2024 Q4 Form 10-Q Financial Statement

#000168316824007859 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $1.076M $487.4K
YoY Change 120.72% 100.83%
Cost Of Revenue $10.29M $3.542M
YoY Change 190.61% 75.99%
Gross Profit -$9.219M -$3.055M
YoY Change 201.76% 72.59%
Gross Profit Margin -856.88% -626.76%
Selling, General & Admin $2.387M $3.415M
YoY Change -30.09% 1.42%
% of Gross Profit
Research & Development $2.710M
YoY Change 28.26%
% of Gross Profit
Depreciation & Amortization $72.33K $65.73K
YoY Change 10.05% -75.28%
% of Gross Profit
Operating Expenses $2.916M $6.398M
YoY Change -54.43% 15.39%
Operating Profit -$12.13M -$9.453M
YoY Change 28.37% 29.23%
Interest Expense $1.135M
YoY Change 83.58%
% of Operating Profit
Other Income/Expense, Net -$1.504M -$1.875M
YoY Change -19.78% 220.75%
Pretax Income -$11.33M
YoY Change 43.43%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.64M -$11.33M
YoY Change 20.4% 43.41%
Net Earnings / Revenue -1267.68% -2324.0%
Basic Earnings Per Share -$23.93 -$1.84
Diluted Earnings Per Share -$23.93 -$1.84
COMMON SHARES
Basic Shares Outstanding 560.9K shares 4.662M shares 30.62M shares
Diluted Shares Outstanding 569.9K shares 171.0 shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.830M
YoY Change -86.47%
Cash & Equivalents $5.913M $2.977M
Short-Term Investments $410.0K
Other Short-Term Assets $3.360M
YoY Change 148.02%
Inventory $1.530M $7.052M
Prepaid Expenses
Receivables $347.0K $206.4K
Other Receivables $0.00
Total Short-Term Assets $8.681M $13.45M
YoY Change -35.45% -47.99%
LONG-TERM ASSETS
Property, Plant & Equipment $285.1K $1.264M
YoY Change -77.45% 107.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.3K $199.3K
YoY Change 0.0% -32.33%
Total Long-Term Assets $1.326M $2.696M
YoY Change -50.83% 7.57%
TOTAL ASSETS
Total Short-Term Assets $8.681M $13.45M
Total Long-Term Assets $1.326M $2.696M
Total Assets $10.01M $16.15M
YoY Change -38.02% -43.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $255.6K $3.471M
YoY Change -92.64% 630.5%
Accrued Expenses $1.518M $1.809M
YoY Change -16.08% -27.62%
Deferred Revenue
YoY Change
Short-Term Debt $29.71M
YoY Change
Long-Term Debt Due $10.00K
YoY Change -99.94%
Total Short-Term Liabilities $4.188M $36.17M
YoY Change -88.42% 87.79%
LONG-TERM LIABILITIES
Long-Term Debt $70.00K
YoY Change 27.43%
Other Long-Term Liabilities $850.0K
YoY Change -31.33%
Total Long-Term Liabilities $920.0K
YoY Change -28.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.188M $36.17M
Total Long-Term Liabilities $920.0K
Total Liabilities $4.948M $37.09M
YoY Change -86.66% 80.45%
SHAREHOLDERS EQUITY
Retained Earnings -$161.1M -$117.4M
YoY Change 37.23% 72.79%
Common Stock $6.00 $63.00
YoY Change -90.48% -68.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.058M -$20.94M
YoY Change
Total Liabilities & Shareholders Equity $10.01M $16.15M
YoY Change -38.02% -43.09%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$13.64M -$11.33M
YoY Change 20.4% 43.41%
Depreciation, Depletion And Amortization $72.33K $65.73K
YoY Change 10.05% -75.28%
Cash From Operating Activities -$6.220M
YoY Change -5.78%
INVESTING ACTIVITIES
Capital Expenditures $430.0K
YoY Change -517.15%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$430.0K
YoY Change 317.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.110M
YoY Change -95.02%
NET CHANGE
Cash From Operating Activities -6.220M
Cash From Investing Activities -430.0K
Cash From Financing Activities 1.110M
Net Change In Cash -5.540M
YoY Change -135.53%
FREE CASH FLOW
Cash From Operating Activities -$6.220M
Capital Expenditures $430.0K
Free Cash Flow -$6.650M
YoY Change 2.33%

Facts In Submission

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4570100 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2223356 usd
VLCN Reclassification Of Derivative Liabilities To Equity
ReclassificationOfDerivativeLiabilitiesToEquity
13262055 usd
us-gaap Net Income Loss
NetIncomeLoss
-41655559 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
-20940036 usd
us-gaap Net Income Loss
NetIncomeLoss
-40292940 usd
us-gaap Net Income Loss
NetIncomeLoss
-41655559 usd
VLCN Loss On Repayment Of May2024 Notes
LossOnRepaymentOfMay2024Notes
1470554 usd
VLCN Loss On Repayment Of May2024 Notes
LossOnRepaymentOfMay2024Notes
0 usd
VLCN Loss On Extinguishment Of Convertible Notes
LossOnExtinguishmentOfConvertibleNotes
1314065 usd
VLCN Loss On Extinguishment Of Convertible Notes
LossOnExtinguishmentOfConvertibleNotes
22296988 usd
VLCN Loss On Conversion Of Convertible Notes To Common Stock
LossOnConversionOfConvertibleNotesToCommonStock
333544 usd
VLCN Loss Gain On Change In Fair Value Of Financial Liabilities
LossGainOnChangeInFairValueOfFinancialLiabilities
-14839326 usd
VLCN Loss Gain On Change In Fair Value Of Financial Liabilities
LossGainOnChangeInFairValueOfFinancialLiabilities
5107794 usd
VLCN Gain On Exercise Of Series B Warrants
GainOnExerciseOfSeriesBWarrants
-165355 usd
VLCN Gain On Exercise Of Series B Warrants
GainOnExerciseOfSeriesBWarrants
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
295882 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2223356 usd
us-gaap Inventory Write Down
InventoryWriteDown
9062364 usd
us-gaap Inventory Write Down
InventoryWriteDown
1786365 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-0 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-85756 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-842555 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
6423 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-26172 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
66990 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
553803 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
4516041 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
295019 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
274895 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
269570 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
173803 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
117533 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-591520 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
784169 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3192019 usd
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
995245 usd
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
-20919 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1431359 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
956689 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-575620 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2434270 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
583157 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-264747 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-295005 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-265161 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-311162 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
177534 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12272003 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16799955 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
276420 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
818399 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
19717 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
58058 usd
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 usd
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
0 usd
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
89000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-198645 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-729399 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
47031 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
76801 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10789261 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
VLCN Repayment Of May2024 Notes
RepaymentOfMay2024Notes
2942170 usd
VLCN Repayment Of May2024 Notes
RepaymentOfMay2024Notes
-0 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
2255851 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 usd
VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
130522 usd
VLCN Proceeds From Exercise Of Series B Warrants
ProceedsFromExerciseOfSeriesBWarrants
0 usd
VLCN Proceeds From Exercise Of Buy Down Warrants
ProceedsFromExerciseOfBuyDownWarrants
3500 usd
VLCN Proceeds From Exercise Of Buy Down Warrants
ProceedsFromExerciseOfBuyDownWarrants
0 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4570100 usd
VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
0 usd
VLCN Proceeds From Issuance Of Convertible Notes And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCosts
3913033 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
537250 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10189933 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8968582 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-2280715 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-8560772 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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5912631 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2977070 usd
us-gaap Interest Paid Net
InterestPaidNet
54904 usd
us-gaap Interest Paid Net
InterestPaidNet
6474 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
3405662 usd
VLCN Reclassification Of Warrant Liability To Equity For Modificationof Series B Warrants
ReclassificationOfWarrantLiabilityToEquityForModificationofSeriesBWarrants
0 usd
VLCN Exchange Of Property Equipment In Lieu Of Payments Due For Inventory Purchases
ExchangeOfPropertyEquipmentInLieuOfPaymentsDueForInventoryPurchases
60000 usd
VLCN Exchange Of Finished Goods Inventory With Vendor For Raw Materials Inventory
ExchangeOfFinishedGoodsInventoryWithVendorForRawMaterialsInventory
417285 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
CY2024Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 8 stock split
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 45 stock split
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 5 stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_z3kp95lpzkG1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86D_z3JaBg0FL0Z1">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>
CY2024Q3 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_843_eus-gaap--ConcentrationRiskCreditRisk_z9nlB1wjAZ07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_862_zBqIHprpo7te">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 was also performing product design and development services on the Stag until it reached production in February 2024.</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 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"></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_90E_eus-gaap--LitigationSettlementExpense_pp0p0_c20230101__20231231__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zPuuJ5fOjh5g" title="Litigation settlement expense">2,070,000</span> which included 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 September 30, 2024, is $<span id="xdx_906_eus-gaap--SettlementLiabilitiesCurrent_iI_c20240930__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember_zieVifJr4R4" title="Settlement liability">1,100,000</span>. On October 2, 2024, the Company and the manufacturer amended the settlement agreement and the Company agreed to pay the manufacturer $<span id="xdx_90A_eus-gaap--LitigationSettlementExpense_pp0p0_c20241001__20241031__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zfETNZimAws4" title="Litigation settlement expense">300,000</span> by October 31, 2024 to fully settle the remaining payments under the March 2024 agreement and to return any remaining spare parts and finished goods held by the Company in its Texas warehouse. The Company will recognize a reduction of expense of $<span id="xdx_904_ecustom--ReductionInCostOfGoodsAndServicesSold_c20240101__20241231__srt--CounterpartyNameAxis__custom--VolconYouthMotorcyclesMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXQDlzcphNea" title="Reduction in cost of goods sold">700,000</span> in cost of goods sold in the three months and year ended December 31, 2024 related to this amendment. All Volcon Youth inventory was written off as of June 30, 2024.</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 validates the inventory quantities and amounts paid by the vendor. In August 2024, the Company and the manufacturer determined that the inventory quantities and amount were less than the initial amount and adjusted the weekly payments to $13,791. The Company initially recorded an expense of $<span id="xdx_906_eus-gaap--CostOfGoodsAndServicesSold_c20240401__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zgRlZqUQgSGc" title="Cost of goods sold"><span id="xdx_90A_eus-gaap--CostOfGoodsAndServicesSold_c20240101__20240630__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zSr1F56QnKD5" title="Cost of goods sold">1,117,429</span></span> in cost of goods sold for the three and six months ended June 30, 2024 and subsequently recorded an expense reduction of $<span id="xdx_902_ecustom--ReductionInCostOfGoodsSold_c20240701__20240930__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zMCSAJcI38X3" title="Reduction in cost of goods sold">26,121</span> in the three months ended September 30, 2024 after validation of the inventory quantities and value as well as an accrual for additional inventory purchases required under the agreement. The short-term and long-term liability as of September 30, 2024 is $<span id="xdx_903_eus-gaap--OtherLiabilitiesCurrent_iI_c20240930__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zgE0mzuSTGN7" title="Short term liability">751,639</span> and $<span id="xdx_90E_eus-gaap--OtherLiabilitiesNoncurrent_iI_c20240930__us-gaap--TransactionTypeAxis__custom--StagSuspensionComponentMember_zzYBaRxBcqYe" title="Long term liability">282,230</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
0 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6770892 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1529509 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2202242 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
1529509 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
8973134 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
745607 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1609004 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
460480 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
350397 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
285127 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1258607 usd
CY2024Q3 us-gaap Depreciation
Depreciation
72332 usd
us-gaap Depreciation
Depreciation
269570 usd
CY2023Q3 us-gaap Depreciation
Depreciation
65725 usd
us-gaap Depreciation
Depreciation
169443 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2726 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10898 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10898 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
10898 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10898 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1816 usd
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
48134 usd
CY2024Q3 VLCN Long Term Debt Interest
LongTermDebtInterest
10749 usd
CY2024Q3 us-gaap Notes Payable
NotesPayable
37385 usd
CY2024Q3 us-gaap Notes Payable Current
NotesPayableCurrent
6980 usd
CY2024Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
30405 usd
CY2024Q3 VLCN Debt Instrument Aggregate Principal Amount
DebtInstrumentAggregatePrincipalAmount
2942170 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-1525700 usd
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1416470 usd
CY2023Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
18369849 usd
CY2023Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
13262055 usd
VLCN Gain Loss On Change In Fair Value Of Financial Liabilities
GainLossOnChangeInFairValueOfFinancialLiabilities
5107794 usd
VLCN Gain On Exercise Of Series B Warrants
GainOnExerciseOfSeriesBWarrants
-165355 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
5971067 usd
VLCN Loss On Changes In Fair Value
LossOnChangesInFairValue
14839326 usd
VLCN Exercise Of Warrants
ExerciseOfWarrants
-17387486 usd
VLCN Reclassification To Equity
ReclassificationToEquity
-3405662 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
17245 usd
CY2024Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 100 stock split
CY2024Q2 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 Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.52 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
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
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.83 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.040 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.045 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0354 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0477 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
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