Volcon ePowersports, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

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


		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


		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


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


		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