# EDGAR Filing Document

**Accession Number:** 0001901305
**File Stem:** 0001731122-23-000464
**Filing Date:** 2023-3
**Character Count:** 13886
**Document Hash:** a069f3909e52f3a1b81af37b4d6bc435
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731122-23-000464.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001731122-23-000464

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230327

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forza X1, Inc.
- **CENTRAL INDEX KEY:** 0001901305
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **IRS NUMBER:** 873159685
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41469
- **FILM NUMBER:** 23764957

**BUSINESS ADDRESS:**
- **STREET 1:** 3101 S. US-1
- **CITY:** FT. PIERCE
- **STATE:** FL
- **ZIP:** 34982
- **BUSINESS PHONE:** 772-202-8039

**MAIL ADDRESS:**
- **STREET 1:** 3101 S. US-1
- **CITY:** FT. PIERCE
- **STATE:** FL
- **ZIP:** 34982

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________

**FORM 8-K/A**

**(Amendment No. 1)**

__________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): March 27, 2023**

**Forza X1, Inc.**

(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-4623** | **87-3159685** |
| (State or other jurisdiction of Incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**3101 S. US-1 Ft. Pierce, Florida 34982**

(Address of Principal Executive Offices)

**(772) 429-2525**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | FRZA | The Nasdaq Stock Market LLC<br> (Nasdaq Capital Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Explanatory Note**

Forza X1, Inc. is filing this Amendment No. 1 on Form 8-K/A (the "Amended Report") to its Current Report on Form 8-K filed on March 27, 2023 (the "Original Report") solely to correct a typographical error set forth in the Original Report. The Original Report inadvertently included the name of two registrants in the signature block and this Amended Report is being filed with the correct name of the sole registrant, "FORZA X1, INC." This Amended Report does not otherwise change or update the disclosures or exhibits set forth in the Original Report.

**Item 2.02. Results of Operations and Financial Condition.**

On March 27, 2023, Forza X1, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | [Press Release issued by Forza X1, Inc. dated March 27, 2023](e4539_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 27, 2023

---

| |
|:---|
| **FORZA X1, INC.** |
| By: /s/ Jim Leffew |
| Name: Jim Leffew |
| Title: President and Chief Executive Officer |

---

## Exhibit 99.1

![Shape Description automatically generated with medium confidence](image_001.jpg)

**EXHIBIT 99.1**

**FORZA X1 REPORTS RESULTS FOR THE YEAR ENDED DECEMBER 31, 2022**

**FORT PIERCE, FL / ACCESSWIRE / March 27, 2023** — Forza X1, Inc. (Nasdaq: FRZA) ("Forza," the "Company"), a developer of electric sport boats aimed at promoting sustainable recreational boating, today reported operational highlights and financial results for the year ended December 31, 2022.

"Since 2022, Forza has completed the design, development and begun water testing on three electric boats: the FX1 dual console, our 22-foot monohull, as well as our electric-powered 25-foot deck boat," says Jim Leffew, Chief Executive Officer and President of Forza X1, Inc. "So far, we've produced a total of 8 electric boats between the various models and have begun small batch production on the 22-foot monohull. We will continue to conduct additional testing, design work, and fabrication iterations on our current electric model lineup of boats before we commence production of consumer boats."

The Company's newly operational fabrication and test center in Old Fort, NC, upgraded its "Alpha 1" engine design to "Alpha 2." This upgrade includes improved features such as better efficiency and enhanced liquid cooling heat exchangers resulting in higher power availability. "Our engineers are also developing a 'stacking' engine design which will double the horsepower in the same sleek cowling," explains Leffew. "Additional motors are being produced for intensive reliability and durability testing, utilizing destructive and non-destructive techniques."

While Forza continues its work in Old Fort, the Company will be finalizing plans for its new factory. The Company intends to build its new facility in various phases, starting with an initial 60,000-square-foot plant allowing Forza to construct up to 600 boats annually. "When all phases are completed, we expect the manufacturing facility could be as large as 100,000 square feet with production capabilities for up to 1,000 boats annually. We currently target a Q4 2023 date for our factory's completion."

**Highlights for the Year Ended December 31, 2022:**

● The Company had cash and cash equivalents of approximately $12,767,000 as of December 31, 2022.

● The Company had working capital of approximately $12,834,000 as of December 31, 2022.

**Conference Call**

Executive Chairman and Chief of Product Development, Joseph Visconti, will hold a conference call today, Monday, March 27, 2022, at 10:00 a.m. (Eastern). To listen to the conference call, interested parties should dial-in 1-877-407-4018 and use Conference ID 13737332. All callers should dial in approximately 10 minutes before the scheduled start time and ask to join the Forza X1 conference call.

The conference call will also be available through a live audio webcast that can be accessed by clicking on the LINK HERE.

The Company's complete financial statements are being filed today with the Securities and Exchange Commission and can be accessed via https://ir.forzax1.com/sec-filings.

**About Forza X1, Inc.**

Forza X1, Inc.'s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on creating, implementing, and selling electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit forzax1.com

**Forward-Looking Statements**

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the Company continuing to conduct additional testing, design work, and fabrication iterations on its electric model lineup of boats before it commences production of consumer boats, developing a 'stacking' engine design which will double the horsepower in the same sleek cowling, producing additional motors for intensive reliability and durability testing, utilizing destructive and non-destructive techniques, finalizing plans for the Company's new factory, building the new facility in various phases, starting with an initial 60,000-square-foot plant with the capacity to construct up to 600 boats annually, the manufacturing facility being as large as 100,000 square feet with production capabilities for up to 1,000 boats annually when all phases are completed and targeting a Q4 2023 date for the factory's completion. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to complete the testing, design work, and fabrication iterations on its electric model lineup of boats, the Company's ability to bring its new boat models to market, the Company's ability to build and complete its new facility as planned, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, and the risk factors described in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission and declared effective on November 7, 2022. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

**Contact**:

Glenn Sonoda<br> investor@forzax1.com

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** | **Change** | **% Change** |
| Cash and cash equivalents | $12767199 | $1803285 | $10963914 | 608.0% |
| Current assets | $13286934 | $1891762 | $11395172 | 602.4% |
| Current liabilities | $453191 | $690378 | $(237187) | (34.4%) |
| Working capital | $12833743 | $1201384 | $11632359 | 968.2% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Successor Company**<br>**Years Ended December 31,** | **Successor Company**<br>**October 15 - December 31,** | **Predecessor Company**<br>**January 1 - October 14,** | | |
|  | **2022** | **2021** | **2021** |<br>**Change** |<br>**% Change** |
| Net sales | $— | $— | $— | $— |  |
| Cost of products sold | $232744 | $— | $— | $232744 |  |
| Gross loss | $(232744) | $— | $— | $(232744) |  |
| Operating expenses | $3420515 | $263349 | $118179 | $3038987 | 796% |
| Loss from operations | $(3653259) | $(263349) | $(118179) | $(3271731) | 858% |
| Other income (expense) | $23178 | $(7281) | $(68742) | $99201 | (131%) |
| Net loss | $(3630081) | $(270630) | $(186921) | $(3172530) | 693% |
| Net loss per common share: Basic and Diluted | $(0.44) | $(0.04) | $(0.03) | $(0.37) | 17% |
| Weighted average number of shares of common stock outstanding | 8332735 | 7000000 | 7000000 |  |  |

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