What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-03-30 compared with 2022-03-31 · 27 added, 18 removed, 1 unchanged (98% of the section changed)

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.

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, our CEO .

We 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.

our wholly owned subsidiary, Forza X1 currently shares our corporate headquarters.

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.

Forza 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’s full scale production.

Forza is currently designing a state-of-the-art manufacturing plant to be built in

McDowell County, North Carolina as its future boat manufacturing facility.

The initial phase of our new factory will be 50,000 square

feet, that will have a capacity of 550 units annually.

The site has been cleared and the rough grading is approximately 80% complete.

2022, Forza signed a six-month lease for a duplex, to be used by its employees to minimize travel expense as it started construction on

its new manufacturing facility, for $2,200 per month, on a property in Black Mountain, North Carolina.

In October of 2022, we signed a two-year lease agreement,

on a 8,800 square foot warehouse facility in Old Fort, North Carolina to begin building our prototype engines.

The monthly base rent will

be $7,517 the first year, including taxes and common area maintenance, the lease required a $7,517 security deposit.

The bases rent will

increase three (3%) on the anniversary of the annual term.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties