XML 59 R2.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
ASSETS:    
Cash $ 6,508,055 $ 424,152
Accounts receivable 54,044 286,982
Automotive inventory, net 10,035,903 11,558,160
Net investment in sales-type lease 800,761
Other current assets 830,533 380,712
Total current assets 18,229,296 12,650,006
Property, equipment and leasehold improvements, net 509,355 539,475
Intangible assets 69,327 39,997
Deferred offering costs 987,093
Right-of-use asset 1,100,271
TOTAL ASSETS 19,908,249 14,216,571
LIABILITIES:    
Accounts payable 112,840 934,409
Line of credit - related party 1,775,000
Vehicle floorplan and notes payable 2,164,424
Convertible notes payable and accrued interest 1,184,707
Other current liabilities 653,063 568,358
Operating lease liability, current portion 335,338
Total current liabilities 3,265,665 4,462,474
Operating lease liability, net of current portion 795,147
Total liabilities 4,060,812 4,462,474
SHAREHOLDERS' EQUITY:    
Preferred stock, $0.00001 par value; 20,000,000 shares authorized, nil shares issued and outstanding
Common stock, $0.00001 par value; 100,000,000 shares authorized; 8,691,323 and 24,645,294 shares issued and outstanding at December 31, 2019 and 2018, respectively 87 246
Additional paid-in capital 27,106,058 16,306,737
Treasury stock, 138,600 shares, at cost (658,350)
Accumulated deficit (10,600,358) (6,552,886)
Total shareholders' equity 15,847,437 9,754,097
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 19,908,249 $ 14,216,571