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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.