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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30,
2024
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________ to__________
Commission file number: 001-40867
Volcon, Inc.
(Exact Name of Registrant as Specified in
Its Charter)
Delaware |
|
84-4882689 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification No.) |
3121 Eagles Nest Street, Suite 120, Round Rock, TX |
|
78665 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(512) 400-4271
(Registrant's Telephone Number, Including Area
Code)
(Former Name, Former Address and Former Fiscal
Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
VLCN |
The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐ |
Accelerated Filer ☐ |
Non-Accelerated Filer ☒ |
Smaller Reporting Company ☒ |
|
Emerging Growth Company ☒ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
The registrant had 4,661,782 shares of common stock
outstanding at August 5, 2024.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
VOLCON, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 2,052,175 | | |
$ | 7,983,346 | |
Restricted cash | |
| 105,000 | | |
| 210,000 | |
Accounts receivable, net of allowance for doubtful accounts of $53,295 and $70,359 at June 30, 2024 and December 31, 2023, respectively | |
| 301,845 | | |
| 203,303 | |
Inventory | |
| 9,586,328 | | |
| 8,973,134 | |
Inventory deposits | |
| 1,015,847 | | |
| 258,316 | |
Prepaid expenses and other current assets | |
| 963,253 | | |
| 1,904,197 | |
Total current assets | |
| 14,024,448 | | |
| 19,532,296 | |
Long term assets: | |
| | | |
| | |
Property and equipment, net | |
| 625,166 | | |
| 1,258,607 | |
Other long-term assets | |
| 199,281 | | |
| 199,281 | |
Right-of-use assets - operating leases | |
| 941,303 | | |
| 1,136,213 | |
Total assets | |
$ | 15,790,198 | | |
$ | 22,126,397 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY(DEFICIT) | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 962,390 | | |
$ | 831,184 | |
Accrued liabilities | |
| 1,735,981 | | |
| 3,128,906 | |
Vendor settlements - short-term | |
| 1,833,937 | | |
| – | |
Current portion of notes payable | |
| 6,784 | | |
| 15,278 | |
Convertible notes, net of discount and issuance costs | |
| – | | |
| 30,149,579 | |
May 2024 Notes | |
| 1,416,470 | | |
| – | |
Warrant liabilities | |
| 70,970 | | |
| 5,971,067 | |
Right-of-use operating lease liabilities, short-term | |
| 421,034 | | |
| 399,611 | |
Customer deposits | |
| 169,777 | | |
| 417,485 | |
Total current liabilities | |
| 6,617,343 | | |
| 40,913,110 | |
| |
| | | |
| | |
Notes payable, net of current portion | |
| 32,226 | | |
| 69,138 | |
Vendor settlements - long-term | |
| 683,493 | | |
| – | |
Right-of-use operating lease liabilities, long-term | |
| 559,749 | | |
| 775,170 | |
Total liabilities | |
| 7,892,811 | | |
| 41,757,418 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders' equity (deficit): | |
| | | |
| | |
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, 6,375 shares outstanding as of June 30, 2024 and no shares issued and outstanding as of December 31, 2023. | |
| – | | |
| – | |
Common stock: $0.00001 par value, 250,000,000 shares authorized, 1,642,685 shares issued and outstanding as of June 30, 2024 and 10,305 shares issued and outstanding as of December 31, 2023 | |
| 16 | | |
| – | |
Additional paid-in capital | |
| 155,357,971 | | |
| 101,175,117 | |
Accumulated deficit | |
| (147,460,600 | ) | |
| (120,806,138 | ) |
Total stockholders’ equity (deficit) | |
| 7,897,387 | | |
| (19,631,021 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |
$ | 15,790,198 | | |
$ | 22,126,397 | |
The accompanying notes are an integral part
of these unaudited consolidated financial statements.
VOLCON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2024 AND 2023
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 940,863 | | |
$ | 519,300 | | |
$ | 1,974,411 | | |
$ | 1,689,758 | |
Cost of goods sold | |
| (3,113,429 | ) | |
| (334,647 | ) | |
| (4,735,009 | ) | |
| (1,564,628 | ) |
Gross margin | |
| (2,172,566 | ) | |
| 184,653 | | |
| (2,760,598 | ) | |
| 125,130 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Sales and marketing | |
| 543,671 | | |
| 2,380,617 | | |
| 1,304,235 | | |
| 4,169,987 | |
Product development | |
| 805,550 | | |
| 1,166,732 | | |
| 1,620,495 | | |
| 2,953,083 | |
General and administrative expenses | |
| 2,007,514 | | |
| 1,568,700 | | |
| 4,088,308 | | |
| 3,458,791 | |
Total operating expenses | |
| 3,356,735 | | |
| 5,116,049 | | |
| 7,013,038 | | |
| 10,581,861 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (5,529,301 | ) | |
| (4,931,396 | ) | |
| (9,773,636 | ) | |
| (10,456,731 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| 8,589 | | |
| 10,618 | | |
| 21,443 | | |
| 16,503 | |
Loss on extinguishment of Convertible Notes | |
| – | | |
| (22,296,988 | ) | |
| (1,647,608 | ) | |
| (22,296,988 | ) |
Gain (loss) on change in fair value of financial liabilities | |
| 5,111,291 | | |
| 5,792,788 | | |
| (14,727,696 | ) | |
| 5,792,788 | |
Interest expense | |
| (196,997 | ) | |
| (1,603,216 | ) | |
| (526,965 | ) | |
| (3,383,235 | ) |
Total other income (expense) | |
| 4,922,883 | | |
| (18,096,798 | ) | |
| (16,880,826 | ) | |
| (19,870,932 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before provision for income taxes | |
| (606,418 | ) | |
| (23,028,194 | ) | |
| (26,654,462 | ) | |
| (30,327,663 | ) |
Provision for income taxes | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (606,418 | ) | |
$ | (23,028,194 | ) | |
$ | (26,654,462 | ) | |
$ | (30,327,663 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per common share – basic | |
$ | (1.51 | ) | |
$ | (19,110.53 | ) | |
$ | (110.71 | ) | |
$ | (26,417.82 | ) |
Net loss per common share – diluted | |
$ | (1.51 | ) | |
$ | (19,110.53 | ) | |
$ | (110.71 | ) | |
$ | (26,417.82 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding – basic | |
| 401,802 | | |
| 1,205 | | |
| 240,759 | | |
| 1,148 | |
Weighted average common shares outstanding – diluted | |
| 401,802 | | |
| 1,205 | | |
| 240,759 | | |
| 1,148 | |
The accompanying notes are an integral part
of these unaudited consolidated financial statements.
VOLCON, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’
EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 2024
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series A Convertible Preferred Stock | | |
Common stock | | |
Additional | | |
| | |
| |
| |
Number of Shares | | |
Amount | | |
Number Shares | | |
Amount | | |
paid -in capital | | |
Accumulated deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2024 | |
| – | | |
$ | – | | |
| 10,305 | | |
$ | – | | |
$ | 101,175,117 | | |
$ | (120,806,138 | ) | |
$ | (19,631,021 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for exercise of pre-funded warrants | |
| – | | |
| – | | |
| 739 | | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for exercise of Series A warrants | |
| – | | |
| – | | |
| 138,593 | | |
| – | | |
| 17,352,653 | | |
| – | | |
| 17,352,653 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Proceeds received for exercise of buydown warrants | |
| – | | |
| – | | |
| 78 | | |
| – | | |
| 3,500 | | |
| – | | |
| 3,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for conversion of convertible notes | |
| – | | |
| – | | |
| 39,762 | | |
| – | | |
| 7,395,907 | | |
| – | | |
| 7,395,907 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Convertible Notes | |
| 24,698 | | |
| – | | |
| – | | |
| – | | |
| 24,716,118 | | |
| – | | |
| 24,716,118 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of Preferred Stock for common stock | |
| (18,323 | ) | |
| – | | |
| 1,244,081 | | |
| 15 | | |
| (15 | ) | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for exercise of Series B Warrants | |
| – | | |
| – | | |
| 117,605 | | |
| 1 | | |
| – | | |
| – | | |
| 1 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reclassification of warrant liability to equity | |
| – | | |
| – | | |
| – | | |
| – | | |
| 3,405,662 | | |
| – | | |
| 3,405,662 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Proceeds received for Issuance of warrants with May 2024 Notes, net of issuance costs of $111,194 | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,023,200 | | |
| – | | |
| 1,023,200 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| – | | |
| – | | |
| – | | |
| – | | |
| 285,829 | | |
| – | | |
| 285,829 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for reverse stock split due to rounding | |
| – | | |
| – | | |
| 91,522 | | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (26,654,462 | ) | |
| (26,654,462 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2024 | |
| 6,375 | | |
$ | – | | |
| 1,642,685 | | |
$ | 16 | | |
$ | 155,357,971 | | |
$ | (147,460,600 | ) | |
$ | 7,897,387 | |
The accompanying notes are an integral part
of these unaudited consolidated financial statements.
VOLCON, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 2023
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common stock | | |
| | |
| | |
| |
| |
Number | | |
| | |
Additional paid-in | | |
Accumulated | | |
| |
| |
of Shares | | |
Amount | | |
capital | | |
deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2023 | |
| 1,086 | | |
$ | – | | |
$ | 76,369,940 | | |
$ | (75,734,927 | ) | |
$ | 635,013 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for exercise of stock options and vesting of restricted stock units | |
| 2 | | |
| – | | |
| 25,000 | | |
| – | | |
| 25,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for public offering, net of issuance costs of $501,300 | |
| 267 | | |
| – | | |
| 3,998,700 | | |
| – | | |
| 3,998,700 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| 6 | | |
| – | | |
| 1,682,827 | | |
| – | | |
| 1,682,827 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| (30,327,663 | ) | |
| (30,327,663 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2023 | |
| 1,361 | | |
$ | – | | |
$ | 82,076,467 | | |
$ | (106,062,590 | ) | |
$ | (23,986,123 | ) |
The accompanying notes are an integral part
of these unaudited consolidated financial statements.
VOLCON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(Unaudited)
| |
| | |
| |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
Cash flow from operating activities: | |
| | | |
| | |
Net loss | |
$ | (26,654,462 | ) | |
$ | (30,327,663 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Loss on extinguishment of convertible notes | |
| 1,314,065 | | |
| 22,296,988 | |
Loss (gain) on change in fair value of financial liabilities | |
| 14,893,051 | | |
| (5,792,788 | ) |
Gain on exercise of Series B Warrants | |
| (165,355 | ) | |
| – | |
Loss on conversion of notes to common stock | |
| 333,544 | | |
| – | |
Stock-based compensation | |
| 285,829 | | |
| 1,682,827 | |
Loss on write down of inventory and inventory deposits | |
| 57,262 | | |
| 165,324 | |
Loss (gain) on sale/write off of property & equipment | |
| 618,738 | | |
| (6,423 | ) |
Bad debt (recovery) expense | |
| (16,378 | ) | |
| 51,198 | |
Non-cash interest expense | |
| 498,657 | | |
| 3,385,204 | |
Amortization of right-of-use assets | |
| 194,910 | | |
| 181,677 | |
Depreciation and amortization | |
| 197,237 | | |
| 106,625 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (82,162 | ) | |
| 580,155 | |
Inventory | |
| (347,144 | ) | |
| 786,821 | |
Inventory deposits | |
| (1,080,843 | ) | |
| (1,847,714 | ) |
Prepaid assets and other current assets | |
| 940,944 | | |
| (954,117 | ) |
Accounts payable | |
| 131,205 | | |
| (381,252 | ) |
Accrued liabilities and vendor settlements | |
| 1,124,505 | | |
| (626,788 | ) |
Right-of-use liabilities - operating leases | |
| (193,998 | ) | |
| (174,365 | ) |
Customer deposits | |
| (247,708 | ) | |
| 295,739 | |
Net cash used in operating activities | |
| (8,198,103 | ) | |
| (10,578,552 | ) |
Cash flow from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (255,754 | ) | |
| (393,291 | ) |
Proceeds from sale of property and equipment | |
| 15,157 | | |
| – | |
Proceeds from insurance settlement | |
| 58,058 | | |
| – | |
Proceeds from sale of vehicles | |
| – | | |
| 89,000 | |
Net cash used in investing activities | |
| (182,539 | ) | |
| (304,291 | ) |
Cash flow from financing activities: | |
| | | |
| | |
Repayment of notes payable | |
| (45,402 | ) | |
| (72,859 | ) |
Proceeds from issuance of May 2024 Notes and warrants, net of issuance costs of $245,150 | |
| 2,255,851 | | |
| – | |
Proceeds from exercise of Series B Warrants | |
| 130,522 | | |
| – | |
Proceeds from exercise of buy down warrants | |
| 3,500 | | |
| – | |
Proceeds from issuance of common stock from public offering, net of issuance costs of $501,300 | |
| – | | |
| 3,998,700 | |
Proceeds from issuance of convertible notes and warrants, net of issuance costs of $586,968 | |
| – | | |
| 3,913,032 | |
Proceeds from exercise of stock options | |
| – | | |
| 25,000 | |
Net cash provided by financing activities | |
| 2,344,471 | | |
| 7,863,873 | |
| |
| | | |
| | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
| (6,036,171 | ) | |
| (3,018,970 | ) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | |
| 8,193,346 | | |
| 11,537,842 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | |
$ | 2,157,175 | | |
$ | 8,518,872 | |
SUPPLEMENTAL CASH FLOW INFORMATION
| |
2024 | | |
2023 | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 26,267 | | |
$ | 4,648 | |
Cash paid for income taxes | |
$ | – | | |
$ | – | |
| |
| | | |
| | |
Non-cash transactions | |
| | | |
| | |
Conversion of Convertible Notes for common stock | |
$ | 7,414,025 | | |
$ | – | |
Exchange of Convertible Notes for Preferred Stock | |
$ | 24,716,118 | | |
$ | – | |
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants | |
$ | 17,352,653 | | |
$ | – | |
Reclassification of warrant liability to
equity for modification of Series B Warrants | |
$ | 3,405,662 | | |
$ | – | |
Exchange of finished goods inventory with vendor for raw materials inventory | |
$ | 323,312 | | |
$ | – | |
Acquisition of property and equipment with note payable | |
$ | – | | |
$ | 96,024 | |
The accompanying notes are an integral part
of these unaudited consolidated financial statements.
VOLCON, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 – ORGANIZATION, NATURE OF OPERATIONS
AND GOING CONCERN
Organization and Nature of Operations
Volcon, Inc. (“Volcon” or the “Company”)
was formed on February 21, 2020, as a Delaware corporation, under the name Frog ePowersports, Inc. The Company was renamed Volcon, Inc.
on October 1, 2020. Volcon designs and sells all-electric off-road powersport vehicles.
On January 5, 2021, the Company created Volcon
ePowersports, LLC (“Volcon LLC”), a Colorado wholly-owned subsidiary of the Company, to sell Volcon vehicles and accessories
in the United States. Volcon LLC is no longer used for selling vehicles and accessories.
Going Concern
The accompanying interim consolidated financial
statements have been prepared assuming that the Company will continue as a going concern. The Company has recurring losses and has generated
negative cash flows from operations since inception.
In February and March 2024, certain holders of
the May 2023 Convertible Notes issued in May 2023 converted approximately $7.4 million of principal to common stock. In March 2024, the
holders exchanged the remaining May 2023 Convertible Notes of $24.7 million for Series A Convertible Preferred Stock (“Preferred
Stock”) with a $1,000 per share value and an initial conversation price of $133.00 per share for common stock (see Note 10). All
covenants from the Convertible Notes were terminated upon this exchange.
As discussed further in Note 7 below, on May 22,
2024, the Company issued senior notes with an aggregate principal amount of $2,942,170 due May 22, 2025 (the “May 2024 Notes”)
for net proceeds of $2,255,851. The holders of the May 2024 Notes also received fully vested warrants (the “May 2024 Note Warrants”)
to purchase 101,463 shares of the Company’s common stock at an exercise price of $29.00 per share. The May 2024 Note Warrants are
exercisable beginning November 23, 2024 and expire November 23, 2029.
Management anticipates that our cash on hand as
of June 30, 2024 plus the cash expected to be generated from operations will not be sufficient to fund planned operations beyond one year
from the date of the issuance of the financial statements as of and for the three and six months ended June 30, 2024. There can be no
assurance that additional funding, if needed, would be available to the Company on acceptable terms, or at all. These factors raise substantial
doubt regarding our ability to continue as a going concern. The consolidated financial statements do not include any adjustments that
may result should the Company be unable to continue as a going concern.
Nasdaq Compliance
On July 5, 2023, the Company received a notice
from Nasdaq that it was not in compliance with Nasdaq’s Listing Rule 5550(b)(2), which requires that it maintain a market value
of listed securities (“MVLS”) of $35 million. MVLS is calculated by multiplying the Company’s shares outstanding by
the closing price of its common stock. On December 19, 2023, the Company received a notice from Nasdaq that it was not in compliance with
Nasdaq’s Listing Rule 5550(a)(2), as the minimum bid price of its common stock had been below $1.00 per share for 30 consecutive
business days.
On December 26, 2023, the Company was notified
by Nasdaq that it is not in compliance with Nasdaq’s Listing Rule 5810(c)(3)(A)(iii) as the closing bid price of our common stock
had been below $0.10 for ten consecutive trading days from December 11, 2023 through December 22, 2023 and was subject to delisting on
January 2, 2024. On January 4, 2024, the Company received notice from Nasdaq that it did not meet the MVLS requirement and it was subject
to delisting. The Company submitted a hearing request to Nasdaq’s Hearings Department for both of these matters, which stayed the
suspension of the Company’s common stock. The Company participated in a hearing with Nasdaq’s Hearings Department on March
26, 2024 and on April 2, 2024, they informed the Company that the Company has until June 24, 2024 to regain compliance with the above
listing rules.
On June 11, 2024, the Company received a notice
from the Nasdaq that the Company no longer met the minimum 500,000 publicly held shares requirement for Nasdaq and, as such, it no longer
complied with Listing Rule 5550(a)(4). Furthermore, the notice indicated that this matter would serve as an additional basis for delisting
the Company’s securities from Nasdaq, that the Panel would consider this matter in their decision regarding the Company’s
continued listing on Nasdaq, and that the Company should present its views with respect to this additional deficiency to the Panel in
writing no later than June 18, 2024. On June 18, 2024, the Company submitted a letter to Nasdaq notifying them that the Company was in
compliance with Listing Rule 5550(a)(4) due to the issuance of additional shares of common stock from the conversion of Preferred Stock
to common stock by certain Preferred Stockholders.
On July 17, 2024, Nasdaq informed the Company
that it had regained compliance with the above listing rules but will continue to be monitored for ongoing compliance.
Employment Matters
On January 13, 2024, the Company’s Chief
Executive Officer (“CEO”), Jordan Davis, resigned his employment with the Company effective February 2, 2024. The Company
entered into a 30-day consulting agreement with Mr. Davis and paid him $12,500.
On January 30, 2024, John Kim, an independent
board member of the Company signed an employment agreement with the Company to become the CEO effective February 3, 2024. Mr. Kim’s
salary is $800,000 and he has an annual bonus of $250,000. Mr. Kim will also receive 5% of the gross proceeds or other consideration if
the Company completes a sale of substantially all of its assets or otherwise enters into a change of control transaction. Mr. Kim is also
entitled to an equity award equal to 10% of the Company’s fully diluted equity, subject to stockholder approval of an increase in
the shares available under the 2021 Plan or a new equity plan.
On January 30, 2024, Greg Endo, the Company’s
Chief Financial Officer, signed a new employment agreement with the Company. Mr. Endo’s salary will be increased to $300,000 and
he will have an annual bonus of up to 50% of his salary as determined by the compensation committee of the board of directors. Mr. Endo
has agreed to a reduction in the salary to $238,500 through the end of 2024. Mr. Endo will also receive 5% of the gross proceeds or other
consideration if the Company completes a sale of substantially all of its assets or otherwise enters into a change of control transaction.
Mr. Endo is also entitled to an equity award equal to 4% of the Company’s fully diluted equity, subject to stockholder approval
of an increase in the shares available under the 2021 Plan or a new equity plan.
On February 23, 2024, Katherine Hale resigned
her position as Chief Marketing Officer. Ms. Hale was provided a severance amount of $112,500 which was paid out over three monthly installments
beginning in March 2024.
Impact of Russia and Ukraine Conflict
On February 24, 2022, Russia invaded Ukraine. The conflict between Russia and Ukraine could impact the availability of nickel, an element
used in the production of lithium ion cells used in batteries that power our vehicles. The shortage of these cells could have an impact
on our ability to produce vehicles to meet our customers’ demands. In addition, sanctions against Russia could impact the price
of elements, including nickel, that are used in the production of batteries which would result in higher costs to produce our vehicles.
These sanctions have also impacted the U.S. and global economies and could result in an economic recession which could cause a broader
disruption to the Company’s supply chain and distribution network and customer demand for our products.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Unaudited Financial Information
The accompanying interim consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K
for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on March 28, 2024.
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S.
GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC.
Results for the interim periods in this report
are not necessarily indicative of future financial results and have not been audited by our independent registered public accounting firm.
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present
fairly our interim consolidated financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023.
These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited consolidated
financial statements as of December 31, 2023.
Basis of Presentation
The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, transactions and balances have been eliminated
in consolidation.
As discussed in Note 10, the Company
completed a reverse 1
for 100 stock split on June 6, 2024, a reverse 1 for 45 stock split on February 2, 2024 and a reverse 1 for 5 stock split on October 13, 2023. All share and per share amounts
have been adjusted to reflect the impact of these reverse stock splits.
Use of Estimates
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.
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.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include short-term investments
with original maturities of 90 days or less at the date of purchase. The recorded value of our cash and cash equivalents approximates
their fair value. There were no cash equivalents as of June 30, 2024 or December 31, 2023. Restricted cash includes cash restricted as
collateral for the Company’s corporate credit cards.
Revenue Recognition
For sales to dealers or distributors, revenue
is recognized when transfer of control of the product is made as there is no acceptance period or right of return. Revenue is measured
as the amount of consideration the Company expects to receive in exchange for transferring control of vehicles, parts, and accessories.
Beginning in February 2023 the Company began selling the Brat E-Bike and Volcon Youth motorcycles directly to consumers in addition to
dealers. Revenue for direct to consumer sales is recognized when transfer of control of the product is made to the consumer.
Consideration that is received in advance of the
transfer of goods is recorded as customer deposits until delivery has occurred or the customer cancels their order, and the consideration
is returned to the customer. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from
revenue. The Company’s sales do not presently have a financing component.
Sales promotions and incentives. The Company
provides for estimated sales promotions and incentives, which are recognized as a component of sales in measuring the amount of consideration
the Company expects to receive in exchange for transferring goods or providing services. Examples of sales promotion and incentive programs
include rebates, distributor fees, dealer co-op advertising and volume incentives. Sales promotions and incentives are estimated based
on contractual requirements. The Company records these amounts as a liability in the balance sheet until they are ultimately paid. Adjustments
to sales promotions and incentives accruals are made as actual usage becomes known to properly estimate the amounts necessary to generate
consumer demand based on market conditions as of the balance sheet date.
Shipping and handling charges and costs. The
Company records shipping and handling amounts charged to the customer and related shipping costs as a component of cost of goods sold
when control has transferred to the customer.
Product Warranties
The Company provides a one-year warranty on vehicles,
and a two-year warranty on the battery pack. The Company accrues warranty reserves at the time revenue is recognized. Warranty reserves
include the Company’s best estimate of the projected cost to repair or to replace any items under warranty, based on actual warranty
experience as it becomes available and other known factors that may impact the evaluation of historical data. The Company reviews its
reserves quarterly to ensure that the accruals are adequate to meet expected future warranty obligations and will adjust estimates as
needed. Factors that could have an impact on the warranty reserve include the following: changes in manufacturing quality, shifts in product
mix, changes in warranty coverage periods, product recalls and changes in sales volume. Warranty expense is recorded as a component of
cost of goods sold in the statement of operations and is recognized as a current liability.
Inventory and Inventory Deposits
Inventories and prepaid inventory deposits are
stated at the lower of cost (first-in, first-out method) or net realizable value.
Certain vendors require the Company to pay an
upfront deposit before they manufacture and ship the Company’s vehicles, parts or accessories. These payments are classified as
prepaid inventory deposits on the balance sheet until title and risk of loss transfers to the Company, at which time they are classified
as inventory.
Raw materials inventory costs include the cost
of parts, including duties, tariffs and shipping. Work in process and finished goods include the cost of parts, labor and manufacturing
overhead costs associated with the assembly of the vehicle. Finished goods also include accessories for the vehicle and branded merchandise
such as hats and shirts.
Through August 2022 the Company assembled the
Grunt motorcycle in a leased facility. The Company ceased assembly operations at the end of August and outsourced the assembly of the
Grunt to a third party.
The Company transferred substantially all of its raw materials and
work-in-process inventory for the Grunt to the third party manufacturer in the second quarter of 2023. Title to the inventory transferred
to the third party manufacturer and it provides the Company with a credit towards future purchases of the Grunt EVO.
Property and Equipment
Property and equipment are valued at cost. Additions
are capitalized and maintenance and repairs are charged to expense as incurred. Gains and losses on dispositions of equipment are reflected
in operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows:
Schedule of estimated useful lives of the
assets |
|
|
Category |
|
Estimated
Useful Lives |
Machinery, tooling and equipment |
|
3-7 years |
Vehicles |
|
5 years |
Internal use manufactured vehicles |
|
1 year |
Furniture & Fixtures |
|
5 years |
Computers |
|
3 years |
Leasehold improvements are depreciated over the
shorter period of their estimated useful life or term of the lease.
Long-Lived Assets
The Company’s long-lived assets are reviewed
for impairment whenever events or changes in circumstances indicate that the historical carrying cost value of an asset may no longer
be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result
from the asset to the carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment
loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the
long-lived asset.
Leases
Right-of-use (“ROU”) assets represent
the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation
to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on
the estimated present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on
the balance sheet; the Company recognizes lease expenses for these leases on a straight-line basis over the lease term. The Company does
not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease
component associated with that lease component as a single lease component.
ASC 842 defines initial direct costs as only the
incremental costs of signing a lease. Initial direct costs related to leasing that are not incremental are expensed as general and administrative
expenses in our statements of operations.
The Company’s operating lease agreements
primarily consist of leased real estate and are included within ROU assets – operating leases and ROU lease liabilities –
operating leases on the balance sheets. The Company’s lease agreements may include options to extend the lease, which are not included
in minimum lease payments unless they are reasonably certain to be exercised at lease commencement. The Company's leases do not provide
an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in
determining the present value of lease payments.
Research and Development Expenses
The Company records research and development expenses
in the period in which they are incurred as a component of product development expenses.
Income Taxes
Deferred taxes are determined utilizing the “asset
and liability” method, whereby deferred tax asset and liability account balances are determined based on the differences between
financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in
effect when the differences are expected to reverse. The Company provides a valuation allowance, when it's more likely than not that deferred
tax assets will not be realized in the foreseeable future. Deferred tax liabilities and assets are classified as current or non-current
based on the underlying asset or liability or if not directly related to an asset or liability based on the expected reversal dates of
the specific temporary differences.
Fair Value of Financial Instruments
ASC Topic 820 Fair Value Measurements and Disclosures (“ASC Topic 820”) provides a framework for measuring fair value
in accordance with generally accepted accounting principles.
ASC Topic 820 defines fair value
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions
developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market
participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
The fair value hierarchy consists
of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are
described as follows:
|
· |
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. |
|
· |
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
|
· |
Level 3 — Inputs that are unobservable for the asset or liability. |
The following section describes
the valuation methodologies that the Company used to measure different financial instruments at fair value.
Debt
The fair value of the Company’s
debt, which approximated the carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023. Factors that the Company
considered when estimating the fair value of its debt included market conditions, and term of the debt. The level of the debt would be
considered as Level 2.
The Company relies on the guidance
provided by ASC Topic 480, Distinguishing Liabilities from Equity, to classify certain convertible instruments. The Company first
determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification
if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional
obligation that the Company must or may settle by issuing a variable number of its equity shares.
The Company accounts for derivative
instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), and all derivative instruments
are reflected as either assets or liabilities at fair value on the consolidated balance sheets. The Company uses estimates of fair value
to value its derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction
between able and willing market participants. In general, the Company’s policy in estimating fair values is to first look at observable
market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are
used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit
spreads, relying first on observable data from active markets. Depending on the availability of observable inputs and prices, different
valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and
may not be realizable. The Company categorizes its fair value estimates in accordance with ASC Topic 820, based on the hierarchical framework
associated with the three levels or price transparency utilized in measuring financial instruments at fair value as discussed above.
Once the Company determines that a financial instrument
should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability
section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification
if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the
Company accounts for the financial instrument as permanent equity.
Initial Measurement
The Company records its financial
instruments classified as a liability, temporary equity or permanent equity at issuance at the fair value, or cash received.
Subsequent Measurement -
Financial instruments classified as liabilities
The Company records the fair
value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial
instruments classified as liabilities are recorded as other expense/income. The Monte Carlo simulation is used to determine the fair value
of derivatives for instruments with embedded conversion features and for free standing warrants as discussed further in Note 8.
Additional Disclosures Regarding Fair Value
Measurements
The carrying value of cash,
accounts receivable, inventory, other assets, and accounts payable and accrued expenses approximate their fair value due to the short-term
maturity of those items.
Warrant Liabilities and Convertible Liabilities
The fair value of the derivative liabilities and warrant liabilities
is classified as Level 3 within the Company’s fair value hierarchy. Refer to Note 8, Derivative Instruments, for further discussion
of the measurement of fair value of the derivatives and their underlying assumptions.
Stock-Based Compensation
The Company has a stock-based incentive award
plan for employees, consultants and directors. The Company measures stock-based compensation at the estimated fair value on the grant
date and recognizes the amortization of stock-based compensation expense on a straight-line basis over the requisite service period, or
when it is probable criteria will be achieved for performance-based awards. Fair value is determined based on assumptions related to the
fair value of the Company common stock, stock volatility and risk-free rate of return. The Company has elected to recognize forfeitures
when realized.
Concentration Risk
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.
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.
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 $2,070,000 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 $1,400,000. As discussed below, the
Company has written down this inventory to its estimated net realizable value.
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 $633,936
and $483,493
in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $1,117,429
in costs of goods sold for the three and six months ended June 30, 2024.
Recently Issued Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standard Board or other standard setting bodies that the Company adopts as of the specified effective
date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact
on the Company’s financial position or results of operations upon adoption.
NOTE 3 – INVENTORY
Inventory consists of the following:
Schedule of inventory | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 7,557,689 | | |
$ | 6,770,892 | |
Finished goods | |
| 2,028,639 | | |
| 2,202,242 | |
Total inventory | |
$ | 9,586,328 | | |
$ | 8,973,134 | |
As of June 30, 2024, the Company has purchase
commitments for future payments due for inventory of $352,004.
NOTE 4 – LONG – LIVED ASSETS
Property and Equipment
Property and equipment consist of the following:
Schedule of property and equipment | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Machinery, tooling and equipment | |
$ | 282,232 | | |
$ | 1,015,568 | |
Vehicles | |
| 193,670 | | |
| 213,528 | |
Internal use manufactured vehicles | |
| 195,559 | | |
| 22,906 | |
Fixtures & furniture | |
| 90,768 | | |
| 90,768 | |
Leasehold improvements | |
| 44,663 | | |
| 44,663 | |
Computers | |
| 220,588 | | |
| 221,571 | |
| |
| 1,027,480 | | |
| 1,609,004 | |
Less: Accumulated depreciation | |
| (402,314 | ) | |
| (350,397 | ) |
Total property and equipment | |
$ | 625,166 | | |
$ | 1,258,607 | |
Depreciation expense for the three and six months
ended June 30, 2024 was $99,517 and $197,237, respectively. Depreciation expense for the three and six months ended June 30, 2023 was
$53,330 and $103,718, respectively.
NOTE 5 – NOTES PAYABLE
In March 2023, the Company entered into two
financing arrangements to purchase two vehicles. The total principal of these arrangements is $96,024
with interest rates of 11.44%
and 8.63%
and monthly payments totaling $1,923
are due through February 2028 and $908
per month until February 2029. The vehicles are collateral for these arrangements. In February 2024, one of the vehicles was
involved in an accident and was totaled. The note payable associated with this vehicle was paid off with the proceeds received from
the insurance carrier.
The following table provides the maturities of
notes payable as of June 30, 2024:
Schedule of maturities for notes payable | |
| |
Remainder of 2024 | |
$ | 5,451 | |
2025 | |
| 10,898 | |
2026 | |
| 10,898 | |
2027 | |
| 10,898 | |
2028 | |
| 10,898 | |
2029 | |
| 1,816 | |
Total future payments | |
| 50,859 | |
Less: Interest | |
| (11,849 | ) |
Total notes payable | |
| 39,010 | |
Less current portion | |
| (6,784 | ) |
Long-term notes payable | |
$ | 32,226 | |
NOTE 6 - CONVERTIBLE NOTES
On August 24, 2022, the Company issued senior convertible notes (“Convertible Notes”) with an aggregate principal amount
of $27,173,913 due February 24, 2024. The holders of the Convertible Notes also received fully vested warrants (the “Note Warrants”)
to purchase 403 shares of the Company’s common stock at an initial exercise price of $64,125.00 per share. The conversion and warrant
exercise prices were subject to adjustment if the Company declared a stock dividend, stock split or recapitalization. The Company incurred
debt issuance costs of $3,316,409 upon issuance of the Convertible Notes, which includes $616,730 for the fair value of the warrants issued
to the placement agent of the Convertible Notes as further described in Note 10. These debt issuance costs were amortized as additional
interest expense through May 24, 2023 when the Convertible Notes were exchanged as discussed below.
The Company allocated the net proceeds received
from the issuance of the Convertible Notes and Note Warrants based on the relative fair values of each resulting in net proceeds of $15,122,345
being allocated to the Convertible Notes and net proceeds of $6,561,247 being allocated to the Note Warrants which was recorded in equity.
The Company recorded non-cash interest expense through May 24, 2023 to accrete the allocated value of the Convertible Notes using the
effective interest method and an interest rate of 39.6%. Interest expense, including amortization of issuance costs, recorded for the
Convertible Notes for the three and six months ended June 30, 2023 was $1,136,997 and $2,913,632, respectively, prior to the recognition
of the unamortized discount and issuance costs upon issuance of the addition senior convertible notes noted below.
On May 24, 2023, the Company issued additional
Senior Convertible Notes (“New Notes”) with an aggregate principal amount of $4,934,783 due February 24, 2024 to the same
investors of the Convertible Notes. The New Notes had an initial conversion price of $57,150.00 per share of common stock, which was adjusted
to $16,875.00 upon stockholder approval received on August 3, 2023. The conversion price was also subject to further adjustment if the
Company completed an equity or convertible note offering with a price below $16,875.00, or completed a stock split, reverse stock split
or recapitalization where the lowest day’s volume weighted average price (“VWAP”) of the Company’s stock price
is below $16,875.00 in the five days following the stock split, with a floor price of $0.22 (subject to stockholder approval, which was
obtained on August 3, 2023). The conversion price was also subject to further adjustment if the Company completed an equity or convertible
note offering with a price below $16,875.00. The New Notes were issued with an original issue discount of 8.8% and did not bear interest
unless an event of default had occurred, upon which interest accrued at 10% per annum.
The holders of the New Notes also received fully
vested warrants (the “New Warrants”) to purchase 242 shares of the Company’s common stock at an initial exercise price
of $24,525.00 per share. The New Warrants expire August 24, 2027.
The Company incurred debt issuance costs of $586,968
upon issuance of the New Notes and New Warrants. The Company amortized these issuance costs as additional interest expense over the remaining
term of the New Notes.
Concurrent with the issuance of the New Notes,
the Company exchanged the Convertible Notes into two new notes, Series A Notes and Series B Notes both due February 24, 2024 (collectively
the “Exchange Notes” and collectively with the New Notes the “May 2023 Notes”). The aggregate principal amount
of Series A Notes was $3,690,422 and these were convertible into the Company’s common stock at an initial conversion price of $16,875.00
per share. The aggregate principal amount of the Series B Notes was $23,483,491 and were convertible into the Company’s common stock
at an initial conversion price of $24,525.00 which was adjusted to $16,875.00 upon stockholder approval received on August 3, 2023.
In September 2023, the holders of the May 2023
Notes agreed to modify the due date of these notes to January 31, 2025. The Company also executed a security interest to the holders for
substantially all of the assets of the Company.
Events of default for the May 2023 Notes were defined in the note agreements and the Company was in compliance with all covenants until
the May 2023 Notes were exchanged for Series A Convertible Preferred Stock (“Preferred Stock”) on March 4, 2024 as discussed
below.
The fair value of the May 2023 Notes was estimated based on the future cash flows discounted at an interest rate of 14.9%. The May 2023
Notes were recorded at their initial fair values as follows:
Schedule of convertible notes | |
| | |
| |
| |
Fair Value | | |
Principal Amount | |
New Notes | |
$ | 4,410,058 | | |
$ | 4,934,783 | |
Series A Exchange Notes | |
| 3,298,012 | | |
| 3,690,422 | |
Series B Exchange Notes | |
| 20,986,449 | | |
| 23,483,891 | |
Total May 2023 Notes | |
$ | 28,694,519 | | |
$ | 32,109,096 | |
The Company estimated the fair value of the conversion
features of the New Notes, Exchange Notes, New Warrants and Exchange Warrants as of May 24, 2023, as discussed in Note 8 below.
The Company recognized interest expense of $406,353 in the three and six months ended June 30, 2023 for the amortization of debt issuance
costs and the accretion of the discount on the May 2023 Notes.
The Company also exchanged the 403 Note Warrants
with an exercise price of $64,125.00 per share issued with the Convertible Notes in August 2022 for 759 warrants which had an initial
exercise price of $24,525.00 per share (the “Exchange Warrants”) and was adjusted to $16,875.00 per share upon stockholder
approval received on August 3, 2023. The Exchange Warrants expire August 24, 2027.
The conversion prices of the Exchange Notes, and
the exercise prices of the New Warrants and Exchange Warrants (collectively the “May 2023 Warrants”) were subject to further
adjustment in the event that the Company issues additional common stock, stock options, warrants or convertible notes with prices below
the exercise price in effect at the time of issuance, or completes a stock split, reverse stock split or recapitalization where the lowest
day’s VWAP of the Company’s stock price is below the then exercise price in the five days following the stock split with a
floor of $0.22 per share.
The Company evaluated the issuance of the New Notes and Exchange Notes and related warrants and determined that the Convertible Notes
were extinguished based on the conclusion that the terms of the New Notes and Exchange Notes are substantially different from the Convertible
Notes in accordance with ASC 470, Debt. In addition, the Company recognized a loss on the extinguishment of the Convertible Notes
based on the carrying value of the Convertible Notes at the transaction date, plus gross proceeds received from the issuance of New Notes
and New Warrants, less the fair value of the i) New Notes and conversion option, ii) New Warrants, iii) Exchange Notes and conversion
options, and iv) Exchange Warrants. The resulting loss on extinguishment of the Convertible Notes was $22,296,988 (including unamortized
issuance costs of $1,330,296) which was recorded in the three and six-month periods ended June 30, 2023.
The May 2023 Notes contain certain conversion
limitations, providing that no conversion may be made if, after giving effect to the conversion, the holder, together with any of its
affiliates, would own in excess of 9.99% of the Company’s outstanding shares of common stock after giving effect to such conversion.
The Company had the option to force conversion of the Series A and Series B Notes but the weighted average price of the Company’s
common stock did not equal or exceed the amounts specified in the May 2023 Note agreements while these notes were outstanding.
In September 2023, the Company and the holders
of the Exchange Warrants entered into a warrant inducement agreement whereby the Exchange Warrant holders agreed to exercise 69 Exchange
Warrants at a reduced exercise price of $7,875.00 per share. The Company issued the holders 70 warrants (“Reload Warrants”)
with an initial exercise price of $11,250.00 per share. The Reload Warrants are immediately exercisable for unregistered shares of the
Company’s common stock and have the same terms as the May 2023 Warrants and expire August 24, 2027. The Company recognized equity
issuance costs of $216,855 for the issuance of the Reload Warrants.
The May 2023 Warrants and Reload Warrants contained certain conversion limitations, providing that a holder thereof may not exercise such
warrants to the extent that, if after giving effect to such conversion, the holder or any of its affiliates would beneficially own in
excess of 4.99% of the outstanding shares of the Company’s common stock immediately after giving effect to such exercise. The May
2023 Warrants and Reload Warrants provide the holders the right to exercise these warrants on a non-cash basis if the Company does not
have an effective registration statement for the underlying shares of common stock.
Holders of the May 2023 Notes, the May 2023 Warrants
and Reload Warrants do not have voting rights to the extent they have not converted their notes or exercised their warrants.
In September 2023, the Company completed a public
offering and sold 63 shares of common stock at $11,250.00 per share. The holders of the May 2023 Notes waived their right to reduce the
conversion price to the equity issuance price and agreed to reduce the conversion price to $12,375.00 per share. The exercise price of
the May 2023 Warrants was reduced to $11,250.00 per share as a result of the public offering.
On October 13, 2023, the Company completed a 1
for 5 reverse stock split and the lowest day’s VWAP in the five days following the reverse split was $6,160.50 per share and the
conversion price of the May 2023 Notes, and the exercise price of the May 2023 Warrants were reduced to $6,160.50 per share effective
October 20, 2023. On February 2, 2024, the Company completed a reverse 1 for 45 stock split. As a result, the conversion price of the
May 2023 Notes and exercise price of the May 2023 Warrants were subject to adjustment to the lowest day’s VWAP in the five-day period
following the reverse split, which was $186.46 per share effective February 12, 2024.
During the three months ended March 31,
2024, $7,414,025
of principal of the May 2023 Notes were converted into 39,763
shares of common stock. The Company recognized a loss of $333,544
on the conversion including the write off of $55,490
of unamortized debt issuance costs. The remaining principal of the May 2023 Notes of $24,716,118
was exchanged for 24,698
shares of Series A convertible Preferred Stock with a stated value of $1,000 and an initial conversion price of $1.33. The Company
recognized a loss on the exchange of the Convertible Notes for Preferred Stock of $1,314,065,
which includes unamortized issuance costs of $182,009,
in the six months ended June 30, 2024.
As a result of the exchange for Preferred Stock,
the May 2023 Notes are no longer outstanding, there are no remaining covenants related to the May 2023 Notes that the Company must comply
with and the security interest on the assets of the Company has been released by the noteholders. The May 2023 Warrants exercise price
was reduced to $133.00 as a result of this exchange. See further discussion in Note 10.
NOTE 7 - MAY 2024 SENIOR NOTES
On May 22, 2024, the Company issued senior notes with an aggregate principal amount of $2,942,170 due May 22, 2025 (the “May 2024
Notes”) for proceeds before expenses of $2,501,001 (issuance costs were $245,150). The notes were issued with an original issue
discount of 15% and do not bear interest unless an event of default occurs, upon which interest will accrue at 10% per annum. Pursuant
to the terms of the May 2024 Notes, if the Company completes an equity or debt offering while any principal of the May 2024 Notes is outstanding,
thirty percent of the proceeds from such offering are required to be used to repay the outstanding principal of the May 2024 Notes until
they are fully repaid. The holders of the May 2024 Notes also received fully vested warrants (the “May 2024 Note Warrants”)
to purchase 101,463 shares of the Company’s common stock at an exercise price of $29.00 per share. The May 2024 Note Warrants are
exercisable beginning November 23, 2024 and expire November 23, 2029. The number of warrants and the exercise price are subject to adjustment
if the Company declares a stock dividend, stock split or recapitalization.
The Company allocated the net proceeds received
from the issuance of the May 2024 Notes and May 2024 Note Warrants based on the relative fair values of each resulting in net proceeds
of $1,232,651
being allocated to the May 2024 Notes recorded as a current liability in the balance sheet and net proceeds of $1,023,200
being allocated to the May 2024 Note Warrants which was recorded in equity.
Schedule of senior notes | |
| | |
Principal amount | |
$ | 2,942,170 | |
Unamortized discount and issuance costs | |
| (1,525,700 | ) |
Net carrying amount | |
$ | 1,416,470 | |
During the three and six months ended June 30, 2024, the Company recorded non-cash interest expense of $183,819 to accrete the allocated
value of the May 2024 Notes, which includes the amortization of debt issuance costs. As discussed further in Note 15, the May 2024 Notes
were fully repaid on July 12, 2024.
NOTE 8 - DERIVATIVE FINANCIAL INSTRUMENTS AND
WARRANT LIABILITIES
May 2023 Notes and May 2023 Warrants
As discussed in Note 6, the Company recognized
a loss on the extinguishment of the Convertible Notes based on the fair values of the May 2023 Notes including the conversion feature,
and the May 2023 Warrants. The Company determined that there was a derivative liability associated with the conversion features in the
May 2023 Notes due to the conversion price being subject to stockholder approval in the conversion feature. Therefore, the Company separated
the conversion features from the May 2023 Notes and recorded them at fair value and continued to adjust them to fair value until stockholder
approval was received on August 3, 2023 as the conversion price is then only adjusted based on anti-dilutive provisions. The Company also
determined that the May 2023 Warrants were derivative liabilities due to the potential adjustment in the exercise prices being subject
to stockholder approval. Once stockholder approval was received on August 3, 2023, the exercise price of the warrants only adjusts based
on anti-dilutive provisions and they are no longer derivative liabilities
The fair value of the conversion
features and warrant liabilities were calculated using a Monte Carlo simulation and the following assumptions and methodologies:
Schedule of assumptions | |
| | |
| |
| |
May 24, 2023 | | |
August 3, 2023 | |
Conversion Feature Liabilities | |
| | | |
| | |
Company stock price on valuation date | |
$ | 15,750.00 | | |
$ | 12,397.50 | |
Volatility (closing prices of guideline comparable public companies) | |
| 86.3% | | |
| 84.1% | |
Conversion price per share | |
$ | 16,875.00 | | |
$ | 16,875.00 | |
Note term (years) | |
| 0.76 | | |
| 0.56 | |
Risk free interest rate | |
| 5.1% | | |
| 5.4% | |
| |
| | | |
| | |
Warrant Liabilities | |
| | | |
| | |
Company stock price on valuation date | |
$ | 15,750.00 | | |
$ | 12,397.50 | |
Volatility (closing prices of guideline comparable public companies) | |
| 119.2% | | |
| 115.0% | |
Conversion price per share | |
$ | 16,875.00 | | |
$ | 16,875.00 | |
Warrant term (years) | |
| 4.25 | | |
| 4.06 | |
Risk free interest rate | |
| 3.8% | | |
| 4.3% | |
In addition to the above factors, the Company
also used a probability assessment for the initial and August 3, 2023 valuation to evaluate whether stockholder approval would be received
to lower the conversion and exercise prices. The Company utilized a 50/50 assessment that stockholders would or would not approve the
lower conversion and exercise price. Management notes that at the time of the assessment, the stockholder vote had not yet started therefore
there was no data to determine whether one scenario was more likely than another. Since the stockholders approved the lower conversion
and exercise price on August 3, 2023, no probability assessment was used.
Based on the above factors, the estimated fair
value of the Company’s derivative liabilities carried at fair value at May 24, 2023 and August 3, 2023 as follows:
Schedule of fair value of derivative liabilities | |
| | |
| |
| |
May 24, 2023 | | |
August 3, 2023 | |
Conversion Feature - New Notes | |
$ | 663,096 | | |
$ | 557,168 | |
Conversion Feature - Series A Exchange Notes | |
| 970,805 | | |
| 416,672 | |
Conversion Feature - Series B Exchange Notes | |
| 4,324,792 | | |
| 2,651,436 | |
New Warrants | |
| 3,123,682 | | |
| 2,445,244 | |
Exchange Warrants | |
| 9,287,474 | | |
| 7,191,535 | |
Total | |
$ | 18,369,849 | | |
$ | 13,262,055 | |
The Company recognized a gain of $5,792,788 for
the change in the fair values of the conversion features of the May 2023 Notes and the New Warrants and Exchange Warrants from the period
from May 24, 2023 to June 30, 2023.
On August 3, 2023, stockholders approved the adjustment
of the conversion price of the New Notes and Exchange Notes and the exercise price of the New Warrants and Exchange Warrants. The conversion
and exercise prices can adjust to a floor of $0.22 per share based on certain events defined in the agreements related to these instruments.
The Company concluded that as of August 3, 2023, the conversion feature of the May 2023 Notes and the May 2023 Warrants are no longer
derivative liabilities and reclassified them to equity on August 3, 2023. The Company recognized a gain of $5,107,794 for the change in
the fair values of the conversion features of the May 2023 Notes for the year ended December 31, 2023, inclusive of the gain recognized
as of June 30, 2023.
Series A and Series B Warrants
As discussed in Note 10 below, the Company issued Series A and Series
B Warrants (the “November 2023 Warrants”) in connection with the sale of common units and pre-funded warrant units. Under
the terms of the November 2023 Warrants, the number and exercise price are subject to adjustment if the Company completes certain transactions
specified in these warrant agreements. In addition, the Series A Warrants have a cashless exercise provision, if approved by stockholders,
that would allow holders to cashless exercise one warrant for three shares of the Company’s common stock. Such adjustments were
subject to stockholder approval (which was received on January 12, 2024) and are further described in Note 10.
The Company has determined that these warrants
should be classified as liabilities and has used a Monte Carlo simulation to estimate the fair value. The following assumptions were used
in the valuations:
Schedule of warrants assumptions | |
| |
| |
December 31, 2023 | |
| |
| |
Company stock price on valuation date | |
$ | 4.46 | |
Volatility | |
| 141.4% | |
Risk free interest rate | |
| 3.78% | |
Dividend yield | |
| 0.00% | |
Warrant term (years) | |
| 4.9 | |
Time to future transaction (years) | |
| 0.63 | |
Future transaction probability | |
| 75% | |
In addition to the above factors, the Company
also used a probability assessment for the initial and December 31, 2023 valuation to evaluate whether stockholder approval would be received
on January 12, 2024 to lower the conversion and exercise prices. Management notes that at the time of the assessment, the stockholder
vote had not yet started but there was a requirement in the offering that the board of directors, management, and a significant stockholder
vote in favor of these adjustments which included approximately 20.1% of the shares outstanding as of the transaction date. Further, significant
investors in the transaction held shares acquired prior to the record date for eligible stockholders to vote. Although these same investors
could not vote the shares received in the November 17, 2023 offering, they could abstain from voting those shares for the stockholder
vote and such shares would count towards whether a quorum of shares was received to hold the special meeting for the stockholder approval.
Finally, management notes that approval was overwhelmingly positive to adjust the conversion price for the May 2023 Notes and May 2023
Warrants and exercise prices. The Company concluded that it was 100% likely that stockholders would approve the provisions to adjust the
number of warrants and exercise price.
Based on the above factors, the estimated fair
value of the Series A and Series B Warrant liabilities at December 31, 2023 is as follows:
Schedule of estimated fair value of warrant
liabilities | |
| |
| |
December 31, 2023 | |
Series A Warrant | |
$ | 0.2970 | |
Series B Warrant | |
$ | 0.0799 | |
The Company allocated the gross proceeds from
the issuance of the common units and pre-funded warrant units based on the relative fair values from the November 17, 2023 valuation resulting
in a value of $10,990,530 and $3,345,961 being allocated to the Series A and Series B warrants, respectively. An allocation of the issuance
costs from the offering was made based on the relative fair values of the common stock, pre-funded warrants, Series A and Series B warrants
and issuance costs of $1,451,249 that were allocated to the Series A and Series B Warrants were expensed in the fourth quarter of 2023.
Subsequent to the approval by stockholders of the cashless exercise
provision of the Series A Warrant, the fair value of each Series A Warrant is the value of three shares of the Company’s common
stock. Based on the closing price of the Company’s common stock on June 28, 2024 of $4.28, the fair value of each Series A Warrant
is $12.84 and based on the total number of warrants outstanding of 5,527, the warrant liability for Series A Warrants is $70,970 at June
30, 2024
As discussed in Note 10 below, on May 17, 2024, certain terms of the
Series B Warrants were amended, including a cashless exercise provision, which resulted in the Series B warrants no longer being liabilities.
The fair value of each Series B warrant is the value of the closing stock price of the Company times 0.81, the cashless exercise exchange
ratio. Based on the closing price of the Company’s common stock on May 17, 2024 of $28.90, the fair value of each Series B Warrant
is $23.41. A gain of $5,096,488 and a loss of $2,174,673 was recognized in the three and six months ended June 30, 2024, respectively,
for the change in fair value of the Series B Warrants. The fair value of the Series B Warrants of $ 3,405,662 as of May 17, 2024 was reclassified
to equity.
As discussed in Note 10, certain holders of the
Series A and Series B Warrants exercised their warrants. The Company reclassified the fair value of the Series A Warrants exercised on
a cashless basis to stockholders equity. The Company recognized a gain of $165,355 from the exercise of the Series B Warrants based on
the proceeds received from the exercise and the estimated fair value of the Series B Warrants on the date of exercise.
The following represents the activity associated
with the Series A and Series B Warrants for the six
months ended June 30, 2024:
Schedule of derivative activity | |
| | |
| | |
| |
| |
Series A | | |
Series B | | |
Total | |
Fair value on December 31, 2023 | |
$ | 4,705,245 | | |
$ | 1,265,822 | | |
$ | 5,971,067 | |
Loss on changes in fair value | |
| 12,718,378 | | |
| 2,174,673 | | |
| 14,893,051 | |
Exercise of warrants | |
| (17,352,653 | ) | |
| (34,833 | ) | |
| (17,387,486 | ) |
Reclassification to equity | |
| – | | |
| (3,405,662 | ) | |
| (3,405,662 | ) |
Balance at June 30, 2024 | |
$ | 70,970 | | |
$ | – | | |
$ | 70,970 | |
NOTE 9 – RELATED PARTY TRANSACTIONS
During 2022, the Company issued purchase orders
and made prepayments for prototype parts of $21,860 to a vendor that Pink Possum, LLC (“Pink Possum”), an entity controlled
by Mr. Okonsky, one of the Company’s founders, Chairman of the Board and former Chief Technology Officer, holds an equity interest
of 25% as of June 30, 2024. This vendor is not expected to provide additional prototype or production parts for the Stag.
In November 2020 and February 2021, the Company
entered into an operating lease with an entity controlled by the Company’s two founders for its future headquarters and production
facility in Liberty Hill, Texas. In October 2021, the Company began discussions for an additional amendment to the lease, in anticipation
of manufacturing the Stag at this location, which would have resulted in the monthly payment of $100,000 for the first year of the lease
and increasing annually throughout the term of the lease to $107,000 in the final year. Monthly payments for the initial lease and the
amended agreement would have begun at the time a certificate of occupancy was received by the landlord. No monthly rent payments were
made on these leases.
On April 27, 2022, the Company informed the landlord
that it would be terminating the lease. On May 27, 2022, the landlord notified the Company that the landlord would refund $85,756 of the
prepaid rent and security deposit balance of $601,818 paid by the Company and the Company recognized a loss on the unrefunded prepaid
rent and security deposit amount in 2022. In October 2023, the landlord notified the Company that there were additional costs that exceeded
the amount of the refund, and the landlord released the Company from paying any amounts in excess of the original expected refund. The
landlord also released the Company from any remaining obligations under the lease and amendments. The Company recognized a loss on the
termination of this lease of $85,756 in the year ended December 31, 2023.
On August 28, 2020, the Company entered into consulting
agreements with Pink Possum, LLC (“Pink Possum”) an entity controlled by Mr. Okonsky, and Highbridge Consultants, LLC (“Highbridge”),
an entity controlled by Mr. Adrian James, a co-founder of the Company, pursuant to which Messrs. Okonsky and James provide the Company
with services in exchange for warrants. On March 26, 2021 and March 25, 2021, respectively, Pink Possum and Highbridge entered into amendments
to the consulting agreements agreeing to exchange the original warrants for new ten-year warrants to purchase 212 and 278 shares, respectively,
of common stock at an exercise price of $22,050.00. The Highbridge warrants were fully exercised on a cashless basis in 2021 and the Pink
Possum warrants remain outstanding as of June 30, 2024.
In addition, pursuant to the consulting agreements,
upon the occurrence of a Fundamental Transaction (as defined below) for an aggregate gross sales price of $100.0 million or more, each
entity will receive a cash payment equal to 1% of such gross sales price. For the purposes of the consulting agreements, “Fundamental
Transaction” means any of the following: (i) a consolidation or merger involving the Company if the holders of the voting securities
of the Company that are outstanding immediately prior to the consummation of such consolidation or merger do not, immediately after the
consummation of such consolidation or merger, hold voting securities that collectively possess at least a majority of the voting power
of all the outstanding securities of the surviving entity of such consolidation or merger or such surviving entity’s parent entity;
(ii) a transfer or issuance (in a single transaction or series of related transactions) by one or more of the Company and its stockholders
to one person or to any group of persons acting in concert, of shares of the Company’s capital stock then collectively possessing
50% or more of the voting power of all then outstanding shares of the Company’s capital stock (computed on an as-converted to common
stock basis); or (iii) any sale, license, lease, assignment or other disposition of all or substantially all of the assets of the Company.
Furthermore, commencing upon the completion of the Company’s initial public offering of the shares of our common stock, if the Company’s
market capitalization exceeds $300.0 million for a period of 21 consecutive trading days, each of the entities will receive an additional
cash payment equal to $15.0 million; provided that the Company will have the right, in its sole discretion, to make the foregoing $15.0
million payment by the issuance of shares of the Company’s common stock. The foregoing amounts will be payable to the entities if
the above milestones occur any time prior to the ten-year anniversary of the original consulting agreements, or August 28, 2030.
In December 2022, the Company entered into an
employment agreement with Mr. Okonsky whereby Mr. Okonsky became an employee on January 2, 2023 with an annual salary of $170,000 and
healthcare and other benefits that are also provided to all Company employees. The consulting agreement with Pink Possum was terminated
upon execution of the employment agreement. However, the warrants to Pink Possum, and the provisions for a Fundamental Transaction and
the market capitalization thresholds and related payments owed to Pink Possum if these were to occur remain in effect subsequent to the
employment agreement. Mr. Okonsky informed the Company on January 27, 2024 that he would resign his employment and forfeit his salary
and benefits effective February 1, 2024.
In March 2024, the Company entered into a consulting
agreement with Mr. Okonsky and he is entitled to a monthly fee of $5,000 and payment of 1% of the gross proceeds from any merger, sale
or change of control transaction (as determined by the board of directors) entered by the Company for a period of up to 6 months following
the termination of the consulting agreement. The consulting agreement has a 24 month term and is cancelable by either party with 30 days
notice. This consulting agreement terminates any remaining provisions of the Pink Possum agreement noted above other than the warrants
remain outstanding.
NOTE 10 – STOCKHOLDERS’ EQUITY
On June 14, 2023, the Company’s stockholders
approved an increase in the Company’s authorized shares of common stock from 100,000,000 to 250,000,000. In addition, the Company
is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.00001. The specific rights of the preferred stock, when
so designated, shall be determined by the board of directors.
On October 13, 2023, the Company completed a reverse
1 for 5 stock split. On February 2, 2024, the Company completed a reverse 1 for 45 stock split. On June 6, 2024, the Company completed
a reverse 1 for 100 stock split. Any fractional shares as a result of the reverse stock splits were rounded up to one full share of common
stock.
Common Stock
On May 24, 2023, the Company sold 267 shares of
its common stock in a public offering at $16,875.00 per share. The Company received net proceeds of $3,998,685 after underwriter commissions
and expenses of $501,300.
On September 18, 2023, the Company sold 63 shares
of its common stock in a public offering at $11,250.00 per share. The Company received net proceeds of $571,400 after underwriter commissions
and expenses of $128,600. The underwriter was also issued a warrant to purchase 13 shares of the Company’s common stock at an exercise
price of $14,062.50 per share that expires 5.5 years from the date of issuance. The underwriter agreement provided the underwriter with
a right of first refusal for any additional securities third parties offerings within twelve months of this offering.
As discussed in Note 6 above, on May 24, 2023
the Company issued the May 2023 Notes and May 2023 Warrants, along with the warrants to the placement agent in August 2022 with the issuance
of the Convertible Notes. The Company received consent from the underwriter to issue such securities. In addition, the Company was required
to reserve 4,806 shares of common stock for future issuance of shares for the conversion of the May 2023 Notes and exercise of the May
2023 Warrants and 27 shares for the exercise of the placement agent warrants.
Series A Convertible Preferred Stock
On March 4, 2024, the Company designated 25,000
shares of preferred stock as Series A Convertible Preferred Stock with a par value of $0.00001 per share and exchanged the remaining May
2023 Notes (principal of $24,694,670) for Preferred Stock. For each $1,000 of May 2023 Note principal, one share of Preferred Stock was
issued with a stated value of $1,000, and any principal held by an investor below $1,000 was granted one additional share of Preferred
Stock. A total of 24,698 shares were issued in connection with the exchange. The Preferred Stock is initially convertible into share of
the Company’s common stock at $133.00 per share. Conversion of Preferred Stock to common stock of the Company by the holders of
the Preferred Stock is limited based on ownership restrictions of either 4.99% or 9.99%. The conversion price is subject to adjustment
for anti-dilution provisions with an initial floor of $98.00 per share, subject to adjustment to $50.00 per share if stockholder approval
is received. The stockholders approved this adjustment at the 2024 annual meeting held on May 28, 2024.
The Preferred Stock conversion price per share
is subject to adjustment in the event of a stock split based on the lowest 5-day daily VWAP in the five days subsequent to the completion
of a stock split. As a result of the reverse stock split completed on June 6, 2024, the conversion price of the Preferred Stock was adjusted
to $6.4486.
Through June 30, 2024, holders of Preferred Stock
converted $18,323,008 in stated value (18,323 preferred shares) for 1,244,081 shares of common stock. Subsequent to June 30, 2024, all
of the remaining Preferred Stock was converted to common stock resulting in 988,069 shares of common stock being issued.
November 2023 Common Units and Pre-Funded Warrant Units
On November 17, 2023, the Company sold (i) 740
common units (“Common Units”), each consisting of one share of the Company’s common stock, a Series A warrant to purchase
one share of common stock at an initial exercise price of $2,475.00 per share or pursuant to an alternative cashless exercise option (described
below), which warrant will expire on the five-year anniversary of the original issuance date (the “Series A Warrants”) and
a Series B warrant to purchase one share of common stock at an initial exercise price of $3,780.00 per share, which warrant will expire
on the five-year anniversary of the original issuance date (the “Series B Warrants” and together with the Series A Warrants,
the “Warrants”); and (ii) 8,785 pre-funded units (the “Pre-funded Units” and together with the Common Units, the
“Units”), each consisting of one pre-funded warrant to purchase one share of common stock (the “Pre-funded Warrants”),
a Series A Warrant and a Series B Warrant. The purchase price of each Common Unit was $1,890.00, and the purchase price of each Pre-Funded
Unit was $1,889.96. The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until all of the Pre-Funded
Warrants are exercised in full. As of December 31, 2023, 8,047 of the Pre-Funded Warrants were exercised and the remaining Pre-Funded
Warrants were exercised by January 9, 2024.
In addition, the Company granted the underwriter
a 45-day option to purchase additional 1,429 shares of common stock and/or Pre-Funded Warrants, representing up to 15% of the number of
common stock and Pre-Funded Warrants sold in the Public Offering, and/or additional 188 Series A Warrants representing up to 15% of the
Series A Warrants sold in the Public Offering, and/or additional 188 Series B Warrants representing up to 15% of the Series B Warrants
sold in the Public Offering solely to cover over-allotments, if any. The underwriter partially exercised its over-allotment option with
respect to 188 Series A Warrants and Series B Warrants. A total of 3,522 each of Series A and B Warrants were issued in the transaction.
The net proceeds were approximately $16.2 million (gross proceeds of $18.0 million less fees and expenses of $1.8 million). The gross
proceeds and transaction cost were allocated to each of the instruments issued in the offering at their estimated relative fair values.
Transaction costs totaling $1,444,547 related to the Series A and Series B Warrants were expensed since these warrants were determined
to be liabilities and recorded at their estimated fair values (see Note 8).
Series A Warrants
Each Series A Warrant has an initial exercise
price per share equal to $2,475.00, was immediately exercisable upon issuance, and will expire on the five-year anniversary of the original
issuance date, or November 17, 2028.
Share Combination Event Adjustments
Conditioned upon the receipt
of the Warrant Stockholder Approval at a required special meeting of stockholders (“Special Meeting”), if at any time on or
after the date of issuance there occurs any share split, share dividend, share combination, recapitalization or other similar transaction
involving the Company’s common stock (collectively a “Share Event”) and the lowest daily VWAP during the five consecutive
trading days prior to the date of such event and the five consecutive trading days after the date of such event is less than the exercise
price then in effect, then the exercise price of the Series A Warrant shall be reduced to the lowest daily VWAP during such period and
the number of warrant shares issuable shall be increased such that the aggregate exercise price payable thereunder, after taking into
account the decrease in the exercise price, shall be equal to the aggregate exercise price on the date of issuance. Approval of this adjustment
by the stockholders was made on January 12, 2024.
Cashless Exercise
If at the time a holder exercises its Series A
Warrants, a registration statement registering the issuance of the shares of common stock underlying the Series A Warrants under the Securities
Act is not then effective or available and an exemption from registration under the Securities Act is not available for the issuance of
such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate
exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common
stock determined according to a formula set forth in the Series A Warrants.
Conditioned upon the receipt of the Warrant Stockholder
Approval at a required Special Meeting, a holder of Series A Warrants may also provide notice and elect an “alternative cashless
exercise” pursuant to which they would receive an aggregate number of shares equal to the product of (x) the aggregate number of
shares of common stock that would be issuable upon a cash exercise of the Series A Warrant and (y) 3.0. Approval of this adjustment by
the stockholders was made on January 12, 2024.
As discussed above, the Company completed a 1
for 45 reverse stock split on February 2, 2024. Prior to this reverse split, 18,941 Series A Warrants were exercised under the alternative
cashless exercise provision in the period from January 1, 2024 to February 2, 2024. As a result of the 1 for 45 reverse stock split, the
total number of Series A Warrants and exercise price for the remaining warrants was adjusted per the provisions of a Share Event and the
total number of Series A Warrants became 3,979,955 and the exercise price became $1.8646. A total of 3,937,910 of the Series A Warrants
were exercised under the alternative cashless exercise provision subsequent to this reverse stock split and 42,045 remained outstanding
prior to the June 6, 2024 reverse stock split.
The Company completed a 1 for 100 reverse stock
split on June 6, 2024. As a result of this reverse stock split, the total number of Series A Warrants and exercise price for the remaining
warrants was adjusted per the provisions of a Share Event and the total number of Series A Warrants became 12,156 and the exercise price
became $6.4486.
As of June 30, 2024, 5,527 Series A Warrants remain
outstanding.
Series B Warrants
Each Series B Warrant offered has an initial exercise
price per share equal to $3,780.00, was immediately exercisable upon issuance, and will expire on the five-year anniversary of the original
issuance date, or November 17, 2028.
Anti-Dilution Provisions
Subject to certain exemptions
outlined in the Series B Warrant, for the life of the warrant, if the Company sells, enters into an agreement to sell, or grants any option
to purchase, or sells, enters into an agreement to sell, or grants any right to reprice, or otherwise disposes of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any common stock or convertible security, at an effective price
per share less than the exercise price of the Series B Warrant then in effect (a “Dilutive Issuance”), the exercise price
of the Series B Warrant will be reduced to an amount equal to the lowest daily VWAP during the period commencing five consecutive trading
days following the Dilutive Issuance, subject to a floor price of $13.00; provided that upon the receipt of the Warrant Stockholder Approval
at a required Special Meeting (approved on January 12, 2024), the floor price will be removed and, upon a Dilutive Issuance, the number
of shares issuable upon exercise of the Series B Warrant shall be proportionally adjusted so that the aggregate exercise price of the
Series B Warrant shall remain unchanged.
In addition, conditioned upon the receipt of the
Warrant Stockholder Approval at the Special Meeting (approved on January 12, 2024), for the life of the Series B Warrant, the Company
may voluntarily reduce the exercise price of the Series B Warrant. The Company refers to this price adjustment feature as the “Voluntary
Adjustment Provision”.
Share Combination Event Adjustments
Conditioned upon the receipt of the Warrant Stockholder
Approval (approved on January 12, 2024), if at any time on or after the date of issuance there occurs any share split, share dividend,
share combination, recapitalization or other similar transaction involving the Company’s common stock (collectively a “Share
Event”) and the lowest daily VWAP during the five consecutive trading days prior to the date of such event and the five consecutive
trading days after the date of such event is less than the exercise price then in effect, then the exercise price of the Series B Warrant
shall be reduced to the lowest daily VWAP during such period and the number of warrant shares issuable shall be increased such that the
aggregate exercise price payable thereunder, after taking into account the decrease in the exercise price, shall be equal to the aggregate
exercise price on the date of issuance.
As a result of the reverse 1 for 45 stock split
completed on February 2, 2024, the total number of Series B Warrants and exercise price for the remaining warrants was adjusted per the
provisions of a Share Event and the total number of Series B Warrants became 71,371 and the exercise price became $186.46. A total of
700 of the Series B Warrants were exercised for proceeds of $130,522 and 70,671 remained outstanding as of March 4, 2024, when the Company
exchanged the May 2023 Notes for Series A Convertible Preferred Stock with a conversion price of $133.00 per share, as discussed above.
As a result of this exchange, the Series B Warrant amounts and exercise price were further adjusted based on the Anti-Dilution Provisions
and the new number of Series B Warrants is 145,461 and the exercise price is $90.59.
On May 17, 2024, the Company entered into separate
warrant amendment agreements (collectively, the “Warrant Amendment”) with the holders of a majority-in-interest of the holders
of the Company’s Series B warrants issued November 2023. Pursuant to the Warrant Amendment, all outstanding Series B Warrants were
amended to delete the following sections: (i) a provision providing for the adjustment of the exercise price and number of shares issuable
pursuant to the Series B Warrants if the Company completed a future offering at a price per share less the exercise price of the Series
B Warrants then in effect; and (ii) a provision providing for the adjustment of the exercise price and number of shares issuable pursuant
to the Series B Warrants if price of the Company’s common stock after the completion of a share split, share dividend, share combination,
recapitalization or other similar transaction is less the exercise price of the Series B Warrants then in effect. In addition, the Warrant
Amendment provides that the holders may also exercise the Series B Warrants on a cashless basis and receive an aggregate number of shares
equal the product of the aggregate number of shares of common stock that would be issuable upon exercise of the Series B Warrants by means
of a cashless exercise rather than a cash exercise, multiplied by 0.81.
On May 17, 2024, after giving effect to the Warrant
Amendment, the Company and certain holders of Series B Warrants to purchase an aggregate of 137,770 shares of common stock (the “Holders”)
entered into separate exchange agreements (the “Agreements”) pursuant to which the Company agreed to exchange the Series B
Warrants held by the Holders for shares of Company common stock (or, at the option of the Holder, pre-funded warrants) at a ratio of 0.81
shares of Company common stock (or, at the option of the Holder, pre-funded warrants) for each whole Series B Warrant. A total of 73,421
pre-funded warrants with an exercise price of $0.001 and 38,179 shares of common stock were issued to the Holders.
As of June 30, 2024, 1,079 Series B Warrants remain
outstanding and all of the pre-funded warrants have been fully exercised.
Other Warrants
As discussed in Note 6, the Company issued the
Note Warrants, which were fully vested, to purchase 403 shares of the Company’s common stock at an initial exercise price of $64,125.00.
The Note Warrants expire August 24, 2027. Also, the Company issued to the placement agent of the Convertible Notes, fully vested warrants
to purchase 27 shares of the Company’s common stock at an exercise price of $80,156.25. The warrants were not exercisable until
February 24, 2023 and expire on February 24, 2028. The Company valued all of these warrants using the closing price of the Company’s
common stock on August 24, 2022 of $54,900.00, volatility of 79.81% based on peer companies, risk free interest rate of 3.03%, no dividends
and an estimated life of 2.5 years.
In May 2023, all of the Note Warrants to purchase
403 shares of the Company’s common stock were exchanged for Exchange Warrants to purchase 759 shares of the Company’s common
stock with an initial exercise price of $24,525.00 per share (which was adjusted to $16,875.00 per share upon stockholder approval which
was received on August 3, 2023). The Exchange Warrants expire August 24, 2027. Also in May 2023, in connection with the issuance of the
New Notes, the Company also issued New Warrants (together with the Exchange Warrants the “May 2023 Warrants”) to purchase
242 shares of common stock at an initial exercise price of $24,525.00 (which was adjusted to $16,875.00 per share upon stockholder approval
which was received on August 3, 2023). The exercise price of the May 2023 Warrants were further adjusted due to the reverse 1 for 5, 1
for 45 and 1 for 100 reverse stock splits completed in October 2023, February 2024 and June 2024, and for the issuance of the Preferred
Stock discussed above. The exercise price for the May 2023 Warrants as of June 30, 2024 are $6.4486.
As noted below, 69 of the Exchange Warrants were
exercised at a price of $7,875.00 per share and 69 Reload Warrants were issued with an exercise price of $11,250.00 per share. In October
2023, the Reload warrant exercise price was reduced to $6,160.50. The Reload warrants expire August 24, 2027. Due to the reverse 1 for 100 stock split completed in June 2024, the exercise price of the Reload Warrants was adjusted to $6.4486.
On October 13, 2023, the Company entered into
an amendment (the “Amendment”) to its Stag UTV development and Stag supplier agreements with GLV Ventures (“GLV”).
Pursuant to the Amendment, GLV agreed to provide the Company with extended payment terms and provide the Company with credit against new
vehicles for the value of certain parts purchased by the Company. In consideration for entering into the Amendment No. 1, the Company
agreed to issue GLV (or its designee) five-year warrants to purchase 90 shares of Company common stock with an exercise price of $9,450.00
per share, which was equal to the closing price of the Company’s common stock on the date of the Amendment No. 1, 45 shares were
fully vested upon issuance and the remaining warrants vested 45 days from the issuance date.
Warrant Inducements
On October 13, 2023, the Company
entered into an inducement offer letter agreement (the “Inducement Letter”) with the three holders (each, a “Holder”)
of the May 2023 Warrants. The Company agreed to reduce the exercise price of up to 217 to the lesser of (i) $7,875.00 (after giving effect
to the stock splits noted above) and (ii) the exercise price in effect at the time of exercise of the Existing Warrants if further adjusted
in accordance with the terms of the May 2023 Warrants ($6,160.50 per share after adjustment for the lowest day’s VWAP for the five
days following the reverse stock split). The reduction of the exercise price of such Existing Warrants remained in effect until October
27, 2023 (the “Inducement Period”). In addition, pursuant to the Inducement Letter, the Holders who exercise such Existing
Warrants for cash on or prior to October 27, 2023 would receive a new warrant (“Reload Warrant”) to purchase the same number
of shares of common stock equal to the number of shares of common stock exercised and at the same exercise price as the Existing Warrants.
The exercise price for any Warrants not exercised prior to the end of the Inducement Period would not result in a change in the exercise
price under the original terms of the Existing Warrants. The Holders exercised 25 warrants of the 217 warrants available for exercise.
Due to the reverse 1 for 100 stock split completed in June 2024, the exercise price of the remaining Existing Warrants not exercised in
this inducement and the Reload Warrants granted for the Existing Warrants exercised were adjusted to $6.4486.
On October 29, 2023, in an effort
to raise cash, the Company entered into an inducement offer letter agreement (the “Inducement Reprice Letter”) with the Holders
of the Company’s May 2023 Warrants. Pursuant to the Inducement Reprice Letter, in exchange for an aggregate cash payment of $346,500,
the Company reduced the exercise price with respect to May 2023 Warrants exercisable into an aggregate of 78 shares of common stock from
$6,160.50 per share to $45.00 per share. On January 10, 2024, the Holders exercised these warrants.
As discussed in Note 7, the Company issued the
May 2024 Note Warrants on May 22, 2024, which are fully vested, to purchase 101,463 shares of the Company’s common stock at an exercise
price of $29.00. The Note Warrants are initially exercisable on November 23, 2024 and expire on November 23, 2029. The Company valued
these warrants using the closing price of the Company’s common stock on May 22, 2024 of $22.00, volatility of 155.00% the Company’s
historical volatility, risk free interest rate of 4.47%, no dividends and a life of 5.5 years.
The following is the activity related to common
stock warrants during the six months ended June 30, 2024:
Schedule of warrant activity | |
| | |
| | |
| | |
| |
| |
Common Stock Warrants | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 56,142 | | |
$ | 248.30 | | |
| | | |
| | |
Granted | |
| 319,739 | | |
$ | 42.00 | | |
| | | |
| | |
Canceled | |
| – | | |
$ | – | | |
| | | |
| | |
Expired | |
| – | | |
$ | – | | |
| | | |
| | |
Exercised | |
| (266,599 | ) | |
$ | 50.46 | | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 109,282 | | |
$ | 127.35 | | |
| 5.32 | | |
$ | – | |
Exercisable at June 30, 2024 | |
| 7,821 | | |
$ | 1,403.18 | | |
| 4.31 | | |
$ | – | |
NOTE 11 – STOCK-BASED COMPENSATION
In January 2021, the Company’s board of
directors adopted the Volcon, Inc. 2021 Stock Plan, (the “2021 Plan”). The 2021 Plan is a stock-based compensation plan that
provides for discretionary grants of stock options, stock awards, and restricted stock unit awards to employees, members of the board
of directors and consultants (including restricted stock units issued prior to the adoption of the plan as further discussed below). The
Company has reserved 312 shares of the Company’s common stock for issuance under the 2021 Plan. To the extent that an award, if
forfeitable, expires, terminates or lapses, or an award is otherwise settled in cash without the delivery of shares of common stock to
the participant, then any unpaid shares subject to the award will be available for future grant or issuance under the 2021 Plan. Shares
available for issuance under the 2021 Plan as of June 30, 2024, were 122 shares. Awards vest according to each agreement and as long as
the employee remains employed with the Company or the consultant continues to provide services in accordance with the terms of the agreement.
Restricted Stock Units
There were no restricted stock units
outstanding in 2024 and no expense was recognized for any period of 2024. In February 2023, 2 RSUs were subject to cancellation due
to termination of employment. However, the Company entered into a modification to allow the employee to fully vest in these RSUs as
part of a severance agreement. The Company recorded additional expense of $31,487 during the six months ended June 30, 2023 related
to this modification.
For the three and six months ended June 30, 2023,
the Company recognized expense for RSUs of $23,550 and $77,323, respectively.
Performance Shares
In 2022 the compensation committee approved reserving
12 shares from the 2021 Plan to issue based on achievement of the Company’s 2022 performance milestones to employees who are employed
in 2022 and were active employees on the date of approval in 2023 by the compensation committee. On February 6, 2023 the compensation
committee of the board of directors approved a grant of 7 shares (7 were issued due a forfeiture of 1 share and 1 share withheld for payment
of employee withholding taxes) for the achievement of some of the Company’s 2022 performance milestones. The Company recognized
share-based compensation expenses of $257,717 related to the grant of these shares in the six months ended June 30, 2023.
In addition, the compensation committee also approved reserving 12
shares from the 2021 Plan to issue to employees based on achievement of the Company’s 2023 performance milestones to employees who
were employed in 2023 and are active employees on the date of approval in 2024 by the compensation committee. No shares were approved
for grant by the compensation committee for 2023 performance milestones.
Stock Options
The following summarizes activity relating to
common stock options to employees and consultants for services during the six months ended June 30, 2024:
Schedule of stock option activity | |
| | |
| | |
| | |
| |
| |
Common Stock Options | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in years | | |
Intrinsic Value | |
Outstanding at January 1, 2024 | |
| 243 | | |
$ | 44,352.41 | | |
| | | |
| | |
Granted | |
| 1 | | |
$ | 450.00 | | |
| | | |
| | |
Forfeited | |
| (41 | ) | |
$ | 77,498.78 | | |
| | | |
| | |
Canceled | |
| (50 | ) | |
$ | 27,720.00 | | |
| | | |
| | |
Outstanding at June 30,2024 | |
| 153 | | |
$ | 40,618.53 | | |
| 8.13 | | |
$ | 0 | |
Exercisable at June 30, 2024 | |
| 93 | | |
$ | 56,968.55 | | |
| 7.64 | | |
$ | 0 | |
The Company valued the options using the closing
stock price of the Company’s common stock on the date of grant and the following assumptions:
Schedule of assumptions | |
| | |
| |
| |
2024 | | |
2023 | |
Volatility (based on the Company’s volatility in 2024 and peer companies in 2023) | |
| 170% | | |
| 79% - 83% | |
Risk free interest rate | |
| 4.5% | | |
| 3.54% - 4.77% | |
Dividends | |
| None | | |
| None | |
Estimated life in years | |
| 6 | | |
| 6 | |
During the three and six months ended June 30,
2024, the Company recognized share-based compensation (benefit) expense of $287,751 and $285,829, respectively, related to common stock
options. The share-based compensation for the three and six months ended June 30, 2024 includes a net benefit of $1,922 for the three
months ended March 31, 2024 primarily due to forfeiture of unvested stock options from employees who terminated during the period ended
March 31, 2024, which offset the expense from stock options outstanding for current employees. During the three and six months ended June
30, 2023 the Company recognized share-based compensation expenses of $601,844, and $1,605,504, respectively, related to common stock options.
The Company will not recognize any additional stock compensation expense for outstanding awards at June 30, 2024 as all remaining expense
for unvested options was recognized as of June 30, 2024 as it was not significant.
Total stock-based compensation recorded for the
three and six months ended June 30, 2024 and 2023 for all stock-based compensation awards, including warrants, has been recorded as follows:
Schedule of stock-based compensation expense | |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Cost of Goods Sold | |
$ | (1,186 | ) | |
$ | 149,601 | | |
$ | (11,828 | ) | |
$ | 356,079 | |
Sales and Marketing | |
| 67,001 | | |
| 233,113 | | |
| 11,930 | | |
| 544,871 | |
Product Development | |
| 83,733 | | |
| 100,379 | | |
| 126,337 | | |
| 308,971 | |
General and Administrative | |
| 138,203 | | |
| 142,301 | | |
| 159,390 | | |
| 472,906 | |
Total | |
$ | 287,751 | | |
$ | 625,394 | | |
$ | 285,829 | | |
$ | 1,682,827 | |
NOTE 12 – LOSS PER COMMON SHARE
The basic net loss per common share is calculated
by dividing the Company’s net loss available to common stockholders by the weighted average number of common shares during the year.
The diluted net loss per common share is calculated by dividing the Company’s net loss available to common stockholders by the diluted
weighted average number of common shares outstanding during the year. The diluted weighted average number of common shares outstanding
is the basic weighted number of common shares adjusted for any potentially dilutive debt or equity. Diluted net loss per common share
is equal to basic net loss per share due to the Company’s net loss and any potentially issuable shares are anti-dilutive.
Schedule of loss per common share | |
| | |
| | |
| | |
| |
| |
Three months | | |
Three months | | |
Six months | | |
Six months | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (606,418 | ) | |
$ | (23,028,194 | ) | |
$ | (26,654,462 | ) | |
$ | (30,327,663 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Denominator for basic and diluted net loss per common share - weighted average of common shares | |
| 401,802 | | |
| 1,205 | | |
| 240,759 | | |
| 1,148 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per common share | |
$ | (1.51 | ) | |
$ | (19,110.53 | ) | |
$ | (110.71 | ) | |
$ | (26,417.82 | ) |
Common shares consisting of shares potentially
dilutive as of June 30, 2024 and 2023 are as follows:
Schedule of anti dilutive shares | |
| | |
| |
| |
June 30, 2024 | | |
June 30, 2023 | |
Convertible Notes | |
| – | | |
| 1,263 | |
Preferred Stock | |
| 988,069 | | |
| | |
Warrants | |
| 109,282 | | |
| 1,268 | |
Stock options | |
| 153 | | |
| 146 | |
Restricted stock units | |
| – | | |
| 3 | |
Total | |
| 1,097,504 | | |
| 2,680 | |
NOTE 13 – INCOME TAXES
Deferred taxes are determined by applying the
provisions of enacted tax laws and rates for the jurisdictions in which the Company operates to the estimated future tax effects of the
differences between the tax basis of assets and liabilities and their reported amounts in the Company's financial statements. A valuation
allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized.
Due to losses since inception and for all periods
presented, no income tax benefit or expense has been recognized as a full valuation allowance has been established for any tax benefit
that would have been recognized for the loss in any period presented.
The components of income tax expense (benefit)
for the three and six months ended June 30, 2024 and 2023 are as follows:
Schedule of components of income tax expense (benefit) | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Expected federal income tax benefit at statutory rate | |
| (127,347 | ) | |
$ | (4,835,911 | ) | |
$ | (5,597,436 | ) | |
$ | (6,368,799 | ) |
Non-deductible expenses | |
| (467,057 | ) | |
| 4,782,518 | | |
| (500,213 | ) | |
| 4,902,332 | |
Research and development credit | |
| – | | |
| – | | |
| – | | |
| (148,811 | ) |
Prior year true up | |
| 2,703,415 | | |
| – | | |
| 3,235,732 | | |
| – | |
Change in valuation allowance | |
| (2,109,011 | ) | |
| 53,393 | | |
| 2,861,917 | | |
| 1,615,278 | |
Income tax benefit | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | |
Significant components of the Company's deferred
tax assets and liabilities at June 30, 2024 and December 31, 2023 are as follows:
Schedule of deferred tax assets and liabilities | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Deferred tax assets | |
| | | |
| | |
Net operating losses | |
$ | 21,575,396 | | |
$ | 15,468,757 | |
Debt basis difference | |
| – | | |
| 5,121,397 | |
Depreciation and amortization | |
| 1,422,327 | | |
| 1,701,768 | |
Research & development credit | |
| 1,099,535 | | |
| 1,099,535 | |
Lease liability | |
| 205,964 | | |
| 246,704 | |
Stock-based compensation | |
| – | | |
| 3,235,732 | |
Inventory | |
| – | | |
| 152,749 | |
Accrued expenses | |
| 190,471 | | |
| 66,909 | |
Capital loss carryover | |
| 176,949 | | |
| 176,950 | |
Dealer rebates | |
| – | | |
| 459,713 | |
Vendor settlements and reserves | |
| 556,625 | | |
| – | |
Other | |
| 63,693 | | |
| 21,828 | |
Total | |
| 25,290,960 | | |
| 27,752,042 | |
Valuation allowance | |
| (24,911,536 | ) | |
| (27,171,016 | ) |
Net deferred tax asset | |
| 379,424 | | |
| 581,026 | |
Deferred tax liabilities | |
| | | |
| | |
Prepaid expenses | |
| (181,750 | ) | |
| (342,421 | ) |
Right-of-use assets | |
| (197,674 | ) | |
| (238,605 | ) |
Total net deferred taxes deferred tax liabilities | |
$ | – | | |
$ | – | |
Management currently believes that since the
Company has a history of losses it is more likely than not that the deferred tax regarding the loss carry forwards and other
temporary differences will not be realized in the foreseeable future. Due to the impact of the reverse stock split in June 2024 on
the adjusted number of outstanding options and exercise prices, the Company concluded that it is a remote possibility that any
options will be exercised and therefore wrote off the deferred tax asset and related valuation allowance for stock-based
compensation. The utilization of the Company’s net operating losses and credit carryovers may be subject to limitation due to
the “change in ownership provisions” under Section 382 of the Internal Revenue Code. The Company’s cumulative net
operating loss carry forward of $102.7
million as of June 30, 2024, may be limited in future years depending on future taxable income in any given fiscal year. The net
operating losses can be carried forward indefinitely.
The Company has recorded no liability for income
taxes associated with unrecognized tax benefits at the date of adoption and has not recorded any liability associated with unrecognized
tax benefits. Accordingly, the Company has not recorded any interest or penalty in regard to any unrecognized benefit.
NOTE 14 – LEASES
The components of lease cost for operating leases
for the three and six months ended June 30, 2024 and 2023 is as follows:
Schedule of lease costs for operating leases | |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Lease Cost | |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
| 117,249 | | |
$ | 117,250 | | |
$ | 234,498 | | |
$ | 234,499 | |
Short-term lease cost | |
| 37,230 | | |
| 29,730 | | |
| 75,191 | | |
| 89,520 | |
Variable lease cost | |
| – | | |
| – | | |
| – | | |
| – | |
Sublease income | |
| – | | |
| – | | |
| – | | |
| – | |
Total lease cost | |
$ | 154,479 | | |
$ | 146,980 | | |
$ | 309,689 | | |
$ | 324,019 | |
Supplemental cash flow information related to
leases for the six months ended June 30, 2024 and 2023, is as follows:
Schedule of supplemental cash flow information related to leases | |
| | |
| |
| |
2024 | | |
2023 | |
Other Lease Information | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 193,998 | | |
$ | 174,365 | |
Amortization of right-of-use assets | |
$ | 194,910 | | |
$ | 181,677 | |
The following table summarizes the lease-related
assets and liabilities recorded on the balance sheet at June 30, 2024 and December 31, 2023:
Schedule of lease related assets and liabilities | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Lease Position | |
| | | |
| | |
Operating Leases: | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 941,303 | | |
$ | 1,136,213 | |
Right-of-use liabilities operating leases short-term | |
| 421,034 | | |
| 399,611 | |
Right-of-use liabilities operating leases long-term | |
| 559,749 | | |
| 775,170 | |
Total operating lease liabilities | |
$ | 980,783 | | |
$ | 1,174,781 | |
The Company utilizes the incremental borrowing
rate in determining the present value of lease payments unless the implicit rate is readily determinable.
Schedule of lease term and discount rate |
|
|
|
|
Lease Term and Discount Rate |
|
June 30, 2024 |
|
Weighted-average remaining lease term (years): |
|
|
|
|
Operating leases |
|
|
2.2 |
|
Weighted-average discount rate: |
|
|
|
|
Operating leases |
|
|
6.82% |
|
The following table provides the maturities of lease
liabilities at June, 2024:
Schedule of maturities of lease liabilities | |
| |
| |
Operating | |
| |
Leases | |
Remainder of 2024 | |
$ | 238,047 | |
2025 | |
| 485,702 | |
2026 | |
| 340,591 | |
Total future undiscounted lease payments | |
| 1,064,340 | |
Less: Interest | |
| (83,557 | ) |
Present value of lease liabilities | |
$ | 980,783 | |
NOTE 15 - SUBSEQUENT EVENT
On July 12, 2024, Company sold
820,836 shares of the Company’s common stock at a purchase price of $3.65 per share and pre-funded warrants to purchase 2,466,836
shares of common stock at $3.64999 per pre-funded warrant. The Company received gross proceeds of $11,999,991 and issuance costs are estimated
to be approximately $1,250,000. The Company has agreed not to issue, enter into any agreement to issue or announce the issuance or proposed
issuance of, any shares of common stock or any securities convertible into or exercisable or exchangeable for shares of common stock or
file any registration statement or prospectus, or any amendment or supplement thereto for 30 days after July 12, 2024, subject to certain
exceptions.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion
and analysis is intended as a review of significant factors affecting the Company’s financial condition and results of operations
for the periods indicated. This discussion and analysis should be read in conjunction with the financial statements and related notes
appearing elsewhere in this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K, which contains audited financial
statements of the Company as of and for the year ended December 31, 2023, previously filed with the Securities and Exchange Commission.
Results for the three months ended June 30, 2024 are not necessarily indicative of results for the year ending December 31, 2024 or any
future period.
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form
10-Q, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include
this statement for purposes of complying with these safe harbor provisions.
In addition, from time to
time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on
our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking
statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue
and earnings; our product development and production releases; and our business prospects and opportunities. You can identify forward-looking
statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,”
“expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,”
“projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms.
In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of
the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business.
These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements
are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives,
may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We
are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the
forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.
While we believe we have identified
material risks, these risks and uncertainties are not exhaustive. Other sections of this Form 10-Q describe additional factors that could
adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment.
New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess
the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Although we believe the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking
statements after the date of this Form 10-Q to conform our prior statements to actual results or revised expectations, and we do not intend
to do so.
Forward-looking statements include, but are not limited to, statements
about:
|
· |
our ability to maintain the listing of our common stock on the Nasdaq Stock Market; |
|
· |
our ability to generate revenues from sales, generate cash from operations, or obtain additional funding to market our vehicles and develop new products; |
|
· |
our ability to successfully implement and effectively manage our outsourced manufacturing, design and development model and achieve any anticipated benefits; |
|
· |
the ability of third party manufacturers to produce our vehicles in accordance with our design and quality specifications, with sufficient scale to satisfy customers and within a reasonable cost; |
|
· |
anticipated timing for the manufacture, design, production, shipping and launch of our vehicles; |
|
· |
the inability of our suppliers to deliver the necessary components for our vehicles at prices and volumes acceptable to our third party manufacturers; |
|
· |
our ability to establish a network of dealers and international distributors to sell and service our vehicles on the timeline we expect; |
|
· |
whether our vehicles will perform as expected; |
|
· |
our facing product warranty claims or product recalls; |
|
· |
our facing adverse determinations in significant product liability claims; |
|
· |
customer adoption of electric vehicles; |
|
· |
the development of alternative technology that adversely affects our business; |
|
· |
increased government regulation of our industry; |
|
· |
tariffs and currency exchange rates; and |
|
· |
the conflict with Russia and Ukraine and the potential adverse effect it may have on the availability of materials used in the manufacturing of batteries for our vehicles. |
Overview
We are an all-electric, off-road
powersports vehicle company developing electric two-wheeled E-Bikes and motorcycles and four-wheeled and utility terrain vehicles, or
UTVs, also known as side-by-sides, along with a line of upgrades and accessories. In October 2020, we began building and testing prototypes
for our future offerings with two off-road motorcycles – the Grunt and the Runt. Our motorcycles feature unique frame designs protected
by design patents. Additional utility and design patents have been filed for other aspects of Volcon’s vehicles.
Two-Wheeled Products
We began selling the Grunt in September 2021. In August 2022, we ceased manufacturing of the Grunt and we outsourced the manufacturing
of the remaining Grunts and the 2023 Grunt EVO to the same third party manufacturer as the Stag UTV discussed below. The 2023 Grunt EVO
has replaced the Grunt and has a belt drive rather than a chain drive as well as an updated rear suspension. We began selling the Grunt
EVO in the third quarter of 2023. We determined in the first quarter of 2024 that we would not develop the Runt for production and terminated
efforts to develop this product.
In January 2023, we began
selling Volcon co-branded youth electric motorcycles under a distribution agreement with Torrot Electric Europa S.A. (“Torrot”).
In December 2023 we notified Torrot that we were terminating our agreements due to continued lower than expected sales at significantly
discounted pricing. In conjunction with a settlement agreement with Torrot we ceased selling these motorcycles as of June 30, 2024.
In the fourth quarter of 2022, we began selling
an E-Bike, the Brat which is manufactured by a third party. The Brat is a class 2 E-Bike and can be used on-road or off-road.
Beginning in the second quarter of 2024, we began
evaluating other potential electric motorcycle offerings. We are determining what features and specifications would be included for new
offerings including considering a street legal version that would be dual purpose as an on-road/off-road motorcycle (not highway legal).
As of August 5, 2024, we have identified one new model which we are working on developing with a third party manufacturer. We do not
have prototypes yet, but once received we will test them to evaluate the feasibility to produce and sell them. We will continue to evaluate
other potential two-wheel product offerings throughout the remainder of 2024.
Utility Terrain Vehicles (UTVs)
In July 2022, we announced
we were expanding our offerings with the introduction of the first of our Volcon UTV models, the Stag. We delivered the first Stag to
a customer in February 2024. The Stag is being manufactured by a third party and incorporates electrification units, which include batteries,
drive units and control modules provided by General Motors. Beginning in June 2022, we took non-binding pre-production orders which were
cancelable prior to delivery. We are currently taking pre-production orders for the Stag LTD, which is a four passenger, high performance
and utility UTV.
Beginning in the second quarter of 2024, we began discussions with
various third party manufacturers of UTVs to identify models that we could purchase that are electric, or have internal combustion engine
versions that could be modified to all electric, and could be branded as Volcon UTVs. These models would be primarily used for utility
purposes, have two or three passenger options, a dump bed or flatbed for hauling cargo, with speeds up to 30 miles per hour. These models
may also include an enclosed cab with optional air conditioning. As of August 5, 2024, we have signed an agreement with one manufacturer
to distribute one of these utility UTV models in North America for five years, which includes a royalty agreement with the manufacturer
for them to distribute the vehicle outside of North America. Royalties would commence in the third year of this agreement.
Customers
We initially sold the Grunt
directly to consumers but ceased in November 2021. Since November 2021, we have sold the Grunt, Grunt EVO, Stag and related accessories
through powersports dealers. As of August 5, 2024, we have 105 active dealers. Dealers can order any of our available products provided
they are current on their accounts receivable and are within their established credit limit. We are offering dealers payment terms of
30 to 90 days to make larger purchases of our vehicles. We have entered into an accounts receivable factoring arrangement to allow us
the ability to generate cash for working capital. We have agreements with third party financing companies to provide financing to qualified
customers of each dealer. There is no recourse to us or the dealer if the dealer’s customer defaults on the financing agreement
with the third party. We also sell the Brat to some powersports dealers as well as bicycle retailers and directly to consumers through
our website, where consumers can have the Brat delivered to a location of their choosing in the continental U.S. Beginning in the first
quarter of 2024, we began selling the Grunt EVO through our website where continental U.S. customers can pay a deposit and complete their
purchase at one of our U.S. powersports dealer locations. Grunt EVO customers who are not located in a state where we have a powersports
dealer or within a reasonable distance from a powersports dealer in their state, can have the Grunt EVO shipped directly to a location
they specify.
In addition to selling our
two-wheeled vehicles through powersports dealers, bicycle retailers and direct to consumers through our website, we also sell them internationally
through importers. Each importer buys vehicles by the container and sells vehicles and accessories to local dealers or directly to consumers.
Local dealers or the importer will provide warranty and repair services for vehicles purchased in their country. As of August 5, 2024,
we have signed agreements with six importers in Latin America, one importer for the Caribbean Region, collectively referred to herein
as the LATAM importers, one importer in New Zealand, and one importer in Australia to sell our two wheel vehicles and accessories in their
assigned countries/markets. In 2024, we expect to expand our global sales of our vehicles and accessories beyond our current distributor
base.
Manufacturers
We outsource the manufacturing
of all of our vehicles and accessories to third party manufacturers and suppliers. The estimated fulfillment of all two-wheeled and UTV
orders we have received, or will receive, assumes that our third party manufacturers can successfully meet our order quantities and deadlines.
We have experienced delays due to our third party manufacturers being unable to timely meet our order deadlines, and there is no assurance
that we will not experience delays in the future until such time as we are able to source products from multiple manufacturers or from
larger, more established manufacturers. If they are unable to satisfy orders on a timely basis, our customers may cancel their orders.
Also, due to the limited number of third party manufacturers who manufacture our products, if any one of them experiences financial hardship
and cannot manufacture our products, our customers may cancel their orders which will harm our sales. All of our products are manufactured
internationally. If there is a change in import laws, including an increase in tariffs, the cost of our products will increase. We could
also experience delays in receiving shipments of our products if there are delays in getting carriers to ship our products or delays
at the port of entry.
Results of Operations
The following financial information
is for the three and six months ended June 30, 2024 and 2023.
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 940,863 | | |
$ | 519,300 | | |
$ | 1,974,411 | | |
$ | 1,689,758 | |
Cost of goods sold | |
| (3,113,429 | ) | |
| (334,647 | ) | |
| (4,735,009 | ) | |
| (1,564,628 | ) |
Gross margin | |
| (2,172,566 | ) | |
| 184,653 | | |
| (2,760,598 | ) | |
| 125,130 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Sales and marketing | |
| 543,671 | | |
| 2,380,617 | | |
| 1,304,235 | | |
| 4,169,987 | |
Product development | |
| 805,550 | | |
| 1,166,732 | | |
| 1,620,495 | | |
| 2,953,083 | |
General and administrative expenses | |
| 2,007,514 | | |
| 1,568,700 | | |
| 4,088,308 | | |
| 3,458,791 | |
Total operating expenses | |
| 3,356,735 | | |
| 5,116,049 | | |
| 7,013,038 | | |
| 10,581,861 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (5,529,301 | ) | |
| (4,931,396 | ) | |
| (9,773,636 | ) | |
| (10,456,731 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| 8,589 | | |
| 10,618 | | |
| 21,443 | | |
| 16,503 | |
Loss on extinguishment of Convertible Notes | |
| – | | |
| (22,296,988 | ) | |
| (1,647,608 | ) | |
| (22,296,988 | ) |
Gain on change in fair value of financial liabilities | |
| 5,111,291 | | |
| 5,792,788 | | |
| (14,727,696 | ) | |
| 5,792,788 | |
Interest expense | |
| (196,997 | ) | |
| (1,603,216 | ) | |
| (526,965 | ) | |
| (3,383,235 | ) |
Total other expense | |
| 4,922,883 | | |
| (18,096,798 | ) | |
| (16,880,826 | ) | |
| (19,870,932 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before provision for income taxes | |
| (606,418 | ) | |
| (23,028,194 | ) | |
| (26,654,462 | ) | |
| (30,327,663 | ) |
Provision for income taxes | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (606,418 | ) | |
$ | (23,028,194 | ) | |
$ | (26,654,462 | ) | |
$ | (30,327,663 | ) |
Revenue
Revenue for the three months
ended June 30, 2024, was $940,863, which represents sales of Grunt EVOs of $284,147, Stags of $194,887, Brats of $240,750, Volcon Youth
of $192,924, and accessories and parts of $52,696.
Revenue for the six months
ended June 30, 2024, was $1,974,411 which represents sales of Grunt EVOs of $613,764, Stags of $234,886, Brats of $773,556, Volcon Youth
of $286,680, and accessories and parts of $86,800.
Revenue for the three months
ended June 30, 2023, was $519,300 which represents sales of Brats of $384,681, Volcon Youth and Torrot motorcycles of $48,113 and accessories
and parts of $24,833 and an adjustment of $67,654 to reduce dealer rebates due to a change in the rebate program for remaining unsold
Grunts in dealer inventory.
Revenue for the six months
ended June 30, 2023, was $1,689,758 which represents sales of Grunts of $170,388, Brats of $1,042,198, Volcon Youth of $260,479 and accessories
and parts of $151,980.
Cost of Goods Sold
Cost of goods sold for the
three months ended June 30, 2024 were $3,113,429, including payroll costs of $72,466 for employees performing product fulfillment, logistics
management, and service and warranty. Product costs for Brats and Grunt EVOs sold during the period were $221,624 and $292,561, respectively.
Stag product costs were $490,622 which includes an expense of $16,617 for the future delivery of vehicles to a customer where the Company
agreed to provide additional units at a sales price less than the manufactured cost of the units. Youth product costs were $140,827 and,
due to the settlement agreement with Torrot, the remaining Youth finished goods inventory of $57,262 was written off as Volcon can no
longer sell Torrot/Volcon Youth finished goods after June 30, 2024. Facilities costs related to operations were $104,976. Loss on disposal
of Stag tooling was $466,481 which represent tooling costs which were determined to be impaired due to the limited margin expected to
be realized on Stag sales. The Company also recognized an expense of $1,117,429 for a settlement agreement with a vendor who supplies
certain suspension components for the Stag. The Company will pay for excess raw materials purchased by the vendor based on an early production
forecast initially provided to the vendor, which was subsequently revised.
Cost of goods sold for the
six months ended June 30, 2024 were $4,735,009, including payroll costs of $166,786 for employees performing product fulfillment, logistics
management, and service and warranty. Product costs for Brats and Grunt EVOs, sold during the period were $804,174 and $636,542, respectively.
Stag product costs were $719,515, which includes an expense of $112,168 for the already delivered and future delivery of vehicles to a
customer where the Company agreed to provide additional units at a sales price less than the manufactured cost of the units and, due to
the settlement agreement with Torrot, the remaining Youth finished goods inventory of $57,262 was written off as Volcon can no longer
sell Torrot/Volcon Youth finished goods after June 30, 2024. Facilities costs related to operations were $210,926. Loss on disposal of
Stag tooling, as noted above, was $466,481 and in the first quarter of 2024, the Company recorded a loss on disposal in the amount of
$155,621 for the write off of Grunt EVO tooling. As discussed above, the Company recognized an expense of $1,117,429 for a settlement
with a vendor.
Cost of goods sold for the
three months ended June 30, 2023 were $334,647 including payroll costs of $280,240 and stock-based compensation of $149,601 for employees
performing warehouse and logistics management and quality control testing of Brats and Volcon Youth Motorcycles. Product costs for Brats
and Volcon Youth sold during the period were $229,024 and $59,730, respectively. We recorded expense of $85,245 related to fees paid to
cancel purchase orders to reduce raw material quantities, which was offset by a reduction in the net realizable valuation expense of $146,370
the Company was recording for excess quantities of raw materials that it was no longer obligated to purchase by paying these fees. Facilities
costs were $88,846 for our warehouse facility and third party warehousing costs. Also, the one-year warranty for parts and labor on Grunts
sold prior to June 30, 2022 expired (excluding the battery which is warranted for 2 years) and an adjustment to reduce the warranty accrual
in the amount of $459,800 was recorded which reduced cost of goods sold. The Company also recorded a credit of $198,120 due to our third
party manufacturer of the Grunt EVO agreeing to take approximately $1.4 million of inventory, which was previously reduced to its estimated
net realizable value, and gave the Company a credit of $1,600 for the first 1,000 Grunt EVOs we purchase. Finally, the Company recorded
an expense of $84,000 to write off excess and obsolete Torrot inventory which was on hand as of June 30, 2023.
Cost of goods sold for the
six months ended June 30, 2023, were $1,564,628. Costs include payroll costs of $682,343 and stock-based compensation of $356,079 for
share-based award for employees performing warehouse and logistics management and quality control testing of Brats and Volcon Youth Motorcycles.
Product costs for Brats, Volcon Youth and Grunts sold during the period were $595,640, $255,409, and $163,985, respectively. We recorded
expense of $138,752 related to fees paid to cancel purchase orders to reduce raw material quantities, which was offset by a reduction
in the net realizable valuation expense of $179,670; the Company was recording for excess quantities of raw materials that it was no longer
obligated to purchase by paying these fees. Also, the one-year warranty for parts and labor on Grunts sold prior to June 30, 2022 expired
(excluding the battery which is warranted for 2 years) and an adjustment to reduce the warranty accrual in the amount of $459,800 was
recorded which reduced cost of goods sold. Facilities costs were $211,157 for our warehouse facility and third party warehousing costs.
Shipping costs were reduced by $347,729 due to the reversal of an accrual for shipping costs and tariffs expected to be incurred to ship
our Grunt raw materials and work-in-process inventory to our third party manufacturer in Mexico which was no longer needed.
For the remainder of 2024
we expect revenue and cost of goods sold to increase due to the expected increase in sales of the Grunt EVO and Stag. Additional cost
savings may be realized if the third party manufacturer for these vehicles can source or manufacture parts at a lower cost. The increase
in costs for products will partially be offset by reductions in cost for salaries and benefits due to reductions in headcount completed
in 2023.
Sales and Marketing Expense
Sales and marketing expenses
relate to costs to increase exposure and awareness for our products and developing our network of U.S. dealers and international distributors.
Sales and marketing expenses
were $543,671 for the three months ended June 30, 2024 and were primarily related to expenses associated with promoting our products and
brand of $193,344, employee payroll costs of $121,187, which was partially offset by stock-based compensation benefit of $67,001. Professional
fees for legal and consulting services were $64,412. Travel expenses related to roadshows showcasing the Stag and EVO were $21,453 and
facilities costs were $23,514. Depreciation expense was $27,674 and bad debt expense was reduced by $30,426 due to collection of previously
expensed customer accounts.
Sales and marketing expenses
were $1,304,235 for the six months ended June 30, 2024 and were primarily related to expenses associated with promoting our products and
brand of $408,773, employee payroll costs of $574,378, including $112,500 for severance costs for our former Chief Marketing Officer (“CMO”),
which was partially offset by stock-based compensation benefit of $55,071 for cancelation of unvested share based awards to the CMO and
other marketing employees whose positions were eliminated in the period. Travel expenses related to roadshows showcasing the Stag and
EVO were $51,966 and facilities costs were $52,803. Professional fees for legal and consulting services were $84,336. Depreciation expense
was $49,935 and bad debt expense was reduced by $16,378 due to collection of previously expensed customer accounts.
For the three months ended
June 30, 2023, sales and marketing expenses were $2,380,617 and include $967,982 for promoting our products and brand, $783,229 for employee
payroll costs, stock-based compensation expense of $233,113 for share-based awards granted to employees and consultants, $46,685 related
to facilities costs, and travel costs of $109,035 primarily related to costs incurred for travel to build our dealer and distributor network.
Bad debt expense was $70,383 and legal and consulting fees related to entering into international distribution agreements were $116,447.
Sales and marketing expenses
were $4,169,987 for the six months ended June 30, 2023 and were primarily related to expenses associated with promoting our products and
brand of $1,556,303, employee payroll costs of $1,506,591, stock-based compensation of $544,872 for share-based awards granted to employees
and consultants, and travel costs of $180,277 primarily related to costs incurred for travel to build our dealer network. Facilities costs
were $85,137. Bad debt expense was $51,198 and legal and consulting fees mainly related to entering into international distribution agreements
were $141,223.
We also expect sales expenses
to increase slightly as we begin expanding our international distributors and selling commissions for increased sales of Grunt EVOs and
the Stag. We expect marketing expenses to increase when we launch new products.
Product Development Expense
Product development expenses
relate to the development and testing of our products and process to manufacture these products.
Product development expenses
were $805,550 for the three months ended June 30, 2024 and were primarily related to expenses associated with employee payroll costs of
$394,632, stock-based compensation of $83,733 for share-based awards granted to employees, facilities costs of $60,212, and prototype
costs of $114,781. Professional fees were $48,024 for product design and travel expenses were $33,264.
Product development expenses
were $1,620,495 for the six months ended June 30, 2024 and were primarily related to expenses associated with employee payroll costs of
$831,534, stock-based compensation of $126,337 for share-based awards granted to employees, facilities costs of $124,067, prototype costs
of $206,706 and professional fees related to product development in the amount of $62,909. Travel expenses were $86,590 and depreciation
expense was $69,381.
For the three months ended
June 30, 2023, product development expenses totaled $1,166,732 and primarily relate to expenses associated with employee payroll costs
of $431,833, stock-based compensation of $100,379 for share-based awards granted to employees and consultants, prototype vehicles and
parts costs of $384,479, facilities costs of $45,482 and $49,497 for supplies and software.
Product development expenses
were $2,953,083 for the six months ended June 30, 2023 and were primarily related to expenses associated with employee payroll costs of
$939,509, stock-based compensation of $308,971 for share-based awards granted to employees and consultants, professional fees of $367,083
for product design, prototype vehicles and parts costs of $980,268, including $70,173 in tooling costs, shipping costs of $45,836 related
to shipping prototypes, $87,424 for supplies and software and facilities cost of $93,306
We expect 2024 product development
costs related to employee costs to remain consistent with 2023. We expect costs to
decrease for design and development costs and
costs related to prototype costs for the current version of the Stag since the Stag is in production. We expect costs for design and development
costs related to the Grunt EVO to decrease since it is in production. We expect design and development costs to increase for development
of other versions of our UTV and motorcycle lineup being considered for future release.
General and Administrative Expense
General and administrative
expenses relate to costs for our finance, accounting and administrative functions to support the development, manufacturing and sales
of our products.
For the three months ended June 30, 2024, general
and administrative expenses were $2,007,514 and were primarily related to expenses associated with employee payroll costs of $527,052,
stock-based compensation of $138,203 for share-based awards granted to employees, professional fees of $190,059 (including legal fees
of $95,718, tax and accounting fees of $35,105 and audit fees of $23,175), software costs of $152,062, insurance costs of $656,288, public
company expense costs of $101,653 and annual meeting costs of $94,982.
For the six months ended June 30, 2024, general
and administrative expenses were $4,088,308 and were primarily related to expenses associated with employee payroll costs of $1,106,415,
stock-based compensation of $159,390 for share-based awards granted to employees, professional fees of $602,774 (including legal fees
of $291,095, tax and accounting fees of $58,305 and audit fees of $170,100), software costs of $293,613, insurance costs of $1,319,215,
public company expense costs of $204,375 and annual and special shareholder meeting costs of $133,531.
For the three months ended
June 30, 2023, general and administrative expenses were $1,568,700 and were primarily related to expenses associated with employee payroll
costs of $526,478, stock-based compensation of $142,301 for share-based awards granted to employees and consultants, professional fees
of $228,199 (including legal fees of $127,906 for legal services and tax and audit fees of $31,827 and recruiting fees of $29,500), software
costs of $83,936, insurance costs of $333,220, other public company expenses of $60,065 and the annual stockholders meeting cost $87,315.
For the six months ended June
30, 2023, general and administrative expenses were $3,458,791 and were primarily related to expenses associated with employee payroll
costs of $1,139,459, stock-based compensation of $472,906 for share-based awards granted to employees and consultants, professional fees
of $503,940 (including legal fees of $214,881, tax and audit fees of $187,177 and recruiting fees of $29,500), software costs were $235,394,
insurance costs of $683,191, and other public company expenses were $140,754.
We expect general and administrative
expenses to remain consistent with the second quarter of 2024 over the next several quarters. Costs such as product liability insurance
may increase due to the introduction of new products.
Interest and Other Expenses
Interest and other income/expenses
for the three months ended June 30, 2024 was $4,922,883. Non-cash interest expense of $183,819 was recognized for the amortization of
debt issuance costs and accretion of principal on the May 2024 Notes. We recorded a gain on the change in the estimated fair value of
the Series A and Series B Warrant liabilities of $5,111,291. The Series B Warrants were modified in May 2024 and were no longer derivatives
as of the modification date.
Interest and other income/expenses
for the six months ended June 30, 2024 was $16,880,826. Non-cash interest expense of $314,838 was recognized for the amortization of debt
issuance costs and accretion of principal on the May 2023 Notes through the date these notes were exchanged for Preferred Stock in March
2024. We recorded a loss on the conversion of some of these notes of $333,544 and a loss from the exchange of these notes for Preferred
Stock of $1,314,065. Non-cash interest expense of $183,819 was recognized for the amortization of debt issuance costs and accretion of
principal on the May 2024 Notes. We recorded a loss on the change in the estimated fair value of the Series A and Series B Warrant liabilities
of $14,727,696 which was partially offset by a gain of $165,355 from the exercise of some of the Series B Warrants.
Interest and other income/expenses
for the three and six months ended June 30, 2023 were $18,096,798 and $19,870,932, respectively. A loss on extinguishment of the Convertible
Notes of $22,296,988 was recognized in the three and six months ended June 30, 2023 (see Note 6 to the consolidated financial statements).
Non-cash interest expense of $1,136,997 and $2,913,632 was recognized for the amortization of debt issuance costs and accretion of principal
on the Convertible Notes issued in August 2022 for the three and six months ended June 30, 2023, respectively. In addition, non-cash interest
expense of $471,572 was recognized for the amortization of debt issuance costs and accretion of principal on the New Notes and Exchange
Notes issued in May 2023 in the three and six months ended June 30, 2023. A gain on the change in the valuation of derivative financial
liabilities of $5,792,788 was recognized in the three and six months ended June 30, 2023 (see Note 8 to the consolidated financial statements).
Non-cash interest expense
will no longer be recognized on the May 2023 Notes in the future due to the exchange of the May 2023 Notes for Series A Convertible Preferred
Stock. Non-cash interest expense will no longer be recognized on the May 2024 Senior Notes after repayment of these notes in July 2024
with the proceeds from the sale of common stock.
Net Loss
Net loss for the three
and six months ended June 30, 2024, was $606,418 and $26,654,462, respectively.
Net loss for the three
and six months ended June 30, 2023, was $23,028,194 and $30,327,663, respectively.
Liquidity and Capital Resources
On June 30, 2024, we had
cash and restricted cash of $2.2 million, including $0.1 million of restricted cash, and we had a working capital of $7.4 million.
Since inception we have funded our operations from proceeds from debt and equity sales. On July 12, 2024, we sold 820,836 shares of
common stock at a purchase price of $3.65 per share and pre-funded warrants to purchase 2,466,836 shares of common stock at $3.64999
per pre-funded warrant and received gross proceeds of $11,999,991 with issuance costs estimated to be approximately
$1,250,000.
Cash used in operating activities
Net cash used in operating
activities was $8.2 million for the six months ended June 30, 2024 and includes all of our operating costs except depreciation and amortization
of $0.2 million, non-cash interest expense for the amortization of debt issuance costs and accretion of principal on the May 2023 Notes
and May 2024 Notes of $0.5 million, loss on change in derivative financial liabilities of $14.9 million, losses on conversion and exchange
of Convertible Notes of $1.6 million and $0.6 million from the loss on disposal of fixed assets. Cash used in operating activities includes
an increase in accounts receivable of $0.1 million due to sales to our U.S. dealers, an increase of $1.1 million in prepaid inventory
deposits primarily for purchases of Stag raw materials, an increase of $0.1 million in accounts payable, and an increase of $1.1 million
in accrued liabilities primarily due to the vendor settlement noted above and $0.2 million used to pay our lease liabilities. As of June
30, 2024, we have a decrease of $0.2 million in customer deposits, primarily due to orders being fulfilled for two of our Latin American
distributors for shipments of Brats and Grunt EVOs paid for previously.
Net cash used in operating
activities was $10.6 million for the six months ended June 30, 2023 and includes all of our operating costs except stock-based compensation,
write-down of inventory, depreciation and amortization, non-cash interest expense for the amortization of debt issuance costs and accretion
of principal on Convertible Notes and May 2023 Notes, gain on change in derivative liabilities, loss on extinguishment of Convertible
Notes, bad debt expense and gain on sale of property and equipment. Cash used in operating activities includes a decrease in accounts
receivable of $0.6 million for collections net of sales, decreases in inventory of $0.8 million due to the transfer of inventory to one
of our third party manufacturers and an increase inventory deposits of $1.9 million as we made purchases and deposits for Brats and Volcon
Youth motorcycles, a decrease of $0.4 million in accounts payable and $0.6 million in accrued liabilities due to payment of outstanding
amounts due and a reversal of an accrual for anticipated shipping and tariffs related to shipping raw material and subassembly inventory
to our third party manufacturer as it was no longer necessary. We received $0.3 million in customer deposits, primarily from two of our
Latin America distributors as prepayment for shipments of Brats and Grunt EVOs.
Cash used in investing activities
Net cash used in investing
activities was $0.2 million for the six months ended June 30, 2024, primarily consisting of $0.3 million of purchases of equipment and
tooling offset by $0.1 million received from an insurance settlement for a vehicle that was totaled in the period.
Net cash used in investing
activities was $0.3 million for the six months ended June 30, 2023, consisting of $0.4 million of purchases of equipment and tooling offset
by proceeds received of $0.1 million for the sale of two vehicles.
Cash provided by financing activities
Cash provided by financing
activities for the six months ended June 30, 2024, was $2.3 million and was primarily related to the net proceeds from the issuance of
the May 2024 Senior Notes and May 2024 Note Warrants.
Cash provided by financing
activities for the six months ended June 30, 2023, was $7.9 million and was related primarily to proceeds from the public offering of
6 million shares of our common stock for net proceeds of $4.0 million and issuance of convertible notes in a private offering with a principal
amount of $4.9 million and net proceeds of $3.9 million. In addition, we used $0.1 million from proceeds received from the sale of two
vehicles to pay off the related notes payable on the vehicles.
Our continuation as a going
concern is dependent upon our ability to attain profitable operations and if necessary, obtain continued financial support from the issuance
of debt or equity. As of June 30, 2024, we had incurred an accumulated deficit of $147.5 million since inception.
Management anticipates that
our cash on hand as of June 30, 2024 plus the net proceeds from the equity offering completed in July 2024 and cash expected to be generated
from operations will not be sufficient to fund planned operations during the near term and not beyond one year from the date of the issuance
of the financial statements as of and for the three and six months ended June 30, 2024. To continue our operations, we currently estimate
that we will need to obtain additional funding by the second quarter of 2025. We do not have commitments for any such financing, and there
can be no assurance that such additional funding would be available to the Company on acceptable terms, or at all. If we are unable to
raise additional near-term financing, we will be required to modify or cease our operations. These factors raise substantial doubt regarding
our ability to continue as a going concern.
JOBS Act Accounting Election
The recently enacted JOBS
Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B)
of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an “emerging
growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We have irrevocably elected not to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting
standards on the relevant dates on which adoption of such standards is required for other public companies.
We have implemented all new
accounting pronouncements that are in effect and may impact our financial statements and we do not believe that there are any other new
accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations.
Critical Accounting Policies
The preparation of financial
statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets
and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially
differ from those estimates. We have identified the following critical accounting policies:
Derivative Warrant Liabilities
We do not use derivative instruments
to hedge exposures to cash flow, market, or foreign currency risks. We evaluate all of our financial instruments, including conversion
features of our convertible debt and warrants issued in connection with our convertible debt, to determine if such instruments are derivatives
or contain features that qualify as embedded derivatives, pursuant to ASC 480 ASC Topic 815, “Derivatives and Hedging”
(“ASC 815”). The classification of derivative financial instruments, including whether such instruments should be recorded
as liabilities or as equity, is reassessed at the end of each reporting period.
We account for the Series
A Warrants (and the Series B Warrants until May 17, 2024 when they were modified) issued in connection with the November 2023 Common Units
and Pre-funded Warrant Units as a financial liability in accordance with ASC 815. Accordingly, we recognized these financial liabilities
at fair value initially and adjust it to fair value at each reporting period. The liabilities are subject to re-measurement at each balance
sheet date until exercised or until warrant exercise price and number of warrants become fixed (as was the case with the Series B Warrants
upon modification), and any change in fair value is recognized in the statement of operations. The fair value of these financial instruments
were initially measured at fair value using a Monte Carlo simulation model. The Series A Warrant measurement was changed once the shareholders
approved the alternative cashless exercise provision of the Series A Warrants to allow a holder to cashless exercise the warrant and receive
three shares of common stock. The measurement of the Series A Warrants is now based on the closing price of the Company’s common
stock multiplied by three. The Series A Warrants are classified as current liabilities as the timing of their exercise is at the discretion
of the warrant holders and the warrants were fully vested as of the date they were issued.
The modification of the Series
B Warrants fixed the number of warrants. One of the provisions of the modification also included a provision that allowed a Series B Warrant
holder to cashless exercise the warrant and receive .81 of a share of common stock. We calculated the fair value of the Series B Warrants
on the date of the modification based on the modified terms. The Series B Warrant valuation was based on our closing stock price on the
modification date multiplied by .81. We recognized a gain in the statement of operations for the three and six months ended June 30, 2024
and reclassified the liability to equity.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed by us in reports
we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the appropriate
time periods, and that such information is accumulated and communicated to our Chief Executive Officer, who serves as our principal executive
officer, and Chief Financial Officer, who serves as our principal financial officer, as appropriate, to allow timely discussions regarding
required disclosure. We, under the supervision of and with the participation of our management, including our Chief Executive Officer
and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures.
Based on that evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures
were not effective as of June 30, 2024 to provide assurance that information required to be disclosed by us in the reports that we file
or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms
of the SEC, and that such information is accumulated and communicated to management as appropriate, to allow timely decisions regarding
disclosures as we have previously missed filing certain forms timely and we have not implemented and tested controls and procedures to
conclude that we have remediated this deficiency. Notwithstanding this conclusion, we believe that our unaudited consolidated financial
statements contained in this Quarterly Report fairly present our financial position, results of operations and cash flows for the periods
covered thereby in all material respects. Management is working to identify corrective actions for the weakness and will periodically
re-evaluate the need to add personnel and implement improved review procedures.
Changes in Internal Control over Financial Reporting
There were no changes to our
internal control over financial reporting during the six months ended June 30, 2024, that have materially affected, or are reasonably
likely to materially affect, our internal controls over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time in the ordinary
course of our business, we may be involved in legal proceedings, the outcomes of which may not be determinable. The results of litigation
are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation,
require significant amounts of management time and result in diversion of significant resources. We are not able to estimate an aggregate
amount or range of reasonably possible losses for those legal matters for which losses are not probable and estimable. We have insurance
policies covering potential losses where such coverage is cost effective.
ITEM 1A. RISK FACTORS
Except as set forth below,
there have been no material changes to the risk factors included in the Form 10-K filed with the SEC on March 28, 2024, and our Form 10-Q
for the period ended March 31, 2024, each of which is accessible on the SEC’s website at www.sec.gov.
Our ability to continue as a going concern
requires that we obtain sufficient funding to finance our operations in the near-term.
We anticipate that our cash
on hand as of June 30, 2024 plus the cash raised from the July 2024 equity offering and cash expected to be generated from operations
will not be sufficient to fund planned operations for one year from the issuance of the June 30, 2024 financial statements. To continue
our operations, we currently estimate that we will need to obtain additional funding by the second quarter of 2025. We can provide
no assurance that such funding would be available to us on acceptable terms, or at all. If we fail to raise additional proceeds, we will
be required to modify or cease our operations. These factors raise substantial doubt regarding our ability to continue as a going concern.
We have in the past failed to maintain compliance
with all applicable continued listing requirements of the Nasdaq Capital Market, and if we fail to maintain compliance with all applicable
continued listing requirements of the Nasdaq Capital Market in the future, we will not be afforded traditional cure periods under Nasdaq
rules and our common stock will be delisted from Nasdaq, which could have an adverse impact on the liquidity and market price of our common
stock.
On December 19, 2023, we were
notified by the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) that we
were not in compliance with Nasdaq’s Listing Rule 5550(a)(2), as the minimum bid price of our common stock had been below $1.00
per share for 30 consecutive business days. On January 4, 2024, the Staff notified us that the market value of our listed securities had
been below the minimum $35,000,000 required for continued listing as set forth in Nasdaq’s Listing Rule 5550(b)(2) for the previous
180 calendar days and served as an additional basis for delisting.
We submitted a hearing request
to Nasdaq’s Hearings Department, which stayed the suspension of our common stock. The hearing was held on March 26, 2024. On April
2, 2024, we received notification from the Nasdaq Hearings Panel (“Panel”) that it had granted an extension until June 24,
2024, to demonstrate compliance with Listing Rules 5550(a)(2) and 5550(b)(1) (which requires at least $2.5 million in shareholders’
equity), subject to certain conditions.
On July 17, 2024, we received
a letter from the Nasdaq Office of General Counsel confirming the decision of the Panel that we had demonstrated compliance with the requirements
for continued listing on The Nasdaq Capital Market, but that we will be subject to a Discretionary Panel Monitor for a period of one year.
As such, in the event that we have another deficiency or deficiencies, we will immediately go back into Nasdaq’s hearings process.
In the event that the Nasdaq Hearings Department does not grant us an extension to demonstrate compliance our common stock would be delisted
from Nasdaq and trading of our common stock could be conducted only in the over-the-counter market or on an electronic bulletin board
established for unlisted securities such as the Pink Sheets or the OTC Bulletin Board. In such an event, it could become more difficult
to dispose of, or obtain accurate price quotations for, our common stock, and there would likely also be a reduction in our coverage by
securities analysts and the news media, which could cause the price of our common stock to decline further. Also, it may be difficult
for us to raise additional capital if we are not listed on a major exchange.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Except as previously reported on Form 8-K, we did
not sell any equity securities during the period covered by the report that were not registered under the Securities Act.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the quarter ended June 30, 2024, no director
or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined
in Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
INDEX TO EXHIBITS
Exhibit
Number |
|
Description |
|
|
|
3.1 |
|
Amendment to Amended and Restated Certificate of Incorporation of Volcon, Inc. (incorporated by reference to exhibit 3.1 of the Form 8-K filed June 7, 2024) |
4.1 |
|
Form of Series B Warrant amendment (incorporated
by reference to exhibit 4.1 of the Form 8-K filed May 17, 2024) |
4.2 |
|
Form of Pre-Funded Warrant issued in Series B Warrant exchange offer (incorporated by reference to exhibit 4.2 of the Form 8-K filed May
17, 2024) |
4.3 |
|
Form of May 2024 Notes (incorporated by reference
to exhibit 4.1 of the Form 8-K filed May 20, 2024) |
4.4 |
|
Form of May 2024 Warrants (incorporated by
reference to exhibit 4.2 of the Form 8-K filed May 20, 2024) |
10.1 |
|
Form of Exchange Agreement by and among the Company and certain Series B Warrant Holders (incorporated by reference to exhibit 10.1 of the Form 8-K filed May 17, 2024) |
10.2 |
|
Form of Securities Purchase Agreement by and among the Company and the Investors, dated May 20, 2024 (incorporated by reference to exhibit
10.1 of the Form 8-K filed May 20, 2024) |
10.3 |
|
Placement Agent Agreement between the Company and Aegis Capital Corp. dated May 19, 2024 (incorporated by reference to exhibit 10.2 of the Form 8-K filed May 20, 2024) |
31.1* |
|
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934 |
31.2* |
|
Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934 |
32.1*(1) |
|
Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2*(1) |
|
Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
101.INS |
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive Data File (formatted in inline XBRL, and included in exhibit 101). |
______________
(1) |
The certifications on Exhibit 32 hereto are deemed not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
VOLCON, INC. |
|
|
|
|
|
|
|
|
|
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
|
|
/s/ John Kim |
|
Chief Executive Officer and Director |
|
August 6, 2024 |
John Kim |
|
(principal executive officer) |
|
|
|
|
|
|
|
/s/ Greg Endo |
|
Chief Financial Officer |
|
August 6, 2024 |
Greg Endo |
|
(principal financial and accounting officer) |
|
|
Exhibit 31.1
CERTIFICATION BY CHIEF EXECUTIVE OFFICER
I, John Kim, certify that:
1. I have reviewed this quarterly
report on Form 10-Q for the quarterly period ended June 30, 2024 of Volcon, Inc.;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and we have:
a. designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
b. designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
c. evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):
a. all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
b. any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
August 6, 2024
By: /s/ John Kim
John Kim
Chief Executive Officer
(Principal executive officer)
Exhibit 31.2
CERTIFICATION BY CHIEF FINANCIAL OFFICER
I, Greg Endo, certify that:
1. I have reviewed this quarterly
report on Form 10-Q for the quarterly period ended June 30, 2024 of Volcon, Inc.;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and we have:
a. designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
b. designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
c. evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and.
5. The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions):
a. all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
b. any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
August 6, 2024
By: /s/ Greg Endo
Greg Endo
Chief Financial Officer
(Principal financial and accounting officer)
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
(Subsections (a) and (b) of Section 1350, Chapter
63 of Title 18, United States Code)
Pursuant to section 906 of
the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned
officer of Volcon, Inc., a Delaware corporation (the "Company"), does hereby certify, to such officer’s knowledge, that:
The quarterly report on Form
10-Q for the quarter ended June 30, 2024 (the “Form 10-Q”) of the Company fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and information contained in the Form 10-Q fairly presents, in all material
respects, the financial condition and results of operations of the Company.
August 6, 2024
By: /s/ John Kim
John Kim
Chief Executive Officer
(Principal Executive Officer)
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002
(Subsections (a) and (b) of Section 1350,
Chapter 63 of Title 18, United States Code)
Pursuant to section 906 of
the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned
officer of Volcon, Inc., a Delaware corporation (the "Company"), does hereby certify, to such officer’s knowledge, that:
The quarterly report on Form
10-Q for the quarter ended June 30, 2024 (the “Form 10-Q”) of the Company fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and information contained in the Form 10-Q fairly presents, in all material
respects, the financial condition and results of operations of the Company.
August 6, 2024
By: /s/ Greg Endo
Greg Endo
Chief Financial Officer
(Principal financial and accounting officer)
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 05, 2024 |
Cover [Abstract] |
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10-Q
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Amendment Flag |
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Document Quarterly Report |
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|
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Document Transition Report |
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|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40867
|
|
Entity Registrant Name |
Volcon, Inc.
|
|
Entity Central Index Key |
0001829794
|
|
Entity Tax Identification Number |
84-4882689
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
3121 Eagles Nest Street
|
|
Entity Address, Address Line Two |
Suite 120
|
|
Entity Address, City or Town |
Round Rock
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
78665
|
|
City Area Code |
512
|
|
Local Phone Number |
400-4271
|
|
Title of 12(b) Security |
Common Stock
|
|
Trading Symbol |
VLCN
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
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Yes
|
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Non-accelerated Filer
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v3.24.2.u1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 2,052,175
|
$ 7,983,346
|
Restricted cash |
105,000
|
210,000
|
Accounts receivable, net of allowance for doubtful accounts of $53,295 and $70,359 at June 30, 2024 and December 31, 2023, respectively |
301,845
|
203,303
|
Inventory |
9,586,328
|
8,973,134
|
Inventory deposits |
1,015,847
|
258,316
|
Prepaid expenses and other current assets |
963,253
|
1,904,197
|
Total current assets |
14,024,448
|
19,532,296
|
Long term assets: |
|
|
Property and equipment, net |
625,166
|
1,258,607
|
Other long-term assets |
199,281
|
199,281
|
Right-of-use assets - operating leases |
941,303
|
1,136,213
|
Total assets |
15,790,198
|
22,126,397
|
Current liabilities: |
|
|
Accounts payable |
962,390
|
831,184
|
Accrued liabilities |
1,735,981
|
3,128,906
|
Vendor settlements - short-term |
1,833,937
|
0
|
Current portion of notes payable |
6,784
|
15,278
|
Convertible notes, net of discount and issuance costs |
0
|
30,149,579
|
May 2024 Notes |
1,416,470
|
0
|
Warrant liabilities |
70,970
|
5,971,067
|
Right-of-use operating lease liabilities, short-term |
421,034
|
399,611
|
Customer deposits |
169,777
|
417,485
|
Total current liabilities |
6,617,343
|
40,913,110
|
Notes payable, net of current portion |
32,226
|
69,138
|
Vendor settlements - long-term |
683,493
|
0
|
Right-of-use operating lease liabilities, long-term |
559,749
|
775,170
|
Total liabilities |
7,892,811
|
41,757,418
|
COMMITMENTS AND CONTINGENCIES |
|
|
Stockholders' equity (deficit): |
|
|
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated, 6,375 shares outstanding as of June 30, 2024 and no shares issued and outstanding as of December 31, 2023. |
0
|
0
|
Common stock: $0.00001 par value, 250,000,000 shares authorized, 1,642,685 shares issued and outstanding as of June 30, 2024 and 10,305 shares issued and outstanding as of December 31, 2023 |
16
|
0
|
Additional paid-in capital |
155,357,971
|
101,175,117
|
Accumulated deficit |
(147,460,600)
|
(120,806,138)
|
Total stockholders’ equity (deficit) |
7,897,387
|
(19,631,021)
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
$ 15,790,198
|
$ 22,126,397
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v3.24.2.u1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Net of allowance for doubtful accounts |
$ 53,295
|
$ 70,359
|
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, shares designated |
25,000
|
25,000
|
Preferred stock, shares outstanding |
6,375
|
0
|
Preferred stock, shares issued |
|
0
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
1,642,685
|
10,305
|
Common stock, shares outstanding |
1,642,685
|
10,305
|
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v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 940,863
|
$ 519,300
|
$ 1,974,411
|
$ 1,689,758
|
Cost of goods sold |
(3,113,429)
|
(334,647)
|
(4,735,009)
|
(1,564,628)
|
Gross margin |
(2,172,566)
|
184,653
|
(2,760,598)
|
125,130
|
Operating expenses: |
|
|
|
|
Sales and marketing |
543,671
|
2,380,617
|
1,304,235
|
4,169,987
|
Product development |
805,550
|
1,166,732
|
1,620,495
|
2,953,083
|
General and administrative expenses |
2,007,514
|
1,568,700
|
4,088,308
|
3,458,791
|
Total operating expenses |
3,356,735
|
5,116,049
|
7,013,038
|
10,581,861
|
Loss from operations |
(5,529,301)
|
(4,931,396)
|
(9,773,636)
|
(10,456,731)
|
Other income |
8,589
|
10,618
|
21,443
|
16,503
|
Loss on extinguishment of Convertible Notes |
0
|
(22,296,988)
|
(1,647,608)
|
(22,296,988)
|
Gain (loss) on change in fair value of financial liabilities |
5,111,291
|
5,792,788
|
(14,727,696)
|
5,792,788
|
Interest expense |
(196,997)
|
(1,603,216)
|
(526,965)
|
(3,383,235)
|
Total other income (expense) |
4,922,883
|
(18,096,798)
|
(16,880,826)
|
(19,870,932)
|
Loss before provision for income taxes |
(606,418)
|
(23,028,194)
|
(26,654,462)
|
(30,327,663)
|
Provision for income taxes |
0
|
0
|
0
|
0
|
Net loss |
$ (606,418)
|
$ (23,028,194)
|
$ (26,654,462)
|
$ (30,327,663)
|
Net loss per common share – basic |
$ (1.51)
|
$ (19,110.53)
|
$ (110.71)
|
$ (26,417.82)
|
Net loss per common share – diluted |
$ (1.51)
|
$ (19,110.53)
|
$ (110.71)
|
$ (26,417.82)
|
Weighted average common shares outstanding – basic |
401,802
|
1,205
|
240,759
|
1,148
|
Weighted average common shares outstanding – diluted |
401,802
|
1,205
|
240,759
|
1,148
|
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v3.24.2.u1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
|
Series A Convertible Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
|
|
$ 76,369,940
|
$ (75,734,927)
|
$ 635,013
|
Beginning balance, shares at Dec. 31, 2022 |
|
1,086
|
|
|
|
Issuance of common stock for exercise of stock options and vesting of restricted stock units |
|
|
25,000
|
|
25,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
|
2
|
|
|
|
Issuance of common stock for public offering, net of issuance costs of $501,300 |
|
|
3,998,700
|
|
3,998,700
|
Stock Issued During Period, Shares, New Issues |
|
267
|
|
|
|
Stock-based compensation |
|
|
1,682,827
|
|
1,682,827
|
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture |
|
6
|
|
|
|
Net loss |
|
|
|
(30,327,663)
|
(30,327,663)
|
Ending balance, value at Jun. 30, 2023 |
|
|
82,076,467
|
(106,062,590)
|
(23,986,123)
|
Ending balance, shares at Jun. 30, 2023 |
|
1,361
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
|
|
101,175,117
|
(120,806,138)
|
(19,631,021)
|
Beginning balance, shares at Dec. 31, 2023 |
|
10,305
|
|
|
|
Issuance of common stock for exercise of pre-funded warrants |
$ 0
|
$ 0
|
0
|
0
|
0
|
Issuance of common stock for exercise of pre-funded warrants, shares |
|
739
|
|
|
|
Issuance of common stock for exercise of Series A warrants |
|
|
17,352,653
|
|
17,352,653
|
Issuance of common stock for exercise of Series A warrants, shares |
|
138,593
|
|
|
|
Proceeds received for exercise of buydown warrants |
|
|
3,500
|
|
3,500
|
Proceeds received for exercise of buydown warrants, shares |
|
78
|
|
|
|
Common stock issued for conversion of convertible notes |
|
|
7,395,907
|
|
7,395,907
|
Common stock issued for conversion of convertible notes, shares |
|
39,762
|
|
|
|
Conversion of Convertible Notes |
|
|
24,716,118
|
|
24,716,118
|
Conversion of Convertible Notes, shares |
24,698
|
|
|
|
|
Conversion of Preferred Stock for common stock |
$ 0
|
$ 15
|
(15)
|
0
|
0
|
Conversion of preferred stock for common stock, shares |
(18,323)
|
1,244,081
|
|
|
|
Issuance of common stock for exercise of Series B Warrants |
|
$ 1
|
|
|
1
|
Issuance of common stock for exercise of Series B Warrants, shares |
|
117,605
|
|
|
|
Reclassification of warrant liability to equity |
|
|
3,405,662
|
|
3,405,662
|
Proceeds received for Issuance of warrants with May 2024 Notes, net of issuance costs of $111,194 |
|
|
1,023,200
|
|
1,023,200
|
Stock-based compensation |
|
|
285,829
|
|
285,829
|
Common stock issued for reverse stock split due to rounding |
0
|
$ 0
|
0
|
0
|
0
|
Common stock issued for reverse stock split due to rounding, shares |
|
91,522
|
|
|
|
Net loss |
|
|
|
(26,654,462)
|
(26,654,462)
|
Ending balance, value at Jun. 30, 2024 |
|
$ 16
|
$ 155,357,971
|
$ (147,460,600)
|
$ 7,897,387
|
Ending balance, shares at Jun. 30, 2024 |
6,375
|
1,642,685
|
|
|
|
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flow from operating activities: |
|
|
Net loss |
$ (26,654,462)
|
$ (30,327,663)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Loss on extinguishment of convertible notes |
1,314,065
|
22,296,988
|
Loss (gain) on change in fair value of financial liabilities |
14,893,051
|
(5,792,788)
|
Gain on exercise of Series B Warrants |
(165,355)
|
0
|
Loss on conversion of notes to common stock |
333,544
|
0
|
Stock-based compensation |
285,829
|
1,682,827
|
Loss on write down of inventory and inventory deposits |
57,262
|
165,324
|
Loss (gain) on sale/write off of property & equipment |
618,738
|
(6,423)
|
Bad debt (recovery) expense |
(16,378)
|
51,198
|
Non-cash interest expense |
498,657
|
3,385,204
|
Amortization of right-of-use assets |
194,910
|
181,677
|
Depreciation and amortization |
197,237
|
106,625
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(82,162)
|
580,155
|
Inventory |
(347,144)
|
786,821
|
Inventory deposits |
(1,080,843)
|
(1,847,714)
|
Prepaid assets and other current assets |
940,944
|
(954,117)
|
Accounts payable |
131,205
|
(381,252)
|
Accrued liabilities and vendor settlements |
1,124,505
|
(626,788)
|
Right-of-use liabilities - operating leases |
(193,998)
|
(174,365)
|
Customer deposits |
(247,708)
|
295,739
|
Net cash used in operating activities |
(8,198,103)
|
(10,578,552)
|
Cash flow from investing activities: |
|
|
Purchase of property and equipment |
(255,754)
|
(393,291)
|
Proceeds from sale of property and equipment |
15,157
|
0
|
Proceeds from insurance settlement |
58,058
|
0
|
Proceeds from sale of vehicles |
0
|
89,000
|
Net cash used in investing activities |
(182,539)
|
(304,291)
|
Cash flow from financing activities: |
|
|
Repayment of notes payable |
(45,402)
|
(72,859)
|
Proceeds from issuance of May 2024 Notes and warrants, net of issuance costs of $245,150 |
2,255,851
|
0
|
Proceeds from exercise of Series B Warrants |
130,522
|
0
|
Proceeds from exercise of buy down warrants |
3,500
|
0
|
Proceeds from issuance of common stock from public offering, net of issuance costs of $501,300 |
0
|
3,998,700
|
Proceeds from issuance of convertible notes and warrants, net of issuance costs of $586,968 |
0
|
3,913,032
|
Proceeds from exercise of stock options |
0
|
25,000
|
Net cash provided by financing activities |
2,344,471
|
7,863,873
|
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
(6,036,171)
|
(3,018,970)
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD |
8,193,346
|
11,537,842
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
2,157,175
|
8,518,872
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
26,267
|
4,648
|
Cash paid for income taxes |
0
|
0
|
Non-cash transactions |
|
|
Conversion of Convertible Notes for common stock |
7,414,025
|
0
|
Exchange of Convertible Notes for Preferred Stock |
24,716,118
|
0
|
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants |
17,352,653
|
0
|
Reclassification of warrant liability to equity for modification of Series B Warrants |
3,405,662
|
0
|
Exchange of finished goods inventory with vendor for raw materials inventory |
323,312
|
0
|
Acquisition of property and equipment with note payable |
$ 0
|
$ 96,024
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) |
$ (606,418)
|
$ (23,028,194)
|
$ (26,654,462)
|
$ (30,327,663)
|
X |
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v3.24.2.u1
ORGANIZATION, NATURE OF OPERATIONS AND GOING CONCERN
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
ORGANIZATION, NATURE OF OPERATIONS AND GOING CONCERN |
NOTE 1 – ORGANIZATION, NATURE OF OPERATIONS
AND GOING CONCERN
Organization and Nature of Operations
Volcon, Inc. (“Volcon” or the “Company”)
was formed on February 21, 2020, as a Delaware corporation, under the name Frog ePowersports, Inc. The Company was renamed Volcon, Inc.
on October 1, 2020. Volcon designs and sells all-electric off-road powersport vehicles.
On January 5, 2021, the Company created Volcon
ePowersports, LLC (“Volcon LLC”), a Colorado wholly-owned subsidiary of the Company, to sell Volcon vehicles and accessories
in the United States. Volcon LLC is no longer used for selling vehicles and accessories.
Going Concern
The accompanying interim consolidated financial
statements have been prepared assuming that the Company will continue as a going concern. The Company has recurring losses and has generated
negative cash flows from operations since inception.
In February and March 2024, certain holders of
the May 2023 Convertible Notes issued in May 2023 converted approximately $7.4 million of principal to common stock. In March 2024, the
holders exchanged the remaining May 2023 Convertible Notes of $24.7 million for Series A Convertible Preferred Stock (“Preferred
Stock”) with a $1,000 per share value and an initial conversation price of $133.00 per share for common stock (see Note 10). All
covenants from the Convertible Notes were terminated upon this exchange.
As discussed further in Note 7 below, on May 22,
2024, the Company issued senior notes with an aggregate principal amount of $2,942,170 due May 22, 2025 (the “May 2024 Notes”)
for net proceeds of $2,255,851. The holders of the May 2024 Notes also received fully vested warrants (the “May 2024 Note Warrants”)
to purchase 101,463 shares of the Company’s common stock at an exercise price of $29.00 per share. The May 2024 Note Warrants are
exercisable beginning November 23, 2024 and expire November 23, 2029.
Management anticipates that our cash on hand as
of June 30, 2024 plus the cash expected to be generated from operations will not be sufficient to fund planned operations beyond one year
from the date of the issuance of the financial statements as of and for the three and six months ended June 30, 2024. There can be no
assurance that additional funding, if needed, would be available to the Company on acceptable terms, or at all. These factors raise substantial
doubt regarding our ability to continue as a going concern. The consolidated financial statements do not include any adjustments that
may result should the Company be unable to continue as a going concern.
Nasdaq Compliance
On July 5, 2023, the Company received a notice
from Nasdaq that it was not in compliance with Nasdaq’s Listing Rule 5550(b)(2), which requires that it maintain a market value
of listed securities (“MVLS”) of $35 million. MVLS is calculated by multiplying the Company’s shares outstanding by
the closing price of its common stock. On December 19, 2023, the Company received a notice from Nasdaq that it was not in compliance with
Nasdaq’s Listing Rule 5550(a)(2), as the minimum bid price of its common stock had been below $1.00 per share for 30 consecutive
business days.
On December 26, 2023, the Company was notified
by Nasdaq that it is not in compliance with Nasdaq’s Listing Rule 5810(c)(3)(A)(iii) as the closing bid price of our common stock
had been below $0.10 for ten consecutive trading days from December 11, 2023 through December 22, 2023 and was subject to delisting on
January 2, 2024. On January 4, 2024, the Company received notice from Nasdaq that it did not meet the MVLS requirement and it was subject
to delisting. The Company submitted a hearing request to Nasdaq’s Hearings Department for both of these matters, which stayed the
suspension of the Company’s common stock. The Company participated in a hearing with Nasdaq’s Hearings Department on March
26, 2024 and on April 2, 2024, they informed the Company that the Company has until June 24, 2024 to regain compliance with the above
listing rules.
On June 11, 2024, the Company received a notice
from the Nasdaq that the Company no longer met the minimum 500,000 publicly held shares requirement for Nasdaq and, as such, it no longer
complied with Listing Rule 5550(a)(4). Furthermore, the notice indicated that this matter would serve as an additional basis for delisting
the Company’s securities from Nasdaq, that the Panel would consider this matter in their decision regarding the Company’s
continued listing on Nasdaq, and that the Company should present its views with respect to this additional deficiency to the Panel in
writing no later than June 18, 2024. On June 18, 2024, the Company submitted a letter to Nasdaq notifying them that the Company was in
compliance with Listing Rule 5550(a)(4) due to the issuance of additional shares of common stock from the conversion of Preferred Stock
to common stock by certain Preferred Stockholders.
On July 17, 2024, Nasdaq informed the Company
that it had regained compliance with the above listing rules but will continue to be monitored for ongoing compliance.
Employment Matters
On January 13, 2024, the Company’s Chief
Executive Officer (“CEO”), Jordan Davis, resigned his employment with the Company effective February 2, 2024. The Company
entered into a 30-day consulting agreement with Mr. Davis and paid him $12,500.
On January 30, 2024, John Kim, an independent
board member of the Company signed an employment agreement with the Company to become the CEO effective February 3, 2024. Mr. Kim’s
salary is $800,000 and he has an annual bonus of $250,000. Mr. Kim will also receive 5% of the gross proceeds or other consideration if
the Company completes a sale of substantially all of its assets or otherwise enters into a change of control transaction. Mr. Kim is also
entitled to an equity award equal to 10% of the Company’s fully diluted equity, subject to stockholder approval of an increase in
the shares available under the 2021 Plan or a new equity plan.
On January 30, 2024, Greg Endo, the Company’s
Chief Financial Officer, signed a new employment agreement with the Company. Mr. Endo’s salary will be increased to $300,000 and
he will have an annual bonus of up to 50% of his salary as determined by the compensation committee of the board of directors. Mr. Endo
has agreed to a reduction in the salary to $238,500 through the end of 2024. Mr. Endo will also receive 5% of the gross proceeds or other
consideration if the Company completes a sale of substantially all of its assets or otherwise enters into a change of control transaction.
Mr. Endo is also entitled to an equity award equal to 4% of the Company’s fully diluted equity, subject to stockholder approval
of an increase in the shares available under the 2021 Plan or a new equity plan.
On February 23, 2024, Katherine Hale resigned
her position as Chief Marketing Officer. Ms. Hale was provided a severance amount of $112,500 which was paid out over three monthly installments
beginning in March 2024.
Impact of Russia and Ukraine Conflict
On February 24, 2022, Russia invaded Ukraine. The conflict between Russia and Ukraine could impact the availability of nickel, an element
used in the production of lithium ion cells used in batteries that power our vehicles. The shortage of these cells could have an impact
on our ability to produce vehicles to meet our customers’ demands. In addition, sanctions against Russia could impact the price
of elements, including nickel, that are used in the production of batteries which would result in higher costs to produce our vehicles.
These sanctions have also impacted the U.S. and global economies and could result in an economic recession which could cause a broader
disruption to the Company’s supply chain and distribution network and customer demand for our products.
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Unaudited Financial Information
The accompanying interim consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K
for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on March 28, 2024.
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S.
GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC.
Results for the interim periods in this report
are not necessarily indicative of future financial results and have not been audited by our independent registered public accounting firm.
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present
fairly our interim consolidated financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023.
These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited consolidated
financial statements as of December 31, 2023.
Basis of Presentation
The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, transactions and balances have been eliminated
in consolidation.
As discussed in Note 10, the Company
completed a reverse 1
for 100 stock split on June 6, 2024, a reverse 1 for 45 stock split on February 2, 2024 and a reverse 1 for 5 stock split on October 13, 2023. All share and per share amounts
have been adjusted to reflect the impact of these reverse stock splits.
Use of Estimates
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.
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.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include short-term investments
with original maturities of 90 days or less at the date of purchase. The recorded value of our cash and cash equivalents approximates
their fair value. There were no cash equivalents as of June 30, 2024 or December 31, 2023. Restricted cash includes cash restricted as
collateral for the Company’s corporate credit cards.
Revenue Recognition
For sales to dealers or distributors, revenue
is recognized when transfer of control of the product is made as there is no acceptance period or right of return. Revenue is measured
as the amount of consideration the Company expects to receive in exchange for transferring control of vehicles, parts, and accessories.
Beginning in February 2023 the Company began selling the Brat E-Bike and Volcon Youth motorcycles directly to consumers in addition to
dealers. Revenue for direct to consumer sales is recognized when transfer of control of the product is made to the consumer.
Consideration that is received in advance of the
transfer of goods is recorded as customer deposits until delivery has occurred or the customer cancels their order, and the consideration
is returned to the customer. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from
revenue. The Company’s sales do not presently have a financing component.
Sales promotions and incentives. The Company
provides for estimated sales promotions and incentives, which are recognized as a component of sales in measuring the amount of consideration
the Company expects to receive in exchange for transferring goods or providing services. Examples of sales promotion and incentive programs
include rebates, distributor fees, dealer co-op advertising and volume incentives. Sales promotions and incentives are estimated based
on contractual requirements. The Company records these amounts as a liability in the balance sheet until they are ultimately paid. Adjustments
to sales promotions and incentives accruals are made as actual usage becomes known to properly estimate the amounts necessary to generate
consumer demand based on market conditions as of the balance sheet date.
Shipping and handling charges and costs. The
Company records shipping and handling amounts charged to the customer and related shipping costs as a component of cost of goods sold
when control has transferred to the customer.
Product Warranties
The Company provides a one-year warranty on vehicles,
and a two-year warranty on the battery pack. The Company accrues warranty reserves at the time revenue is recognized. Warranty reserves
include the Company’s best estimate of the projected cost to repair or to replace any items under warranty, based on actual warranty
experience as it becomes available and other known factors that may impact the evaluation of historical data. The Company reviews its
reserves quarterly to ensure that the accruals are adequate to meet expected future warranty obligations and will adjust estimates as
needed. Factors that could have an impact on the warranty reserve include the following: changes in manufacturing quality, shifts in product
mix, changes in warranty coverage periods, product recalls and changes in sales volume. Warranty expense is recorded as a component of
cost of goods sold in the statement of operations and is recognized as a current liability.
Inventory and Inventory Deposits
Inventories and prepaid inventory deposits are
stated at the lower of cost (first-in, first-out method) or net realizable value.
Certain vendors require the Company to pay an
upfront deposit before they manufacture and ship the Company’s vehicles, parts or accessories. These payments are classified as
prepaid inventory deposits on the balance sheet until title and risk of loss transfers to the Company, at which time they are classified
as inventory.
Raw materials inventory costs include the cost
of parts, including duties, tariffs and shipping. Work in process and finished goods include the cost of parts, labor and manufacturing
overhead costs associated with the assembly of the vehicle. Finished goods also include accessories for the vehicle and branded merchandise
such as hats and shirts.
Through August 2022 the Company assembled the
Grunt motorcycle in a leased facility. The Company ceased assembly operations at the end of August and outsourced the assembly of the
Grunt to a third party.
The Company transferred substantially all of its raw materials and
work-in-process inventory for the Grunt to the third party manufacturer in the second quarter of 2023. Title to the inventory transferred
to the third party manufacturer and it provides the Company with a credit towards future purchases of the Grunt EVO.
Property and Equipment
Property and equipment are valued at cost. Additions
are capitalized and maintenance and repairs are charged to expense as incurred. Gains and losses on dispositions of equipment are reflected
in operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows:
Schedule of estimated useful lives of the
assets |
|
|
Category |
|
Estimated
Useful Lives |
Machinery, tooling and equipment |
|
3-7 years |
Vehicles |
|
5 years |
Internal use manufactured vehicles |
|
1 year |
Furniture & Fixtures |
|
5 years |
Computers |
|
3 years |
Leasehold improvements are depreciated over the
shorter period of their estimated useful life or term of the lease.
Long-Lived Assets
The Company’s long-lived assets are reviewed
for impairment whenever events or changes in circumstances indicate that the historical carrying cost value of an asset may no longer
be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result
from the asset to the carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment
loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the
long-lived asset.
Leases
Right-of-use (“ROU”) assets represent
the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation
to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on
the estimated present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on
the balance sheet; the Company recognizes lease expenses for these leases on a straight-line basis over the lease term. The Company does
not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease
component associated with that lease component as a single lease component.
ASC 842 defines initial direct costs as only the
incremental costs of signing a lease. Initial direct costs related to leasing that are not incremental are expensed as general and administrative
expenses in our statements of operations.
The Company’s operating lease agreements
primarily consist of leased real estate and are included within ROU assets – operating leases and ROU lease liabilities –
operating leases on the balance sheets. The Company’s lease agreements may include options to extend the lease, which are not included
in minimum lease payments unless they are reasonably certain to be exercised at lease commencement. The Company's leases do not provide
an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in
determining the present value of lease payments.
Research and Development Expenses
The Company records research and development expenses
in the period in which they are incurred as a component of product development expenses.
Income Taxes
Deferred taxes are determined utilizing the “asset
and liability” method, whereby deferred tax asset and liability account balances are determined based on the differences between
financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in
effect when the differences are expected to reverse. The Company provides a valuation allowance, when it's more likely than not that deferred
tax assets will not be realized in the foreseeable future. Deferred tax liabilities and assets are classified as current or non-current
based on the underlying asset or liability or if not directly related to an asset or liability based on the expected reversal dates of
the specific temporary differences.
Fair Value of Financial Instruments
ASC Topic 820 Fair Value Measurements and Disclosures (“ASC Topic 820”) provides a framework for measuring fair value
in accordance with generally accepted accounting principles.
ASC Topic 820 defines fair value
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions
developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market
participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
The fair value hierarchy consists
of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are
described as follows:
|
· |
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. |
|
· |
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
|
· |
Level 3 — Inputs that are unobservable for the asset or liability. |
The following section describes
the valuation methodologies that the Company used to measure different financial instruments at fair value.
Debt
The fair value of the Company’s
debt, which approximated the carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023. Factors that the Company
considered when estimating the fair value of its debt included market conditions, and term of the debt. The level of the debt would be
considered as Level 2.
The Company relies on the guidance
provided by ASC Topic 480, Distinguishing Liabilities from Equity, to classify certain convertible instruments. The Company first
determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification
if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional
obligation that the Company must or may settle by issuing a variable number of its equity shares.
The Company accounts for derivative
instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), and all derivative instruments
are reflected as either assets or liabilities at fair value on the consolidated balance sheets. The Company uses estimates of fair value
to value its derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction
between able and willing market participants. In general, the Company’s policy in estimating fair values is to first look at observable
market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are
used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit
spreads, relying first on observable data from active markets. Depending on the availability of observable inputs and prices, different
valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and
may not be realizable. The Company categorizes its fair value estimates in accordance with ASC Topic 820, based on the hierarchical framework
associated with the three levels or price transparency utilized in measuring financial instruments at fair value as discussed above.
Once the Company determines that a financial instrument
should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability
section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification
if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the
Company accounts for the financial instrument as permanent equity.
Initial Measurement
The Company records its financial
instruments classified as a liability, temporary equity or permanent equity at issuance at the fair value, or cash received.
Subsequent Measurement -
Financial instruments classified as liabilities
The Company records the fair
value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial
instruments classified as liabilities are recorded as other expense/income. The Monte Carlo simulation is used to determine the fair value
of derivatives for instruments with embedded conversion features and for free standing warrants as discussed further in Note 8.
Additional Disclosures Regarding Fair Value
Measurements
The carrying value of cash,
accounts receivable, inventory, other assets, and accounts payable and accrued expenses approximate their fair value due to the short-term
maturity of those items.
Warrant Liabilities and Convertible Liabilities
The fair value of the derivative liabilities and warrant liabilities
is classified as Level 3 within the Company’s fair value hierarchy. Refer to Note 8, Derivative Instruments, for further discussion
of the measurement of fair value of the derivatives and their underlying assumptions.
Stock-Based Compensation
The Company has a stock-based incentive award
plan for employees, consultants and directors. The Company measures stock-based compensation at the estimated fair value on the grant
date and recognizes the amortization of stock-based compensation expense on a straight-line basis over the requisite service period, or
when it is probable criteria will be achieved for performance-based awards. Fair value is determined based on assumptions related to the
fair value of the Company common stock, stock volatility and risk-free rate of return. The Company has elected to recognize forfeitures
when realized.
Concentration Risk
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.
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.
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 $2,070,000 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 $1,400,000. As discussed below, the
Company has written down this inventory to its estimated net realizable value.
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 $633,936
and $483,493
in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $1,117,429
in costs of goods sold for the three and six months ended June 30, 2024.
Recently Issued Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standard Board or other standard setting bodies that the Company adopts as of the specified effective
date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact
on the Company’s financial position or results of operations upon adoption.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.2.u1
INVENTORY
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE 3 – INVENTORY
Inventory consists of the following:
Schedule of inventory | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 7,557,689 | | |
$ | 6,770,892 | |
Finished goods | |
| 2,028,639 | | |
| 2,202,242 | |
Total inventory | |
$ | 9,586,328 | | |
$ | 8,973,134 | |
As of June 30, 2024, the Company has purchase
commitments for future payments due for inventory of $352,004.
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.2.u1
LONG – LIVED ASSETS
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
LONG – LIVED ASSETS |
NOTE 4 – LONG – LIVED ASSETS
Property and Equipment
Property and equipment consist of the following:
Schedule of property and equipment | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Machinery, tooling and equipment | |
$ | 282,232 | | |
$ | 1,015,568 | |
Vehicles | |
| 193,670 | | |
| 213,528 | |
Internal use manufactured vehicles | |
| 195,559 | | |
| 22,906 | |
Fixtures & furniture | |
| 90,768 | | |
| 90,768 | |
Leasehold improvements | |
| 44,663 | | |
| 44,663 | |
Computers | |
| 220,588 | | |
| 221,571 | |
| |
| 1,027,480 | | |
| 1,609,004 | |
Less: Accumulated depreciation | |
| (402,314 | ) | |
| (350,397 | ) |
Total property and equipment | |
$ | 625,166 | | |
$ | 1,258,607 | |
Depreciation expense for the three and six months
ended June 30, 2024 was $99,517 and $197,237, respectively. Depreciation expense for the three and six months ended June 30, 2023 was
$53,330 and $103,718, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE 5 – NOTES PAYABLE
In March 2023, the Company entered into two
financing arrangements to purchase two vehicles. The total principal of these arrangements is $96,024
with interest rates of 11.44%
and 8.63%
and monthly payments totaling $1,923
are due through February 2028 and $908
per month until February 2029. The vehicles are collateral for these arrangements. In February 2024, one of the vehicles was
involved in an accident and was totaled. The note payable associated with this vehicle was paid off with the proceeds received from
the insurance carrier.
The following table provides the maturities of
notes payable as of June 30, 2024:
Schedule of maturities for notes payable | |
| |
Remainder of 2024 | |
$ | 5,451 | |
2025 | |
| 10,898 | |
2026 | |
| 10,898 | |
2027 | |
| 10,898 | |
2028 | |
| 10,898 | |
2029 | |
| 1,816 | |
Total future payments | |
| 50,859 | |
Less: Interest | |
| (11,849 | ) |
Total notes payable | |
| 39,010 | |
Less current portion | |
| (6,784 | ) |
Long-term notes payable | |
$ | 32,226 | |
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
CONVERTIBLE NOTES
|
6 Months Ended |
Jun. 30, 2024 |
Convertible Notes |
|
CONVERTIBLE NOTES |
NOTE 6 - CONVERTIBLE NOTES
On August 24, 2022, the Company issued senior convertible notes (“Convertible Notes”) with an aggregate principal amount
of $27,173,913 due February 24, 2024. The holders of the Convertible Notes also received fully vested warrants (the “Note Warrants”)
to purchase 403 shares of the Company’s common stock at an initial exercise price of $64,125.00 per share. The conversion and warrant
exercise prices were subject to adjustment if the Company declared a stock dividend, stock split or recapitalization. The Company incurred
debt issuance costs of $3,316,409 upon issuance of the Convertible Notes, which includes $616,730 for the fair value of the warrants issued
to the placement agent of the Convertible Notes as further described in Note 10. These debt issuance costs were amortized as additional
interest expense through May 24, 2023 when the Convertible Notes were exchanged as discussed below.
The Company allocated the net proceeds received
from the issuance of the Convertible Notes and Note Warrants based on the relative fair values of each resulting in net proceeds of $15,122,345
being allocated to the Convertible Notes and net proceeds of $6,561,247 being allocated to the Note Warrants which was recorded in equity.
The Company recorded non-cash interest expense through May 24, 2023 to accrete the allocated value of the Convertible Notes using the
effective interest method and an interest rate of 39.6%. Interest expense, including amortization of issuance costs, recorded for the
Convertible Notes for the three and six months ended June 30, 2023 was $1,136,997 and $2,913,632, respectively, prior to the recognition
of the unamortized discount and issuance costs upon issuance of the addition senior convertible notes noted below.
On May 24, 2023, the Company issued additional
Senior Convertible Notes (“New Notes”) with an aggregate principal amount of $4,934,783 due February 24, 2024 to the same
investors of the Convertible Notes. The New Notes had an initial conversion price of $57,150.00 per share of common stock, which was adjusted
to $16,875.00 upon stockholder approval received on August 3, 2023. The conversion price was also subject to further adjustment if the
Company completed an equity or convertible note offering with a price below $16,875.00, or completed a stock split, reverse stock split
or recapitalization where the lowest day’s volume weighted average price (“VWAP”) of the Company’s stock price
is below $16,875.00 in the five days following the stock split, with a floor price of $0.22 (subject to stockholder approval, which was
obtained on August 3, 2023). The conversion price was also subject to further adjustment if the Company completed an equity or convertible
note offering with a price below $16,875.00. The New Notes were issued with an original issue discount of 8.8% and did not bear interest
unless an event of default had occurred, upon which interest accrued at 10% per annum.
The holders of the New Notes also received fully
vested warrants (the “New Warrants”) to purchase 242 shares of the Company’s common stock at an initial exercise price
of $24,525.00 per share. The New Warrants expire August 24, 2027.
The Company incurred debt issuance costs of $586,968
upon issuance of the New Notes and New Warrants. The Company amortized these issuance costs as additional interest expense over the remaining
term of the New Notes.
Concurrent with the issuance of the New Notes,
the Company exchanged the Convertible Notes into two new notes, Series A Notes and Series B Notes both due February 24, 2024 (collectively
the “Exchange Notes” and collectively with the New Notes the “May 2023 Notes”). The aggregate principal amount
of Series A Notes was $3,690,422 and these were convertible into the Company’s common stock at an initial conversion price of $16,875.00
per share. The aggregate principal amount of the Series B Notes was $23,483,491 and were convertible into the Company’s common stock
at an initial conversion price of $24,525.00 which was adjusted to $16,875.00 upon stockholder approval received on August 3, 2023.
In September 2023, the holders of the May 2023
Notes agreed to modify the due date of these notes to January 31, 2025. The Company also executed a security interest to the holders for
substantially all of the assets of the Company.
Events of default for the May 2023 Notes were defined in the note agreements and the Company was in compliance with all covenants until
the May 2023 Notes were exchanged for Series A Convertible Preferred Stock (“Preferred Stock”) on March 4, 2024 as discussed
below.
The fair value of the May 2023 Notes was estimated based on the future cash flows discounted at an interest rate of 14.9%. The May 2023
Notes were recorded at their initial fair values as follows:
Schedule of convertible notes | |
| | |
| |
| |
Fair Value | | |
Principal Amount | |
New Notes | |
$ | 4,410,058 | | |
$ | 4,934,783 | |
Series A Exchange Notes | |
| 3,298,012 | | |
| 3,690,422 | |
Series B Exchange Notes | |
| 20,986,449 | | |
| 23,483,891 | |
Total May 2023 Notes | |
$ | 28,694,519 | | |
$ | 32,109,096 | |
The Company estimated the fair value of the conversion
features of the New Notes, Exchange Notes, New Warrants and Exchange Warrants as of May 24, 2023, as discussed in Note 8 below.
The Company recognized interest expense of $406,353 in the three and six months ended June 30, 2023 for the amortization of debt issuance
costs and the accretion of the discount on the May 2023 Notes.
The Company also exchanged the 403 Note Warrants
with an exercise price of $64,125.00 per share issued with the Convertible Notes in August 2022 for 759 warrants which had an initial
exercise price of $24,525.00 per share (the “Exchange Warrants”) and was adjusted to $16,875.00 per share upon stockholder
approval received on August 3, 2023. The Exchange Warrants expire August 24, 2027.
The conversion prices of the Exchange Notes, and
the exercise prices of the New Warrants and Exchange Warrants (collectively the “May 2023 Warrants”) were subject to further
adjustment in the event that the Company issues additional common stock, stock options, warrants or convertible notes with prices below
the exercise price in effect at the time of issuance, or completes a stock split, reverse stock split or recapitalization where the lowest
day’s VWAP of the Company’s stock price is below the then exercise price in the five days following the stock split with a
floor of $0.22 per share.
The Company evaluated the issuance of the New Notes and Exchange Notes and related warrants and determined that the Convertible Notes
were extinguished based on the conclusion that the terms of the New Notes and Exchange Notes are substantially different from the Convertible
Notes in accordance with ASC 470, Debt. In addition, the Company recognized a loss on the extinguishment of the Convertible Notes
based on the carrying value of the Convertible Notes at the transaction date, plus gross proceeds received from the issuance of New Notes
and New Warrants, less the fair value of the i) New Notes and conversion option, ii) New Warrants, iii) Exchange Notes and conversion
options, and iv) Exchange Warrants. The resulting loss on extinguishment of the Convertible Notes was $22,296,988 (including unamortized
issuance costs of $1,330,296) which was recorded in the three and six-month periods ended June 30, 2023.
The May 2023 Notes contain certain conversion
limitations, providing that no conversion may be made if, after giving effect to the conversion, the holder, together with any of its
affiliates, would own in excess of 9.99% of the Company’s outstanding shares of common stock after giving effect to such conversion.
The Company had the option to force conversion of the Series A and Series B Notes but the weighted average price of the Company’s
common stock did not equal or exceed the amounts specified in the May 2023 Note agreements while these notes were outstanding.
In September 2023, the Company and the holders
of the Exchange Warrants entered into a warrant inducement agreement whereby the Exchange Warrant holders agreed to exercise 69 Exchange
Warrants at a reduced exercise price of $7,875.00 per share. The Company issued the holders 70 warrants (“Reload Warrants”)
with an initial exercise price of $11,250.00 per share. The Reload Warrants are immediately exercisable for unregistered shares of the
Company’s common stock and have the same terms as the May 2023 Warrants and expire August 24, 2027. The Company recognized equity
issuance costs of $216,855 for the issuance of the Reload Warrants.
The May 2023 Warrants and Reload Warrants contained certain conversion limitations, providing that a holder thereof may not exercise such
warrants to the extent that, if after giving effect to such conversion, the holder or any of its affiliates would beneficially own in
excess of 4.99% of the outstanding shares of the Company’s common stock immediately after giving effect to such exercise. The May
2023 Warrants and Reload Warrants provide the holders the right to exercise these warrants on a non-cash basis if the Company does not
have an effective registration statement for the underlying shares of common stock.
Holders of the May 2023 Notes, the May 2023 Warrants
and Reload Warrants do not have voting rights to the extent they have not converted their notes or exercised their warrants.
In September 2023, the Company completed a public
offering and sold 63 shares of common stock at $11,250.00 per share. The holders of the May 2023 Notes waived their right to reduce the
conversion price to the equity issuance price and agreed to reduce the conversion price to $12,375.00 per share. The exercise price of
the May 2023 Warrants was reduced to $11,250.00 per share as a result of the public offering.
On October 13, 2023, the Company completed a 1
for 5 reverse stock split and the lowest day’s VWAP in the five days following the reverse split was $6,160.50 per share and the
conversion price of the May 2023 Notes, and the exercise price of the May 2023 Warrants were reduced to $6,160.50 per share effective
October 20, 2023. On February 2, 2024, the Company completed a reverse 1 for 45 stock split. As a result, the conversion price of the
May 2023 Notes and exercise price of the May 2023 Warrants were subject to adjustment to the lowest day’s VWAP in the five-day period
following the reverse split, which was $186.46 per share effective February 12, 2024.
During the three months ended March 31,
2024, $7,414,025
of principal of the May 2023 Notes were converted into 39,763
shares of common stock. The Company recognized a loss of $333,544
on the conversion including the write off of $55,490
of unamortized debt issuance costs. The remaining principal of the May 2023 Notes of $24,716,118
was exchanged for 24,698
shares of Series A convertible Preferred Stock with a stated value of $1,000 and an initial conversion price of $1.33. The Company
recognized a loss on the exchange of the Convertible Notes for Preferred Stock of $1,314,065,
which includes unamortized issuance costs of $182,009,
in the six months ended June 30, 2024.
As a result of the exchange for Preferred Stock,
the May 2023 Notes are no longer outstanding, there are no remaining covenants related to the May 2023 Notes that the Company must comply
with and the security interest on the assets of the Company has been released by the noteholders. The May 2023 Warrants exercise price
was reduced to $133.00 as a result of this exchange. See further discussion in Note 10.
|
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v3.24.2.u1
MAY 2024 SENIOR NOTES
|
6 Months Ended |
Jun. 30, 2024 |
May 2024 Senior Notes |
|
MAY 2024 SENIOR NOTES |
NOTE 7 - MAY 2024 SENIOR NOTES
On May 22, 2024, the Company issued senior notes with an aggregate principal amount of $2,942,170 due May 22, 2025 (the “May 2024
Notes”) for proceeds before expenses of $2,501,001 (issuance costs were $245,150). The notes were issued with an original issue
discount of 15% and do not bear interest unless an event of default occurs, upon which interest will accrue at 10% per annum. Pursuant
to the terms of the May 2024 Notes, if the Company completes an equity or debt offering while any principal of the May 2024 Notes is outstanding,
thirty percent of the proceeds from such offering are required to be used to repay the outstanding principal of the May 2024 Notes until
they are fully repaid. The holders of the May 2024 Notes also received fully vested warrants (the “May 2024 Note Warrants”)
to purchase 101,463 shares of the Company’s common stock at an exercise price of $29.00 per share. The May 2024 Note Warrants are
exercisable beginning November 23, 2024 and expire November 23, 2029. The number of warrants and the exercise price are subject to adjustment
if the Company declares a stock dividend, stock split or recapitalization.
The Company allocated the net proceeds received
from the issuance of the May 2024 Notes and May 2024 Note Warrants based on the relative fair values of each resulting in net proceeds
of $1,232,651
being allocated to the May 2024 Notes recorded as a current liability in the balance sheet and net proceeds of $1,023,200
being allocated to the May 2024 Note Warrants which was recorded in equity.
Schedule of senior notes | |
| | |
Principal amount | |
$ | 2,942,170 | |
Unamortized discount and issuance costs | |
| (1,525,700 | ) |
Net carrying amount | |
$ | 1,416,470 | |
During the three and six months ended June 30, 2024, the Company recorded non-cash interest expense of $183,819 to accrete the allocated
value of the May 2024 Notes, which includes the amortization of debt issuance costs. As discussed further in Note 15, the May 2024 Notes
were fully repaid on July 12, 2024.
|
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v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS AND WARRANT LIABILITIES
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE FINANCIAL INSTRUMENTS AND WARRANT LIABILITIES |
NOTE 8 - DERIVATIVE FINANCIAL INSTRUMENTS AND
WARRANT LIABILITIES
May 2023 Notes and May 2023 Warrants
As discussed in Note 6, the Company recognized
a loss on the extinguishment of the Convertible Notes based on the fair values of the May 2023 Notes including the conversion feature,
and the May 2023 Warrants. The Company determined that there was a derivative liability associated with the conversion features in the
May 2023 Notes due to the conversion price being subject to stockholder approval in the conversion feature. Therefore, the Company separated
the conversion features from the May 2023 Notes and recorded them at fair value and continued to adjust them to fair value until stockholder
approval was received on August 3, 2023 as the conversion price is then only adjusted based on anti-dilutive provisions. The Company also
determined that the May 2023 Warrants were derivative liabilities due to the potential adjustment in the exercise prices being subject
to stockholder approval. Once stockholder approval was received on August 3, 2023, the exercise price of the warrants only adjusts based
on anti-dilutive provisions and they are no longer derivative liabilities
The fair value of the conversion
features and warrant liabilities were calculated using a Monte Carlo simulation and the following assumptions and methodologies:
Schedule of assumptions | |
| | |
| |
| |
May 24, 2023 | | |
August 3, 2023 | |
Conversion Feature Liabilities | |
| | | |
| | |
Company stock price on valuation date | |
$ | 15,750.00 | | |
$ | 12,397.50 | |
Volatility (closing prices of guideline comparable public companies) | |
| 86.3% | | |
| 84.1% | |
Conversion price per share | |
$ | 16,875.00 | | |
$ | 16,875.00 | |
Note term (years) | |
| 0.76 | | |
| 0.56 | |
Risk free interest rate | |
| 5.1% | | |
| 5.4% | |
| |
| | | |
| | |
Warrant Liabilities | |
| | | |
| | |
Company stock price on valuation date | |
$ | 15,750.00 | | |
$ | 12,397.50 | |
Volatility (closing prices of guideline comparable public companies) | |
| 119.2% | | |
| 115.0% | |
Conversion price per share | |
$ | 16,875.00 | | |
$ | 16,875.00 | |
Warrant term (years) | |
| 4.25 | | |
| 4.06 | |
Risk free interest rate | |
| 3.8% | | |
| 4.3% | |
In addition to the above factors, the Company
also used a probability assessment for the initial and August 3, 2023 valuation to evaluate whether stockholder approval would be received
to lower the conversion and exercise prices. The Company utilized a 50/50 assessment that stockholders would or would not approve the
lower conversion and exercise price. Management notes that at the time of the assessment, the stockholder vote had not yet started therefore
there was no data to determine whether one scenario was more likely than another. Since the stockholders approved the lower conversion
and exercise price on August 3, 2023, no probability assessment was used.
Based on the above factors, the estimated fair
value of the Company’s derivative liabilities carried at fair value at May 24, 2023 and August 3, 2023 as follows:
Schedule of fair value of derivative liabilities | |
| | |
| |
| |
May 24, 2023 | | |
August 3, 2023 | |
Conversion Feature - New Notes | |
$ | 663,096 | | |
$ | 557,168 | |
Conversion Feature - Series A Exchange Notes | |
| 970,805 | | |
| 416,672 | |
Conversion Feature - Series B Exchange Notes | |
| 4,324,792 | | |
| 2,651,436 | |
New Warrants | |
| 3,123,682 | | |
| 2,445,244 | |
Exchange Warrants | |
| 9,287,474 | | |
| 7,191,535 | |
Total | |
$ | 18,369,849 | | |
$ | 13,262,055 | |
The Company recognized a gain of $5,792,788 for
the change in the fair values of the conversion features of the May 2023 Notes and the New Warrants and Exchange Warrants from the period
from May 24, 2023 to June 30, 2023.
On August 3, 2023, stockholders approved the adjustment
of the conversion price of the New Notes and Exchange Notes and the exercise price of the New Warrants and Exchange Warrants. The conversion
and exercise prices can adjust to a floor of $0.22 per share based on certain events defined in the agreements related to these instruments.
The Company concluded that as of August 3, 2023, the conversion feature of the May 2023 Notes and the May 2023 Warrants are no longer
derivative liabilities and reclassified them to equity on August 3, 2023. The Company recognized a gain of $5,107,794 for the change in
the fair values of the conversion features of the May 2023 Notes for the year ended December 31, 2023, inclusive of the gain recognized
as of June 30, 2023.
Series A and Series B Warrants
As discussed in Note 10 below, the Company issued Series A and Series
B Warrants (the “November 2023 Warrants”) in connection with the sale of common units and pre-funded warrant units. Under
the terms of the November 2023 Warrants, the number and exercise price are subject to adjustment if the Company completes certain transactions
specified in these warrant agreements. In addition, the Series A Warrants have a cashless exercise provision, if approved by stockholders,
that would allow holders to cashless exercise one warrant for three shares of the Company’s common stock. Such adjustments were
subject to stockholder approval (which was received on January 12, 2024) and are further described in Note 10.
The Company has determined that these warrants
should be classified as liabilities and has used a Monte Carlo simulation to estimate the fair value. The following assumptions were used
in the valuations:
Schedule of warrants assumptions | |
| |
| |
December 31, 2023 | |
| |
| |
Company stock price on valuation date | |
$ | 4.46 | |
Volatility | |
| 141.4% | |
Risk free interest rate | |
| 3.78% | |
Dividend yield | |
| 0.00% | |
Warrant term (years) | |
| 4.9 | |
Time to future transaction (years) | |
| 0.63 | |
Future transaction probability | |
| 75% | |
In addition to the above factors, the Company
also used a probability assessment for the initial and December 31, 2023 valuation to evaluate whether stockholder approval would be received
on January 12, 2024 to lower the conversion and exercise prices. Management notes that at the time of the assessment, the stockholder
vote had not yet started but there was a requirement in the offering that the board of directors, management, and a significant stockholder
vote in favor of these adjustments which included approximately 20.1% of the shares outstanding as of the transaction date. Further, significant
investors in the transaction held shares acquired prior to the record date for eligible stockholders to vote. Although these same investors
could not vote the shares received in the November 17, 2023 offering, they could abstain from voting those shares for the stockholder
vote and such shares would count towards whether a quorum of shares was received to hold the special meeting for the stockholder approval.
Finally, management notes that approval was overwhelmingly positive to adjust the conversion price for the May 2023 Notes and May 2023
Warrants and exercise prices. The Company concluded that it was 100% likely that stockholders would approve the provisions to adjust the
number of warrants and exercise price.
Based on the above factors, the estimated fair
value of the Series A and Series B Warrant liabilities at December 31, 2023 is as follows:
Schedule of estimated fair value of warrant
liabilities | |
| |
| |
December 31, 2023 | |
Series A Warrant | |
$ | 0.2970 | |
Series B Warrant | |
$ | 0.0799 | |
The Company allocated the gross proceeds from
the issuance of the common units and pre-funded warrant units based on the relative fair values from the November 17, 2023 valuation resulting
in a value of $10,990,530 and $3,345,961 being allocated to the Series A and Series B warrants, respectively. An allocation of the issuance
costs from the offering was made based on the relative fair values of the common stock, pre-funded warrants, Series A and Series B warrants
and issuance costs of $1,451,249 that were allocated to the Series A and Series B Warrants were expensed in the fourth quarter of 2023.
Subsequent to the approval by stockholders of the cashless exercise
provision of the Series A Warrant, the fair value of each Series A Warrant is the value of three shares of the Company’s common
stock. Based on the closing price of the Company’s common stock on June 28, 2024 of $4.28, the fair value of each Series A Warrant
is $12.84 and based on the total number of warrants outstanding of 5,527, the warrant liability for Series A Warrants is $70,970 at June
30, 2024
As discussed in Note 10 below, on May 17, 2024, certain terms of the
Series B Warrants were amended, including a cashless exercise provision, which resulted in the Series B warrants no longer being liabilities.
The fair value of each Series B warrant is the value of the closing stock price of the Company times 0.81, the cashless exercise exchange
ratio. Based on the closing price of the Company’s common stock on May 17, 2024 of $28.90, the fair value of each Series B Warrant
is $23.41. A gain of $5,096,488 and a loss of $2,174,673 was recognized in the three and six months ended June 30, 2024, respectively,
for the change in fair value of the Series B Warrants. The fair value of the Series B Warrants of $ 3,405,662 as of May 17, 2024 was reclassified
to equity.
As discussed in Note 10, certain holders of the
Series A and Series B Warrants exercised their warrants. The Company reclassified the fair value of the Series A Warrants exercised on
a cashless basis to stockholders equity. The Company recognized a gain of $165,355 from the exercise of the Series B Warrants based on
the proceeds received from the exercise and the estimated fair value of the Series B Warrants on the date of exercise.
The following represents the activity associated
with the Series A and Series B Warrants for the six
months ended June 30, 2024:
Schedule of derivative activity | |
| | |
| | |
| |
| |
Series A | | |
Series B | | |
Total | |
Fair value on December 31, 2023 | |
$ | 4,705,245 | | |
$ | 1,265,822 | | |
$ | 5,971,067 | |
Loss on changes in fair value | |
| 12,718,378 | | |
| 2,174,673 | | |
| 14,893,051 | |
Exercise of warrants | |
| (17,352,653 | ) | |
| (34,833 | ) | |
| (17,387,486 | ) |
Reclassification to equity | |
| – | | |
| (3,405,662 | ) | |
| (3,405,662 | ) |
Balance at June 30, 2024 | |
$ | 70,970 | | |
$ | – | | |
$ | 70,970 | |
|
X |
- References
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 9 – RELATED PARTY TRANSACTIONS
During 2022, the Company issued purchase orders
and made prepayments for prototype parts of $21,860 to a vendor that Pink Possum, LLC (“Pink Possum”), an entity controlled
by Mr. Okonsky, one of the Company’s founders, Chairman of the Board and former Chief Technology Officer, holds an equity interest
of 25% as of June 30, 2024. This vendor is not expected to provide additional prototype or production parts for the Stag.
In November 2020 and February 2021, the Company
entered into an operating lease with an entity controlled by the Company’s two founders for its future headquarters and production
facility in Liberty Hill, Texas. In October 2021, the Company began discussions for an additional amendment to the lease, in anticipation
of manufacturing the Stag at this location, which would have resulted in the monthly payment of $100,000 for the first year of the lease
and increasing annually throughout the term of the lease to $107,000 in the final year. Monthly payments for the initial lease and the
amended agreement would have begun at the time a certificate of occupancy was received by the landlord. No monthly rent payments were
made on these leases.
On April 27, 2022, the Company informed the landlord
that it would be terminating the lease. On May 27, 2022, the landlord notified the Company that the landlord would refund $85,756 of the
prepaid rent and security deposit balance of $601,818 paid by the Company and the Company recognized a loss on the unrefunded prepaid
rent and security deposit amount in 2022. In October 2023, the landlord notified the Company that there were additional costs that exceeded
the amount of the refund, and the landlord released the Company from paying any amounts in excess of the original expected refund. The
landlord also released the Company from any remaining obligations under the lease and amendments. The Company recognized a loss on the
termination of this lease of $85,756 in the year ended December 31, 2023.
On August 28, 2020, the Company entered into consulting
agreements with Pink Possum, LLC (“Pink Possum”) an entity controlled by Mr. Okonsky, and Highbridge Consultants, LLC (“Highbridge”),
an entity controlled by Mr. Adrian James, a co-founder of the Company, pursuant to which Messrs. Okonsky and James provide the Company
with services in exchange for warrants. On March 26, 2021 and March 25, 2021, respectively, Pink Possum and Highbridge entered into amendments
to the consulting agreements agreeing to exchange the original warrants for new ten-year warrants to purchase 212 and 278 shares, respectively,
of common stock at an exercise price of $22,050.00. The Highbridge warrants were fully exercised on a cashless basis in 2021 and the Pink
Possum warrants remain outstanding as of June 30, 2024.
In addition, pursuant to the consulting agreements,
upon the occurrence of a Fundamental Transaction (as defined below) for an aggregate gross sales price of $100.0 million or more, each
entity will receive a cash payment equal to 1% of such gross sales price. For the purposes of the consulting agreements, “Fundamental
Transaction” means any of the following: (i) a consolidation or merger involving the Company if the holders of the voting securities
of the Company that are outstanding immediately prior to the consummation of such consolidation or merger do not, immediately after the
consummation of such consolidation or merger, hold voting securities that collectively possess at least a majority of the voting power
of all the outstanding securities of the surviving entity of such consolidation or merger or such surviving entity’s parent entity;
(ii) a transfer or issuance (in a single transaction or series of related transactions) by one or more of the Company and its stockholders
to one person or to any group of persons acting in concert, of shares of the Company’s capital stock then collectively possessing
50% or more of the voting power of all then outstanding shares of the Company’s capital stock (computed on an as-converted to common
stock basis); or (iii) any sale, license, lease, assignment or other disposition of all or substantially all of the assets of the Company.
Furthermore, commencing upon the completion of the Company’s initial public offering of the shares of our common stock, if the Company’s
market capitalization exceeds $300.0 million for a period of 21 consecutive trading days, each of the entities will receive an additional
cash payment equal to $15.0 million; provided that the Company will have the right, in its sole discretion, to make the foregoing $15.0
million payment by the issuance of shares of the Company’s common stock. The foregoing amounts will be payable to the entities if
the above milestones occur any time prior to the ten-year anniversary of the original consulting agreements, or August 28, 2030.
In December 2022, the Company entered into an
employment agreement with Mr. Okonsky whereby Mr. Okonsky became an employee on January 2, 2023 with an annual salary of $170,000 and
healthcare and other benefits that are also provided to all Company employees. The consulting agreement with Pink Possum was terminated
upon execution of the employment agreement. However, the warrants to Pink Possum, and the provisions for a Fundamental Transaction and
the market capitalization thresholds and related payments owed to Pink Possum if these were to occur remain in effect subsequent to the
employment agreement. Mr. Okonsky informed the Company on January 27, 2024 that he would resign his employment and forfeit his salary
and benefits effective February 1, 2024.
In March 2024, the Company entered into a consulting
agreement with Mr. Okonsky and he is entitled to a monthly fee of $5,000 and payment of 1% of the gross proceeds from any merger, sale
or change of control transaction (as determined by the board of directors) entered by the Company for a period of up to 6 months following
the termination of the consulting agreement. The consulting agreement has a 24 month term and is cancelable by either party with 30 days
notice. This consulting agreement terminates any remaining provisions of the Pink Possum agreement noted above other than the warrants
remain outstanding.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 10 – STOCKHOLDERS’ EQUITY
On June 14, 2023, the Company’s stockholders
approved an increase in the Company’s authorized shares of common stock from 100,000,000 to 250,000,000. In addition, the Company
is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.00001. The specific rights of the preferred stock, when
so designated, shall be determined by the board of directors.
On October 13, 2023, the Company completed a reverse
1 for 5 stock split. On February 2, 2024, the Company completed a reverse 1 for 45 stock split. On June 6, 2024, the Company completed
a reverse 1 for 100 stock split. Any fractional shares as a result of the reverse stock splits were rounded up to one full share of common
stock.
Common Stock
On May 24, 2023, the Company sold 267 shares of
its common stock in a public offering at $16,875.00 per share. The Company received net proceeds of $3,998,685 after underwriter commissions
and expenses of $501,300.
On September 18, 2023, the Company sold 63 shares
of its common stock in a public offering at $11,250.00 per share. The Company received net proceeds of $571,400 after underwriter commissions
and expenses of $128,600. The underwriter was also issued a warrant to purchase 13 shares of the Company’s common stock at an exercise
price of $14,062.50 per share that expires 5.5 years from the date of issuance. The underwriter agreement provided the underwriter with
a right of first refusal for any additional securities third parties offerings within twelve months of this offering.
As discussed in Note 6 above, on May 24, 2023
the Company issued the May 2023 Notes and May 2023 Warrants, along with the warrants to the placement agent in August 2022 with the issuance
of the Convertible Notes. The Company received consent from the underwriter to issue such securities. In addition, the Company was required
to reserve 4,806 shares of common stock for future issuance of shares for the conversion of the May 2023 Notes and exercise of the May
2023 Warrants and 27 shares for the exercise of the placement agent warrants.
Series A Convertible Preferred Stock
On March 4, 2024, the Company designated 25,000
shares of preferred stock as Series A Convertible Preferred Stock with a par value of $0.00001 per share and exchanged the remaining May
2023 Notes (principal of $24,694,670) for Preferred Stock. For each $1,000 of May 2023 Note principal, one share of Preferred Stock was
issued with a stated value of $1,000, and any principal held by an investor below $1,000 was granted one additional share of Preferred
Stock. A total of 24,698 shares were issued in connection with the exchange. The Preferred Stock is initially convertible into share of
the Company’s common stock at $133.00 per share. Conversion of Preferred Stock to common stock of the Company by the holders of
the Preferred Stock is limited based on ownership restrictions of either 4.99% or 9.99%. The conversion price is subject to adjustment
for anti-dilution provisions with an initial floor of $98.00 per share, subject to adjustment to $50.00 per share if stockholder approval
is received. The stockholders approved this adjustment at the 2024 annual meeting held on May 28, 2024.
The Preferred Stock conversion price per share
is subject to adjustment in the event of a stock split based on the lowest 5-day daily VWAP in the five days subsequent to the completion
of a stock split. As a result of the reverse stock split completed on June 6, 2024, the conversion price of the Preferred Stock was adjusted
to $6.4486.
Through June 30, 2024, holders of Preferred Stock
converted $18,323,008 in stated value (18,323 preferred shares) for 1,244,081 shares of common stock. Subsequent to June 30, 2024, all
of the remaining Preferred Stock was converted to common stock resulting in 988,069 shares of common stock being issued.
November 2023 Common Units and Pre-Funded Warrant Units
On November 17, 2023, the Company sold (i) 740
common units (“Common Units”), each consisting of one share of the Company’s common stock, a Series A warrant to purchase
one share of common stock at an initial exercise price of $2,475.00 per share or pursuant to an alternative cashless exercise option (described
below), which warrant will expire on the five-year anniversary of the original issuance date (the “Series A Warrants”) and
a Series B warrant to purchase one share of common stock at an initial exercise price of $3,780.00 per share, which warrant will expire
on the five-year anniversary of the original issuance date (the “Series B Warrants” and together with the Series A Warrants,
the “Warrants”); and (ii) 8,785 pre-funded units (the “Pre-funded Units” and together with the Common Units, the
“Units”), each consisting of one pre-funded warrant to purchase one share of common stock (the “Pre-funded Warrants”),
a Series A Warrant and a Series B Warrant. The purchase price of each Common Unit was $1,890.00, and the purchase price of each Pre-Funded
Unit was $1,889.96. The Pre-Funded Warrants were immediately exercisable and may be exercised at any time until all of the Pre-Funded
Warrants are exercised in full. As of December 31, 2023, 8,047 of the Pre-Funded Warrants were exercised and the remaining Pre-Funded
Warrants were exercised by January 9, 2024.
In addition, the Company granted the underwriter
a 45-day option to purchase additional 1,429 shares of common stock and/or Pre-Funded Warrants, representing up to 15% of the number of
common stock and Pre-Funded Warrants sold in the Public Offering, and/or additional 188 Series A Warrants representing up to 15% of the
Series A Warrants sold in the Public Offering, and/or additional 188 Series B Warrants representing up to 15% of the Series B Warrants
sold in the Public Offering solely to cover over-allotments, if any. The underwriter partially exercised its over-allotment option with
respect to 188 Series A Warrants and Series B Warrants. A total of 3,522 each of Series A and B Warrants were issued in the transaction.
The net proceeds were approximately $16.2 million (gross proceeds of $18.0 million less fees and expenses of $1.8 million). The gross
proceeds and transaction cost were allocated to each of the instruments issued in the offering at their estimated relative fair values.
Transaction costs totaling $1,444,547 related to the Series A and Series B Warrants were expensed since these warrants were determined
to be liabilities and recorded at their estimated fair values (see Note 8).
Series A Warrants
Each Series A Warrant has an initial exercise
price per share equal to $2,475.00, was immediately exercisable upon issuance, and will expire on the five-year anniversary of the original
issuance date, or November 17, 2028.
Share Combination Event Adjustments
Conditioned upon the receipt
of the Warrant Stockholder Approval at a required special meeting of stockholders (“Special Meeting”), if at any time on or
after the date of issuance there occurs any share split, share dividend, share combination, recapitalization or other similar transaction
involving the Company’s common stock (collectively a “Share Event”) and the lowest daily VWAP during the five consecutive
trading days prior to the date of such event and the five consecutive trading days after the date of such event is less than the exercise
price then in effect, then the exercise price of the Series A Warrant shall be reduced to the lowest daily VWAP during such period and
the number of warrant shares issuable shall be increased such that the aggregate exercise price payable thereunder, after taking into
account the decrease in the exercise price, shall be equal to the aggregate exercise price on the date of issuance. Approval of this adjustment
by the stockholders was made on January 12, 2024.
Cashless Exercise
If at the time a holder exercises its Series A
Warrants, a registration statement registering the issuance of the shares of common stock underlying the Series A Warrants under the Securities
Act is not then effective or available and an exemption from registration under the Securities Act is not available for the issuance of
such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate
exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common
stock determined according to a formula set forth in the Series A Warrants.
Conditioned upon the receipt of the Warrant Stockholder
Approval at a required Special Meeting, a holder of Series A Warrants may also provide notice and elect an “alternative cashless
exercise” pursuant to which they would receive an aggregate number of shares equal to the product of (x) the aggregate number of
shares of common stock that would be issuable upon a cash exercise of the Series A Warrant and (y) 3.0. Approval of this adjustment by
the stockholders was made on January 12, 2024.
As discussed above, the Company completed a 1
for 45 reverse stock split on February 2, 2024. Prior to this reverse split, 18,941 Series A Warrants were exercised under the alternative
cashless exercise provision in the period from January 1, 2024 to February 2, 2024. As a result of the 1 for 45 reverse stock split, the
total number of Series A Warrants and exercise price for the remaining warrants was adjusted per the provisions of a Share Event and the
total number of Series A Warrants became 3,979,955 and the exercise price became $1.8646. A total of 3,937,910 of the Series A Warrants
were exercised under the alternative cashless exercise provision subsequent to this reverse stock split and 42,045 remained outstanding
prior to the June 6, 2024 reverse stock split.
The Company completed a 1 for 100 reverse stock
split on June 6, 2024. As a result of this reverse stock split, the total number of Series A Warrants and exercise price for the remaining
warrants was adjusted per the provisions of a Share Event and the total number of Series A Warrants became 12,156 and the exercise price
became $6.4486.
As of June 30, 2024, 5,527 Series A Warrants remain
outstanding.
Series B Warrants
Each Series B Warrant offered has an initial exercise
price per share equal to $3,780.00, was immediately exercisable upon issuance, and will expire on the five-year anniversary of the original
issuance date, or November 17, 2028.
Anti-Dilution Provisions
Subject to certain exemptions
outlined in the Series B Warrant, for the life of the warrant, if the Company sells, enters into an agreement to sell, or grants any option
to purchase, or sells, enters into an agreement to sell, or grants any right to reprice, or otherwise disposes of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any common stock or convertible security, at an effective price
per share less than the exercise price of the Series B Warrant then in effect (a “Dilutive Issuance”), the exercise price
of the Series B Warrant will be reduced to an amount equal to the lowest daily VWAP during the period commencing five consecutive trading
days following the Dilutive Issuance, subject to a floor price of $13.00; provided that upon the receipt of the Warrant Stockholder Approval
at a required Special Meeting (approved on January 12, 2024), the floor price will be removed and, upon a Dilutive Issuance, the number
of shares issuable upon exercise of the Series B Warrant shall be proportionally adjusted so that the aggregate exercise price of the
Series B Warrant shall remain unchanged.
In addition, conditioned upon the receipt of the
Warrant Stockholder Approval at the Special Meeting (approved on January 12, 2024), for the life of the Series B Warrant, the Company
may voluntarily reduce the exercise price of the Series B Warrant. The Company refers to this price adjustment feature as the “Voluntary
Adjustment Provision”.
Share Combination Event Adjustments
Conditioned upon the receipt of the Warrant Stockholder
Approval (approved on January 12, 2024), if at any time on or after the date of issuance there occurs any share split, share dividend,
share combination, recapitalization or other similar transaction involving the Company’s common stock (collectively a “Share
Event”) and the lowest daily VWAP during the five consecutive trading days prior to the date of such event and the five consecutive
trading days after the date of such event is less than the exercise price then in effect, then the exercise price of the Series B Warrant
shall be reduced to the lowest daily VWAP during such period and the number of warrant shares issuable shall be increased such that the
aggregate exercise price payable thereunder, after taking into account the decrease in the exercise price, shall be equal to the aggregate
exercise price on the date of issuance.
As a result of the reverse 1 for 45 stock split
completed on February 2, 2024, the total number of Series B Warrants and exercise price for the remaining warrants was adjusted per the
provisions of a Share Event and the total number of Series B Warrants became 71,371 and the exercise price became $186.46. A total of
700 of the Series B Warrants were exercised for proceeds of $130,522 and 70,671 remained outstanding as of March 4, 2024, when the Company
exchanged the May 2023 Notes for Series A Convertible Preferred Stock with a conversion price of $133.00 per share, as discussed above.
As a result of this exchange, the Series B Warrant amounts and exercise price were further adjusted based on the Anti-Dilution Provisions
and the new number of Series B Warrants is 145,461 and the exercise price is $90.59.
On May 17, 2024, the Company entered into separate
warrant amendment agreements (collectively, the “Warrant Amendment”) with the holders of a majority-in-interest of the holders
of the Company’s Series B warrants issued November 2023. Pursuant to the Warrant Amendment, all outstanding Series B Warrants were
amended to delete the following sections: (i) a provision providing for the adjustment of the exercise price and number of shares issuable
pursuant to the Series B Warrants if the Company completed a future offering at a price per share less the exercise price of the Series
B Warrants then in effect; and (ii) a provision providing for the adjustment of the exercise price and number of shares issuable pursuant
to the Series B Warrants if price of the Company’s common stock after the completion of a share split, share dividend, share combination,
recapitalization or other similar transaction is less the exercise price of the Series B Warrants then in effect. In addition, the Warrant
Amendment provides that the holders may also exercise the Series B Warrants on a cashless basis and receive an aggregate number of shares
equal the product of the aggregate number of shares of common stock that would be issuable upon exercise of the Series B Warrants by means
of a cashless exercise rather than a cash exercise, multiplied by 0.81.
On May 17, 2024, after giving effect to the Warrant
Amendment, the Company and certain holders of Series B Warrants to purchase an aggregate of 137,770 shares of common stock (the “Holders”)
entered into separate exchange agreements (the “Agreements”) pursuant to which the Company agreed to exchange the Series B
Warrants held by the Holders for shares of Company common stock (or, at the option of the Holder, pre-funded warrants) at a ratio of 0.81
shares of Company common stock (or, at the option of the Holder, pre-funded warrants) for each whole Series B Warrant. A total of 73,421
pre-funded warrants with an exercise price of $0.001 and 38,179 shares of common stock were issued to the Holders.
As of June 30, 2024, 1,079 Series B Warrants remain
outstanding and all of the pre-funded warrants have been fully exercised.
Other Warrants
As discussed in Note 6, the Company issued the
Note Warrants, which were fully vested, to purchase 403 shares of the Company’s common stock at an initial exercise price of $64,125.00.
The Note Warrants expire August 24, 2027. Also, the Company issued to the placement agent of the Convertible Notes, fully vested warrants
to purchase 27 shares of the Company’s common stock at an exercise price of $80,156.25. The warrants were not exercisable until
February 24, 2023 and expire on February 24, 2028. The Company valued all of these warrants using the closing price of the Company’s
common stock on August 24, 2022 of $54,900.00, volatility of 79.81% based on peer companies, risk free interest rate of 3.03%, no dividends
and an estimated life of 2.5 years.
In May 2023, all of the Note Warrants to purchase
403 shares of the Company’s common stock were exchanged for Exchange Warrants to purchase 759 shares of the Company’s common
stock with an initial exercise price of $24,525.00 per share (which was adjusted to $16,875.00 per share upon stockholder approval which
was received on August 3, 2023). The Exchange Warrants expire August 24, 2027. Also in May 2023, in connection with the issuance of the
New Notes, the Company also issued New Warrants (together with the Exchange Warrants the “May 2023 Warrants”) to purchase
242 shares of common stock at an initial exercise price of $24,525.00 (which was adjusted to $16,875.00 per share upon stockholder approval
which was received on August 3, 2023). The exercise price of the May 2023 Warrants were further adjusted due to the reverse 1 for 5, 1
for 45 and 1 for 100 reverse stock splits completed in October 2023, February 2024 and June 2024, and for the issuance of the Preferred
Stock discussed above. The exercise price for the May 2023 Warrants as of June 30, 2024 are $6.4486.
As noted below, 69 of the Exchange Warrants were
exercised at a price of $7,875.00 per share and 69 Reload Warrants were issued with an exercise price of $11,250.00 per share. In October
2023, the Reload warrant exercise price was reduced to $6,160.50. The Reload warrants expire August 24, 2027. Due to the reverse 1 for 100 stock split completed in June 2024, the exercise price of the Reload Warrants was adjusted to $6.4486.
On October 13, 2023, the Company entered into
an amendment (the “Amendment”) to its Stag UTV development and Stag supplier agreements with GLV Ventures (“GLV”).
Pursuant to the Amendment, GLV agreed to provide the Company with extended payment terms and provide the Company with credit against new
vehicles for the value of certain parts purchased by the Company. In consideration for entering into the Amendment No. 1, the Company
agreed to issue GLV (or its designee) five-year warrants to purchase 90 shares of Company common stock with an exercise price of $9,450.00
per share, which was equal to the closing price of the Company’s common stock on the date of the Amendment No. 1, 45 shares were
fully vested upon issuance and the remaining warrants vested 45 days from the issuance date.
Warrant Inducements
On October 13, 2023, the Company
entered into an inducement offer letter agreement (the “Inducement Letter”) with the three holders (each, a “Holder”)
of the May 2023 Warrants. The Company agreed to reduce the exercise price of up to 217 to the lesser of (i) $7,875.00 (after giving effect
to the stock splits noted above) and (ii) the exercise price in effect at the time of exercise of the Existing Warrants if further adjusted
in accordance with the terms of the May 2023 Warrants ($6,160.50 per share after adjustment for the lowest day’s VWAP for the five
days following the reverse stock split). The reduction of the exercise price of such Existing Warrants remained in effect until October
27, 2023 (the “Inducement Period”). In addition, pursuant to the Inducement Letter, the Holders who exercise such Existing
Warrants for cash on or prior to October 27, 2023 would receive a new warrant (“Reload Warrant”) to purchase the same number
of shares of common stock equal to the number of shares of common stock exercised and at the same exercise price as the Existing Warrants.
The exercise price for any Warrants not exercised prior to the end of the Inducement Period would not result in a change in the exercise
price under the original terms of the Existing Warrants. The Holders exercised 25 warrants of the 217 warrants available for exercise.
Due to the reverse 1 for 100 stock split completed in June 2024, the exercise price of the remaining Existing Warrants not exercised in
this inducement and the Reload Warrants granted for the Existing Warrants exercised were adjusted to $6.4486.
On October 29, 2023, in an effort
to raise cash, the Company entered into an inducement offer letter agreement (the “Inducement Reprice Letter”) with the Holders
of the Company’s May 2023 Warrants. Pursuant to the Inducement Reprice Letter, in exchange for an aggregate cash payment of $346,500,
the Company reduced the exercise price with respect to May 2023 Warrants exercisable into an aggregate of 78 shares of common stock from
$6,160.50 per share to $45.00 per share. On January 10, 2024, the Holders exercised these warrants.
As discussed in Note 7, the Company issued the
May 2024 Note Warrants on May 22, 2024, which are fully vested, to purchase 101,463 shares of the Company’s common stock at an exercise
price of $29.00. The Note Warrants are initially exercisable on November 23, 2024 and expire on November 23, 2029. The Company valued
these warrants using the closing price of the Company’s common stock on May 22, 2024 of $22.00, volatility of 155.00% the Company’s
historical volatility, risk free interest rate of 4.47%, no dividends and a life of 5.5 years.
The following is the activity related to common
stock warrants during the six months ended June 30, 2024:
Schedule of warrant activity | |
| | |
| | |
| | |
| |
| |
Common Stock Warrants | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 56,142 | | |
$ | 248.30 | | |
| | | |
| | |
Granted | |
| 319,739 | | |
$ | 42.00 | | |
| | | |
| | |
Canceled | |
| – | | |
$ | – | | |
| | | |
| | |
Expired | |
| – | | |
$ | – | | |
| | | |
| | |
Exercised | |
| (266,599 | ) | |
$ | 50.46 | | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 109,282 | | |
$ | 127.35 | | |
| 5.32 | | |
$ | – | |
Exercisable at June 30, 2024 | |
| 7,821 | | |
$ | 1,403.18 | | |
| 4.31 | | |
$ | – | |
|
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE 11 – STOCK-BASED COMPENSATION
In January 2021, the Company’s board of
directors adopted the Volcon, Inc. 2021 Stock Plan, (the “2021 Plan”). The 2021 Plan is a stock-based compensation plan that
provides for discretionary grants of stock options, stock awards, and restricted stock unit awards to employees, members of the board
of directors and consultants (including restricted stock units issued prior to the adoption of the plan as further discussed below). The
Company has reserved 312 shares of the Company’s common stock for issuance under the 2021 Plan. To the extent that an award, if
forfeitable, expires, terminates or lapses, or an award is otherwise settled in cash without the delivery of shares of common stock to
the participant, then any unpaid shares subject to the award will be available for future grant or issuance under the 2021 Plan. Shares
available for issuance under the 2021 Plan as of June 30, 2024, were 122 shares. Awards vest according to each agreement and as long as
the employee remains employed with the Company or the consultant continues to provide services in accordance with the terms of the agreement.
Restricted Stock Units
There were no restricted stock units
outstanding in 2024 and no expense was recognized for any period of 2024. In February 2023, 2 RSUs were subject to cancellation due
to termination of employment. However, the Company entered into a modification to allow the employee to fully vest in these RSUs as
part of a severance agreement. The Company recorded additional expense of $31,487 during the six months ended June 30, 2023 related
to this modification.
For the three and six months ended June 30, 2023,
the Company recognized expense for RSUs of $23,550 and $77,323, respectively.
Performance Shares
In 2022 the compensation committee approved reserving
12 shares from the 2021 Plan to issue based on achievement of the Company’s 2022 performance milestones to employees who are employed
in 2022 and were active employees on the date of approval in 2023 by the compensation committee. On February 6, 2023 the compensation
committee of the board of directors approved a grant of 7 shares (7 were issued due a forfeiture of 1 share and 1 share withheld for payment
of employee withholding taxes) for the achievement of some of the Company’s 2022 performance milestones. The Company recognized
share-based compensation expenses of $257,717 related to the grant of these shares in the six months ended June 30, 2023.
In addition, the compensation committee also approved reserving 12
shares from the 2021 Plan to issue to employees based on achievement of the Company’s 2023 performance milestones to employees who
were employed in 2023 and are active employees on the date of approval in 2024 by the compensation committee. No shares were approved
for grant by the compensation committee for 2023 performance milestones.
Stock Options
The following summarizes activity relating to
common stock options to employees and consultants for services during the six months ended June 30, 2024:
Schedule of stock option activity | |
| | |
| | |
| | |
| |
| |
Common Stock Options | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in years | | |
Intrinsic Value | |
Outstanding at January 1, 2024 | |
| 243 | | |
$ | 44,352.41 | | |
| | | |
| | |
Granted | |
| 1 | | |
$ | 450.00 | | |
| | | |
| | |
Forfeited | |
| (41 | ) | |
$ | 77,498.78 | | |
| | | |
| | |
Canceled | |
| (50 | ) | |
$ | 27,720.00 | | |
| | | |
| | |
Outstanding at June 30,2024 | |
| 153 | | |
$ | 40,618.53 | | |
| 8.13 | | |
$ | 0 | |
Exercisable at June 30, 2024 | |
| 93 | | |
$ | 56,968.55 | | |
| 7.64 | | |
$ | 0 | |
The Company valued the options using the closing
stock price of the Company’s common stock on the date of grant and the following assumptions:
Schedule of assumptions | |
| | |
| |
| |
2024 | | |
2023 | |
Volatility (based on the Company’s volatility in 2024 and peer companies in 2023) | |
| 170% | | |
| 79% - 83% | |
Risk free interest rate | |
| 4.5% | | |
| 3.54% - 4.77% | |
Dividends | |
| None | | |
| None | |
Estimated life in years | |
| 6 | | |
| 6 | |
During the three and six months ended June 30,
2024, the Company recognized share-based compensation (benefit) expense of $287,751 and $285,829, respectively, related to common stock
options. The share-based compensation for the three and six months ended June 30, 2024 includes a net benefit of $1,922 for the three
months ended March 31, 2024 primarily due to forfeiture of unvested stock options from employees who terminated during the period ended
March 31, 2024, which offset the expense from stock options outstanding for current employees. During the three and six months ended June
30, 2023 the Company recognized share-based compensation expenses of $601,844, and $1,605,504, respectively, related to common stock options.
The Company will not recognize any additional stock compensation expense for outstanding awards at June 30, 2024 as all remaining expense
for unvested options was recognized as of June 30, 2024 as it was not significant.
Total stock-based compensation recorded for the
three and six months ended June 30, 2024 and 2023 for all stock-based compensation awards, including warrants, has been recorded as follows:
Schedule of stock-based compensation expense | |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Cost of Goods Sold | |
$ | (1,186 | ) | |
$ | 149,601 | | |
$ | (11,828 | ) | |
$ | 356,079 | |
Sales and Marketing | |
| 67,001 | | |
| 233,113 | | |
| 11,930 | | |
| 544,871 | |
Product Development | |
| 83,733 | | |
| 100,379 | | |
| 126,337 | | |
| 308,971 | |
General and Administrative | |
| 138,203 | | |
| 142,301 | | |
| 159,390 | | |
| 472,906 | |
Total | |
$ | 287,751 | | |
$ | 625,394 | | |
$ | 285,829 | | |
$ | 1,682,827 | |
|
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- DefinitionThe entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).
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v3.24.2.u1
LOSS PER COMMON SHARE - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
LOSS PER COMMON SHARE |
|
|
NOTE 12 – LOSS PER COMMON SHARE
The basic net loss per common share is calculated
by dividing the Company’s net loss available to common stockholders by the weighted average number of common shares during the year.
The diluted net loss per common share is calculated by dividing the Company’s net loss available to common stockholders by the diluted
weighted average number of common shares outstanding during the year. The diluted weighted average number of common shares outstanding
is the basic weighted number of common shares adjusted for any potentially dilutive debt or equity. Diluted net loss per common share
is equal to basic net loss per share due to the Company’s net loss and any potentially issuable shares are anti-dilutive.
Schedule of loss per common share | |
| | |
| | |
| | |
| |
| |
Three months | | |
Three months | | |
Six months | | |
Six months | |
| |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (606,418 | ) | |
$ | (23,028,194 | ) | |
$ | (26,654,462 | ) | |
$ | (30,327,663 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Denominator for basic and diluted net loss per common share - weighted average of common shares | |
| 401,802 | | |
| 1,205 | | |
| 240,759 | | |
| 1,148 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net loss per common share | |
$ | (1.51 | ) | |
$ | (19,110.53 | ) | |
$ | (110.71 | ) | |
$ | (26,417.82 | ) |
Common shares consisting of shares potentially
dilutive as of June 30, 2024 and 2023 are as follows:
Schedule of anti dilutive shares | |
| | |
| |
| |
June 30, 2024 | | |
June 30, 2023 | |
Convertible Notes | |
| – | | |
| 1,263 | |
Preferred Stock | |
| 988,069 | | |
| | |
Warrants | |
| 109,282 | | |
| 1,268 | |
Stock options | |
| 153 | | |
| 146 | |
Restricted stock units | |
| – | | |
| 3 | |
Total | |
| 1,097,504 | | |
| 2,680 | |
|
|
Numerator: |
|
|
|
|
Net loss |
$ (606,418)
|
$ (23,028,194)
|
$ (26,654,462)
|
$ (30,327,663)
|
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- DefinitionThe entire disclosure for earnings per share.
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- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.
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v3.24.2.u1
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 13 – INCOME TAXES
Deferred taxes are determined by applying the
provisions of enacted tax laws and rates for the jurisdictions in which the Company operates to the estimated future tax effects of the
differences between the tax basis of assets and liabilities and their reported amounts in the Company's financial statements. A valuation
allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized.
Due to losses since inception and for all periods
presented, no income tax benefit or expense has been recognized as a full valuation allowance has been established for any tax benefit
that would have been recognized for the loss in any period presented.
The components of income tax expense (benefit)
for the three and six months ended June 30, 2024 and 2023 are as follows:
Schedule of components of income tax expense (benefit) | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Expected federal income tax benefit at statutory rate | |
| (127,347 | ) | |
$ | (4,835,911 | ) | |
$ | (5,597,436 | ) | |
$ | (6,368,799 | ) |
Non-deductible expenses | |
| (467,057 | ) | |
| 4,782,518 | | |
| (500,213 | ) | |
| 4,902,332 | |
Research and development credit | |
| – | | |
| – | | |
| – | | |
| (148,811 | ) |
Prior year true up | |
| 2,703,415 | | |
| – | | |
| 3,235,732 | | |
| – | |
Change in valuation allowance | |
| (2,109,011 | ) | |
| 53,393 | | |
| 2,861,917 | | |
| 1,615,278 | |
Income tax benefit | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | |
Significant components of the Company's deferred
tax assets and liabilities at June 30, 2024 and December 31, 2023 are as follows:
Schedule of deferred tax assets and liabilities | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Deferred tax assets | |
| | | |
| | |
Net operating losses | |
$ | 21,575,396 | | |
$ | 15,468,757 | |
Debt basis difference | |
| – | | |
| 5,121,397 | |
Depreciation and amortization | |
| 1,422,327 | | |
| 1,701,768 | |
Research & development credit | |
| 1,099,535 | | |
| 1,099,535 | |
Lease liability | |
| 205,964 | | |
| 246,704 | |
Stock-based compensation | |
| – | | |
| 3,235,732 | |
Inventory | |
| – | | |
| 152,749 | |
Accrued expenses | |
| 190,471 | | |
| 66,909 | |
Capital loss carryover | |
| 176,949 | | |
| 176,950 | |
Dealer rebates | |
| – | | |
| 459,713 | |
Vendor settlements and reserves | |
| 556,625 | | |
| – | |
Other | |
| 63,693 | | |
| 21,828 | |
Total | |
| 25,290,960 | | |
| 27,752,042 | |
Valuation allowance | |
| (24,911,536 | ) | |
| (27,171,016 | ) |
Net deferred tax asset | |
| 379,424 | | |
| 581,026 | |
Deferred tax liabilities | |
| | | |
| | |
Prepaid expenses | |
| (181,750 | ) | |
| (342,421 | ) |
Right-of-use assets | |
| (197,674 | ) | |
| (238,605 | ) |
Total net deferred taxes deferred tax liabilities | |
$ | – | | |
$ | – | |
Management currently believes that since the
Company has a history of losses it is more likely than not that the deferred tax regarding the loss carry forwards and other
temporary differences will not be realized in the foreseeable future. Due to the impact of the reverse stock split in June 2024 on
the adjusted number of outstanding options and exercise prices, the Company concluded that it is a remote possibility that any
options will be exercised and therefore wrote off the deferred tax asset and related valuation allowance for stock-based
compensation. The utilization of the Company’s net operating losses and credit carryovers may be subject to limitation due to
the “change in ownership provisions” under Section 382 of the Internal Revenue Code. The Company’s cumulative net
operating loss carry forward of $102.7
million as of June 30, 2024, may be limited in future years depending on future taxable income in any given fiscal year. The net
operating losses can be carried forward indefinitely.
The Company has recorded no liability for income
taxes associated with unrecognized tax benefits at the date of adoption and has not recorded any liability associated with unrecognized
tax benefits. Accordingly, the Company has not recorded any interest or penalty in regard to any unrecognized benefit.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
LEASES
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
LEASES |
NOTE 14 – LEASES
The components of lease cost for operating leases
for the three and six months ended June 30, 2024 and 2023 is as follows:
Schedule of lease costs for operating leases | |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Lease Cost | |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
| 117,249 | | |
$ | 117,250 | | |
$ | 234,498 | | |
$ | 234,499 | |
Short-term lease cost | |
| 37,230 | | |
| 29,730 | | |
| 75,191 | | |
| 89,520 | |
Variable lease cost | |
| – | | |
| – | | |
| – | | |
| – | |
Sublease income | |
| – | | |
| – | | |
| – | | |
| – | |
Total lease cost | |
$ | 154,479 | | |
$ | 146,980 | | |
$ | 309,689 | | |
$ | 324,019 | |
Supplemental cash flow information related to
leases for the six months ended June 30, 2024 and 2023, is as follows:
Schedule of supplemental cash flow information related to leases | |
| | |
| |
| |
2024 | | |
2023 | |
Other Lease Information | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 193,998 | | |
$ | 174,365 | |
Amortization of right-of-use assets | |
$ | 194,910 | | |
$ | 181,677 | |
The following table summarizes the lease-related
assets and liabilities recorded on the balance sheet at June 30, 2024 and December 31, 2023:
Schedule of lease related assets and liabilities | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Lease Position | |
| | | |
| | |
Operating Leases: | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 941,303 | | |
$ | 1,136,213 | |
Right-of-use liabilities operating leases short-term | |
| 421,034 | | |
| 399,611 | |
Right-of-use liabilities operating leases long-term | |
| 559,749 | | |
| 775,170 | |
Total operating lease liabilities | |
$ | 980,783 | | |
$ | 1,174,781 | |
The Company utilizes the incremental borrowing
rate in determining the present value of lease payments unless the implicit rate is readily determinable.
Schedule of lease term and discount rate |
|
|
|
|
Lease Term and Discount Rate |
|
June 30, 2024 |
|
Weighted-average remaining lease term (years): |
|
|
|
|
Operating leases |
|
|
2.2 |
|
Weighted-average discount rate: |
|
|
|
|
Operating leases |
|
|
6.82% |
|
The following table provides the maturities of lease
liabilities at June, 2024:
Schedule of maturities of lease liabilities | |
| |
| |
Operating | |
| |
Leases | |
Remainder of 2024 | |
$ | 238,047 | |
2025 | |
| 485,702 | |
2026 | |
| 340,591 | |
Total future undiscounted lease payments | |
| 1,064,340 | |
Less: Interest | |
| (83,557 | ) |
Present value of lease liabilities | |
$ | 980,783 | |
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.2.u1
SUBSEQUENT EVENT
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
NOTE 15 - SUBSEQUENT EVENT
On July 12, 2024, Company sold
820,836 shares of the Company’s common stock at a purchase price of $3.65 per share and pre-funded warrants to purchase 2,466,836
shares of common stock at $3.64999 per pre-funded warrant. The Company received gross proceeds of $11,999,991 and issuance costs are estimated
to be approximately $1,250,000. The Company has agreed not to issue, enter into any agreement to issue or announce the issuance or proposed
issuance of, any shares of common stock or any securities convertible into or exercisable or exchangeable for shares of common stock or
file any registration statement or prospectus, or any amendment or supplement thereto for 30 days after July 12, 2024, subject to certain
exceptions.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Interim Unaudited Financial Information |
Interim Unaudited Financial Information
The accompanying interim consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K
for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on March 28, 2024.
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S.
GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC.
Results for the interim periods in this report
are not necessarily indicative of future financial results and have not been audited by our independent registered public accounting firm.
In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present
fairly our interim consolidated financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023.
These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited consolidated
financial statements as of December 31, 2023.
|
Basis of Presentation |
Basis of Presentation
The accompanying consolidated financial statements
include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, transactions and balances have been eliminated
in consolidation.
As discussed in Note 10, the Company
completed a reverse 1
for 100 stock split on June 6, 2024, a reverse 1 for 45 stock split on February 2, 2024 and a reverse 1 for 5 stock split on October 13, 2023. All share and per share amounts
have been adjusted to reflect the impact of these reverse stock splits.
|
Use of Estimates |
Use of Estimates
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.
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.
|
Cash, Cash Equivalents and Restricted Cash |
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include short-term investments
with original maturities of 90 days or less at the date of purchase. The recorded value of our cash and cash equivalents approximates
their fair value. There were no cash equivalents as of June 30, 2024 or December 31, 2023. Restricted cash includes cash restricted as
collateral for the Company’s corporate credit cards.
|
Revenue Recognition |
Revenue Recognition
For sales to dealers or distributors, revenue
is recognized when transfer of control of the product is made as there is no acceptance period or right of return. Revenue is measured
as the amount of consideration the Company expects to receive in exchange for transferring control of vehicles, parts, and accessories.
Beginning in February 2023 the Company began selling the Brat E-Bike and Volcon Youth motorcycles directly to consumers in addition to
dealers. Revenue for direct to consumer sales is recognized when transfer of control of the product is made to the consumer.
Consideration that is received in advance of the
transfer of goods is recorded as customer deposits until delivery has occurred or the customer cancels their order, and the consideration
is returned to the customer. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from
revenue. The Company’s sales do not presently have a financing component.
Sales promotions and incentives. The Company
provides for estimated sales promotions and incentives, which are recognized as a component of sales in measuring the amount of consideration
the Company expects to receive in exchange for transferring goods or providing services. Examples of sales promotion and incentive programs
include rebates, distributor fees, dealer co-op advertising and volume incentives. Sales promotions and incentives are estimated based
on contractual requirements. The Company records these amounts as a liability in the balance sheet until they are ultimately paid. Adjustments
to sales promotions and incentives accruals are made as actual usage becomes known to properly estimate the amounts necessary to generate
consumer demand based on market conditions as of the balance sheet date.
Shipping and handling charges and costs. The
Company records shipping and handling amounts charged to the customer and related shipping costs as a component of cost of goods sold
when control has transferred to the customer.
|
Product Warranties |
Product Warranties
The Company provides a one-year warranty on vehicles,
and a two-year warranty on the battery pack. The Company accrues warranty reserves at the time revenue is recognized. Warranty reserves
include the Company’s best estimate of the projected cost to repair or to replace any items under warranty, based on actual warranty
experience as it becomes available and other known factors that may impact the evaluation of historical data. The Company reviews its
reserves quarterly to ensure that the accruals are adequate to meet expected future warranty obligations and will adjust estimates as
needed. Factors that could have an impact on the warranty reserve include the following: changes in manufacturing quality, shifts in product
mix, changes in warranty coverage periods, product recalls and changes in sales volume. Warranty expense is recorded as a component of
cost of goods sold in the statement of operations and is recognized as a current liability.
|
Inventory and Inventory Deposits |
Inventory and Inventory Deposits
Inventories and prepaid inventory deposits are
stated at the lower of cost (first-in, first-out method) or net realizable value.
Certain vendors require the Company to pay an
upfront deposit before they manufacture and ship the Company’s vehicles, parts or accessories. These payments are classified as
prepaid inventory deposits on the balance sheet until title and risk of loss transfers to the Company, at which time they are classified
as inventory.
Raw materials inventory costs include the cost
of parts, including duties, tariffs and shipping. Work in process and finished goods include the cost of parts, labor and manufacturing
overhead costs associated with the assembly of the vehicle. Finished goods also include accessories for the vehicle and branded merchandise
such as hats and shirts.
Through August 2022 the Company assembled the
Grunt motorcycle in a leased facility. The Company ceased assembly operations at the end of August and outsourced the assembly of the
Grunt to a third party.
The Company transferred substantially all of its raw materials and
work-in-process inventory for the Grunt to the third party manufacturer in the second quarter of 2023. Title to the inventory transferred
to the third party manufacturer and it provides the Company with a credit towards future purchases of the Grunt EVO.
|
Property and Equipment |
Property and Equipment
Property and equipment are valued at cost. Additions
are capitalized and maintenance and repairs are charged to expense as incurred. Gains and losses on dispositions of equipment are reflected
in operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows:
Schedule of estimated useful lives of the
assets |
|
|
Category |
|
Estimated
Useful Lives |
Machinery, tooling and equipment |
|
3-7 years |
Vehicles |
|
5 years |
Internal use manufactured vehicles |
|
1 year |
Furniture & Fixtures |
|
5 years |
Computers |
|
3 years |
Leasehold improvements are depreciated over the
shorter period of their estimated useful life or term of the lease.
|
Long-Lived Assets |
Long-Lived Assets
The Company’s long-lived assets are reviewed
for impairment whenever events or changes in circumstances indicate that the historical carrying cost value of an asset may no longer
be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result
from the asset to the carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment
loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the
long-lived asset.
|
Leases |
Leases
Right-of-use (“ROU”) assets represent
the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation
to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on
the estimated present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on
the balance sheet; the Company recognizes lease expenses for these leases on a straight-line basis over the lease term. The Company does
not separate non-lease components from the lease components to which they relate, and instead accounts for each separate lease and non-lease
component associated with that lease component as a single lease component.
ASC 842 defines initial direct costs as only the
incremental costs of signing a lease. Initial direct costs related to leasing that are not incremental are expensed as general and administrative
expenses in our statements of operations.
The Company’s operating lease agreements
primarily consist of leased real estate and are included within ROU assets – operating leases and ROU lease liabilities –
operating leases on the balance sheets. The Company’s lease agreements may include options to extend the lease, which are not included
in minimum lease payments unless they are reasonably certain to be exercised at lease commencement. The Company's leases do not provide
an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in
determining the present value of lease payments.
|
Research and Development Expenses |
Research and Development Expenses
The Company records research and development expenses
in the period in which they are incurred as a component of product development expenses.
|
Income Taxes |
Income Taxes
Deferred taxes are determined utilizing the “asset
and liability” method, whereby deferred tax asset and liability account balances are determined based on the differences between
financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in
effect when the differences are expected to reverse. The Company provides a valuation allowance, when it's more likely than not that deferred
tax assets will not be realized in the foreseeable future. Deferred tax liabilities and assets are classified as current or non-current
based on the underlying asset or liability or if not directly related to an asset or liability based on the expected reversal dates of
the specific temporary differences.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
ASC Topic 820 Fair Value Measurements and Disclosures (“ASC Topic 820”) provides a framework for measuring fair value
in accordance with generally accepted accounting principles.
ASC Topic 820 defines fair value
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions
developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market
participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
The fair value hierarchy consists
of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC Topic 820 are
described as follows:
|
· |
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. |
|
· |
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
|
· |
Level 3 — Inputs that are unobservable for the asset or liability. |
The following section describes
the valuation methodologies that the Company used to measure different financial instruments at fair value.
Debt
The fair value of the Company’s
debt, which approximated the carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023. Factors that the Company
considered when estimating the fair value of its debt included market conditions, and term of the debt. The level of the debt would be
considered as Level 2.
The Company relies on the guidance
provided by ASC Topic 480, Distinguishing Liabilities from Equity, to classify certain convertible instruments. The Company first
determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification
if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional
obligation that the Company must or may settle by issuing a variable number of its equity shares.
The Company accounts for derivative
instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), and all derivative instruments
are reflected as either assets or liabilities at fair value on the consolidated balance sheets. The Company uses estimates of fair value
to value its derivative instruments. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction
between able and willing market participants. In general, the Company’s policy in estimating fair values is to first look at observable
market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are
used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit
spreads, relying first on observable data from active markets. Depending on the availability of observable inputs and prices, different
valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and
may not be realizable. The Company categorizes its fair value estimates in accordance with ASC Topic 820, based on the hierarchical framework
associated with the three levels or price transparency utilized in measuring financial instruments at fair value as discussed above.
Once the Company determines that a financial instrument
should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability
section and the equity section of the balance sheet (“temporary equity”). The Company will determine temporary equity classification
if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the
Company accounts for the financial instrument as permanent equity.
Initial Measurement
The Company records its financial
instruments classified as a liability, temporary equity or permanent equity at issuance at the fair value, or cash received.
Subsequent Measurement -
Financial instruments classified as liabilities
The Company records the fair
value of its financial instruments classified as liabilities at each subsequent measurement date. The changes in fair value of its financial
instruments classified as liabilities are recorded as other expense/income. The Monte Carlo simulation is used to determine the fair value
of derivatives for instruments with embedded conversion features and for free standing warrants as discussed further in Note 8.
Additional Disclosures Regarding Fair Value
Measurements
The carrying value of cash,
accounts receivable, inventory, other assets, and accounts payable and accrued expenses approximate their fair value due to the short-term
maturity of those items.
Warrant Liabilities and Convertible Liabilities
The fair value of the derivative liabilities and warrant liabilities
is classified as Level 3 within the Company’s fair value hierarchy. Refer to Note 8, Derivative Instruments, for further discussion
of the measurement of fair value of the derivatives and their underlying assumptions.
|
Stock-Based Compensation |
Stock-Based Compensation
The Company has a stock-based incentive award
plan for employees, consultants and directors. The Company measures stock-based compensation at the estimated fair value on the grant
date and recognizes the amortization of stock-based compensation expense on a straight-line basis over the requisite service period, or
when it is probable criteria will be achieved for performance-based awards. Fair value is determined based on assumptions related to the
fair value of the Company common stock, stock volatility and risk-free rate of return. The Company has elected to recognize forfeitures
when realized.
|
Concentration Risk |
Concentration Risk
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.
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.
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 $2,070,000 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 $1,400,000. As discussed below, the
Company has written down this inventory to its estimated net realizable value.
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 $633,936
and $483,493
in vendor settlements current and long-term, respectively, as of June 30, 2024 and an expense of $1,117,429
in costs of goods sold for the three and six months ended June 30, 2024.
|
Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standard Board or other standard setting bodies that the Company adopts as of the specified effective
date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact
on the Company’s financial position or results of operations upon adoption.
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of estimated useful lives of the assets |
Schedule of estimated useful lives of the
assets |
|
|
Category |
|
Estimated
Useful Lives |
Machinery, tooling and equipment |
|
3-7 years |
Vehicles |
|
5 years |
Internal use manufactured vehicles |
|
1 year |
Furniture & Fixtures |
|
5 years |
Computers |
|
3 years |
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v3.24.2.u1
INVENTORY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of inventory |
Schedule of inventory | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 7,557,689 | | |
$ | 6,770,892 | |
Finished goods | |
| 2,028,639 | | |
| 2,202,242 | |
Total inventory | |
$ | 9,586,328 | | |
$ | 8,973,134 | |
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v3.24.2.u1
LONG – LIVED ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Machinery, tooling and equipment | |
$ | 282,232 | | |
$ | 1,015,568 | |
Vehicles | |
| 193,670 | | |
| 213,528 | |
Internal use manufactured vehicles | |
| 195,559 | | |
| 22,906 | |
Fixtures & furniture | |
| 90,768 | | |
| 90,768 | |
Leasehold improvements | |
| 44,663 | | |
| 44,663 | |
Computers | |
| 220,588 | | |
| 221,571 | |
| |
| 1,027,480 | | |
| 1,609,004 | |
Less: Accumulated depreciation | |
| (402,314 | ) | |
| (350,397 | ) |
Total property and equipment | |
$ | 625,166 | | |
$ | 1,258,607 | |
|
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v3.24.2.u1
NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of maturities for notes payable |
Schedule of maturities for notes payable | |
| |
Remainder of 2024 | |
$ | 5,451 | |
2025 | |
| 10,898 | |
2026 | |
| 10,898 | |
2027 | |
| 10,898 | |
2028 | |
| 10,898 | |
2029 | |
| 1,816 | |
Total future payments | |
| 50,859 | |
Less: Interest | |
| (11,849 | ) |
Total notes payable | |
| 39,010 | |
Less current portion | |
| (6,784 | ) |
Long-term notes payable | |
$ | 32,226 | |
|
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v3.24.2.u1
CONVERTIBLE NOTES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Convertible Notes |
|
Schedule of convertible notes |
Schedule of convertible notes | |
| | |
| |
| |
Fair Value | | |
Principal Amount | |
New Notes | |
$ | 4,410,058 | | |
$ | 4,934,783 | |
Series A Exchange Notes | |
| 3,298,012 | | |
| 3,690,422 | |
Series B Exchange Notes | |
| 20,986,449 | | |
| 23,483,891 | |
Total May 2023 Notes | |
$ | 28,694,519 | | |
$ | 32,109,096 | |
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v3.24.2.u1
MAY 2024 SENIOR NOTES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
May 2024 Senior Notes |
|
Schedule of senior notes |
Schedule of senior notes | |
| | |
Principal amount | |
$ | 2,942,170 | |
Unamortized discount and issuance costs | |
| (1,525,700 | ) |
Net carrying amount | |
$ | 1,416,470 | |
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v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS AND WARRANT LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of assumptions |
Schedule of assumptions | |
| | |
| |
| |
May 24, 2023 | | |
August 3, 2023 | |
Conversion Feature Liabilities | |
| | | |
| | |
Company stock price on valuation date | |
$ | 15,750.00 | | |
$ | 12,397.50 | |
Volatility (closing prices of guideline comparable public companies) | |
| 86.3% | | |
| 84.1% | |
Conversion price per share | |
$ | 16,875.00 | | |
$ | 16,875.00 | |
Note term (years) | |
| 0.76 | | |
| 0.56 | |
Risk free interest rate | |
| 5.1% | | |
| 5.4% | |
| |
| | | |
| | |
Warrant Liabilities | |
| | | |
| | |
Company stock price on valuation date | |
$ | 15,750.00 | | |
$ | 12,397.50 | |
Volatility (closing prices of guideline comparable public companies) | |
| 119.2% | | |
| 115.0% | |
Conversion price per share | |
$ | 16,875.00 | | |
$ | 16,875.00 | |
Warrant term (years) | |
| 4.25 | | |
| 4.06 | |
Risk free interest rate | |
| 3.8% | | |
| 4.3% | |
|
Schedule of fair value of derivative liabilities |
Schedule of fair value of derivative liabilities | |
| | |
| |
| |
May 24, 2023 | | |
August 3, 2023 | |
Conversion Feature - New Notes | |
$ | 663,096 | | |
$ | 557,168 | |
Conversion Feature - Series A Exchange Notes | |
| 970,805 | | |
| 416,672 | |
Conversion Feature - Series B Exchange Notes | |
| 4,324,792 | | |
| 2,651,436 | |
New Warrants | |
| 3,123,682 | | |
| 2,445,244 | |
Exchange Warrants | |
| 9,287,474 | | |
| 7,191,535 | |
Total | |
$ | 18,369,849 | | |
$ | 13,262,055 | |
|
Schedule of warrants assumptions |
Schedule of warrants assumptions | |
| |
| |
December 31, 2023 | |
| |
| |
Company stock price on valuation date | |
$ | 4.46 | |
Volatility | |
| 141.4% | |
Risk free interest rate | |
| 3.78% | |
Dividend yield | |
| 0.00% | |
Warrant term (years) | |
| 4.9 | |
Time to future transaction (years) | |
| 0.63 | |
Future transaction probability | |
| 75% | |
|
Schedule of estimated fair value of warrant liabilities |
Schedule of estimated fair value of warrant
liabilities | |
| |
| |
December 31, 2023 | |
Series A Warrant | |
$ | 0.2970 | |
Series B Warrant | |
$ | 0.0799 | |
|
Schedule of derivative activity |
Schedule of derivative activity | |
| | |
| | |
| |
| |
Series A | | |
Series B | | |
Total | |
Fair value on December 31, 2023 | |
$ | 4,705,245 | | |
$ | 1,265,822 | | |
$ | 5,971,067 | |
Loss on changes in fair value | |
| 12,718,378 | | |
| 2,174,673 | | |
| 14,893,051 | |
Exercise of warrants | |
| (17,352,653 | ) | |
| (34,833 | ) | |
| (17,387,486 | ) |
Reclassification to equity | |
| – | | |
| (3,405,662 | ) | |
| (3,405,662 | ) |
Balance at June 30, 2024 | |
$ | 70,970 | | |
$ | – | | |
$ | 70,970 | |
|
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of warrant activity |
Schedule of warrant activity | |
| | |
| | |
| | |
| |
| |
Common Stock Warrants | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in years | | |
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at January 1, 2024 | |
| 56,142 | | |
$ | 248.30 | | |
| | | |
| | |
Granted | |
| 319,739 | | |
$ | 42.00 | | |
| | | |
| | |
Canceled | |
| – | | |
$ | – | | |
| | | |
| | |
Expired | |
| – | | |
$ | – | | |
| | | |
| | |
Exercised | |
| (266,599 | ) | |
$ | 50.46 | | |
| | | |
| | |
Outstanding at June 30, 2024 | |
| 109,282 | | |
$ | 127.35 | | |
| 5.32 | | |
$ | – | |
Exercisable at June 30, 2024 | |
| 7,821 | | |
$ | 1,403.18 | | |
| 4.31 | | |
$ | – | |
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v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of stock option activity |
Schedule of stock option activity | |
| | |
| | |
| | |
| |
| |
Common Stock Options | |
| |
Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Life in years | | |
Intrinsic Value | |
Outstanding at January 1, 2024 | |
| 243 | | |
$ | 44,352.41 | | |
| | | |
| | |
Granted | |
| 1 | | |
$ | 450.00 | | |
| | | |
| | |
Forfeited | |
| (41 | ) | |
$ | 77,498.78 | | |
| | | |
| | |
Canceled | |
| (50 | ) | |
$ | 27,720.00 | | |
| | | |
| | |
Outstanding at June 30,2024 | |
| 153 | | |
$ | 40,618.53 | | |
| 8.13 | | |
$ | 0 | |
Exercisable at June 30, 2024 | |
| 93 | | |
$ | 56,968.55 | | |
| 7.64 | | |
$ | 0 | |
|
Schedule of assumptions |
Schedule of assumptions | |
| | |
| |
| |
2024 | | |
2023 | |
Volatility (based on the Company’s volatility in 2024 and peer companies in 2023) | |
| 170% | | |
| 79% - 83% | |
Risk free interest rate | |
| 4.5% | | |
| 3.54% - 4.77% | |
Dividends | |
| None | | |
| None | |
Estimated life in years | |
| 6 | | |
| 6 | |
|
Schedule of stock-based compensation expense |
Schedule of stock-based compensation expense | |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Cost of Goods Sold | |
$ | (1,186 | ) | |
$ | 149,601 | | |
$ | (11,828 | ) | |
$ | 356,079 | |
Sales and Marketing | |
| 67,001 | | |
| 233,113 | | |
| 11,930 | | |
| 544,871 | |
Product Development | |
| 83,733 | | |
| 100,379 | | |
| 126,337 | | |
| 308,971 | |
General and Administrative | |
| 138,203 | | |
| 142,301 | | |
| 159,390 | | |
| 472,906 | |
Total | |
$ | 287,751 | | |
$ | 625,394 | | |
$ | 285,829 | | |
$ | 1,682,827 | |
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v3.24.2.u1
LOSS PER COMMON SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of anti dilutive shares |
Schedule of anti dilutive shares | |
| | |
| |
| |
June 30, 2024 | | |
June 30, 2023 | |
Convertible Notes | |
| – | | |
| 1,263 | |
Preferred Stock | |
| 988,069 | | |
| | |
Warrants | |
| 109,282 | | |
| 1,268 | |
Stock options | |
| 153 | | |
| 146 | |
Restricted stock units | |
| – | | |
| 3 | |
Total | |
| 1,097,504 | | |
| 2,680 | |
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v3.24.2.u1
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of components of income tax expense (benefit) |
Schedule of components of income tax expense (benefit) | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Expected federal income tax benefit at statutory rate | |
| (127,347 | ) | |
$ | (4,835,911 | ) | |
$ | (5,597,436 | ) | |
$ | (6,368,799 | ) |
Non-deductible expenses | |
| (467,057 | ) | |
| 4,782,518 | | |
| (500,213 | ) | |
| 4,902,332 | |
Research and development credit | |
| – | | |
| – | | |
| – | | |
| (148,811 | ) |
Prior year true up | |
| 2,703,415 | | |
| – | | |
| 3,235,732 | | |
| – | |
Change in valuation allowance | |
| (2,109,011 | ) | |
| 53,393 | | |
| 2,861,917 | | |
| 1,615,278 | |
Income tax benefit | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | |
|
Schedule of deferred tax assets and liabilities |
Schedule of deferred tax assets and liabilities | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Deferred tax assets | |
| | | |
| | |
Net operating losses | |
$ | 21,575,396 | | |
$ | 15,468,757 | |
Debt basis difference | |
| – | | |
| 5,121,397 | |
Depreciation and amortization | |
| 1,422,327 | | |
| 1,701,768 | |
Research & development credit | |
| 1,099,535 | | |
| 1,099,535 | |
Lease liability | |
| 205,964 | | |
| 246,704 | |
Stock-based compensation | |
| – | | |
| 3,235,732 | |
Inventory | |
| – | | |
| 152,749 | |
Accrued expenses | |
| 190,471 | | |
| 66,909 | |
Capital loss carryover | |
| 176,949 | | |
| 176,950 | |
Dealer rebates | |
| – | | |
| 459,713 | |
Vendor settlements and reserves | |
| 556,625 | | |
| – | |
Other | |
| 63,693 | | |
| 21,828 | |
Total | |
| 25,290,960 | | |
| 27,752,042 | |
Valuation allowance | |
| (24,911,536 | ) | |
| (27,171,016 | ) |
Net deferred tax asset | |
| 379,424 | | |
| 581,026 | |
Deferred tax liabilities | |
| | | |
| | |
Prepaid expenses | |
| (181,750 | ) | |
| (342,421 | ) |
Right-of-use assets | |
| (197,674 | ) | |
| (238,605 | ) |
Total net deferred taxes deferred tax liabilities | |
$ | – | | |
$ | – | |
|
X |
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v3.24.2.u1
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Schedule of lease costs for operating leases |
Schedule of lease costs for operating leases | |
| | |
| | |
| | |
| |
| |
Three Months Ended June 30, 2024 | | |
Three Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2024 | | |
Six Months Ended June 30, 2023 | |
Lease Cost | |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
| 117,249 | | |
$ | 117,250 | | |
$ | 234,498 | | |
$ | 234,499 | |
Short-term lease cost | |
| 37,230 | | |
| 29,730 | | |
| 75,191 | | |
| 89,520 | |
Variable lease cost | |
| – | | |
| – | | |
| – | | |
| – | |
Sublease income | |
| – | | |
| – | | |
| – | | |
| – | |
Total lease cost | |
$ | 154,479 | | |
$ | 146,980 | | |
$ | 309,689 | | |
$ | 324,019 | |
|
Schedule of supplemental cash flow information related to leases |
Schedule of supplemental cash flow information related to leases | |
| | |
| |
| |
2024 | | |
2023 | |
Other Lease Information | |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 193,998 | | |
$ | 174,365 | |
Amortization of right-of-use assets | |
$ | 194,910 | | |
$ | 181,677 | |
|
Schedule of lease related assets and liabilities |
Schedule of lease related assets and liabilities | |
| | |
| |
| |
June 30, 2024 | | |
December 31, 2023 | |
Lease Position | |
| | | |
| | |
Operating Leases: | |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 941,303 | | |
$ | 1,136,213 | |
Right-of-use liabilities operating leases short-term | |
| 421,034 | | |
| 399,611 | |
Right-of-use liabilities operating leases long-term | |
| 559,749 | | |
| 775,170 | |
Total operating lease liabilities | |
$ | 980,783 | | |
$ | 1,174,781 | |
|
Schedule of lease term and discount rate |
Schedule of lease term and discount rate |
|
|
|
|
Lease Term and Discount Rate |
|
June 30, 2024 |
|
Weighted-average remaining lease term (years): |
|
|
|
|
Operating leases |
|
|
2.2 |
|
Weighted-average discount rate: |
|
|
|
|
Operating leases |
|
|
6.82% |
|
|
Schedule of maturities of lease liabilities |
Schedule of maturities of lease liabilities | |
| |
| |
Operating | |
| |
Leases | |
Remainder of 2024 | |
$ | 238,047 | |
2025 | |
| 485,702 | |
2026 | |
| 340,591 | |
Total future undiscounted lease payments | |
| 1,064,340 | |
Less: Interest | |
| (83,557 | ) |
Present value of lease liabilities | |
$ | 980,783 | |
|
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v3.24.2.u1
ORGANIZATION, NATURE OF OPERATIONS AND GOING CONCERN (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
Jun. 11, 2024 |
May 22, 2024 |
Jan. 30, 2024 |
Jan. 13, 2024 |
Mar. 31, 2024 |
Feb. 29, 2024 |
Jun. 30, 2024 |
Jun. 06, 2024 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Principal to common stock |
|
|
|
|
$ 7,400,000
|
$ 7,400,000
|
|
|
Remaining convertible notes |
|
|
|
|
$ 24,700,000
|
|
|
|
Per share |
|
|
|
|
$ 1,000
|
|
|
$ 6.4486
|
Initial conversation price |
|
|
|
|
$ 133.00
|
|
|
|
Number of publicly held shares |
500,000
|
|
|
|
|
|
|
|
Severance amount paid |
|
|
|
|
|
|
$ 112,500
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Officer compensation |
|
|
$ 800,000
|
|
|
|
|
|
Annual bonus |
|
|
$ 250,000
|
|
|
|
|
|
Compensation description |
|
|
Mr. Kim will also receive 5% of the gross proceeds or other consideration if
the Company completes a sale of substantially all of its assets or otherwise enters into a change of control transaction. Mr. Kim is also
entitled to an equity award equal to 10% of the Company’s fully diluted equity, subject to stockholder approval of an increase in
the shares available under the 2021 Plan or a new equity plan.
|
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Officer compensation |
|
|
$ 300,000
|
|
|
|
|
|
Compensation description |
|
|
annual bonus of up to 50% of his salary as determined by the compensation committee of the board of directors. Mr. Endo
has agreed to a reduction in the salary to $238,500 through the end of 2024. Mr. Endo will also receive 5% of the gross proceeds or other
consideration if the Company completes a sale of substantially all of its assets or otherwise enters into a change of control transaction.
Mr. Endo is also entitled to an equity award equal to 4% of the Company’s fully diluted equity, subject to stockholder approval
of an increase in the shares available under the 2021 Plan or a new equity plan.
|
|
|
|
|
|
Jordan Davis [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Consulting expense |
|
|
|
$ 12,500
|
|
|
|
|
May 2024 Note Warrants [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Warrants issued |
|
101,463
|
|
|
|
|
|
|
Warrants, exercise price |
|
$ 29.00
|
|
|
|
|
|
|
May 2024 Notes [Member] |
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
$ 2,942,170
|
|
|
|
|
|
|
Net proceeds from debt |
|
$ 2,255,851
|
|
|
|
|
|
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
Jun. 06, 2024 |
Feb. 02, 2024 |
Oct. 13, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Reverse stock split |
1
for 100 stock split
|
1 for 45 stock split
|
1 for 5 stock split
|
|
|
1 for 100 stock split
|
|
|
Cash equivalents |
|
|
|
$ 0
|
|
$ 0
|
|
$ 0
|
Vendor settlements - current |
|
|
|
1,833,937
|
|
1,833,937
|
|
0
|
Vendor settlements - noncurrent |
|
|
|
683,493
|
|
683,493
|
|
$ 0
|
Cost of goods sold |
|
|
|
3,113,429
|
$ 334,647
|
4,735,009
|
$ 1,564,628
|
|
Stag Suspension Component [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Vendor settlements - current |
|
|
|
633,936
|
|
633,936
|
|
|
Vendor settlements - noncurrent |
|
|
|
483,493
|
|
483,493
|
|
|
Cost of goods sold |
|
|
|
1,117,429
|
|
1,117,429
|
|
|
Volcon Youth Motorcycles [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Payment for manufacturing units |
|
|
|
|
|
2,070,000
|
|
|
Settlement liability |
|
|
|
$ 1,400,000
|
|
$ 1,400,000
|
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v3.24.2.u1
INVENTORY (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 7,557,689
|
$ 6,770,892
|
Finished goods |
2,028,639
|
2,202,242
|
Total inventory |
$ 9,586,328
|
$ 8,973,134
|
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v3.24.2.u1
LONG - LIVED ASSETS (Details - Property and equipment) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
$ 1,027,480
|
$ 1,609,004
|
Property and equipment gross |
(402,314)
|
(350,397)
|
Property and equipment gross |
625,166
|
1,258,607
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
282,232
|
1,015,568
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
193,670
|
213,528
|
Internal Use Manufactured Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
195,559
|
22,906
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
90,768
|
90,768
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
44,663
|
44,663
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment gross |
$ 220,588
|
$ 221,571
|
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NOTES PAYABLE (Details - Debt maturities)
|
Jun. 30, 2024
USD ($)
|
Debt Disclosure [Abstract] |
|
Remainder of 2024 |
$ 5,451
|
2025 |
10,898
|
2026 |
10,898
|
2027 |
10,898
|
2028 |
10,898
|
2029 |
1,816
|
Total future payments |
50,859
|
Less: Interest |
(11,849)
|
Total notes payable |
39,010
|
Less current portion |
(6,784)
|
Long-term notes payable |
$ 32,226
|
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v3.24.2.u1
CONVERTIBLE NOTES (Details - Initial fair values)
|
Jun. 30, 2024
USD ($)
|
New Notes [Member] |
|
Debt Instrument [Line Items] |
|
Fair value |
$ 4,410,058
|
Principal amount |
4,934,783
|
Series A Exchange Notes [Member] |
|
Debt Instrument [Line Items] |
|
Fair value |
3,298,012
|
Principal amount |
3,690,422
|
Series B Exchange Notes [Member] |
|
Debt Instrument [Line Items] |
|
Fair value |
20,986,449
|
Principal amount |
23,483,891
|
May 2023 Notes [Member] |
|
Debt Instrument [Line Items] |
|
Fair value |
28,694,519
|
Principal amount |
$ 32,109,096
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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v3.24.2.u1
CONVERTIBLE NOTES (Details Narrative) - USD ($)
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 06, 2024 |
Feb. 02, 2024 |
Oct. 13, 2023 |
Sep. 18, 2023 |
May 24, 2023 |
Aug. 24, 2022 |
Mar. 31, 2024 |
Sep. 30, 2023 |
May 31, 2023 |
Aug. 31, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Feb. 12, 2024 |
Oct. 20, 2023 |
Aug. 03, 2023 |
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of warrants |
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,255,851
|
$ 0
|
|
|
|
Loss on extinguishment |
|
|
|
|
|
|
|
|
|
|
$ 0
|
$ 22,296,988
|
$ 1,647,608
|
22,296,988
|
|
|
|
Payment of stock issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
501,300
|
|
|
|
Reverse stock split |
1
for 100 stock split
|
1 for 45 stock split
|
1 for 5 stock split
|
|
|
|
|
|
|
|
|
|
1 for 100 stock split
|
|
|
|
|
Debt converted, amount converted |
|
|
|
|
|
|
$ 24,700,000
|
|
|
|
|
|
|
|
|
|
|
Loss on conversion of notes to common stock |
|
|
|
|
|
|
|
|
|
|
|
|
$ 333,544
|
0
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
1,314,065
|
22,296,988
|
|
|
|
Gains Losses on Extinguishment of Debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ (1,314,065)
|
(22,296,988)
|
|
|
|
Public Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of stock issuance costs |
|
|
|
$ 128,600
|
$ 501,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued new, shares |
|
|
|
63
|
267
|
|
|
63
|
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
|
|
|
$ 11,250.00
|
$ 16,875.00
|
|
|
$ 11,250.00
|
|
|
|
|
|
|
|
|
|
Exchange Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expiration date |
|
|
|
|
|
|
|
|
Aug. 24, 2027
|
|
|
|
|
|
|
|
|
Conversion of stock, shares issued |
|
|
|
|
|
|
|
|
759
|
759
|
|
|
|
|
|
|
|
Exchange Warrants [Member] | Warrant Inducement Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares converted |
|
|
|
|
|
|
|
69
|
|
|
|
|
|
|
|
|
|
Reload Warrants [Member] | Warrant Inducement Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
$ 11,250.00
|
|
|
|
|
|
|
|
|
|
Warrants expiration date |
|
|
|
|
|
|
|
Aug. 24, 2027
|
|
|
|
|
|
|
|
|
|
Payment of stock issuance costs |
|
|
|
|
|
|
|
$ 216,855
|
|
|
|
|
|
|
|
|
|
Measurement Input, Discount Rate [Member] | May 2023 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
|
|
|
|
|
|
|
|
|
|
14.9%
|
|
|
|
|
Note Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
403
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
$ 64,125.00
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares converted |
|
|
|
|
|
|
|
|
|
403
|
|
|
|
|
|
|
|
New Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
$ 24,525.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued shares |
|
|
|
|
242
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants expiration date |
|
|
|
|
Aug. 24, 2027
|
|
|
|
|
|
|
|
|
|
|
|
|
May 2023 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
$ 11,250.00
|
|
|
$ 133.00
|
|
$ 133.00
|
|
|
$ 6,160.50
|
|
Senior Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
$ 27,173,913
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
|
3,316,409
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from convertible notes |
|
|
|
|
|
15,122,345
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
1,136,997
|
|
2,913,632
|
|
|
|
Loss on extinguishment |
|
|
|
|
|
|
|
|
|
|
|
22,296,988
|
|
22,296,988
|
|
|
|
Unamortized issuance costs |
|
|
|
|
|
|
|
|
|
|
|
$ 1,330,296
|
|
$ 1,330,296
|
|
|
|
Convertible Notes [Member] | Note Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
|
616,730
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of warrants |
|
|
|
|
|
$ 6,561,247
|
|
|
|
|
|
|
|
|
|
|
|
New Senior Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
$ 4,934,783
|
|
|
|
|
|
|
|
|
|
|
|
|
New Notes And New Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
586,968
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
$ 3,690,422
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
$ 16,875.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Series B Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
$ 23,483,491
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
$ 24,525.00
|
|
|
|
|
|
|
|
|
|
|
|
$ 16,875.00
|
May 2023 Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
|
|
|
|
|
$ 32,109,096
|
|
$ 32,109,096
|
|
|
|
|
Warrant exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 186.46
|
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
406,353
|
|
406,353
|
|
|
|
|
Reverse stock split |
|
1 for 45 stock split
|
1
for 5 reverse stock split
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted, amount converted |
|
|
|
|
|
|
|
|
|
|
7,414,025
|
|
|
|
|
|
|
Loss on conversion of notes to common stock |
|
|
|
|
|
|
|
|
|
|
333,544
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
1,314,065
|
|
|
|
|
Gains Losses on Extinguishment of Debt |
|
|
|
|
|
|
|
|
|
|
|
|
(1,314,065)
|
|
|
|
|
May 2023 Notes [Member] | Unamortized Debt Issuance Costs [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on conversion of notes to common stock |
|
|
|
|
|
|
|
|
|
|
$ 55,490
|
|
|
|
|
|
|
May 2023 Notes [Member] | Unamortized Issuance Costs [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
(182,009)
|
|
|
|
|
Gains Losses on Extinguishment of Debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 182,009
|
|
|
|
|
May 2023 Notes [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted, shares issued |
|
|
|
|
|
|
|
|
|
|
39,763
|
|
|
|
|
|
|
May 2023 Notes Exchanged [Member] | Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt converted, amount converted |
|
|
|
|
|
|
|
|
|
|
$ 24,716,118
|
|
|
|
|
|
|
Debt converted, shares issued |
|
|
|
|
|
|
|
|
|
|
24,698
|
|
|
|
|
|
|
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v3.24.2.u1
MAY 2024 SENIOR NOTES (Details)
|
Jun. 30, 2024
USD ($)
|
May 2024 Senior Notes |
|
Debt Instrument Aggregate Principal Amount |
$ 2,942,170
|
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net |
(1,525,700)
|
Long-Term Debt, Gross |
$ 1,416,470
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v3.24.2.u1
MAY 2024 SENIOR NOTES (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
May 22, 2024 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
Payments of stock issuance costs |
|
|
|
$ 501,300
|
May 2024 Note Warrants [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Warrants issued |
101,463
|
|
|
|
Warrants exercise price |
$ 29.00
|
|
|
|
May 2024 Notes [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate principal amount |
$ 2,942,170
|
|
|
|
Proceeds from issuance of notes payable |
2,501,001
|
|
|
|
Payments of stock issuance costs |
245,150
|
|
|
|
Proceeds from Issuance of Senior Long-Term Debt |
1,232,651
|
|
|
|
Proceeds from Issuance or Sale of Equity |
$ 1,023,200
|
|
|
|
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|
$ 183,819
|
$ 183,819
|
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Aug. 03, 2023 |
May 24, 2023 |
Conversion Feature Liabilities [Member] | Measurement Input, Share Price [Member] |
|
|
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|
|
Fair value measurement input |
12,397.50
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15,750.00
|
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|
|
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|
|
Fair value measurement input |
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|
86.3%
|
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|
|
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|
|
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|
16,875.00
|
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|
|
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|
|
Fair value measurement input |
0.56
|
0.76
|
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|
|
Debt Conversion [Line Items] |
|
|
Fair value measurement input |
5.4%
|
5.1%
|
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|
|
Debt Conversion [Line Items] |
|
|
Fair value measurement input |
12,397.50
|
15,750.00
|
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|
|
Debt Conversion [Line Items] |
|
|
Fair value measurement input |
115.0%
|
119.2%
|
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|
|
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|
|
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|
16,875.00
|
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|
|
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|
|
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|
4.25
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|
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|
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3.8%
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|
Aug. 03, 2023 |
May 24, 2023 |
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
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$ 13,262,055
|
$ 18,369,849
|
Conversion Feature New Notes [Member] |
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
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|
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|
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|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
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416,672
|
970,805
|
Conversion Feature Series B Exchange Notes [Member] |
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
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|
4,324,792
|
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|
|
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|
3,123,682
|
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|
|
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|
|
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|
$ 9,287,474
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|
6 Months Ended |
Jun. 30, 2024
USD ($)
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Fair value on December 31, 2023 |
$ 5,971,067
|
Loss on changes in fair value |
14,893,051
|
Exercise of warrants |
(17,387,486)
|
Reclassification to equity |
(3,405,662)
|
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70,970
|
Series A Warrants [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Fair value on December 31, 2023 |
4,705,245
|
Loss on changes in fair value |
12,718,378
|
Exercise of warrants |
(17,352,653)
|
Reclassification to equity |
0
|
Balance at June 30, 2024 |
70,970
|
Series B Warrants [Member] |
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
Fair value on December 31, 2023 |
1,265,822
|
Loss on changes in fair value |
2,174,673
|
Exercise of warrants |
(34,833)
|
Reclassification to equity |
(3,405,662)
|
Balance at June 30, 2024 |
$ 0
|
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DERIVATIVE FINANCIAL INSTRUMENTS AND WARRANT LIABILITIES (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
May 17, 2024 |
Nov. 17, 2023 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Jun. 28, 2024 |
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Stock issuance costs |
|
|
|
|
|
|
$ 501,300
|
|
|
Gain on exercise of series B warrants |
|
|
|
|
|
$ 165,355
|
$ 0
|
|
|
Series A And B Warrants [Member] |
|
|
|
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Stock issuance costs |
|
|
|
|
$ 1,451,249
|
|
|
|
|
Series A Warrant [Member] |
|
|
|
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Gross proceeds from issuance of equity |
|
$ 10,990,530
|
|
|
|
|
|
|
|
Closing price |
|
|
|
|
|
|
|
|
$ 4.28
|
Warrants, exercise price |
|
|
|
$ 12.84
|
|
$ 12.84
|
|
|
|
Warrants outstanding |
|
|
|
5,527
|
|
5,527
|
|
|
|
Warrant liability |
|
|
|
$ 70,970
|
|
$ 70,970
|
|
|
|
Series B Warrant [Member] |
|
|
|
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Gross proceeds from issuance of equity |
|
$ 3,345,961
|
|
|
|
|
|
|
|
Closing price |
$ 28.90
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
$ 23.41
|
|
|
|
|
|
|
|
|
Gain recognized on warrants |
|
|
|
$ 5,096,488
|
|
|
|
|
|
Loss recognized on warrants |
|
|
|
|
|
$ 2,174,673
|
|
|
|
Change in fair value of warrants |
$ 3,405,662
|
|
|
|
|
|
|
|
|
May 2023 Notes [Member] |
|
|
|
|
|
|
|
|
|
Derivative Instruments, Gain (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
Gain on fair value of conversion features |
|
|
$ 5,792,788
|
|
|
|
|
$ 5,107,794
|
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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
12 Months Ended |
|
|
Jan. 02, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 26, 2021 |
Mar. 25, 2021 |
Mr Okonsky [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Annual salary |
$ 170,000
|
|
|
|
|
Stag Lease [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Loss on termination of lease |
|
$ 85,756
|
|
|
|
Pink Possum [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Purchase orders and prepayments |
|
|
$ 21,860
|
|
|
Warrants issued, shares |
|
|
|
212
|
|
Highbridge [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
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STOCKHOLDERS' EQUITY (Details - Stock warrants activity) - Common Stock Warrants [Member]
|
6 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Shares outstanding, Beginning | shares |
56,142
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 248.30
|
Shares outstanding, Beginning | shares |
319,739
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 42.00
|
Shares outstanding, Beginning | shares |
0
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 0
|
Shares outstanding, Beginning | shares |
0
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 0
|
Shares outstanding, Beginning | shares |
(266,599)
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 50.46
|
Shares outstanding, Beginning | shares |
109,282
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 127.35
|
Weighted average remaining life in years, Outstanding |
5 years 3 months 25 days
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ |
$ 0
|
Shares outstanding, Beginning | shares |
7,821
|
Weighted average exercise price outstanding, Beginning | $ / shares |
$ 1,403.18
|
Weighted average remaining life in years, Exercisable |
4 years 3 months 21 days
|
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- DefinitionIntrinsic value of outstanding award under share-based payment arrangement. Excludes share and unit options.
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+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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|
v3.24.2.u1
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
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|
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|
1 Months Ended |
6 Months Ended |
|
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|
|
Jun. 06, 2024 |
May 17, 2024 |
Feb. 02, 2024 |
Dec. 31, 2023 |
Nov. 17, 2023 |
Oct. 29, 2023 |
Oct. 13, 2023 |
Sep. 18, 2023 |
May 24, 2023 |
Aug. 02, 2024 |
Sep. 30, 2023 |
May 31, 2023 |
Aug. 31, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 22, 2024 |
Mar. 31, 2024 |
Mar. 04, 2024 |
Jun. 14, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
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|
Common stock, shares authorized |
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250,000,000
|
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|
|
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|
250,000,000
|
|
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|
|
Preferred stock, shares authorized |
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5,000,000
|
|
|
|
|
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|
5,000,000
|
|
|
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|
|
Preferred stock par value |
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|
$ 0.00001
|
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|
|
|
|
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|
|
$ 0.00001
|
|
|
|
|
|
Reverse stock split |
1
for 100 stock split
|
|
1 for 45 stock split
|
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|
|
1 for 5 stock split
|
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|
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|
|
1 for 100 stock split
|
|
|
|
|
|
Payments of stock issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 501,300
|
|
|
|
|
Preferred stock shares designated |
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
Conversion price preferred stock price per share |
$ 6.4486
|
|
|
|
|
|
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|
|
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|
$ 1,000
|
|
|
Payment of inducement |
|
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|
|
$ 346,500
|
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|
|
|
|
|
|
Reload Warrants [Member] |
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|
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|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
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|
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|
|
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|
|
|
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|
|
Warrants exercise price |
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|
|
|
|
|
|
|
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|
|
$ 11,250.00
|
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|
|
Series A Warrants [Member] |
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|
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|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
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|
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|
Reverse stock split |
1 for 100 reverse stock
split
|
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|
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|
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|
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,475.00
|
|
|
|
|
|
Warrants and rights outstanding, maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nov. 17, 2028
|
|
|
|
|
|
Number of warrants |
12,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.4486
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,527
|
|
|
|
|
|
Series B Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
137,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,780.00
|
|
|
|
|
|
Common stock issued |
|
38,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding, maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nov. 17, 2028
|
|
|
|
|
|
Warrants outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,079
|
|
|
|
|
|
Warrants cashless exercise price |
|
$ 0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-funded warrants |
|
73,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price |
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A And Series B Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds and transaction cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,444,547
|
|
|
|
|
|
Note Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
403
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 64,125.00
|
|
$ 29.00
|
|
|
|
Warrants and rights outstanding, maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug. 24, 2027
|
|
Nov. 23, 2029
|
|
|
|
Shares converted |
|
|
|
|
|
|
|
|
|
|
|
403
|
|
|
|
|
|
|
|
Warrants issued shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,463
|
|
|
|
Exchange Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding, maturity date |
|
|
|
|
|
|
|
|
|
|
|
Aug. 24, 2027
|
|
|
|
|
|
|
|
Stock exchanged |
|
|
|
|
|
|
|
|
|
|
|
759
|
759
|
|
|
|
|
|
|
New Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
|
|
|
|
242
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.00001
|
|
Preferred stock shares designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
|
Convertible debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 24,694,670
|
|
Debt instrument convertible terms of conversion feature description |
|
|
|
|
|
|
|
|
|
|
|
|
|
For each $1,000 of May 2023 Note principal, one share of Preferred Stock was
issued with a stated value of $1,000, and any principal held by an investor below $1,000 was granted one additional share of Preferred
Stock. A total of 24,698 shares were issued in connection with the exchange.
|
|
|
|
|
|
Conversion price preferred stock price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 133.00
|
|
Convertible preferred stock amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 18,323,008
|
|
|
|
|
|
Convertible preferred stock shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
18,323
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,244,081
|
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued |
|
|
|
|
|
|
|
|
|
988,069
|
|
|
|
|
|
|
|
|
|
Common Units [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre Funded Units [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
8,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre Funded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised |
|
|
|
8,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion Of May 2023 Notes And Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares reserved |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,806
|
|
|
|
|
|
Exercise Of Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock shares reserved |
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
|
|
Underwriter [Member] | Series B Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
3,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriter [Member] | Series A And B Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from equity |
|
|
|
|
$ 16,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Placement Agent [Member] | Fully Vested Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 80,156.25
|
|
|
|
|
|
Warrants and rights outstanding, maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
Feb. 24, 2028
|
|
|
|
|
|
Purchase of vested warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
|
|
|
|
Public Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
63
|
267
|
|
63
|
|
|
|
|
|
|
|
|
Sale of stock price per share |
|
|
|
|
|
|
|
$ 11,250.00
|
$ 16,875.00
|
|
$ 11,250.00
|
|
|
|
|
|
|
|
|
Net proceeds |
|
|
|
|
|
|
|
$ 571,400
|
$ 3,998,685
|
|
|
|
|
|
|
|
|
|
|
Payments of stock issuance costs |
|
|
|
|
|
|
|
$ 128,600
|
$ 501,300
|
|
|
|
|
|
|
|
|
|
|
Public Offering [Member] | Underwriter [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
|
$ 14,062.50
|
|
|
|
|
|
|
|
|
|
|
|
Warrant term |
|
|
|
|
|
|
|
5 years 6 months
|
|
|
|
|
|
|
|
|
|
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Common Stock [Member] |
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Accumulated Other Comprehensive Income (Loss) [Line Items] |
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Common stock, shares authorized |
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250,000,000
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Number of shares issued |
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267
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Preferred Stock [Member] |
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Preferred stock, shares authorized |
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5,000,000
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Preferred stock par value |
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$ 0.00001
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v3.24.2.u1
STOCK-BASED COMPENSATION (Details - Stock option activity) - Equity Option [Member]
|
6 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Shares outstanding, beginning balance | shares |
243
|
Weighted average exercise price, beginning balance | $ / shares |
$ 44,352.41
|
Shares outstanding, beginning balance | shares |
1
|
Weighted average exercise price, beginning balance | $ / shares |
$ 450.00
|
Shares outstanding, beginning balance | shares |
(41)
|
Weighted average exercise price, beginning balance | $ / shares |
$ 77,498.78
|
Shares outstanding, beginning balance | shares |
(50)
|
Weighted average exercise price, beginning balance | $ / shares |
$ 27,720.00
|
Shares outstanding, beginning balance | shares |
153
|
Weighted average exercise price, beginning balance | $ / shares |
$ 40,618.53
|
Weighted average remaining life in years |
8 years 1 month 17 days
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ |
$ 0
|
Shares outstanding, beginning balance | shares |
93
|
Weighted average exercise price, beginning balance | $ / shares |
$ 56,968.55
|
Weighted average remaining life in years, exercisable |
7 years 7 months 20 days
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ |
$ 0
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Total |
$ 287,751
|
$ 625,394
|
$ 285,829
|
$ 1,682,827
|
Cost Of Goods Sold [Member] |
|
|
|
|
Total |
(1,186)
|
149,601
|
(11,828)
|
356,079
|
Sales And Marketing [Member] |
|
|
|
|
Total |
67,001
|
233,113
|
11,930
|
544,871
|
Product Development [Member] |
|
|
|
|
Total |
83,733
|
100,379
|
126,337
|
308,971
|
General And Administrative [Member] |
|
|
|
|
Total |
$ 138,203
|
$ 142,301
|
$ 159,390
|
$ 472,906
|
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|
|
3 Months Ended |
6 Months Ended |
|
Feb. 06, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Severance costs |
|
|
|
$ 112,500
|
|
|
Stock based compensation |
|
$ 287,751
|
$ 625,394
|
285,829
|
$ 1,682,827
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
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|
|
|
|
31,487
|
|
Stock based compensation |
|
|
23,550
|
|
77,323
|
|
Performance Shares [Member] |
|
|
|
|
|
|
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|
|
|
|
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Number of shares issued |
7
|
|
|
|
|
|
Number of shares forfeited |
1
|
|
|
|
|
|
Stock based compensation |
|
|
|
|
257,717
|
|
Equity Option [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Stock based compensation |
|
287,751
|
$ 601,844
|
285,829
|
$ 1,605,504
|
|
Stock based compensation net benefit |
|
1,922
|
|
1,922
|
|
|
Expects to recognize additional compensation expense |
|
$ 0
|
|
$ 0
|
|
|
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|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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|
|
|
|
|
Common stock shares reserved |
|
312
|
|
312
|
|
|
Number of shares granted |
|
122
|
|
122
|
|
|
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|
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|
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12
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|
|
|
|
|
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7
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v3.24.2.u1
LOSS PER COMMON SHARE (Details Narrative) - $ / shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Denominator for basic net loss per common share - weighted average of common shares |
401,802
|
1,205
|
240,759
|
1,148
|
Denominator for diluted net loss per common share - weighted average of common shares |
401,802
|
1,205
|
240,759
|
1,148
|
Basic net loss per common share |
$ (1.51)
|
$ (19,110.53)
|
$ (110.71)
|
$ (26,417.82)
|
Diluted net loss per common share |
$ (1.51)
|
$ (19,110.53)
|
$ (110.71)
|
$ (26,417.82)
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v3.24.2.u1
INCOME TAXES (Details - Schedule of components of income tax expense (benefit)) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Expected federal income tax benefit at statutory rate |
$ (127,347)
|
$ (4,835,911)
|
$ (5,597,436)
|
$ (6,368,799)
|
Non-deductible expenses |
(467,057)
|
4,782,518
|
(500,213)
|
4,902,332
|
Research and development credit |
0
|
0
|
0
|
(148,811)
|
Prior year true up |
2,703,415
|
0
|
3,235,732
|
0
|
Change in valuation allowance |
(2,109,011)
|
53,393
|
2,861,917
|
1,615,278
|
Income tax benefit |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
v3.24.2.u1
INCOME TAXES (Details - Schedule of deferred tax assets and liabilities) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Deferred tax assets |
|
|
Net operating losses |
$ 21,575,396
|
$ 15,468,757
|
Debt basis difference |
0
|
5,121,397
|
Depreciation and amortization |
1,422,327
|
1,701,768
|
Research & development credit |
1,099,535
|
1,099,535
|
Lease liability |
205,964
|
246,704
|
Stock-based compensation |
0
|
3,235,732
|
Inventory |
0
|
152,749
|
Accrued expenses |
190,471
|
66,909
|
Capital loss carryover |
176,949
|
176,950
|
Dealer rebates |
0
|
459,713
|
Vendor settlements and reserves |
556,625
|
0
|
Other |
63,693
|
21,828
|
Total |
25,290,960
|
27,752,042
|
Valuation allowance |
(24,911,536)
|
(27,171,016)
|
Net deferred tax asset |
379,424
|
581,026
|
Deferred tax liabilities |
|
|
Prepaid expenses |
(181,750)
|
(342,421)
|
Right-of-use assets |
(197,674)
|
(238,605)
|
Total net deferred taxes deferred tax liabilities |
$ 0
|
$ 0
|
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LEASES (Details - Schedule of lease costs for operating leases) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Lease Cost |
|
|
|
|
Operating lease cost |
$ 117,249
|
$ 117,250
|
$ 234,498
|
$ 234,499
|
Short-term lease cost |
37,230
|
29,730
|
75,191
|
89,520
|
Variable lease cost |
0
|
0
|
0
|
0
|
Sublease income |
0
|
0
|
0
|
0
|
Total lease cost |
$ 154,479
|
$ 146,980
|
$ 309,689
|
$ 324,019
|
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|
Jun. 30, 2024 |
Dec. 31, 2023 |
Operating Leases: |
|
|
Operating lease right-of-use assets |
$ 941,303
|
$ 1,136,213
|
Right-of-use liabilities operating leases short-term |
421,034
|
399,611
|
Right-of-use liabilities operating leases long-term |
559,749
|
775,170
|
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$ 980,783
|
$ 1,174,781
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