What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2024-03-27 compared with 2023-03-30 · 15 added, 16 removed, 12 unchanged (72% of the section changed)

11 unchanged sentences

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.

On July 28, 2022, Forza received notice that

the North Carolina Economic investment committee has approved a Job Development Investment Grant (“JDIG”) providing for reimbursement

of up to $1,367,100 over a twelve-year period to establish a new manufacturing plant in McDowell County, North Carolina.

The receipt of

grant funding is conditioned upon us investing over $10.5 million in land, buildings and fixtures, infrastructure and machinery and equipment

by the end of 2025 and Forza creating as many as 170 jobs.

In October of 2022, Forza signed a two-year lease

agreement, on a warehouse facility to begin building out 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.

While Forza believe these headquarters and the

leased facility are adequate for current operational needs, Forza does believe that the capacity at the facility will not be sufficient

to support both Twin Vee’s full-scale production and our full-scale production.

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