2024 Q1 Form 10-K Financial Statement

#000173112224000500 Filed on March 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $5.276M $8.445M $33.43M
YoY Change -40.56% -3.71% 4.5%
Cost Of Revenue $4.999M $6.642M $23.70M
YoY Change -11.61% -9.38% 11.12%
Gross Profit $277.3K $1.803M $9.723M
YoY Change -91.39% 25.14% -8.76%
Gross Profit Margin 5.26% 21.36% 29.09%
Selling, General & Admin $694.0K $4.576M $18.91M
YoY Change -32.14% -1.45% 585.36%
% of Gross Profit 250.24% 253.72% 194.52%
Research & Development $149.7K $513.1K $1.444M
YoY Change -78.7% 96.39% 53.32%
% of Gross Profit 53.98% 28.45% 14.85%
Depreciation & Amortization $425.3K $508.7K $1.353M
YoY Change 94.83% 180.68% 144.4%
% of Gross Profit 153.36% 28.21% 13.92%
Operating Expenses $2.821M $5.598M $21.71M
YoY Change -49.56% 10.06% 30.17%
Operating Profit -$2.543M -$3.794M -$11.99M
YoY Change 7.33% 4.1% 99.07%
Interest Expense $169.0K $909.3K $928.2K
YoY Change -20.66% 239181.58% -516.68%
% of Operating Profit
Other Income/Expense, Net $208.0K -$721.1K $1.277M
YoY Change -61.55% -690.4% 459.34%
Pretax Income -$2.335M -$3.606M -$9.782M
YoY Change 27.71% 13.53% 68.85%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.686M -$2.829M -$7.192M
YoY Change -7.78% 4.5% 24.14%
Net Earnings / Revenue -31.96% -33.5% -21.52%
Basic Earnings Per Share -$0.18 -$0.76
Diluted Earnings Per Share -$0.18 -$0.30 -$0.76
COMMON SHARES
Basic Shares Outstanding 9.520M shares 9.520M shares 9.520M shares
Diluted Shares Outstanding 9.520M shares 9.520M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.12M $20.96M $20.96M
YoY Change -27.01% -20.69% -16.1%
Cash & Equivalents $16.14M $16.50M $16.50M
Short-Term Investments $982.6K $4.463M $4.463M
Other Short-Term Assets $677.4K $720.8K $720.8K
YoY Change 9.51% -18.32% -18.32%
Inventory $3.890M $4.885M $4.885M
Prepaid Expenses
Receivables $90.87K $80.16K $80.16K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.78M $26.65M $26.65M
YoY Change -23.73% -10.84% -10.84%
LONG-TERM ASSETS
Property, Plant & Equipment $13.89M $13.15M $13.15M
YoY Change 125.73% 137.52% 91.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.71K $51.42K $51.42K
YoY Change 49.78% 58.12% 58.12%
Total Long-Term Assets $14.68M $13.20M $13.20M
YoY Change 75.95% 58.2% 58.2%
TOTAL ASSETS
Total Short-Term Assets $21.78M $26.65M $26.65M
Total Long-Term Assets $14.68M $13.20M $13.20M
Total Assets $36.45M $39.85M $39.85M
YoY Change -1.2% 4.22% 4.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.494M $2.399M $2.399M
YoY Change -44.99% 16.14% 16.14%
Accrued Expenses $697.8K $1.558M $1.558M
YoY Change 10.9% 25.6% -9.4%
Deferred Revenue $21.45K $44.20K
YoY Change 269.79% 733.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $217.6K $214.7K $214.7K
YoY Change 1192.81%
Total Short-Term Liabilities $2.897M $4.216M $4.216M
YoY Change -24.84% 11.22% 11.22%
LONG-TERM LIABILITIES
Long-Term Debt $3.089M $3.144M $3.144M
YoY Change 439.43% 528.93% 528.93%
Other Long-Term Liabilities $327.7K $436.7K $436.7K
YoY Change -58.71% -52.51% -52.51%
Total Long-Term Liabilities $3.417M $3.581M $3.581M
YoY Change 150.09% 152.25% 152.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.897M $4.216M $4.216M
Total Long-Term Liabilities $3.417M $3.581M $3.581M
Total Liabilities $6.314M $16.34M $16.34M
YoY Change 20.94% 213.51% 66.76%
SHAREHOLDERS EQUITY
Retained Earnings -$16.03M -$14.35M
YoY Change 92.67% 100.52%
Common Stock $9.520K $9.520K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.25M $23.51M $23.51M
YoY Change
Total Liabilities & Shareholders Equity $36.45M $39.85M $39.85M
YoY Change -1.2% 4.22% 4.22%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.686M -$2.829M -$7.192M
YoY Change -7.78% 4.5% 24.14%
Depreciation, Depletion And Amortization $425.3K $508.7K $1.353M
YoY Change 94.83% 180.68% 144.4%
Cash From Operating Activities -$1.750M -$4.640K -$6.935M
YoY Change -21.62% -99.7% 67.26%
INVESTING ACTIVITIES
Capital Expenditures $1.991M $2.749M $5.162M
YoY Change 167.61% 183.0% 53.39%
Acquisitions
YoY Change
Other Investing Activities $3.468M $7.182M -$1.467M
YoY Change 592.12% 8109.89% -146.26%
Cash From Investing Activities $1.476M $4.433M -$6.629M
YoY Change -707.57% -601.41% 3288.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.975M
YoY Change 16.21%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$83.74K -74.32K 6.818M
YoY Change 2853.62% -101.24% -67.33%
NET CHANGE
Cash From Operating Activities -$1.750M -4.640K -6.935M
Cash From Investing Activities $1.476M 4.433M -6.629M
Cash From Financing Activities -$83.74K -74.32K 6.818M
Net Change In Cash -$357.2K 4.354M -6.746M
YoY Change -85.59% 23.49% -140.82%
FREE CASH FLOW
Cash From Operating Activities -$1.750M -$4.640K -$6.935M
Capital Expenditures $1.991M $2.749M $5.162M
Free Cash Flow -$3.741M -$2.754M -$12.10M
YoY Change 25.68% 8.72% 61.05%

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-656162 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-7192176 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-5137252 usd
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.76
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.76
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9520000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9520000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7624938 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7624938 shares
CY2022 VEEE Common Stock Issued For Payment On Behalf Of Parent
CommonStockIssuedForPaymentOnBehalfOfParent
52400 usd
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6001837 usd
CY2022 VEEE Subsidiary Share Issuance Value
SubsidiaryShareIssuanceValue
14829489 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
1448751 usd
CY2022 VEEE Merger Of Twin Vee Powercats Inc Value
MergerOfTwinVeePowercatsIncValue
-217874 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-5793414 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
33020889 usd
CY2023 VEEE Subsidiary Share Issuance Value
SubsidiaryShareIssuanceValue
6929552 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
1902749 usd
CY2023 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
21379 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-9782196 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
32049615 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-9782196 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
1902749 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1448751 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1353383 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
553750 usd
CY2022 VEEE Loss On Disposal Of Assets
LossOnDisposalOfAssets
60088 usd
CY2023 VEEE Change Of Rightofuse Asset And Lease Liabilities
ChangeOfRightofuseAssetAndLeaseLiabilities
474630 usd
CY2022 VEEE Change Of Rightofuse Asset And Lease Liabilities
ChangeOfRightofuseAssetAndLeaseLiabilities
397136 usd
CY2023 VEEE Net Change In Fair Value Of Marketable Securities
NetChangeInFairValueOfMarketableSecurities
87781 usd
CY2022 VEEE Net Change In Fair Value Of Marketable Securities
NetChangeInFairValueOfMarketableSecurities
-133988 usd
CY2023 VEEE Chane In Inventory Reserve
ChaneInInventoryReserve
419616 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
65993 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9030 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1296045 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2208563 usd
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-419195 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-21339 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
333346 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
864819 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-165257 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
783955 usd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-479315 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-390050 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
38895 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-8800 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6934773 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4146031 usd
CY2023 VEEE Payment To Security Deposit
PaymentToSecurityDeposit
18900 usd
CY2022 VEEE Payment To Security Deposit
PaymentToSecurityDeposit
7517 usd
CY2023 VEEE Realized Gains On Marketable Securities Available For Sale
RealizedGainsOnMarketableSecuritiesAvailableForSale
103941 usd
CY2023 VEEE Net Purchases Sales Of Investment In Trading Marketable Securities
NetPurchasesSalesOfInvestmentInTradingMarketableSecurities
-1343702 usd
CY2022 VEEE Net Purchases Sales Of Investment In Trading Marketable Securities
NetPurchasesSalesOfInvestmentInTradingMarketableSecurities
3002591 usd
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
175000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5162478 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3365679 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6629021 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-195605 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6001836 usd
CY2023 VEEE Net Proceeds From Forza Issuance Of Common Stock
NetProceedsFromForzaIssuanceOfCommonStock
6996015 usd
CY2022 VEEE Net Proceeds From Forza Issuance Of Common Stock
NetProceedsFromForzaIssuanceOfCommonStock
14934989 usd
CY2023 us-gaap Deferred Finance Costs Ownshare Lending Arrangement Issuance Costs Adjustment
DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment
66463 usd
CY2023 VEEE Proceeds From Forza Stock Repurchase
ProceedsFromForzaStockRepurchase
-21379 usd
CY2022 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-11826 usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
57659 usd
CY2023 VEEE Proceeds From Repayment Of Finance Lease
ProceedsFromRepaymentOfFinanceLease
-90153 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6818020 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20867340 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-6745774 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
16525705 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23501007 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6975302 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16755233 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23501007 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
235519 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
150399 usd
CY2022 VEEE Increase In Rightofuse Asset And Lease Liability
IncreaseInRightofuseAssetAndLeaseLiability
176226 usd
CY2022 VEEE Common Stock Issued For Payments On Behalf Of Parent
CommonStockIssuedForPaymentsOnBehalfOfParent
52400 usd
CY2023 VEEE Right Of Use Asset Finance Leases
RightOfUseAssetFinanceLeases
2948991 usd
CY2023Q4 us-gaap Cash
Cash
16497703 usd
CY2022Q4 us-gaap Cash
Cash
23501007 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
257530 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16755233 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23501007 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
75000 usd
CY2023 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
358129 usd
CY2022 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
227229 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
5137 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
14167 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
80160 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
44195 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5300 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zjD0EbUDuqrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_866_z0q4BMpFYmc3">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 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 consolidated 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>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zKc4EvvfAid5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_862_zJ5DonjEQfTd">Concentrations of Credit and Business Risk</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">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_904_eus-gaap--CashFDICInsuredAmount_pp0p0_c20231231_zObH7at6esMi" title="FDIC insured limit">250,000</span> are at risk. As of December 31, 2023 and 2022, the Company had $<span id="xdx_903_eus-gaap--CashUninsuredAmount_pp0p0_c20231231_zCOqNdDpNhS2" title="FDIC uninsured amount">15,868,574</span> and $<span id="xdx_900_eus-gaap--CashUninsuredAmount_c20221231_pp0p0" title="FDIC uninsured amount">22,666,301</span>, respectively, in excess of FDIC insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
15868574 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
22666301 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16755233 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23501007 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
257530 usd
CY2023 VEEE Provision For Excess Or Obsolete Inventories
ProvisionForExcessOrObsoleteInventories
419616 usd
CY2022 VEEE Provision For Excess Or Obsolete Inventories
ProvisionForExcessOrObsoleteInventories
0 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
92373 usd
CY2023 VEEE Provision For Product Warranty Liabilities
ProvisionForProductWarrantyLiabilities
458650 usd
CY2022 VEEE Provision For Product Warranty Liabilities
ProvisionForProductWarrantyLiabilities
244602 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
192894 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
92373 usd
CY2023 us-gaap Advertising Expense
AdvertisingExpense
444231 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
112320 usd
CY2023 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1157585 usd
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
941533 usd
CY2022 VEEE Shipping And Handling Costs
ShippingAndHandlingCosts
179998 usd
CY2023Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
4462942 usd
CY2022Q4 VEEE Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
3093632 usd
CY2022Q4 VEEE Marketable Securities Gross Unrealized Losses
MarketableSecuritiesGrossUnrealizedLosses
-166114 usd
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
2927518 usd
CY2022 VEEE Accounts Payable Related Party
AccountsPayableRelatedParty
5020973 usd
CY2023Q4 VEEE Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
4473033 usd
CY2023Q4 VEEE Marketable Securities Gross Unrealized Gains
MarketableSecuritiesGrossUnrealizedGains
50878 usd
CY2023Q4 VEEE Marketable Securities Gross Unrealized Losses
MarketableSecuritiesGrossUnrealizedLosses
-60969 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
4462942 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
2927518 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
5001512 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3628978 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
96721 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
246734 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
206144 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
132620 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
5304377 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
4008332 usd
CY2023Q4 VEEE Reserve For Excess And Obsolete
ReserveForExcessAndObsolete
419616 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
4884761 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
4008332 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14676820 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6594293 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2382832 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1058391 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12293988 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5535902 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1353383 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
553750 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
214715 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
2644123 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
298249 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
298248 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
290842 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
292927 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
1987354 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3167620 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
308782 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
2858838 usd
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0303 pure
CY2023Q4 us-gaap Lessee Finance Lease Remaining Lease Term
LesseeFinanceLeaseRemainingLeaseTerm
P4Y4M2D
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
343511 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
333976 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
33245 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
47607 usd
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
20000 usd
CY2022Q4 us-gaap Accrued Exchange Fee Rebate Current
AccruedExchangeFeeRebateCurrent
15000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
89500 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
115037 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
64601 usd
CY2023Q4 VEEE Accrued Consturction Expense
AccruedConsturctionExpense
390825 usd
CY2022Q4 us-gaap Accrued Liabilities For Commissions Expense And Taxes
AccruedLiabilitiesForCommissionsExpenseAndTaxes
577712 usd
CY2023Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
192894 usd
CY2022Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
92373 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1075512 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1240769 usd
CY2023 us-gaap Short Term Debt Description
ShortTermDebtDescription
Interest on our Wells Fargo line is calculated in two ways, the average daily balance is prime +5%, with a minimum prime at 5.5%, there is also a monthly flat charge of 0.2%, which, is 2.4% annualized. After the 150-day due in full period, the average daily balance rate goes up to prime +8.5% with no monthly flat charge. On December 31, 2023 and 2022, our interest rate was 11.6% and 6.5%. Interest on our Yamaha line is calculated on the average daily balance +4%, with a minimum prime at 8.0%. On December 31, 2023 and 2022, our interest rate was 16.8% and 0%, respectively.
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6611 usd
CY2023Q4 VEEE Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
493289 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
499900 usd
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
20000 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
10036 usd
CY2023Q4 us-gaap Contractual Obligation
ContractualObligation
10510252 usd
CY2022Q4 us-gaap Contractual Obligation
ContractualObligation
10693000 usd
CY2023Q4 us-gaap Accounts Payable Interest Bearing Current
AccountsPayableInterestBearingCurrent
396828 usd
CY2022Q4 us-gaap Accounts Payable Interest Bearing Current
AccountsPayableInterestBearingCurrent
845042 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
343000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
532000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
8600000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.020 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.020 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.230 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.230 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-7192176 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-5137252 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9520000 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7624938 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9520000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7624938 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.76
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.76
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
CY2023 us-gaap Revenues
Revenues
33425912 usd
CY2023 us-gaap Cost Of Revenue
CostOfRevenue
23702885 usd
CY2023 VEEE Operating Expense
OperatingExpense
21710326 usd
CY2023 VEEE Income Loss From Operations
IncomeLossFromOperations
-11987299 usd
CY2023 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2205103 usd
CY2023 VEEE Net Loss
NetLoss
-9782196 usd
CY2022 us-gaap Revenues
Revenues
31987724 usd
CY2022 us-gaap Cost Of Revenue
CostOfRevenue
21330918 usd
CY2022 VEEE Operating Expense
OperatingExpense
16678514 usd
CY2022 VEEE Income Loss From Operations
IncomeLossFromOperations
-6021708 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
228294 usd
CY2022 VEEE Net Loss
NetLoss
-5793414 usd
CY2023 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
4284000 usd
CY2023 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001731122-24-000500.txt Edgar Link pending
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e5519_10k.htm Edgar Link pending
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veee-20231231.xsd Edgar Link pending
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