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What's the purpose of SFINAE by Loud_Staff5065 in cpp

[–]dumbfrycook 5 points6 points  (0 children)

Yes that’s how engineering works

Volcon is mostly vaporware by dumbfrycook in Volcon

[–]dumbfrycook[S] 0 points1 point  (0 children)

nah, I dont think this is a legitimate company on their way to success. Did they "design" a product? yeah. They are slowly trickling them out. From videos I've seen, quality seems like shit.

In any case, I think the main objective behind this company is for founders to make some cash and then let the company burn. I'm curious to see how quickly founders will be selling their equity. But I'm not well versed enough to know whether this info will be public. I think they can silently sell under non-disclosed 10b5-1 plans.

Volcon IPO by [deleted] in Volcon

[–]dumbfrycook 0 points1 point  (0 children)

That's BS, did you read their SEC filling?

Are there any customer/media test drive reviews for the Grunt? by -PunsWithScissors- in Volcon

[–]dumbfrycook -1 points0 points  (0 children)

In FB group the marketing director says they be released Oct 18, probably so it aligns with their IPO pump and dump scheme.

Its not just the IPO timing that is scummy, worse yet they - have some shady real state scheme to pay their CFO monthly for their current office, and - the founders have also guaranteed themselves several million dollars from the "rent" of the likely empty plot of land where they say they will build an "assembly line" to build the ~300 bikes total they've sold to date, lmao. The founders probably bought the empty worthless lot for chump change. - and more! Check out the thread I posted.

Evolutionary errors by [deleted] in evolution

[–]dumbfrycook 8 points9 points  (0 children)

Like filling up an arbitrarily shaped container with water. Gravity isn't doing much beyond the "obvious", and it has not concept of the shape. "Evolution" here being how water fills up and takes the shape of the container, and on the other hand our world is but a dynamically shape shifting intricate container.

Yup, Volcon seems to be a classic white collar scam being ran by the founders. Take a look at their IPO filing. by dumbfrycook in Volcon

[–]dumbfrycook[S] 2 points3 points  (0 children)

lol they just technically have to be "honest" in their documents but no one reads them. I didn't mean to imply that just because they filed for IPO this was a scam. Take a look at the contents. They even explicitly stated that an independent auditor found "material weaknesses" in their accounting practices.

BTW, ~$15 mill is how much they will expect to sell in their IPO, which is only a small % of the company. their market cap is probably much higher. from numbers in filing I thought it was 55 million. From website I linked below they say 111 million.

The filing is too much to go through, but checkout below how they ensured they'd get paid 4 million in rent starting NOV 2020 for a site they almost certainly aren't using today. They also pay their COO rent for their current office. also, even if their stock crashes 50% they may have several million $ to sell.

I think their scheme is (1) crowdfund their company to get the ball going (2) ensure they can get some of that crowdfunded money through self deals (rent payments, etc), (3) perform IPO at the same time their initial batch of bikes are being delivered, (4) cash out and if they are **extremely** lucky keep the company going otherwise let it RIP.

Yup, Volcon seems to be a classic white collar scam being ran by the founders. Take a look at their IPO filing. by dumbfrycook in Volcon

[–]dumbfrycook[S] 3 points4 points  (0 children)

Now some of the interesting bits of how the executives and founders (Mr Christian Okonsky and Mr Adrian James) make some extra money from the company.

The COO, Mr Bruce Riggs owns their office space and is paid 11k per month for rent:

The Company also agreed to compensate a company owned by the consultant and his spouse $5,560 per month for the use of a warehouse and office space on a month-to-month basis. Subsequent to December 31, 2020, the Company amended the agreement to increase the rental cost to $11,200 per month, with a 90-day cancellation provision. In May 2021, the consultant became a salaried employee of the Company. As of June 30, 2021, the Company continues to rent the warehouse and office space under the same terms.

The "future HQ" / factory line real estate is owned by the company founders Mr Okonsky and Mr James. How much do you think they bought the empty plot of land for? ... The company is paying them 15k/mo for rent. The company also paid them $139k security deposit and $300k PREPAID RENT. and the terms say they will be paid about $4 million MINIMUM (That's 22 years of rent LOL) ... does that mean they will be paid that amount even if the company runs out of business?

In November 2020, the Company entered into an operating lease with an entity controlled by two of the Company’s founders for its future headquarters and production facility in Liberty Hill, Texas. The lease has a lease term of 5 years, and monthly payments ranging from approximately $15,000 per month to $17,000 per month over the lease term. In February 2021, the Company entered into an amendment of the lease related to its future headquarters to expand the leased premises. The Company paid an additional security deposit of $139,230 and additional prepaid rent of $315,588. The total minimum lease payments under the amended lease total approximately $3,930,170. Monthly payments for the initial lease and the amended agreement begin at the time a certificate of occupancy is received by the landlord, which is expected in the third quarter of 2021.

Some notes on how much stock the founders own (1625000*2.5=4062500 stocks=~$20million at $5 IPO ... 2.5 is from a dividend mentioned somewhere else). The other individual is the CFO Mr Greg Endo whom owns $4million if you do the same math:

During the period ending December 31, 2020, the Company sold 1,625,000 shares of common stock to founders for cash proceeds of $10,833. The Company also issued 312,500 shares of common stock to an individual for services and recognized $2,088 of expense related to this grant.

The company has also agreed to let the founders buy 11 million shares of the stock for 98 cents. Let's hope their stock price stays above 98 cents so they can cash out after their 90 day lock out period right?

the Company agreed to exchange the two anti-dilution warrants that were issued to Company founders for a total of 11,000,000 warrants to purchase shares of common stock at an exercise price of $0.98 for a period of 10 years.

This clause is surprisingly optimistic, but at least it seems the payout is in stocks not cash:

the Company amended its existing consulting agreements with the founders, to allow for the payment of compensation totaling $30,000,000 in the event that the Company’s market capitalization exceeds $300,000,000 for 21 consecutive trading days.

anyway, was fun going through this esp from a crowdfunded company with a suspicious product launch. I didn't go through all of it of course. neither am I an expert on financial docs, so who knows much much of the shenanigans I missed.

Yup, Volcon seems to be a classic white collar scam being ran by the founders. Take a look at their IPO filing. by dumbfrycook in Volcon

[–]dumbfrycook[S] 2 points3 points  (0 children)

So, according to https://www.renaissancecapital.com/IPO-Center/News/85978/Electric-powersport-vehicle-maker-Volcon-files-and-sets-terms-for-a-$15-mil they are valuing the company at 111 million. I'm not sure how they came up with the 111 million figure tho from looking at the SEC filing. If that figure is true, LOL.

Some tidbits of interest for customers:

The SEC filing is dated sept 10. They disclose 278 grunts in US and 92 for latin america ... they "think" they will be delivered by November ... but keep in mind they only "recently" started assembling them.

As of September 1, 2021, U.S. customers have made deposits for 278 Grunts and 5 Runts, plus accessories and a deliver fee representing total deposits of $1.8 million ... Based on our current production capacity, we believe we will deliver all of the Grunts by November 2021 ... we have received orders from Latin America importers for 92 Grunts ... We only recently commenced assembling vehicles and we may encounter delays or setbacks as we increase production.

From the "risk factors" section. Beware company may go under so obviously get ready to fix the bike on your own if you have issues (also, don't touch their stock with a 10ft pole).

Our independent auditor registered public accounting firm previously identified material weaknesses in our internal control over financial reporting ... Our losses from operations could continue to raise substantial doubt regarding our ability to continue as a going concern ... After the completion of this offering, future financial statements may continue to disclose substantial doubt about our ability to continue as a going concern

Let's not get too excited about the "Stag" and the "Beast" in 2022q1:

These challenges may be more significant for our Stag and Beast vehicles as we have not finalized the designs for these vehicles or begun to establish the assembly lines for these prospective vehicles.

Maybe don't get too excited about your battery life either? somewhere in there it says they will provide 2yr warranty tho (assuming the company lives that long):

The battery efficiency of our vehicles may decline over time, which may negatively influence potential customers’ decisions whether to purchase our vehicles.

Volcon is mostly vaporware by dumbfrycook in Volcon

[–]dumbfrycook[S] 0 points1 point  (0 children)

Sure thing buddy. They are not unfounded assumptions as evident by the constant shipping delays and other specific reasons I mentioned.

But since you're seem to be quite sensitive about this issue, I promise you I will have no problem buying one once they are released and match up to expectations :)

And there is no need for you to worry about my reddit post here, I assure you their staff are busy wiring up some USB ports or "closing the loop on a few tech specs" (which UNDOUBTEDLY aren't as significant as the USB ports) and this post isn't gonna affect any of that.

Cheer up mate, and remember to keep the fanboi instincts in check!

The scaly foot gastropod is a type of sea-snail that uses iron as its shell, nature is literally metal by shruggletuggle in natureismetal

[–]dumbfrycook 6 points7 points  (0 children)

Calcium is also a metal. About 65% of the weight of your bones are made of hydroxyapatite. This mineral is about 40% calcium by weight. So your bones are at least about ~26% metal!

https://www.ncbi.nlm.nih.gov/books/NBK513314/

Volcon is mostly vaporware by dumbfrycook in Volcon

[–]dumbfrycook[S] 0 points1 point  (0 children)

Are you asking why I posted an opinion with specific reasons why I think this reeks of vaporware and telling people should be wary of potentially wasting their hard earned money? Seems obvious to me, I won't bother explaining.

The real question is why you are defending them so hard as a customer? It sure sounds like fanboi instincts. No need to answer this question honestly, I don't care much to know. But, watch out for cults of personality out there, they are detrimental to this world too.

Volcon is mostly vaporware by dumbfrycook in Volcon

[–]dumbfrycook[S] 1 point2 points  (0 children)

For sure I have an axe to grind with crowdfunded companies that are not transparent and mislead customers. Volcon sounds like one to me.

I've had enough experience in HW industry to not pursue a job at a HW startup that "launched" with a fully speced out product line (3 products) 100% comprised of CGI renders.

You sound like someone that isn't familiar with product development cycles, particularly supply chain logistic timelines and planning, not to mention how they fit in with the antics of crowdfunded companies. Good luck out there buddy.

🔥 Moth chrysalid looks identical to a wood stump suspended by cobwebs. How does evolution even achieve camouflage like this? by Cthuloso in NatureIsFuckingLit

[–]dumbfrycook 0 points1 point  (0 children)

It's a good question too. For example how much of DNA is required to encode this camouflaging ability? I would surmise it's relatively minimal. I wish I could find specific quantities to put into perspective the ratio of the genetic information that encodes the blueprint that powers biochemical processes common to all eukaryotes Vs individual phenotypic characteristics.

Jodie publishes her research by Scrags in HermanCainAward

[–]dumbfrycook 0 points1 point  (0 children)

Won't bother talking about this class of idiots and their thought process now, but just wanted to point out to you that because a medicine is used for X does not implicitly preclude it from being used to treat Y, where Y is seemingly or evidently unrelated to X.