Good day, and welcome to the Twin Vee Powercats Co. Second Quarter 2022 Investor Call. As a reminder, this call is being recorded, and all participants are in a listen-only mode. Your speakers for today's program is Joseph Visconti, Chairman of the Board and CEO of Twin Vee Powercats Co., and Carrie Gunnerson, CFO of Twin Vee Powercats Co. Before I turn the call over to Joseph, please remember that certain statements made during this investor call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements on this call, other than statements of historical facts, including statements regarding the company's future operations and financial position, business strategy, and plans and objectives of management’s future operations, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as believes, may, estimates, continue, anticipates, intends, should, plan, expect, predict, potential, or the negative of these terms, or rather the similar expressions. The company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe can affect its financial conditions, results of operations, business strategy, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties and assumptions described, including those set forth in our filings with the Securities and Exchange Commission, which are available on our website at www.twinvee.com. You should not rely on forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Finally, this conference is being webcast. The webcast will be available in the Investor Relations section of our website at ir.twinvee.com for at least 90 days. Audiocast quality is subject to your equipment, available bandwidth, and internet traffic. If you experience unsatisfactory audio quality, please use the telephone dial-in option. A question-and-answer session will follow the presentation. Please note that only those that have dialed in via the telephone may ask questions. Those listening via webcast will be unable to submit questions unless calling in instead. [Operator instructions] I would now like to turn the call ever. Mr. Joseph Visconti. Please go ahead.

Thank you. Really quick, someone just texted me and said they -- somebody was not answering the phone, they were trying to get into the call.

We do have points ringing in sir, but they're being answered by our operators now.

Alright, thank you. Good afternoon everybody. Thank you for taking the time to participate in Twin Vee Powercats Q2 2022 financial results. I will start off by providing several Q2 updates on our company's progress and discuss our plans moving forward. Carrie Gunnerson our CFO will then give a financial update on the company, and we'll conclude with some Q&A. As you know, Twin Vee Powercats designs, manufactures and sells a line of catamaran sport boats from our factory here in Fort Pierce, Florida. Our model lineup for gas powered boats range from 24 feet in length to our newest model, our 40 foot quad engine 400 GFX. From Q1 2022 our dealer network has increased over 24 locations and we currently employ around 160 employees. The past couple of weeks have been exciting and filled with a lot of promising momentum for our company. Today, our electric division Forza X1 will be brought public by our investment bank ThinkEquity. As of today, Forza X1 will become its own independently trading NASDAQ listed publicly trading company under the symbol of FRZA. Twin Vee will hold a 70% stake in Forza X1 and Twin Vee will continue to file a consolidated financial statement going forward based on our 70% ownership in Forza. Now let's discuss Twin Vee's gas powered boat operations. We are pleased to report 158% increase in net revenue for the three months ended June 30, 2022, compared to the same quarter and in 2021 and our adjusted net profit Q2 2022 was $607,000. Again, this is for our Twin Vee gas powered division. This quarter was our gas powered divisions first profitable quarter since Twin Vee's IPO in July of 2021. This achievement is due in part to our company adding additional models to our lineup, expanding our…

Thank you, Joseph. I'm going to begin with the income statement. Our revenue for the quarter was up 158% or approximately $5,222,000, up to $8,520,000. Our gross profits for the quarter were up 162% or approximately $2,131,000 to $3,447,000. As Joseph stated, we continue to monitor the costs of our raw materials and purchase components and adjusting our sales prices and our discounts structures accordingly. Our dealer demand has remained strong, and we are monitoring our dealer inventory levels very closely. Additionally, we are working diligently to increase our dealer networks. Our operating expenses for the quarter increased by approximately $2,486,000 to $3,919,000. Our net loss for the quarter was approximately $539,000, compared to net income of $51,000 in 2021. However, in 2021, we did not have either of our subsidiaries. Forza’s portion of our net loss was approximately $590,000. And net income from our business gas powered boats was approximately $73,000. Further when we look at our adjusted net income for the quarter, which excludes noncash charges, our adjusted net income for our core business, the gas powered boats was approximately [$606,707]. Our net loss is a reflection of the investment that the company has continued to make in our electric boat division --, as well as our efforts to increase the number of models we offer for our gas power division and its production [Technical Difficulty]. We continue to aggressively recruit highly experienced staff, and are not only increasing our productivity, but also our efficiencies. Turning to the balance sheet, we had cash, cash equivalents and marketable securities of approximately $9,860,000 as of June 30, 2020. Our inventory levels have increased by approximately $2,570,000 to $4,370,000. These inventory levels support our aggressive increases in production and the challenges that we've faced in the current supply chain. Our accounts payable have also increased by approximately $1,061,000 to $2,262,000. Again, the increase is to support our new production levels. With that, I'll turn the call back over to Joseph.

Thank you, Carrie. So as you can see, we're growing. I think it's important to note that with our increased growing, we still have over $9 million cash in the bank and soon with Forza going public, we will no longer have that cash burn on Twin Vee's books. And so that's going to strengthen our balance sheet. So I believe in Twin Vee, second quarter was extremely strong. We debuted a bunch of new boats, our 26, our 34, our brand new 40. If you go online at twinvee.com, you can see some amazing imagery of our brand new 40. It's very exciting and we're receiving orders from our dealers. And we are starting to even work on additional new models. So in addition, we have increased our unit throughput to an average 4.75 boats per week as we discussed, and this again helped Twin Vee's gas powered division record its first profitable quarter since Twin Vee's IPO in July 2021. We're really excited about the opportunities ahead of us. Before I open it up to some Q&A, I would like to thank all of our employees for the continued teamwork, dedication, the passion they have of building our boats. I want to thank our shareholders for their support, and everyone on the call today for their interest in Twin Vee Powercats. With that, I'd like to turn it back to the Operator for Q&A, and we can take our first question.

[Operator Instructions] And Mr. Visconti, it appears there are no questions at this time. I'd like to turn the conference back to you for any additional remarks. I apologize sir. We just had a couple questions join our queue. We'll go first to Guy Newman, Private Investor.

Can you please explain to the shareholders the correlation between Twin Vee Powercats and Forza? Forza is now trading in open [indiscernible]

Twin Vee is a 70% shareholder in Forza X1. Forza will operate as an independent company and that's it. So it's -- it was always a wholly-owned subsidiary and I didn't see the stock quote yet. But as it begins trading Twin Vee -- I mean I'm sorry, Forza has its own Board of Directors, its own Officers and will operate as an independent company.

And our next question comes from Joe Solano, Private Investor

I'm a shareholder in both companies Twin Vee, TVPC, and I'm trying to find out your situation with stock conversion here, and what do you guys plan on doing with that?

Yes, so we did a press release, it's a little confusing, but there will be a merger between TVPC and VEEE. The merger will not -- there will be no money changing hands, there'll be no stock being issued. Essentially we have to roll TVPC into VEEE, the net effect will be, VEEE will end up with an NOL and those shares will then -- all the VEEE shares will be distributed on a pro rata basis back to all the TVPC shareholders. There's a document that's going to be filed, an S-3 registration over the next couple of weeks. And I apologize about the delay but it's an extremely – there’s all types of tax issues. There was a fairness opinion that required shareholder votes, but the net effect is that all TVPC shareholders, there'll be an X date and TVPC shareholders will receive VEEE registered shares probably over the next 60 to 90 days, if you still own the stock at that point. But thank you for asking the question. And again, there'll be documents filed, which you can go online and start to read. And I apologize, it took so long but we're getting there.

[Operator Instructions] It seems we have a follow-up question from Joe Solano.

So is it going to be one to one conversion or how are you guys handling?

So it's not one to one conversion. I can't get into the numbers, there's disclosure issues, Mr. Zolano. But if you -- we did a press release, if you go back and look at the press release, you can kind of figure it out like the shares that are outstanding in VEEE and then the shares that are issued and outstanding in TVPC, and you take those two numbers and divide it that will be the distribution. And both those numbers are fully disclosed. My personal shares are in TVPC, so I'm on the same page with you. And again, I apologize it took so long but we're getting there. There’s a lot of legal and accounting and tax work to get this completed.

[Operator Instructions] And it appears there are no further questions. Mr. Visconti, I will turn the conference back to you.

I want to thank you everybody and for supporting us and again, have a great day. We'll talk to you soon. Thank you.

And this does conclude today's conference. Thank you all for your participation. You may now disconnect.