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Twin Vee PowerCats, Co.

2021 Q3 Form 10-Q Financial Statement

#000173112221001432 Filed on August 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $4.118M $3.298M $1.721M
YoY Change 64.85% 91.65%
Cost Of Revenue $2.508M $1.981M $1.025M
YoY Change 39.48% 93.28%
Gross Profit $1.610M $1.316M $695.4K
YoY Change 130.03% 89.25%
Gross Profit Margin 39.1% 39.91% 40.42%
Selling, General & Admin $513.0K $278.2K $173.8K
YoY Change 104.07% 60.06%
% of Gross Profit 31.86% 21.14% 24.99%
Research & Development $61.09K
YoY Change
% of Gross Profit 3.79%
Depreciation & Amortization $31.09K $54.48K $32.07K
YoY Change -5.98% 69.89%
% of Gross Profit 1.93% 4.14% 4.61%
Operating Expenses $1.933M $1.433M $696.3K
YoY Change 103.97% 105.82%
Operating Profit -$322.5K -$116.9K -$824.00
YoY Change 30.29% 14090.9%
Interest Expense -$60.90K -$17.44K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$60.74K $167.8K -$22.70K
YoY Change -229.15% -839.14%
Pretax Income -$383.3K $50.85K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$383.3K $50.85K -$23.52K
YoY Change 91.14% -316.17%
Net Earnings / Revenue -9.31% 1.54% -1.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$61.01K $7.264K
COMMON SHARES
Basic Shares Outstanding 7.000M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.07M $406.6K
YoY Change
Cash & Equivalents $8.979M $406.6K $367.6K
Short-Term Investments $6.091M
Other Short-Term Assets $685.2K $645.5K
YoY Change
Inventory $2.452M $1.540M
Prepaid Expenses
Receivables $212.9K $20.54K
Other Receivables $306.9K $287.6K
Total Short-Term Assets $15.63M $2.900M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $2.231M $1.645M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.093M
YoY Change
Other Assets $25.00K $25.00K
YoY Change
Total Long-Term Assets $6.995M $3.413M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $15.63M $2.900M
Total Long-Term Assets $6.995M $3.413M
Total Assets $22.63M $6.313M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.688M $1.190M
YoY Change
Accrued Expenses $492.2K $114.0K
YoY Change
Deferred Revenue $162.6K $189.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.897M $2.044M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.108M $1.108M
YoY Change
Other Long-Term Liabilities $1.336M $1.429M
YoY Change
Total Long-Term Liabilities $2.445M $2.537M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.897M $2.044M
Total Long-Term Liabilities $2.445M $2.537M
Total Liabilities $5.342M $4.581M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.207M -$823.7K
YoY Change
Common Stock $7.000K $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.29M $1.732M $170.7K
YoY Change
Total Liabilities & Shareholders Equity $22.63M $6.313M
YoY Change

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$383.3K $50.85K -$23.52K
YoY Change 91.14% -316.17%
Depreciation, Depletion And Amortization $31.09K $54.48K $32.07K
YoY Change -5.98% 69.89%
Cash From Operating Activities -$748.5K -$184.9K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$616.8K -$161.7K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$6.101M
YoY Change
Cash From Investing Activities -$6.718M -$161.7K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.04M -343.1K
YoY Change
NET CHANGE
Cash From Operating Activities -748.5K -184.9K
Cash From Investing Activities -6.718M -161.7K
Cash From Financing Activities 16.04M -343.1K
Net Change In Cash 8.572M -689.7K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$748.5K -$184.9K
Capital Expenditures -$616.8K -$161.7K
Free Cash Flow -$131.7K -$23.11K
YoY Change

Facts In Submission

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us-gaap Increase Decrease In Inventories
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tvpc Increase In Rightofuse Asset And Lease Liability
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<p id="xdx_84A_eus-gaap--UseOfEstimates_zSUkNCnEN4E8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86C_zhSvdAg1oxM5">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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CY2021Q2 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1365029 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
100998 usd
us-gaap Depreciation And Amortization
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0.0036 pure
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tvpc Schedule Of Leases Supplemental Balance Sheet Information
ScheduleOfLeasesSupplementalBalanceSheetInformation
<table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfLeasesSupplementalBalanceSheetInformation_zzIHpcN2YMs2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases - Related Party (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span id="xdx_8B7_zcez4EGKKw7i" style="display: none">Schedule of leases supplemental balance sheet information</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20210630_zmUqdKvyY3Ac" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20201231_zcTYXxPkVlQ" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center">June 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Operating lease ROU asset</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,742,790</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,279,595</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20210630_zCWQtCFb9TGd" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20201231_zZ959dDnAI0c" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center">June 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityAbstract_iB_zdrOM31COfJe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pp0p0_maOLLzRND_zZafdWsEdRAl" style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-align: left">Current portion</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">361,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">295,374</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0p0_maOLLzRND_zMdcazoQwoOi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,428,630</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,015,759</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_mtOLLzRND_zKsIeLcTStFb" style="vertical-align: bottom; background-color: White"> <td style="color: White">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,789,675</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,311,133</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1279595 usd
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
361045 usd
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
295374 usd
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1428630 usd
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1015759 usd
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1789675 usd
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1311133 usd
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0036 pure
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
us-gaap Operating Lease Cost
OperatingLeaseCost
195348 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
165768 usd
us-gaap Lease Cost
LeaseCost
195348 usd
CY2021Q2 us-gaap Accrued Salaries Current
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93267 usd
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
60988 usd
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
62317 usd
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20741 usd
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
19631 usd
CY2021Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
114008 usd
CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
142936 usd
CY2021Q2 us-gaap Contractual Obligation
ContractualObligation
2280000 usd
CY2020Q4 us-gaap Contractual Obligation
ContractualObligation
1790000 usd
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
249499 usd
us-gaap Gain On Business Interruption Insurance Recovery
GainOnBusinessInterruptionInsuranceRecovery
434724 usd
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
428865 usd
dei Entity Central Index Key
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0001855509
dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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2021
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CY2020Q4 us-gaap Deferred Offering Costs
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CY2020Q4 us-gaap Other Loans Payable
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CY2021Q2 us-gaap Preferred Stock Value
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CY2020Q4 us-gaap Preferred Stock Value
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us-gaap Gain On Business Interruption Insurance Recovery
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Payments Of Financing Costs
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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CY2020Q4 us-gaap Inventory Finished Goods
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dei Document Type
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true
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2021-06-30
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false
dei Entity File Number
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001-40623
dei Entity Registrant Name
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TWIN VEE POWERCATS CO.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Address State Or Province
EntityAddressStateOrProvince
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
27-1417610
dei Entity Address Address Line1
EntityAddressAddressLine1
3101 S. US-1 Ft. Pierce
dei Entity Address City Or Town
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Florida
dei Entity Address Postal Zip Code
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34982
dei City Area Code
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772
dei Local Phone Number
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429-2525
dei Security12b Title
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Common Stock, par value $0.001 per share
dei Trading Symbol
TradingSymbol
VEEE
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
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EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
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dei Entity Shell Company
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CY2021Q3 dei Entity Common Stock Shares Outstanding
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
406642 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
891816 usd
CY2021Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
20540 usd
CY2021Q2 us-gaap Inventory Net
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1539514 usd
CY2020Q4 us-gaap Inventory Net
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936676 usd
CY2021Q2 us-gaap Deferred Offering Costs
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206293 usd
CY2021Q2 us-gaap Due From Affiliate Current
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287610 usd
CY2020Q4 us-gaap Due From Affiliate Current
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6100 usd
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
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439242 usd
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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350 usd
CY2021Q2 us-gaap Assets Current
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2899841 usd
CY2020Q4 us-gaap Common Stock Shares Issued
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4000000 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
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4000000 shares
CY2021Q2 us-gaap Common Stock Value
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4000 usd
CY2020Q4 us-gaap Assets Current
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1834942 usd
CY2021Q2 us-gaap Property Plant And Equipment Net
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1644984 usd
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1365029 usd
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1742790 usd
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1279595 usd
CY2021Q2 us-gaap Deposits Assets Current
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25000 usd
CY2020Q4 us-gaap Deposits Assets Current
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25000 usd
CY2021Q2 us-gaap Assets
Assets
6312615 usd
CY2020Q4 us-gaap Assets
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4504566 usd
CY2021Q2 us-gaap Accounts Payable Current
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1190147 usd
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
799280 usd
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
114008 usd
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
142936 usd
CY2021Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
188978 usd
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6784 usd
CY2021Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
75000 usd
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
75000 usd
CY2020Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
27850 usd
CY2021Q2 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
115043 usd
CY2020Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
92843 usd
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
361045 usd
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
295374 usd
CY2021Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2044221 usd
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1440067 usd
CY2021Q2 us-gaap Other Loans Payable
OtherLoansPayable
608224 usd
CY2021Q2 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
499900 usd
CY2020Q4 us-gaap Other Loans Payable Long Term
OtherLoansPayableLongTerm
499900 usd
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1428630 usd
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1015759 usd
CY2021Q2 us-gaap Liabilities
Liabilities
4580975 usd
CY2020Q4 us-gaap Liabilities
Liabilities
2955726 usd
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
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CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2021Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
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CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4000000 shares
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4000000 shares
us-gaap Selling General And Administrative Expense
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457522 usd
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1047244 usd
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451350 usd
us-gaap Salaries And Wages
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1975414 usd
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2551387 usd
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StockholdersEquity
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6312615 usd
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Revenues
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Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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us-gaap Cost Of Revenue
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us-gaap Cost Of Revenue
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us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Selling General And Administrative Expense
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us-gaap Professional Fees
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us-gaap Professional Fees
ProfessionalFees
79463 usd
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54475 usd
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Depreciation
32065 usd
us-gaap Depreciation
Depreciation
100998 usd
us-gaap Depreciation
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Gain Loss On Disposition Of Assets
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434724 usd
us-gaap Gain On Business Interruption Insurance Recovery
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434724 usd
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us-gaap Nonoperating Income Expense
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144971 usd
us-gaap Nonoperating Income Expense
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CY2021Q2 us-gaap Net Income Loss
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50851 usd
CY2020Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
182800 usd
us-gaap Net Income Loss
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55132 usd
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
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-0.01
us-gaap Earnings Per Share Basic And Diluted
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0.05
us-gaap Earnings Per Share Basic And Diluted
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CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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4000000 shares
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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4000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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4000000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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4000000 shares
CY2019Q4 us-gaap Stockholders Equity
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115607 usd
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78656 usd
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
194263 usd
CY2020Q2 us-gaap Profit Loss
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
170739 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
1548840 usd
CY2021Q1 us-gaap Profit Loss
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131949 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
1680789 usd
CY2021Q2 us-gaap Profit Loss
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50851 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
1731640 usd
us-gaap Net Income Loss
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182800 usd
us-gaap Net Income Loss
NetIncomeLoss
55132 usd
us-gaap Depreciation And Amortization
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100998 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
62886 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
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-224037 usd
us-gaap Increase Decrease In Operating Liabilities
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15347 usd
us-gaap Increase Decrease In Operating Liabilities
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15768 usd
us-gaap Increase Decrease In Accounts Receivable
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20540 usd
us-gaap Increase Decrease In Inventories
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602838 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
99440 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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438892 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
225 usd
us-gaap Increase Decrease In Accounts Payable
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390867 usd
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-97349 usd
us-gaap Increase Decrease In Contract With Customer Liability
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182194 usd
us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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5045 usd
us-gaap Net Cash Provided By Used In Operating Activities
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-314367 usd
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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-604990 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-119692 usd
us-gaap Payments Of Financing Costs
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206293 usd
us-gaap Proceeds From Short Term Debt
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608224 usd
us-gaap Proceeds From Short Term Debt
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609500 usd
us-gaap Proceeds From Loans
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499900 usd
us-gaap Proceeds From Related Party Debt
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24300 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
117406 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
311460 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
549220 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
91542 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
114771 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
586044 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-485174 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
151985 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
891816 usd
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
215574 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
406642 usd
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
367559 usd
us-gaap Interest Paid Net
InterestPaidNet
97470 usd
us-gaap Interest Paid Net
InterestPaidNet
60332 usd
tvpc Increase In Rightofuse Asset And Lease Liability
IncreaseInRightofuseAssetAndLeaseLiability
655726 usd
tvpc Increase In Rightofuse Asset And Lease Liability
IncreaseInRightofuseAssetAndLeaseLiability
1586738 usd
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1279595 usd
CY2021Q2 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
(40,000)-for-one
CY2021Q2 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
3999900 shares
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
260824 usd
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
173043 usd
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
90417 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zSUkNCnEN4E8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86C_zhSvdAg1oxM5">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2021Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
188978 usd
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6784 usd
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
361045 usd
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
295374 usd
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1428630 usd
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1015759 usd
CY2021Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
1188273 usd
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
763633 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zBzrCpCL39R9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_86C_zabtYdcgrXfa">Concentrations of Credit and Business Risk</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_c20210630_pp0p0" title="FDIC insured limit">250,000</span> are at risk. As of June 30, 2021 and December 31, 2020, the Company had $<span id="xdx_909_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20210630_znZMACDhEYEi" title="FDIC uninsured amount">156,642</span> and $<span id="xdx_906_eus-gaap--CashUninsuredAmount_c20201231_pp0p0" title="FDIC uninsured amount">641,816</span>, respectively, in excess of FDIC insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2021Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2021Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
156642 usd
CY2020Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
641816 usd
CY2021Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
1308671 usd
CY2020Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
812995 usd
CY2021Q2 us-gaap Inventory Net
InventoryNet
1539514 usd
CY2020Q4 us-gaap Inventory Net
InventoryNet
936676 usd
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2008590 usd
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1651906 usd
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
363606 usd
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
286877 usd
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1644984 usd
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1365029 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
100998 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
62886 usd
CY2021Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0036 pure
CY2020Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0167 pure
tvpc Schedule Of Leases Supplemental Balance Sheet Information
ScheduleOfLeasesSupplementalBalanceSheetInformation
<table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfLeasesSupplementalBalanceSheetInformation_zzIHpcN2YMs2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Leases - Related Party (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span id="xdx_8B7_zcez4EGKKw7i" style="display: none">Schedule of leases supplemental balance sheet information</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20210630_zmUqdKvyY3Ac" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20201231_zcTYXxPkVlQ" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center">June 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Operating lease ROU asset</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,742,790</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,279,595</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20210630_zCWQtCFb9TGd" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20201231_zZ959dDnAI0c" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="3" style="text-align: center">June 30,</td><td> </td> <td colspan="3" style="text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiabilityAbstract_iB_zdrOM31COfJe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pp0p0_maOLLzRND_zZafdWsEdRAl" style="vertical-align: bottom; background-color: White"> <td style="width: 56%; text-align: left">Current portion</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">361,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">295,374</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pp0p0_maOLLzRND_zMdcazoQwoOi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Non-current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,428,630</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,015,759</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_mtOLLzRND_zKsIeLcTStFb" style="vertical-align: bottom; background-color: White"> <td style="color: White">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,789,675</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,311,133</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1742790 usd
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1789675 usd
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1311133 usd
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0036 pure
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
us-gaap Operating Lease Cost
OperatingLeaseCost
195348 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
165768 usd
us-gaap Lease Cost
LeaseCost
195348 usd
us-gaap Lease Cost
LeaseCost
165768 usd
CY2021Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
93267 usd
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
60988 usd
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
62317 usd
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20741 usd
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
19631 usd
CY2021Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
114008 usd
CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
142936 usd
CY2021Q2 us-gaap Contractual Obligation
ContractualObligation
2280000 usd
CY2020Q4 us-gaap Contractual Obligation
ContractualObligation
1790000 usd
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
249499 usd
us-gaap Gain On Business Interruption Insurance Recovery
GainOnBusinessInterruptionInsuranceRecovery
434724 usd
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
428865 usd

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