$VLCN
Volcon Inc

2023 Q4 Form 10-Q Financial Statement

#000168316823007560 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q2
Revenue $1.084M $487.4K $519.3K
YoY Change 44.2% 100.83% -78.07%
Cost Of Revenue $6.284M $3.542M $334.6K
YoY Change 237.31% 75.99% -94.43%
Gross Profit -$5.200M -$3.055M $184.7K
YoY Change 367.92% 72.59% -105.07%
Gross Profit Margin -479.81% -626.76% 35.56%
Selling, General & Admin $2.561M $3.415M $3.949M
YoY Change -39.59% 1.42% -5.41%
% of Gross Profit 2138.78%
Research & Development $2.204M $2.710M $881.3K
YoY Change 165.74% 28.26% -56.96%
% of Gross Profit 477.27%
Depreciation & Amortization $79.21K $65.73K $53.33K
YoY Change -58.03% -75.28% -72.27%
% of Gross Profit 28.88%
Operating Expenses $4.766M $6.398M $5.116M
YoY Change -5.99% 15.39% -18.51%
Operating Profit -$9.966M -$9.453M -$4.931M
YoY Change 61.24% 29.23% -50.29%
Interest Expense -$5.559M $1.135M $1.603M
YoY Change 240.68% 83.58% -33570.06%
% of Operating Profit
Other Income/Expense, Net -$2.360K -$1.875M -$18.10M
YoY Change -115.76% 220.75% 261338.86%
Pretax Income -$3.416M -$11.33M -$23.03M
YoY Change -56.2% 43.43% 131.99%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.416M -$11.33M -$23.03M
YoY Change -56.2% 43.41% 131.99%
Net Earnings / Revenue -315.16% -2324.0% -4434.47%
Basic Earnings Per Share -$1.84 -$0.85
Diluted Earnings Per Share -$799.90 -$1.84 -$0.85
COMMON SHARES
Basic Shares Outstanding 6.819M shares 30.62M shares 123.5K shares
Diluted Shares Outstanding 171.0 shares 1.205K shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.242M $2.830M $10.24M
YoY Change -27.79% -86.47% 81.39%
Cash & Equivalents $8.193M $2.977M $8.519M
Short-Term Investments $258.3K $410.0K $2.275M
Other Short-Term Assets $2.114M $3.360M $3.356M
YoY Change -11.98% 148.02% 115.87%
Inventory $8.973M $7.052M $4.694M
Prepaid Expenses
Receivables $203.3K $206.4K $233.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.53M $13.45M $18.53M
YoY Change -3.91% -47.99% 70.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.259M $1.264M $904.8K
YoY Change 109.15% 107.28% -4.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.3K $199.3K $285.0K
YoY Change -30.09% -32.33% 3.72%
Total Long-Term Assets $2.594M $2.696M $2.517M
YoY Change 8.15% 7.57% 24.13%
TOTAL ASSETS
Total Short-Term Assets $19.53M $13.45M $18.53M
Total Long-Term Assets $2.594M $2.696M $2.517M
Total Assets $22.13M $16.15M $21.04M
YoY Change -2.64% -43.09% 63.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $831.2K $3.471M $655.4K
YoY Change -19.82% 630.5% -51.74%
Accrued Expenses $3.129M $1.809M $1.447M
YoY Change 52.98% -27.62% 8.03%
Deferred Revenue
YoY Change
Short-Term Debt $30.15M $29.71M $28.58M
YoY Change 73.74%
Long-Term Debt Due $15.28K $10.00K $14.55K
YoY Change -18.16% -99.94% -18.81%
Total Short-Term Liabilities $40.91M $36.17M $44.00M
YoY Change 95.78% 87.79% 943.21%
LONG-TERM LIABILITIES
Long-Term Debt $69.14K $70.00K $77.40K
YoY Change 37.95% 27.43% 29.78%
Other Long-Term Liabilities $775.2K $850.0K $947.6K
YoY Change -32.18% -31.33% 85.83%
Total Long-Term Liabilities $844.3K $920.0K $1.025M
YoY Change -29.24% -28.83% 79.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.91M $36.17M $44.00M
Total Long-Term Liabilities $844.3K $920.0K $1.025M
Total Liabilities $41.76M $37.09M $45.03M
YoY Change 89.03% 80.45% 840.52%
SHAREHOLDERS EQUITY
Retained Earnings -$120.8M -$117.4M -$106.1M
YoY Change 59.51% 72.79% 76.66%
Common Stock $10.00 $63.00 $260.00
YoY Change -94.95% -68.18% 31.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.63M -$20.94M -$23.99M
YoY Change
Total Liabilities & Shareholders Equity $22.13M $16.15M $21.04M
YoY Change -2.64% -43.09% 63.35%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$3.416M -$11.33M -$23.03M
YoY Change -56.2% 43.41% 131.99%
Depreciation, Depletion And Amortization $79.21K $65.73K $53.33K
YoY Change -58.03% -75.28% -72.27%
Cash From Operating Activities -$12.77M -$6.220M -$4.102M
YoY Change 44.65% -5.78% -53.23%
INVESTING ACTIVITIES
Capital Expenditures $129.7K $430.0K $59.67K
YoY Change -27.58% -517.15% -120.32%
Acquisitions
YoY Change
Other Investing Activities -$1.000K $0.00 $0.00
YoY Change
Cash From Investing Activities -$130.7K -$430.0K -$59.67K
YoY Change -27.02% 317.15% -79.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.11M 1.110M 7.908M
YoY Change -408080.18% -95.02% 36958.62%
NET CHANGE
Cash From Operating Activities -12.77M -6.220M -4.102M
Cash From Investing Activities -130.7K -430.0K -59.67K
Cash From Financing Activities 18.11M 1.110M 7.908M
Net Change In Cash 5.216M -5.540M 3.747M
YoY Change -157.88% -135.53% -141.43%
FREE CASH FLOW
Cash From Operating Activities -$12.77M -$6.220M -$4.102M
Capital Expenditures $129.7K $430.0K $59.67K
Free Cash Flow -$12.90M -$6.650M -$4.162M
YoY Change 43.21% 2.33% -50.91%

Facts In Submission

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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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VLCN Reclassification Of Derivative Liabilities To Equity
ReclassificationOfDerivativeLiabilitiesToEquity
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
18089184 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
40000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2642139 usd
VLCN Issuance Of Note Warrants And Underwriter Warrants Net Of Issuance Cost
IssuanceOfNoteWarrantsAndUnderwriterWarrantsNetOfIssuanceCost
7177976 usd
us-gaap Net Income Loss
NetIncomeLoss
-26437991 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
7815557 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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VLCN Gain On Change In Fair Value Of Financial Liabilitiy
GainOnChangeInFairValueOfFinancialLiabilitiy
-5107794 usd
VLCN Gain On Change In Fair Value Of Financial Liabilitiy
GainOnChangeInFairValueOfFinancialLiabilitiy
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2223356 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2642139 usd
VLCN Loss On Write Down Of Inventory And Inventory Deposits
LossOnWriteDownOfInventoryAndInventoryDeposits
1786365 usd
VLCN Loss On Write Down Of Inventory And Inventory Deposits
LossOnWriteDownOfInventoryAndInventoryDeposits
1650838 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-85756 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-395138 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
6423 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-250369 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
66990 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
6427 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
4516041 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
614366 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
274895 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
342112 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
173803 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3192019 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
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us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
177534 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
89000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Notes Payable
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4570100 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
3913033 usd
VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
0 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Payments Of Stock Issuance Costs
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1910816 usd
VLCN Proceeds From Issuance Of Common Stock From Public Offering Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockFromPublicOfferingNetOfIssuanceCosts
0 usd
VLCN Proceeds From Issuance Of Common Stock From Public Offering Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockFromPublicOfferingNetOfIssuanceCosts
18089184 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
15122345 usd
VLCN Proceeds From Issuance Of Warrants To Convertible Note Holders Net Of Issuance Costs
ProceedsFromIssuanceOfWarrantsToConvertibleNoteHoldersNetOfIssuanceCosts
0 usd
VLCN Proceeds From Issuance Of Warrants To Convertible Note Holders Net Of Issuance Costs
ProceedsFromIssuanceOfWarrantsToConvertibleNoteHoldersNetOfIssuanceCosts
7177976 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
40000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8968582 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40416737 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-8560772 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
14976286 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11537842 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5572199 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2977070 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20548485 usd
us-gaap Interest Paid Net
InterestPaidNet
6474 usd
us-gaap Interest Paid Net
InterestPaidNet
4401 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
VLCN Recognition Of Initial Rightofuse Asset Operating Lease
RecognitionOfInitialRightofuseAssetOperatingLease
0 usd
VLCN Recognition Of Initial Rightofuse Asset Operating Lease
RecognitionOfInitialRightofuseAssetOperatingLease
1128609 usd
VLCN Acquisition Of Property And Equipment With Note Payable
AcquisitionOfPropertyAndEquipmentWithNotePayable
96024 usd
VLCN Acquisition Of Property And Equipment With Note Payable
AcquisitionOfPropertyAndEquipmentWithNotePayable
0 usd
CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4000000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1200000 shares
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
3.75
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
571400 usd
CY2023Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
280000 shares
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.50
CY2023Q4 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1027495 usd
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
reverse 1 for 5 stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_z9gbUS68UZE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_861_zm6tr5b5DkF6">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of any contingent assets and liabilities as of the dates of the financial statements and the reported amounts of expenses during the reporting periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ significantly from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p>
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zQTbHkLkhjKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86E_zQPvDKAKdXH8">Concentration Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company outsources certain portions of product design and development for its vehicles to third-parties. In addition, the Company has outsourced the manufacturing of all of its vehicles to third-party manufacturers, including one manufacturer for three of its vehicles and this third-party is also performing product design and development services on these vehicles.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One supplier provides the battery and drivetrain components for the Company’s utility terrain vehicle, the Stag. The components are critical to the operation of the Stag.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
601766 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
3561150 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3060160 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
439839 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3490387 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2145884 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
7051537 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
5645883 usd
CY2023Q3 us-gaap Contractual Obligation
ContractualObligation
252548 usd
CY2023Q2 us-gaap Inventory Write Down
InventoryWriteDown
84000 usd
us-gaap Inventory Write Down
InventoryWriteDown
1622262 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1869593 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1107272 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
605427 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
505506 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1264166 usd
CY2023Q3 us-gaap Depreciation
Depreciation
65725 usd
us-gaap Depreciation
Depreciation
169443 usd
CY2022Q3 us-gaap Depreciation
Depreciation
265907 usd
us-gaap Depreciation
Depreciation
569757 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5768 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
23073 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
23073 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
23073 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
23073 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
12927 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1816 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
112803 usd
CY2023Q3 VLCN Long Term Debt Interest
LongTermDebtInterest
24794 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
88009 usd
CY2023Q3 us-gaap Notes Payable Current
NotesPayableCurrent
14910 usd
CY2023Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
73099 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.10 pure
CY2023Q3 us-gaap Deposits
Deposits
5000000 usd
CY2023Q3 VLCN Number Of Warrants Exchanged
NumberOfWarrantsExchanged
1811595 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
14.25
CY2022Q3 VLCN Number Of Warrants Issued
NumberOfWarrantsIssued
3411596 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.45
CY2022Q3 VLCN Exercise Price Adjusted
ExercisePriceAdjusted
3.75
CY2022Q3 VLCN Warrants Expire Date
WarrantsExpireDate
2027-08-24
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 5 reverse stock split
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-22296988 usd
CY2023Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1330296 usd
CY2023Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.149 pure
CY2023Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
18369849 usd
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13262055 usd
CY2022 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
247525 usd
CY2023Q3 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
85756 usd
us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
85756 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
61709 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
0 usd
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
21623189 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
540528 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
425070 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2223356 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2624849 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11327896 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7899184 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26437991 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6162589 shares
CY2023Q3 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
6162589 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4869044 shares
CY2022Q3 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
4869044 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5502512 shares
us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
5502512 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4690805 shares
us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
4690805 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.84
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.84
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.62
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.62
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-7.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-7.57
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.64
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18440993 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6144150 shares
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
12016943 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9106430 usd
CY2023Q3 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
1770632 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
1502868 usd
CY2023Q3 VLCN Deferred Tax Assets Debt Basis Difference
DeferredTaxAssetsDebtBasisDifference
5029077 usd
CY2022Q4 VLCN Deferred Tax Assets Debt Basis Difference
DeferredTaxAssetsDebtBasisDifference
0 usd
CY2023Q3 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1457768 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1308956 usd
CY2023Q3 VLCN Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
266483 usd
CY2022Q4 VLCN Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
322167 usd
CY2023Q3 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1249375 usd
CY2022Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1290968 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3259583 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3103037 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
154650 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
233284 usd
CY2023Q3 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
276522 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
261922 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
222062 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
177074 usd
CY2023Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
25703095 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
17306705 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
25244039 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16661612 usd
CY2023Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
459056 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
645093 usd
CY2023Q3 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
200526 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
328836 usd
CY2023Q3 VLCN Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
258530 usd
CY2022Q4 VLCN Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
316257 usd
CY2023Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2023Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
57200000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
117249 usd
CY2022Q4 VLCN Operating Lease Liability1
OperatingLeaseLiability1
1534128 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
107534 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
351748 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
406786 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
30751 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
75015 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
120271 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
208009 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
0 usd
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
CY2023Q3 us-gaap Lease Cost
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148000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
182549 usd
us-gaap Lease Cost
LeaseCost
472019 usd
us-gaap Lease Cost
LeaseCost
614795 usd
us-gaap Operating Lease Payments
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265161 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
269836 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
274895 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
342112 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1231092 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1505987 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
423849 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
391117 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
845117 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1143011 usd
CY2023Q3 VLCN Operating Lease Liability1
OperatingLeaseLiability1
1268966 usd
CY2023Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y10M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0605 pure
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
116557 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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471638 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
485702 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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340591 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1414488 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
145522 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1268966 usd

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