Vicinity Motor (VEVMQ) 6-K 13 Nov 23 Current report (foreign) Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40412
Entity Registrant Name	VICINITY MOTOR CORP.
Entity Central Index Key	0001834975
Entity Address, Address Line One	3168
Entity Address, Address Line Two	262nd Street
Entity Address, City or Town	Aldergrove
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V4W 2Z6

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Position (Unaudited) $ in Thousands, $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Current Assets
Cash and cash equivalents	$ 1,969	$ 1,622
Trade and other receivables	7,498	2,655
Inventory	13,654	10,068
Prepaids and deposits	11,812	3,801
	34,933	18,146
Long-term Assets
Intangible assets	14,385	14,273
Property, plant, and equipment	23,258	22,613
	72,576	55,032
Current Liabilities
Accounts payable and accrued liabilities	5,663	4,942
Credit facility	9,462	628
Current portion of deferred revenue	4,324	2,382
Current portion of provision for warranty cost	563	1,585
Current debt facilities	4,419	6,587
Convertible debt	3,029
Current portion of other long-term liabilities	448	449
	27,908	16,573
Long-term Liabilities
Other long-term liabilities	13,789	1,503
Provision for warranty cost	129	124
	41,826	18,200
Shareholders’ Equity
Share capital	76,806	75,983
Contributed surplus	7,787	7,088
Accumulated other comprehensive (loss) income	1,324	1,403
Deficit	(55,167)	(47,642)
	30,750	36,832
	$ 72,576	$ 55,032

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Other	$ 6,491	$ 1,515	$ 13,957	$ 16,440
	6,491	1,515	13,957	16,440
Cost of sales	(5,980)	(1,749)	(11,379)	(15,441)
Gross profit (loss)	511	(234)	2,578	999
Expenses
Sales and administration	2,596	2,527	6,551	7,278
Stock-based compensation	70	250	459	712
Amortization	205	656	623	1,975
Interest and finance costs	1,520	589	3,160	1,775
Change in fair value of embedded derivatives	129		(25)
Gain on modification of debt	(492)		(492)	(803)
Foreign exchange (gain) loss	872	3,098	(182)	3,882
	4,900	7,120	10,094	14,819
Loss before taxes	(4,389)	(7,354)	(7,516)	(13,820)
Current income tax expense		91	9	300
Net loss	$ (4,389)	$ (7,445)	$ (7,525)	$ (14,120)
Loss per share
Basic & diluted	$ (0.10)	$ (0.19)	$ (0.17)	$ (0.37)
Weighted average number of common shares outstanding
Basic and diluted(1)	45,584,188	38,307,728	45,584,188	38,307,728
Vehicle Sales [Member]
Revenue
Other	$ 5,196	$ 363	$ 10,164	$ 12,182
	5,196	363	10,164	12,182
Other [Member]
Revenue
Other	1,295	1,152	3,793	4,258
	$ 1,295	$ 1,152	$ 3,793	$ 4,258

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Profit or loss [abstract]
Net loss	$ (4,389)	$ (7,445)	$ (7,525)	$ (14,120)
Other comprehensive loss items that may be reclassified subsequently to net (loss) income
Exchange differences on translation of foreign operations	678	1,553	(79)	1,883
Total other comprehensive (loss) income	678	1,553	(79)	1,883
Total comprehensive loss	$ (3,711)	$ (5,892)	$ (7,604)	$ (12,237)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands	Issued capital [member]	Contributed Surplus [Member]	Accumulated other comprehensive income [member]	Retained earnings [member]	Total
Beginning balance, value at Dec. 31, 2021	$ 58,055,000	$ 6,035,000	$ (151,000)	$ (29,694,000)	$ 34,245,000
Beginning balance, shares at Dec. 31, 2021	34,946,379
IfrsStatementLineItems [Line Items]
Issuance of shares – private placement	$ 12,988,000				12,988,000
[custom:IssuanceOfSharesPrivatePlacementShares]	4,747,000
Issuance of shares – options exercised	$ 98,000	(23,000)			75,000
[custom:IssuanceOfSharesOptionsExercisedShares]	66,661,000				66,661
Share issuance costs	(1,162,000)				(1,162,000)
Share issuance costs – agent warrants	(152,000)	152,000
Warrants		444,000			444,000
Stock-based compensation		712,000			712,000
Other comprehensive loss			1,883,000		1,883,000
Net loss				(14,120,000)	(14,120,000)
Ending balance, value at Sep. 30, 2022	$ 69,827,000	7,320,000	1,732,000	(43,814,000)	35,065,000
Ending balance shares at Sep. 30, 2022	39,760,040
Beginning balance, value at Dec. 31, 2022	$ 75,983,000	7,088,000	1,403,000	(47,642,000)	36,832,000
Beginning balance, shares at Dec. 31, 2022	44,742,039
IfrsStatementLineItems [Line Items]
[custom:IssuanceOfSharesPrivatePlacementShares]	925,667
Share issuance costs	$ (44,000)				(44,000)
Warrants		240,000			240,000
Stock-based compensation		459,000			459,000
Other comprehensive loss			(79,000)		(79,000)
Net loss				(7,525,000)	(7,525,000)
Issuance of shares – private placement	867,000				867,000
Ending balance, value at Sep. 30, 2023	$ 76,806,000	$ 7,787,000	$ 1,324,000	$ (55,167,000)	$ 30,750,000
Ending balance shares at Sep. 30, 2023	45,667,706

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net loss for the year	$ (7,525)	$ (14,120)
Items not involving cash:
Loss on disposal of property and equipment		27
Gain on modification of debt	(492)	(803)
Amortization	909	2,212
Foreign exchange loss	1,194	4,065
Interest and finance costs	3,160	1,775
Change in fair value of embedded derivatives	(25)
Stock-based compensation	459	712
Changes in non-cash items:
Trade and other receivables	(4,834)	(659)
Inventory	(3,760)	989
Prepaids and deposits	(8,127)	(1,615)
Accounts payable and accrued liabilities	793	3,609
Deferred consideration		(38)
Deferred revenue	1,960	(637)
Warranty provision	(1,016)	85
Taxes paid	(9)	(300)
Interest paid	(1,695)	(524)
Cash used in operating activities	(19,008)	(5,222)
INVESTING ACTIVITIES
Purchase of intangible assets	(341)	(553)
Proceeds from government subsidy		817
Purchase of property and equipment	(1,285)	(10,471)
Proceeds on disposal of property and equipment		252
Cash used in investing activities	(1,626)	(9,955)
FINANCING ACTIVITIES
Proceeds from issuance of common shares	867	13,063
Share issuance costs	(44)	(1,162)
Proceeds of credit facility	8,753	659
Proceeds from convertible debt	2,939
Convertible debt financing fees	(159)
Proceeds from long-term loans	8,868
Repayment of long-term loans	(206)	(317)
Cash provided in financing activities	21,018	12,243
Effect of foreign exchange rate on cash	(37)	(353)
Increase (decrease) in cash and cash equivalents	347	(3,287)
Cash and cash equivalents, beginning	1,622	4,402
Cash and cash equivalents, ending	$ 1,969	$ 1,115

NATURE OF OPERATIONS AND LIQUID

NATURE OF OPERATIONS AND LIQUIDITY RISK	9 Months Ended
	Sep. 30, 2023
Nature Of Operations And Liquidity Risk
NATURE OF OPERATIONS AND LIQUIDITY RISK	1. NATURE OF OPERATIONS AND LIQUIDITY RISK Vicinity Motor Corp. (“Vicinity”, “VMC” or the “Company”) is a Canadian company that is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and relationships with manufacturing partners to supply its flagship electric, compressed natural gas (“CNG”) and clean-diesel Vicinity buses and the VMC 1200 class 3 electric truck. VMC (formerly Grande West Transportation Group) was incorporated on December 4, 2012 under the laws of British Columbia. The Company conducts its active operations in Canada through its wholly owned operating subsidiary, Vicinity Motor (Bus) Corp. which was incorporated on September 2, 2008 under the laws of British Columbia. The Company also conducts its active operations in the U.S. through a wholly owned subsidiary, Vicinity Motor (Bus) USA Corp., incorporated on April 8, 2014 under the laws of the State of Delaware. The Company’s head office is located at 3168 262 nd As at September 30, 2023, the Company had working capital (current assets less current liabilities) of $7,025 compared to working capital of $1,573 as at December 31, 2022. For the nine months ended September 30, 2023, the Company incurred a net loss of $7,525 (September 30, 2022: $14,120) and used cash in operations of $19,008 (September 30, 2022: $5,222) of which $8,127 was used for prepaids and deposits and $3,760 related to build up of inventory. Revenues for the nine months ended September 30, 2023, totalled $13,957 (September 30, 2022: $16,440). In February 2023, the Company obtained $30 million in credit commitments from Royal Bank of Canada and Export Development Canada to fund production of the Company’s VMC 1200 class 3 electric trucks. The facility will expire in February 2024 and may be renewed on a yearly basis at the discretion of the lenders. As at September 30, 2023, $9,597 has been drawn on this facility (note 5). The Company also has an asset-based lending facility from Royal Bank of Canada for C$10 million that expires in February 2024 (note 5). The Company also has convertible debt of C$4 million plus interest that matures September 27, 2024 (note 9) and unsecured debentures of C$11,948 (note 8) at September 30, 2023 that is repayable with C$2,987 principal payments due in both April and July of 2024, with the remainder and interest payable due on October 4, 2024. Based on the Company’s cash on hand and working capital; its forecasted sales and resulting cash flows for the next twelve months; the expected renewal of the $30 million credit commitments and C$10 million asset-based lending facility in February 2024, as well as the repayments of the convertible debentures and the unsecured debentures, the Company estimates that it will have sufficient liquidity to meet its working capital requirements for at least the next twelve months from September 30, 2023.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The following companies are consolidated with Vicinity Motor Corp. as at September 30, 2023: Schedule of subsidiary Company Name Registered Holding Functional Currency Vicinity Motor Corp. British Columbia Parent Company United States Dollar Vicinity Motor (Bus) Corp. British Columbia 100 % Canadian Dollar Vicinity Motor (Bus) USA Corp. United States 100 % United States Dollar Intercompany balances and transactions, and any unrealized gains arising from intercompany transactions, were eliminated in preparing the consolidated financial statements. a) Statement of compliance These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, have been omitted or condensed. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022. The interim condensed consolidated financial statements were authorized for issue by the Board of Directors on November 10, 2023. b) Basis of measurement The interim condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments carried at fair value. c) Use of estimates and judgments The preparation of the consolidated financial statements requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. For significant estimates and judgements refer to Note 7 and Note 9 of these interim consolidated financial statements as well as the audited consolidated financial statements for the year ended December 31, 2022. Fair value of embedded derivatives During the current period the Company entered into the convertible debt arrangement and accordingly the following are new estimates and judgements. The Company is required to determine the fair value of embedded derivatives. Fair value of embedded derivatives are determined using valuation techniques and require estimates of as at the reporting period date as the financial instruments are not traded in an active market as disclosed in Note 9. Going concern Judgement is required in determining if disclosure of a materiality uncertainty related to events or conditions which might cast significant doubt on the Company’s ability to continue as a going concern is required in the notes to the consolidated financial statements. In management’s judgement, such a disclosure is not required. The judgement is depending on management’s expectations of revenue, future net cash flows for the year ending December 31, 2024, renewing existing debt facilities and financial obligations due within the next 12 months.

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2023
Disclosure Inventory Abstract
INVENTORY	3. INVENTORY Schedule of inventory September 30, 2023 December 31, 2022 $ $ Finished goods 4,538 3,355 Work in progress - vehicles 7,312 4,785 Parts for resale 1,804 1,928 Total Inventory 13,654 10,068 As at September 30, 2023 and December 31, 2022, work in progress – vehicles consists of the cost of buses and trucks still being manufactured. Finished goods inventory consisted of the costs of assembled buses and trucks, as well as freight and other costs incurred directly by the Company in compiling inventory. All inventory is part of the general security agreement to secure the credit facility described in Note 5. During the nine months ended September 30, 2023, the Company recognized $ 9,106 12,438

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT During the nine months ended September 30, 2023, the Company completed construction and received its certificate of occupancy for its US manufacturing campus in Ferndale, Washington. The building started being amortised during the three months ended September 30, 2023 as the building was capable of operating in the manner intended by management and the expense is recorded in cost of goods sold.

CREDIT FACILITY

CREDIT FACILITY	9 Months Ended
	Sep. 30, 2023
Credit Facility
CREDIT FACILITY	5. CREDIT FACILITY During the year ended December 31, 2017, the Company entered into a revolving credit facility agreement with a financial institution for a maximum amount of C$ 20 The credit facility bears interest at a rate of 0.75% - 1% plus Canadian prime rate for loans denominated in Canadian dollars and 0.75% - 1% plus US prime rate for loans denominated in US dollars During the nine months ended September 30, 2023, the terms of the agreement were amended to reduce the ABL facility to C$ 10 As at September 30, 2023, the Company had drawn $nil on this facility (December 31, 2022: $ 628 During the nine months ended September 30, 2023, the Company obtained $ 30 2 As at September 30, 2023, the Company had drawn $ 9,597 135 9,462 As at September 30, 2023, the Company is in compliance with all covenants. Vicinity Motor Corp.

DEFERRED REVENUE

DEFERRED REVENUE	9 Months Ended
	Sep. 30, 2023
Deferred Revenue
DEFERRED REVENUE	6. DEFERRED REVENUE Schedule of deferred revenue September 30, 2023 December 31, 2022 $ $ Sales deposits – future delivery of buses 2,512 453 Future delivery of buses (a) 1,812 1,929 Deferred revenue 4,324 2,382 Less: current portion 4,324 2,382 Long-term portion of deferred revenue — — a) During the year ended December 31, 2022, the Company recognized deferred revenue in relation to a non-cash agreement with a customer in which the Company provided the customer with 8 leased buses to be leased until the delivery of the 8 new buses which is expected within the next 12 months. As a result, the Company has recognized $122 as lease revenue (September 30, 2022: $127) and has a deferred revenue balance of $1,812 as at September 30, 2023.

PROVISION FOR WARRANTY COST

PROVISION FOR WARRANTY COST	9 Months Ended
	Sep. 30, 2023
Provision For Warranty Cost
PROVISION FOR WARRANTY COST	7. PROVISION FOR WARRANTY COST The Company provides a two year bumper to bumper warranty coverage for vehicles on specified components, with the exception of normal wear and tear. During the nine months ended September 30, 2023, the Company recorded warranty expense of $ 287 458 394 676 Schedule of provision for warranty cost $ Balance at December 31, 2021 1,669 Additions 499 Warranty claims applied (841 ) Change in estimate of warranty provision 421 Change in foreign exchange (39 ) Balance at December 31, 2022 1,709 Additions 287 Warranty claims applied (394 ) Change in estimate of warranty provision (922 ) Change in foreign exchange 12 Balance at September 30, 2023 692 Less: Current portion 563 Long-term portion of warranty provision 129

CURRENT DEBT FACILITIES

CURRENT DEBT FACILITIES	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
CURRENT DEBT FACILITIES	8. CURRENT DEBT FACILITIES Schedule of current debt facilities September 30, 2023 December 31, 2022 $ $ Unsecured debentures - 2021 (a) 4,419 6,587 4,419 6,587 a) On October 5, 2021, the Company issued C$10.3 million in unsecured debentures with a maturity 12 months from the date of issue. On June 15, 2022, the maturity date of the debentures was extended to October 4, 2023, with the extension being treated as a modification of the original debt. As a result, a gain of $803 on modification of debt was recorded during the six months ended June 30, 2022. In connection with the extension, the Company cancelled 412,000 warrants from the previous agreement. On extension the Company issued 1,000,000 warrants to purchase common shares at an exercise price of C$2.25 per share. The value of these warrants was incorporated in the $803 gain on modification of debt. On September 25, 2023, the maturity date of the debentures was extended with C$1,648 of accrued interest being added to the principal with the new principal amount being C$11,948. The facility is repayable with 25% (C$2,987) principal payments due in April and July of 2024, with the remainder and interest payable due on October 4, 2024. As a result, a gain of $492 on modification of debt was recorded during the nine months ended September 30, 2023. In connection with the extension, the Company cancelled 1,000,000 warrants from the previous agreement. On extension the Company issued 1,500,000 warrants to purchase common shares at an exercise price of C$1.33 per share. The value of these warrants was incorporated in the $492 gain on modification of debt. The warrants expire on October 4, 2024. As a result of the extension on September 25, 2023, the interest rate increased from 8 449 24 During the nine months ended September 30, 2023, the Company incurred $ 1,465 1,316 765

CONVERTIBLE DEBT

CONVERTIBLE DEBT	9 Months Ended
	Sep. 30, 2023
Convertible Debt
CONVERTIBLE DEBT	9. CONVERTIBLE DEBT On March 27, 2023, the Corporation completed a private placement of unsecured convertible debentures for gross proceeds of C$4 million. The convertible debentures are issued in denominations of C$1 thousand, bear interest at 15% per annum, and mature 18 months from the closing date. Interest payments on the convertible debentures are due on the twelve-month anniversary and/or the maturity date of September 27, 2024. Each convertible debenture is convertible at the holder’s option into Units at any time prior to maturity at a conversion price of C$1.45 per Unit. Upon conversion, each Unit will consist of one Common Share and 0.2 of a Warrant. Each Warrant is exercisable into a Warrant Share at an exercise price of C$1.45 for a period of thirty-six months following the initial debenture closing date. The convertible debenture is redeemable at the Company’s option at any time after 12 months, with 30 days notice, at a redemption price of 105% of the principal, payable in cash, plus any accrued interest up to the maturity date. The unsecured convertible debentures represent financial instruments that include host debentures accounted for at amortized cost and embedded derivatives related to the conversion feature and redemption option, which are separated from the convertible debentures and accounted for at fair value with changes in fair value recorded in the statement of loss. Schedule of changes in fair value statement of loss Host debentures Embedded derivatives Total $ $ $ As at January 1, 2023 — — — Convertible debt principal 2,208 747 2,955 Transactions costs (159 ) — (159 ) As at March 24, 2023 2,049 747 2,796 Change in fair value N/A (25 ) (25 ) Interest accretion 240 — 240 Foreign exchange 1 17 18 As at September 30, 2023 2,290 739 3,029 The fair value of the embedded derivatives were estimated using a binomial tree method with the following assumptions as at September 30, 2023: Schedule of assumption Assumptions Risk-free interest rate 5.1 5.5 Credit spread 28.1 % Expected life of options 1.0 2.5 Annual dividend rate 0 % Annualized volatility 47.8 51.1 For the nine months ended September 30, 2023, the change in fair value resulted in a gain of $ 25 469 229

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
OTHER LONG-TERM LIABILITIES	10. OTHER LONG-TERM LIABILITIES Schedule of lease obligation September 30, 2023 December 31, 2022 $ $ Unsecured debentures - 2021 (a) 8,081 6,587 Term loan (b) 8,876 — Lease obligation (c) 1,653 1,883 Vehicles 45 69 Less: Current portion (4,866 ) (7,036 ) 13,789 1,503 a) Unsecured debentures On September 25, 2023, the maturity date of the debentures was extended to October 4, 2024, with the extension being treated as a modification of debt. (Note 8) b) Term loan During the six months ended June 30, 2023, the Company secured a financing with a lender for proceeds up to $ 9,000 3.75 5 131 During the nine months ended September 30, 2023, the Company incurred $ 664 9,000 124 8,876 c) Lease Obligation Minimum lease payments in respect of lease liabilities for the right-of-use assets included in property, plant and equipment (Note 4) and the effect of discounting are as follows: Schedule of long term lease liabilities September 30, 2023 $ Undiscounted minimum lease payments: Less than one year 490 One to two years 495 Two to three years 491 Three to six years 301 1,777 Effect of discounting (124 ) Present value of minimum lease payments – total lease liability 1,653 Less: Current portion (433 ) Long-term lease liabilities 1,220 The Company has lease agreements for office and warehouse facilities expiring October 31, 2023, March 31, 2027 and May 31, 2027. and October 31, 2023. The Company also has a lease agreements for vehicles expiring on November 30, 2025 and March 15, 2029.

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
SHARE CAPITAL	11. SHARE CAPITAL 11.1 Authorized 11.2 Issued and Outstanding Common Shares: The details for the common share issuances during the nine months ended September 30, 2023 are as follows: a. During the nine months ended September 30, 2023, the Company issued 925,667 44 823 The details for the common share issuances during the nine months ended September 30, 2022 were as follows: b. During the nine months ended September 30, 2022, 4,444,445 12,000 1,283 During the nine months ended September 30, 2022, the Company also issued 302,555 988 c. During the nine months ended September 30, 2022, 66,661 75 11.3 Share Purchase Warrants A summary of the Company’s share purchase warrants are as follows: Schedule of Share Purchase Units Number of Warrants Weighted Average Exercise Price C$ Outstanding, December 31, 2021 2,407,304 6.64 Issued 5,577,778 3.84 Cancelled (412,000 ) — Outstanding, December 31, 2022 7,573,082 4.53 Cancelled (1,000,000 ) — Issued 1,500,000 1.33 Outstanding, September 30, 2023 8,073,082 4.22 During the nine months ended September 30, 2023, the Company issued 1,500,000 1,000,000 During the nine months ended September 30, 2022, the Company issued 4,444,445 133,333 During the nine months ended September 30, 2022, the Company issued 1,000,000 11.4 Directors, Consultants, and Employee stock options The Company has adopted a share option plan for which options to acquire up to a total of 10% of the issued share capital, at the award date, may be granted to eligible optionees from time to time. Generally, share options granted have a maximum term of five years, and a vesting period and exercise price determined by the directors. During the nine months ended September 30, 2022, the Company granted 290,000 During the nine months ended September 30, 2023, the Company recognized $39 (September 30, 2022 - $56) on the grant and vesting of options to directors, consultants and employees. The following tables summarize information about the Company’s stock options outstanding at September 30, 2023: Schedule of stock options outstanding Options Outstanding Options Exercisable Exercise Remaining Contractual Life (Years) Expiry Date C$ January 17, 2019 166,666 166,666 2.40 0.30 January 17, 2024 November 15, 2019 233,333 233,333 1.50 1.13 November 15, 2024 November 28, 2019 16,666 16,666 1.56 1.16 November 28, 2024 May 4, 2020 24,999 24,999 1.20 1.59 May 4, 2025 November 23, 2020 66,664 66,664 6.15 2.15 November 23, 2025 January 12, 2021 333,333 333,333 6.51 2.28 January 11, 2026 February 1, 2021 41,666 41,666 9.36 2.34 January 31, 2026 April 27, 2021 60,000 40,000 7.24 2.57 April 26, 2026 March 31, 2022 40,000 20,000 2.98 3.50 March 30, 2027 November 25, 2022 92,500 15,417 1.30 4.15 November 24, 2027 Total 1,075,827 958,744 During the nine months ended September 30, 2023, 504,999 11.5 Deferred Share Units Pursuant to the Company’s Deferred Share Unit (“DSU”) Incentive Plan approved by the board of directors of the Company on July 8, 2018, deferred stock units to acquire common shares of the Company may be granted to specified board members of the Company in accordance with the terms and conditions of the plan. Each DSU entitles the participant to receive one common share upon vesting. DSUs vest into common shares on the board members’ separation date from the board of directors. DSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such DSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the DSU vests and the DSU participant receives common shares. A summary of the Company’s DSUs are as follows: Schedule of deferred share units Number of DSUs Outstanding, December 31, 2021 170,791 Issued 452,910 Outstanding, December 31, 2022 623,701 Issued 492,757 Outstanding, September 30, 2023 1,116,458 During the nine months ended September 30, 2023, the Company issued 492,757 DSUs (September 30, 2022 – 304,473) to board members of the Company that vest upon the board members separation date from the Board of Directors. During the nine months ended September 30, 2023, the Company recorded $420 (September 30, 2022 - $426) as stock-based compensation for the fair value of the DSUs issued.

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Balances And Transactions
RELATED PARTY BALANCES AND TRANSACTIONS	12. RELATED PARTY BALANCES AND TRANSACTIONS Key management consists of personnel having the authority and responsibility for planning, directing and controlling the activities of the Company, which are the directors and executive officers of the Company. Compensation to key management: Schedule of related party transactions Nine months ended Nine months ended September 30, 2023 September 30, 2022 $ $ Salaries and benefits 678 925 Stock-based compensation 425 687 1,103 1,612 During the nine months ended September 30, 2023 the Company paid $ 184 190 During the nine months ended September 30, 2022 the Company paid $ 158 155 Balances with key management and other related parties are: As at September 30, 2023, included in accounts payable are balances owing to key management or companies controlled by officers of the Company in the amount of $ 3 1 All related party balances are non-interest bearing, unsecured and have no fixed terms of repayment and have been classified as current.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
FINANCIAL INSTRUMENTS	13. FINANCIAL INSTRUMENTS Fair values The Company’s financial instruments include cash and cash equivalents, trade and other receivables, accounts payable, the credit facility, short-term loans and convertible debt. The carrying amounts of cash and cash equivalents, trade and other receivables, accounts payable, the credit facility, and short-term loans approximate fair value due to their short term nature. The embedded derivatives related to the convertible debt are the only instruments measured at fair value through profit and loss in accordance with IFRS 9 – Financial Instruments. The fair value of the host debenture as at September 30, 2023 is $ 2,290 The following table summarizes the carrying values and fair values of the Company’s financial instruments: Schedule of disclosure of financial assets September 30, 2023 December 31, 2022 $ $ Assets: Measured at amortized cost (i) 9,467 4,277 Liabilities: Amortized cost (ii) 36,071 14,109 Fair value through P&L (iii) 739 — (i) Cash and cash equivalents, and trade and other receivables (ii) Accounts payable and accrued liabilities, current loans, and lease obligations. (iii) Embedded derivatives related to convertible debt (only financial instrument carried at fair value) The Company classifies its fair value measurements in accordance with the three-level fair value hierarchy. The measurement is classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices), and Level 3 – Inputs that are not based on observable market data The Company valued the derivatives associated with the convertible debt (iii) as a level 3 instrument. The Company used the binomial tree method to determine the fair value of the embedded derivatives attributed to the convertible debt (Note 9).

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
Segment Information
SEGMENT INFORMATION	14. SEGMENT INFORMATION Allocation of revenue to geographic areas for the single segment is as follows: Schedule of geographic distribution Nine months ended September 30, 2023 Nine months ended September 30, 2022 Canada USA Total Canada USA Total $ $ $ $ $ $ Bus Sales 2,109 1,352 3,461 7,912 4,270 12,182 Truck Sales 6,703 — 6,703 — — — Vehicle Sales 8,812 1,352 10,164 7,912 4,270 12,182 Spare part sales 3,062 597 3,659 3,599 532 4,131 Operating lease revenue 25 109 134 — 127 127 Other revenue 3,087 706 3,793 3,599 659 4,258 Total Revenue 11,899 2,058 13,957 11,511 4,929 16,440 During the nine months ended September 30, 2023, the Company had sales of $ 4,163 2,510 5,962 4,653 1,581

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES The Company entered into a production agreement with its manufacturers whereby the parties have agreed to a specified production volume. Future payments as at September 30, 2023 are $ 35,408

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
Schedule of subsidiary	Schedule of subsidiary Company Name Registered Holding Functional Currency Vicinity Motor Corp. British Columbia Parent Company United States Dollar Vicinity Motor (Bus) Corp. British Columbia 100 % Canadian Dollar Vicinity Motor (Bus) USA Corp. United States 100 % United States Dollar

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2023
Disclosure Inventory Abstract
Schedule of inventory	Schedule of inventory September 30, 2023 December 31, 2022 $ $ Finished goods 4,538 3,355 Work in progress - vehicles 7,312 4,785 Parts for resale 1,804 1,928 Total Inventory 13,654 10,068

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Revenue
Schedule of deferred revenue	Schedule of deferred revenue September 30, 2023 December 31, 2022 $ $ Sales deposits – future delivery of buses 2,512 453 Future delivery of buses (a) 1,812 1,929 Deferred revenue 4,324 2,382 Less: current portion 4,324 2,382 Long-term portion of deferred revenue — — a) During the year ended December 31, 2022, the Company recognized deferred revenue in relation to a non-cash agreement with a customer in which the Company provided the customer with 8 leased buses to be leased until the delivery of the 8 new buses which is expected within the next 12 months. As a result, the Company has recognized $122 as lease revenue (September 30, 2022: $127) and has a deferred revenue balance of $1,812 as at September 30, 2023.

PROVISION FOR WARRANTY COST (Ta

PROVISION FOR WARRANTY COST (Tables)	9 Months Ended
	Sep. 30, 2023
Provision For Warranty Cost
Schedule of provision for warranty cost	Schedule of provision for warranty cost $ Balance at December 31, 2021 1,669 Additions 499 Warranty claims applied (841 ) Change in estimate of warranty provision 421 Change in foreign exchange (39 ) Balance at December 31, 2022 1,709 Additions 287 Warranty claims applied (394 ) Change in estimate of warranty provision (922 ) Change in foreign exchange 12 Balance at September 30, 2023 692 Less: Current portion 563 Long-term portion of warranty provision 129

CURRENT DEBT FACILITIES (Tables

CURRENT DEBT FACILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
Schedule of current debt facilities	Schedule of current debt facilities September 30, 2023 December 31, 2022 $ $ Unsecured debentures - 2021 (a) 4,419 6,587 4,419 6,587 a) On October 5, 2021, the Company issued C$10.3 million in unsecured debentures with a maturity 12 months from the date of issue. On June 15, 2022, the maturity date of the debentures was extended to October 4, 2023, with the extension being treated as a modification of the original debt. As a result, a gain of $803 on modification of debt was recorded during the six months ended June 30, 2022. In connection with the extension, the Company cancelled 412,000 warrants from the previous agreement. On extension the Company issued 1,000,000 warrants to purchase common shares at an exercise price of C$2.25 per share. The value of these warrants was incorporated in the $803 gain on modification of debt. On September 25, 2023, the maturity date of the debentures was extended with C$1,648 of accrued interest being added to the principal with the new principal amount being C$11,948. The facility is repayable with 25% (C$2,987) principal payments due in April and July of 2024, with the remainder and interest payable due on October 4, 2024. As a result, a gain of $492 on modification of debt was recorded during the nine months ended September 30, 2023. In connection with the extension, the Company cancelled 1,000,000 warrants from the previous agreement. On extension the Company issued 1,500,000 warrants to purchase common shares at an exercise price of C$1.33 per share. The value of these warrants was incorporated in the $492 gain on modification of debt. The warrants expire on October 4, 2024.

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Convertible Debt
Schedule of changes in fair value statement of loss	Schedule of changes in fair value statement of loss Host debentures Embedded derivatives Total $ $ $ As at January 1, 2023 — — — Convertible debt principal 2,208 747 2,955 Transactions costs (159 ) — (159 ) As at March 24, 2023 2,049 747 2,796 Change in fair value N/A (25 ) (25 ) Interest accretion 240 — 240 Foreign exchange 1 17 18 As at September 30, 2023 2,290 739 3,029
Schedule of assumption	Schedule of assumption Assumptions Risk-free interest rate 5.1 5.5 Credit spread 28.1 % Expected life of options 1.0 2.5 Annual dividend rate 0 % Annualized volatility 47.8 51.1

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
Schedule of lease obligation	Schedule of lease obligation September 30, 2023 December 31, 2022 $ $ Unsecured debentures - 2021 (a) 8,081 6,587 Term loan (b) 8,876 — Lease obligation (c) 1,653 1,883 Vehicles 45 69 Less: Current portion (4,866 ) (7,036 ) 13,789 1,503
Schedule of long term lease liabilities	Schedule of long term lease liabilities September 30, 2023 $ Undiscounted minimum lease payments: Less than one year 490 One to two years 495 Two to three years 491 Three to six years 301 1,777 Effect of discounting (124 ) Present value of minimum lease payments – total lease liability 1,653 Less: Current portion (433 ) Long-term lease liabilities 1,220

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
[custom:ScheduleOfSharePurchaseUnitsTableTextBlock]	Number of Warrants Weighted Average Exercise Price C$ Outstanding, December 31, 2021 2,407,304 6.64 Issued 5,577,778 3.84 Cancelled (412,000 ) — Outstanding, December 31, 2022 7,573,082 4.53 Cancelled (1,000,000 ) — Issued 1,500,000 1.33 Outstanding, September 30, 2023 8,073,082 4.22
Disclosure of number and weighted average remaining contractual life of outstanding share options [text block]	Options Outstanding Options Exercisable Exercise Remaining Contractual Life (Years) Expiry Date C$ January 17, 2019 166,666 166,666 2.40 0.30 January 17, 2024 November 15, 2019 233,333 233,333 1.50 1.13 November 15, 2024 November 28, 2019 16,666 16,666 1.56 1.16 November 28, 2024 May 4, 2020 24,999 24,999 1.20 1.59 May 4, 2025 November 23, 2020 66,664 66,664 6.15 2.15 November 23, 2025 January 12, 2021 333,333 333,333 6.51 2.28 January 11, 2026 February 1, 2021 41,666 41,666 9.36 2.34 January 31, 2026 April 27, 2021 60,000 40,000 7.24 2.57 April 26, 2026 March 31, 2022 40,000 20,000 2.98 3.50 March 30, 2027 November 25, 2022 92,500 15,417 1.30 4.15 November 24, 2027 Total 1,075,827 958,744
[custom:ScheduleOfDeferredShareUnitsTableTextBlock]	Number of DSUs Outstanding, December 31, 2021 170,791 Issued 452,910 Outstanding, December 31, 2022 623,701 Issued 492,757 Outstanding, September 30, 2023 1,116,458

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Balances And Transactions
RELATED PARTY BALANCES AND TRANSACTIONS	Nine months ended Nine months ended September 30, 2023 September 30, 2022 $ $ Salaries and benefits 678 925 Stock-based compensation 425 687 1,103 1,612

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Notes and other explanatory information [abstract]
Disclosure of financial assets [text block]	September 30, 2023 December 31, 2022 $ $ Assets: Measured at amortized cost (i) 9,467 4,277 Liabilities: Amortized cost (ii) 36,071 14,109 Fair value through P&L (iii) 739 — (i) Cash and cash equivalents, and trade and other receivables (ii) Accounts payable and accrued liabilities, current loans, and lease obligations. (iii) Embedded derivatives related to convertible debt (only financial instrument carried at fair value)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Information
SEGMENT INFORMATION	Nine months ended September 30, 2023 Nine months ended September 30, 2022 Canada USA Total Canada USA Total $ $ $ $ $ $ Bus Sales 2,109 1,352 3,461 7,912 4,270 12,182 Truck Sales 6,703 — 6,703 — — — Vehicle Sales 8,812 1,352 10,164 7,912 4,270 12,182 Spare part sales 3,062 597 3,659 3,599 532 4,131 Operating lease revenue 25 109 134 — 127 127 Other revenue 3,087 706 3,793 3,599 659 4,258 Total Revenue 11,899 2,058 13,957 11,511 4,929 16,440

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2023
Vicinity Motor Corp. [Member]
Entity Information [Line Items]
Company name	Vicinity Motor Corp.
Location	British Columbia
Holding	Parent Company
Functional Currency	United States Dollar
Vicinity Motor Bus Corp [Member]
Entity Information [Line Items]
Company name	Vicinity Motor (Bus) Corp.
Location	British Columbia
Holding	100
Functional Currency	Canadian Dollar
Vicinity Motor Bus U S A Corp [Member]
Entity Information [Line Items]
Company name	Vicinity Motor (Bus) USA Corp.
Location	United States
Holding	100
Functional Currency	United States Dollar

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Disclosure Inventory Abstract
Finished goods	$ 4,538	$ 3,355
Work in progress - vehicles	7,312	4,785
Parts for resale	1,804	1,928
Total Inventory	$ 13,654	$ 10,068

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disclosure Inventory Abstract
Inventory expense	$ 9,106	$ 12,438

CREDIT FACILITY (Details Narrat

CREDIT FACILITY (Details Narrative) $ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2017 CAD ($)
IfrsStatementLineItems [Line Items]
Credit Facility	$ 9,462		$ 628	$ 20
Credit Facility interest Description	The credit facility bears interest at a rate of 0.75% - 1% plus Canadian prime rate for loans denominated in Canadian dollars and 0.75% - 1% plus US prime rate for loans denominated in US dollars
Credit commitments	$ 30
Interest rate of prime plus	2%	2%
Credit facility net	$ 9,597
Deferred financing fees net	135
Net Debt	$ 9,462
A B L Facility [Member]
IfrsStatementLineItems [Line Items]
Credit Facility		$ 10

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Deferred Revenue
Sales deposits future delivery of buses	$ 2,512	$ 453
Future delivery of buses	1,812	1,929
Deferred revenue	4,324	2,382
LessCurrentPortion	4,324	2,382
Long-term portion of deferred revenue

Schedule of provision for warra

Schedule of provision for warranty cost (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Provision For Warranty Cost
Balance at beginning	$ 1,709	$ 1,669
Additions	287	499
Warranty claims applied	(394)	(841)
Change in estimate of warranty provision	(922)	421
Change in foreign exchange	12	(39)
Balance at end	692	$ 1,709
Current warranty provision	563
Warranty provision	$ 129

PROVISION FOR WARRANTY COST (De

PROVISION FOR WARRANTY COST (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Provision For Warranty Cost
Warranty expense	$ 287	$ 458
Warranty costs	$ 394	$ 676

CURRENT DEBT FACILITIES (Detail

CURRENT DEBT FACILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
UnsecuredDebentures 2021	$ 4,419	$ 6,587
Current debt facilities	$ 4,419	$ 6,587

CURRENT DEBT FACILITIES (Deta_2

CURRENT DEBT FACILITIES (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Jun. 15, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 25, 2023	Sep. 25, 2022
Notes and other explanatory information [abstract]
Annual interest						8%
Borrowing costs	$ 449
Effective interest rate					24%
Interest expense on debt		$ 1,465	$ 1,316	$ 765

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 24, 2023	Sep. 30, 2023	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Interest accretion			$ 25
Host Debentures [Member]
IfrsStatementLineItems [Line Items]
Convertible debt		$ 2,049
Convertible debt principal	2,208
Transactions costs	(159)
Interest accretion		240
Foreign exchange		1
Convertible Debt	2,049	2,290	2,290
Embedded Derivatives [Member]
IfrsStatementLineItems [Line Items]
Convertible debt		747
Convertible debt principal	747
Transactions costs
Interest accretion		(25)
Interest accretion
Foreign exchange		17
Convertible Debt	747	739	739
Total Derivatives [Member]
IfrsStatementLineItems [Line Items]
Convertible debt		2,796
Convertible debt principal	2,955
Transactions costs	(159)
Interest accretion		(25)
Interest accretion		240
Foreign exchange		18
Convertible Debt	$ 2,796	$ 3,029	$ 3,029

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) - Embedded Derivatives [Member]	9 Months Ended
	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Risk free interest rate, minimum	5.10%
Risk free interest rate, maximum	5.50%
Credit spread	28.10%
Annualized volatility, minimum	1 year
Annualized volatility, maximum	2 years 6 months
Annual dividend rate	0%
Annualized volatility Minimum	47.80%
Annualized volatility Maximum	51.10%

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Gain on change in fair value	$ 25
Interest expense	1,465,000	$ 1,316,000	$ 765,000
Convertible Debt [Member]
IfrsStatementLineItems [Line Items]
Interest expense	469
Accounts payable and accrued liabilities	$ 229

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Unsecured debentures - 2021	$ 8,081	$ 6,587
Term loan	8,876
Lease obligation	1,653	1,883
Vehicles	45	69
Current portion of other long-term liabilities	(4,866)	7,036
Current portion of other long-term liabilities	4,866	(7,036)
Other long-term liabilities	$ 13,789	$ 1,503

OTHER LONG-TERM LIABILITIES (_2

OTHER LONG-TERM LIABILITIES (Details 1)	Sep. 30, 2023 USD ($)
Notes and other explanatory information [abstract]
Lease less than one year	$ 490
Lease one to two years	495
Lease Two to three years	491
Lease three to six years	301
Gross lease liabilities	1,777
Effect of discounting	(124)
[custom:PresentValueOfMinimumLeasePaymentsTotalLeaseLiability-0]	1,653
Less: Current portion	(433,000)
Long-term lease liabilities	$ 1,220,000

OTHER LONG-TERM LIABILITIES (_3

OTHER LONG-TERM LIABILITIES (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 25, 2022
IfrsStatementLineItems [Line Items]
Proceeds from lenders	$ 9,000,000
Loan interest rate		8%
Transaction costs incurred	131,000
Interest expense on loans	664,000
Borrowings on loans	9,000,000
Deferred financing fees	124
Carrying value of loan	$ 8,876
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Loan interest rate	3.75%
Top of range [member]
IfrsStatementLineItems [Line Items]
Loan interest rate	5%

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 Decimal shares	Dec. 31, 2022 Decimal shares
Notes and other explanatory information [abstract]
Number of Warrants | shares	7,573,082	2,407,304
Weighted Average Exercise price | Decimal	4.53	6.64
Number of Warrants Issued | shares	1,500,000	5,577,778
Weighted Average Exercise Issued | Decimal	1.33	3.84
Number of Warrants Cancelled | shares	(1,000,000)	(412,000)
Weighted Average Exercise Cancelled | Decimal
Number of Warrants | shares	8,073,082	7,573,082
Weighted Average Exercise price | Decimal	4.22	4.53

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	9 Months Ended
	Sep. 30, 2023 Decimal $ / shares	Jun. 30, 2023 Decimal	Dec. 31, 2022 Decimal	Dec. 31, 2021 Decimal
IfrsStatementLineItems [Line Items]
Number of options outstanding	4.22	1,075,827	4.53	6.64
Number of options exercisable	958,744
Range 1 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	166,666
Number of options exercisable	166,666
Exercise price | $ / shares	$ 2.40
Remaining contractual life	3 months 18 days
Expiry date	Jan. 17, 2024
Range 2 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	233,333
Number of options exercisable	233,333
Exercise price | $ / shares	$ 1.50
Remaining contractual life	1 year 1 month 17 days
Expiry date	Nov. 15, 2024
Range 3 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	16,666
Number of options exercisable	16,666
Exercise price | $ / shares	$ 1.56
Remaining contractual life	1 year 1 month 28 days
Expiry date	Nov. 28, 2024
Range 4 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	24,999
Number of options exercisable	24,999
Exercise price | $ / shares	$ 1.20
Remaining contractual life	1 year 7 months 2 days
Expiry date	May 04, 2025
Range 5 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	66,664
Number of options exercisable	66,664
Exercise price | $ / shares	$ 6.15
Remaining contractual life	2 years 1 month 24 days
Expiry date	Nov. 23, 2025
Range 6 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	333,333
Number of options exercisable	333,333
Exercise price | $ / shares	$ 6.51
Remaining contractual life	2 years 3 months 10 days
Expiry date	Jan. 11, 2026
Range 7 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	41,666
Number of options exercisable	41,666
Exercise price | $ / shares	$ 9.36
Remaining contractual life	2 years 4 months 2 days
Expiry date	Jan. 31, 2026
Range 8 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	60,000
Number of options exercisable	40,000
Exercise price | $ / shares	$ 7.24
Remaining contractual life	2 years 6 months 25 days
Expiry date	Apr. 26, 2026
Range 9 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	40,000
Number of options exercisable	20,000
Exercise price | $ / shares	$ 2.98
Remaining contractual life	3 years 6 months
Expiry date	Mar. 30, 2027
Range 10 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	92,500
Number of options exercisable	15,417
Exercise price | $ / shares	$ 1.30
Remaining contractual life	4 years 1 month 24 days
Expiry date	Nov. 24, 2027

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Deferred stock outstanding, beginning balance	623,701	170,791
Deferred stock, issued	492,757	452,910
Deferred stock outstanding, beginning balance	1,116,458	623,701

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
IfrsStatementLineItems [Line Items]
Issuance of shares warrants exercised shares	925,667	302,555
Share issuance costs	$ 44,000	$ 1,162,000
Issuance of shares private placement	$ 823
Warrants Issued for private placement		4,444,445
Issuance of shares private placement		$ 988
Issuance of shares options exercised shares		66,661
Proceeds from exercise of options		$ 75
Stock issued	1,500,000	4,444,445
Warrants expire	1,000,000
Private placement agreement	133,333
Warrants debt extension agreement	1,000,000
Stock options granted Executives and Director	290,000
Stock options expired	504,999
Warrants [member]
IfrsStatementLineItems [Line Items]
Share issuance costs		$ 1,283
Proceeds from exercise of warrants		$ 12,000,000

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Related Party Balances And Transactions
Salaries and benefits	$ 678	$ 925
Stock-based compensation	425	687
	$ 1,103	$ 1,612

RELATED PARTY BALANCES AND TR_4

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Related Party Balances And Transactions
Lease payments	$ 184	$ 158
Depreciation and interest expense of lease	190	155
Accounts Payable	$ 3	$ 1

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets:
Measured at amortized cost (i)	$ 9,467	$ 4,277
Liabilities:
Amortized cost (ii)	36,071	14,109
Fair value through P&L (iii)	$ 739

FINANCIAL INSTRUMENTS (Details

FINANCIAL INSTRUMENTS (Details Narrative)	9 Months Ended
	Sep. 30, 2023 USD ($)
Notes and other explanatory information [abstract]
Host debenture	$ 2,290

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
IfrsStatementLineItems [Line Items]
Revenue	$ 6,491	$ 1,515	$ 13,957	$ 16,440
Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			11,899	11,511
United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			2,058	4,929
Bus Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,461	12,182
Bus Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			2,109	7,912
Bus Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			1,352	4,270
Truck [Member]
IfrsStatementLineItems [Line Items]
Revenue			6,703
Truck [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			6,703
Truck [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue
Vehicle Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue	$ 5,196	$ 363	10,164	12,182
Vehicle Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			8,812	7,912
Vehicle Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			1,352	4,270
Spare Part Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,659	4,131
Spare Part Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,062	3,599
Spare Part Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			597	532
Operating Lease Revenue [Member]
IfrsStatementLineItems [Line Items]
Revenue			134	127
Operating Lease Revenue [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			25
Operating Lease Revenue [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			109	127
Other Revenue [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,793	4,258
Other Revenue [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,087	3,599
Other Revenue [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			$ 706	$ 659

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
IfrsStatementLineItems [Line Items]
Revenue	$ 6,491,000	$ 1,515,000	$ 13,957,000	$ 16,440,000
First Customers [Member]
IfrsStatementLineItems [Line Items]
Revenue			4,163	5,962
Second Customers [Member]
IfrsStatementLineItems [Line Items]
Revenue			$ 2,510	4,653
Third Customers [Member]
IfrsStatementLineItems [Line Items]
Revenue				$ 1,581

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Sep. 30, 2023 USD ($)
Notes and other explanatory information [abstract]
Future payments	$ 35,408