Business Context and Reporting Period
This Form 8-K was filed by Volcon, Inc., not Empery Digital Inc., on September 6, 2023. Volcon is a Delaware corporation whose common stock trades on Nasdaq under the symbol VLCN. The filing concerns financial results for the three and six months ended June 30, 2023.
Financial Results and Metrics
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, liquidity, or other financial metrics. It states that Volcon previously issued its second-quarter 2023 results on August 11, 2023, but the September 6 filing only corrects adjusted EBITDA amounts.
Material Change Versus Prior Disclosure
Volcon issued a correction to the previously reported adjusted EBITDA for the three and six months ended June 30, 2023. The original amounts were incorrect because of errors in the amounts used for share-based compensation, depreciation and amortization expense, and interest expense. The corrected figures are included in Exhibit 99.1, but are not reproduced in the provided filing text.
Guidance, Outlook, Risks, and Unusual Items
The filing does not provide guidance, an updated outlook, management commentary, or additional risk disclosures. The principal unusual item is the correction of previously reported non-GAAP adjusted EBITDA amounts. The filing states that the Form 8-K and Exhibit 99.1 are furnished rather than filed for purposes of Section 18 liability and generally are not incorporated by reference into other filings unless expressly stated.
Investor Verification Points
- Verify that the filing relates to Volcon, Inc., despite the request metadata identifying Empery Digital Inc.
- Review Exhibit 99.1 for the corrected adjusted EBITDA amounts for the three and six months ended June 30, 2023.
- Compare the corrected adjusted EBITDA calculations with the original August 11, 2023 release.
- Assess the impact of the corrected share-based compensation, depreciation and amortization, and interest expense inputs.
- Obtain the underlying quarterly financial statements for revenue, net income, cash flow, debt, liquidity, and GAAP-to-non-GAAP reconciliations, which are not included in the provided text.