$VLCN
Volcon, Inc.

2024 Q1 Form 10-K Financial Statement

#000168316824001823 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.034M $1.084M $3.261M
YoY Change -11.7% 44.2% -28.28%
Cost Of Revenue $1.622M $6.284M $11.39M
YoY Change 31.84% 237.31% -15.07%
Gross Profit -$588.0K -$5.200M -$8.130M
YoY Change 887.91% 367.92% -8.3%
Gross Profit Margin -56.89% -479.81% -249.31%
Selling, General & Admin $2.841M $2.561M $13.79M
YoY Change -22.78% -39.59% -6.43%
% of Gross Profit
Research & Development $815.0K $2.204M $7.570M
YoY Change -52.19% 165.74% 3.54%
% of Gross Profit
Depreciation & Amortization $97.72K $79.21K $243.4K
YoY Change 93.94% -58.03% -67.85%
% of Gross Profit
Operating Expenses $3.656M $4.766M $21.66M
YoY Change -33.11% -5.99% -6.62%
Operating Profit -$4.244M -$9.966M -$29.79M
YoY Change -23.18% 61.24% -7.08%
Interest Expense $330.0K -$5.559M $4.970M
YoY Change -81.46% 240.68% 119.94%
% of Operating Profit
Other Income/Expense, Net -$21.80M -$2.360K -$15.28M
YoY Change 1128.98% -115.76% 603.5%
Pretax Income -$26.05M -$3.416M -$45.07M
YoY Change 256.85% -56.2% 31.65%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$26.05M -$3.416M -$45.07M
YoY Change 256.85% -56.2% 31.65%
Net Earnings / Revenue -2520.25% -315.16% -1382.13%
Basic Earnings Per Share -$3.27 -$234.40
Diluted Earnings Per Share -$3.27 -$799.90 -$234.40
COMMON SHARES
Basic Shares Outstanding 18.75M shares 6.819M shares 192.3K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.325M $8.242M $8.242M
YoY Change -20.3% -27.79% -27.79%
Cash & Equivalents $3.676M $8.193M
Short-Term Investments $754.2K $258.3K $258.3K
Other Short-Term Assets $1.512M $2.114M $2.114M
YoY Change -36.48% -11.98% -11.98%
Inventory $8.944M $8.973M $8.973M
Prepaid Expenses
Receivables $285.0K $203.3K $203.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.07M $19.53M $19.53M
YoY Change 2.92% -3.91% -3.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.075M $1.259M $2.395M
YoY Change 19.75% 109.15% 13.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.3K $199.3K $199.3K
YoY Change -30.09% -30.09% -30.09%
Total Long-Term Assets $2.314M $2.594M $2.594M
YoY Change -11.11% 8.15% 8.15%
TOTAL ASSETS
Total Short-Term Assets $15.07M $19.53M $19.53M
Total Long-Term Assets $2.314M $2.594M $2.594M
Total Assets $17.38M $22.13M $22.13M
YoY Change 0.8% -2.64% -2.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $324.7K $831.2K $831.2K
YoY Change -41.75% -19.82% -19.82%
Accrued Expenses $3.413M $3.129M $3.529M
YoY Change 114.8% 52.98% 43.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $30.15M $30.15M
YoY Change -100.0% 73.74% 73.74%
Long-Term Debt Due $6.590K $15.28K $15.28K
YoY Change -53.59% -18.16% -18.16%
Total Short-Term Liabilities $12.89M $40.91M $40.91M
YoY Change -40.59% 95.78% 95.78%
LONG-TERM LIABILITIES
Long-Term Debt $34.00K $69.14K $69.14K
YoY Change -58.11% 37.95% 37.95%
Other Long-Term Liabilities $668.7K $775.2K $775.2K
YoY Change -36.11% -32.18% -32.18%
Total Long-Term Liabilities $702.7K $844.3K $844.3K
YoY Change -37.69% -29.24% -29.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.89M $40.91M $40.91M
Total Long-Term Liabilities $702.7K $844.3K $844.3K
Total Liabilities $13.59M $41.76M $41.76M
YoY Change -40.44% 89.03% 89.03%
SHAREHOLDERS EQUITY
Retained Earnings -$146.9M -$120.8M
YoY Change 76.86% 59.51%
Common Stock $187.00 $10.00
YoY Change -6.5% -94.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.787M -$19.63M -$19.63M
YoY Change
Total Liabilities & Shareholders Equity $17.38M $22.13M $22.13M
YoY Change 0.8% -2.64% -2.64%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.05M -$3.416M -$45.07M
YoY Change 256.85% -56.2% 31.65%
Depreciation, Depletion And Amortization $97.72K $79.21K $243.4K
YoY Change 93.94% -58.03% -67.85%
Cash From Operating Activities -$4.541M -$12.77M -$29.57M
YoY Change -29.88% 44.65% -12.12%
INVESTING ACTIVITIES
Capital Expenditures $131.7K $129.7K $949.7K
YoY Change -60.52% -27.58% 18.8%
Acquisitions
YoY Change
Other Investing Activities $65.49K -$1.000K $89.00K
YoY Change -26.42%
Cash From Investing Activities -$66.23K -$130.7K -$860.7K
YoY Change -72.93% -27.02% 7.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $255.5K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $90.20K 18.11M $27.08M
YoY Change -302.98% -408080.18% -32.98%
NET CHANGE
Cash From Operating Activities -$4.541M -12.77M -$29.57M
Cash From Investing Activities -$66.23K -130.7K -$860.7K
Cash From Financing Activities $90.20K 18.11M $27.08M
Net Change In Cash -$4.517M 5.216M -$3.344M
YoY Change -33.23% -157.88% -156.06%
FREE CASH FLOW
Cash From Operating Activities -$4.541M -$12.77M -$29.57M
Capital Expenditures $131.7K $129.7K $949.7K
Free Cash Flow -$4.673M -$12.90M -$30.52M
YoY Change -31.38% 43.21% -11.41%

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CY2022 us-gaap Depreciation And Amortization
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CY2023 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2023 us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
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CY2022 us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
53531 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
740059 usd
CY2023 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
37414 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-205444 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-417475 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1055067 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-204769 usd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-359347 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-354340 usd
CY2023 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
394014 usd
CY2022 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-2254136 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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799412 usd
CY2023 VLCN Proceeds From Sale Of Vehicles
ProceedsFromSaleOfVehicles
89000 usd
CY2022 VLCN Proceeds From Sale Of Vehicles
ProceedsFromSaleOfVehicles
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Repayments Of Notes Payable
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CY2023 us-gaap Payments Of Stock Issuance Costs
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CY2023 VLCN Proceeds From Issuance Of Common Stock From Public Offerings
ProceedsFromIssuanceOfCommonStockFromPublicOfferings
4570085 usd
CY2022 VLCN Proceeds From Issuance Of Common Stock From Public Offerings
ProceedsFromIssuanceOfCommonStockFromPublicOfferings
0 usd
CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3913033 usd
CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
255505 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2023 VLCN Proceeds From Issuance Of Prefunded Warrant Units Net
ProceedsFromIssuanceOfPrefundedWarrantUnitsNet
3037121 usd
CY2022 VLCN Proceeds From Issuance Of Prefunded Warrant Units Net
ProceedsFromIssuanceOfPrefundedWarrantUnitsNet
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CY2023 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
14336490 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
680978 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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CY2023 VLCN Proceeds From Reduction Of Exercise Price Of Warrants
ProceedsFromReductionOfExercisePriceOfWarrants
346500 usd
CY2022 VLCN Proceeds From Reduction Of Exercise Price Of Warrants
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CY2022 us-gaap Payments Of Stock Issuance Costs
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CY2023 VLCN Proceeds From Issuance Of Common Stock From Public Offerings1
ProceedsFromIssuanceOfCommonStockFromPublicOfferings1
0 usd
CY2022 VLCN Proceeds From Issuance Of Common Stock From Public Offerings1
ProceedsFromIssuanceOfCommonStockFromPublicOfferings1
18089184 usd
CY2023 VLCN Proceeds From Convertible Debt1
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CY2022 VLCN Proceeds From Convertible Debt1
ProceedsFromConvertibleDebt1
15122345 usd
CY2023 VLCN Proceeds From Issuance Of Warrants To Convertible Note Holders Net
ProceedsFromIssuanceOfWarrantsToConvertibleNoteHoldersNet
0 usd
CY2022 VLCN Proceeds From Issuance Of Warrants To Convertible Note Holders Net
ProceedsFromIssuanceOfWarrantsToConvertibleNoteHoldersNet
7177976 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
40000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27084318 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40412304 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3344496 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
5965643 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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8193346 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11537842 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
15935 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
6483 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023 VLCN Recognition Of Initial Right Of Use Asset Operating Lease
RecognitionOfInitialRightOfUseAssetOperatingLease
0 usd
CY2022 VLCN Recognition Of Initial Right Of Use Asset Operating Lease
RecognitionOfInitialRightOfUseAssetOperatingLease
1128609 usd
CY2023 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
96024 usd
CY2022 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
0 usd
CY2023 VLCN Reclassification Of Derivative Liabilities To Equity
ReclassificationOfDerivativeLiabilitiesToEquity
13262055 usd
CY2022 VLCN Reclassification Of Derivative Liabilities To Equity
ReclassificationOfDerivativeLiabilitiesToEquity
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
26667 shares
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
168.75
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
571400 usd
CY2023Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6222 shares
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
112.50
CY2023Q4 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1027478 usd
CY2023 us-gaap Use Of Estimates
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<p id="xdx_848_eus-gaap--UseOfEstimates_zQrXDrawivU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><span id="xdx_86D_z9LNt2mdP437">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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; text-align: left">  </p>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zzKtutWMaeM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><span id="xdx_868_z6tiMTuD8qj5">Concentration Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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 two of its vehicles, the Stag and Grunt EVO, and this third party is also performing product design and development services on the Stag.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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. The Company also sources some of the other components from third party suppliers and the third party manufacturer sources other components from third party suppliers or fabricates them from materials sourced from third parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On January 8, 2024, the Company notified the manufacturer of the Volcon Youth motorcycles that it was terminating the co-branding and distribution agreement with them due to lower than anticipated sales of these units. In March 2024, the Company agreed to allow the manufacturer to keep all fully paid for units manufactured and held by the manufacturer and pay cash of $<span id="xdx_907_ecustom--PaymentForCompensationOfLoss_c20240301__20240331__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z0NNgdWX94f" title="Payment for manufacturing units">2,070,000</span> which includes a payment of $370,000 in March 2024 and $100,000 monthly for seventeen months starting April 2024. The Company has recorded this amount in the 2023 financial statements. As discussed below, the Company has written down this inventory to its estimated net realizable value and accrued the cash settlement offer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6770892 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3060160 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
439839 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2202242 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2145884 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8973134 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
5645883 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1609004 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1107272 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
350397 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
505506 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1258607 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
601766 usd
CY2023 us-gaap Depreciation
Depreciation
243394 usd
CY2022 us-gaap Depreciation
Depreciation
757013 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
23073 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
23073 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
23073 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
23073 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
12927 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1816 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
107035 usd
CY2023Q4 VLCN Long Term Debt Interest
LongTermDebtInterest
22619 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
84416 usd
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
15278 usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
69138 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.10 pure
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 5 reverse stock split
CY2023Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
18369849 usd
CY2023Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
13262055 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0477 pure
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
14336491 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
5971067 usd
CY2022 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
61709 usd
CY2023 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
0 usd
CY2023Q4 VLCN Payment Of Inducement
PaymentOfInducement
346500 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.83 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.71 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.05 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0354 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0077 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0085 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
2627925 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
3259009 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-45071210 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34235405 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
192312 shares
CY2023 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
192312 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105275 shares
CY2022 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
105275 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-234.37
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-234.37
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-325.20
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-325.20
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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6152359 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
135767 shares
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9464954 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7184840 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1183767 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-288249 usd
CY2023 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
0 usd
CY2022 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
595244 usd
CY2023 VLCN Return To Provision True Up
ReturnToProvisionTrueUp
108959 usd
CY2022 VLCN Return To Provision True Up
ReturnToProvisionTrueUp
93285 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
10757680 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
7585120 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15468757 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9106430 usd
CY2023Q4 VLCN Deferred Tax Assets Debt Basis Difference
DeferredTaxAssetsDebtBasisDifference
5121397 usd
CY2022Q4 VLCN Deferred Tax Assets Debt Basis Difference
DeferredTaxAssetsDebtBasisDifference
0 usd
CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
1701768 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
1502868 usd
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1099535 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1308956 usd
CY2023Q4 VLCN Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
246704 usd
CY2022Q4 VLCN Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
322167 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3235732 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3103037 usd
CY2023Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
152749 usd
CY2022Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1290968 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
66909 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
233284 usd
CY2023Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
176950 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
261922 usd
CY2023Q4 VLCN Deferred Tax Assets Dealer Rebates
DeferredTaxAssetsDealerRebates
459713 usd
CY2022Q4 VLCN Deferred Tax Assets Dealer Rebates
DeferredTaxAssetsDealerRebates
161469 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
21828 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
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