What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-03-20 compared with 2024-03-27 · 9 added, 26 removed, 1 unchanged (97% of the section changed)

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.

Forza currently shares our corporate headquarters.

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.

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, which, as

amended January 1, 2021, provided for an initial term of five years and one additional five-year term at the option of the Company.

The current base rent payment is $36,465 per month including property taxes and the lease required a $25,000 security deposit.

base rent increases five percent (5%) on the anniversary of each annual term.

We have engaged in several building capacity expansion and

improvement projects during the last year.

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