensed consolidated financial
statements.
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
11. Commitments and Contingencies
Repurchase Obligations
Under certain conditions, the Company
is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to the Company’s
dealers. The maximum obligation of the Company under such floor plan agreements totaled approximately $10,215,000 or 54 units, and
$10,693,000 or 67 units, as of June 30, 2023, and December 31, 2022, respectively. The Company incurred no impact from
repurchase events during the six months ended June 30, 2023 and year ended December 31, 2022.
Short-term lease
In August of 2022, Forza signed a six-month
lease for a duplex, to be used by its employees to minimize travel expenses as it started construction on its new manufacturing
facility, for $2,200 per month, on a property in Black Mountain, North Carolina. During the six months ended June 30, 2023
and 2022, the lease expense was $11,000 and $0, respectively.
Litigation
The Company is currently involved in
various civil litigation in the normal course of business none of which is considered material.
Irrevocable line of credit
As of June 30, 2023, the Company had
$200,000 of restricted cash included in cash, cash equivalents and restricted cash. This amount represents a deposit to secure
an irrevocable letter of credit for a supplier contract with Yamaha. These deposits are held in an interest-bearing account.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
12. Stockholders’ Equity
Twin Vee
Common
Stock Warrants
On October 3, 2022, the Company issued
and sold to ThinkEquity LLC, as the underwriter in a firm commitment underwritten public offering (the “Offering”)
pursuant to the term of an underwriting agreement that the Company entered into with ThinkEquity LLC on September 28, 2022 (the
“Underwriting Agreement”),an aggregate of 2,500,000 shares of the Company’s common stock, par value
$0.001 per share, at a public offering price of $2.75 per share, for gross proceeds of $6,875,000, before deducting underwriting
discounts, commissions and offering expenses. Pursuant to the Underwriting Agreement, the Company has
also issued to the underwriter warrants to purchase up to 143,750 shares of Common Stock. The warrants will be exercisable
at a per share exercise price of $3.4375.
As of June 30, 2023, the Company had outstanding warrants
to purchase 150,000 shares of common stock issuable at a weighted-average exercise price of $7.50 per share that
were issued to the representative of the underwriters on July 23, 2021 in connection with the Company’s initial public offering
that closed on July 23, 2021 (the “IPO”). The representative’s warrants are exercisable at any time and from
time to time, in whole or in part, and expire on July 20, 2026. There was no warrant activity during the six months ended June
30, 2023.
Equity Compensation Plan
The Company
maintains an equity compensation plan (the “Plan”) under which it may award employees, directors and consultants’
incentive and non-qualified stock options, restricted stock units, stock appreciation rights and other stock-based awards with
terms established by the Compensation Committee of the Board of Directors which has been appointed by the Board of Directors to
administer the Plan. The number of awards under the Plan automatically increased on January 1, 2023. As of June 30, 2023, there
were 75,823 shares remaining available for grant under this Plan.
Accounting for Stock -Based Compensation
Stock Compensation Expense
For the three months ended June 30, 2023
and 2022, the Company recorded $489,361 and $301,891, respectively, of stock-based compensation expense. For the six months ended
June 30, 2023 and 2022, the Company recorded $972,325 and
$526,723,
respectively, of stock-based compensation expense. Stock-based compensation expense is included in salaries and wages on the accompanying condensed
consolidated statement of operations. Included in the $972,325 of
stock options expense for the six months ending June 30, 2023, is Forza’s stock-based compensation expense of $682,980.
Stock
Options
Under the Company’s
2021 Stock Incentive Plan the Company has issued stock options. A stock option grant gives the holder the right, but not the obligation
to purchase a certain number of shares at a predetermined price for a specific period of time. The Company typically issues options
that vest pro rata on a monthly basis over various periods. Under the terms of the Plan, the contractual life of the option grants
may not exceed ten years.
The Company
utilizes the Black-Scholes model to determine fair value of stock option awards on the date of grant. The Company utilized the
following assumptions for option grants during the six months ended June 30, 2023 and 2022:
Schedule of assumptions |
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Expected term |
|
|
5 years |
|
|
|
4.94 - 5 years |
|
Expected average volatility |
|
|
49 - 51% |
|
|
|
49 - 55% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Risk-free interest rate |
|
|
1.50 –4.45% |
|
|
|
0.72 - 1.00% |
|
The expected
volatility of the option is determined using historical volatilities based on historical stock price of comparable boat manufacturing
companies. The Company estimated the expected life of the options granted based upon historical weighted average of comparable
boat manufacturing companies. The risk-free interest rate is determined using the U.S. Department of the Treasury yield curve rates
with a remaining term equal to the expected life of the option. The Company has never paid a dividend, and as such the dividend
yield is 0.0%
Schedule of expected volatility of option | |
| |
| |
|
| |
Options Outstanding | |
Weighted Average | |
|
| |
Number of | |
Weighted Average | |
Remaining life | |
|
| |
Options | |
Exercise Price | |
(years) | |
Fair value of option |
| |
| |
| |
| |
|
| Outstanding, December 31, 2022 | | |
| 1,283,571 | | |
$ | 4.14 | | |
| 8.95 | | |
| 2,256,233 | |
| Granted | | |
| — | | |
| — | | |
| — | | |
| — | |
| Exercised | | |
| — | | |
| — | | |
| — | | |
| | |
| Expired | | |
| (44,394 | ) | |
| (5.40 | ) | |
| — | | |
| (101,960 | ) |
| Forfeited/canceled | | |
| — | | |
| — | | |
| — | | |
| — | |
| Outstanding, June 30, 2023 | | |
| 1,239,177 | | |
$ | 4.09 | | |
| 8.47 | | |
| 2,154,274 | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exercisable options, June 30, 2023 | | |
| 753,175 | | |
$ | 4.43 | | |
| 8.34 | | |
| | |
At June 30, 2023, 486,002 Twin Vee options
are unvested and expected to vest over the next four years.
Forza
Common Stock Warrants
Forza had outstanding warrants to purchase 172,500 shares
of common stock issuable at a weighted-average exercise price of $6.25 per share that were issued to the representative of
the underwriters on August 16, 2022 in connection with Forza’s IPO. Forza also had outstanding warrants to purchase 306,705
shares of common stock issuable at a weighted-average exercise price of $1.88 per share that were issued to the representative
of the underwriters on June 14, 2023 in connection with Forza’s secondary offering. The representative’s warrants are
exercisable at any time and from time to time, in whole or in part, and expire on August 16, 2027 and June 16, 2028, respectively.
There was no warrant activity during the six months ended June 30, 2023.
Equity
Compensation Plan
Forza maintains
an equity compensation plan under which it may award employees, directors and consultants’ incentive and non-qualified stock
options, restricted stock, stock appreciation rights and other stock-based awards with terms established by the Compensation Committee
of the Board of Directors which has been appointed by the Board of Directors to administer the plan. The number of awards under
the Plan will automatically increase on January 1, 2023. As of June 30, 2023, there were 568,750 shares remaining available
for grant under this Plan. Stock based compensation expense is included in the Statements of Operations, under salaries and wages.
Accounting
for Stock -Based Compensation
For the three months ended June 30, 2023 and
2022, Forza recorded $341,817 and $0, respectively, of stock-based compensation expense. For the six months ended June 30, 2023 and
2022, Forza recorded $682,980 and
$0,
respectively, of stock-based compensation expense. Stock-based compensation expense is included in salaries and wages on
the accompanying condensed statement of operations.
Stock
Options
Under Forza’s
2022 Stock Incentive Plan (the “Forza Plan”), Forza has issued stock options. A stock option grant gives the holder
the right, but not the obligation, to purchase a certain number of shares at a predetermined price for a specific period of time.
Forza typically issues options that vest pro rata on a monthly basis over various periods. Under the terms of the Forza Plan, the
contractual life of the option grants may not exceed ten years.
Forza utilizes
the Black-Scholes model to determine fair value of stock option awards on the date of grant. Forza utilized the following assumptions for
option grants during the six months ended June 30, 2023:
Schedule of assumptions | |
| | |
| |
| Year ended | |
| |
| June 30, | |
| |
| 2023 | |
Expected term | |
| 5 years | |
Expected average volatility | |
| 111 - 115% | |
Expected dividend yield | |
| — | |
Risk-free interest rate | |
| 2.98 - 3.62% | |
The expected volatility of the option
is determined using historical volatilities based on historical stock price of comparable boat manufacturing companies. Forza estimated
the expected life of the options granted based upon historical weighted average of comparable boat manufacturing companies. The
risk-free interest rate is determined using the U.S. Department of the Treasury yield curve rates with a remaining term equal to
the expected life of the option. Forza has never paid a dividend, and as such the dividend yield is 0.0%.
Schedule of expected volatility of option |
|
|
|
|
|
|
|
|
Options Outstanding |
|
Weighted Average |
|
|
|
|
Number of |
|
Weighted Average |
|
Remaining life |
|
|
|
|
Options |
|
Exercise Price |
|
(years) |
|
Fair value of option |
|
|
|
|
|
|
|
|
|
|
Outstanding, December 31, 2021 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
Granted |
|
|
|
1,441,500 |
|
|
|
3.41 |
|
|
|
10.00 |
|
|
|
4,009,913 |
|
|
Exercised |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/canceled |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Outstanding, December 31, 2022 |
|
|
|
1,441,500 |
|
|
$ |
3.41 |
|
|
|
0.07 |
|
|
$ |
4,009,913 |
|
|
Granted |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercised |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/canceled |
|
|
|
(36,944 |
) |
|
|
1.33 |
|
|
|
9.74 |
|
|
|
— |
|
|
Outstanding, June 30, 2023 |
|
|
|
1,404,556 |
|
|
$ |
3.46 |
|
|
|
9.27 |
|
|
$ |
4,009,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable options, June 30, 2023 |
|
|
|
360,125 |
|
|
$ |
3.98 |
|
|
|
9.22 |
|
|
|
|
|
|
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- DefinitionThe entire disclosure for equity.
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v3.23.2
Customer Concentration
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Customer Concentration |
13. Customer Concentration
Significant dealers are those that account
for greater than 10% of the Company’s revenues and purchases.
During the six months ended June 30,
2023, one individual dealer had sales of over 10%
of the Company’s total sales, that dealer represented 20%
of total sales. During the six months ended June 30, 2022, three individual dealers had sales of over 10%
of the Company’s total sales, and combined these three dealers represented 46%
of total sales.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
Segment
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment |
14. Segment
The Company reports segment information
based on the “management” approach. The management approach designates the internal reporting used by management for
making decisions and assessing performance as the source of the Company’s reportable segments.
The Company reported its financial performance
based on the following segments: Gas-powered Boats, Franchise and Electric Boats.
The Company evaluates the performance
of its reportable segments based on net sales and operating income. Net sales for business segments are generally based on the
sale of boats and the sale of franchises. Income (loss) from operations for each segment includes net sales to third parties, related
cost of sales and operating expenses directly attributable to the segment. Operating income for each segment excludes other income
and expenses. The Company does not include intercompany transfers between segments for management reporting purposes.
The following table shows information
by reportable segments for the three and six months ended June 30, 2023 and 2022:
For the three months ended June 30,
2023
Schedule of reportable segments | |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 8,124,632 | | |
$ | — | | |
$ | — | | |
$ | 8,124,632 | |
Cost of products sold | |
| 5,823,374 | | |
| — | | |
| 40,796 | | |
| 5,864,170 | |
Operating expense | |
| 3,725,689 | | |
| 278 | | |
| 1,578,722 | | |
| 5,304,689 | |
Loss from operations | |
| (1,424,431 | ) | |
| (278 | ) | |
| (1,619,518 | ) | |
| (3,044,227 | ) |
Other income (expense) | |
| 1,008,741 | | |
| (4,122 | ) | |
| 135,865 | | |
| 1,140,484 | |
Net loss | |
$ | (415,690 | ) | |
$ | (4,400 | ) | |
$ | (1,483,653 | ) | |
$ | (1,903,743 | ) |
For the three months
ended June 30, 2022
| |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 8,519,613 | | |
$ | — | | |
$ | — | | |
$ | 8,519,613 | |
Cost of products sold | |
| 5,059,389 | | |
| — | | |
| 13,012 | | |
| 5,072,401 | |
Operating expense | |
| 3,356,381 | | |
| 7,723 | | |
| 555,087 | | |
| 3,919,191 | |
Income (loss) from operations | |
| 103,843 | | |
| (7,723 | ) | |
| (568,099 | ) | |
| (471,979 | ) |
Other expense | |
| (31,089 | ) | |
| (3,882 | ) | |
| (31,832 | ) | |
| (66,803 | ) |
Net income (loss) | |
$ | 72,754 | | |
$ | (11,605 | ) | |
$ | (599,931 | ) | |
$ | (538,782 | ) |
For the six months ended June 30, 2023
| |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 17,001,847 | | |
$ | — | | |
$ | — | | |
$ | 17,001,847 | |
Cost of products sold | |
| 11,428,818 | | |
| — | | |
| 90,737 | | |
| 11,519,555 | |
Operating expense | |
| 7,236,112 | | |
| 1,399 | | |
| 3,658,531 | | |
| 10,896,042 | |
Loss from operations | |
| (1,663,083 | ) | |
| (1,399 | ) | |
| (3,749,268 | ) | |
| (5,413,750 | ) |
Other income (expense) | |
| 1,429,242 | | |
| (8,184 | ) | |
| 260,484 | | |
| 1,681,542 | |
Net loss | |
$ | (233,841 | ) | |
$ | (9,583 | ) | |
$ | (3,488,784 | ) | |
$ | (3,732,208 | ) |
For the six months
ended June 30, 2022
| |
| | | |
| | | |
| | | |
| | |
|
|
Gas-Powered Boats |
|
Franchise |
|
Electric Boat and Development |
|
Total |
Net sales |
|
$ |
14,406,645 |
|
|
$ |
(1,032 |
) |
|
$ |
— |
|
|
$ |
14,405,613 |
|
Cost of products sold |
|
|
8,498,930 |
|
|
|
1,027 |
|
|
|
24,090 |
|
|
|
8,524,047 |
|
Operating expense |
|
|
6,309,997 |
|
|
|
33,978 |
|
|
|
1,057,723 |
|
|
|
7,401,698 |
|
Loss from operations |
|
|
(402,282 |
) |
|
|
(36,037 |
) |
|
|
(1,081,813 |
) |
|
|
(1,520,132 |
) |
Other expense |
|
|
(151,442 |
) |
|
|
(26,116 |
) |
|
|
(32,409 |
) |
|
|
(209,967 |
) |
Net loss |
|
$ |
(553,724 |
) |
|
$ |
(62,153 |
) |
|
$ |
(1,114,222 |
) |
|
$ |
(1,730,099 |
) |
Property and equipment, net classified by business were as
follows:
Schedule of property and equipment, net classified by business | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| Gas-Powered Boats | | |
$ | 8,558,194 | | |
$ | 4,770,496 | |
| Franchise | | |
$ | — | | |
$ | — | |
| Electric-Boats | | |
$ | 997,973 | | |
$ | 765,406 | |
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
15. Subsequent Events
The Company has evaluated all event
or transactions that occurred after June 30, 2023 through August 13, 2023, which is the date that the condensed consolidated financial
statements were available to be issued. During this period, there were no material subsequent events requiring recognition or disclosure.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Organization and Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization |
Organization
Twin Vee PowerCats Co. (“Twin
Vee” or the “Company”) was incorporated as Twin Vee Catamarans, Inc., in the state of Florida, on December 1,
2009. On April 7, 2021, the Company filed a Certificate of Conversion to register and incorporate in the state of Delaware and
changed the company name to Twin Vee PowerCats Co. The Certificate of Incorporation for Twin Vee PowerCats Co. was also filed on
April 7, 2021.
On September 1, 2021, the Company formed Fix My Boat, Inc., (“Fix My
Boat”), a wholly-owned subsidiary. Fix My Boat will utilize a franchise model for marine mechanics across the country. Fix
My Boat has been inactive for the majority of 2022 and the six months ended June 30, 2023, however the Company anticipates focusing resources
on this entity by the end of 2023.
Forza X1, Inc. was initially incorporated as Electra Power Sports, Inc. on October
15, 2021, and subsequently changed the name to Forza X1, Inc. (“Forza X1” or “Forza”) on October 29, 2021. Prior
to Forza’s incorporation on October 15, 2021, the electric boat business was operated as the Company’s Electra Power Sports™
Division. Following the Company’s initial public offering that closed on July 23, 2021 (the “IPO”), it determined in
October 2021 that for several reasons, that it would market the Company’s new independent line of electric boats under a new brand
name (and new subsidiary).
On April 20, 2023, the Company formed
AquaSport Co., a wholly owned subsidiary in the state of Florida in connection with the Company’s plan to lease the assets
of former AQUASPORT™ boat brand and manufacturing facility in White Bluff Tennessee.
|
Merger |
Merger
On December 5, 2022, pursuant to the
terms of the Agreement and Plan of Merger, dated as of September 8, 2022 (the “Merger Agreement”), by and between Twin
Vee PowerCats Co. and Twin Vee PowerCats, Inc., a Florida corporation (“TVPC”), TVPC was merged with and into the Company
(the “Merger”).
As TVPC did not meet the definition
of a business under ASC 805, the merger was not accounted for as a business combination. The Merger was accounted for as a recapitalization
of Twin Vee PowerCats, Co., effected through the exchange of TVPC shares for Twin Vee PowerCats, Co. shares, and the cancellation
of Twin Vee PowerCats, Co. shares held by Twin Vee Inc. Upon the effective date of the Merger, December 5, 2022, Twin Vee Co. accounted
for the Merger by assuming TVPC’s net liabilities. Twin Vee PowerCats, Co.’s financial statements reflect the operations
of TVPC. prospectively and will not be restated retroactively to reflect the historical financial position or results of operations
of TVPC.
|
Principles of Consolidation |
Principles of Consolidation
The condensed
consolidated financial statements include the accounts of Twin Vee and its wholly owned subsidiaries AquaSport Co., and Fix My
Boat, Inc., (“Fix My Boat”) and majority owned subsidiary, Forza X1, Inc. (“Forza X1” “Forza”),
collectively referred to as the “Company”. The Company’s net loss excludes losses attributable to noncontrolling
interests. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s
equity. All inter-company balances and transactions are eliminated in consolidation.
|
Basis of Presentation |
Basis
of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of
Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all
information and footnotes required by accounting principles generally accepted in the United States of America for annual financial
statements.
In the opinion of the Company’s
management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting
only of normal recurring accruals) to present the financial position of the Company as of June 30, 2023 and the results of operations
and cash flows for the periods presented. The results of operations for the six months ended June 30, 2023 is not necessarily indicative
of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements and related notes thereto for the year ended December 31, 2022 included
in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023.
|
Revenue Recognition |
Revenue Recognition
The Company’s revenue is derived
primarily from the sale of boats, motors and trailers to its independent dealers. The Company recognizes revenue when obligations
under the terms of a contract are satisfied and control over promised goods is transferred to the dealer. For the majority of sales,
this occurs when the product is released to the carrier responsible for transporting it to a dealer. The Company typically receives
payment within five business days of shipment. Revenue is measured as the amount of consideration it expects to receive in exchange
for a product. The Company offers dealer incentives that include wholesale rebates, retail rebates and promotions, floor plan reimbursement
or cash discounts, and other allowances that are recorded as reductions of revenues in net sales in the statements of operations.
The consideration recognized represents the amount specified in a contract with a customer, net of estimated incentives the Company
reasonably expects to pay. The estimated liability and reduction in revenue for dealer incentives is recorded at the time of sale.
Subsequent adjustments to incentive estimates are possible because actual results may differ from these estimates if conditions
dictate the need to enhance or reduce sales promotion and incentive programs or if dealer achievement or other items vary from
historical trends. Accrued dealer incentives are included in accrued liabilities in the accompanying consolidated balance sheets.
Payment received for the future sale
of a boat to a customer is recognized as a customer deposit. Customer deposits are recognized as revenue when control over promised
goods is transferred to the customer. At June 30, 2023 and December 31, 2022, the Company had customer deposits of $182,335 and
$5,300, respectively, which is recorded as contract liabilities on the consolidated balance sheets. These deposits are expected
to be recognized as revenue within a one-year period.
|
Rebates and Discounts |
Rebates and Discounts
Dealers earn wholesale rebates based
on purchase volume commitments and achievement of certain performance metrics. The Company estimates the amount of wholesale rebates
based on historical achievement, forecasted volume, and assumptions regarding dealer behavior. Rebates that apply to boats already
in dealer inventory are referred to as retail rebates. The Company estimates the amount of retail rebates based on historical data
for specific boat models adjusted for forecasted sales volume, product mix, dealer and consumer behavior, and assumptions concerning
market conditions. The Company also utilizes various programs whereby it offers cash discounts or agrees to reimburse its dealers
for certain floor plan interest costs incurred by dealers for limited periods of time, generally ranging up to nine months.
|
Other Revenue Recognition Matters |
Other Revenue Recognition Matters
Dealers generally have no right to return
unsold boats. Occasionally, the Company may accept returns in limited circumstances and at the Company’s discretion under
its warranty policy. The Company may be obligated, in the event of default by a dealer, to accept returns of unsold boats under
its repurchase commitment to floor financing providers, who are able to obtain such boats through foreclosure. The repurchase commitment
is on an individual unit basis with a term from the date it is financed by the lending institution through the payment date by
the dealer, generally not exceeding 30 months.
The Company has excluded sales and other
taxes assessed by a governmental authority in connection with revenue-producing activities from the determination of the transaction
price for all contracts. The Company has not adjusted net sales for the effects of a significant financing component because the
period between the transfer of the promised goods and the customer’s payment is expected to be one year or less.
|
Use of Estimates |
Use of Estimates
The preparation of condensed consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual
results may differ from these estimates.
|
Concentrations of Credit and Business Risk |
Concentrations of Credit and Business
Risk
Financial instruments that potentially
subject the Company to concentrations of credit risk primarily consist of trade receivables. Credit risk on trade receivables is
mitigated as a result of the Company’s use of trade letters of credit, dealer floor plan financing arrangements, and the
geographically diversified nature of the Company’s customer base. The Company minimizes the concentration of credit risk
associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances
in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000 are at risk. As of June
30, 2023 and December 31, 2022, the Company had $24,926,490 and $22,666,301, respectively, in excess of FDIC insured limits.
|
Cash, Cash Equivalents and Restricted Cash |
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted
cash include all highly liquid investments with original maturities of six months or less at the time of purchase. On June 30,
2023 and December 31, 2022, the Company had cash, cash equivalents and restricted cash of $26,337,127 and $23,501,007, respectively.
Included within restricted cash on the Company’s condensed consolidated balance sheets is an irrevocable letter of credit
for $200,000, which is being held by a third party bank as collateral.
|
Marketable Securities |
Marketable Securities
The Company’s investments in debt
securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive
intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt
securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or
available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on
available-for-sale debt securities are included in net income.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The Company follows accounting guidelines
on fair value measurements for financial instruments measured on a recurring basis, as well as for certain assets and liabilities
that are initially recorded at their estimated fair values. Fair Value is defined as the exit price, or the amount that would be
received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as the measurement
date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of
unobservable inputs to value its financial instruments:
|
● |
Level
1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. |
|
● |
Level
2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. |
|
● |
Level
3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments
whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments
for which the determination of fair value requires a significant judgment or estimation. |
Financial instruments measured as fair
value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The
Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires it to
make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation
methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current
market exchange.
The carrying amounts of cash equivalents
approximate their fair value due to their liquid or short-term nature, such as accounts receivable and payable, and other financial
instruments in current assets or current liabilities.
|
Inventories |
Inventories
Inventories are valued at the lower
of cost and net realizable value, with cost determined using the average cost method. Net realizable value is defined as sales
price less cost of completion, disposable and transportation and a normal profit margin. Production costs, consisting of labor
and overhead, are applied to ending finished goods inventories at a rate based on estimated production capacity. Excess production
costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable
value.
|
Property and Equipment |
Property and Equipment
Property and equipment is stated at
cost, net of accumulated depreciation and amortization, using the straight-line method over the assets’ useful life. Leasehold
improvements are amortized over the shorter of the assets’ useful life or the lease term. The estimated useful lives of property
and equipment range from three to five years. Upon sale or retirement, the cost and related accumulated depreciation is eliminated
from their respective accounts, and the resulting gain or loss is included in results of operations. Repairs and maintenance charges,
which do not increase the useful lives of the assets, are charged to operations as incurred.
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
Management assesses the recoverability
of its long-lived assets when indicators of impairment are present. If such indicators are present, recoverability of these assets
is determined by comparing the undiscounted net cash flows estimated to result from those assets over the remaining life to the
assets’ net carrying amounts. If the estimated undiscounted net cash flows are less than the net carrying amount, the assets
would be adjusted to their fair value, based on appraisal or the present value of the undiscounted net cash flows.
|
Advertising |
Advertising
Advertising and marketing costs are
expensed as incurred. During the six months ended June 30, 2023 and 2022, advertising costs incurred by the Company totaled $241,702 and
$18,754, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements
of operations.
|
Research and Development |
Research and Development
The Company expenses research and development
costs relating to new product development as incurred. For the six months ended June 30, 2023 and 2022, research and development
costs amounted to $964,121 and $396,352, respectively.
|
Shipping and Handling Costs |
Shipping and Handling Costs
Shipping and handling costs include
those costs incurred to transport product to customers and internal handling costs, which relate to activities to prepare goods
for shipment. The Company has elected to account for shipping and handling costs associated with outbound freight after control
over a product has been transferred to a customer as a fulfillment cost. The Company includes shipping and handling costs, including
cost billed to customers, in cost of sales in the statements of operations. All manufactured boats are free on board (FOB), from
the Fort Pierce manufacturing plant. Dealers are required to either pick up the boats themselves or contract with a transporter.
For the six months ended June 30, 2023, and 2022, shipping and handling costs amounted to $395,767 and $54,081, respectively.
These costs have increased by $341,686, due to adding dealers in the New England stated and Michigan, compared to the prior year,
when all of the boats were shipped to the states in the southeast portion of the United States.
|
Leases |
Leases
The Company determines if an arrangement
is a lease at inception. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at the commencement
date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit
rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The Company calculates the associated lease liability and corresponding ROU asset upon lease commencement
using a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The operating
lease ROU asset also includes any lease payments made and is reduced by lease incentives. The Company’s lease terms may include
options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expenses
for lease payments is recognized on a straight-line basis over the lease term.
|
Supplier Concentrations |
Supplier Concentrations
The Company is dependent on the ability
of its suppliers to provide products on a timely basis and on favorable pricing terms. The loss of certain principal suppliers
or a significant reduction in product availability from principal suppliers could have a material adverse effect on the Company.
Business risk insurance is in place to mitigate the business risk associated with sole suppliers for sudden disruptions such as
those caused by natural disasters.
The Company is dependent on third-party
equipment manufacturers, distributors, and dealers for certain parts and materials utilized in the manufacturing process. During
the six months ended June 30, 2023, the Company purchased all engines for its boats under supplier agreements with two vendors.
During the six months ended June 30, 2022, the Company purchased all engines for its boats under supplier agreements with one vendor.
For the six months ended June 30, 2023 and 2022, total purchases to these vendors were $3,562,550 and $2,702,733, respectively.
|
Employee Retention Credit |
Employee Retention Credit
On Mach 27, 2020, the Coronavirus Aid,
Relief, and Economic Security Act (“CARES Act”) was signed into law providing numerous tax provisions and other stimulus
measures, including an employee retention credit (“ERC”), which is a refundable tax credit against certain employment
taxes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded
the availability of the ERC.
Pursuant to the employee retention credit,
eligible employers could receive a 50% - 70% credit on qualified wages against their employment taxes each quarter during the eligible
period in 2020 and 2021, respectively, with any excess credits eligible for refunds. During the six months ended June 30, 2023,
the Company recognized income related to the employee retention credit of $1,267,055 upon completion of an analysis providing
reasonable assurance that the Company met the conditions set forth in the CARES Act. The employee retention credit was recorded in the
condensed consolidated statement of operations for the six months ended June 30, 2023.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company recognizes stock-based compensation
costs for its restricted stock measured at the fair value of each award at the time of grant, as an expense over the period during
which an employee is required to provide service. Compensation cost is recognized over the service period for the fair value of
awards that vest.
|
Income Taxes |
Income Taxes
Income taxes are accounted for under the
asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax bases and operating losses. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in
which those temporary differences are expected to be recover or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of
deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets
will not be realized. The ultimate realization of deferred tax assets is entirely dependent upon the generation of future taxable
income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of
deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
The Company files income tax returns
in the U.S. federal jurisdiction and various states.
|
Recently Adopted Accounting Pronouncements |
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued ASU No.
2016-13, “Financial Instruments Credit Losses —Measurement of Credit Losses on Financial Instruments.”
ASU 2016-13 requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net
amount expected to be collected, which includes the Company’s accounts receivable. This ASU was adopted by the Company for
reporting periods beginning after December 15, 2022.
The Company has considered all other
recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact
on its financial statements.
|
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v3.23.2
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|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities |
|
Schedule of fair value marketable securities |
Schedule of fair value marketable securities | |
| | | |
| | | |
| | | |
| | |
| |
| |
Fair Value Measurements Using | |
|
| |
Balance as of
June 30, 2023 | |
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | |
Significant Other
Observable Inputs
(Level 2) | |
Significant
Nonobservable Inputs
(Level 3) |
Marketable securities: | |
| | | |
| | | |
| | | |
| | |
Corporate Bonds | |
$ | 1,451,161 | | |
$ | — | | |
$ | 1,451,161 | | |
$ | — | |
Certificates of Deposits | |
| 496,235 | | |
| — | | |
| 496,235 | | |
| — | |
Total marketable securities | |
$ | 1,947,396 | | |
$ | — | | |
$ | 1,947,396 | | |
$ | — | |
| |
| |
Fair Value Measurements Using | |
|
| |
Balance as of
December 31, 2022 | |
Quoted Pricesin
Active Markets for
Identical Assets
(Level 1) | |
Significant Other
Observable Inputs
(Level 2) | |
Significant
Nonobservable Inputs
(Level 3) |
Marketable securities: | |
| | | |
| | | |
| | | |
| | |
Corporate Bonds | |
$ | 2,436,333 | | |
$ | — | | |
$ | 2,436,333 | | |
$ | — | |
Certificates of Deposits | |
| 491,185 | | |
| — | | |
| 491,185 | | |
| — | |
Total marketable securities | |
$ | 2,927,518 | | |
$ | — | | |
$ | 2,927,518 | | |
$ | — | |
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v3.23.2
Inventories (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of inventories |
Schedule of inventories | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Raw Materials | |
$ | 4,685,317 | | |
$ | 3,406,371 | |
Inventory in transit | |
| 694,413 | | |
| 222,607 | |
Work in Process | |
| 155,253 | | |
| 246,734 | |
Finished Product | |
| 41,497 | | |
| 132,620 | |
Total Inventory | |
$ | 5,576,480 | | |
$ | 4,008,332 | |
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v3.23.2
Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Machinery and equipment | |
$ | 2,315,568 | | |
$ | 1,977,482 | |
Furniture and fixtures | |
| 22,487 | | |
| 20,335 | |
Land | |
| 1,000,000 | | |
| — | |
Leasehold improvements | |
| 1,140,224 | | |
| 950,132 | |
Software and website development | |
| 90,396 | | |
| 148,693 | |
Computer hardware and software | |
| 277,217 | | |
| 123,088 | |
Boat molds | |
| 4,356,966 | | |
| 2,277,664 | |
Vehicles | |
| 143,360 | | |
| 94,534 | |
Electric prototypes and tooling | |
| 142,526 | | |
| 142,526 | |
Assets under construction | |
| 1,628,654 | | |
| 859,839 | |
| |
| 11,117,398 | | |
| 6,594,293 | |
Less accumulated depreciation and amortization | |
| (1,561,231 | ) | |
| (1,058,391 | ) |
| |
$ | 9,556,167 | | |
$ | 5,535,902 | |
|
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.23.2
Leases – Related Party (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Schedule of leases supplemental balance sheet information |
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 973,872 | | |
$ | 1,167,551 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 403,707 | | |
$ | 393,069 | |
Non-current portion | |
| 644,097 | | |
| 851,096 | |
Total | |
$ | 1,047,804 | | |
$ | 1,244,165 | |
|
Schedule of future lease payments |
Schedule of future lease payments | |
|
Year Ending December 31, | |
|
| 2023 (excluding the six months ended June 30, 2023) | | |
$ | 198,450 | |
| 2024 | | |
| 416,745 | |
| 2025 | | |
| 437,582 | |
| Total lease payment | | |
| 1,052,777 | |
| Less imputed interest | | |
| (4,973 | ) |
| Total | | |
$ | 1,047,804 | |
|
Schedule of other supplemental information |
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 0.36 | % |
Weighted average remaining lease term (years) | |
| 2.42 | |
|
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- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
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Leases (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
Schedule of leases supplemental balance sheet information |
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 973,872 | | |
$ | 1,167,551 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 403,707 | | |
$ | 393,069 | |
Non-current portion | |
| 644,097 | | |
| 851,096 | |
Total | |
$ | 1,047,804 | | |
$ | 1,244,165 | |
|
Schedule of future minimum lease payments |
Schedule of future lease payments | |
|
Year Ending December 31, | |
|
| 2023 (excluding the six months ended June 30, 2023) | | |
$ | 198,450 | |
| 2024 | | |
| 416,745 | |
| 2025 | | |
| 437,582 | |
| Total lease payment | | |
| 1,052,777 | |
| Less imputed interest | | |
| (4,973 | ) |
| Total | | |
$ | 1,047,804 | |
|
Schedule of other supplemental information |
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 0.36 | % |
Weighted average remaining lease term (years) | |
| 2.42 | |
|
N C Limited Liability Company [Member] |
|
Defined Benefit Plan Disclosure [Line Items] |
|
Schedule of leases supplemental balance sheet information |
Schedule of leases supplemental balance sheet information | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease ROU asset | |
$ | 119,036 | | |
$ | 162,069 | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Operating lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 89,349 | | |
$ | 86,245 | |
Non-current portion | |
| 23,072 | | |
| 68,532 | |
Total | |
$ | 112,421 | | |
$ | 154,777 | |
|
Schedule of future minimum lease payments |
Schedule of future minimum lease payments | |
| | |
2023
(excluding the six months ended June 30, 2023) | |
$ | 45,777 | |
2024 | |
| 69,680 | |
Total
lease payment | |
$ | 115,456 | |
Less
imputed interest | |
| 3,035 | |
Total | |
| 112,421 | |
|
Schedule of other supplemental information |
Schedule of other supplemental information | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 4 | % |
Weighted average remaining lease term (years) | |
| 1.33 | |
|
Schedule of operating lease |
Schedule of operating lease |
|
|
|
|
Six
Months Ended
June 30, 2023 |
Operating lease
cost |
|
$ |
45,100 |
Total lease cost |
|
$ |
45,100 |
|
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v3.23.2
Finance Leases (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Finance Leases |
|
Schedule of finance lease in property and equipment |
Schedule of finance lease in property and equipment | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| Land | | |
$ | 1,000,000 | | |
$ | — | |
| Building | | |
| 100,000 | | |
| — | |
| Equipment | | |
| 2,135,132 | | |
| — | |
|
Schedule of supplemental balance sheet of finance lease |
Schedule of supplemental balance sheet of finance lease | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Finance lease liabilities: | |
| | | |
| | |
Current portion | |
$ | 178,687 | | |
$ | — | |
Non-current portion | |
| 2,712,885 | | |
| — | |
Total | |
$ | 2,891,572 | | |
$ | — | |
|
Schedule of future minimum lease payments of finance lease |
Schedule of future minimum lease payments of finance lease | |
|
Year Ending December 31, | |
|
| 2023 | | |
$ | 120,475 | |
| 2024 | | |
| 284,950 | |
| 2025 | | |
| 284,950 | |
| 2026 | | |
| 284,950 | |
| 2027 | | |
| 284,950 | |
| Thereafter | | |
| 1,982,874 | |
| Total lease payment | | |
| 3,243,149 | |
| Less imputed interest | | |
| (351,577 | ) |
| Total | | |
$ | 2,891,572 | |
|
Schedule of summarizez other supplemental information of finance lease |
Schedule of summarizez other supplemental information of finance lease | |
|
| |
June 30, |
| |
2023 |
Weighted average discount rate | |
| 3.07 | % |
Weighted average remaining lease term (years) | |
| 4.91 | |
|
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v3.23.2
Accrued Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of accrued liabilities |
Schedule of accrued liabilities | |
| | | |
| | |
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
Accrued wages and benefits | |
$ | 511,067 | | |
$ | 333,976 | |
Accrued interest | |
| 37,821 | | |
| 47,607 | |
Accrued bonus | |
| 241,650 | | |
| 20,000 | |
Accrued rebates | |
| — | | |
| 15,000 | |
Accrued professional fees | |
| 40,813 | | |
| 89,500 | |
Accrued operating expense | |
| 168,910 | | |
| 64,601 | |
Accrued inventory | |
| — | | |
| 577,712 | |
Accrued commission | |
| 57,805 | | |
| — | |
Warranty reserve | |
| 134,424 | | |
| 92,373 | |
Total accrued liabilities | |
$ | 1,192,490 | | |
$ | 1,240,769 | |
|
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v3.23.2
Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of assumptions |
Schedule of assumptions |
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
Expected term |
|
|
5 years |
|
|
|
4.94 - 5 years |
|
Expected average volatility |
|
|
49 - 51% |
|
|
|
49 - 55% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Risk-free interest rate |
|
|
1.50 –4.45% |
|
|
|
0.72 - 1.00% |
|
|
Schedule of expected volatility of option |
Schedule of expected volatility of option | |
| |
| |
|
| |
Options Outstanding | |
Weighted Average | |
|
| |
Number of | |
Weighted Average | |
Remaining life | |
|
| |
Options | |
Exercise Price | |
(years) | |
Fair value of option |
| |
| |
| |
| |
|
| Outstanding, December 31, 2022 | | |
| 1,283,571 | | |
$ | 4.14 | | |
| 8.95 | | |
| 2,256,233 | |
| Granted | | |
| — | | |
| — | | |
| — | | |
| — | |
| Exercised | | |
| — | | |
| — | | |
| — | | |
| | |
| Expired | | |
| (44,394 | ) | |
| (5.40 | ) | |
| — | | |
| (101,960 | ) |
| Forfeited/canceled | | |
| — | | |
| — | | |
| — | | |
| — | |
| Outstanding, June 30, 2023 | | |
| 1,239,177 | | |
$ | 4.09 | | |
| 8.47 | | |
| 2,154,274 | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exercisable options, June 30, 2023 | | |
| 753,175 | | |
$ | 4.43 | | |
| 8.34 | | |
| | |
|
Forza 2022 Stock Incentive Plan [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of assumptions |
Schedule of assumptions | |
| | |
| |
| Year ended | |
| |
| June 30, | |
| |
| 2023 | |
Expected term | |
| 5 years | |
Expected average volatility | |
| 111 - 115% | |
Expected dividend yield | |
| — | |
Risk-free interest rate | |
| 2.98 - 3.62% | |
|
Schedule of expected volatility of option |
Schedule of expected volatility of option |
|
|
|
|
|
|
|
|
Options Outstanding |
|
Weighted Average |
|
|
|
|
Number of |
|
Weighted Average |
|
Remaining life |
|
|
|
|
Options |
|
Exercise Price |
|
(years) |
|
Fair value of option |
|
|
|
|
|
|
|
|
|
|
Outstanding, December 31, 2021 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
Granted |
|
|
|
1,441,500 |
|
|
|
3.41 |
|
|
|
10.00 |
|
|
|
4,009,913 |
|
|
Exercised |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/canceled |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Outstanding, December 31, 2022 |
|
|
|
1,441,500 |
|
|
$ |
3.41 |
|
|
|
0.07 |
|
|
$ |
4,009,913 |
|
|
Granted |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercised |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Forfeited/canceled |
|
|
|
(36,944 |
) |
|
|
1.33 |
|
|
|
9.74 |
|
|
|
— |
|
|
Outstanding, June 30, 2023 |
|
|
|
1,404,556 |
|
|
$ |
3.46 |
|
|
|
9.27 |
|
|
$ |
4,009,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable options, June 30, 2023 |
|
|
|
360,125 |
|
|
$ |
3.98 |
|
|
|
9.22 |
|
|
|
|
|
|
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- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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v3.23.2
Segment (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of reportable segments |
Schedule of reportable segments | |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 8,124,632 | | |
$ | — | | |
$ | — | | |
$ | 8,124,632 | |
Cost of products sold | |
| 5,823,374 | | |
| — | | |
| 40,796 | | |
| 5,864,170 | |
Operating expense | |
| 3,725,689 | | |
| 278 | | |
| 1,578,722 | | |
| 5,304,689 | |
Loss from operations | |
| (1,424,431 | ) | |
| (278 | ) | |
| (1,619,518 | ) | |
| (3,044,227 | ) |
Other income (expense) | |
| 1,008,741 | | |
| (4,122 | ) | |
| 135,865 | | |
| 1,140,484 | |
Net loss | |
$ | (415,690 | ) | |
$ | (4,400 | ) | |
$ | (1,483,653 | ) | |
$ | (1,903,743 | ) |
For the three months
ended June 30, 2022
| |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 8,519,613 | | |
$ | — | | |
$ | — | | |
$ | 8,519,613 | |
Cost of products sold | |
| 5,059,389 | | |
| — | | |
| 13,012 | | |
| 5,072,401 | |
Operating expense | |
| 3,356,381 | | |
| 7,723 | | |
| 555,087 | | |
| 3,919,191 | |
Income (loss) from operations | |
| 103,843 | | |
| (7,723 | ) | |
| (568,099 | ) | |
| (471,979 | ) |
Other expense | |
| (31,089 | ) | |
| (3,882 | ) | |
| (31,832 | ) | |
| (66,803 | ) |
Net income (loss) | |
$ | 72,754 | | |
$ | (11,605 | ) | |
$ | (599,931 | ) | |
$ | (538,782 | ) |
For the six months ended June 30, 2023
| |
| | | |
| | | |
| | | |
| | |
| |
Gas-Powered Boats | |
Franchise | |
Electric Boat and Development | |
Total |
Net sales | |
$ | 17,001,847 | | |
$ | — | | |
$ | — | | |
$ | 17,001,847 | |
Cost of products sold | |
| 11,428,818 | | |
| — | | |
| 90,737 | | |
| 11,519,555 | |
Operating expense | |
| 7,236,112 | | |
| 1,399 | | |
| 3,658,531 | | |
| 10,896,042 | |
Loss from operations | |
| (1,663,083 | ) | |
| (1,399 | ) | |
| (3,749,268 | ) | |
| (5,413,750 | ) |
Other income (expense) | |
| 1,429,242 | | |
| (8,184 | ) | |
| 260,484 | | |
| 1,681,542 | |
Net loss | |
$ | (233,841 | ) | |
$ | (9,583 | ) | |
$ | (3,488,784 | ) | |
$ | (3,732,208 | ) |
For the six months
ended June 30, 2022
| |
| | | |
| | | |
| | | |
| | |
|
|
Gas-Powered Boats |
|
Franchise |
|
Electric Boat and Development |
|
Total |
Net sales |
|
$ |
14,406,645 |
|
|
$ |
(1,032 |
) |
|
$ |
— |
|
|
$ |
14,405,613 |
|
Cost of products sold |
|
|
8,498,930 |
|
|
|
1,027 |
|
|
|
24,090 |
|
|
|
8,524,047 |
|
Operating expense |
|
|
6,309,997 |
|
|
|
33,978 |
|
|
|
1,057,723 |
|
|
|
7,401,698 |
|
Loss from operations |
|
|
(402,282 |
) |
|
|
(36,037 |
) |
|
|
(1,081,813 |
) |
|
|
(1,520,132 |
) |
Other expense |
|
|
(151,442 |
) |
|
|
(26,116 |
) |
|
|
(32,409 |
) |
|
|
(209,967 |
) |
Net loss |
|
$ |
(553,724 |
) |
|
$ |
(62,153 |
) |
|
$ |
(1,114,222 |
) |
|
$ |
(1,730,099 |
) |
|
Schedule of property and equipment, net classified by business |
Schedule of property and equipment, net classified by business | |
| |
|
| |
June 30, | |
December 31, |
| |
2023 | |
2022 |
| Gas-Powered Boats | | |
$ | 8,558,194 | | |
$ | 4,770,496 | |
| Franchise | | |
$ | — | | |
$ | — | |
| Electric-Boats | | |
$ | 997,973 | | |
$ | 765,406 | |
|
X |
- DefinitionTabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.
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v3.23.2
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Contract liabilities |
$ 182,335
|
|
$ 182,335
|
|
$ 5,300
|
FDIC insured limit |
250,000
|
|
250,000
|
|
|
FDIC uninsured amount |
24,926,490
|
|
24,926,490
|
|
22,666,301
|
Cash and cash equivalents |
26,337,127
|
|
26,337,127
|
|
$ 23,501,007
|
Restricted cash |
200,000
|
|
200,000
|
|
|
Advertising costs |
|
|
241,702
|
$ 18,754
|
|
Research and development costs |
261,473
|
$ 174,807
|
964,121
|
396,352
|
|
Shipping and handling costs |
|
|
395,767
|
54,081
|
|
Account payables |
3,562,550
|
$ 2,702,733
|
3,562,550
|
$ 2,702,733
|
|
Employee retention credit |
$ 1,267,055
|
|
$ 1,267,055
|
|
|
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v3.23.2
Marketable securities (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
$ 1,947,396
|
$ 2,927,518
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
1,947,396
|
2,927,518
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
|
|
Corporate Debt Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
1,451,161
|
2,436,333
|
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
|
|
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
1,451,161
|
2,436,333
|
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
|
|
Certificates of Deposit [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
496,235
|
491,185
|
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Marketable securities |
|
|
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
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496,235
|
491,185
|
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
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|
|
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|
|
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v3.23.2
Inventories (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw Materials |
$ 4,685,317
|
$ 3,406,371
|
Inventory in transit |
694,413
|
222,607
|
Work in Process |
155,253
|
246,734
|
Finished Product |
41,497
|
132,620
|
Total Inventory |
$ 5,576,480
|
$ 4,008,332
|
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v3.23.2
Property and Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 11,117,398
|
$ 6,594,293
|
Less accumulated depreciation and amortization |
(1,561,231)
|
(1,058,391)
|
Property and equipment, net |
9,556,167
|
5,535,902
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
2,315,568
|
1,977,482
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
22,487
|
20,335
|
Land and Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,000,000
|
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
1,140,224
|
950,132
|
Software Development [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
90,396
|
148,693
|
Computer Hardware And Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
277,217
|
123,088
|
Boat Molds [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
4,356,966
|
2,277,664
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
143,360
|
94,534
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
142,526
|
142,526
|
Asset under Construction [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 1,628,654
|
$ 859,839
|
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v3.23.2
Schedule of leases supplemental balance sheet information (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Operating lease ROU asset |
$ 1,092,908
|
$ 1,329,620
|
Operating lease liabilities: |
|
|
Current portion |
493,056
|
479,314
|
Non-current portion |
667,169
|
919,628
|
Visconti Holdings L L C [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
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973,872
|
1,167,551
|
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|
|
Current portion |
403,707
|
393,069
|
Non-current portion |
644,097
|
851,096
|
Total |
$ 1,047,804
|
$ 1,244,165
|
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v3.23.2
Schedule of future lease payments (Details) - Visconti Holdings L L C [Member] - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
2023 (excluding the three months ended March 31, 2023) |
$ 198,450
|
|
2024 |
416,745
|
|
2025 |
437,582
|
|
Total lease payment |
1,052,777
|
|
Less imputed interest |
(4,973)
|
|
Total |
$ 1,047,804
|
$ 1,244,165
|
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v3.23.2
Leases (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Operating lease ROU asset |
$ 1,092,908
|
$ 1,329,620
|
Operating lease liabilities: |
|
|
Current portion |
493,056
|
479,314
|
Non-current portion |
667,169
|
919,628
|
N C Limited Liability Company [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Operating lease ROU asset |
119,036
|
162,069
|
Operating lease liabilities: |
|
|
Current portion |
89,349
|
86,245
|
Non-current portion |
23,072
|
68,532
|
Total |
$ 112,421
|
$ 154,777
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v3.23.2
Finance Leases (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment net |
$ 1,000,000
|
|
Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment net |
100,000
|
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment net |
$ 2,135,132
|
|
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v3.23.2
Finance Leases (Details 2) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finance Leases |
|
|
2023 |
$ 120,475
|
|
2024 |
284,950
|
|
2025 |
284,950
|
|
2026 |
284,950
|
|
2027 |
284,950
|
|
Thereafter |
1,982,874
|
|
Total lease payment |
3,243,149
|
|
Less imputed interest |
(351,577)
|
|
Total |
$ 2,891,572
|
|
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v3.23.2
Finance Leases (Details Narrative) - USD ($)
|
Apr. 20, 2023 |
Jun. 30, 2023 |
Jun. 02, 2023 |
Feb. 28, 2023 |
Jan. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Finance leases term |
|
4 years 10 months 28 days
|
|
|
|
Finance leases Interest rate |
|
3.07%
|
|
|
|
Aqua Sport Lease Agreement [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Finance leases Interest rate |
|
|
2.93%
|
|
|
Purchase of asset |
$ 3,100,000
|
|
|
|
|
Payment of security deposit |
300,000
|
|
|
|
|
Rent |
16,000
|
|
|
|
|
Monthly rent |
$ 22,000
|
|
|
|
|
Vehicle And Equipment [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Finance lease asset value |
|
|
|
$ 48,826
|
$ 43,579
|
Finance leases term |
|
|
|
60 months
|
60 months
|
Finance leases Interest rate |
|
|
|
3.00%
|
7.50%
|
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v3.23.2
Accrued Liabilities (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued wages and benefits |
$ 511,067
|
$ 333,976
|
Accrued interest |
37,821
|
47,607
|
Accrued bonus |
241,650
|
20,000
|
Accrued rebates |
|
15,000
|
Accrued professional fees |
40,813
|
89,500
|
Accrued operating expense |
168,910
|
64,601
|
Accrued inventory |
|
577,712
|
Accrued commission |
57,805
|
|
Warranty reserve |
134,424
|
92,373
|
Total accrued liabilities |
$ 1,192,490
|
$ 1,240,769
|
X |
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v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Services fee |
$ 417,305
|
$ 193,542
|
$ 715,022
|
$ 438,281
|
Related Party [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Management fees |
|
|
0
|
27,000
|
Twin Vee [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Services fee |
|
|
$ 6,800
|
$ 5,850
|
X |
- DefinitionAmount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment.
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
|
Aug. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Maximum obligation |
|
$ 10,215,000
|
|
$ 10,693,000
|
Lease expense |
|
11,000
|
$ 0
|
|
Restricted cash |
|
$ 200,000
|
|
|
Forza [Member] |
|
|
|
|
Monthly fee |
$ 2,200
|
|
|
|
X |
- DefinitionAmount of contractual obligation, including, but not limited to, long-term debt, lease obligation, purchase obligation, and other commitments.
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v3.23.2
Stockholder's Equity (Details 1) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Outstanding at beginning of period |
1,283,571
|
|
Weighted average exercise price at beginning of period |
$ 4.14
|
|
Outstanding at beginning of period |
8 years 11 months 12 days
|
|
Fair value of options |
$ 2,154,274
|
$ 2,256,233
|
Granted |
|
|
Weighted average exercise price granted |
|
|
Fair value of option, granted |
|
|
Exercised |
|
|
Weighted average exercise price granted exercised |
|
|
Expired |
(44,394)
|
|
Weighted average exercise price granted Expired |
$ (5.40)
|
|
Fair value of option, Expired |
$ (101,960)
|
|
Forfeited/canceled |
|
|
Weighted average exercise price forfeited/canceled |
|
|
Fair value of option, forfeited/canceled |
|
|
Outstanding at ending of period |
1,239,177
|
1,283,571
|
Weighted average exercise price at ending of period |
$ 4.09
|
$ 4.14
|
Outstanding at end of period |
8 years 5 months 19 days
|
|
Exercisable at end of period |
753,175
|
|
Weighted average exercise price exercisable at end of period |
$ 4.43
|
|
Exercisable at end of period |
8 years 4 months 2 days
|
|
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v3.23.2
Stockholder's Equity (Details 3) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Outstanding at beginning of period |
1,283,571
|
|
|
Weighted average exercise price at beginning of period |
$ 4.14
|
|
|
Fair value of options |
$ 2,154,274
|
$ 2,256,233
|
|
Granted |
|
|
|
Weighted average exercise price granted |
|
|
|
Fair value of option, granted |
|
|
|
Exercised |
|
|
|
Weighted average exercise price granted exercised |
|
|
|
Forfeited/canceled |
|
|
|
Weighted average exercise price forfeited/canceled |
|
|
|
Fair value of option, forfeited/canceled |
|
|
|
Outstanding at end of period |
8 years 5 months 19 days
|
|
|
Forfeited/canceled |
|
|
|
Outstanding at ending of period |
1,239,177
|
1,283,571
|
|
Weighted average exercise price at ending of period |
$ 4.09
|
$ 4.14
|
|
Exercisable at end of period |
753,175
|
|
|
Weighted average exercise price exercisable at end of period |
$ 4.43
|
|
|
Exercisable at end of period |
8 years 4 months 2 days
|
|
|
Equity Option [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Outstanding at beginning of period |
1,441,500
|
|
|
Weighted average exercise price at beginning of period |
$ 3.41
|
|
|
Fair value of options |
$ 4,009,913
|
$ 4,009,913
|
|
Granted |
|
1,441,500
|
|
Weighted average exercise price granted |
|
$ 3.41
|
|
Granted |
|
10 years
|
|
Fair value of option, granted |
|
$ 4,009,913
|
|
Exercised |
|
|
|
Weighted average exercise price granted exercised |
|
|
|
Forfeited/canceled |
36,944
|
|
|
Weighted average exercise price forfeited/canceled |
$ 1.33
|
|
|
Fair value of option, forfeited/canceled |
|
|
|
Outstanding at end of period |
9 years 3 months 7 days
|
25 days
|
|
Forfeited/canceled |
(36,944)
|
|
|
Granted |
9 years 8 months 26 days
|
|
|
Outstanding at ending of period |
1,404,556
|
1,441,500
|
|
Weighted average exercise price at ending of period |
$ 3.46
|
$ 3.41
|
|
Exercisable at end of period |
360,125
|
|
|
Weighted average exercise price exercisable at end of period |
$ 3.98
|
|
|
Exercisable at end of period |
9 years 2 months 19 days
|
|
|
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v3.23.2
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Oct. 03, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 14, 2023 |
Dec. 31, 2022 |
Aug. 16, 2022 |
Jul. 23, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
$ 0.001
|
|
$ 0.001
|
|
|
$ 0.001
|
|
|
Twin Vee [Member] |
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate shares |
2,500,000
|
|
|
|
|
|
|
|
|
Common stock, par value |
$ 0.001
|
|
|
|
|
|
|
|
|
Price per share |
$ 2.75
|
|
|
|
|
|
|
|
|
Gross proceeds |
$ 6,875,000
|
|
|
|
|
|
|
|
|
Number of shares issued |
143,750
|
|
|
|
|
|
|
|
|
Share price |
$ 3.4375
|
|
|
|
|
|
|
|
|
Warrants outstanding |
|
150,000
|
|
150,000
|
|
|
|
|
|
Warrants weighted-average exercise |
|
|
|
|
|
|
|
|
$ 7.50
|
Stock compensation expense |
|
$ 489,361
|
$ 301,891
|
$ 972,325
|
$ 526,723
|
|
|
|
|
Dividend yield |
|
|
|
0.00%
|
|
|
|
|
|
Options unvested and expected shares |
|
|
|
486,002
|
|
|
|
|
|
Twin Vee [Member] | Equity Compensation Plan [Member] |
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
Remaining available for grant |
|
75,823
|
|
75,823
|
|
|
|
|
|
Forza [Member] |
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
306,705
|
|
172,500
|
|
Warrants weighted-average exercise |
|
|
|
|
|
$ 1.88
|
|
$ 6.25
|
|
Stock compensation expense |
|
$ 341,817
|
$ 0
|
$ 682,980
|
$ 0
|
|
|
|
|
Dividend yield |
|
|
|
0.00%
|
|
|
|
|
|
Forza [Member] | Equity Compensation Plan [Member] |
|
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
|
Remaining available for grant |
|
568,750
|
|
568,750
|
|
|
|
|
|
X |
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Segment (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
$ 8,124,632
|
$ 8,519,613
|
$ 17,001,847
|
$ 14,405,613
|
Cost of products sold |
5,864,170
|
5,072,401
|
11,519,555
|
8,524,047
|
Operating expense |
5,304,689
|
3,919,191
|
10,896,042
|
7,401,698
|
Loss from operations |
(3,044,227)
|
(471,979)
|
(5,413,750)
|
(1,520,132)
|
Other expense |
1,140,484
|
(66,803)
|
1,681,542
|
(209,967)
|
Net loss |
(1,903,743)
|
(538,782)
|
(3,732,208)
|
(1,730,099)
|
Gas Powered Boat [Member] |
|
|
|
|
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|
|
|
|
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8,124,632
|
8,519,613
|
17,001,847
|
14,406,645
|
Cost of products sold |
5,823,374
|
5,059,389
|
11,428,818
|
8,498,930
|
Operating expense |
3,725,689
|
3,356,381
|
7,236,112
|
6,309,997
|
Loss from operations |
(1,424,431)
|
103,843
|
(1,663,083)
|
(402,282)
|
Other expense |
1,008,741
|
(31,089)
|
1,429,242
|
(151,442)
|
Net loss |
(415,690)
|
72,754
|
(233,841)
|
(553,724)
|
Franchise [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
|
|
|
(1,032)
|
Cost of products sold |
|
|
|
1,027
|
Operating expense |
278
|
7,723
|
1,399
|
33,978
|
Loss from operations |
(278)
|
(7,723)
|
(1,399)
|
(36,037)
|
Other expense |
(4,122)
|
(3,882)
|
(8,184)
|
(26,116)
|
Net loss |
(4,400)
|
(11,605)
|
(9,583)
|
(62,153)
|
Electric Boat And Development [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
|
|
|
|
Cost of products sold |
40,796
|
13,012
|
90,737
|
24,090
|
Operating expense |
1,578,722
|
555,087
|
3,658,531
|
1,057,723
|
Loss from operations |
(1,619,518)
|
(568,099)
|
(3,749,268)
|
(1,081,813)
|
Other expense |
135,865
|
(31,832)
|
260,484
|
(32,409)
|
Net loss |
$ (1,483,653)
|
$ (599,931)
|
$ (3,488,784)
|
$ (1,114,222)
|
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Segment (Details 1) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
Property and equipment, net |
$ 9,556,167
|
$ 5,535,902
|
Gas Powered Boats [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Property and equipment, net |
8,558,194
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|
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|
|
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|
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|
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|
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|
|
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|
$ 765,406
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