Twin Vee PowerCats, Co. 10-K

Item 2. Properties. The Company leases its office and production facilities, and the land which are located at 3101 S US-1, Fort Pierce, Florida 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 $31,500 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. We have engaged in several building improvement projects during the last year. As our wholly owned subsidiary, Forza X1 currently shares our corporate headquarters. While we believe these headquarters are adequate for our current operations and needs, we do believe that the capacity at the facility will not be sufficient to support both our full scale production and Forza X1’s full scale production. We have assigned to Forza X1 an agreement that provides an option to acquire 14.5 acres of undeveloped land in Fort Pierce, Florida. On December 6, 2021, Forza X1 paid the refundable deposit on the land purchase agreement. Forza X1 is currently designing a state-of-the-art manufacturing plant to be built on the parcel as its future boat manufacturing facility, both of which will be owned by Forza X1.