Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 18 - Subsequent Events

In January 2020, the remaining NextGear Capital vehicle floorplan balance of approximately $60,000 was paid in full.

On February 10, 2020, a partial summary judgement was granted against the Company for alleged breach of its license agreement to use garage parking spaces in Miami Beach, Florida which the Company terminated in April 2019. The current asserted losses by the plaintiff total approximately $224,250, with a potential maximum exposure under the terminated agreement of approximately $580,450. The judge has ordered the parties to further mediate the dispute.

On February 13, 2020, the company completed an underwritten public offering of 1,200,000 shares of the Company's common stock at a public offering price of $16.00 per share, raising gross proceeds of approximately $19.2 million and net proceeds received after underwriting fees and offering expenses were approximately $17.5 million. The Company intends to use the proceeds from the offering for strategic acquisitions, to build its vehicle inventory, for working capital and other general corporate purposes.

On February 19, 2020, the Company purchased approximately a $2.9 million luxury vehicle fleet and entered into a non-exclusive perpetual software license for a vehicle subscription service app for upcoming launch in the Apple App and Google Play stores. Any enhancements to the software will be the exclusive property of the Company. The Bancorp and Sutton Leasing have agreed to finance the vehicles. The Company paid approximately $526,000 in cash and issued 33,183 shares of its common stock at $14.69 per share (the closing price of its common stock on February 19, 2020) for the remainder of the transaction.