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</div>


<p style="margin: 0">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 14pt Times New Roman, Times, Serif"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM&#160;<span id="xdx_901_edei--DocumentType_c20220101__20220331_zQSSGHlXk8xe"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:DocumentType">10-Q</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 18pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
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    <td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td style="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><span id="xdx_90A_edei--DocumentQuarterlyReport_c20220101__20220331_zVahhKHTaBfd"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:DocumentQuarterlyReport">&#9746;</ix:nonNumeric></span></span></td>
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  <tr style="vertical-align: top">
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    <td colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td colspan="2" style="padding: 0pt; text-align: center; text-indent: 0pt"><p style="margin-top: 0; margin-bottom: 0"></p>
                                                                               <p style="margin-top: 0; margin-bottom: 0">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p></td></tr>
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    <td style="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><span id="xdx_903_edei--DocumentTransitionReport_c20220101__20220331_zqi3vY33ekT4"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from _______________ to _______________</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
file number: <span id="xdx_90E_edei--EntityFileNumber_c20220101__20220331_zm9GpE7TV4Xk"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityFileNumber">001-40623</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 24pt"><b><span id="xdx_90C_edei--EntityRegistrantName_c20220101__20220331_zJfCbp3RvWW3"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityRegistrantName">TWIN VEE POWERCATS CO.</ix:nonNumeric></span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Exact
Name of Registrant as Specified in Its Charter)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="padding: 0pt; text-indent: 0pt; width: 50%"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90B_edei--EntityIncorporationStateCountryCode_c20220101__20220331_zbOlvc8jNbrd"><span id="xdx_908_edei--EntityAddressStateOrProvince_c20220101__20220331_z12nXV5Dcbod"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">Delaware</ix:nonNumeric></ix:nonNumeric></span></span></b></span> <span style="font: 10pt Times New Roman, Times, Serif"><i></i></span></p>
                                                       <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><i>(State or Other Jurisdiction of</i></span></p>
                                                       <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span> <span style="font: 10pt Times New Roman, Times, Serif"><i>Incorporation or Organization)</i></span></p></td>
<td style="padding: 0pt; text-indent: 0pt; width: 50%"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_902_edei--EntityTaxIdentificationNumber_c20220101__20220331_zlVrbn4apMxj"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityTaxIdentificationNumber">27-1417610</ix:nonNumeric></span></b></span> <span style="font: 10pt Times New Roman, Times, Serif"><i></i></span></p>
                                                       <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><i>(I.R.S. Employer</i></span></p>
                                                       <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif"><i>Identification No.)</i></span></p></td></tr>
<tr style="vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_908_edei--EntityAddressAddressLine1_c20220101__20220331_zCLXCCbKLkEg"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressAddressLine1">3101 S. US-1</ix:nonNumeric></span></b></span> <span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>
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                                           <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span> <span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif"><i>(Address of Principal Executive Offices)</i></span></p></td>
<td style="padding: 0pt; text-indent: 0pt"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_903_edei--EntityAddressPostalZipCode_c20220101__20220331_zxR7XvzEz6c6"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityAddressPostalZipCode">34982</ix:nonNumeric></span></b></span> <span style="font: 10pt Times New Roman, Times, Serif"></span></p>
                                           <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span> <span style="font: 10pt Times New Roman, Times, Serif"><i>(Zip Code)</i></span></p></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--CityAreaCode_c20220101__20220331_zVpk3VvZy6Ik"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:CityAreaCode">(772)</ix:nonNumeric></span>
<span id="xdx_907_edei--LocalPhoneNumber_c20220101__20220331_zpyWkm5EyD69"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:LocalPhoneNumber">429-2525</ix:nonNumeric></span></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(Registrant&#8217;s
Telephone Number, including Area Code)</i></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section&#160;12(b)&#160;of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; width: 39%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Title of each class</b></span></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; width: 24%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Trading Symbol(s)</b></span></td>
<td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; width: 37%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name of each exchange on which registered</b></span></td></tr>
<tr style="vertical-align: top">
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_edei--Security12bTitle_c20220101__20220331_zzAvUtZiTCC4"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:Security12bTitle">Common Stock, par value $0.001 per share</ix:nonNumeric></span></span></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_edei--TradingSymbol_c20220101__20220331_zPQQj1a0ue38"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:TradingSymbol">VEEE</ix:nonNumeric></span></span></td>
<td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<span id="xdx_905_edei--SecurityExchangeName_c20220101__20220331_zUY4sRXMQBX"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market, LLC<br />
(The Nasdaq Capital Market)</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d)&#160;of the Securities
Exchange Act of 1934 during the preceding 12&#160;months (or for such shorter period that the registrant was required to file such reports),
and (2)&#160;has been subject to such filing requirements for the past 90&#160;days.&#160;Yes&#9744; <span id="xdx_908_edei--EntityCurrentReportingStatus_c20220101__20220331" title="Entity Current Reporting Status"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span>&#160;&#9746; Registrant
became subject to such filing requirements on July 20, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule&#160;405
of Regulation&#160;S-T (&#167;232.405 of this chapter) during the preceding 12&#160;months (or for such shorter period that the registrant
was required to submit such files).&#160;<span id="xdx_901_edei--EntityInteractiveDataCurrent_c20220101__20220331_zElm7tA571Vk"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#9746; No&#160;&#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;
&#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt; width: 35%"><span style="font: 10pt Times New Roman, Times, Serif">Large accelerated filer</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt; width: 6%"><span style="font: 10pt Times New Roman, Times, Serif">&#9744;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt; width: 22%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt; width: 33%"><span style="font: 10pt Times New Roman, Times, Serif">Accelerated filer</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt; width: 4%"><span style="font: 10pt Times New Roman, Times, Serif">&#9744;</span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_edei--EntityFilerCategory_c20220101__20220331_zggkxZQgZ92h"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span></span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#9746;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Smaller reporting company</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--EntitySmallBusiness_c20220101__20220331_zkV466h9tR6h"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top">
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Emerging growth company</span></td>
<td style="padding: 0pt; font-size: 10pt; text-align: left; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20220101__20220331_zbxGBDMl72og"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;13(a)&#160;of the Exchange Act.&#160;<span id="xdx_901_edei--EntityExTransitionPeriod_c20220101__20220331_zSax8ZSn6HDj"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a shell company (as defined in Rule&#160;12b-2 of the Exchange Act).&#160;Yes&#160;&#9744;&#160;<span id="xdx_90A_edei--EntityShellCompany_c20220101__20220331_zpmmE6fzbdvl"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of May 10, 2022, there were <span id="xdx_909_edei--EntityCommonStockSharesOutstanding_iI_c20220510_zauQCSeQVQyh" title="Entity Common Stock, Shares Outstanding"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-05-10" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,000,000</ix:nonFraction></span> shares of Common Stock, $0.001 par value per share, outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>




<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>TWIN
VEE POWERCATS CO.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="TableOfContents"></span>TABLE
OF CONTENTS</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt; width: 87%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="border-bottom: Black 1pt solid; padding: 0pt; vertical-align: bottom; text-align: center; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page&#160;No.</b></span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART&#160;I&#8212;FINANCIAL
INFORMATION</b></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;1.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_02">Condensed
Consolidated Financial Statements (Unaudited)</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_03">Condensed
Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December&#160;31, 2021</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_04">Condensed
Consolidated Statements of Operations (Unaudited) for the Three months ended March 31, 2022 and 2021</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_05">Condensed
Consolidated Statements of Stockholders&#8217; Equity (Unaudited) for the Three months ended March 31, 2022 and 2021</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_06">Condensed
Consolidated Statements of Cash Flows (Unaudited) for the Three&#160;months ended March 31, 2022 and 2021</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_07">Notes&#160;to
the Condensed Consolidated Financial Statements (Unaudited)</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;2.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_08">Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;3.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_09">Quantitative
and Qualitative Disclosures About Market Risk</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;4.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_10">Controls
and Procedures</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART&#160;II&#8212;OTHER
INFORMATION</b></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;1.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_12">Legal
Proceedings</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;1A.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_13">Risk
Factors</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;2.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_14">Unregistered
Sales of Equity Securities and Use of Proceeds</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;3.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_15">Defaults
Upon Senior Securities</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;4.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_16">Mine
Safety Disclosures</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;5.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_17">Other
Information</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item&#160;6.</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_18">Exhibits</a></span></td>
<td style="padding: 0pt; text-align: right; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td></tr>
<tr>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr>
<td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_19">SIGNATURES</a></span></td>
<td style="padding: 0pt; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;29</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>




<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>FORWARD-LOOKING
STATEMENTS</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Quarterly Report on Form&#160;10-Q contains forward-looking statements within the meaning of Section&#160;27A of the Securities Act of
1933, as amended (the &#8220;Securities Act&#8221;), and Section&#160;21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;). All statements, other than statements of historical facts, contained in this Quarterly Report on Form&#160;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 &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
&#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;target,&#8221;
&#8220;potential,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;continue&#8221; and
similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying
words.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements contained in this Quarterly Report on Form&#160;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&#160;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 &#8220;Risk
Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;REGARDING
COMPANY REFERENCES</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Throughout
this Quarterly Report on Form&#160;10-Q, &#8220;Twin Vee,&#8221; &#8220;the Company,&#8221; &#8220;we&#8221; and &#8220;our&#8221; refer
to Twin Vee PowerCats Co.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_01"></span>PART&#160;I&#8212;FINANCIAL
INFORMATION</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_02"></span>ITEM&#160;1.
FINANCIAL STATEMENTS</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_03"></span>TWIN
VEE POWERCATS CO, INC.&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(F/K/A
TWIN VEE CATAMARANS, INC.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td id="xdx_496_20211231_zuoOZmIFs6mh" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maCz9rR_zoNCj7hOZMmk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maCz9rR_zzmrKH6VhmK5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eus-gaap--DepositsAssetsCurrent_i02I_maCz9rR_zUD4lTxldnc8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eus-gaap--Assets_i01TI_mtCz9rR_zmk4LqsJuyBa" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_i01B_z6f81pk50Zfd" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--LiabilitiesCurrentAbstract_i01B_zQToVelYuku1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--AccountsPayableCurrent_i02I_maCzp9H_z1vh8vMgStZf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrent_i02I_maCzp9H_ze2C4IyrlsPk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Accrued liabilities</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maCzp9H_z0YWkVhKkz76" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--DueToAffiliateCurrent_i02I_maCzp9H_zx1fK62pMqA1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maCzp9H_zxJo7NlVLXDh" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Operating lease right of use liability</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">377,856</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">368,602</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i02TI_mtCzp9H_maCzWr8_zGt2Gzq118Ye" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--OtherLoansPayableLongTerm_i02I_maCzWr8_zi8h9kxybM4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Economic Injury Disaster Loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OtherLoansPayableLongTerm" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">499,900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maCzWr8_zksnWCBPxlN" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Operating lease liability - noncurrent</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,146,029</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,244,164</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--Liabilities_i01TI_mtCzWr8_maCzEpu_zdWtep86z0Cj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total Liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,768,559</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,899,484</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--CommitmentsAndContingencies_iI_zkargP8NAbQd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Commitments and contingencies (Note 9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--StockholdersEquityAbstract_iB_zjeowlIJnQjh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Stockholders&#8217; equity:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--PreferredStockValue_i01I_maCzMfb_zvgDSWwyWz6j" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Preferred stock: <span id="xdx_904_eus-gaap--PreferredStockSharesAuthorized_c20220331_pdd" title="Preferred stock, shares authorized"><span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20211231_zCieLj5qJR5i" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></ix:nonFraction></span></span> authorized; $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_c20220331_pdd" title="Preferred stock, par value"><span id="xdx_90A_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20211231_zncOIbsFbY11" title="Preferred stock, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></span></span> par value; <span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_do_c20220331_zPUD1Tycf9ej" title="Preferred stock, shares issued"><span id="xdx_909_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20220331_zA0ntJsrhPe7" title="Preferred stock, shares outstanding"><span id="xdx_90B_eus-gaap--PreferredStockSharesIssued_iI_do_c20211231_zXqtD4DZAyyg" title="Preferred stock, shares issued"><span id="xdx_906_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20211231_zuxuPAYhg7ga" title="Preferred stock, shares outstanding"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2022-03-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2022-03-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares issued and outstanding</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0127">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<!-- Field: Page; Sequence: 4; Value: 3 -->
    <div style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_04"></span>TWIN
VEE POWERCATS CO, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(F/K/A
TWIN VEE CATAMARANS, INC.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_113_zlw15ng9BwCj" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 10pt; text-align: left; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20220101_20220331" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20210101__20210331_zMbaY0bCsoT7" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">Three months ended</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Page; Sequence: 5; Value: 3 -->
    <div style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a_05"></span>TWIN
VEE POWERCATS CO, INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(F/K/A
TWIN VEE CATAMARANS, INC.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Three ended March 31, 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30B_114_zCH1l6xQvwy2" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS&apos; EQUITY (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 20pt; text-align: left; text-indent: -10pt">&#160;</td><td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
    <td style="display: none">&#160;</td>
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    <td style="display: none">&#160;</td>
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    <td style="display: none">&#160;</td>
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    <td style="display: none">&#160;</td>
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    <td style="display: none">&#160;</td>
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    <td style="display: none">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Three ended March 31, 2022&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<!-- Field: Page; Sequence: 6; Value: 3 -->
    <div style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="a_06"></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TWIN
VEE POWERCATS CO, INC.&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(F/K/A
TWIN VEE CATAMARANS, INC.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30D_112_zvN7J74IYtOb" summary="xdx: Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20220101__20220331_z2Kq19Wy2jh6" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49F_20210101__20210331_zQBBupOvUMF2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">Three months ended</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: left; text-indent: -10pt">Cash Flows From Operating Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--ShareBasedCompensation_i02_maCzCLv_zNU0BwllXLy7" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Stock based compensation</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--DepreciationAndAmortization_i02_maCzCLv_zsY8JqoAoU78" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Depreciation and amortization</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i02N_di_msCzCLv_z5WP5bJSSiqi" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInOperatingLiabilities_i02_maCzCLv_zfxAdOUfwo92" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Change of right-of-use asset and lease liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLiabilities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,520</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments_i02N_di_msCzCLv_zO8UW7N0LkTg" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0316">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i01B_zoppNyd6zM4d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsReceivable_i02N_di_msCzCLv_zsxmdl38w7U1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Accounts receivable</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">85,558</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInInventories_i02N_di_msCzCLv_zMgeGX6WPOxd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-indent: -10pt">Inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,413,413</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">315,131</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i02N_di_msCzCLv_zELLE4ik0j63" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">83,888</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,450</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInAccountsPayable_i02_maCzCLv_zRYgr9E0Apxh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">768,632</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">129,920</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i02_maCzCLv_z0YRr16r1TV9" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Accrued liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">203,224</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">71,324</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i02_maCzCLv_zR1KBItfJzxh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">88,881</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">88,847</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i02_maCzCLv_z7QIV1vujC8j" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Contract liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,900</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">199,547</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iT_mtCzCLv_maCzpEf_zZ2NzL8IaROi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net cash (used in) provided by operating activities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,149,673</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">189,898</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z9bdLi7TfJE4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: left; text-indent: -10pt">Cash Flows From Investing Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ProceedsFromSaleAndMaturityOfMarketableSecurities_i01_maCzglZ_zaTPfbkCS6F2" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Net purchases of investment in trading marketable securities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleAndMaturityOfMarketableSecurities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">516</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0349">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_maCzglZ_zFCOkHOPicnk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Proceeds from sale of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0352">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msCzglZ_zX4kzqI8i2B5" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Purchase of property and equipment</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">728,371</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">443,250</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInInvestingActivities_iT_mtCzglZ_maCzpEf_zhx7DVrpJ108" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net cash used in investing activities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">647,855</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">443,250</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zBC6hursxA7k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: left; text-indent: -10pt">Cash Flows From Financing Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment_i01N_di_msCzXRs_z5Jyc2crxeV8" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Deferred offering cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">116,394</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:DeferredFinanceCostsOwnshareLendingArrangementIssuanceCostsAdjustment" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,000</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--ProceedsFromShortTermDebt_i01_maCzXRs_zIwAQrYXSHF1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<!-- Field: Page; Sequence: 7; Value: 3 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_07"></span>TWIN
VEE POWERCATS CO.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(F/K/A
TWIN VEE CATAMARANS, INC.)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MARCH
31, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_zBlNRkiJG6Ha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.&#160;<span id="xdx_82C_zYGgJMVYBxx6">Organization
and Summary of Significant Accounting Policies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:OrganizationPolicyTextBlock"><p id="xdx_842_ecustom--OrganizationPolicyTextBlock_ziQXjlFIG2v3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zIec9JI6F0y8">Organization</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Twin
Vee PowerCats Co. (&#8220;Twin Vee&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 1, 2021, the Company formed Fix My Boat, Inc., (&#8220;Fix My Boat&#8221;), a wholly-owned subsidiary. Fix My Boat will utilize
a franchise model for marine mechanics across the country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
October 15, 2021, the Company formed Electra Power Sports, Inc., a wholly-owned subsidiary. Electra Power Sports, Inc. subsequently changed
its name to Forza X1, Inc. on October 29, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zJJVUYb0xmk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zhWvoyhwt2E2">Principles
of Consolidation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of Twin Vee and its wholly owned subsidiaries Fix My Boat, Inc., (&#8220;Fix My
Boat&#8221;) and Forza X1, Inc. (&#8220;Forza X1&#8221; &#8220;Forza), collectively referred to as the &#8220;Company&#8221;. All inter-company
balances and transactions are eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z2oxUN5xtBR7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zPftRHvVBaX1">Basis
of Presentation</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (&#8220;GAAP&#8221;) 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 (&#8220;SEC&#8221;). 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the opinion of the Company&#8217;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 March 31,
2022 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March
31, 2022 are 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, 2021 included in the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84C_eus-gaap--UseOfEstimates_z2AjaVijFE73" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zSlS4bwKV1F6">Use
of Estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zMlctRA7d0fg" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_ziAq6u6MksS1">Cash
and Cash Equivalents</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents include all highly liquid investments with original maturities of three months or less at the time of purchase.
On March 31, 2022 and December 31, 2021, the Company had cash and cash equivalents of $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_c20220331_pp0p0" title="Cash at beginning of period"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,061,380</ix:nonFraction></span>&#160;and $<span id="xdx_90E_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_c20211231_zLgpXpWsT52a" title="Cash at beginning of period"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,975,302</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><p id="xdx_23B_zLvBcvv230re" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 8; Value: 3 -->
    <div id="xdx_231_zMRc4V2fOWDl" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_230_zrdbXvHs4TS8" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div>
    <div id="xdx_237_zxksploW842a" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_234_zX17HDL07zI3" style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23B_zhmoRC14eKQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zQ350mCvLrue" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zC2hoSQpFCMf">Concentrations
of Credit and Business Risk</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s use of trade letters of credit, dealer floor plan financing arrangements,
and the geographically diversified nature of the Company&#8217;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 (&#8220;FDIC&#8221;) insured limit of $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_c20220331_pp0p0" title="FDIC insured limit"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">250,000</ix:nonFraction></span>&#160;are at risk. As of March 31,
2022 and December 31, 2021, the Company had $<span id="xdx_900_eus-gaap--CashUninsuredAmount_c20220331_pp0p0" title="FDIC uninsured amount"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,121,000</ix:nonFraction></span>&#160;and $<span id="xdx_903_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20211231_zmUJQhTVZ28j" title="FDIC uninsured amount"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,725,302</ix:nonFraction></span>, respectively, in excess of FDIC insured limits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:MarketableSecuritiesPolicy"><p id="xdx_84E_eus-gaap--MarketableSecuritiesPolicy_z6ZyFBfAa0b3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zj7ADaRHFtn6">Marketable
Securities</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_843_eus-gaap--RevenueRecognitionPolicyTextBlock_zfATBYEuiRn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zWJ4D9WYZ9r">Revenue
Recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;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 expenses and other current liabilities in the accompanying consolidated balance
sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
received for the future sale of a boat to a customer is recognized as a customer deposit, which is included in contract liabilities on
the consolidated balance sheet. Customer deposits are recognized as revenue when control over promised goods is transferred to the customer.
At March 31, 2022 and December 31, 2021, the Company had customer deposits of $<span id="xdx_909_eus-gaap--ContractWithCustomerLiabilityCurrent_c20220331_pp0p0" title="Customer deposits"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">200</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pp0p0_c20211231_zw8btYnEexnj" title="Customer deposits"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,100</ix:nonFraction></span>, respectively, which is recorded as contract
liabilities. These deposits are expected to be recognized as revenue within a one-year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:RebatesAndDiscountsPolicyTextBlock"><p id="xdx_848_ecustom--RebatesAndDiscountsPolicyTextBlock_z9J9pzDmZxS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zlswHBpJdtp4">Rebates
and Discounts</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:OtherRevenueRecognitionMattersPolicyTextBlock"><p id="xdx_841_ecustom--OtherRevenueRecognitionMattersPolicyTextBlock_zYxbUpNt1yCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zew9p2i67OX">Other
Revenue Recognition Matters</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealers
generally have no right to return unsold boats. Occasionally, the Company may accept returns in limited circumstances and at the Company&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 9; Value: 3 -->
    <div id="xdx_231_zVZjIre3nrB7" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23E_z4mUMuxen106" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div>
    <div id="xdx_234_zW5m21eezFZc" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23C_zaEDpVXpF6qd" style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23D_zabywj0SXP3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s payment is expected to be
one year or less.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:SupplierConcentrationsPolicyTextBlock"><p id="xdx_84E_ecustom--SupplierConcentrationsPolicyTextBlock_zOLOwzraDX4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zy9DbmDBFeY6">Supplier
Concentrations</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is dependent on third-party equipment manufacturers, distributors, and dealers for certain parts and materials utilized in the
manufacturing process. During the three months ended March 31, 2022, the Company purchased all engines for its boats under a supply agreement
with a single vendor. For the three months ended March 31, 2022 and 2021, total purchases to this vendor were $<span id="xdx_905_eus-gaap--AccountsPayableRelatedPartiesCurrent_c20220331_pp0p0" title="Account payables"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,250,003</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20210331_zdJmpTMSbOvf" title="Account payables"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">642,771</ix:nonFraction></span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:MarketableSecuritieTextBlock"><p id="xdx_80E_ecustom--MarketableSecuritieTextBlock_zojZ3KIjOrga" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.&#160;<span id="xdx_828_z7OWRvaqUBNl">Marketable
securities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities measured at fair value on a recurring basis based on Level 1 and Level 2 fair value measurement criteria as of March
31, 2022 and December 31, 2021 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:MarketableSecuritiesTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_89A_eus-gaap--MarketableSecuritiesTextBlock_zvuFZREYF0e5" summary="xdx: Disclosure - Marketable securities (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BC_zeeR1FtliqCh" style="display: none">Schedule of Fair value Marketable Securities</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">Fair Value Measurements Using</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Balance as of March 31, 2022</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: left; text-indent: -10pt">Marketable securities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 46%; text-align: left; text-indent: -10pt">Corporate bonds</td><td style="width: 5%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--MarketableSecurities_iI_pp0p0_c20220331__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zmMBkPXSMDL" title="Marketable securities" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2022-03-31_us-gaap_CorporateDebtSecuritiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,472,730</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-align: left; text-indent: -10pt">Marketable securities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 46%; text-align: left; text-indent: -10pt">Corporate bonds</td><td style="width: 5%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zyNU6CnT1DM8" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_CorporateDebtSecuritiesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,549,670</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z6P8MHoklhB" style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0475">&#8212;</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Certificated of Deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CertificatesOfDepositMember_zk8NSGdDOfsb" style="text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_CertificatesOfDepositMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">514,427</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--MarketableSecurities_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CertificatesOfDepositMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_pp0p0" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0478">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--MarketableSecurities_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CertificatesOfDepositMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_pp0p0" style="text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_CertificatesOfDepositMember_us-gaap_FairValueInputsLevel2Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">514,427</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Money market funds (1)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--MoneyMarketFundsMember_fKDEp_z7WgXZsBT3ce" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_MoneyMarketFundsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,975,302</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--MoneyMarketFundsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_fKDEp_zyMqd1M7GRJ6" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_MoneyMarketFundsMember_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,975,302</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--MoneyMarketFundsMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_fKDEp_z5D08g0HIQm8" style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0482">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total marketable securities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231_zlkqvWjDKJ04" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,039,399</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zo2O3IqR01q3" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,975,302</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--MarketableSecurities_iI_pp0p0_c20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zpxLz4Zhhh7a" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:MarketableSecurities" contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel2Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">6,064,097</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="padding: 0pt; width: 98%; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included within
    cash and cash equivalents on the Company&#8217;s consolidated balance sheets.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

</ix:nonNumeric><p id="xdx_8AE_zv5B1xnL6MGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:exclude><p id="xdx_23C_zVtzNEyOZpWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 10; Value: 3 -->
    <div id="xdx_232_zPhXLMsCiSE6" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_232_za8wBjJmMrWk" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div>
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_234_z6wEMVxh4MC" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s investments in US government bonds and money market funds are measured based on publicly available quoted market prices
for identical securities as of March 31, 2022 and December 31, 2021. The Company&#8217;s investments in corporate bonds, commercial paper
and certificated of deposits are measured based on quotes from market makers for similar items in active markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_80C_eus-gaap--InventoryDisclosureTextBlock_zPyvnUpwPxF" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.&#160;<span id="xdx_824_z55zdaCUsQ8a">Inventories</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022 and December 31, 2021 inventories consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_88C_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zmHvrBYj3zel" summary="xdx: Disclosure - Inventories (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_495_20211231_zzQfzlky3oDc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">March 31,</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Raw Materials</td><td style="width: 8%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--InventoryWorkInProcess_iI_pp0p0_maINzmMJ_zDd37oETWf1a" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Work in Process</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--InventoryFinishedGoods_iI_pp0p0_maINzmMJ_z9RCZjeHl9pk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Finished Product</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0499">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">40,566</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--InventoryNet_iTI_pp0p0_mtINzmMJ_zIvJaQ4jLKea" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total Inventory</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80C_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z91TUnapylih" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.&#160;<span id="xdx_82F_zK7pGZxYUSb7">Property
and Equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022 and December 31, 2021, property and equipment consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_889_eus-gaap--PropertyPlantAndEquipmentTextBlock_z2gSgF9xuPTd" summary="xdx: Disclosure - Property and Equipment (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B1_zoNNz84Ut8U" style="display: none">Schedule of property and equipment</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">March 31,</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Machinery and equipment</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_pp0p0" title="Property and equipment, gross" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,474,273</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_pp0p0" title="Property and equipment, gross" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_MachineryAndEquipmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,343,797</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Furniture and fixtures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,636</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,850</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Leasehold improvements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_LeaseholdImprovementsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">927,998</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_LeaseholdImprovementsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">786,199</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Software and website development</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_SoftwareDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">113,120</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_SoftwareDevelopmentMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">113,120</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Computer hardware and software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerHardwareAndSoftwareMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_custom_ComputerHardwareAndSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">84,518</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerHardwareAndSoftwareMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_ComputerHardwareAndSoftwareMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">76,598</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Boat molds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BoatMoldsMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_custom_BoatMoldsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,217,618</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--BoatMoldsMember_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_BoatMoldsMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">778,229</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Vehicles</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zq9UsWSJHpnh" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zLNtMYxSO443" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_us-gaap_VehiclesMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">101,984</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Electric prototypes and tooling</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_c20220331__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricPrototypesAndToolingMember_pp0p0" title="Property and equipment, gross" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31_custom_ElectricPrototypesAndToolingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">142,526</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ElectricPrototypesAndToolingMember_pp0p0" title="Property and equipment, gross" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31_custom_ElectricPrototypesAndToolingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">142,526</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--PropertyPlantAndEquipmentGross_c20220331_pp0p0" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,970,689</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20211231_zj9P39nvNVWf" title="Property and equipment, gross" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,344,303</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20220331_zk66Ks4Q8VOk" title="Less accumulated depreciation and amortization" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">537,647</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_c20211231_z8Fz8uvnFJ5l" title="Less accumulated depreciation and amortization" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">461,132</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Total Property and Equipment</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentNet_c20220331_pp0p0" title="Property and equipment, net" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,433,042</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
and amortization expense of property and equipment for the three months ended March 31, 2022 and 2021 is $<span id="xdx_90C_eus-gaap--DepreciationAndAmortization_c20220101__20220331_pp0p0" title="Depreciation and amortization"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">80,092</ix:nonFraction></span>&#160;and $<span id="xdx_90E_eus-gaap--DepreciationAndAmortization_pp0p0_c20210101__20210331_zbi4UJd4R3Uk" title="Depreciation and amortization"><ix:nonFraction name="us-gaap:DepreciationAndAmortization" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">46,523</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LeasesOfLesseeDisclosureTextBlock"><p id="xdx_80A_eus-gaap--LeasesOfLesseeDisclosureTextBlock_zn4zZBEhiuIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.&#160;<span id="xdx_82B_znV5G5VKGTEf">Leases
&#8211; Related Party</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
right of use (&#8220;ROU&#8221;) 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 our right to use an underlying
asset and is based&#160;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, we estimate
incremental secured borrowing rates corresponding to the maturities of the leases. We used the U.S. Treasury rate of&#160;<span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20220331_zmm5rM4OsuT" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.36</ix:nonFraction></span>% and&#160;<span id="xdx_904_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20211231_zYyi0r94qilg" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.67</ix:nonFraction></span>%
at March 31, 2022 and December 31, 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s office lease contains rent escalations over the lease term.&#160;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&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><p id="xdx_232_z5ICSQ7d2J7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 11; Value: 3 -->
    <div id="xdx_232_z7A99UBm0TJa" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_233_zZRoyEBNZtE" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div>
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    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_239_zlVZOopGRL6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company leases its office and warehouse facilities, and the land which are located at 3101 S US-1, Fort Pierce, Florida (the
&#8220;Property&#8221;) 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 and majority shareholder 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 <span id="xdx_902_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ViscontiHoldingsLLCMember_zRYwYr0OH3pc" title="Lease term" style="display: none"><ix:nonNumeric contextRef="AsOf2022-03-31_custom_ViscontiHoldingsLLCMember" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">5</ix:nonNumeric></span>&#160;years. The current base rent payment is
$<span id="xdx_907_eus-gaap--OperatingLeasePayments_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ViscontiHoldingsLLCMember_pp0p0" title="Lease payment"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-012022-03-31_custom_ViscontiHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,000</ix:nonFraction></span>&#160;per month including property taxes and the lease required a $<span id="xdx_903_eus-gaap--SecurityDeposit_c20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ViscontiHoldingsLLCMember_pp0p0" title="Security deposit"><ix:nonFraction name="us-gaap:SecurityDeposit" contextRef="AsOf2022-03-31_custom_ViscontiHoldingsLLCMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">25,000</ix:nonFraction></span>&#160;security deposit. The base rent will increase
five percent (5%) on the anniversary of each annual term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022 and December 31, 2021, supplemental balance sheet information related to leases were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:ScheduleOfLeasesSupplementalBalanceSheetInformation"><table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfLeasesSupplementalBalanceSheetInformation_zOBm36S61Ldb" summary="xdx: Disclosure - Leases - Related Party (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B5_z7zJnuDkwx13" style="display: none">Schedule of leases supplemental balance sheet information</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49A_20220331_z2uBJY7m4Sda" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20211231_zOQmLGQvkOHc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">March 31,</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Operating lease ROU asset</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,457,424</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">March 31,</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating lease liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pp0p0_maOLLzlPz_zZtpCgdyyPD1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Current portion</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">377,856</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Non-current portion</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,146,029</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--OperatingLeaseLiability_iTI_pp0p0_mtOLLzlPz_z1fLuRy4orh1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,612,766</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A6_zXxWx5229de1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022, future minimum lease payments under the non-cancelable operating leases are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_z9F5T8kf0iLc" summary="xdx: Disclosure - Leases - Related Party (Details1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BC_zOQQCSLaAGwc" style="display: none">Schedule of maturities of lease liabilities</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_497_20220331_zoGLaRVIAXN4" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Year Ending December 31,</td>
    <td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maOLFMPztll_zf31u7asJbD5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">2022 (excluding the three months ended March 31, 2022)</span></td><td style="width: 10%">&#160;</td>
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  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pp0p0_maOLFMPztll_zZPF6ttJjeph" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2023</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pp0p0_maOLFMPztll_zkEaaFRfB20f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2024</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_pp0p0_maOLFMPztll_zaZvT3jksSmi" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 1pt 10pt; text-align: left; text-indent: -10pt">2025</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">437,582</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iTI_pp0p0_mtOLFMPztll_zUNllUVtloYk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">Total lease payment</span></td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zg3U22dUqmz7" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summarizes other supplemental information about the Company&#8217;s operating lease:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_893_eus-gaap--LeaseCostTableTextBlock_zFMzbVR1i3mk" summary="xdx: Disclosure - Leases - Related Party (Details 2)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_zvBFNXbl9YZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><p id="xdx_236_zw2bSKpWDs3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 12; Value: 3 -->
    <div id="xdx_237_zHHT1WKL6YFd" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_237_zidFalXWglEa" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div>
    <div id="xdx_23A_zFR1fcaA7Sbd" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23E_zsTV8IDkD3Mf" style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23D_zD18UhK4rp34" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_80D_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_z26SE0H1Z87l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>6.&#160;<span id="xdx_825_zljYZqWG9ZOi">Accrued
Liabilities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022 and December 31, 2021, accrued liabilities consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_886_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_ziO3Ue1MA5Le" summary="xdx: Disclosure - Accrued Liabilities (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8BB_zuDUQooiAKad" style="display: none">Accrued Liabilities</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_494_20220331_z61X2Kw94343" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_494_20211231_z5nDu0d1grx9" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">March 31,</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr id="xdx_407_eus-gaap--AccruedSalariesCurrent_iI_pp0p0_maALCANzkwA_zmXTjesIXFz" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Accrued wages and benefits</td><td style="width: 8%">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--AccruedBonusesCurrent_iI_pp0p0_maALCANzkwA_zNsvzyaOLkPg" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_ecustom--AccruedWarranty_iI_pp0p0_maALCANzkwA_z8uxg4r7tInb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Accrued warranty</td><td>&#160;</td>
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  <tr id="xdx_40B_ecustom--AccruedRebates_iI_pp0p0_maALCANzkwA_z9Oss4msQRtl" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--InterestPayableCurrent_iI_pp0p0_maALCANzkwA_zwnidcX1SJA6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_ecustom--AccruedProfessionalFees_iI_maALCANzkwA_zN0V2XEWgtrh" style="vertical-align: bottom; background-color: White">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:NotesPayableSbaEidlLoanTextBlock"><p id="xdx_809_ecustom--NotesPayableSbaEidlLoanTextBlock_zE6KuHb7Hrbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.&#160;<span id="xdx_828_z3iRejD1Kc8e">Notes
Payable &#8211; SBA EIDL Loan</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 22, 2020, the Company received an SBA Economic Injury Disaster Loan (&#8220;EIDL&#8221;) in the amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_c20200422__us-gaap--LongtermDebtTypeAxis__custom--EIDLMember_pp0p0" title="Loan amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-04-22_custom_EIDLMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">499,900</ix:nonFraction></span>. The loan is
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of&#160;<span id="xdx_904_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200401__20200422__us-gaap--LongtermDebtTypeAxis__custom--EIDLMember_zqJKxX9n1R48" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-04-012020-04-22_custom_EIDLMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.75</ix:nonFraction></span>%, monthly payments of $<span id="xdx_90E_eus-gaap--DebtInstrumentPeriodicPayment_c20200401__20200422__us-gaap--LongtermDebtTypeAxis__custom--EIDLMember_pp0p0" title="Periodic payments"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2020-04-012020-04-22_custom_EIDLMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,437</ix:nonFraction></span>&#160;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&#8217;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.&#160;<span style="background-color: white">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&#160;solely as working capital to alleviate
economic injury caused by the COVID-19 pandemic.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
part of the EIDL loan, the Company&#160;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the minimum maturities of term debt follows for the years set forth below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_882_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zDMBpNjVTpG6" summary="xdx: Disclosure - Notes Payable - SBA EIDL Loan (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B5_zVTbtJB9vpMh" style="display: none">Schedule of Minimum Maturities</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_495_20220331_zztp8hviBJQg" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Year</td>
    <td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pp0p0_maLTDzmGi_zxOgqVRtjBLl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 70%; text-align: left; text-indent: -10pt">2022</td><td style="width: 10%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,171</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pp0p0_maLTDzmGi_ziJ1zAOVlYl8" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,892</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pp0p0_maLTDzmGi_zhyh9OSgb56h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,231</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--LongTermDebtMaturingInYearsTwoAndThree_iI_pp0p0_maLTDzmGi_z1WQovdkod0h" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturingInYearsTwoAndThree" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,583</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pp0p0_maLTDzmGi_zwtmv0q5cjz3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">2026 and thereafter</span></td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">470,023</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebt_iTI_pp0p0_mtLTDzmGi_z62AT4yn1vjg" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">499,900</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_809_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zkBMmmKi6Epd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.&#160;<span id="xdx_82F_zU0wVj0BmnDi">Related
Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in note 5, the Company has leased its facilities from a company owned by its CEO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2022, and 2021, the Company received cash of $<span id="xdx_909_eus-gaap--ProceedsFromRelatedPartyDebt_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_pp0p0" title="Advances from related parties"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-01-012022-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span>&#160;and $<span id="xdx_906_eus-gaap--ProceedsFromRelatedPartyDebt_c20210101__20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_pp0p0" title="Advances from related parties"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2021-01-012021-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">24,300</ix:nonFraction></span>&#160;from its affiliate companies and
paid $<span id="xdx_90E_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_pp0p0" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2022-01-012022-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span>&#160;and $<span id="xdx_908_eus-gaap--RepaymentsOfRelatedPartyDebt_c20210101__20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_pp0p0" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2021-01-012021-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,808</ix:nonFraction></span>&#160;to its affiliate companies, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
three months ended March 31, 2022, and 2021, the Company recorded management fees of $<span id="xdx_902_eus-gaap--ManagementFeeExpense_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_pp0p0" title="Management fees"><ix:nonFraction name="us-gaap:ManagementFeeExpense" contextRef="From2022-01-012022-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">13,500</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--ManagementFeeExpense_c20210101__20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_pp0p0" title="Management fees"><ix:nonFraction name="us-gaap:ManagementFeeExpense" contextRef="From2021-01-012021-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,500</ix:nonFraction></span>, respectively, paid to its shareholder
parent company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><p id="xdx_23B_zs5LeP15HMr" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 13; Value: 3 -->
    <div id="xdx_235_zKGstAcuz3Lj" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_239_zk8WZHueh4Xd" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div>
    <div id="xdx_23C_zMyMmVWXVfbj" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23B_zEmtPtP2nO3c" style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_23E_zJmyq0tULNXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31 2021, the Company paid bills on behalf of our parent company. At March 31, 2022 and December 31, 2021, due
from affiliated companies was $<span id="xdx_90A_eus-gaap--ProceedsFromPaymentsForLongTermLoansForRelatedParties_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_zSsgwiASAIbl" title="Advances from related parties"><span id="xdx_90F_eus-gaap--ProceedsFromPaymentsForLongTermLoansForRelatedParties_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_z9ehARecF3z4" title="Advances from related parties"><ix:nonFraction name="us-gaap:ProceedsFromPaymentsForLongTermLoansForRelatedParties" contextRef="From2022-01-012022-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProceedsFromPaymentsForLongTermLoansForRelatedParties" contextRef="From2021-01-012021-12-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">286,622</ix:nonFraction></ix:nonFraction></span></span>. During the year ended December 31, 2021, our parent company funded certain expenditures which
resulted in advances from affiliated companies. At March 31, 2022 and December 31, 2021, advances from affiliated companies included
in due to affiliated companies was $<span id="xdx_90A_eus-gaap--ProceedsFromRepaymentsOfDebt_pp0p0_c20220101__20220331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_z1NZDeWw0Di2" title="Repayment of related party debt"><span id="xdx_908_eus-gaap--ProceedsFromRepaymentsOfDebt_pp0p0_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--RelatedpartyMember_zrgpj1fb0lnb" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2022-01-012022-03-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfDebt" contextRef="From2021-01-012021-12-31_custom_RelatedpartyMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">115,043</ix:nonFraction></ix:nonFraction></span></span>. Approximately $<span id="xdx_90B_eus-gaap--DueFromAffiliates_iI_pp0p0_c20220331_zkuTqMJyiOH1" title="Due from Affiliates"><ix:nonFraction name="us-gaap:DueFromAffiliates" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">93,000</ix:nonFraction></span> of the balance is related to an equipment purchase, the remaining
balance was related to startup costs for our franchise business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31,2022, Twin Vee received a monthly fee of $<span id="xdx_90F_eus-gaap--DebtInstrumentPeriodicPayment_c20220101__20220331_zxbYV4kd87Si" title="Monthly fee"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,850</ix:nonFraction></span> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80C_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zoElKShvsXm2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.&#160;<span id="xdx_826_zOPbDRHmRO7g">Commitments
and Contingencies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repurchase
Obligations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain conditions, the Company is obligated to repurchase new inventory repossessed from dealerships by financial institutions that
provide credit to the Company&#8217;s dealers. The maximum obligation of the Company under such floor plan agreements totaled approximately
$<span id="xdx_90A_eus-gaap--ContractualObligation_c20220331_pp0p0" title="Maximum obligation"><ix:nonFraction name="us-gaap:ContractualObligation" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,361,000</ix:nonFraction></span>&#160;and $<span id="xdx_909_eus-gaap--ContractualObligation_iI_pp0p0_c20211231_zjQK2GTtAwCf" title="Maximum obligation"><ix:nonFraction name="us-gaap:ContractualObligation" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,273,258</ix:nonFraction></span>&#160;as of March 31, 2022, and December 31, 2021, respectively. The Company incurred no impact from repurchase
events during the three months ended March 31, 2022 and year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Litigation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently involved in various civil litigation in the normal course of business none of which is considered material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_ztleXyy8fSwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.&#160;<span id="xdx_82C_zqJ4gHFtR0Uh">Stockholder&#8217;s
Equity</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Common
Stock Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, the Company has outstanding warrants to purchase&#160;<span id="xdx_901_eus-gaap--SharesIssued_c20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Number of shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-03-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,000,000</ix:nonFraction></span>&#160;shares of common stock issuable at a weighted-average
exercise price of $<span id="xdx_90F_eus-gaap--SharePrice_c20220331__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-03-31_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.50</ix:nonFraction></span>&#160;per share that were issued to the representative of the underwriters in connection with the IPO. The representative&#8217;s
warrants are exercisable at any time and from time to time, in whole or in part, during the four- and one-half year period commencing
180&#160;days from the effective date of the registration statement, which was July 23, 2021. There was no warrant activity during the
quarter ended March 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Equity
Compensation Plan</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains an equity compensation plan (the &#8220;Plan&#8217;) under which it may award employees, directors and consultants&#8217;
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 automatically increased on January 1, 2022. As of March 31, 2022, there were <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_c20220331_pdd" title="Remaining available for grant"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">352,043</ix:nonFraction></span> shares remaining
available for grant under this plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounting
for Stock -Based Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock
Compensation Expense</i></b>&#160;- For the three ended March 31, 2022 and 2021, the Company recorded $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20220101__20220331_pp0p0" title="Stock Compensation Expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">320,505</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20210101__20210331_z2MLFgfCRDc2" title="Stock Compensation Expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span>, respectively,&#160;of
stock-based compensation expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock
Options</i></b>. Under the Company&#8217;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&#160;ten&#160;years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;for option grants during the three months ended&#160;March 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 14; Value: 3 -->
    <div id="xdx_23E_zdcqBARVr9f5" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_235_zdEMTaHf5Cg7" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div>
    <div id="xdx_23F_zPqHMbsEjX7c" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23E_zKzUFjLpkxQ3" style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_230_z5W3epN69nx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_880_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z5ZVYwBiNc87" summary="xdx: Disclosure - Stockholder&apos;s Equity (Details)" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0pt; text-indent: 0pt"><span id="xdx_8B5_zvDznFpeSHQ7" style="display: none">Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions</span></td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt">&#160;</td>
<td style="padding: 0pt; text-indent: 0pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Three months Ended</b></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td colspan="3" style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>2022</b></span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding: 0pt; width: 70%; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Expected term</span></td>
<td style="padding: 0pt; width: 9%; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; width: 19%; text-align: right; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20220331_zyRBMAFF0mDl" title="Expected term"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span>&#160;years</span></td>
<td style="padding: 0pt; width: 1%; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Expected average volatility</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_c20220101__20220331_ztEd2pbavude" title="Expected average volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">49</ix:nonFraction></span></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">%</span></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_c20220101__20220331_zSPx84AWiWe" title="Expected dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl0725">&#8212;</span></span></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rate</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-align: right; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_dp_c20220101__20220331_znam94vEOE4j" title="Risk-free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.50</ix:nonFraction></span>&#160;&#8211;&#160;<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_dp_c20220101__20220331_z0axokpj5auh" title="Risk-free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.94</ix:nonFraction></span></span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">%</span></td></tr>
</table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 18pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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%</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:ExpectedVolatilityOfOptionTableTextblock"><table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--ExpectedVolatilityOfOptionTableTextblock_zxA3iYaXT9a3" summary="xdx: Disclosure - Stockholder&apos;s Equity (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B6_zFYsEVkJUtC1" style="display: none">Schedule of Expected Volatility Of Option</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Options Outstanding</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="text-align: center">Weighted Average</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="3" style="text-align: center">Number of</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">Weighted Average</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">Remaining life</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Options</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 34%; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">Outstanding, December 31, 2021</span></td><td style="width: 5%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">Granted</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220331_pdd" title="Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">252,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20220331_pdd" title="Granted" style="text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-01to2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.86</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementByGrantedSharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220331_zzY4Z0zdiRE3" title="Granted"><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" format="ixt-sec:duryear" name="tvpc:SharebasedCompensationArrangementByGrantedSharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">10.00</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">Exercised</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20220101__20220331_pdd" title="Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0745">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20220101__20220331_pdd" title="Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0747">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
March 31, 2022, <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iI_c20220331_zKmDTbmFVvOb" title="Unvested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" contextRef="AsOf2022-03-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">768,794</ix:nonFraction></span> options are unvested and expected to vest over the next five years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="tvpc:MajorCustomersTextBlock"><p id="xdx_808_ecustom--MajorCustomersTextBlock_zSjZug50uj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.&#160;<span id="xdx_82C_z7obbr3hlgD6">Major
Customers</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2022, three&#160;individual <span style="background-color: white">customers had sales of over 10% of
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three individual customers had sales of over 10% of our total sales, and combined these three customers represented&#160;<span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20210331__srt--MajorCustomersAxis__custom--ThreeCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesMember_zN4bSmowb8p3" title="Concentration percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-03-31_custom_ThreeCustomerMember_us-gaap_SalesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">41</ix:nonFraction></span>% of total
sales.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_807_eus-gaap--SegmentReportingDisclosureTextBlock_zP9kKYqwfwXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_825_zZSECYGnUG1i">Segment</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reports segment information based on the &#8220;management&#8221; approach. The management approach designates the internal reporting
used by management for making decisions and assessing performance as the source of the Company&#8217;s reportable segments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company reported its financial performance based on the following segments: Gas-powered Boats, Franchise and Electric Boats.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Operating income (loss) 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 expense. The Company does not include intercompany transfers between segments for management reporting purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows information by reportable segments for the three months ended March 31,2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 15; Value: 3 -->
    <div id="xdx_23C_zMhPMBzO7vjl" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_236_zLQnFLUi35ej" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div>
    <div id="xdx_23C_zOCYjEZVWXp3" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_232_zdIYb6G6fyc9" style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<ix:exclude><p id="xdx_235_z3TwJPgycUO2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_89B_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zWFEMZzGBX6c" summary="xdx: Disclosure - Segment (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt"><span id="xdx_8B3_zfzqFylSYY68" style="display: none">Reconciliation of Operating Profit (Loss) from Segments to Consolidated</span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Franchise</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 40%; text-align: left; text-indent: -10pt">Net sales</td><td style="width: 3%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--Revenues_c20220101__20220331__us-gaap--StatementBusinessSegmentsAxis__custom--ElectricBoatAndDevelopmentMember_pp0p0" title="Net sales" style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0784">&#8212;</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating expense</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>



<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating expense</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_983_eus-gaap--OperatingExpenses_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--FranchisesMember_pp0p0" title="Operating expense" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0838">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--OperatingExpenses_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--ElectricBoatAndDevelopmentMember_pp0p0" title="Operating expense" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0840">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Income from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--OperatingIncomeLoss_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--BoatMember_pp0p0" title="Income (loss) from operations" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-03-31_custom_BoatMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">154,762</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--OperatingIncomeLoss_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--ElectricBoatAndDevelopmentMember_pp0p0" title="Income (loss) from operations" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0847">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--OperatingIncomeLoss_pp0p0_c20210101__20210331_zH9VcB3eO8h3" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">154,762</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Other loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--OtherNonoperatingIncome_iN_pp0p0_di_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--BoatMember_zIf9zLc7MGEa" title="Other income" style="text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncome" contextRef="From2021-01-012021-03-31_custom_BoatMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,813</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OtherNonoperatingIncome_iN_pp0p0_di_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--FranchisesMember_zoAT6u1gL24i" title="Other income" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0852">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--OtherNonoperatingIncome_iN_pp0p0_di_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--ElectricBoatAndDevelopmentMember_zh3MciQa0h2k" title="Other income" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--OtherNonoperatingIncome_iN_pp0p0_di_c20210101__20210331_znhIXtsJaMl8" style="text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncome" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">22,813</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net income</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--NetIncomeLoss_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--BoatMember_pp0p0" title="Net loss" style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-03-31_custom_BoatMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">131,949</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--NetIncomeLoss_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--FranchisesMember_pp0p0" title="Net loss" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0859">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--NetIncomeLoss_c20210101__20210331__us-gaap--StatementBusinessSegmentsAxis__custom--ElectricBoatAndDevelopmentMember_pp0p0" title="Net loss" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--NetIncomeLoss_pp0p0_c20210101__20210331_zQF5muMsojIa" style="text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-03-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">131,949</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AE_zIUzOteFfQUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net classified by business were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_887_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zrUAdKFtfPr4" summary="xdx: Disclosure - Segment (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">March 31,</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2022</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-03-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zsckd5sHhIL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.&#160;<span id="xdx_82E_zCiBooJIw6P9">Subsequent
Events</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
evaluated all additional events subsequent to the balance sheet date through to May 10, 2022, the date the condensed consolidated financial
statements were available to be issued, and determined the following items:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2022, Twin Vee and Forza requested a release and termination of our vacant land contract. This contract provided us with an
option to acquire 14.5 acres of undeveloped land in Fort Pierce, Florida. On December 6, 2021, the Company paid a refundable deposit
on the land purchase agreement. It has since been determined that the cost associated with building on that site is prohibitive and the
Company is looking for a new site to build the Forza factory.</span></p>

</ix:nonNumeric><p id="xdx_812_zK8mDlivgcmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_08"></span>ITEM&#160;2.
MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -54pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>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&#160;10-Q. The following discussion contains forward-looking statements that
involve risks and uncertainties. See &#8220;Forward-Looking Statements.&#8221; 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 &#8220;Risk Factors&#8221;
in this Quarterly Report on Form 10-Q <span style="background-color: white">and under Part 1, Item 1A of our Annual Report on Form 10-K
for the year ended December 31, 2021 </span>for a discussion of important factors that could cause our actual results to differ materially
from those anticipated in these forward-looking statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OVERVIEW</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a designer, manufacturer and marketer of recreational and commercial power catamaran boats. We believe our company has been an innovator
in the recreational and commercial power catamaran industry. We currently have 8 gas-powered models in production ranging in size from
our 24-foot, dual engine, center console to our newly designed 40-foot offshore 400 GFX. 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. Twin Vee&#8217;s home base operations in Fort Pierce Florida is a 7.5-acre facility with several buildings
totaling over 75,000 square feet. We employed approximately 140 people on March 31, 2022, some of whom have been with our company for
over twenty years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have organized our business into three operating segments: (i) our gas-powered boat segment which manufactures and distributes gas-powered
boats; (ii) our electric-powered boat segment which is developing fully electric boats, through our wholly owned subsidiary, Forza X1,
Inc., a Delaware corporation (&#8220;Forza&#8221;) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 20 independent boat dealers in 25 locations across North America and
the Caribbean who resell our boats to the end user Twin Vee 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the growing demand for sustainable, environmentally friendly electric and alternative fuel commercial and recreational vehicles, our
wholly owned subsidiary, Forza X1, Inc., is designing and developing a line of electric-powered catamaran boats ranging in size from
18-feet to 28-feet. Forza&#8217;s initial two models, the FX1 Dual Console and FX1 Center Console, are being designed to be 24-foot in
length, have an 8&#8217; beam or width and utilize a catamaran hull surface to reduce drag and increase run times. The initial launch
of FX1 will include our proprietary single electric outboard motor. Our electric boats are being designed as fully integrated electric
boats including the hull, outboard motor and control system. To date, we have completed the design of the hull and running surface of
the boat and have begun tooling the molds which are required to build the physical fiberglass boat, we have entered into a supply agreement
for the supply of the lithium battery packs that we plan to use to power the electric boats, completed the design and prototyping of
the boat control system, and completed the design and are more than halfway through prototyping of the electric outboard motor. We expect
to begin production of our FX1 fully integrated electric boat and motor and commence selling to end user customers by the second quarter
of 2023. We have also filed three design and four utility patent applications with the U.S. Patent and Trademark Office relating to,
among other things, our propulsion system being developed and boat design.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
the first quarter of 2022, we continue to experience strong demand for our products. Our company objective is 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. For the first three months ended March 31, 2022, we increased our manufacturing throughput to an average of 4 boats a week. The
increase in production drove our net revenue up 83% compared to 19% for the three months ended March 31, 2021. While driving our top
line net sales growth, we are also experiencing increased labor costs. Our manufacturing process is labor intensive, and with the addition
of new models to our production line we have added staff and expanded our training program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
goal continues to increase production to 5 boats per week which has resulted in an increase in operating expenses. More specifically,
our headcount has increased and is expected to further increase as we hired additional production employees and midlevel managers resulting
in higher salaries and wages. We continue focus on hiring highly qualified production and administrative staff to order to increase our
productivity, drive efficiencies, and improve product quality. To help meet our production objectives we have also invested approximately
$2.5 million in facility upgrades, capital equipment and molds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we move forward into the second quarter of 2022, we anticipate our operating income to be moderate toward breakeven for our core gas
powered boat segment, however our electric boat division will continue to incur losses as we continue our research and development efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of the Three Months Ended March 31, 2022 and 2021</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides certain selected financial information for the periods presented:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="7" style="font-weight: bold; text-align: center">Three months ended</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 31,</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(616</td><td style="text-align: left">%)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">Weighted average number of shares of common stock outstanding</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Sales and Cost Sales</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net sales increased $2,678,357, or 83% to $5,886,000 for the three months ended March 31, 2022 from $3,207,643 for the three months ended
March 31, 2021. This increase was due to an increase in the number of boats sold during the three months ended March 31, 2022. The number
of our boats produced and sold during the three months ended March 31, 2022 increased 48% over the three months ended March 31, 2021,
due to our production plan, which we continue to implement and refine, enabling us to produce more boats during the quarter. Additionally,
we have increased our sale prices to help offset the increases in operating expenses, which includes increased labor cost, described
below, as well as increased costs of production supplies. Our average revenue per unit for the three months ended March 31, 2022 is up
approximately 21% over revenue per unit for the three months ended March 31, 2021. The average revenue per unit increase is due to an
increase in boat pricing and a shift in product mix with higher margins. We discontinued our classic models and replaced them with our
GFX models which generate more revenue per unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
Profit</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profits increased by $946,448, or 64% to $2,434,354 for the three months ended March 31, 2022 from $1,487,906 for the three months ended
March 31, 2021. Gross profit as a percentage of sales for the three months ended March 31, 2022 and 2021 was 41% and 46% respectively.
We attribute the decline in gross profit percentage to increased cost of raw materials and purchased components. We anticipate continued
pressure on our gross profit percentage due to price increases on raw materials and purchased components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
Operating Expenses</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total operating expenses for the three months ended March 31, 2022 and 2021 were $3,482,507 and $1,333,144 respectively. Operating expenses
as a percentage of sales were 59% compared to 42% in the prior year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
general and administrative expenses increased by approximately 128%, or $382,896 to $682,321 for the three months ended March 31, 2022,
compared to $299,425 for the three months ended March 31, 2021. The large portion of the increase resulted from expenses totaling $236,896
incurred from being publicly traded company, which we did not incur in the prior year including, directors and officers insurance, filing
fees, legal expenses and investor relations costs. We incurred significant increases in our liability insurance and workers compensation
insurance totaling $51,498, an increase of 142%, due to our increased revenue levels and increased wages. Office related expenses increased
$39,435 or 125%, due to increased staffing levels and work volume. We also saw an increase in travel related expenses of $26,674 or 449%,
due to our Forza segment for research and design efforts. Other miscellaneous items make up the remaining $28,393 of increased selling,
general and administrative expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaries,
wages and other compensation expenses increased by approximately 143%, or $1,325,640 to $2,253,810 for the three months ended March 31,
2022, compared to $928,170 for the three months ended March 31, 2021. Total salaries and wages increased by $888,933 as a result of aggressively
ramping up of production, which required increasing our production and mid-level staff. Included in salaries and wages for the three
months ended March 31, 2022 was a charge for non-cash stock-based compensation expense of $224,832 due to the issuance of options to
employees and consultants. As we have grown as an organization, we have added benefits to maintain a competitive workforce by adding
paid time off, a 401K program, paid holidays and health insurance, which resulted in increased expenses of $92,601. We have also incurred
production and executive bonus expense of $68,419 for the three months ended March 31, 2021 compared to $21,600 for the three months
ended March 31, 2021, an increase of $46,819, as a result of meeting our production first quarter production objectives. Our compensation
to the Board of Directors for the three months ended March 31, 2022 and 2021 was $20,750 and $0, respectively. During the first half
of 2021 we were not required to have a Board and did not incur the related expense. The remaining increase, approximately $63,300 of
salaries and wages during the three months ended March 31, 2022 was associated with payroll taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professional
fees increased by 315%, or $185,713 to $244,739 for the three months ended March 31, 2022, compared to $59,026 for the year ended 2021.
This increase was primarily due to the additional costs we incurred associated with being a public company and included an increase in
audit, legal and related consulting fees in order to fulfill our public company SEC reporting obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense for the three months ended March 31, 2022 increased by 72%, or $33,569 to $80,092 for the three months ended March 31, 2022,
compared to $46,523 for the three months ended March 31, 2021. Over the past year we made significant investments in equipment, leasehold
improvements and boat molds that resulted in an increased our depreciation expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and design expenses for the three months ended March 31, 2022, was $221,545 compared to $0, for the three months ended March 31, 2021.
These expenses are primarily associated with our development of our electric propulsion system for Forza X1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
expense increased by $120,351 to $143,164 for the three months ended March 31, 2022, compared to $22,813 for the three months ended,
2021. The increase in other expense is primarily the result of $85,538 in net change in fair value of marketable securities. Interest
expense increased $22,128 to $39,840, and we incurred a net of loss on disposal of assets of $18,408.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Loss</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
loss for the three months ended March 31, 2022 was $1,191,317, compared to net income of $131,949 for the three months ended March 31,
2021. While our revenue levels increased, our expenses also increased as we continue to invest in our operations to improve production
levels. That coupled with the additional expenses associated with being a public company and our research and development efforts for
our electric boat division, resulted in a net loss for the three months ended March 31, 2022. With these investments, we are building
the foundation for our future, not only for our gas powered boats, but also for our electric boat division. We continue to deal with
the fallout of the global pandemic, as well as the impact of additional costs of growth, but are encouraged by our continued increase
in revenue. Basic and dilutive loss per share of common stock for the three months ended March 31, 2022, ($0.17) compared to basic and
dilutive income per share of common stock for the three months ended March 31, 2021, $0.03.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
primary source of funds for the three months ended March 31, 2022 was from cash from operation and use of proceeds from our IPO. Our
primary use of cash was related to increasing inventory levels to meet the high level of demand coupled with the current supply chain
challenges. With uncertainty on component availability, prolonged lead time and rising prices, we have been bringing in inventory far
earlier than in previous years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provide selected financial data about us as of March 31, 2022 and December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: center; text-indent: -10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; width: 56%; text-align: left; text-indent: -10pt">Cash and cash equivalents</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,061,380</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,975,302</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Marketable securities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">5,978,043</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6,064,097</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Current assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,606,264</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">13,073,346</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,122,630</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,155,420</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Working capital</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">9,483,634</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">10,917,926</td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2022, we had sufficient cash and cash equivalents to meet ongoing expenses for at least twelve months from the date of the
filing of this Quarterly Report on Form 10-Q. As of March 31, 2022, we had $11,039,423 of cash, cash equivalents and marketable securities,
total current assets of $12,606,264, and total assets of $20,501,774. Our total liabilities were $4,768,559. Our total liabilities were
comprised of current liabilities of $3,122,630 which included accounts payable and accrued liabilities of $2,629,731, due to affiliated
companies of $115,043 and current portion of operating lease right of use liability of $377,856, and long-term liabilities of $1,645,929.
As of December 31, 2021, we had $13,039,399 of cash, cash equivalents and marketable securities, total current assets of $13,073,346
and total assets of $20,5995,184. Our total current liabilities were $2,155,420 and total liabilities of $3,899,484 which included long-term
operating lease liabilities for the lease of our facility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Accumulated
deficit was $3,208,873 as of March 31, 2022 compared to accumulated deficit of $2,017,556 as of December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
working capital decreased by $1,434,292 to $9,483,634 as of March 31, 2022, compared to $10,917,926 on December 31, 2021, due primarily
to increased accounts payable and accrued liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
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<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"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our cash and cash equivalents will provide sufficient resources to finance operations for the next 12 months. 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 as well as proceeds from our initial public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="text-decoration: underline">Cash
Flow</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>



<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Months Ended</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: center; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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    <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$
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    <td colspan="3" style="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -10pt; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(116,394</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,913,922</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204,514</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,118,436</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,036</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,975,302</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,083,486</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">682</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Flow from Operating Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2022, net cash flows used in operating activities was $1,149,673 compared to net cash provided by operating
activities of $189,898 during the three months ended March 31, 2021. We have increased inventory levels by $1,413,413, due to supply
chain delays that continue to impact lead time and parts availability, this is further emphasized by our production ramp up. Accounts
payable increased $768,632, which is also associated with our increased bring in of inventory. Our accrued liabilities increased $203,424,
primarily due to accrued rebate expense and accrued professional fees. Our net loss from operation was $1,191,317, was decreased by non-cash
expenses of $597,649, primarily due to stock-based compensation of $224,832, change of right-of-use asset and lease liabilities of $93,106,
loss on disposal of assets of $18,408, net change in fair value of marketable securities of $85,538 and depreciation of $80,092.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Flow from Investing Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2022, we used $647,855 for investment activities, compared to $443,250 used during the three months
ended March 31, 2021. We invested $728,371 in the purchase property and equipment, primarily for new model boat molds of approximately
$439,000, leasehold improvements of approximately $142,000, new production equipment of approximately $130,000, and new computers and
furniture of approximately $16,000. We had proceeds from the sale of property of approximately $80,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
Flows from Financing Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">For
the three months ended March 31, 2022, net cash used by financing activities was approximately $116,394, compared to net cash provided
by financing activities of $457,866. During the three months ended March 31, 2022, we used $116,394 for deferred offering cost relating
to Forza.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span>CRITICAL ACCOUNTING ESTIMATES</span>&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that several accounting policies are important to understanding our historical and future performance. We refer to these policies
as &#8220;critical&#8221; 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&#8212;which also would have been reasonable&#8212;could have been used, which
would have resulted in different financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
Recognition</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for revenue in accordance with Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;)
Topic 606 which was adopted at the beginning of fiscal year 2018 using the modified retrospective method. We did not recognize any cumulative-effect
adjustment to retained earnings upon adoption as the effect was immaterial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
received for the future sale of a boat to a customer is recognized as a customer deposit, which is included in contract liabilities on
the balance sheet. Customer deposits are recognized as revenue when control over promised goods is transferred to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use
of Estimates</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States &#8220;U.S. GAAP&#8221;
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventories</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 have been made to reduce excess or obsolete inventories to their net realizable value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
of Long-Lived Assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Product
Warranty Costs</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by FASB ASC Topic 460,&#160;<i>Guarantees</i>, we are including the following disclosure applicable to our product warranties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted FASB Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02,&#160;<i>Leases&#160;</i>(&#8220;Topic 842&#8221;), 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Paycheck
Protection Program</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
GAAP does not contain authoritative accounting standards for forgivable loans provided by governmental entities to a for-profit entity.
Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows
for the selection of accounting policies amongst acceptable alternatives. Based on the facts and circumstances, the Company determined
it most appropriate to account for the Paycheck Protection Program (&#8220;PPP&#8221;) loan proceeds as an in-substance government grant
by analogy to International Accounting Standards 20 &#8220;(IAS 20)&#8221;,&#160;<i>Accounting for Government Grants and Disclosure of
Government Assistance</i>. Under the provisions of IAS 20, &#8220;a forgivable loan from government is treated as a government grant
when there is reasonable assurance that the entity will meet the terms for forgiveness of the loan.&#8221; IAS 20 does not define &#8220;reasonable
assurance&#8221;; however, based on certain interpretations, it is analogous to &#8220;probable&#8221; as defined in FASB ASC Subtopic
450-20-20 under U.S. GAAP, which is the definition we have applied to our expectations of PPP loan forgiveness. Under IAS 20, government
grants are recognized in earnings on a systematic basis over the periods in which we recognize costs for which the grant is intended
to compensate (i.e., qualified expenses). Further, IAS 20 permits for the recognition in earnings either (1) separately under a general
heading such as other income, or (2) as a reduction of the related expenses. We have elected to recognize government grant income separately
within other income to present a clearer distinction in its financial statements between its operating income and the amount of net income
resulting from the PPP loan and forgiveness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deferred
Income Taxes and Valuation Allowance</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for income taxes under ASC 740 &#8220;Income Taxes.&#8221; 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<i>.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFF-BALANCE
SHEET ARRANGEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined under Securities
and Exchange Commission rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_09"></span>ITEM&#160;3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a smaller reporting company as defined by Rule&#160;12b-2 of the Exchange Act and are not required to provide the information required
under this item.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_10"></span>ITEM&#160;4.
CONTROLS AND PROCEDURES.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Evaluation
of Disclosure Controls and Procedures</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 March 31, 2022. The term &#8220;disclosure controls and procedures,&#8221; as defined in Rules&#160;13a-15(e)&#160;and
15d-15(e)&#160;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&#8217;s rules&#160;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&#8217;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&#160;13a-15(e)&#160;and 15d-15(e)&#160;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&#160;10-Q, is collected, recorded, processed, summarized, and reported within
the time periods specified in the rules&#160;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 March 31, 2022, our Chief Executive Officer and Chief Financial
Officer concluded that, as of such a date, our disclosure controls and procedures were not effective d<span style="background-color: white">ue
to the material weaknesses in our internal control over financial reporting, as further described below</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures, and internal control
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not yet have effective disclosure controls and procedures, or internal controls over all aspects of our financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Remediation
Plan</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has developed and is executing a remediation plan to address the disclosed material weaknesses. We are actively recruiting to retain
a full-time controller and we are utilizing the assistance of outside advisors where appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 March 31, 2022, the material weakness
has not been remediated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2022, there were no changes in our internal control over financial reporting (as defined in Rules 13a
15(f) and 15d 15(f) of the Exchange Act) that occurred that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_11"></span>PART&#160;II&#8212;OTHER
INFORMATION</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_12"></span>ITEM&#160;1.
LEGAL PROCEEDINGS.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_13"></span>ITEM&#160;1A.
RISK FACTORS.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;I,&#160;Item&#160;1A,&#160;&#8221;<i>Risk
Factors,</i>&#8221;&#160;contained in our Annual Report on Form 10-K for the year ended December 31, 2021. 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,
2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>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.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations and performance depend on global, regional and U.S. economic and geopolitical conditions. Russia&#8217;s invasion and military
attacks on Ukraine have triggered significant sanctions from U.S. and European leaders. These events are currently escalating and creating
increasingly volatile global economic conditions. Resulting changes in U.S. trade policy could trigger retaliatory actions by Russia,
its allies and other affected countries, including China, resulting in a &#8220;trade war.&#8221; Furthermore, if the conflict between
Russia and Ukraine continues for a long period of time, or 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above factors, including a number of other economic and geopolitical factors both in the U.S. and abroad, could ultimately have material
adverse effects on our business, financial condition, results of operations or cash flows, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effects
                                            of significant changes in economic, monetary and fiscal policies in the U.S. and abroad including
                                            currency fluctuations, inflationary pressures and significant income tax changes;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt; text-align: justify; text-indent: -8.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            global or regional economic slowdown in any of our market segments;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in government policies and regulations affecting the Company or its significant customers;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industrial
                                            policies in various countries that favor domestic industries over multinationals or that
                                            restrict foreign companies altogether;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt; text-align: justify; text-indent: -8.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">new
                                            or stricter trade policies and tariffs enacted by countries, such as China, in response to
                                            changes in U.S. trade policies and tariffs;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.85pt; text-align: justify; text-indent: -8.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">postponement
                                            of spending, in response to tighter credit, financial market volatility and other factors;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rapid
                                            material escalation of the cost of regulatory compliance and litigation;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            protecting intellectual property;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
                                            payment cycles;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">credit
                                            risks and other challenges in collecting accounts receivable; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0.25in; text-indent: 0pt"></td><td style="padding: 0pt; width: 0.25in; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            impact of each of the foregoing on outsourcing and procurement arrangements.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.4pt; text-align: justify; text-indent: -10.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have incurred losses for the quarter ended March 31, 2022 and the year ended December 31, 2021 and could continue to incur losses in
the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the quarter ended March 31, 2022, we incurred a loss from operations of $1,048,153 and a net loss of $1,191,317. For the year ended December
31, 2021 we incurred a loss from operations of $1,630,721 and a net loss of $1,011,009. As of March 31, 2022, we had an accumulated deficit
of approximately $3.2 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>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.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures, and internal control
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not yet retained sufficient staff or engaged sufficient 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 expend 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;emerging growth company&#8221; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_14"></span>ITEM&#160;2.
&#160;&#160;&#160;&#160;&#160;&#160;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 3.6pt; text-indent: 0pt"></td><td style="padding: 0pt; width: 18pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)</i></b></span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unregistered
                                            Sales of Equity Securities. </i></b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.6pt; text-align: justify; text-indent: -18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 3.6pt; text-indent: 0pt"></td><td style="padding: 0pt; width: 18pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)</i></b></span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
                                            of Proceeds. </i></b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.6pt; text-align: justify; text-indent: -18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 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, a division of Fordham Financial Management,
Inc. 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&#160;additional shares of common stock solely to cover over-allotments, if any, which expired
unexercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &amp; Testing Center, in Fort Pierce, Florida to build, design and manufacture our electric
propulsion systems and (v) the balance for working capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The remaining planned
use of proceeds has not changed since the initial public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_15"></span>ITEM&#160;3.
&#160;&#160;&#160;&#160;&#160;&#160;DEFAULTS UPON SENIOR SECURITIES.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_16"></span>ITEM&#160;4.
&#160;&#160;&#160;&#160;&#160;&#160;MINE SAFETY DISCLOSURES.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <!-- Field: /Page -->

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_17"></span>ITEM&#160;5.
&#160;&#160;&#160;&#160;&#160;&#160;OTHER INFORMATION.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_18"></span>ITEM&#160;6.
&#160;&#160;&#160;&#160;&#160;&#160;EXHIBITS.</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exhibits filed as part of this Quarterly Report on Form&#160;10-Q are set forth on the Exhibit&#160;Index. The Exhibit&#160;Index is
incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span>&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT&#160;INDEX</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: center; width: 10%"><span style="font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
<td style="width: 2%">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 88%"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 0.8pt"><span style="font-size: 10pt">3.1</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-1.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">3.2</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-2.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 0.8pt; text-align: justify"><span style="font-size: 10pt">3.3</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-3.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt"><span style="font-size: 10pt">3.4</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-4.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top; background-color: white">
<td style="padding-right: 0.8pt"><span style="font-size: 10pt">3.5</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-5.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt"><span style="font-size: 10pt">3.6</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-6.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 0.8pt"><span style="font-size: 10pt">3.7</span></td>
<td style="padding-right: 0.8pt">&#160;</td>
<td style="padding-right: 0.8pt; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1855509/000173112221000553/e2601_ex3-7.htm"><span style="font-size: 10pt">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))</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">31.1*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><a href="e3765_ex31-1.htm"><span style="font-size: 10pt">Certification by principal executive officer pursuant to Rule&#160;13a-14(a)&#160;or 15d-14(a)&#160;of the Securities Exchange Act of 1934, as adopted pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">31.2*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><a href="e3765_ex31-2.htm"><span style="font-size: 10pt">Certification by principal financial officer pursuant to Rule&#160;13a-14(a)&#160;or 15d-14(a)&#160;of the Securities Exchange Act of 1934, as adopted pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">32.1*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><a href="e3765_ex32-1.htm"><span style="font-size: 10pt">Certification by principal executive officer pursuant to 18 U.S.C. Section&#160;1350, as adopted pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">32.2*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><a href="e3765_ex32-2.htm"><span style="font-size: 10pt">Certification by principal financial officer pursuant to 18 U.S.C. Section&#160;1350, as adopted pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002.</span></a></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">101.INS*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt; background-color: white">Inline</span><span style="font-size: 10pt">XBRL Instance Document</span></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">101.SCH*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt; background-color: white">Inline</span><span style="font-size: 10pt">XBRL Taxonomy Extension Schema Document</span></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">101.CAL*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt; background-color: white">Inline</span><span style="font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">101.DEF*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt; background-color: white">Inline</span><span style="font-size: 10pt">XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><span style="font-size: 10pt">101.LAB*</span></td>
<td style="text-align: justify">&#160;</td>
<td style="text-align: justify"><span style="font-size: 10pt; background-color: white">Inline</span><span style="font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
<tr style="vertical-align: top">
<td>101.PRE*</td>
<td style="text-align: justify">&#160;</td>
<td>InlineXBRL Taxonomy Extension Presentation Linkbase Document</td></tr>
<tr style="vertical-align: top">
<td>104</td>
<td style="text-align: justify">&#160;</td>
<td>Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) &#160;</td></tr>
</table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="padding: 0pt; width: 0; text-indent: 0pt"></td><td style="padding: 0pt; width: 18pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
                                            herewith.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt; font-size: 10pt"><a href="#TableOfContents">Table of Contents</a>&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_19"></span>SIGNATURES</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>TWIN VEE POWERCATS CO.</b></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt; width: 50%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt; width: 5%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt; width: 45%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Date: May 12, 2022</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">By:&#160;</span></td>
<td style="border-bottom: Black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">/s/ Joseph C. Visconti</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Joseph C. Visconti</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><i>Chairman and Chief Executive Officer</i></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Principal Executive Officer)</i></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Date: May 12, 2022</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
<td style="border-bottom: Black 1pt solid; padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">/s/&#160;Carrie Gunnerson</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Carrie Gunnerson</span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><i>Chief Financial Officer</i></span></td></tr>
<tr style="vertical-align: bottom">
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
<td style="padding: 0pt; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><i>(Principal Financial and Accounting Officer)</i></span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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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
March 31, 2022
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
☒ Registrant
became subject to such filing requirements on July 20, 2021.
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 May 10, 2022, there were
7,000,000
shares of Common Stock, $0.001 par value per share, outstanding.
Table of Contents
TWIN
VEE POWERCATS CO.
TABLE
OF CONTENTS
Page No.
PART I—FINANCIAL
INFORMATION
Item 1.
Condensed
Consolidated Financial Statements (Unaudited)
4
Condensed
Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021
4
Condensed
Consolidated Statements of Operations (Unaudited) for the Three months ended March 31, 2022 and 2021
5
Condensed
Consolidated Statements of Stockholders' Equity (Unaudited) for the Three months ended March 31, 2022 and 2021
6
Condensed
Consolidated Statements of Cash Flows (Unaudited) for the Three months ended March 31, 2022 and 2021
7
Notes to
the Condensed Consolidated Financial Statements (Unaudited)
8
Item 2.
Management's
Discussion and Analysis of Financial Condition and Results of Operations
17
Item 3.
Quantitative
and Qualitative Disclosures About Market Risk
24
Item 4.
Controls
and Procedures
24
PART II—OTHER
INFORMATION
Item 1.
Legal
Proceedings
25
Item 1A.
Risk
Factors
25
Item 2.
Unregistered
Sales of Equity Securities and Use of Proceeds
27
Item 3.
Defaults
Upon Senior Securities
27
Item 4.
Mine
Safety Disclosures
27
Item 5.
Other
Information
28
Item 6.
Exhibits
28
SIGNATURES
29
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.
3
Table of Contents
PART I—FINANCIAL
INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
TWIN
VEE POWERCATS CO, INC.
(F/K/A
TWIN VEE CATAMARANS, INC.)
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
December 31,
2022
2021
ASSETS
Current Assets
Cash and cash equivalents
$
5,061,380
$
6,975,302
Accounts receivable
5,019
5,137
Marketable securities-current
2,997,999
2,996,960
Inventories
3,213,182
1,799,769
Deferred offering costs
221,894
105,500
Due from affiliated companies
286,922
286,922
Prepaid expenses and other current assets
819,868
903,756
Total Current Assets
12,606,264
13,073,346
Marketable securities - non current
2,980,044
3,067,137
Property and equipment, net
3,433,042
2,883,171
Operating lease right of use asset
1,457,424
1,550,530
Security deposit
25,000
25,000
Total Assets
$
20,501,774
$
20,599,184
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$
1,969,493
$
1,200,861
Accrued liabilities
660,038
456,814
Contract liability
200
14,100
Due to affiliated companies
115,043
115,043
Operating lease right of use liability
377,856
368,602
Total Current Liabilities
3,122,630
2,155,420
Economic Injury Disaster Loan
499,900
499,900
Operating lease liability - noncurrent
1,146,029
1,244,164
Total Liabilities
4,768,559
3,899,484
Commitments and contingencies (Note 9)
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;
7,000,000
and
7,000,000
shares issued and outstanding, respectively
7,000
7,000
Additional paid-in capital
18,935,088
18,710,256
Accumulated deficit
(
3,208,873
)
(
2,017,556
)
Total stockholders' equity
15,733,215
16,699,700
Total Liabilities and Stockholders' Equity
$
20,501,774
$
20,599,184
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
4
Table of Contents
TWIN
VEE POWERCATS CO, INC.
(F/K/A
TWIN VEE CATAMARANS, INC.)
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31,
2022
2021
Net sales
$
5,886,000
$
3,207,643
Cost of products sold
3,451,646
1,719,737
Gross profit
2,434,354
1,487,906
Operating expenses:
Selling, general and administrative
682,321
299,425
Salaries and wages
2,253,810
928,170
Professional fees
244,739
59,026
Depreciation
80,092
46,523
Research and design
221,545
—
Total operating expenses
3,482,507
1,333,144
(Loss) income from operations
(
1,048,153
)
154,762
Other (expense) income:
Other income
598
—
Interest expense
(
39,840
)
(
17,712
)
Interest income
24
—
Loss on disposal of assets
(
18,408
)
(
5,101
)
Net change in fair value of marketable securities
(
85,538
)
—
Total other expenses
(
143,164
)
(
22,813
)
Net (loss) income
$
(
1,191,317
)
$
131,949
Basic and dilutive (loss) income per share of common stock
$
(
0.17
)
$
0.03
Weighted average number of shares of common stock outstanding
7,000,000
4,000,000
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
5
Table of Contents
TWIN
VEE POWERCATS CO, INC.
(F/K/A
TWIN VEE CATAMARANS, INC.)
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
For
the Three ended March 31, 2021
Additional
Total
Common Stock
Paid-in
Accumulated
Stockholder's
Shares
Amount
Capital
Deficit
Equity
Balance at December 31, 2020
4,000,000
$
4,000
$
2,551,387
$
(
1,006,547
)
$
1,548,840
Net income for the period
—
—
—
131,949
131,949
Balance at March 31, 2021
4,000,000
$
4,000
$
2,551,387
$
(
874,598
)
$
1,680,789
For
the Three ended March 31, 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 for the period
—
—
—
—
—
(
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
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
6
Table of Contents
TWIN
VEE POWERCATS CO, INC.
(F/K/A
TWIN VEE CATAMARANS, INC.)
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended
March 31,
2022
2021
Cash Flows From Operating Activities
Net (loss) income
$
(
1,191,317
)
$
131,949
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Stock based compensation
224,832
—
Depreciation and amortization
80,092
46,523
Loss on disposal of asset
18,408
5,101
Change of right-of-use asset and lease liabilities
93,106
96,520
Net change in fair value of marketable securities
85,538
—
Changes in operating assets and liabilities:
Accounts receivable
118
(
85,558
)
Inventories
(
1,413,413
)
(
315,131
)
Prepaid expenses and other current assets
83,888
(
1,450
)
Accounts payable
768,632
129,920
Accrued liabilities
203,224
71,324
Operating lease liabilities
(
88,881
)
(
88,847
)
Contract liabilities
(
13,900
)
199,547
Net cash (used in) provided by operating activities
(
1,149,673
)
189,898
Cash Flows From Investing Activities
Net purchases of investment in trading marketable securities
516
—
Proceeds from sale of property and equipment
80,000
—
Purchase of property and equipment
(
728,371
)
(
443,250
)
Net cash used in investing activities
(
647,855
)
(
443,250
)
Cash Flows From Financing Activities
Deferred offering cost
(
116,394
)
(
131,000
)
Proceeds from Paycheck Protection Program loan
—
608,224
Advances from related parties
—
24,300
Repayment to related parties
—
(
43,658
)
Net cash (used in) provided by financing activities
(
116,394
)
457,866
Net change in cash and cash equivalents
(
1,913,922
)
204,514
Cash at beginning of period
6,975,302
891,816
Cash and cash equivalents at end of period
$
5,061,380
$
1,096,330
Supplemental Cash Flow Information
Cash paid for income taxes
$
—
$
—
Cash paid for interest
$
38,647
$
79,129
Non Cash Investing and Financing Activities
Increase in the right-of-use asset and lease liability
$
—
$
655,726
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
7
Table of Contents
TWIN
VEE POWERCATS CO.
(F/K/A
TWIN VEE CATAMARANS, INC.)
NOTES
TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2022
1.
Organization
and Summary of Significant Accounting Policies
Organization
Twin
Vee PowerCats Co. ("Twin Vee") 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.
On
October 15, 2021, the Company formed Electra Power Sports, Inc., a wholly-owned subsidiary. Electra Power Sports, Inc. subsequently changed
its name to Forza X1, Inc. on October 29, 2021.
Principles
of Consolidation
The
consolidated financial statements include the accounts of Twin Vee and its wholly owned subsidiaries Fix My Boat, Inc., ("Fix My
Boat") and Forza X1, Inc. ("Forza X1" "Forza), collectively referred to as the "Company". 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 March 31,
2022 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March
31, 2022 are 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, 2021 included in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2022.
Use
of Estimates
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.
Cash
and Cash Equivalents
Cash
and cash equivalents include all highly liquid investments with original maturities of three months or less at the time of purchase.
On March 31, 2022 and December 31, 2021, the Company had cash and cash equivalents of $
5,061,380
and $
6,975,302
, respectively.
8
Table of Contents
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 March 31,
2022 and December 31, 2021, the Company had $
4,121,000
and $
6,725,302
, respectively, in excess of FDIC insured limits.
Marketable
Securities
Our
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.
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 expenses and other current 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, which is included in contract liabilities on
the consolidated balance sheet. Customer deposits are recognized as revenue when control over promised goods is transferred to the customer.
At March 31, 2022 and December 31, 2021, the Company had customer deposits of $
200
and $
14,100
, respectively, which is recorded as contract
liabilities. 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.
9
Table of Contents
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.
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 three months ended March 31, 2022, the Company purchased all engines for its boats under a supply agreement
with a single vendor. For the three months ended March 31, 2022 and 2021, total purchases to this vendor were $
1,250,003
and $
642,771
,
respectively.
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 March
31, 2022 and December 31, 2021 are as follows:
Fair Value Measurements Using
Balance as of March 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Marketable securities:
Corporate bonds
$
5,472,730
$
—
$
5,472,730
Certificated of Deposits
505,313
—
505,313
Money market funds (1)
3,849,926
3,849,926
—
Total marketable securities
$
9,827,969
$
3,849,926
$
5,978,043
Fair Value Measurements Using
Balance as of December 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Marketable securities:
Corporate bonds
$
5,549,670
$
—
$
5,549,670
Certificated of Deposits
514,427
—
514,427
Money market funds (1)
6,975,302
6,975,302
—
Total marketable securities
$
13,039,399
$
6,975,302
$
6,064,097
(1)
Included within
    cash and cash equivalents on the Company's consolidated balance sheets.
10
Table of Contents
The
Company's investments in US government bonds and money market funds are measured based on publicly available quoted market prices
for identical securities as of March 31, 2022 and December 31, 2021. The Company's investments in corporate bonds, commercial paper
and certificated of deposits are measured based on quotes from market makers for similar items in active markets.
3.
Inventories
At
March 31, 2022 and December 31, 2021 inventories consisted of the following:
March 31,
December 31,
2022
2021
Raw Materials
$
2,853,541
$
1,518,947
Work in Process
359,641
240,256
Finished Product
—
40,566
Total Inventory
$
3,213,182
$
1,799,769
4.
Property
and Equipment
At
March 31, 2022 and December 31, 2021, property and equipment consisted of the following:
March 31,
December 31,
2022
2021
Machinery and equipment
$
1,474,273
$
1,343,797
Furniture and fixtures
9,636
1,850
Leasehold improvements
927,998
786,199
Software and website development
113,120
113,120
Computer hardware and software
84,518
76,598
Boat molds
1,217,618
778,229
Vehicles
1,000
101,984
Electric prototypes and tooling
142,526
142,526
3,970,689
3,344,303
Less accumulated depreciation and amortization
(
537,647
)
(
461,132
)
Total Property and Equipment
$
3,433,042
$
2,883,171
Depreciation
and amortization expense of property and equipment for the three months ended March 31, 2022 and 2021 is $
80,092
and $
46,523
, 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 our 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, we estimate
incremental secured borrowing rates corresponding to the maturities of the leases. We used the U.S. Treasury rate of
0.36
% and
1.67
%
at March 31, 2022 and December 31, 2021, respectively.
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.
11
Table of Contents
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 and majority shareholder 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
March 31, 2022 and December 31, 2021, supplemental balance sheet information related to leases were as follows:
March 31,
December 31,
2022
2021
Operating lease ROU asset
$
1,457,424
$
1,550,530
March 31,
December 31,
2021
2021
Operating lease liabilities:
Current portion
$
377,856
$
368,602
Non-current portion
1,146,029
1,244,164
Total
$
1,523,885
$
1,612,766
At
March 31, 2022, future minimum lease payments under the non-cancelable operating leases are as follows:
Year Ending December 31,
2022 (excluding the three months ended March 31, 2022)
$
283,500
2023
396,900
2024
416,745
2025
437,582
Total lease payment
1,534,727
Less imputed interest
(
10,842
)
Total
$
1,523,885
The
following summarizes other supplemental information about the Company's operating lease:
March 31,
2022
Weighted average discount rate
0.36
%
Weighted average remaining lease term (years)
3.67
Three Months Ended
March 31,
2022
2021
Operating lease cost
$
97,674
$
97,674
Total lease cost
$
97,674
$
97,674
12
Table of Contents
6.
Accrued
Liabilities
At
March 31, 2022 and December 31, 2021, accrued liabilities consisted of the following:
March 31,
December 31,
2022
2021
Accrued wages and benefits
$
136,929
$
185,402
Accrued bonus
30,000
30,000
Accrued warranty
76,927
75,000
Accrued rebates
150,000
60,000
Accrued interest
38,871
33,852
Accrued professional fees
169,701
10,225
Accrued operating expense
57,610
62,335
Total
$
660,038
$
456,814
7.
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
%, 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.
Year
2022
$
2,171
2023
8,892
2024
9,231
2025
9,583
2026 and thereafter
470,023
Total
$
499,900
8.
Related
Party Transactions
As
discussed in note 5, the Company has leased its facilities from a company owned by its CEO.
During
the three months ended March 31, 2022, and 2021, the Company received cash of $
0
and $
24,300
from its affiliate companies and
paid $
0
and $
15,808
to its affiliate companies, respectively.
During
three months ended March 31, 2022, and 2021, the Company recorded management fees of $
13,500
and $
10,500
, respectively, paid to its shareholder
parent company.
13
Table of Contents
During
the year ended December 31 2021, the Company paid bills on behalf of our parent company. At March 31, 2022 and December 31, 2021, due
from affiliated companies was $
286,622
. During the year ended December 31, 2021, our parent company funded certain expenditures which
resulted in advances from affiliated companies. At March 31, 2022 and December 31, 2021, advances from affiliated companies included
in due to affiliated companies was $
115,043
. Approximately $
93,000
of the balance is related to an equipment purchase, the remaining
balance was related to startup costs for our franchise business.
During
the three months ended March 31,2022, Twin Vee received a monthly fee of $
5,850
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.
9.
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
$
5,361,000
and $
4,273,258
as of March 31, 2022, and December 31, 2021, respectively. The Company incurred no impact from repurchase
events during the three months ended March 31, 2022 and year ended December 31, 2021.
Litigation
The
Company is currently involved in various civil litigation in the normal course of business none of which is considered material.
10.
Stockholder's
Equity
Common
Stock Warrants
As
of March 31, 2022, the Company has outstanding warrants to purchase
3,000,000
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 in connection with the IPO. The representative's
warrants are exercisable at any time and from time to time, in whole or in part, during the four- and one-half year period commencing
180 days from the effective date of the registration statement, which was July 23, 2021. There was no warrant activity during the
quarter ended March 31, 2022.
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, 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, 2022. As of March 31, 2022, there were
352,043
shares remaining
available for grant under this plan.
Accounting
for Stock -Based Compensation
Stock
Compensation Expense
- For the three ended March 31, 2022 and 2021, the Company recorded $
320,505
and $
0
, respectively, of
stock-based compensation expense.
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 three months ended March 31, 2022:
14
Table of Contents
Three months Ended
March 31,
2022
Expected term
5
years
Expected average volatility
49
%
Expected dividend yield
—
Risk-free interest rate
1.50
–
1.94
%
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%
Options Outstanding
Weighted Average
Number of
Weighted Average
Remaining life
Options
Exercise Price
(years)
Outstanding, December 31, 2021
713,612
$
5.13
9.54
Granted
252,000
3.86
10.00
Exercised
—
—
Forfeited/canceled
(
2,655
)
(
4.10
)
(
9.39
)
Outstanding, March 31, 2022
962,957
$
4.83
9.42
Exercisable options, March 31, 2022
194,163
$
4.34
7.33
At
March 31, 2022,
768,794
options are unvested and expected to vest over the next five years.
11.
Major
Customers
During
the three months ended March 31, 2022, three individual
customers had sales of over 10% of
our total sales, and combined these three customers represented
62
% of total sales. During the three months end March 31, 2021,
three individual customers had sales of over 10% of our total sales, and combined these three customers represented
41
% of total
sales.
12.
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. Operating income (loss) 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 expense. The Company does not include intercompany transfers between segments for management reporting purposes.
The
following table shows information by reportable segments for the three months ended March 31,2022 and 2021:
15
Table of Contents
Gas-Powered Boats
Franchise
Electric Boat and Development
Total
Net sales
$
5,887,032
$
(
1,032
)
$
—
$
5,886,000
Cost of products sold
3,439,541
1,027
11,078
3,451,646
Operating expense
2,953,616
26,255
502,636
3,482,507
(Loss) from operations
(
506,125
)
(
28,314
)
(
513,714
)
(
1,048,153
)
Other loss
(
120,353
)
(
22,234
)
(
577
)
(
143,164
)
Net loss
$
(
626,478
)
$
(
50,548
)
$
(
514,291
)
$
(
1,191,317
)
For the Three Months Ended March 31, 2021
Gas-Powered Boats
Franchise
Electric Boat and Development
Total
Net sales
$
3,207,643
$
—
$
—
$
3,207,643
Cost of products sold
1,719,737
—
—
1,719,737
Operating expense
1,333,144
—
—
1,333,144
Income from operations
154,762
—
—
154,762
Other loss
(
22,813
)
—
—
(
22,813
)
Net income
$
131,949
$
—
$
—
$
131,949
Property
and equipment, net classified by business were as follows:
March 31,
December 31,
2022
2021
Gas-Powered Boats
$
3,165,344
$
2,547,410
Franchise
$
—
$
100,196
Electric-Boats
$
267,698
$
235,565
13.
Subsequent
Events
Management
evaluated all additional events subsequent to the balance sheet date through to May 10, 2022, the date the condensed consolidated financial
statements were available to be issued, and determined the following items:
On
April 28, 2022, Twin Vee and Forza requested a release and termination of our vacant land contract. This contract provided us with an
option to acquire 14.5 acres of undeveloped land in Fort Pierce, Florida. On December 6, 2021, the Company paid a refundable deposit
on the land purchase agreement. It has since been determined that the cost associated with building on that site is prohibitive and the
Company is looking for a new site to build the Forza factory.
16
Table of Contents
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, 2021
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 catamaran boats. We believe our company has been an innovator
in the recreational and commercial power catamaran industry. We currently have 8 gas-powered models in production ranging in size from
our 24-foot, dual engine, center console to our newly designed 40-foot offshore 400 GFX. 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. Twin Vee's home base operations in Fort Pierce Florida is a 7.5-acre facility with several buildings
totaling over 75,000 square feet. We employed approximately 140 people on March 31, 2022, some of whom have been with our company for
over twenty years.
We
have organized our business into three operating segments: (i) our gas-powered boat segment which manufactures and distributes gas-powered
boats; (ii) our electric-powered boat segment which is developing fully electric boats, through our wholly 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 20 independent boat dealers in 25 locations across North America and
the Caribbean who resell our boats to the end user Twin Vee 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, our
wholly owned subsidiary, Forza X1, Inc., is designing and developing a line of electric-powered catamaran boats ranging in size from
18-feet to 28-feet. Forza's initial two models, the FX1 Dual Console and FX1 Center Console, are being designed to be 24-foot in
length, have an 8' beam or width and utilize a catamaran hull surface to reduce drag and increase run times. The initial launch
of FX1 will include our proprietary single electric outboard motor. Our electric boats are being designed as fully integrated electric
boats including the hull, outboard motor and control system. To date, we have completed the design of the hull and running surface of
the boat and have begun tooling the molds which are required to build the physical fiberglass boat, we have entered into a supply agreement
for the supply of the lithium battery packs that we plan to use to power the electric boats, completed the design and prototyping of
the boat control system, and completed the design and are more than halfway through prototyping of the electric outboard motor. We expect
to begin production of our FX1 fully integrated electric boat and motor and commence selling to end user customers by the second quarter
of 2023. We have also filed three design and four utility patent applications with the U.S. Patent and Trademark Office relating to,
among other things, our propulsion system being developed and boat design.
17
Table of Contents
Through
the first quarter of 2022, we continue to experience strong demand for our products. Our company objective is 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. For the first three months ended March 31, 2022, we increased our manufacturing throughput to an average of 4 boats a week. The
increase in production drove our net revenue up 83% compared to 19% for the three months ended March 31, 2021. While driving our top
line net sales growth, we are also experiencing increased labor costs. Our manufacturing process is labor intensive, and with the addition
of new models to our production line we have added staff and expanded our training program.
Our
goal continues to increase production to 5 boats per week which has resulted in an increase in operating expenses. More specifically,
our headcount has increased and is expected to further increase as we hired additional production employees and midlevel managers resulting
in higher salaries and wages. We continue focus on hiring highly qualified production and administrative staff to order to increase our
productivity, drive efficiencies, and improve product quality. To help meet our production objectives we have also invested approximately
$2.5 million in facility upgrades, capital equipment and molds.
As
we move forward into the second quarter of 2022, we anticipate our operating income to be moderate toward breakeven for our core gas
powered boat segment, however our electric boat division will continue to incur losses as we continue our research and development efforts.
Results
of Operations
Comparison
of the Three Months Ended March 31, 2022 and 2021
The
following table provides certain selected financial information for the periods presented:
Three months ended
March 31,
2022
2021
Change
% Change
Net sales
$
5,886,000
$
3,207,643
$
2,678,357
83
%
Cost of products sold
$
3,451,646
$
1,719,737
$
1,731,909
101
%
Gross profit
$
2,434,354
$
1,487,906
$
946,448
64
%
Operating expenses
$
3,482,507
$
1,333,144
$
2,149,363
161
%
(Loss) income from operations
$
(1,048,153
)
$
154,762
$
(1,202,915
)
(777
%)
Other expense
$
(143,164
)
$
(22,813
)
$
120,351
528
%
Net (loss) income
$
(1,191,317
)
$
131,949
$
(1,323,266
)
(1,003
%)
Basic and dilutive income per share of common stock
$
(0.17
)
$
0.03
$
(0.20
)
(616
%)
Weighted average number of shares of common stock outstanding
7,000,000
4,000,000
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Net
Sales and Cost Sales
Our
net sales increased $2,678,357, or 83% to $5,886,000 for the three months ended March 31, 2022 from $3,207,643 for the three months ended
March 31, 2021. This increase was due to an increase in the number of boats sold during the three months ended March 31, 2022. The number
of our boats produced and sold during the three months ended March 31, 2022 increased 48% over the three months ended March 31, 2021,
due to our production plan, which we continue to implement and refine, enabling us to produce more boats during the quarter. Additionally,
we have increased our sale prices to help offset the increases in operating expenses, which includes increased labor cost, described
below, as well as increased costs of production supplies. Our average revenue per unit for the three months ended March 31, 2022 is up
approximately 21% over revenue per unit for the three months ended March 31, 2021. The average revenue per unit increase is due to an
increase in boat pricing and a shift in product mix with higher margins. We discontinued our classic models and replaced them with our
GFX models which generate more revenue per unit.
Gross
Profit
Gross
profits increased by $946,448, or 64% to $2,434,354 for the three months ended March 31, 2022 from $1,487,906 for the three months ended
March 31, 2021. Gross profit as a percentage of sales for the three months ended March 31, 2022 and 2021 was 41% and 46% respectively.
We attribute the decline in gross profit percentage to increased cost of raw materials and purchased components. We anticipate continued
pressure on our gross profit percentage due to price increases on raw materials and purchased components.
Total
Operating Expenses
Our
total operating expenses for the three months ended March 31, 2022 and 2021 were $3,482,507 and $1,333,144 respectively. Operating expenses
as a percentage of sales were 59% compared to 42% in the prior year.
Selling,
general and administrative expenses increased by approximately 128%, or $382,896 to $682,321 for the three months ended March 31, 2022,
compared to $299,425 for the three months ended March 31, 2021. The large portion of the increase resulted from expenses totaling $236,896
incurred from being publicly traded company, which we did not incur in the prior year including, directors and officers insurance, filing
fees, legal expenses and investor relations costs. We incurred significant increases in our liability insurance and workers compensation
insurance totaling $51,498, an increase of 142%, due to our increased revenue levels and increased wages. Office related expenses increased
$39,435 or 125%, due to increased staffing levels and work volume. We also saw an increase in travel related expenses of $26,674 or 449%,
due to our Forza segment for research and design efforts. Other miscellaneous items make up the remaining $28,393 of increased selling,
general and administrative expense.
Salaries,
wages and other compensation expenses increased by approximately 143%, or $1,325,640 to $2,253,810 for the three months ended March 31,
2022, compared to $928,170 for the three months ended March 31, 2021. Total salaries and wages increased by $888,933 as a result of aggressively
ramping up of production, which required increasing our production and mid-level staff. Included in salaries and wages for the three
months ended March 31, 2022 was a charge for non-cash stock-based compensation expense of $224,832 due to the issuance of options to
employees and consultants. As we have grown as an organization, we have added benefits to maintain a competitive workforce by adding
paid time off, a 401K program, paid holidays and health insurance, which resulted in increased expenses of $92,601. We have also incurred
production and executive bonus expense of $68,419 for the three months ended March 31, 2021 compared to $21,600 for the three months
ended March 31, 2021, an increase of $46,819, as a result of meeting our production first quarter production objectives. Our compensation
to the Board of Directors for the three months ended March 31, 2022 and 2021 was $20,750 and $0, respectively. During the first half
of 2021 we were not required to have a Board and did not incur the related expense. The remaining increase, approximately $63,300 of
salaries and wages during the three months ended March 31, 2022 was associated with payroll taxes.
Professional
fees increased by 315%, or $185,713 to $244,739 for the three months ended March 31, 2022, compared to $59,026 for the year ended 2021.
This increase was primarily due to the additional costs we incurred associated with being a public company and included an increase in
audit, legal and related consulting fees in order to fulfill our public company SEC reporting obligations.
Depreciation
expense for the three months ended March 31, 2022 increased by 72%, or $33,569 to $80,092 for the three months ended March 31, 2022,
compared to $46,523 for the three months ended March 31, 2021. Over the past year we made significant investments in equipment, leasehold
improvements and boat molds that resulted in an increased our depreciation expense.
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Table of Contents
Research
and design expenses for the three months ended March 31, 2022, was $221,545 compared to $0, for the three months ended March 31, 2021.
These expenses are primarily associated with our development of our electric propulsion system for Forza X1.
Other
expense increased by $120,351 to $143,164 for the three months ended March 31, 2022, compared to $22,813 for the three months ended,
2021. The increase in other expense is primarily the result of $85,538 in net change in fair value of marketable securities. Interest
expense increased $22,128 to $39,840, and we incurred a net of loss on disposal of assets of $18,408.
Net
Loss
Net
loss for the three months ended March 31, 2022 was $1,191,317, compared to net income of $131,949 for the three months ended March 31,
2021. While our revenue levels increased, our expenses also increased as we continue to invest in our operations to improve production
levels. That coupled with the additional expenses associated with being a public company and our research and development efforts for
our electric boat division, resulted in a net loss for the three months ended March 31, 2022. With these investments, we are building
the foundation for our future, not only for our gas powered boats, but also for our electric boat division. We continue to deal with
the fallout of the global pandemic, as well as the impact of additional costs of growth, but are encouraged by our continued increase
in revenue. Basic and dilutive loss per share of common stock for the three months ended March 31, 2022, ($0.17) compared to basic and
dilutive income per share of common stock for the three months ended March 31, 2021, $0.03.
Liquidity
and Capital Resources
A
primary source of funds for the three months ended March 31, 2022 was from cash from operation and use of proceeds from our IPO. Our
primary use of cash was related to increasing inventory levels to meet the high level of demand coupled with the current supply chain
challenges. With uncertainty on component availability, prolonged lead time and rising prices, we have been bringing in inventory far
earlier than in previous years.
The
following table provide selected financial data about us as of March 31, 2022 and December 31, 2021.
March 31,
December 31,
2022
2021
Cash and cash equivalents
$
5,061,380
$
6,975,302
Marketable securities
$
5,978,043
$
6,064,097
Current assets
$
12,606,264
$
13,073,346
Current liabilities
$
3,122,630
$
2,155,420
Working capital
$
9,483,634
$
10,917,926
As
of March 31, 2022, we had sufficient cash and cash equivalents to meet ongoing expenses for at least twelve months from the date of the
filing of this Quarterly Report on Form 10-Q. As of March 31, 2022, we had $11,039,423 of cash, cash equivalents and marketable securities,
total current assets of $12,606,264, and total assets of $20,501,774. Our total liabilities were $4,768,559. Our total liabilities were
comprised of current liabilities of $3,122,630 which included accounts payable and accrued liabilities of $2,629,731, due to affiliated
companies of $115,043 and current portion of operating lease right of use liability of $377,856, and long-term liabilities of $1,645,929.
As of December 31, 2021, we had $13,039,399 of cash, cash equivalents and marketable securities, total current assets of $13,073,346
and total assets of $20,5995,184. Our total current liabilities were $2,155,420 and total liabilities of $3,899,484 which included long-term
operating lease liabilities for the lease of our facility.
Accumulated
deficit was $3,208,873 as of March 31, 2022 compared to accumulated deficit of $2,017,556 as of December 31, 2021.
Our
working capital decreased by $1,434,292 to $9,483,634 as of March 31, 2022, compared to $10,917,926 on December 31, 2021, due primarily
to increased accounts payable and accrued liabilities.
20
Table of Contents
We
believe that our cash and cash equivalents will provide sufficient resources to finance operations for the next 12 months. 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 as well as proceeds from our initial public offering.
Cash
Flow
Three
    Months Ended
Years
    Ended
March
    31,
December
    31,
2022
2021
$
    Change
%
    Change
2021
2020
$
    Change
%
    Change
Cash
    provided by (used in) operating activities
$
(1,149,673
)
$
189,898
$
(1,339,571
)
(705
%)
$
(1,947,539
)
$
364,648
$
(1,582,891
)
(634
%)
Cash
    used in investing activities
$
(647,855
)
$
(443,250
)
$
(204,605
)
46
%
$
(8,037,264
)
$
(200,452
)
$
7,836,812
(3,910
%)
Cash
    provided by (used in) financing activities
$
(116,394
)
$
457,866
$
(574,260
)
(125
%)
$
16,068,289
$
512,046
$
15,556,243
3,038
%
Net
    Change in Cash
$
(1,913,922
)
$
204,514
$
(2,118,436
)
(1,036
%)
$
6,975,302
$
891,816
$
6,083,486
682
%
Cash
Flow from Operating Activities
For
the three months ended March 31, 2022, net cash flows used in operating activities was $1,149,673 compared to net cash provided by operating
activities of $189,898 during the three months ended March 31, 2021. We have increased inventory levels by $1,413,413, due to supply
chain delays that continue to impact lead time and parts availability, this is further emphasized by our production ramp up. Accounts
payable increased $768,632, which is also associated with our increased bring in of inventory. Our accrued liabilities increased $203,424,
primarily due to accrued rebate expense and accrued professional fees. Our net loss from operation was $1,191,317, was decreased by non-cash
expenses of $597,649, primarily due to stock-based compensation of $224,832, change of right-of-use asset and lease liabilities of $93,106,
loss on disposal of assets of $18,408, net change in fair value of marketable securities of $85,538 and depreciation of $80,092.
Cash
Flow from Investing Activities
During
the three months ended March 31, 2022, we used $647,855 for investment activities, compared to $443,250 used during the three months
ended March 31, 2021. We invested $728,371 in the purchase property and equipment, primarily for new model boat molds of approximately
$439,000, leasehold improvements of approximately $142,000, new production equipment of approximately $130,000, and new computers and
furniture of approximately $16,000. We had proceeds from the sale of property of approximately $80,000.
21
Table of Contents
Cash
Flows from Financing Activities
For
the three months ended March 31, 2022, net cash used by financing activities was approximately $116,394, compared to net cash provided
by financing activities of $457,866. During the three months ended March 31, 2022, we used $116,394 for deferred offering cost relating
to Forza.
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
We
account for revenue in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC")
Topic 606 which was adopted at the beginning of fiscal year 2018 using the modified retrospective method. We did not recognize any cumulative-effect
adjustment to retained earnings upon adoption as the effect was immaterial.
Payment
received for the future sale of a boat to a customer is recognized as a customer deposit, which is included in contract liabilities on
the balance sheet. 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 have been made to reduce excess or obsolete inventories to their net realizable value.
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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.
Paycheck
Protection Program
U.S.
GAAP does not contain authoritative accounting standards for forgivable loans provided by governmental entities to a for-profit entity.
Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows
for the selection of accounting policies amongst acceptable alternatives. Based on the facts and circumstances, the Company determined
it most appropriate to account for the Paycheck Protection Program ("PPP") loan proceeds as an in-substance government grant
by analogy to International Accounting Standards 20 "(IAS 20)",
Accounting for Government Grants and Disclosure of
Government Assistance
. Under the provisions of IAS 20, "a forgivable loan from government is treated as a government grant
when there is reasonable assurance that the entity will meet the terms for forgiveness of the loan." IAS 20 does not define "reasonable
assurance"; however, based on certain interpretations, it is analogous to "probable" as defined in FASB ASC Subtopic
450-20-20 under U.S. GAAP, which is the definition we have applied to our expectations of PPP loan forgiveness. Under IAS 20, government
grants are recognized in earnings on a systematic basis over the periods in which we recognize costs for which the grant is intended
to compensate (i.e., qualified expenses). Further, IAS 20 permits for the recognition in earnings either (1) separately under a general
heading such as other income, or (2) as a reduction of the related expenses. We have elected to recognize government grant income separately
within other income to present a clearer distinction in its financial statements between its operating income and the amount of net income
resulting from the PPP loan and forgiveness.
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
.
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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 Securities
and Exchange Commission 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 March 31, 2022. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and
15d-15(e) 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-15(e) and 15d-15(e) 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 March 31, 2022, our Chief Executive Officer and Chief Financial
Officer concluded that, as of such a date, our disclosure controls and procedures were not effective d
ue
to the material weaknesses in our internal control over financial reporting, as further described below
.
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.
We
do not yet have effective disclosure controls and procedures, or internal controls over all aspects of our financial reporting.
Remediation
Plan
Management
has developed and is executing a remediation plan to address the disclosed material weaknesses. We are actively recruiting to retain
a full-time controller 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 March 31, 2022, the material weakness
has not been remediated.
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Changes
in Internal Control over Financial Reporting
During
the three months ended March 31, 2022, there were no changes in our internal control over financial reporting (as defined in Rules 13a
15(f) and 15d 15(f) of the Exchange Act) that occurred that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
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, 2021. 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,
2021.
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. Russia's invasion and military
attacks on Ukraine have triggered significant sanctions from U.S. and European leaders. These events are currently escalating and creating
increasingly volatile global economic conditions. 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 the conflict between
Russia and Ukraine continues for a long period of time, or 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
above factors, including a number of other economic and geopolitical factors both in the U.S. and abroad, could ultimately have material
adverse effects on our business, financial condition, results of operations or cash flows, including the following:
●
effects
                                            of significant changes in economic, monetary and fiscal policies in the U.S. and abroad including
                                            currency fluctuations, inflationary pressures and significant income tax changes;
●
a
                                            global or regional economic slowdown in any of our market segments;
●
changes
                                            in government policies and regulations affecting the Company or its significant customers;
●
industrial
                                            policies in various countries that favor domestic industries over multinationals or that
                                            restrict foreign companies altogether;
●
new
                                            or stricter trade policies and tariffs enacted by countries, such as China, in response to
                                            changes in U.S. trade policies and tariffs;
●
postponement
                                            of spending, in response to tighter credit, financial market volatility and other factors;
●
rapid
                                            material escalation of the cost of regulatory compliance and litigation;
●
difficulties
                                            protecting intellectual property;
●
longer
                                            payment cycles;
●
credit
                                            risks and other challenges in collecting accounts receivable; and
●
the
                                            impact of each of the foregoing on outsourcing and procurement arrangements.
25
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We
have incurred losses for the quarter ended March 31, 2022 and the year ended December 31, 2021 and could continue to incur losses in
the future.
For
the quarter ended March 31, 2022, we incurred a loss from operations of $1,048,153 and a net loss of $1,191,317. For the year ended December
31, 2021 we incurred a loss from operations of $1,630,721 and a net loss of $1,011,009. As of March 31, 2022, we had an accumulated deficit
of approximately $3.2 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.
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.
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
have not yet retained sufficient staff or engaged sufficient 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 expend 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.
26
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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.
(b)
Use
                                            of Proceeds.
On
July 22, 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, a division of Fordham Financial Management,
Inc. 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. 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.
27
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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
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))
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*
Inline
XBRL Instance Document
101.SCH*
Inline
XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
InlineXBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
*
Filed
                                            herewith.
28
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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: May 12, 2022
By:
/s/ Joseph C. Visconti
Joseph C. Visconti
Chairman and Chief Executive Officer
(Principal Executive Officer)
Date: May 12, 2022
By:
/s/ Carrie Gunnerson
Carrie Gunnerson
Chief Financial Officer
(Principal Financial and Accounting Officer)
29