2024 Q2 Form 10-Q Financial Statement

#000168316824003059 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $940.9K $1.034M
YoY Change 81.18% -11.7%
Cost Of Revenue $3.113M $1.622M
YoY Change 830.36% 31.84%
Gross Profit -$2.173M -$588.0K
YoY Change -1276.57% 887.91%
Gross Profit Margin -230.91% -56.89%
Selling, General & Admin $2.551M $2.841M
YoY Change -35.4% -22.78%
% of Gross Profit
Research & Development $757.5K $815.0K
YoY Change -14.04% -52.19%
% of Gross Profit
Depreciation & Amortization $99.52K $97.72K
YoY Change 86.61% 93.94%
% of Gross Profit
Operating Expenses $3.357M $3.656M
YoY Change -34.39% -33.11%
Operating Profit -$5.529M -$4.244M
YoY Change 12.12% -23.18%
Interest Expense $4.914M $330.0K
YoY Change 206.53% -81.46%
% of Operating Profit
Other Income/Expense, Net $4.923M -$21.80M
YoY Change -127.2% 1128.98%
Pretax Income -$606.4K -$26.05M
YoY Change -97.37% 256.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$606.4K -$26.05M
YoY Change -97.37% 256.85%
Net Earnings / Revenue -64.45% -2520.25%
Basic Earnings Per Share -$1.51 -$3.27
Diluted Earnings Per Share -$1.51 -$3.27
COMMON SHARES
Basic Shares Outstanding 25.10M shares 18.75M shares
Diluted Shares Outstanding 401.8K shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.068M $4.325M
YoY Change -70.05% -20.3%
Cash & Equivalents $2.157M $3.676M
Short-Term Investments $1.016M $754.2K
Other Short-Term Assets $1.068M $1.512M
YoY Change -68.17% -36.48%
Inventory $9.586M $8.944M
Prepaid Expenses
Receivables $301.8K $285.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.02M $15.07M
YoY Change -24.3% 2.92%
LONG-TERM ASSETS
Property, Plant & Equipment $625.2K $1.075M
YoY Change -30.9% 19.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.3K $199.3K
YoY Change -30.09% -30.09%
Total Long-Term Assets $1.766M $2.314M
YoY Change -29.85% -11.11%
TOTAL ASSETS
Total Short-Term Assets $14.02M $15.07M
Total Long-Term Assets $1.766M $2.314M
Total Assets $15.79M $17.38M
YoY Change -24.96% 0.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $962.4K $324.7K
YoY Change 46.85% -41.75%
Accrued Expenses $1.736M $3.413M
YoY Change 19.97% 114.8%
Deferred Revenue
YoY Change
Short-Term Debt $6.780K $0.00
YoY Change -99.98% -100.0%
Long-Term Debt Due $3.250M $6.590K
YoY Change 22239.59% -53.59%
Total Short-Term Liabilities $6.617M $12.89M
YoY Change -84.96% -40.59%
LONG-TERM LIABILITIES
Long-Term Debt $715.7K $34.00K
YoY Change 824.7% -58.11%
Other Long-Term Liabilities $559.8K $668.7K
YoY Change -40.93% -36.11%
Total Long-Term Liabilities $1.275M $702.7K
YoY Change 24.44% -37.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.617M $12.89M
Total Long-Term Liabilities $1.275M $702.7K
Total Liabilities $7.893M $13.59M
YoY Change -82.47% -40.44%
SHAREHOLDERS EQUITY
Retained Earnings -$147.5M -$146.9M
YoY Change 39.03% 76.86%
Common Stock $16.00 $187.00
YoY Change -93.85% -6.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.897M $3.787M
YoY Change
Total Liabilities & Shareholders Equity $15.79M $17.38M
YoY Change -24.96% 0.8%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$606.4K -$26.05M
YoY Change -97.37% 256.85%
Depreciation, Depletion And Amortization $99.52K $97.72K
YoY Change 86.61% 93.94%
Cash From Operating Activities -$3.657M -$4.541M
YoY Change -10.85% -29.88%
INVESTING ACTIVITIES
Capital Expenditures $124.0K $131.7K
YoY Change 107.89% -60.52%
Acquisitions
YoY Change
Other Investing Activities $7.720K $65.49K
YoY Change -26.42%
Cash From Investing Activities -$116.3K -$66.23K
YoY Change 94.97% -72.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.254M $90.20K
YoY Change -71.49% -302.98%
NET CHANGE
Cash From Operating Activities -3.657M -$4.541M
Cash From Investing Activities -116.3K -$66.23K
Cash From Financing Activities 2.254M $90.20K
Net Change In Cash -1.519M -$4.517M
YoY Change -140.54% -33.23%
FREE CASH FLOW
Cash From Operating Activities -$3.657M -$4.541M
Capital Expenditures $124.0K $131.7K
Free Cash Flow -$3.781M -$4.673M
YoY Change -9.15% -31.38%

Facts In Submission

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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
333619 usd
CY2024Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
58058 usd
CY2023Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 usd
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7430 usd
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
89000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-66230 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Repayments Of Notes Payable
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43823 usd
CY2023Q1 us-gaap Repayments Of Notes Payable
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69438 usd
CY2024Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3500 usd
CY2023Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
CY2024Q1 VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
130522 usd
CY2023Q1 VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
0 usd
CY2024Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
90199 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-44438 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-4517298 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-6765708 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
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3676048 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4772134 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
13408 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2294 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2024Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
0 usd
CY2023Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
96024 usd
CY2024Q1 VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
7414025 usd
CY2023Q1 VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
0 usd
CY2024Q1 VLCN Exchange Of Convertible Notes For Convertible Preferred Stock
ExchangeOfConvertibleNotesForConvertiblePreferredStock
24716118 usd
CY2023Q1 VLCN Exchange Of Convertible Notes For Convertible Preferred Stock
ExchangeOfConvertibleNotesForConvertiblePreferredStock
0 usd
CY2024Q1 VLCN Reclassification Of Warrant Liabilities To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilitiesToEquityForCashlessExerciseOfSeriesWarrants
17352653 usd
CY2023Q1 VLCN Reclassification Of Warrant Liabilities To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilitiesToEquityForCashlessExerciseOfSeriesWarrants
0 usd
CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
7400000 usd
CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
7400000 usd
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
24700000 usd
CY2024Q1 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
1000
CY2024Q1 VLCN Common Stock Convertible Conversion Price
CommonStockConvertibleConversionPrice
1.33
CY2024Q1 us-gaap Severance Costs1
SeveranceCosts1
112500 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zXwe7qZwo4Ch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_868_z86h7BLfDZI7">Use of Estimates</span></b></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">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: justify"> </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; text-align: justify">  </p>
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zcbgrscydyK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_867_zTyS0Yq5GVif">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 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: 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. 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: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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_900_ecustom--PaymentForCompensationOfLoss_c20240101__20240331__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_z5FrORgu2nd2" 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 settlement was recorded in the financial statements for the year ended December 31, 2023. The balance of the liability as of March 31, 2024 is $<span id="xdx_90E_eus-gaap--OtherLiabilities_iI_c20240331_z5L3VxyVGEI9" title="Liability">1,600,000</span>. As discussed below, the Company has written down this inventory to its estimated net realizable value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q1 us-gaap Other Liabilities
OtherLiabilities
1600000 usd
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
7115006 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6770892 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1829308 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2202242 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
8944314 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8973134 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1455216 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1609004 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
380357 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
350397 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1074859 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1258607 usd
CY2024Q1 us-gaap Depreciation
Depreciation
97720 usd
CY2023Q1 us-gaap Depreciation
Depreciation
50388 usd
CY2023Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
18369849 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
8174 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10898 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10898 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
10898 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10898 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1816 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
53582 usd
CY2024Q1 VLCN Long Term Debt Interest
LongTermDebtInterest
12993 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
40589 usd
CY2024Q1 us-gaap Notes Payable Current
NotesPayableCurrent
6594 usd
CY2024Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
33995 usd
CY2023Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
13262055 usd
CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
8587923 usd
CY2024Q1 VLCN Gain On Exercise Of Series B Warrants
GainOnExerciseOfSeriesBWarrants
-165355 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
5971067 usd
CY2024Q1 VLCN Derivative Gain On Derivative1
DerivativeGainOnDerivative1
20004342 usd
CY2024Q1 VLCN Exercise Of Warrants
ExerciseOfWarrants
-17387486 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
8587923 usd
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 5 stock split
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 45 stock split
CY2023Q4 VLCN Payment Of Inducement
PaymentOfInducement
346500 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.70 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.83 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.045 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0354 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0477 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-1922 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1057435 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26048044 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7299469 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7968457 shares
CY2024Q1 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
7968457 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109046 shares
CY2023Q1 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
ProFormaWeightedAverageSharesOutstandingDiluted
109046 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.27
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.27
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-66.94
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-66.94
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31581230 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
136084 shares
CY2024Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
5470089 usd
CY2023Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1532888 usd
CY2024Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
33156 usd
CY2023Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
-119814 usd
CY2023Q1 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
148811 usd
CY2024Q1 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-532317 usd
CY2023Q1 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
0 usd
CY2024Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
4970928 usd
CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1561886 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15508801 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15468757 usd
CY2023Q4 VLCN Deferred Tax Assets Debt Basis Difference
DeferredTaxAssetsDebtBasisDifference
5121397 usd
CY2024Q1 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
1561453 usd
CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
1701768 usd
CY2024Q1 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1099535 usd
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1099535 usd
CY2024Q1 VLCN Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
226567 usd
CY2023Q4 VLCN Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
246704 usd
CY2024Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3235732 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3235732 usd
CY2024Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
122199 usd
CY2023Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
152749 usd
CY2024Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
88293 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
66909 usd
CY2024Q1 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
176950 usd
CY2023Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
176950 usd
CY2024Q1 VLCN Deferred Tax Assets Dealer Rebates
DeferredTaxAssetsDealerRebates
347760 usd
CY2023Q4 VLCN Deferred Tax Assets Dealer Rebates
DeferredTaxAssetsDealerRebates
459713 usd
CY2024Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
26108 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
21828 usd
CY2024Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
22393398 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
27752042 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
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21899150 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
27171016 usd
CY2024Q1 us-gaap Deferred Tax Assets Net
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494248 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2024Q1 us-gaap Deferred Tax Liabilities Prepaid Expenses
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CY2023Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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CY2024Q1 VLCN Deferred Tax Liabilities Right Of Use Assets
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CY2023Q4 VLCN Deferred Tax Liabilities Right Of Use Assets
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CY2024Q1 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2024Q1 us-gaap Operating Loss Carryforwards
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98300000 usd
CY2024Q1 us-gaap Operating Lease Cost
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117249 usd
CY2023Q1 us-gaap Operating Lease Cost
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117249 usd
CY2024Q1 us-gaap Short Term Lease Cost
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37961 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
59790 usd
CY2024Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Variable Lease Cost
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0 usd
CY2024Q1 us-gaap Sublease Income
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CY2023Q1 us-gaap Sublease Income
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0 usd
CY2024Q1 us-gaap Lease Cost
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155210 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
177039 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
95891 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
86031 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
96588 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
90057 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2024Q1 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2024Q1 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2024Q1 VLCN Operating Lease Liability1
OperatingLeaseLiability1
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CY2023Q4 VLCN Operating Lease Liability1
OperatingLeaseLiability1
1174781 usd
CY2024Q1 us-gaap Lessee Operating Lease Remaining Lease Term
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0682 pure
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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355082 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
485702 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
340591 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1181375 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
102485 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1078890 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
vlcn-20240331_def.xml Edgar Link unprocessable
0001683168-24-003059-index-headers.html Edgar Link pending
0001683168-24-003059-index.html Edgar Link pending
0001683168-24-003059.txt Edgar Link pending
0001683168-24-003059-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
vlcn-20240331_cal.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
vlcn-20240331.xsd Edgar Link pending
volcon_10q-ex3101.htm Edgar Link pending
volcon_10q-ex3102.htm Edgar Link pending
volcon_10q-ex3201.htm Edgar Link pending
volcon_10q-ex3202.htm Edgar Link pending
volcon_i10q-033124.htm Edgar Link pending
vlcn-20240331_lab.xml Edgar Link unprocessable
vlcn-20240331_pre.xml Edgar Link unprocessable
volcon_i10q-033124_htm.xml Edgar Link completed