XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.21.1

Segment Reporting | 3 Months Ended
--- | ---
Mar. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting | Business segments are defined as components of an enterprise about which discrete financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. Our operations are organized by management into operating segments by line of business. We have determined that we have three reportable segments as defined in generally accepted accounting principles for segment reporting: (1) powersports, (2) automotive and (3) vehicle logistics and transportation. Our powersports and automotive segments consist of the distribution of pre-owned vehicles. The powersports segment consists of the distribution principally of motorcycles and other powersports vehicles, while the automotive segment distributes cars and trucks. Our vehicle logistics and transportation service segment provides nationwide automotive transportation services between dealerships and auctions. Our vehicle logistics and transportation service reportable segment has been determined to represent one operating segment and reporting unit. The following table summarizes revenue, operating income (loss), Depreciation and Amortization and interest expense which are the measure by which management allocates resources to its segments to each of our reportable segments.
|  | Powersports |  |  | Automotive |  |  | Vehicle Logistics and Transportation |  |  | Eliminations(1) |  |  | Total |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 48,002,418 |  |  | $ | 56,970,224 |  |  | $ | 12,650,687 |  |  | $ | (27,284,439 | ) |  | $ | 90,338,890 |
Revenue |  | $ | 10,854,884 |  |  | $ | 84,070,855 |  |  | $ | 10,030,352 |  |  | $ | (692,080 | ) |  | $ | 104,264,011 |
Operating income (loss) |  | $ | (5,175,280 | ) |  | $ | 1,641,087 |  |  | $ | 712,079 |  |  | $ | - |  |  | $ | (2,822,114 | )
Depreciation and amortization |  | $ | 572,515 |  |  | $ | 26,725 |  |  | $ | - |  |  | $ | - |  |  | $ | 599,240 |
Interest expense |  | $ | (1,246,322 | ) |  | $ | (360,527 | ) |  | $ | (1,971 | ) |  | $ | - |  |  | $ | (1,608,820 | )
Change in derivative liability |  | $ | (20,652 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (20,652 | )
Three Months Ended March 31, 2020 |
Total assets |  | $ | 54,583,357 |  |  | $ | 75,520,584 |  |  | $ | 8,470,887 |  |  | $ | (26,610,708 | ) |  | $ | 111,964,120 |
Revenue |  | $ | 23,139,080 |  |  | $ | 114,198,079 |  |  | $ | 8,990,181 |  |  | $ | (1,902,590 | ) |  | $ | 144,424,750 |
Operating income (loss) |  | $ | (7,189,585 | ) |  | $ | (13,360,432 | ) |  | $ | 657,083 |  |  | $ | - |  |  | $ | (19,892,934 | )
Depreciation and amortization |  | $ | 462,537 |  |  | $ | 58,607 |  |  | $ | 1,851 |  |  | $ | - |  |  | $ | 522,995 |
Interest expense |  | $ | (1,464,627 | ) |  | $ | (751,834 | ) |  | $ | (296 | ) |  | $ | - |  |  | $ | (2,216,757 | )
Change in derivative liability |  | $ | (116,815 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (116,815 | )
Gain on early extinguishment of debt |  | $ | 188,164 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 188,164 |
(1) | Intercompany investment balances related to the acquisitions of Wholesale and Wholesale Express, LLC ("Wholesale Express") and receivables and other balances related intercompany freight services of Wholesale Express are eliminated in the Condensed Consolidated Balance Sheets. Revenue and costs for these intercompany freight services have been eliminated in the Condensed Consolidated Statements of Operations.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration