2024 Q3 Form 10-Q Financial Statement

#000168316824005280 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.076M $940.9K $519.3K
YoY Change 120.72% 81.18% -78.07%
Cost Of Revenue $10.29M $3.113M $334.6K
YoY Change 190.61% 830.36% -94.43%
Gross Profit -$9.219M -$2.173M $184.7K
YoY Change 201.76% -1276.57% -105.07%
Gross Profit Margin -856.88% -230.91% 35.56%
Selling, General & Admin $2.387M $2.551M $3.949M
YoY Change -30.09% -35.4% -5.41%
% of Gross Profit 2138.78%
Research & Development $757.5K $881.3K
YoY Change -14.04% -56.96%
% of Gross Profit 477.27%
Depreciation & Amortization $72.33K $99.52K $53.33K
YoY Change 10.05% 86.61% -72.27%
% of Gross Profit 28.88%
Operating Expenses $2.916M $3.357M $5.116M
YoY Change -54.43% -34.39% -18.51%
Operating Profit -$12.13M -$5.529M -$4.931M
YoY Change 28.37% 12.12% -50.29%
Interest Expense $4.914M $1.603M
YoY Change 206.53% -33570.06%
% of Operating Profit
Other Income/Expense, Net -$1.504M $4.923M -$18.10M
YoY Change -19.78% -127.2% 261338.86%
Pretax Income -$606.4K -$23.03M
YoY Change -97.37% 131.99%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.64M -$606.4K -$23.03M
YoY Change 20.4% -97.37% 131.99%
Net Earnings / Revenue -1267.68% -64.45% -4434.47%
Basic Earnings Per Share -$23.93 -$1.51 -$0.85
Diluted Earnings Per Share -$23.93 -$1.51 -$0.85
COMMON SHARES
Basic Shares Outstanding 4.662M shares 25.10M shares 123.5K shares
Diluted Shares Outstanding 569.9K shares 401.8K shares 1.205K shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.068M $10.24M
YoY Change -70.05% 81.39%
Cash & Equivalents $5.913M $2.157M $8.519M
Short-Term Investments $1.016M $2.275M
Other Short-Term Assets $1.068M $3.356M
YoY Change -68.17% 115.87%
Inventory $1.530M $9.586M $4.694M
Prepaid Expenses
Receivables $347.0K $301.8K $233.6K
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.681M $14.02M $18.53M
YoY Change -35.45% -24.3% 70.68%
LONG-TERM ASSETS
Property, Plant & Equipment $285.1K $625.2K $904.8K
YoY Change -77.45% -30.9% -4.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.3K $199.3K $285.0K
YoY Change 0.0% -30.09% 3.72%
Total Long-Term Assets $1.326M $1.766M $2.517M
YoY Change -50.83% -29.85% 24.13%
TOTAL ASSETS
Total Short-Term Assets $8.681M $14.02M $18.53M
Total Long-Term Assets $1.326M $1.766M $2.517M
Total Assets $10.01M $15.79M $21.04M
YoY Change -38.02% -24.96% 63.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $255.6K $962.4K $655.4K
YoY Change -92.64% 46.85% -51.74%
Accrued Expenses $1.518M $1.736M $1.447M
YoY Change -16.08% 19.97% 8.03%
Deferred Revenue
YoY Change
Short-Term Debt $6.780K $28.58M
YoY Change -99.98%
Long-Term Debt Due $3.250M $14.55K
YoY Change 22239.59% -18.81%
Total Short-Term Liabilities $4.188M $6.617M $44.00M
YoY Change -88.42% -84.96% 943.21%
LONG-TERM LIABILITIES
Long-Term Debt $715.7K $77.40K
YoY Change 824.7% 29.78%
Other Long-Term Liabilities $559.8K $947.6K
YoY Change -40.93% 85.83%
Total Long-Term Liabilities $1.275M $1.025M
YoY Change 24.44% 79.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.188M $6.617M $44.00M
Total Long-Term Liabilities $1.275M $1.025M
Total Liabilities $4.948M $7.893M $45.03M
YoY Change -86.66% -82.47% 840.52%
SHAREHOLDERS EQUITY
Retained Earnings -$161.1M -$147.5M -$106.1M
YoY Change 37.23% 39.03% 76.66%
Common Stock $6.00 $16.00 $260.00
YoY Change -90.48% -93.85% 31.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.058M $7.897M -$23.99M
YoY Change
Total Liabilities & Shareholders Equity $10.01M $15.79M $21.04M
YoY Change -38.02% -24.96% 63.35%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$13.64M -$606.4K -$23.03M
YoY Change 20.4% -97.37% 131.99%
Depreciation, Depletion And Amortization $72.33K $99.52K $53.33K
YoY Change 10.05% 86.61% -72.27%
Cash From Operating Activities -$3.657M -$4.102M
YoY Change -10.85% -53.23%
INVESTING ACTIVITIES
Capital Expenditures $124.0K $59.67K
YoY Change 107.89% -120.32%
Acquisitions
YoY Change
Other Investing Activities $7.720K $0.00
YoY Change
Cash From Investing Activities -$116.3K -$59.67K
YoY Change 94.97% -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 2.254M 7.908M
YoY Change -71.49% 36958.62%
NET CHANGE
Cash From Operating Activities -3.657M -4.102M
Cash From Investing Activities -116.3K -59.67K
Cash From Financing Activities 2.254M 7.908M
Net Change In Cash -1.519M 3.747M
YoY Change -140.54% -141.43%
FREE CASH FLOW
Cash From Operating Activities -$3.657M -$4.102M
Capital Expenditures $124.0K $59.67K
Free Cash Flow -$3.781M -$4.162M
YoY Change -9.15% -50.91%

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VLCN Issuance Of Common Stock For Exercise Of Prefunded Warrants
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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VLCN Gains Losses On Extinguishment Of Debt1
GainsLossesOnExtinguishmentOfDebt1
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VLCN Gains Losses On Extinguishment Of Debt1
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VLCN Loss Gain On Change In Fair Value Of Financial Liabilities
LossGainOnChangeInFairValueOfFinancialLiabilities
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VLCN Loss Gain On Change In Fair Value Of Financial Liabilities
LossGainOnChangeInFairValueOfFinancialLiabilities
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VLCN Gain On Exercise Of Series B Warrants
GainOnExerciseOfSeriesBWarrants
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VLCN Gain On Exercise Of Series B Warrants
GainOnExerciseOfSeriesBWarrants
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VLCN Loss On Conversion Of Notes To Common Stock
LossOnConversionOfNotesToCommonStock
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VLCN Loss On Conversion Of Notes To Common Stock
LossOnConversionOfNotesToCommonStock
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Inventory Write Down
InventoryWriteDown
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us-gaap Inventory Write Down
InventoryWriteDown
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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Other Noncash Expense
OtherNoncashExpense
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us-gaap Other Noncash Expense
OtherNoncashExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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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
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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 Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
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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
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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
15157 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
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89000 usd
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Other Noncash Expense
OtherNoncashExpense
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us-gaap Other Noncash Expense
OtherNoncashExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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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
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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 Accounts Payable
IncreaseDecreaseInAccountsPayable
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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
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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
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15157 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Sale Of Other Assets Investing Activities
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us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
89000 usd
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
RepaymentsOfNotesPayable
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
130522 usd
VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
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us-gaap Proceeds From Warrant Exercises
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Issuance Initial Public Offering
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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
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VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
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us-gaap Proceeds From Sale Of Other Assets Investing Activities
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us-gaap Proceeds From Sale Of Other Assets Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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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 Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
130522 usd
VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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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
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VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid Net
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VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
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VLCN Conversion Of Convertible Notes For Common Stock
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VLCN Exchange Of Convertible Notes For Preferred Stock
ExchangeOfConvertibleNotesForPreferredStock
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VLCN Exchange Of Convertible Notes For Preferred Stock
ExchangeOfConvertibleNotesForPreferredStock
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VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
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VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
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VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
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VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
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VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
323312 usd
VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
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us-gaap Fair Value Of Assets Acquired
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us-gaap Fair Value Of Assets Acquired
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CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
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CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
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CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
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24700000 usd
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CY2024Q1 VLCN Common Stock Convertible Conversion Price
CommonStockConvertibleConversionPrice
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CY2024Q2 VLCN Number Of Publicly Held Shares
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us-gaap Severance Costs1
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Notes Payable
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us-gaap Proceeds From Issuance Of Warrants
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
130522 usd
VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Warrant Exercises
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Issuance Initial Public Offering
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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
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VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid Net
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VLCN Conversion Of Convertible Notes For Common Stock
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VLCN Exchange Of Convertible Notes For Preferred Stock
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VLCN Exchange Of Convertible Notes For Preferred Stock
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VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
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VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
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VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
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VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
0 usd
VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
323312 usd
VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
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us-gaap Fair Value Of Assets Acquired
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CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
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CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
7400000 usd
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
24700000 usd
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CY2024Q1 VLCN Common Stock Convertible Conversion Price
CommonStockConvertibleConversionPrice
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CY2024Q2 VLCN Number Of Publicly Held Shares
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500000 shares
us-gaap Severance Costs1
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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 Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
130522 usd
VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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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
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VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2344471 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-6036171 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8518872 usd
us-gaap Interest Paid Net
InterestPaidNet
26267 usd
us-gaap Interest Paid Net
InterestPaidNet
4648 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
7414025 usd
VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
0 usd
VLCN Exchange Of Convertible Notes For Preferred Stock
ExchangeOfConvertibleNotesForPreferredStock
24716118 usd
VLCN Exchange Of Convertible Notes For Preferred Stock
ExchangeOfConvertibleNotesForPreferredStock
0 usd
VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
17352653 usd
VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
0 usd
VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
0 usd
VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
323312 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
96024 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
133.00
CY2024Q2 VLCN Number Of Publicly Held Shares
NumberOfPubliclyHeldShares
500000 shares
us-gaap Severance Costs1
SeveranceCosts1
112500 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8518872 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
7414025 usd
VLCN Conversion Of Convertible Notes For Common Stock
ConversionOfConvertibleNotesForCommonStock
0 usd
VLCN Exchange Of Convertible Notes For Preferred Stock
ExchangeOfConvertibleNotesForPreferredStock
24716118 usd
VLCN Exchange Of Convertible Notes For Preferred Stock
ExchangeOfConvertibleNotesForPreferredStock
0 usd
VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
17352653 usd
VLCN Reclassification Of Warrant Liability To Equity For Cashless Exercise Of Series Warrants
ReclassificationOfWarrantLiabilityToEquityForCashlessExerciseOfSeriesWarrants
0 usd
VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
3405662 usd
VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
0 usd
VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
0 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
0 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
96024 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
133.00
CY2024Q2 VLCN Number Of Publicly Held Shares
NumberOfPubliclyHeldShares
500000 shares
us-gaap Severance Costs1
SeveranceCosts1
112500 usd
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zNeYk31W6c76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_868_zruWOt8Ivop8">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; text-align: justify"> </p>
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zNeYk31W6c76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_868_zruWOt8Ivop8">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; text-align: justify"> </p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zNeYk31W6c76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_868_zruWOt8Ivop8">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; text-align: justify"> </p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zNeYk31W6c76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_868_zruWOt8Ivop8">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; text-align: justify"> </p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zWuyHjNGdUGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86A_zVDhwL6MxmIj">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, cease selling the Volcon Youth Motorcycles as of June 30, 2024, and pay cash of $<span id="xdx_90D_ecustom--PaymentForCompensationOfLoss_c20240101__20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zuK9RFNjee1g" 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 June 30, 2024, is $<span id="xdx_902_eus-gaap--SettlementLiabilitiesCurrent_iI_c20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zdMbmL0gFn82" title="Settlement liability">1,400,000</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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2024, the Company was notified by the manufacturer of a suspension component for the Stag that due to the Company’s initial production forecast provided by the third party manufacturer of the Stag, the vendor had acquired raw materials to fulfill several months’ worth, of this component needed for the forecast. Although the Company had provided updated forecasts to the third party manufacturer of the Stag, the revised forecasts were not provided timely to this vendor. The Company entered into an agreement to pay for the excess raw materials by making weekly payments in the amount of $15,704 over an eighteen-month period once the Company can validate the inventory quantities and amounts paid by the vendor, which is expected to be completed by August 2024. The Company recorded a liability of $<span id="xdx_90E_ecustom--VendorSettlementsCurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVrT3azfQFwh" title="Vendor settlements - current">633,936</span> and $<span id="xdx_907_ecustom--VendorSettlementsNoncurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_z0mEjs4tgr66" title="Vendor settlements - noncurrent">483,493</span> in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $<span id="xdx_907_eus-gaap--CostOfGoodsAndServicesSold_c20240401__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zw88jX2E6AM8" title="Cost of goods sold"><span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20240101__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVD1nJhzdbHk">1,117,429</span></span> in costs of goods sold for the three and six months ended June 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zWuyHjNGdUGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86A_zVDhwL6MxmIj">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, cease selling the Volcon Youth Motorcycles as of June 30, 2024, and pay cash of $<span id="xdx_90D_ecustom--PaymentForCompensationOfLoss_c20240101__20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zuK9RFNjee1g" 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 June 30, 2024, is $<span id="xdx_902_eus-gaap--SettlementLiabilitiesCurrent_iI_c20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zdMbmL0gFn82" title="Settlement liability">1,400,000</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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2024, the Company was notified by the manufacturer of a suspension component for the Stag that due to the Company’s initial production forecast provided by the third party manufacturer of the Stag, the vendor had acquired raw materials to fulfill several months’ worth, of this component needed for the forecast. Although the Company had provided updated forecasts to the third party manufacturer of the Stag, the revised forecasts were not provided timely to this vendor. The Company entered into an agreement to pay for the excess raw materials by making weekly payments in the amount of $15,704 over an eighteen-month period once the Company can validate the inventory quantities and amounts paid by the vendor, which is expected to be completed by August 2024. The Company recorded a liability of $<span id="xdx_90E_ecustom--VendorSettlementsCurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVrT3azfQFwh" title="Vendor settlements - current">633,936</span> and $<span id="xdx_907_ecustom--VendorSettlementsNoncurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_z0mEjs4tgr66" title="Vendor settlements - noncurrent">483,493</span> in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $<span id="xdx_907_eus-gaap--CostOfGoodsAndServicesSold_c20240401__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zw88jX2E6AM8" title="Cost of goods sold"><span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20240101__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVD1nJhzdbHk">1,117,429</span></span> in costs of goods sold for the three and six months ended June 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zWuyHjNGdUGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86A_zVDhwL6MxmIj">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, cease selling the Volcon Youth Motorcycles as of June 30, 2024, and pay cash of $<span id="xdx_90D_ecustom--PaymentForCompensationOfLoss_c20240101__20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zuK9RFNjee1g" 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 June 30, 2024, is $<span id="xdx_902_eus-gaap--SettlementLiabilitiesCurrent_iI_c20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zdMbmL0gFn82" title="Settlement liability">1,400,000</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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2024, the Company was notified by the manufacturer of a suspension component for the Stag that due to the Company’s initial production forecast provided by the third party manufacturer of the Stag, the vendor had acquired raw materials to fulfill several months’ worth, of this component needed for the forecast. Although the Company had provided updated forecasts to the third party manufacturer of the Stag, the revised forecasts were not provided timely to this vendor. The Company entered into an agreement to pay for the excess raw materials by making weekly payments in the amount of $15,704 over an eighteen-month period once the Company can validate the inventory quantities and amounts paid by the vendor, which is expected to be completed by August 2024. The Company recorded a liability of $<span id="xdx_90E_ecustom--VendorSettlementsCurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVrT3azfQFwh" title="Vendor settlements - current">633,936</span> and $<span id="xdx_907_ecustom--VendorSettlementsNoncurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_z0mEjs4tgr66" title="Vendor settlements - noncurrent">483,493</span> in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $<span id="xdx_907_eus-gaap--CostOfGoodsAndServicesSold_c20240401__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zw88jX2E6AM8" title="Cost of goods sold"><span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20240101__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVD1nJhzdbHk">1,117,429</span></span> in costs of goods sold for the three and six months ended June 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
7557689 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6770892 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2028639 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2202242 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8973134 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zWuyHjNGdUGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86A_zVDhwL6MxmIj">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, cease selling the Volcon Youth Motorcycles as of June 30, 2024, and pay cash of $<span id="xdx_90D_ecustom--PaymentForCompensationOfLoss_c20240101__20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zuK9RFNjee1g" 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 June 30, 2024, is $<span id="xdx_902_eus-gaap--SettlementLiabilitiesCurrent_iI_c20240630__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zdMbmL0gFn82" title="Settlement liability">1,400,000</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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2024, the Company was notified by the manufacturer of a suspension component for the Stag that due to the Company’s initial production forecast provided by the third party manufacturer of the Stag, the vendor had acquired raw materials to fulfill several months’ worth, of this component needed for the forecast. Although the Company had provided updated forecasts to the third party manufacturer of the Stag, the revised forecasts were not provided timely to this vendor. The Company entered into an agreement to pay for the excess raw materials by making weekly payments in the amount of $15,704 over an eighteen-month period once the Company can validate the inventory quantities and amounts paid by the vendor, which is expected to be completed by August 2024. The Company recorded a liability of $<span id="xdx_90E_ecustom--VendorSettlementsCurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVrT3azfQFwh" title="Vendor settlements - current">633,936</span> and $<span id="xdx_907_ecustom--VendorSettlementsNoncurrent_iI_c20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_z0mEjs4tgr66" title="Vendor settlements - noncurrent">483,493</span> in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $<span id="xdx_907_eus-gaap--CostOfGoodsAndServicesSold_c20240401__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zw88jX2E6AM8" title="Cost of goods sold"><span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20240101__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zVD1nJhzdbHk">1,117,429</span></span> in costs of goods sold for the three and six months ended June 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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Depreciation
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Depreciation
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NotesPayable
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FinancialLiabilitiesFairValueDisclosure
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CY2023Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
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CY2023Q3 us-gaap Financial Liabilities Fair Value Disclosure
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LossOnChangesInFairValue
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VLCN Exercise Of Warrants
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CY2023Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
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FinancialLiabilitiesFairValueDisclosure
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GainOnExerciseOfSeriesBWarrants
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DerivativeFairValueOfDerivativeLiability
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VLCN Loss On Changes In Fair Value
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VLCN Reclassification To Equity
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DerivativeFairValueOfDerivativeLiability
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us-gaap Stockholders Equity Reverse Stock Split
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us-gaap Stockholders Equity Reverse Stock Split
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1 for 100 stock split
CY2023Q4 VLCN Payment Of Inducement
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Stockholders Equity Reverse Stock Split
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us-gaap Stockholders Equity Reverse Stock Split
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1 for 100 stock split
CY2023Q4 VLCN Payment Of Inducement
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
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us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
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us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
CY2023Q4 VLCN Payment Of Inducement
PaymentOfInducement
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
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ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2024Q2 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
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
401802 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
240759 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1148 shares
CY2024Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
6.4486
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
CY2023Q4 VLCN Payment Of Inducement
PaymentOfInducement
346500 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.70 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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Files In Submission

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