Vicinity Motor (VEVMQ) 6-K 14 May 24 Current report (foreign) Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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

Interim Condensed Consolidated

Interim Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 4,321	$ 2,026
Trade and other receivables	7,524	5,599
Inventory	28,234	23,273
Prepaids and deposits	4,530	9,748
Total Current Assets	44,609	40,646
Long-term Assets
Intangible assets	9,687	9,815
Property, plant, and equipment	23,535	23,734
Total Asset	77,831	74,195
Current Liabilities
Accounts payable and accrued liabilities	13,917	10,162
Credit facility	17,993	15,926
Current portion of deferred revenue	4,371	4,429
Current portion of provision for warranty cost	680	612
Current debt facilities	8,543	8,499
Convertible debt	2,575	2,658
Current portion of other long-term liabilities	1,563	1,222
Total Current Liabilities	49,642	43,508
Long-term Liabilities
Other long-term liabilities	9,219	9,355
Provision for warranty cost	228	135
Total Liabilities	59,089	52,998
Shareholders’ Equity
Share capital	76,802	76,802
Contributed surplus	8,456	8,257
Accumulated other comprehensive (loss) income	1,479	413
Deficit	(67,995)	(64,275)
Total Shareholders’ Equity	18,742	21,197
Total Liabilities And Shareholders’ Equity	$ 77,831	$ 74,195

Interim Condensed Consolidate_2

Interim Condensed Consolidated Statements of Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Revenue	$ 13,234	$ 2,649
Cost of sales	(11,351)	(2,176)
Gross profit	1,883	473
Expenses
Sales and administration	1,968	1,913
Stock-based compensation	199	198
Amortization	233	213
Interest and finance costs	1,730	683
Change in fair value of embedded derivatives	(204)	(92)
Foreign exchange loss (gain)	1,677	(6)
Total Expenses	5,603	2,909
Net loss	$ (3,720)	$ (2,436)
Loss per share
Loss per share, Basic	$ (0.08)	$ (0.05)
Loss per share, Diluted	$ (0.08)	$ (0.05)
Weighted average number of common shares outstanding
Weighted average number of common shares outstanding, Basic	45,667,706	45,414,367
Weighted average number of common shares outstanding, Diluted	45,667,706	45,414,367
Vehicle Sales [Member]
Revenue
Revenue	$ 11,858	$ 1,467
Other [Member]
Revenue
Revenue	$ 1,376	$ 1,182

Interim Condensed Consolidate_3

Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Profit or loss [abstract]
Net loss	$ (3,720)	$ (2,436)
Other comprehensive loss Items that may be reclassified subsequently to net loss
Exchange differences on translation of foreign operations	1,066	(19)
Total other comprehensive income (loss)	1,066	(19)
Total comprehensive loss	$ (2,654)	$ (2,455)

Interim Condensed Consolidate_4

Interim Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Issued capital [member]	Contributed Surplus [Member]	Accumulated other comprehensive income [member]	Retained earnings [member]	Total
Beginning balance, value at Dec. 31, 2022	$ 75,983	$ 7,088	$ 1,403	$ (47,642)	$ 36,832
Beginning balance, shares at Dec. 31, 2022	44,742,039
IfrsStatementLineItems [Line Items]
Issuance of shares – private placement	$ 867				867
Issuance of shares - private placement, shares	925,667
Share issuance costs	$ (43)				(43)
Stock-based compensation		198			198
Other comprehensive loss			(19)		(19)
Net loss				(2,436)	(2,436)
Ending balance, value at Mar. 31, 2023	$ 76,807	7,286	1,384	(50,078)	35,399
Ending balance, shares at Mar. 31, 2023	45,667,706
Beginning balance, value at Dec. 31, 2023	$ 76,802	8,257	413	(64,275)	21,197
Beginning balance, shares at Dec. 31, 2023	45,667,706
IfrsStatementLineItems [Line Items]
Stock-based compensation		199			199
Other comprehensive loss			1,066		1,066
Net loss				(3,720)	(3,720)
Ending balance, value at Mar. 31, 2024	$ 76,802	$ 8,456	$ 1,479	$ (67,995)	$ 18,742
Ending balance, shares at Mar. 31, 2024	45,667,706

Interim Condensed Consolidate_5

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net loss for the year	$ (3,720)	$ (2,436)
Items not involving cash:
Amortization	460	285
Unrealized foreign exchange loss (gain)	1,418	(32)
Interest and finance costs	1,730	683
Change in fair value of embedded derivatives	(204)	(92)
Stock-based compensation	199	198
Total  items not involving cash	(117)	(1,394)
Changes in non-cash items:
Trade and other receivables	(2,050)	(3,095)
Inventory	(5,549)	794
Prepaids and deposits	4,992	(1,261)
Accounts payable and accrued liabilities	4,215	2,333
Deferred revenue	51	175
Warranty provision	173	(710)
Taxes paid	0	(54)
Interest paid	(1,265)	(343)
Cash provide (used) in operating activities	450	(3,555)
INVESTING ACTIVITIES
Purchase of intangible assets	(247)	(133)
Purchase of property and equipment	(133)	(211)
Cash used in investing activities	(380)	(344)
FINANCING ACTIVITIES
Proceeds from issuance of common shares	0	867
Share issuance costs	0	(43)
Net proceeds of credit facility	2,418	762
Financing fees	0	(191)
Proceeds from convertible debt	0	2,939
Convertible debt financing fees	0	(158)
Proceeds from long-term loans	0	0
Repayment of long-term loans	(132)	(131)
Cash provided by financing activities	2,286	4,045
Effect of foreign exchange rate on cash and cash equivalents	(61)	15
Increase in cash and cash equivalents	2,295	161
Cash and cash equivalents, beginning	2,026	1,622
Cash and cash equivalents, ending	$ 4,321	$ 1,783

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN	3 Months Ended
	Mar. 31, 2024
Nature Of Operations And Going Concern
NATURE OF OPERATIONS AND GOING CONCERN	1. NATURE OF OPERATIONS AND GOING CONCERN 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 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. As at March 31, 2024, $17,255 has been drawn on this facility (Note 5). The Company also has an asset-based lending facility (ABL) from Royal Bank of Canada for C$10 million. As at March 31, 2024, $738 has been drawn on this facility (Note 5). Both the truck and ABL facilities are renewable on a yearly basis at the discretion of the lender. The facilities were initially up for renewal on April 16, 2024, which subsequent to March 31, 2024, was further extended with the facilities next set to be renewed, at the discretion of the lender, on July 16, 2024 (Note 5). The Company also has convertible debt of C$4 million plus interest that matures September 27, 2024 (Note 8) and unsecured debentures of C$11,948 (Note 7) which subsequent to March 31, 2024, was amended to be repayable with C$87 principal payments paid in April and C$87 due in July of 2024, with the remaining principal and all accrued interest due on October 4, 2024 (Note 15). These unaudited interim condensed consolidated financial statements have been prepared on the basis that the Company is a going concern, meaning the Company will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of operations for at least twelve months from March 31, 2024. The Company’s operations are dependent upon its ability to raise capital and generate positive cash flows from operating activities. As at March 31, 2024, the Company had negative working capital (current assets less current liabilities) of $ 5,033 2,862 3,720 2,436 450 3,555 13,234 2,649 These unaudited interim condensed consolidated financial statements do not reflect adjustments in the carrying values of the assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used, that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The following companies are consolidated with Vicinity Motor Corp. as at March 31, 2024: Schedule of subsidiaries 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 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 (“IFRS”), 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, 2023. The interim condensed consolidated financial statements were authorized for issue by the Board of Directors on May 10, 2024. 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 in conformity with IFRS requires the use of judgments and 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. Estimates that have a risk of resulting in material adjustment to the carrying amounts of assets and liabilities within the next year are summarized below: i. Impairment assessment of intangible assets: The determination of the recoverable amount of intangible assets involves significant estimates and assumptions. Intangible assets are tested for possible impairment when there are events or changes in circumstances that indicate that their carrying values may not be recoverable. Impairment is determined by comparing the recoverable amount of such intangible assets with their carrying values. Any impairment loss is recognized for the amount by which the intangible asset’s carrying value exceeds its recoverable amount within earnings, as appropriate. ii. Fair value of embedded derivatives: During the year ended December 31, 2023, the Company entered into a 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 as at the reporting period date as the financial instruments are not traded in an active market as disclosed in Note 8. iii. Inventory net realizable value: The Company estimates net realizable value of inventory for its vehicles and spare parts. Net realizable value is the estimated selling price in the ordinary course of business, less any costs to complete and sell the product. An allowance for obsolete, slow-moving or defective inventory is made when necessary. iv. The determination of provision for warranty cost: The Company offers warranties on the buses and trucks it sells. The Company estimates the provision for future warranty claims based on historical warranty claim information, as well as recent trends that might suggest the past results may differ from future warranty claims. The Company does not have a long history of estimating warranty provisions. In addition, the items covered by the Company’s warranty may be subject to interpretation because the warranty items are not specific in all cases, and the warranty demands made by different customers may also vary. d) New standards implemented In September 2022, the IASB issued amendments to IFRS 16, Leases (IFRS 16) related to sale leaseback transactions for lessees. The amendments require that subsequent remeasurement of the lease liability does not result in a gain or loss that relates to the right of use asset the lessee retains. The amendments are effective for periods beginning on or after January 1, 2024, with early adoption permitted. There was no material impact on the Company’s consolidated financial statements on adoption. In October 2022, the IASB issued amendments to IAS 1 - Presentation of Financial Statements, which specifies that covenants whose compliance is assessed after the reporting date do not affect the classification. There was no material impact on the Company’s consolidated financial statements on adoption. e) New standard issued In April 2024, the IASB issued IFRS 18 Presentation and Disclosure of Financial Statements to improve reporting of financial performance and presentation of assets, liabilities, equity, income and expenses. IFRS 18 replaces IAS 1 and applies for annual reporting periods beginning on or after January 1, 2027, requiring retrospective application. The Company is currently assessing the impact of the new standard.

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
TRADE AND OTHER RECEIVABLES	3. TRADE AND OTHER RECEIVABLES Schedule of trade and other receivables March 31, 2024 December 31, 2023 $ $ Trade receivable 5,091 2,627 Income tax receivable 185 185 Sales tax receivable 337 19 Duties receivable 172 172 Receivable from manufacturer 1,739 2,596 Total Trade and other receivables 7,524 5,599

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
INVENTORY	4. INVENTORY Schedule of inventory March 31, 2024 December 31, 2023 $ $ Finished goods 8,172 9,985 Work in progress – vehicles 18,369 11,560 Parts for resale 1,693 1,728 Total Inventory 28,234 23,273 As at March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024, the Company recognized $ 7,656 1,690

CREDIT FACILITY

CREDIT FACILITY	3 Months Ended
	Mar. 31, 2024
Credit Facility
CREDIT FACILITY	5. CREDIT FACILITY During the year ended December 31, 2017, the Company entered into a revolving credit facility agreement with Royal Bank of Canada and Export Development Canada 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. The facility is secured by way of a general security agreement over all assets of the Company. During the three months ended March 31, 2023, the terms of the agreement were amended to reduce the ABL facility to C$ 10 April 16, 2024 As at March 31, 2024, the Company had drawn $ 738 During the three months ended March 31, 2023, the Company obtained $ 30 April 16, 2024 The facility has an interest rate of prime plus 2 As at March 31, 2024, the Company had drawn $ 17,255 15,976 Both facilities are under one agreement and this agreement was amended in September and December of 2023 to amend the covenants. As at March 31, 2024, the Company is in compliance with all amended covenants.

PROVISION FOR WARRANTY COST

PROVISION FOR WARRANTY COST	3 Months Ended
	Mar. 31, 2024
Provision For Warranty Cost
PROVISION FOR WARRANTY COST	6. PROVISION FOR WARRANTY COST The Company provides bumper to bumper warranty coverage for the first two years on specified components, with the exception of normal wear and tear. During the three months ended March 31, 2024, the Company recorded warranty expense of $ 293 (March 31, 2023 - $ 49 113 150 Schedule of warranty provision March 31, 2024 December 31, 2023 $ $ Opening balance of warranty provision 747 1,709 Additions 293 368 Warranty claims applied (113 ) (494 ) Change in estimate of warranty provision (5 ) (860 ) Change in foreign exchange (14 ) 24 Ending balance of warranty provision 908 747 Less: Current portion 680 612 Long-term portion of warranty provision 228 135

CURRENT DEBT FACILITIES

CURRENT DEBT FACILITIES	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
CURRENT DEBT FACILITIES	7. CURRENT DEBT FACILITIES Schedule of unsecured debentures March 31, 2024 December 31, 2023 $ $ Unsecured debentures - 2021 (a) 8,543 8,499 8,543 8,499 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 that did not require derecognition of the original debt. As a result, a gain of $803 on modification of debt was recorded during the year ended December 31, 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 three 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. Subsequent to March 31, 2024, the facility was amended with the principal of C$87 paid in April and C$87 due in July of 2024, with the remaining principal and all accrued interest due on October 4, 2024. As a result of the extension on September 25, 2023, the interest rate increased from 8 13 449 240 24 During the three months ended March 31, 2024, the Company incurred $ 539 (March 31, 2023 - $ 452 563 915

CONVERTIBLE DEBT

CONVERTIBLE DEBT	3 Months Ended
	Mar. 31, 2024
Convertible Debt
CONVERTIBLE DEBT	8. CONVERTIBLE DEBT On March 27, 2023, the Corporation completed a private placement of unsecured convertible debentures for gross proceeds of C$ 4 15 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 1.45 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 27, 2023 2,049 747 2,796 Change in fair value N/A (605 ) (605 ) Interest accretion 394 — 394 Foreign exchange 56 17 73 As at December 31, 2023 2,499 159 2,658 Change in fair value N/A (204 ) (204 ) Interest accretion 183 — 183 Foreign exchange (62 ) — (62 ) As at March 31, 2024 2,620 (45 ) 2,575 The fair value of the embedded derivatives were estimated using a binomial tree method with the following assumptions as at March 31, 2024: Schedule of fair value of the embedded derivatives Assumptions Risk-free interest rate 4.4 5.1 Credit spread 28.0 % Expected life of options 1.0 2.5 Annual dividend rate 0 % Annualized volatility 36.1 45.9 For the three months ended March 31, 2024, the change in fair value resulted in a gain of $ 204 294 (March 31, 2023 - $ 9 12 (March 31, 2023 - $ 5

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
OTHER LONG-TERM LIABILITIES	9. OTHER LONG-TERM LIABILITIES Schedule of lease obligation March 31, 2024 December 31, 2023 $ $ Term loan (a) 8,885 8,880 Lease obligation (b) 1,860 1,655 Vehicles 37 42 Less: Current portion (1,563 ) (1,222 ) 9,219 9,355 a) Term loan During the three months ended June 30, 2023, the Company secured a financing with a lender for proceeds of $ 9,000 3.75 5 132 During the three months ended March 31, 2024, the Company incurred $ 379 115 8,885 b) Lease Obligation Minimum lease payments in respect of lease liabilities for the right-of-use assets included in property, plant and equipment and the effect of discounting are as follows: Schedule of long term lease liabilities March 31, 2024 $ Undiscounted minimum lease payments: Less than one year 603 One to two years 613 Two to three years 602 Three to six years 253 2,071 Effect of discounting (211 ) Present value of minimum lease payments – total lease liability 1,860 Less: Current portion (514 ) Long-term lease liabilities 1,346 The Company has lease agreements for office and warehouse facilities expiring March 31, 2027, May 31, 2027 and March 30, 2029. The Company also has lease agreements for vehicles expiring on November 30, 2025, November 1, 2027 and February 15, 2029.

SHARE CAPITAL

SHARE CAPITAL	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
SHARE CAPITAL	10. SHARE CAPITAL 10.1 Authorized 10.2 Issued and Outstanding Common Shares: The details for the common share issuances during the three months ended March 31, 2023 were as follows: a. During the three months ended March 31, 2023, the Company issued 925,667 0.87 1.01 43 824 10.3 Directors, Consultants, and Employee stock options The Company has adopted a share option plan for which options to acquire up to 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. A summary of the Company’s directors, consultants, and employee stock options are as follows: Schedule of share option activity Number of Options Weighted Average Exercise Price C$ Outstanding, December 31, 2022 1,580,826 3.79 Issued 602,000 1.17 Forfeited (514,999 ) 3.02 Outstanding, December 31, 2023 1,667,827 3.08 Forfeited (166,666 ) 2.40 Outstanding, March 31, 2024 1,501,161 3.16 During the three months ended March 31, 2024, the Company recognized $ 62 58 The following tables summarize information about the Company’s stock options outstanding at March 31, 2024: Schedule of stock options outstanding Options Outstanding Options Exercisable Exercise Price Remaining Contractual Life (Years) Expiry Date C$ November 15, 2019 233,333 233,333 1.50 0.63 November 15, 2024 November 28, 2019 16,666 16,666 1.56 0.66 November 28, 2024 May 4, 2020 24,999 24,999 1.20 1.09 May 4, 2025 November 23, 2020 66,664 66,664 6.15 1.65 November 23, 2025 January 12, 2021 333,333 333,333 6.51 1.78 January 11, 2026 February 1, 2021 41,666 41,666 9.36 1.84 January 31, 2026 April 27, 2021 60,000 50,000 7.24 2.07 April 26, 2026 March 31, 2022 40,000 26,667 2.98 3.00 March 30, 2027 November 25, 2022 82,500 30,000 1.30 3.65 November 24, 2027 May 11, 2023 50,000 8,333 1.02 4.11 May 10, 2028 November 15, 2023 552,000 — 1.18 4.63 November 14, 2028 Total 1,501,161 831,661 10.4 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, 2022 623,701 Issued 666,749 Outstanding, December 31, 2023 1,290,450 Issued 187,745 Outstanding, March 31, 2024 1,478,195 During the three months ended March 31, 2024, the Company issued 187,745 180,378 During the three months ended March 31, 2024, the Company recorded $ 137 140

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Balances And Transactions
RELATED PARTY BALANCES AND TRANSACTIONS	11. RELATED PARTY BALANCES AND TRANSACTIONS Key management includes personnel having the authority and responsibility for planning, directing and controlling the activities of the Company and comprised the Company’s directors and executive officers. Expenses incurred to key management are: Schedule of related party transaction Three months ended Three months ended March 31, 202 March 31, 2023 $ $ Salaries and Benefits 295 246 Stock-based compensation 189 183 Total 484 429 During the three months ended March 31, 2023 the Company paid $ 58 63 As at March 31, 2024, included in accounts payable are balances owing to key management or companies controlled by officers of the Company in the amount of $nil 0 2 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	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
FINANCIAL INSTRUMENTS	12. 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 March 31, 2024 is $ 2,620 The following table summarizes the carrying values and fair values of the Company’s financial instruments: Schedule of disclosure of financial instruments March 31, 2024 December 31, 2023 $ $ Assets: Measured at amortized cost (i) 11,845 7,625 Liabilities: Amortized cost (ii) 53,855 47,663 Fair value through P&L (iii) (45 ) 159 (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 8).

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Information
SEGMENT INFORMATION	13. SEGMENT INFORMATION Allocation of revenue to geographic areas for the single segment is as follows: Schedule of geographic distribution Three months ended Three months ended Canada USA Total Canada USA Total $ $ $ $ $ $ Bus Sales 7,016 — 7,016 — 987 987 Truck Sales 4,842 — 4,842 480 — 480 Vehicle Sales 11,858 — 11,858 480 987 1,467 Spare part sales 1,101 228 1,329 972 210 1,182 Operating lease revenue 7 40 47 — — — Other revenue 1,108 268 1,376 972 210 1,182 Total Revenue 12,966 268 13,234 1,452 1,197 2,649 During the three months ended March 31, 2024, the Company had sales of $ 2,943 2,898 2,110 2,082 987 484 321 During the three months ended March 31, 2024, the Company had outstanding accounts receivable of $ 2,661 1,443 1,080 1,436 1,065

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
COMMITMENTS AND CONTINGENCIES	14. 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 March 31, 2024 are $ 23,417

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS On April 18, 2024, the Company announced it had secured a 12 month term loan for proceeds of C$ 2,000 12 800,000 1.15 Proceeds of C$ 2,000 2,000 Subsequent to March 31, 2024, the Company received an extension of its $ 30 10 Subsequent to March 31, 2024, the repayment terms for the C$ 11,948 87 87

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of subsidiaries	Schedule of subsidiaries 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

TRADE AND OTHER RECEIVABLES (Ta

TRADE AND OTHER RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of trade and other receivables	Schedule of trade and other receivables March 31, 2024 December 31, 2023 $ $ Trade receivable 5,091 2,627 Income tax receivable 185 185 Sales tax receivable 337 19 Duties receivable 172 172 Receivable from manufacturer 1,739 2,596 Total Trade and other receivables 7,524 5,599

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of inventory	Schedule of inventory March 31, 2024 December 31, 2023 $ $ Finished goods 8,172 9,985 Work in progress – vehicles 18,369 11,560 Parts for resale 1,693 1,728 Total Inventory 28,234 23,273

PROVISION FOR WARRANTY COST (Ta

PROVISION FOR WARRANTY COST (Tables)	3 Months Ended
	Mar. 31, 2024
Provision For Warranty Cost
Schedule of warranty provision	Schedule of warranty provision March 31, 2024 December 31, 2023 $ $ Opening balance of warranty provision 747 1,709 Additions 293 368 Warranty claims applied (113 ) (494 ) Change in estimate of warranty provision (5 ) (860 ) Change in foreign exchange (14 ) 24 Ending balance of warranty provision 908 747 Less: Current portion 680 612 Long-term portion of warranty provision 228 135

CURRENT DEBT FACILITIES (Tables

CURRENT DEBT FACILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of unsecured debentures	Schedule of unsecured debentures March 31, 2024 December 31, 2023 $ $ Unsecured debentures - 2021 (a) 8,543 8,499 8,543 8,499 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 that did not require derecognition of the original debt. As a result, a gain of $803 on modification of debt was recorded during the year ended December 31, 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 three 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. Subsequent to March 31, 2024, the facility was amended with the principal of C$87 paid in April and C$87 due in July of 2024, with the remaining principal and all accrued interest due on October 4, 2024.

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
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 27, 2023 2,049 747 2,796 Change in fair value N/A (605 ) (605 ) Interest accretion 394 — 394 Foreign exchange 56 17 73 As at December 31, 2023 2,499 159 2,658 Change in fair value N/A (204 ) (204 ) Interest accretion 183 — 183 Foreign exchange (62 ) — (62 ) As at March 31, 2024 2,620 (45 ) 2,575
Schedule of fair value of the embedded derivatives	Schedule of fair value of the embedded derivatives Assumptions Risk-free interest rate 4.4 5.1 Credit spread 28.0 % Expected life of options 1.0 2.5 Annual dividend rate 0 % Annualized volatility 36.1 45.9

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of lease obligation	Schedule of lease obligation March 31, 2024 December 31, 2023 $ $ Term loan (a) 8,885 8,880 Lease obligation (b) 1,860 1,655 Vehicles 37 42 Less: Current portion (1,563 ) (1,222 ) 9,219 9,355
Schedule of long term lease liabilities	Schedule of long term lease liabilities March 31, 2024 $ Undiscounted minimum lease payments: Less than one year 603 One to two years 613 Two to three years 602 Three to six years 253 2,071 Effect of discounting (211 ) Present value of minimum lease payments – total lease liability 1,860 Less: Current portion (514 ) Long-term lease liabilities 1,346

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of share option activity	Schedule of share option activity Number of Options Weighted Average Exercise Price C$ Outstanding, December 31, 2022 1,580,826 3.79 Issued 602,000 1.17 Forfeited (514,999 ) 3.02 Outstanding, December 31, 2023 1,667,827 3.08 Forfeited (166,666 ) 2.40 Outstanding, March 31, 2024 1,501,161 3.16
Schedule of stock options outstanding	Schedule of stock options outstanding Options Outstanding Options Exercisable Exercise Price Remaining Contractual Life (Years) Expiry Date C$ November 15, 2019 233,333 233,333 1.50 0.63 November 15, 2024 November 28, 2019 16,666 16,666 1.56 0.66 November 28, 2024 May 4, 2020 24,999 24,999 1.20 1.09 May 4, 2025 November 23, 2020 66,664 66,664 6.15 1.65 November 23, 2025 January 12, 2021 333,333 333,333 6.51 1.78 January 11, 2026 February 1, 2021 41,666 41,666 9.36 1.84 January 31, 2026 April 27, 2021 60,000 50,000 7.24 2.07 April 26, 2026 March 31, 2022 40,000 26,667 2.98 3.00 March 30, 2027 November 25, 2022 82,500 30,000 1.30 3.65 November 24, 2027 May 11, 2023 50,000 8,333 1.02 4.11 May 10, 2028 November 15, 2023 552,000 — 1.18 4.63 November 14, 2028 Total 1,501,161 831,661
Schedule of deferred share units	Schedule of deferred share units Number of DSUs Outstanding, December 31, 2022 623,701 Issued 666,749 Outstanding, December 31, 2023 1,290,450 Issued 187,745 Outstanding, March 31, 2024 1,478,195

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Balances And Transactions
Schedule of related party transaction	Schedule of related party transaction Three months ended Three months ended March 31, 202 March 31, 2023 $ $ Salaries and Benefits 295 246 Stock-based compensation 189 183 Total 484 429

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Notes and other explanatory information [abstract]
Schedule of disclosure of financial instruments	Schedule of disclosure of financial instruments March 31, 2024 December 31, 2023 $ $ Assets: Measured at amortized cost (i) 11,845 7,625 Liabilities: Amortized cost (ii) 53,855 47,663 Fair value through P&L (iii) (45 ) 159 (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)	3 Months Ended
	Mar. 31, 2024
Segment Information
Schedule of geographic distribution	Schedule of geographic distribution Three months ended Three months ended Canada USA Total Canada USA Total $ $ $ $ $ $ Bus Sales 7,016 — 7,016 — 987 987 Truck Sales 4,842 — 4,842 480 — 480 Vehicle Sales 11,858 — 11,858 480 987 1,467 Spare part sales 1,101 228 1,329 972 210 1,182 Operating lease revenue 7 40 47 — — — Other revenue 1,108 268 1,376 972 210 1,182 Total Revenue 12,966 268 13,234 1,452 1,197 2,649

NATURE OF OPERATIONS AND GOIN_2

NATURE OF OPERATIONS AND GOING CONCERN (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Nature Of Operations And Going Concern
Working capital	$ 5,033		$ 2,862
Net loss	3,720	$ 2,436
Cash in operations	450	3,555
Revenues	$ 13,234	$ 2,649

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2024
Vicinity Motor Corp. [Member]
Reserve Quantities [Line Items]
Company name	Vicinity Motor Corp.
Registered	British Columbia
Holding percentage	Parent Company
Functional currency	United States Dollar
Vicinity Motor Bus Corp [Member]
Reserve Quantities [Line Items]
Company name	Vicinity Motor (Bus) Corp.
Registered	British Columbia
Holding percentage	100%
Functional currency	Canadian Dollar
Vicinity Motor Bus U S A Corp [Member]
Reserve Quantities [Line Items]
Company name	Vicinity Motor (Bus) USA Corp.
Registered	United States
Holding percentage	100%
Functional currency	United States Dollar

TRADE AND OTHER RECEIVABLES (De

TRADE AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes and other explanatory information [abstract]
Trade receivable	$ 5,091	$ 2,627
Income tax receivable	185	185
Sales tax receivable	337	19
Duties receivable	172	172
Receivable from manufacturer	1,739	2,596
Total Trade and other receivables	$ 7,524	$ 5,599

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes and other explanatory information [abstract]
Finished goods	$ 8,172	$ 9,985
Work in progress – vehicles	18,369	11,560
Parts for resale	1,693	1,728
Total Inventory	$ 28,234	$ 23,273

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Notes and other explanatory information [abstract]
Inventory expense	$ 7,656	$ 1,690

CREDIT FACILITY (Details Narrat

CREDIT FACILITY (Details Narrative) $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2017 CAD ($)
IfrsStatementLineItems [Line Items]
Credit facility	$ 17,993	$ 15,926
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. The facility is secured by way of a general security agreement over all assets of the Company.
Interest rate of prime plus	2%
Credit facility net	$ 17,255	$ 15,976
ABL Facility [Member]
IfrsStatementLineItems [Line Items]
Credit facility				$ 10
ABL Credit Facility [Member]
IfrsStatementLineItems [Line Items]
Credit facility	$ 738
Credit facility expire date	Apr. 16, 2024
Royal Bank Of Canada And Export Development Canada [Member] | Revolving Credit Facility Agreement [Member]
IfrsStatementLineItems [Line Items]
Credit facility					$ 20
Royal Bank Of Canada And Export Development Canada [Member] | Credit Commitments [Member]
IfrsStatementLineItems [Line Items]
Credit facility			$ 30,000
Credit facility expire date	Apr. 16, 2024

PROVISION FOR WARRANTY COST (De

PROVISION FOR WARRANTY COST (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Provision For Warranty Cost
Opening balance of warranty provision	$ 747	$ 1,709
Additions	293	368
Warranty claims applied	(113)	(494)
Change in estimate of warranty provision	(5)	(860)
Change in foreign exchange	(14)	24
Ending balance of warranty provision	908	747
Less: Current portion	680	612
Long-term portion of warranty provision	$ 228	$ 135

PROVISION FOR WARRANTY COST (_2

PROVISION FOR WARRANTY COST (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Provision For Warranty Cost
Warranty expense	$ 293	$ 49
Warranty costs	$ 113	$ 150

CURRENT DEBT FACILITIES (Detail

CURRENT DEBT FACILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes and other explanatory information [abstract]
Unsecured debentures - 2021	$ 8,543	$ 8,499
Current debt facilities	$ 8,543	$ 8,499

CURRENT DEBT FACILITIES (Deta_2

CURRENT DEBT FACILITIES (Details Narrative) - USD ($) $ in Thousands			3 Months Ended
	Sep. 25, 2023	Jun. 15, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
IfrsStatementLineItems [Line Items]
Annual interest	8%
Borrowing costs	$ 240	$ 449
Effective interest rate	24%
Interest expense on debt			$ 539	$ 452
Accounts payable and accrued liabilities			$ 563	$ 915
Top of range [member]
IfrsStatementLineItems [Line Items]
Annual interest	13%				5%

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 27, 2023	Dec. 31, 2023
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	$ 2,658
Convertible debts, ending balance	2,575		$ 2,658
Host Debentures [Member]
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	2,499	$ 0	2,049
Convertible debt principal		2,208
Transactions costs		(159)
Interest accretion	183		394
Foreign exchange	(62)		56
Convertible debts, ending balance	2,620	2,049	2,499
Embedded Derivatives [Member]
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	159	0	747
Convertible debt principal		747
Transactions costs		0
Change in fair value	(204)		(605)
Interest accretion	0		0
Foreign exchange	0		17
Convertible debts, ending balance	(45)	747	159
Total Derivatives [Member]
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	2,658	0	2,796
Convertible debt principal		2,955
Transactions costs		(159)
Change in fair value	(204)		(605)
Interest accretion	183		394
Foreign exchange	(62)		73
Convertible debts, ending balance	$ 2,575	$ 2,796	$ 2,658

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) - Embedded Derivatives [Member]	3 Months Ended
	Mar. 31, 2024
IfrsStatementLineItems [Line Items]
Risk-free interest rate, minimum	4.40%
Risk-free interest rate, maximum	5.10%
Credit spread	28%
Expected life of options, minimum	1 year
Expected life of options, maximum	2 years 6 months
Annual dividend rate	0%
Annualized volatility, minimum	36.10%
Annualized volatility, maximum	45.90%

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands		3 Months Ended
	Mar. 27, 2023 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 CAD ($)
IfrsStatementLineItems [Line Items]
Proceeds from convertible debt		$ 0		$ 2,939
Interest expense		539		452
Accounts payable and accrued liabilities					$ 2,000
Convertible Debts [Member]
IfrsStatementLineItems [Line Items]
Proceeds from convertible debt	$ 4,000
Interest rate	15%
Maturity date	Sep. 27, 2024
Conversion price | $ / shares			$ 1.45
Exercise price | $ / shares			$ 1.45
Gain on change in fair value		204
Interest expense		294		5
Accounts payable and accrued liabilities		$ 12	$ 12	$ 9

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes and other explanatory information [abstract]
Term loan	$ 8,885	$ 8,880
Lease obligation	1,860	1,655
Vehicles	37	42
Current portion	(1,563)	(1,222)
Other long-term liabilities	$ 9,219	$ 9,355

OTHER LONG-TERM LIABILITIES (_2

OTHER LONG-TERM LIABILITIES (Details 1)	Mar. 31, 2024 USD ($)
Notes and other explanatory information [abstract]
Lease less than one year	$ 603
Lease one to two years	613
Lease Two to three years	602
Lease three to six years	253
Gross lease liabilities	2,071
Effect of discounting	(211)
Present value of minimum lease payments - total lease liability	1,860
Less: Current portion	(514)
Long-term lease liabilities	$ 1,346

OTHER LONG-TERM LIABILITIES (_3

OTHER LONG-TERM LIABILITIES (Details Narrative) $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Jun. 30, 2023 USD ($)	Sep. 25, 2023
IfrsStatementLineItems [Line Items]
Proceeds from lenders		$ 2,000	$ 9,000
Loan interest rate				8%
Transaction costs incurred	$ 132
Interest expense on loans	379
Unamortized deferred financing fees	115
Carrying value of loan	$ 8,885
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Loan interest rate			3.75%
Top of range [member]
IfrsStatementLineItems [Line Items]
Loan interest rate			5%	13%

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares
Notes and other explanatory information [abstract]
Outstanding - beginning of year | shares	1,667,827	1,580,826
Weighted average exercise price, outstanding beginning year | $ / shares	$ 3.08	$ 3.79
Issued | shares		602,000
Weighted average exercise price, Issued | $ / shares		$ 1.17
Forfeited | shares	(166,666)	(514,999)
Weighted average exercise price, Forfeited | $ / shares	$ 2.40	$ 3.02
Outstanding - ending of year | shares	1,501,161	1,667,827
Weighted average exercise price, outstanding end year | $ / shares	$ 3.16	$ 3.08

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	3 Months Ended
	Mar. 31, 2024 shares $ / shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
IfrsStatementLineItems [Line Items]
Number of options outstanding	1,501,161	1,667,827	1,580,826
Number of options exercisable	831,661
Range 1 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	233,333
Number of options exercisable	233,333
Exercise price | $ / shares	$ 1.50
Remaining contractual life	7 months 17 days
Expiry date	Nov. 15, 2024
Range 2 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	16,666
Number of options exercisable	16,666
Exercise price | $ / shares	$ 1.56
Remaining contractual life	7 months 28 days
Expiry date	Nov. 28, 2024
Range 3 [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 1 month 2 days
Expiry date	May 04, 2025
Range 4 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	66,664
Number of options exercisable	66,664
Exercise price | $ / shares	$ 6.15
Remaining contractual life	1 year 7 months 24 days
Expiry date	Nov. 23, 2025
Range 5 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	333,333
Number of options exercisable	333,333
Exercise price | $ / shares	$ 6.51
Remaining contractual life	1 year 9 months 10 days
Expiry date	Jan. 11, 2026
Range 6 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	41,666
Number of options exercisable	41,666
Exercise price | $ / shares	$ 9.36
Remaining contractual life	1 year 10 months 2 days
Expiry date	Jan. 31, 2026
Range 7 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	60,000
Number of options exercisable	50,000
Exercise price | $ / shares	$ 7.24
Remaining contractual life	2 years 25 days
Expiry date	Apr. 26, 2026
Range 8 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	40,000
Number of options exercisable	26,667
Exercise price | $ / shares	$ 2.98
Remaining contractual life	3 years
Expiry date	Mar. 30, 2027
Range 9 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	82,500
Number of options exercisable	30,000
Exercise price | $ / shares	$ 1.30
Remaining contractual life	3 years 7 months 24 days
Expiry date	Nov. 24, 2027
Range 10 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	50,000
Number of options exercisable	8,333
Exercise price | $ / shares	$ 1.02
Remaining contractual life	4 years 1 month 9 days
Expiry date	May 10, 2028
Range 11 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	552,000
Number of options exercisable	0
Exercise price | $ / shares	$ 1.18
Remaining contractual life	4 years 7 months 17 days
Expiry date	Nov. 14, 2028

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Notes and other explanatory information [abstract]
Deferred stock outstanding, beginning balance	1,290,450	623,701
Deferred stock, issued	187,745	666,749
Deferred stock outstanding, ending balance	1,478,195	1,290,450

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
IfrsStatementLineItems [Line Items]
Issuance of shares warrants exercised shares		925,667
Share issuance costs	$ 0	$ 43
Issuance of shares private placement		824
Options vested value	$ 62	$ 58
Deferred share units issued	187,745	180,378
Value of deferred share units issued	$ 137	$ 140
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Shares prices ranging		$ 0.87
Top of range [member]
IfrsStatementLineItems [Line Items]
Shares prices ranging		$ 1.01

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Balances And Transactions
Salaries and Benefits	$ 295	$ 246
Stock-based compensation	189	183
Total	$ 484	$ 429

RELATED PARTY BALANCES AND TR_4

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Balances And Transactions
Lease payments		$ 58
Depreciation and interest expense of lease	$ 63
Accounts payable	$ 0	$ 2

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Measured at amortized cost (i)	$ 11,845	$ 7,625
Liabilities:
Amortized cost (ii)	53,855	47,663
Fair value through P&L (iii)	$ (45)	$ 159

FINANCIAL INSTRUMENTS (Details

FINANCIAL INSTRUMENTS (Details Narrative) $ in Thousands	Mar. 31, 2024 USD ($)
Notes and other explanatory information [abstract]
Host debenture	$ 2,620

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	$ 13,234	$ 2,649
Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	12,966	1,452
Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	268	1,197
Bus Sales [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	7,016	987
Bus Sales [Member] | Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	7,016	0
Bus Sales [Member] | Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	0	987
Truck Sales [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	4,842	480
Truck Sales [Member] | Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	4,842	480
Truck Sales [Member] | Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	0	0
Vehicle Sales [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	11,858	1,467
Vehicle Sales [Member] | Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	11,858	480
Vehicle Sales [Member] | Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	0	987
Spare Part Sales [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	1,329	1,182
Spare Part Sales [Member] | Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	1,101	972
Spare Part Sales [Member] | Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	228	210
Operating Lease Revenue [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	47	0
Operating Lease Revenue [Member] | Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	7	0
Operating Lease Revenue [Member] | Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	40	0
Other Revenue [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	1,376	1,182
Other Revenue [Member] | Country Of Canada [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	1,108	972
Other Revenue [Member] | Country Of United States [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Revenue	$ 268	$ 210

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
IfrsStatementLineItems [Line Items]
Revenue	$ 13,234	$ 2,649
Accounts receivable	5,091		$ 2,627
First Customer [Member]
IfrsStatementLineItems [Line Items]
Revenue	2,943
Accounts receivable	2,661	1,436
Second Customer [Member]
IfrsStatementLineItems [Line Items]
Revenue	2,898
Accounts receivable	1,443	1,065
Three Customer [Member]
IfrsStatementLineItems [Line Items]
Revenue	2,110
Accounts receivable	1,080
Four Customer [Member]
IfrsStatementLineItems [Line Items]
Revenue	$ 2,082
First Customers [Member]
IfrsStatementLineItems [Line Items]
Revenue		987
Second Customers [Member]
IfrsStatementLineItems [Line Items]
Revenue		484
Three Customers [Member]
IfrsStatementLineItems [Line Items]
Revenue		$ 321

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	Mar. 31, 2024 USD ($)
Notes and other explanatory information [abstract]
Future payments	$ 23,417

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) $ in Thousands, $ in Thousands		1 Months Ended		3 Months Ended
	Apr. 18, 2024 CAD ($) shares	Jul. 31, 2024 CAD ($)	Apr. 30, 2024 CAD ($)	Mar. 31, 2024 CAD ($)	Jun. 30, 2023 USD ($)	Apr. 02, 2024 USD ($)	Apr. 02, 2024 CAD ($)	Sep. 25, 2023
IfrsStatementLineItems [Line Items]
Proceeds from loan				$ 2,000	$ 9,000
Loan interest rate								8%
Cash and cash equivalents				2,000
Accounts payable and accrued liabilities				$ 2,000
Nonadjusting Event [Member]
IfrsStatementLineItems [Line Items]
Proceeds from loan	$ 2,000
Loan interest rate	12%
Warrants exercisable shares issued | shares	800,000
Shares price | shares	1.15
Facilities renewed						$ 30,000	$ 10,000
Unsecured debenture outstanding							$ 11,948
Repayment of unsecured debenture		$ 87	$ 87