Twin Vee PowerCats Co 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGEACT OF 1934 For the fiscalyear endedDecember 31, 2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number001-40623 TWIN VEE POWERCATS CO. (Exact name of registrant as specified in its charter) Delaware27-1417610(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 34982(Zip Code) Registrant’s telephone number, including area code:(772)429-2525 Securities registered pursuant to Section12(b)of the Act: Name of each exchange on which registeredTheNasdaqStock Market, LLC (The Nasdaq Capital Market) Securities registered pursuant to Section12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (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 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant 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 smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based on the closingprice of a share of the registrant’s common stock on June 28, 2024 (the last business day of the registrant’s most recently completedsecond fiscal quarter) as reported by the Nasdaq Capital Market on such date was $5,188,400million. Shares of the registrant’scommon stock held by each executive officer, director and holder of 5% or more of the outstanding common stock have been excludedin that such persons may be deemed to be affiliates. This calculation does not reflect a determination that certain persons are affiliatesof the registrant for any other purpose. As of March 17, 2025, there were14,874,452shares of common stock, $0.001 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCE: None TWIN VEE POWERCATS CO.TABLE OF CONTENTS PARTI Item1.Business7Item1A.Risk Factors21Item1B.Unresolved Staff Comments52Item 1C.Cybersecurity52Item2.Properties53Item3.Legal Proceedings54Item4.Mine Safety Disclosures54 PARTII Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities54Item6.[Reserved]57Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations57Item7A.Quantitative and Qualitative Disclosures About Market Risk66Item8.Financial Statements and Supplementary Data66Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure67Item9A.Controls and Procedures67Item9B.Other Information68Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections68 PARTIII Item10.Directors, Executive Officers and Corporate Governance69Item11.Executive Compensation75Item12.Security Owners