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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acamar Partners Acquisition Corporation | NASDAQ:ACAM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.30 | 12.15 | 12.18 | 0 | 01:00:00 |
|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
5500
(Primary Standard Industrial
Classification Code Number) |
| |
83-2456129
(I.R.S. Employer
Identification Number) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☒
|
|
|
Non-accelerated filer
☐
|
| |
Smaller reporting company
☐
|
|
| | | |
Emerging growth company
☒
|
|
Title of Each Class of Securities to be Registered
|
| |
Amount
to be Registered(1) |
| |
Proposed
Maximum Offering Price Per Unit |
| |
Proposed
Maximum Aggregate Offering Price |
| |
Amount of
Registration Fee |
|
Class A common stock, par value $0.0001 per share(2)
|
| |
12,500,000
|
| |
$9.27(6)
|
| |
$115,875,000.00(6)
|
| |
$12,641.96
|
|
Class A common stock, par value $0.0001 per share(3)
|
| |
59,399,700
|
| |
$9.27(6)
|
| |
$550,635,219.00(6)
|
| |
$60,074.30
|
|
Class A common stock, par value $0.0001 per share(4)
|
| |
6,074,310
|
| |
$9.27(6)
|
| |
$56,308,853.70(6)
|
| |
$6,143.30
|
|
Class A common stock, par value $0.0001 per share(5)
|
| |
10,185,774
|
| |
$9.27(6)
|
| |
$94,422,124.98(6)
|
| |
$10,301.45
|
|
Warrants to purchase Class A common stock(4)
|
| |
6,074,310
|
| |
$—(7)
|
| |
$—(7)
|
| |
$—
|
|
TOTAL
|
| | | | | | | | | | |
$89,161.01
|
|
|
PRELIMINARY PROSPECTUS
|
| |
Subject to Completion
|
| |
February 11, 2021
|
|
| | | | | 1 | | | |
| | | | | 8 | | | |
| | | | | 10 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 58 | | | |
| | | | | 70 | | | |
| | | | | 77 | | | |
| | | | | 83 | | | |
| | | | | 87 | | | |
| | | | | 89 | | | |
| | | | | 94 | | | |
| | | | | 105 | | | |
| | | | | 107 | | | |
| | | | | 107 | | | |
| | | | | 108 | | | |
| | | | | F-1 | | |
| | |
Nine Months Ended
September 30, |
| |
Years Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Retail vehicles sold
|
| | | | 4,400 | | | | | | 4,821 | | | | | | 6,435 | | | | | | 4,077 | | | | | | 3,412 | | |
Number of hubs
|
| | | | 8 | | | | | | 8 | | | | | | 8 | | | | | | 8 | | | | | | 5 | | |
Average monthly unique visitors
|
| | | | 54,294 | | | | | | 58,962 | | | | | | 57,151 | | | | | | 39,781 | | | | | | 26,591 | | |
Vehicles available for sale
|
| | | | 1,567 | | | | | | 1,098 | | | | | | 1,061 | | | | | | 1,067 | | | | | | 587 | | |
Average days to sale
|
| | | | 54 | | | | | | 55 | | | | | | 55 | | | | | | 57 | | | | | | 54 | | |
Retail gross profit per unit
|
| | | $ | 1,900 | | | | | $ | 1,444 | | | | | $ | 1,393 | | | | | $ | 1,602 | | | | | $ | 1,774 | | |
Customer acquisition cost per unit
|
| | | $ | 320 | | | | | $ | 636 | | | | | $ | 591 | | | | | $ | 459 | | | | | $ | 357 | | |
Contribution margin per unit
|
| | | $ | 1,580 | | | | | $ | 808 | | | | | $ | 802 | | | | | $ | 1,143 | | | | | $ | 1,417 | | |
Percentage of unit sales via consignment
|
| |
63%
|
| |
46%
|
| |
46%
|
| |
41%
|
| |
52%
|
|
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(unaudited, $ in thousands)
|
| |
(audited, $ in thousands)
|
| ||||||||||||||||||||||||
Retail vehicle sales
|
| | | $ | 71,388 | | | | | $ | 66,914 | | | | | $ | 90,382 | | | | | $ | 53,448 | | | | | $ | 41,758 | | |
Wholesale vehicle sales
|
| | | | 7,124 | | | | | | 6,427 | | | | | | 8,454 | | | | | | 3,153 | | | | | | 1,340 | | |
Finance and insurance, net
|
| | | | 2,697 | | | | | | 2,312 | | | | | | 3,117 | | | | | | 1,608 | | | | | | 974 | | |
Lease income, net
|
| | | | 373 | | | | | | 416 | | | | | | 533 | | | | | | 142 | | | | | | — | | |
Total revenues
|
| | | | 81,582 | | | | | | 76,069 | | | | | | 102,486 | | | | | | 58,351 | | | | | | 44,072 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 72,805 | | | | | | 69,341 | | | | | | 93,780 | | | | | | 52,708 | | | | | | 38,519 | | |
Gross profit
|
| | | | 8,777 | | | | | | 6,728 | | | | | | 8,706 | | | | | | 5,643 | | | | | | 5,553 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 11,173 | | | | | | 13,629 | | | | | | 18,305 | | | | | | 11,661 | | | | | | 7,254 | | |
Depreciation expense
|
| | | | 269 | | | | | | 412 | | | | | | 504 | | | | | | 338 | | | | | | 218 | | |
Management fee expense – related party
|
| | | | 195 | | | | | | 186 | | | | | | 250 | | | | | | 250 | | | | | | 73 | | |
Total operating expenses
|
| | | | 11,637 | | | | | | 14,227 | | | | | | 19,059 | | | | | | 12,249 | | | | | | 7,545 | | |
Loss from operations
|
| | | | (2,860) | | | | | | (7,499) | | | | | | (10,353) | | | | | | (6,606) | | | | | | (1,992) | | |
Interest expense
|
| | | | (360) | | | | | | (518) | | | | | | (651) | | | | | | (466) | | | | | | (414) | | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fee income – related party
|
| | | | — | | | | | | — | | | | | | — | | | | | | 127 | | | | | | 180 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(unaudited, $ in thousands)
|
| |
(audited, $ in thousands)
|
| ||||||||||||||||||||||||
Change in fair value of warrants liability
|
| | | | 30 | | | | | | 18 | | | | | | 24 | | | | | | (2) | | | | | | 50 | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | 962 | | | | | | (336) | | | | | | (1,396) | | | | | | (272) | | | | | | (79) | | |
Other income (expense)
|
| | | | 28 | | | | | | (227) | | | | | | (291) | | | | | | 662 | | | | | | (210) | | |
Total other income (expense), net
|
| | | | 1,020 | | | | | | (545) | | | | | | (1,663) | | | | | | 515 | | | | | | (59) | | |
Loss before income tax expense
|
| | | | (2,200) | | | | | | (8,562) | | | | | | (12,667) | | | | | | (6,557) | | | | | | (2,465) | | |
Income tax expense
|
| | | | 12 | | | | | | 7 | | | | | | 11 | | | | | | 3 | | | | | | 4 | | |
Net loss
|
| | | $ | (2,212) | | | | | $ | (8,569) | | | | | $ | (12,678) | | | | | $ | (6,560) | | | | | $ | (2,469) | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
($ in thousands, except per unit metrics)
|
| |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 71,388 | | | | | $ | 66,914 | | | | | | 6.7% | | |
Wholesale vehicle sales
|
| | | | 7,124 | | | | | | 6,427 | | | | | | 10.8% | | |
Finance and insurance, net
|
| | | | 2,697 | | | | | | 2,312 | | | | | | 16.7% | | |
Lease income, net
|
| | | | 373 | | | | | | 416 | | | | | | (10.3)% | | |
Total revenues
|
| | | $ | 81,582 | | | | | $ | 76,069 | | | | | | 7.2% | | |
Cost of sales: | | | | | | | | | | | | | | | | | | | |
Retail vehicle cost of sales
|
| | | $ | 65,723 | | | | | $ | 62,264 | | | | | | 5.6% | | |
Wholesale vehicle cost of sales
|
| | | | 7,082 | | | | | | 7,077 | | | | | | 0.1% | | |
Total cost of sales
|
| | | $ | 72,805 | | | | | $ | 69,341 | | | | | | 5.0% | | |
Gross profit: | | | | | | | | | | | | | | | | | | | |
Retail vehicle gross profit
|
| | | $ | 5,665 | | | | | $ | 4,650 | | | | | | 21.8% | | |
| | |
Nine Months Ended September 30,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
($ in thousands, except per unit metrics)
|
| |||||||||||||||
Wholesale vehicle gross profit
|
| | | | 42 | | | | | | (650) | | | | | | 106.5% | | |
Finance and insurance gross profit
|
| | | | 2,697 | | | | | | 2,312 | | | | | | 16.7% | | |
Lease income, net
|
| | | | 373 | | | | | | 416 | | | | | | (10.3)% | | |
Total gross profit
|
| | | $ | 8,777 | | | | | $ | 6,728 | | | | | | 30.5% | | |
Unit sales information: | | | | | | | | | | | | | | | | | | | |
Retail vehicles unit sales
|
| | | | 4,400 | | | | | | 4,821 | | | | | | (8.7)% | | |
Wholesale vehicles unit sales
|
| | | | 793 | | | | | | 928 | | | | | | (14.5)% | | |
Gross profit per unit(1): | | | | | | | | | | | | | | | | | | | |
Retail vehicles gross profit per unit
|
| | | $ | 1,900 | | | | | $ | 1,444 | | | | | | 31.6% | | |
Wholesale vehicles gross profit per unit
|
| | | | 53 | | | | | | (700) | | | | | | 107.6% | | |
Total gross profit per unit
|
| | | $ | 1,690 | | | | | $ | 1,170 | | | | | | 44.4% | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
($ in thousands)
|
| | | | | | | |||||||||
Compensation and benefits(1)
|
| | | $ | 5,337 | | | | | $ | 6,548 | | | | | | (18.5)% | | |
Marketing expense
|
| | | | 1,406 | | | | | | 3,064 | | | | | | (54.1)% | | |
Other costs(2)
|
| | | | 4,430 | | | | | | 4,017 | | | | | | 10.3% | | |
Total selling, general and administrative expenses
|
| | | $ | 11,173 | | | | | $ | 13,629 | | | | | | (18.0)% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
Change
|
| |
2017
|
| |
Change
|
| |||||||||||||||
| | |
($ in thousands, except per unit metrics)
|
| |||||||||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 90,382 | | | | | $ | 53,448 | | | | | | 69.1% | | | | | $ | 41,758 | | | | | | 28.0% | | |
Wholesale vehicle sales
|
| | | | 8,454 | | | | | | 3,153 | | | | | | 168.1% | | | | | | 1,340 | | | | | | 135.3% | | |
Finance and insurance, net
|
| | | | 3,117 | | | | | | 1,608 | | | | | | 93.8% | | | | | | 974 | | | | | | 65.1% | | |
Lease income, net
|
| | | | 533 | | | | | | 142 | | | | | | 275.4% | | | | | | — | | | | | | NM% | | |
Total revenues
|
| | | $ | 102,486 | | | | | $ | 58,351 | | | | | | 75.6% | | | | | $ | 44,072 | | | | | | 32.4% | | |
Cost of sales (exclusive of depreciation): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicle cost of sales
|
| | | $ | 84,534 | | | | | $ | 48,523 | | | | | | 74.2% | | | | | $ | 36,680 | | | | | | 32.3% | | |
Wholesale vehicle cost of sales
|
| | | | 9,246 | | | | | | 4,185 | | | | | | 120.9% | | | | | | 1,839 | | | | | | 127.6% | | |
Total cost of sales
|
| | | $ | 93,780 | | | | | $ | 52,708 | | | | | | 77.9% | | | | | $ | 38,519 | | | | | | 36.8% | | |
Gross profit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicle gross profit
|
| | | $ | 5,848 | | | | | $ | 4,925 | | | | | | 18.7% | | | | | $ | 5,078 | | | | | | (3.0)% | | |
Wholesale vehicle gross profit
|
| | | | (792) | | | | | | (1,032) | | | | | | (23.3)% | | | | | | (499) | | | | | | 106.8% | | |
Finance and insurance gross profit
|
| | | | 3,117 | | | | | | 1,608 | | | | | | 93.8% | | | | | | 974 | | | | | | 65.1% | | |
Lease income, net
|
| | | | 533 | | | | | | 142 | | | | | | 275.4% | | | | | | — | | | | | | NM | | |
Total gross profit
|
| | | $ | 8,706 | | | | | $ | 5,643 | | | | | | 54.3% | | | | | $ | 5,553 | | | | | | 1.6% | | |
Unit sales information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicles unit sales
|
| | | | 6,435 | | | | | | 4,077 | | | | | | 57.8% | | | | | | 3,412 | | | | | | 19.5% | | |
Wholesale vehicles unit sales
|
| | | | 1,159 | | | | | | 610 | | | | | | 90.0% | | | | | | 239 | | | | | | 155.2% | | |
Gross profit per unit(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicles gross profit per unit
|
| | | $ | 1,393 | | | | | $ | 1,602 | | | | | | (13.1)% | | | | | $ | 1,774 | | | | | | (9.7)% | | |
Wholesale vehicles gross profit per unit
|
| | | | (683) | | | | | | (1,692) | | | | | | (59.6)% | | | | | | (2,088) | | | | | | (19.0)% | | |
Total gross profit per unit
|
| | | $ | 1,146 | | | | | $ | 1,204 | | | | | | (4.8)% | | | | | $ | 1,521 | | | | | | (20.8)% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
Change
|
| |
2017
|
| |
Change
|
| |||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||
Compensation and benefits(1)
|
| | | $ | 8,992 | | | | | $ | 6,418 | | | | | | 40.1% | | | | | $ | 4,138 | | | | | | 55.1% | | |
Marketing expense
|
| | | | 3,803 | | | | | | 1,871 | | | | | | 103.3% | | | | | | 1,217 | | | | | | 53.7% | | |
Other costs(2)
|
| | | | 5,510 | | | | | | 3,372 | | | | | | 63.4% | | | | | | 1,899 | | | | | | 77.6% | | |
Total selling, general and administrative expenses
|
| | | $ | 18,305 | | | | | $ | 11,661 | | | | | | 57.0% | | | | | $ | 7,254 | | | | | | 60.8% | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Cash Flow Data: | | | | | | | | | | | | | |
Net cash (used in) operating activities
|
| | | $ | (1,039) | | | | | $ | (4,017) | | |
Net cash (used in) investing activities
|
| | | | (1,059) | | | | | | (309) | | |
Net cash provided by financing activities
|
| | | | 2,199 | | | | | | 5,560 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
($ in thousands)
|
| |||||||||||||||
Cash Flow Data: | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | (5,473) | | | | | $ | (11,761) | | | | | $ | (5,323) | | |
Net cash used in investing activities
|
| | | | (487) | | | | | | (362) | | | | | | (204) | | |
Net cash provided by financing activities
|
| | | | 8,492 | | | | | | 4,503 | | | | | | 12,709 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than 1 Year
|
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than 5 years
|
| |||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||||||||
Floor plan facility(1)
|
| | | $ | 6,739 | | | | | $ | 6,739 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Convertible note
|
| | | | 3,000 | | | | | | 3,000 | | | | | | — | | | | | | — | | | | | | — | | |
Cumulative preferred dividends
payable |
| | | | 2,900 | | | | | | 2,900 | | | | | | — | | | | | | — | | | | | | — | | |
Operating lease obligations
|
| | | | 12,388 | | | | | | 2,955 | | | | | | 5,175 | | | | | | 2,849 | | | | | | 1,409 | | |
Total
|
| | | $ | 25,027 | | | | | $ | 16,094 | | | | | $ | 5,175 | | | | | $ | 2,849 | | | | | $ | 1,409 | | |
Name
|
| |
Age
|
| |
Position
|
|
Michael W. Bor | | |
46
|
| | Chief Executive Officer and Chairman (Class II Director) | |
John W. Foley II | | |
44
|
| | Chief Operating Officer | |
Daniel A. Valerian | | |
47
|
| | Chief Technology Officer | |
Elizabeth Sanders | | |
30
|
| | Chief Administrative Officer | |
Rebecca C. Polak | | |
50
|
| | Chief Commercial Officer and General Counsel | |
Thomas W. Stoltz | | |
60
|
| | Chief Financial Officer | |
Michael Chapman | | |
47
|
| | Chief Marketing Officer | |
David R. Mitchell | | |
53
|
| | Class I Director | |
Luis Ignacio Solorzano Aizpuru | | |
48
|
| | Class I Director | |
Kimberly H. Sheehy | | |
56
|
| | Class I Director | |
Steven G. Carrel | | |
46
|
| | Class II Director | |
James E. Skinner | | |
67
|
| | Class II Director | |
Linda B. Abraham | | |
58
|
| | Class III Director | |
Sarah M. Kauss | | |
45
|
| | Class III Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Michael W. Bor
Chief Executive Officer |
| | | | 2020 | | | | | | 345,457 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,957 | | | | | | 382,989 | | |
| | | 2019 | | | | | | 334,793 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,975 | | | | | | 359,768 | | | ||
John W. Foley II
Chief Operating Officer |
| | | | 2020 | | | | | | 206,731 | | | | | | | | | | | | — | | | | | | — | | | | | | 18,750 | | | | | | — | | | | | | 20,478 | | | | | | 245,959 | | |
| | | 2019 | | | | | | 168,269 | | | | | | | | | | | | — | | | | | | 10,490 | | | | | | 25,500 | | | | | | — | | | | | | 17,106 | | | | | | 221,365 | | | ||
Rebecca C. Polak
Chief Commercial Officer and General Counsel |
| | | | 2020 | | | | | | 55,385 | | | | | | 120,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 175,385 | | |
| | | 2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Options
|
| |
RSUs
|
| |
Earnout RSUs
|
| |||||||||
Michael W. Bor
|
| | | | 128,218 | | | | | | 88,106 | | | | | | — | | |
John W. Foley
|
| | | | 64,109 | | | | | | 44,053 | | | | | | — | | |
Rebecca C. Polak
|
| | | | 303,700 | | | | | | 127,175 | | | | | | 86,175 | | |
| | | | | | | | |
Option Awards
|
| |||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||||||||
Michael W. Bor
|
| | | | 11/1/2015(1) | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | 6.82 | | | | | | 8/31/2022 | | |
| | | | | 4/23/2018(2) | | | | | | — | | | | | | — | | | | | | 60,188 | | | | | | 9.82 | | | | | | 4/23/2028 | | |
| | | | | 2/4/2020(2) | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | 9.82 | | | | | | 2/4/2030 | | |
John W. Foley II
|
| | | | 2/1/2015(1) | | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 6.82 | | | | | | 8/31/2022 | | |
| | | | | 6/1/2016(1) | | | | | | 2,500 | | | | | | — | | | | | | — | | | | | | 6.82 | | | | | | 8/31/2022 | | |
| | | | | 1/1/2017 (1) | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | 6.82 | | | | | | 8/31/2022 | | |
| | | | | 5/14/2018 (2) | | | | | | — | | | | | | — | | | | | | 60,188 | | | | | | 9.82 | | | | | | 5/14/2028 | | |
| | | | | 11/1/2019 (2) | | | | | | — | | | | | | — | | | | | | 40,000 | | | | | | 9.82 | | | | | | 11/1/2029 | | |
Rebecca C. Polak
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Annual
Base Salary ($) |
| |
Target Bonus
(%) |
| ||||||
Michael W. Bor
|
| | | | 600,000 | | | | | | 100 | | |
John W. Foley
|
| | | | 400,000 | | | | | | 75 | | |
Rebecca C. Polak
|
| | | | 400,000 | | | | | | 75 | | |
Name of Beneficial Owners
|
| |
Shares
|
| |
% total
|
| ||||||
Five Percent Stockholders | | | | | | | | | | | | | |
TRP(1) | | | | | 21,739,678 | | | | | | 19.1% | | |
Acamar Partners Sponsor I LLC(2)
|
| | | | 13,963,854 | | | | | | 11.7% | | |
KAR Auction Services, Inc.(3)
|
| | | | 7,154,353 | | | | | | 6.3% | | |
Directors and Named Executive Officers | | | | | | | | | | | | | |
Michael W. Bor(4)
|
| | | | 11,585,166 | | | | | | 10.1% | | |
John W. Foley II(5)
|
| | | | 1,199,563 | | | | | | 1.0% | | |
Rebecca C. Polak
|
| | | | — | | | | | | — | | |
David R. Mitchell(1)
|
| | | | 21,739,678 | | | | | | 19.1% | | |
Steven G. Carrel(1)
|
| | | | 21,739,678 | | | | | | 19.1% | | |
Luis Ignacio Solorzano Aizpuru(2)
|
| | | | 13,963,854 | | | | | | 11.7% | | |
James E. Skinner(6)
|
| | | | — | | | | | | — | | |
Linda B. Abraham
|
| | | | — | | | | | | — | | |
Sarah M. Kauss
|
| | | | — | | | | | | — | | |
Kimberly H. Sheehy
|
| | | | — | | | | | | — | | |
All Directors and Executive Officers as a Group (14 Individuals)(7)
|
| | | | 50,068,132 | | | | | | 40.4% | | |
| | |
Securities Beneficially
Owned Prior to this Offering |
| |
Securities to be
Sold in this Offering |
| |
Securities Beneficially
Owned After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Selling Securityholder
|
| |
Shares of
Class A Common Stock |
| |
Private
Placement Warrants |
| |
Shares of
Class A Common Stock |
| |
Private
Placement Warrants |
| |
Shares of
Class A Common Stock |
| |
%
|
| |
Private
Placement Warrants |
| |
%
|
| ||||||||||||||||||||||||
Aaron S. Montgomery(1)
|
| | | | 4,854,700 | | | | |
|
—
|
| | | | | 4,854,700 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Acamar Partners Sponsor I LLC(2)
|
| | | | 13,963,854 | | | | | | 6,074,000 | | | | | | 13,963,854 | | | | | | 6,074,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
FIAM Target Date Blue Chip Growth Commingled Pool By: Fidelity Institutional Asset Management Trust Company, as Trustee(3)
|
| | | | 96,724 | | | | |
|
—
|
| | | | | 96,724 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
| | |
Securities Beneficially
Owned Prior to this Offering |
| |
Securities to be
Sold in this Offering |
| |
Securities Beneficially
Owned After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Selling Securityholder
|
| |
Shares of
Class A Common Stock |
| |
Private
Placement Warrants |
| |
Shares of
Class A Common Stock |
| |
Private
Placement Warrants |
| |
Shares of
Class A Common Stock |
| |
%
|
| |
Private
Placement Warrants |
| |
%
|
| ||||||||||||||||||||||||
Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund(3)
|
| | | | 2,399,058 | | | | |
|
—
|
| | | | | 2,399,058 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Advisors Series I: Fidelity Advisor Series Growth Opportunities Fund(3)
|
| | | | 97,941 | | | | |
|
—
|
| | | | | 97,941 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Blue Chip Growth Commingled Pool
By: Fidelity Institutional Asset Management Trust Company, as Trustee(3) |
| | | | 33,932 | | | | |
|
—
|
| | | | | 33,932 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Blue Chip Growth Institutional Trust
By: Its manager Fidelity Investments Canada ULC(3) |
| | | | 3,313 | | | | |
|
—
|
| | | | | 3,313 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity NorthStar Fund, by its
manager Fidelity Investments Canada ULC(3) |
| | | | 116,677 | | | | |
|
—
|
| | | | | 116,677 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Securities Fund: Fidelity Blue Chip Growth Fund(3)
|
| | | | 1,101,428 | | | | |
|
—
|
| | | | | 1,101,428 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund(3)
|
| | | | 120,038 | | | | |
|
—
|
| | | | | 120,038 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Securities Fund: Fidelity Flex Large Cap Growth Fund(3)
|
| | | | 1,992 | | | | |
|
—
|
| | | | | 1,992 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund(3)
|
| | | | 142,573 | | | | |
|
—
|
| | | | | 142,573 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity Select Portfolios: Select
Automotive Portfolio(3) |
| | | | 13,786 | | | | |
|
—
|
| | | | | 13,786 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Fidelity U.S. Growth Opportunities Investment Trust(3)
|
| | | | 21,198 | | | | |
|
—
|
| | | | | 21,198 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
G. Richard Wagoner, Jr.(4)
|
| | | | 20,000 | | | | |
|
—
|
| | | | | 20,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
HBK Master Fund L.P.(5)
|
| | | | 500,000 | | | | |
|
—
|
| | | | | 500,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Jane Street Global Trading, LLC(6)
|
| | | | 1,001,119 | | | | |
|
—
|
| | | | | 1,000,000 | | | | |
|
—
|
| | | | | 1,119 | | | | |
|
*
|
| | | |
|
—
|
| | | |
|
—
|
| |
KAR Auction Services, Inc.(7)
|
| | | | 7,888,275 | | | | |
|
—
|
| | | | | 7,888,275 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Lugard Road Capital Master Fund, LP(8)
|
| | | | 477,230 | | | | |
|
—
|
| | | | | 477,230 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Luxor Capital Partners, LP(9)
|
| | | | 470,276 | | | | |
|
—
|
| | | | | 470,276 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Redemption Date
(period to expiration of warrants) |
| |
Fair Market Value of Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
$18.00
|
| |||||||||||||||||||||||||||||
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.365 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.365 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.365 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.365 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.365 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.364 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.364 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.364 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.364 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.364 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.364 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.364 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.364 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.363 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.363 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.363 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.362 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.362 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| CarLotz, Inc. Audited Financial Statements | | | | | | | |
|
Audited Consolidated Financial Statements for the years ended December 31, 2019, 2018 and
2017 |
| | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| CarLotz, Inc. Unaudited Condensed Financial Statements | | | | | | | |
|
Unaudited Condensed Consolidated Financial Statements as of September 30, 2020
|
| | | | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | | |
| | | | | F-35 | | | |
| | | | | F-36 | | | |
| | | | | F-37 | | | |
| | | | | F-39 | | |
| Acamar Partners Acquisition Corp. Audited Financial Statements | | | | | | | |
|
Audited Financial Statements for the Years Ended December 31, 2019 and for the period from November 7, 2018 (inception) to December 31, 2018
|
| | | | | | |
| | | | | F-58 | | | |
| | | | | F-59 | | | |
| | | | | F-60 | | | |
| | | | | F-61 | | | |
| | | | | F-62 | | | |
| | | | | F-63 | | | |
| Acamar Partners Acquisition Corp. Unaudited Condensed Financial Statements | | | | | | | |
| | | | | F-76 | | | |
| | | | | F-77 | | | |
| | | | | F-78 | | | |
| | | | | F-79 | | | |
| | | | | F-80 | | |
| | |
2019
|
| |
2018
|
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,214 | | | | | $ | 1,019 | | |
Restricted cash
|
| | | | 888 | | | | | | 551 | | |
Accounts receivable, net
|
| | | | 3,256 | | | | | | 2,412 | | |
Inventories
|
| | | | 7,625 | | | | | | 10,160 | | |
Other current assets
|
| | | | 234 | | | | | | 228 | | |
Total Current Assets
|
| | | | 15,217 | | | | | | 14,370 | | |
Property and equipment, net
|
| | | | 631 | | | | | | 1,030 | | |
Lease vehicles, net
|
| | | | 444 | | | | | | 731 | | |
Other assets
|
| | | | 343 | | | | | | 305 | | |
Total Assets
|
| | | $ | 16,635 | | | | | $ | 16,436 | | |
Liabilities, Redeemable Convertible Preferred Stock, Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Long-term debt, current
|
| | | $ | 2,825 | | | | | $ | 6 | | |
Floor plan notes payable
|
| | | | 6,739 | | | | | | 8,697 | | |
Promissory note
|
| | | | — | | | | | | 418 | | |
Accounts payable
|
| | | | 2,134 | | | | | | 742 | | |
Accrued expenses
|
| | | | 1,576 | | | | | | 1,051 | | |
Accrued expenses – related party
|
| | | | 3,102 | | | | | | 1,351 | | |
Other current liabilities
|
| | | | 434 | | | | | | 205 | | |
Total Current Liabilities
|
| | | | 16,810 | | | | | | 12,470 | | |
Long-term debt, less current portion
|
| | | | — | | | | | | 11 | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | 3,755 | | | | | | 3,261 | | |
Other liabilities
|
| | | | 931 | | | | | | 301 | | |
Total Liabilities
|
| | | | 21,496 | | | | | | 16,043 | | |
Commitments and Contingencies (Note 16)
|
| | | | — | | | | | | — | | |
Redeemable Convertible Preferred Stock: | | | | | | | | | | | | | |
Series A Preferred Stock $0.001 stated value; authorized 3,052,127 shares; issued and
outstanding 2,034,751 and 1,220,851 shares, as of December 31, 2019 and 2018, respectively; aggregate liquidation preference of approximately $34,300 and $19,931 as of December 31, 2019 and 2018, respectively |
| | | | 17,560 | | | | | | 8,670 | | |
Stockholders’ Equity (Deficit): | | | | | | | | | | | | | |
Common stock, $0.001 par value; authorized 7,600,000 shares, issued 3,869,118 shares, and outstanding 3,716,526 shares
|
| | | | 4 | | | | | | 4 | | |
Additional paid-in capital
|
| | | | 6,560 | | | | | | 8,026 | | |
Accumulated deficit
|
| | | | (27,485) | | | | | | (14,807) | | |
Treasury stock, $0.001 par value; 152,592 shares
|
| | | | (1,500) | | | | | | (1,500) | | |
Total Stockholders’ Equity (Deficit)
|
| | | | (22,421) | | | | | | (8,277) | | |
Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
|
| | | $ | 16,635 | | | | | $ | 16,436 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Revenues: | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 90,382 | | | | | $ | 53,448 | | | | | $ | 41,758 | | |
Wholesale vehicle sales
|
| | | | 8,454 | | | | | | 3,153 | | | | | | 1,340 | | |
Finance and insurance, net
|
| | | | 3,117 | | | | | | 1,608 | | | | | | 974 | | |
Lease income, net
|
| | | | 533 | | | | | | 142 | | | | | | — | | |
Total Revenues
|
| | | | 102,486 | | | | | | 58,351 | | | | | | 44,072 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 93,780 | | | | | | 52,708 | | | | | | 38,519 | | |
Gross Profit
|
| | | | 8,706 | | | | | | 5,643 | | | | | | 5,553 | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 18,305 | | | | | | 11,661 | | | | | | 7,254 | | |
Depreciation expense
|
| | | | 504 | | | | | | 338 | | | | | | 218 | | |
Management fee expense – related party
|
| | | | 250 | | | | | | 250 | | | | | | 73 | | |
Total Operating Expenses
|
| | | | 19,059 | | | | | | 12,249 | | | | | | 7,545 | | |
Loss from Operations
|
| | | | (10,353) | | | | | | (6,606) | | | | | | (1,992) | | |
Interest Expense
|
| | | | 651 | | | | | | 466 | | | | | | 414 | | |
Other Income (Expense), net | | | | | | | | | | | | | | | | | | | |
Management fee income – related party
|
| | | | — | | | | | | 127 | | | | | | 180 | | |
Change in fair value of warrants liability
|
| | | | 24 | | | | | | (2) | | | | | | 50 | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | (1,396) | | | | | | (272) | | | | | | (79) | | |
Other income (expense)
|
| | | | (291) | | | | | | 662 | | | | | | (210) | | |
Total Other Income (Expense), net
|
| | | | (1,663) | | | | | | 515 | | | | | | (59) | | |
Loss Before Income Tax Expense
|
| | | | (12,667) | | | | | | (6,557) | | | | | | (2,465) | | |
Income Tax Expense
|
| | | | 11 | | | | | | 3 | | | | | | 4 | | |
Net Loss
|
| | | $ | (12,678) | | | | | $ | (6,560) | | | | | $ | (2,469) | | |
Redeemable convertible preferred stock dividends (undeclared and
cumulative) |
| | | | (1,579) | | | | | | (1,014) | | | | | | (274) | | |
Net loss attributable to common stockholders
|
| | | $ | (14,257) | | | | | $ | (7,574) | | | | | $ | (2,743) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (3.84) | | | | | $ | (2.04) | | | | | $ | (0.75) | | |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
|
| | | | 3,716,526 | | | | | | 3,716,526 | | | | | | 3,660,679 | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Treasury Stock
|
| |
Stockholders’
Equity (Deficit) |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance January 1, 2017
|
| | | | — | | | | | $ | — | | | | | | | 3,638,126 | | | | | $ | 4 | | | | | $ | 6,993 | | | | | $ | (5,778) | | | | | | — | | | | | $ | — | | | | | $ | 1,219 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,469) | | | | | | — | | | | | | — | | | | | | (2,469) | | |
Purchase of treasury stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (152,592) | | | | | | (1,500) | | | | | | (1,500) | | |
Conversion of debt to equity
|
| | | | — | | | | | | — | | | | | | | 230,992 | | | | | | — | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,000 | | |
Redeemable convertible preferred
stock issuance |
| | | | 1,220,851 | | | | | | 8,670 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accrued dividends on redeemable
convertible preferred stock |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (274) | | | | | | — | | | | | | — | | | | | | — | | | | | | (274) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 170 | | | | | | — | | | | | | — | | | | | | — | | | | | | 170 | | |
Balance December 31, 2017
|
| | | | 1,220,851 | | | | | $ | 8,670 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 8,889 | | | | | $ | (8,247) | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (854) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,560) | | | | | | — | | | | | | — | | | | | | (6,560) | | |
Accrued dividends on redeemable
convertible preferred stock |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,014) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,014) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 151 | | | | | | — | | | | | | — | | | | | | — | | | | | | 151 | | |
Balance December 31, 2018
|
| | | | 1,220,851 | | | | | $ | 8,670 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 8,026 | | | | | $ | (14,807) | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (8,277) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,678) | | | | | | — | | | | | | — | | | | | | (12,678) | | |
Redeemable convertible preferred
stock issuance |
| | | | 813,900 | | | | | | 8,890 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accrued dividends on redeemable
convertible preferred stock |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,579) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,579) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 113 | | | | | | — | | | | | | — | | | | | | — | | | | | | 113 | | |
Balance December 31, 2019
|
| | | | 2,034,751 | | | | | $ | 17,560 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 6,560 | | | | | $ | (27,485) | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (22,421) | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Cash Flow from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (12,678) | | | | | $ | (6,560) | | | | | $ | (2,469) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | | | | | | | |
Depreciation – property and equipment
|
| | | | 260 | | | | | | 253 | | | | | | 218 | | |
Depreciation – lease vehicles
|
| | | | 244 | | | | | | 85 | | | | | | — | | |
Loss on disposition of property and equipment
|
| | | | 321 | | | | | | — | | | | | | 44 | | |
Gain on sale of lease vehicles
|
| | | | — | | | | | | (16) | | | | | | — | | |
Provision for doubtful accounts
|
| | | | (14) | | | | | | (30) | | | | | | 51 | | |
Share-based compensation expense
|
| | | | 113 | | | | | | 151 | | | | | | 170 | | |
Change in fair value of warrants liability
|
| | | | (24) | | | | | | 2 | | | | | | (50) | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | 1,396 | | | | | | 272 | | | | | | 79 | | |
Other
|
| | | | — | | | | | | (599) | | | | | | 177 | | |
Change in Operating Assets and Liabilities:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (830) | | | | | | (706) | | | | | | (636) | | |
Inventories
|
| | | | 2,883 | | | | | | (4,810) | | | | | | (2,855) | | |
Other current assets
|
| | | | (6) | | | | | | 48 | | | | | | (63) | | |
Other assets
|
| | | | (38) | | | | | | (164) | | | | | | (60) | | |
Accounts payable
|
| | | | 1,392 | | | | | | 223 | | | | | | (79) | | |
Accrued expenses
|
| | | | 525 | | | | | | 133 | | | | | | 3 | | |
Accrued expenses – related party
|
| | | | 172 | | | | | | (9) | | | | | | 72 | | |
Other current liabilities
|
| | | | 229 | | | | | | 20 | | | | | | (108) | | |
Other liabilities
|
| | | | 582 | | | | | | (54) | | | | | | 183 | | |
Net Cash Used in Operating Activities
|
| | | | (5,473) | | | | | | (11,761) | | | | | | (5,323) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | | |
Cash related to consolidation of Orange Grove
|
| | | | — | | | | | | 5 | | | | | | — | | |
Purchase of property and equipment
|
| | | | (235) | | | | | | (474) | | | | | | (204) | | |
Proceeds from sale of lease vehicles
|
| | | | — | | | | | | 119 | | | | | | — | | |
Purchase of lease vehicles
|
| | | | (252) | | | | | | (12) | | | | | | — | | |
Net Cash Used in Investing Activities
|
| | | | (487) | | | | | | (362) | | | | | | (204) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Issuance of redeemable convertible preferred stock, net
|
| | | | 7,988 | | | | | | — | | | | | | 11,580 | | |
Purchase of treasury stock
|
| | | | — | | | | | | — | | | | | | (1,500) | | |
Payments made on long-term debt
|
| | | | (8) | | | | | | (4) | | | | | | — | | |
Borrowings on long-term debt
|
| | | | 3,000 | | | | | | — | | | | | | — | | |
Payments of debt issuance costs
|
| | | | (112) | | | | | | — | | | | | | — | | |
Payments on floor plan notes payable
|
| | | | (41,711) | | | | | | (24,567) | | | | | | (11,531) | | |
Borrowings on floor plan notes payable
|
| | | | 39,753 | | | | | | 29,171 | | | | | | 14,160 | | |
Payments made on promissory note
|
| | | | (418) | | | | | | (97) | | | | | | — | | |
Net Cash Provided by Financing Activities
|
| | | | 8,492 | | | | | | 4,503 | | | | | | 12,709 | | |
Net Change in Cash and Cash Equivalents and Restricted Cash
|
| | | | 2,532 | | | | | | (7,620) | | | | | | 7,182 | | |
Cash and cash equivalents and restricted cash, beginning
|
| | | | 1,570 | | | | | | 9,190 | | | | | | 2,008 | | |
Cash and cash equivalents and restricted cash, ending
|
| | | $ | 4,102 | | | | | $ | 1,570 | | | | | $ | 9,190 | | |
Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 684 | | | | | $ | 436 | | | | | $ | 441 | | |
Supplementary Schedule of Non-cash Investing and Financing Activities: | | | | | | | | | | | | | | | | | | | |
Transfer from property and equipment to inventory
|
| | | $ | 53 | | | | | $ | 26 | | | | | $ | — | | |
Transfer from lease vehicles to inventory
|
| | | $ | 295 | | | | | $ | — | | | | | $ | — | | |
Redeemable convertible preferred stock distributions accrued
|
| | | $ | 1,579 | | | | | $ | 1,014 | | | | | $ | 274 | | |
Purchase of property and equipment with long-term debt
|
| | | $ | — | | | | | $ | 21 | | | | | $ | — | | |
Conversion from debt to equity
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,000 | | |
Promissory note based on consolidation of Orange Grove
|
| | | $ | — | | | | | $ | 515 | | | | | $ | — | | |
Issuance of common stock warrants
|
| | | $ | 72 | | | | | $ | — | | | | | $ | — | | |
Settlement of redeemable convertible preferred stock tranche obligation
|
| | | $ | (902) | | | | | $ | — | | | | | $ | — | | |
Issuance date fair value of redeemable convertible preferred stock tranche obligation
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,910 | | |
| Leasehold Improvements | | | Lesser of 15 years or underlying lease terms | |
| Equipment, Furniture, and Fixtures | | | 1 – 5 years | |
| Corporate Vehicles | | | 5 years | |
| | |
2019
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 90,382 | | | | | $ | — | | | | | $ | 90,382 | | |
Wholesale vehicle sales
|
| | | | 8,454 | | | | | | — | | | | | | 8,454 | | |
Finance and insurance, net
|
| | | | 3,117 | | | | | | — | | | | | | 3,117 | | |
Lease income, net
|
| | | | — | | | | | | 533 | | | | | | 533 | | |
Total Revenues
|
| | | $ | 101,953 | | | | | $ | 533 | | | | | $ | 102,486 | | |
| | |
2018
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 53,448 | | | | | $ | — | | | | | $ | 53,448 | | |
Wholesale vehicle sales
|
| | | | 3,153 | | | | | | — | | | | | | 3,153 | | |
Finance and insurance, net
|
| | | | 1,608 | | | | | | — | | | | | | 1,608 | | |
Lease income, net
|
| | | | — | | | | | | 142 | | | | | | 142 | | |
Total Revenues
|
| | | $ | 58,209 | | | | | $ | 142 | | | | | $ | 58,351 | | |
| | |
2017
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 41,758 | | | | | $ | — | | | | | $ | 41,758 | | |
Wholesale vehicle sales
|
| | | | 1,340 | | | | | | — | | | | | | 1,340 | | |
Finance and insurance, net
|
| | | | 974 | | | | | | — | | | | | | 974 | | |
Lease income, net
|
| | | | — | | | | | | — | | | | | | — | | |
Total Revenues
|
| | | $ | 44,072 | | | | | $ | — | | | | | $ | 44,072 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Retail vehicles: | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 90,382 | | | | | $ | 53,448 | | | | | $ | 41,758 | | |
Retail vehicle cost of sales
|
| | | | 84,534 | | | | | | 48,523 | | | | | | 36,679 | | |
Gross Profit – Retail Vehicles
|
| | | $ | 5,848 | | | | | $ | 4,925 | | | | | $ | 5,079 | | |
Wholesale vehicles: | | | | | | | | | | | | | | | | | | | |
Wholesale vehicle sales
|
| | | $ | 8,454 | | | | | $ | 3,153 | | | | | $ | 1,340 | | |
Wholesale vehicle cost of sales
|
| | | | 9,246 | | | | | | 4,185 | | | | | | 1,840 | | |
Gross Profit – Wholesale Vehicles
|
| | | $ | (792) | | | | | $ | (1,032) | | | | | $ | (500) | | |
| | |
2019
|
| |||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 688 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | — | | | | | | 3,755 | | |
Stock warrants liability
|
| | | | — | | | | | | — | | | | | | 115 | | |
Total Liabilities:
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,870 | | |
| | |
2018
|
| |||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 351 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | — | | | | | | 3,261 | | |
Stock warrants liability
|
| | | | — | | | | | | — | | | | | | 67 | | |
Total Liabilities:
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,328 | | |
Year-ended December 31, 2019
|
| |
January 1,
|
| |
Issuances
|
| |
Settlements
|
| |
Change in
Fair Value |
| |
December 31,
|
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 3,261 | | | | | $ | — | | | | | $ | (902) | | | | | $ | 1,396 | | | | | $ | 3,755 | | |
Stock warrants liability
|
| | | | 67 | | | | | | 72 | | | | | | — | | | | | | (24) | | | | | | 115 | | |
Total
|
| | | $ | 3,328 | | | | | $ | 72 | | | | | $ | (902) | | | | | $ | 1,372 | | | | | $ | 3,870 | | |
Year-ended December 31, 2018
|
| |
January 1,
|
| |
Issuances
|
| |
Settlements
|
| |
Change in
Fair Value |
| |
December 31,
|
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 2,989 | | | | | $ | — | | | | | $ | — | | | | | $ | 272 | | | | | $ | 3,261 | | |
Stock warrants liability
|
| | | | 65 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 67 | | |
Total
|
| | | $ | 3,054 | | | | | $ | — | | | | | $ | — | | | | | $ | 274 | | | | | $ | 3,328 | | |
| | |
2019
|
| |
2018
|
|
Expected volatility
|
| |
45.00%
|
| |
60.00%
|
|
Expected dividend yield
|
| |
0.00%
|
| |
0.00%
|
|
Expected term (in years)
|
| |
5 years
|
| |
6 years
|
|
Risk-free interest rate
|
| |
1.69%
|
| |
2.55%
|
|
Marketability discount
|
| |
50.00%
|
| |
60.00%
|
|
| | |
2019
|
| |
2018
|
| ||||||
Contracts in transit
|
| | | $ | 2,645 | | | | | $ | 2,098 | | |
Trade
|
| | | | 202 | | | | | | 261 | | |
Finance commission
|
| | | | 87 | | | | | | 69 | | |
Other
|
| | | | 349 | | | | | | 25 | | |
Total
|
| | | | 3,283 | | | | | | 2,453 | | |
Allowance for doubtful accounts
|
| | | | (27) | | | | | | (41) | | |
Total Accounts Receivable, net
|
| | | $ | 3,256 | | | | | $ | 2,412 | | |
| | |
2019
|
| |
2018
|
| ||||||
Used vehicles
|
| | | $ | 7,592 | | | | | $ | 10,069 | | |
Parts
|
| | | | 33 | | | | | | 91 | | |
Total | | | | $ | 7,625 | | | | | $ | 10,160 | | |
| | |
2019
|
| |
2018
|
| ||||||
Leasehold improvements
|
| | | $ | 688 | | | | | $ | 1,096 | | |
Furniture, fixtures, and equipment
|
| | | | 715 | | | | | | 723 | | |
Corporate vehicles
|
| | | | 104 | | | | | | 201 | | |
Total property and equipment
|
| | | | 1,507 | | | | | | 2,020 | | |
Less: accumulated depreciation
|
| | | | (876) | | | | | | (990) | | |
Property and Equipment, net
|
| | | $ | 631 | | | | | $ | 1,030 | | |
| | |
2019
|
| |
2018
|
| ||||||
Vehicles
|
| | | $ | 1,083 | | | | | $ | 1,333 | | |
Less: accumulated depreciation
|
| | | | (639) | | | | | | (602) | | |
Total Lease Vehicles, net
|
| | | $ | 444 | | | | | $ | 731 | | |
Year
|
| |
Minimum Rental Receipts
Under Operating Leases |
| |||
2020
|
| | | $ | 149 | | |
2021
|
| | | | 25 | | |
2022
|
| | | | 8 | | |
2023
|
| | | | 2 | | |
Total | | | | $ | 184 | | |
| | |
2019
|
| |
2018
|
| ||||||
Other Current Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 13 | | | | | $ | 41 | | |
Deferred acquisition costs
|
| | | | 32 | | | | | | 12 | | |
Prepaid expenses
|
| | | | 189 | | | | | | 175 | | |
Total Other Current Assets
|
| | | $ | 234 | | | | | $ | 228 | | |
Other Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 38 | | | | | $ | 39 | | |
Deferred acquisition costs
|
| | | | 50 | | | | | | 10 | | |
Security deposits
|
| | | | 255 | | | | | | 256 | | |
Total Other Assets
|
| | | $ | 343 | | | | | $ | 305 | | |
| | |
2019
|
| |
2018
|
| ||||||
Beginning
|
| | | $ | 22 | | | | | $ | 22 | | |
Written
|
| | | | 93 | | | | | | 16 | | |
Amortized
|
| | | | (33) | | | | | | (16) | | |
Ending
|
| | | | 82 | | | | | | 22 | | |
Less: current portion
|
| | | | 32 | | | | | | 12 | | |
Non-current
|
| | | | 50 | | | | | | 10 | | |
Total Deferred Acquisition Costs
|
| | | $ | 82 | | | | | $ | 22 | | |
| | |
2019
|
| |
2018
|
| ||||||
Term note payable
|
| | | $ | 9 | | | | | $ | 17 | | |
Convertible notes payable, net
|
| | | | 2,816 | | | | | | — | | |
| | | | | 2,825 | | | | | | 17 | | |
Current portion of long-term debt
|
| | | | (2,825) | | | | | | (6) | | |
Long-term Debt
|
| | | $ | — | | | | | $ | 11 | | |
|
Maturity
|
| |
5 years
|
|
|
Risk-free interest rate
|
| |
1.69%
|
|
|
Volatility
|
| |
60.00%
|
|
|
Dividend yield
|
| |
0.00%
|
|
|
Weighted average fair value per share
|
| |
1.81
|
|
| | |
2019
|
| |
2018
|
| ||||||
Stock warrants outstanding
|
| | | | 23,460 | | | | | | 23,460 | | |
Stock warrants issued with convertible notes payable
|
| | | | 45,121 | | | | | | — | | |
Stock warrants cancelled
|
| | | | — | | | | | | — | | |
Stock warrants exercised
|
| | | | — | | | | | | — | | |
Stock warrants vested
|
| | | | 68,581 | | | | | | 23,460 | | |
| | |
2019
|
| |
2018
|
| ||||||
License and title fees
|
| | | $ | 399 | | | | | $ | 203 | | |
Payroll and bonuses
|
| | | | 388 | | | | | | 308 | | |
Deferred rent
|
| | | | 300 | | | | | | 255 | | |
Other accrued expenses
|
| | | | 489 | | | | | | 285 | | |
Total Accrued Expenses
|
| | | $ | 1,576 | | | | | $ | 1,051 | | |
| | |
2019
|
| |
2018
|
| ||||||
Other Liabilities, Current | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | $ | 434 | | | | | $ | 205 | | |
Other Liabilities | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | | 719 | | | | | | 172 | | |
Other long-term liabilities
|
| | | | 97 | | | | | | 62 | | |
Stock warrants liability
|
| | | | 115 | | | | | | 67 | | |
Other Liabilities, Long-term
|
| | | $ | 931 | | | | | $ | 301 | | |
| | |
Total Per Year
|
| |||
2020
|
| | | $ | 1,976 | | |
2021
|
| | | | 1,963 | | |
2022
|
| | | | 1,995 | | |
2023
|
| | | | 1,830 | | |
2024
|
| | | | 878 | | |
Thereafter
|
| | | | 1,409 | | |
Total
|
| | | $ | 10,051 | | |
| | |
Payments Due
to Third Parties |
| |
Future Receipts
|
| ||||||
2020
|
| | | $ | 979 | | | | | $ | 1,609 | | |
2021
|
| | | | 819 | | | | | | 1,315 | | |
2022
|
| | | | 398 | | | | | | 634 | | |
2023
|
| | | | 129 | | | | | | 192 | | |
2024
|
| | | | 12 | | | | | | 18 | | |
Total
|
| | | $ | 2,337 | | | | | $ | 3,768 | | |
| | |
2017
|
|
Expected volatility
|
| |
80.00%
|
|
Expected dividend yield
|
| |
0.00%
|
|
Expected term (in years)
|
| |
5 years
|
|
Risk-free interest rate
|
| |
1.94%
|
|
| | |
Number of
Options |
| |
Weighted
Averaged Exercise Price |
| ||||||
Balance (January 1, 2017)
|
| | | | 145,000 | | | | | $ | 5.86 | | |
Granted
|
| | | | 30,150 | | | | | | 6.82 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (December 31, 2017)
|
| | | | 175,150 | | | | | | 5.99 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | (13,500) | | | | | | 5.56 | | |
Balance (December 31, 2018)
|
| | | | 161,650 | | | | | | 6.07 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | (7,500) | | | | | | 6.82 | | |
Balance (December 31, 2019)
|
| | | | 154,150 | | | | | | 6.03 | | |
Vested (as of December 31, 2019)
|
| | | | 136,450 | | | | | $ | 5.93 | | |
| | |
Number of
Options |
| |
Weighted
Average Remaining Contractual Life |
| |
Weighted
Average Exercise Price |
| ||||||
Outstanding
|
| | | | 154,150 | | | |
2.67 years
|
| | | $ | 6.03 | | |
Exercisable
|
| | | | 136,450 | | | |
2.67 years
|
| | | $ | 5.93 | | |
| | |
Number of
Units |
| |
Weighted
Averaged Exercise Price |
| ||||||
Balance (January 1, 2018)
|
| | | | — | | | | | | — | | |
Granted
|
| | | | 261,552 | | | | | $ | 9.82 | | |
Forfeited
|
| | | | (6,500) | | | | | | 9.82 | | |
Balance (December 31, 2018)
|
| | | | 255,052 | | | | | | 9.82 | | |
Granted
|
| | | | 154,000 | | | | | | 9.82 | | |
Forfeited
|
| | | | (129,876) | | | | | | 9.82 | | |
Balance (December 31, 2019)
|
| | | | 279,176 | | | | | $ | 9.82 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Current Income Tax Expense: | | | | | | | | | | | | | | | | | | | |
Federal | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
State and local
|
| | | | 11 | | | | | | 3 | | | | | | 4 | | |
Total Current Income Tax Expense
|
| | | | 11 | | | | | | 3 | | | | | | 4 | | |
Deferred Income Tax Expense: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | | | | | — | | |
State and local
|
| | | | — | | | | | | — | | | | | | — | | |
Total Income Tax Expense
|
| | | $ | 11 | | | | | $ | 3 | | | | | $ | 4 | | |
| | |
2019
|
| |
2018
|
| ||||||
Deferred Tax Assets: | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 5,881 | | | | | $ | 3,259 | | |
Contract expense
|
| | | | 262 | | | | | | 307 | | |
Other
|
| | | | 809 | | | | | | 569 | | |
Total deferred tax assets
|
| | | | 6,952 | | | | | | 4,135 | | |
Less: valuation allowance
|
| | | | (6,910) | | | | | | (3,986) | | |
Net Deferred Tax Assets
|
| | | | 42 | | | | | | 149 | | |
Deferred Tax Liabilities | | | | | | | | | | | | | |
Fixed assets
|
| | | | (42) | | | | | | (149) | | |
Total deferred tax liabilities
|
| | | | (42) | | | | | | (149) | | |
Net Deferred Tax Liabilities
|
| | | | (42) | | | | | | (149) | | |
Net Deferred Tax Assets/Liabilities
|
| | | $ | — | | | | | $ | — | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
January 1, | | | | $ | 3,986 | | | | | $ | 2,008 | | | | | $ | 2,116 | | |
Additions – Charged
|
| | | | 2,924 | | | | | | 1,731 | | | | | | — | | |
Deductions – Charged
|
| | | | — | | | | | | — | | | | | | (108) | | |
Other
|
| | | | | | | | | | 247 | | | | | | | | |
December 31, | | | | $ | 6,910 | | | | | $ | 3,986 | | | | | $ | 2,008 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Loss Before Income Tax Expense
|
| | | $ | (12,667) | | | | | $ | (6,557) | | | | | $ | (2,465) | | |
Income tax benefit at federal statutory rates
|
| | | | (2,660) | | | | | | (1,377) | | | | | | (838) | | |
State and local income taxes
|
| | | | (471) | | | | | | (238) | | | | | | (81) | | |
Investment remeasurement
|
| | | | — | | | | | | (126) | | | | | | — | | |
Valuation allowances
|
| | | | 2,924 | | | | | | 1,731 | | | | | | (108) | | |
Impact of federal rate change
|
| | | | — | | | | | | — | | | | | | 991 | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | 293 | | | | | | 57 | | | | | | 27 | | |
Other
|
| | | | (75) | | | | | | (44) | | | | | | 13 | | |
Total Income Tax Expense
|
| | | $ | 11 | | | | | $ | 3 | | | | | $ | 4 | | |
Effective Tax Rate
|
| | | | (.09)% | | | | | | (.05)% | | | | | | (.16)% | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (12,678) | | | | | $ | (6,560) | | | | | $ | (2,469) | | |
Redeemable Convertible Preferred Stock dividends (undeclared and cumulative)
|
| | | | (1,579) | | | | | | (1,014) | | | | | | (274) | | |
Net loss attributable to common stockholders
|
| | | | (14,257) | | | | | | (7,574) | | | | | | (2,743) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 3,716,526 | | | | | | 3,716,526 | | | | | | 3,660,679 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (3.84) | | | | | $ | (2.04) | | | | | $ | (0.75) | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Redeemable Convertible Preferred Stock outstanding
|
| | | | 2,034,751 | | | | | | 1,220,851 | | | | | | 1,220,851 | | |
Convertible notes payable
|
| | | | 282,211 | | | | | | — | | | | | | — | | |
Stock warrants
|
| | | | 68,581 | | | | | | 23,460 | | | | | | 22,985 | | |
Stock options outstanding to purchase shares of common stock
|
| | | | 433,326 | | | | | | 416,702 | | | | | | 175,150 | | |
Total | | | | | 2,818,869 | | | | | | 1,661,013 | | | | | | 1,418,986 | | |
| | |
Total purchases from vendor to total purchases
for the year ended December 31, |
| |||||||||||||||
Vendor
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Vendor A
|
| | | | —% | | | | | | —% | | | | | | 12% | | |
Vendor B
|
| | | | 12% | | | | | | —% | | | | | | —% | | |
| | |
Accounts payable to the
vendor as of December 31, |
| |||||||||
Vendor
|
| |
2019
|
| |
2018
|
| ||||||
Vendor A
|
| | | $ | — | | | | | $ | — | | |
Vendor B
|
| | | $ | 257 | | | | | $ | — | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,742 | | | | | $ | 3,214 | | |
Restricted cash
|
| | | | 461 | | | | | | 888 | | |
Marketable securities – at fair value
|
| | | | 975 | | | | | | — | | |
Accounts receivable, net
|
| | | | 2,961 | | | | | | 3,256 | | |
Inventories
|
| | | | 8,426 | | | | | | 7,625 | | |
Other current assets
|
| | | | 481 | | | | | | 234 | | |
Total Current Assets
|
| | | | 17,046 | | | | | | 15,217 | | |
Property and equipment, net
|
| | | | 519 | | | | | | 631 | | |
Lease vehicles, net
|
| | | | 200 | | | | | | 444 | | |
Other assets
|
| | | | 315 | | | | | | 343 | | |
Total Assets
|
| | | $ | 18,080 | | | | | $ | 16,635 | | |
Liabilities, Redeemable Convertible Preferred Stock, Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Long-term debt, current
|
| | | $ | 3,321 | | | | | $ | 2,825 | | |
Floor plan notes payable
|
| | | | 6,696 | | | | | | 6,739 | | |
Accounts payable
|
| | | | 3,027 | | | | | | 2,134 | | |
Accrued expenses
|
| | | | 2,347 | | | | | | 1,576 | | |
Accrued expenses – related party
|
| | | | 4,576 | | | | | | 3,102 | | |
Other current liabilities
|
| | | | 319 | | | | | | 434 | | |
Total Current Liabilities
|
| | | | 20,286 | | | | | | 16,810 | | |
Long-term debt, less current portion
|
| | | | 1,749 | | | | | | — | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | 2,793 | | | | | | 3,755 | | |
Other liabilities
|
| | | | 1,672 | | | | | | 931 | | |
Total Liabilities
|
| | | | 26,500 | | | | | | 21,496 | | |
Commitments and Contingencies (Note 16)
|
| | | | — | | | | | | — | | |
Redeemable Convertible Preferred Stock: | | | | | | | | | | | | | |
Series A Preferred Stock $0.001 stated value; authorized 3,052,127 shares; issued
and outstanding 2,034,751, as of September 30, 2020 and December 31, 2019; aggregate liquidation preference of $36,388 and $34,300 as of September 30, 2020 and December 31, 2019, respectively |
| | | | 17,560 | | | | | | 17,560 | | |
Stockholders’ Equity (Deficit): | | | | | | | | | | | | | |
Common stock, $0.001 par value; authorized 7,600,000 shares, issued 3,869,118 shares, and outstanding 3,716,526 shares
|
| | | | 4 | | | | | | 4 | | |
Additional paid-in capital
|
| | | | 5,198 | | | | | | 6,560 | | |
Accumulated deficit
|
| | | | (29,698) | | | | | | (27,485) | | |
Accumulated other comprehensive income
|
| | | | 16 | | | | | | — | | |
Treasury stock, $0.001 par value; 152,592 shares
|
| | | | (1,500) | | | | | | (1,500) | | |
Total Stockholders’ Equity (Deficit)
|
| | | | (25,980) | | | | | | (22,421) | | |
Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
|
| | | $ | 18,080 | | | | | $ | 16,635 | | |
| | |
Nine Months
Ended September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Revenues: | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 71,388 | | | | | $ | 66,914 | | |
Wholesale vehicle sales
|
| | | | 7,124 | | | | | | 6,427 | | |
Finance and insurance, net
|
| | | | 2,697 | | | | | | 2,312 | | |
Lease income, net
|
| | | | 373 | | | | | | 416 | | |
Total Revenues
|
| | | | 81,582 | | | | | | 76,069 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 72,805 | | | | | | 69,341 | | |
Gross Profit
|
| | | | 8,777 | | | | | | 6,728 | | |
Operating Expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 11,173 | | | | | | 13,629 | | |
Depreciation expense
|
| | | | 269 | | | | | | 412 | | |
Management fee expense – related party
|
| | | | 195 | | | | | | 186 | | |
Total Operating Expenses
|
| | | | 11,637 | | | | | | 14,227 | | |
Loss from Operations
|
| | | | (2,860) | | | | | | (7,499) | | |
Interest Expense
|
| | | | 360 | | | | | | 518 | | |
Other Income (Expense), net | | | | | | | | | | | | | |
Change in fair value of warrants liability
|
| | | | 30 | | | | | | 18 | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | 962 | | | | | | (336) | | |
Other income (expense)
|
| | | | 28 | | | | | | (227) | | |
Total Other Income (Expense), net
|
| | | | 1,020 | | | | | | (545) | | |
Loss Before Income Tax Expense
|
| | | | (2,200) | | | | | | (8,562) | | |
Income Tax Expense
|
| | | | 12 | | | | | | 7 | | |
Net Loss
|
| | | $ | (2,212) | | | | | $ | (8,569) | | |
Redeemable convertible preferred stock dividends (undeclared and
cumulative) |
| | | | (1,399) | | | | | | (1,128) | | |
Net loss attributable to common stockholders
|
| | | $ | (3,611) | | | | | $ | (9,697) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.97) | | | | | $ | (2.61) | | |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
|
| | | | 3,716,526 | | | | | | 3,716,526 | | |
| | |
Nine Months
Ended September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Net loss
|
| | | $ | (2,212) | | | | | $ | (8,569) | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | |
Unrealized gains on marketable securities arising during the period
|
| | | | 14 | | | | | | — | | |
Tax effect
|
| | | | — | | | | | | — | | |
Unrealized gains on marketable securities arising during the period, net of tax
|
| | | | 14 | | | | | | — | | |
Reclassification adjustment for realized losses
|
| | | | 2 | | | | | | — | | |
Tax effect
|
| | | | — | | | | | | — | | |
Reclassification adjustment for realized losses, net of tax
|
| | | | 2 | | | | | | — | | |
Other Comprehensive Income, net of tax
|
| | | | 16 | | | | |
|
—
|
| |
Total Comprehensive Income
|
| | | $ | (2,196) | | | | | $ | (8,569) | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Treasury Stock
|
| |
Stockholders’
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | |
Shares
|
| |
Amount
|
| | | | | | | ||||||||||||||||||
Balance December 31, 2019
|
| | | | 2,034,751 | | | | | $ | 17,560 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 6,560 | | | | | $ | (27,485) | | | | | $ | — | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (22,421) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,212) | | | | | | | | | | | | — | | | | | | — | | | | | | (2,212) | | |
Other comprehensive income, net of
tax |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16 | | | | | | — | | | | | | — | | | | | | 16 | | |
Accrued dividends on redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,399) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,399) | | |
Stock-based compensation
|
| | | | — | | | | | | | | | | | | | — | | | | | | — | | | | | | 37 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37 | | |
Balance September 30, 2020
|
| | | | 2,034,751 | | | | | $ | 17,560 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 5,198 | | | | | $ | (29,697) | | | | | $ | 16 | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (25,979) | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Treasury Stock
|
| |
Stockholders’
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| | | | | | | | | | | | | | | | | | | |
Shares
|
| |
Amount
|
| | | | | | | ||||||||||||||||||
Balance December 31, 2018
|
| | | | 1,220,851 | | | | | $ | 8,670 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 8,026 | | | | | $ | (14,807) | | | | | $ | — | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (8,277) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,569) | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,569) | | |
Redeemable convertible preferred stock issuance
|
| | | | 813,900 | | | | | | 8,890 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accrued dividends on redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,128) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,128) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 45 | | |
Balance September 30, 2019
|
| | | | 2,034,751 | | | | | $ | 17,560 | | | | | | | 3,869,118 | | | | | $ | 4 | | | | | $ | 6,943 | | | | | $ | (23,376) | | | | | $ | — | | | | | | (152,592) | | | | | $ | (1,500) | | | | | $ | (17,929) | | |
| | |
Nine Months
Ended September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash Flow from Operating Activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,212) | | | | | | (8,569) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | |
Depreciation – property and equipment
|
| | | | 148 | | | | | | 205 | | |
Depreciation – lease vehicles
|
| | | | 121 | | | | | | 207 | | |
Loss on disposition of property and equipment
|
| | | | — | | | | | | 276 | | |
Gain on marketable securities
|
| | | | (13) | | | | | | — | | |
Provision for doubtful accounts
|
| | | | 5 | | | | | | 11 | | |
Share-based compensation expense
|
| | | | 37 | | | | | | 45 | | |
Change in fair value of warrants liability
|
| | | | (30) | | | | | | (18) | | |
Amortization of debt issuance costs and stock warrant
|
| | | | 18 | | | | | | — | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | (962) | | | | | | 336 | | |
Change in Operating Assets and Liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 290 | | | | | | (916) | | |
Inventories
|
| | | | (602) | | | | | | 2,497 | | |
Other current assets
|
| | | | (247) | | | | | | (55) | | |
Other assets
|
| | | | 28 | | | | | | (85) | | |
Accounts payable
|
| | | | 893 | | | | | | 582 | | |
Accrued expenses
|
| | | | 771 | | | | | | 822 | | |
Accrued expenses – related party
|
| | | | 75 | | | | | | — | | |
Other current liabilities
|
| | | | (115) | | | | | | 182 | | |
Other liabilities
|
| | | | 756 | | | | | | 463 | | |
Net Cash Used in Operating Activities
|
| | | | (1,039) | | | | | | (4,017) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (37) | | | | | | (180) | | |
Purchase of marketable securities
|
| | | | (999) | | | | | | — | | |
Proceeds from sales of marketable securities
|
| | | | 53 | | | | | | — | | |
Purchase of lease vehicles
|
| | | | (76) | | | | | | (129) | | |
Net Cash Used in Investing Activities
|
| | | | (1,059) | | | | | | (309) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Issuance of redeemable convertible preferred stock
|
| | | | — | | | | | | 7,988 | | |
Payments made on long-term debt
|
| | | | (7) | | | | | | (336) | | |
Borrowings on long-term debt
|
| | | | 2,249 | | | | | | — | | |
Payments on floor plan notes payable
|
| | | | (16,877) | | | | | | (32,581) | | |
Borrowings on floor plan notes payable
|
| | | | 16,834 | | | | | | 30,489 | | |
Net Cash Provided by Financing Activities
|
| | | | 2,199 | | | | | | 5,560 | | |
Net Change in Cash and Cash Equivalents Including Restricted Cash
|
| | | | 101 | | | | | | 1,234 | | |
Cash and cash equivalents and restricted cash, beginning
|
| | | | 4,102 | | | | | | 1,570 | | |
Cash and cash equivalents and restricted cash, ending
|
| | | $ | 4,203 | | | | | $ | 2,804 | | |
| | |
2020
|
| |
2019
|
| ||||||
Cash paid for interest
|
| | | $ | 248 | | | | | $ | 374 | | |
Supplementary Schedule of Non-cash Investing and Financing Activities: | | | | | | | | | | | | | |
Transfer from property and equipment to inventory
|
| | | $ | — | | | | | $ | 14 | | |
Transfer from lease vehicles to inventory
|
| | | $ | 199 | | | | | $ | 164 | | |
Redeemable convertible preferred stock distributions accrued
|
| | | $ | 1,399 | | | | | $ | 1,128 | | |
Issuance of common stock warrants
|
| | | $ | 15 | | | | | | — | | |
Settlement of redeemable convertible preferred stock tranche obligation
|
| | | $ | — | | | | | $ | (902) | | |
| | |
Nine Months Ended September 30, 2020
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 71,388 | | | | | $ | — | | | | | $ | 71,388 | | |
Wholesale vehicle sales
|
| | | | 7,124 | | | | | | — | | | | | | 7,124 | | |
Finance and insurance, net
|
| | | | 2,697 | | | | | | — | | | | | | 2,697 | | |
Lease income, net
|
| | | | — | | | | | | 373 | | | | | | 373 | | |
Total Revenues
|
| | | $ | 81,209 | | | | | $ | 373 | | | | | $ | 81,582 | | |
| | |
Nine Months Ended September 30, 2019
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 66,914 | | | | | $ | — | | | | | $ | 66,914 | | |
Wholesale vehicle sales
|
| | | | 6,427 | | | | | | — | | | | | | 6,427 | | |
Finance and insurance, net
|
| | | | 2,312 | | | | | | — | | | | | | 2,312 | | |
Lease income, net
|
| | | | — | | | | | | 416 | | | | | | 416 | | |
Total Revenues
|
| | | $ | 75,653 | | | | | $ | 416 | | | | | $ | 76,069 | | |
| | |
2020
|
| |
2019
|
| ||||||
Retail vehicles: | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 71,388 | | | | | $ | 66,914 | | |
Retail vehicle cost of sales
|
| | | | 65,723 | | | | | | 62,264 | | |
Gross Profit – Retail Vehicles
|
| | | $ | 5,665 | | | | | $ | 4,650 | | |
Wholesale vehicles:
|
| | | | | | | | | | | | |
Wholesale vehicle sales
|
| | | $ | 7,124 | | | | | $ | 6,427 | | |
Wholesale vehicle cost of sales
|
| | | | 7,082 | | | | | | 7,077 | | |
Gross Profit – Wholesale Vehicles
|
| | | $ | 42 | | | | | $ | (650) | | |
| | |
Amortized
Cost/ Cost Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Estimated
Fair Value |
| ||||||||||||
U.S. Treasuries
|
| | | $ | 240 | | | | | $ | 7 | | | | | $ | — | | | | | $ | 247 | | |
Corporate bonds
|
| | | | 261 | | | | | | 6 | | | | | | (1) | | | | | | 266 | | |
U.S. states, territories, and political subdivisions
|
| | | | 142 | | | | | | 4 | | | | | | — | | | | | | 146 | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 643 | | | | | $ | 17 | | | | | $ | (1) | | | | | $ | 659 | | |
| | |
Amortized Cost
|
| |
Fair Value
|
| ||||||
Due in one year or less
|
| | | $ | 77 | | | | | $ | 78 | | |
Due after one year through five years
|
| | | | 353 | | | | | | 361 | | |
Due after five years through ten years
|
| | | | 213 | | | | | | 220 | | |
Total | | | | $ | 643 | | | | | $ | 659 | | |
| | |
Less Than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
Corporate bonds
|
| | | $ | 59 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 59 | | | | | $ | (1) | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 59 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 59 | | | | | $ | (1) | | |
| | |
Cost
|
| |
Estimated
Fair Value |
| ||||||
Equity securities
|
| | | $ | 301 | | | | | $ | 316 | | |
| | |
Proceeds
|
| |
Gross
Realized Gains |
| |
Gross
Realized Losses |
| |
Net
Realized Losses |
| ||||||||||||
Fixed maturity debt securities
|
| | | $ | 18 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Equity securities
|
| | | | 35 | | | | | | — | | | | | | (2) | | | | | | (2) | | |
Total Marketable Securities
|
| | | $ | 53 | | | | | $ | — | | | | | $ | (2) | | | | | $ | (2) | | |
| | |
September 30, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 261 | | | | | $ | — | | | | | $ | — | | | | | $ | 261 | | |
Equity securities
|
| | | | 316 | | | | | | — | | | | | | — | | | | | | 316 | | |
Fixed maturity debt securities
|
| | | | 247 | | | | | | 412 | | | | | | | | | | | | 659 | | |
Total Assets:
|
| | | $ | 824 | | | | | $ | 412 | | | | | $ | — | | | | | $ | 1,236 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock tranche obligation
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,793 | | | | | $ | 2,793 | | |
Stock warrants liability
|
| | | | — | | | | | | — | | | | | | 100 | | | | | | 100 | | |
Total Liabilities:
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,893 | | | | | $ | 2,893 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 688 | | | | | $ | — | | | | | $ | — | | | | | $ | 688 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock tranche obligation
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,755 | | | | | $ | 3,755 | | |
Stock warrants liability
|
| | | | — | | | | | | — | | | | | | 115 | | | | | | 115 | | |
Total Liabilities:
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,870 | | | | | $ | 3,870 | | |
| | |
January 1,
2020 |
| |
Issuances
|
| |
Settlements
|
| |
Change in
fair value |
| |
September 30,
2020 |
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 3,755 | | | | | $ | — | | | | | $ | — | | | | | $ | (962) | | | | | $ | 2,793 | | |
Stock warrants liability
|
| | | | 115 | | | | | | 15 | | | | | | — | | | | | | (30) | | | | | | 100 | | |
Total | | | | $ | 3,870 | | | | | $ | 15 | | | | | $ | — | | | | | $ | (992) | | | | | $ | 2,893 | | |
| | |
January 1,
2019 |
| |
Issuances
|
| |
Settlements
|
| |
Change in
fair value |
| |
September 30,
2019 |
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 3,261 | | | | | $ | — | | | | | $ | (902) | | | | | $ | 336 | | | | | $ | 2,695 | | |
Stock warrants liability
|
| | | | 67 | | | | | | — | | | | | | — | | | | | | (18) | | | | | | 49 | | |
Total | | | | $ | 3,328 | | | | | $ | — | | | | | $ | (902) | | | | | $ | 318 | | | | | $ | 2,744 | | |
| | |
September 30, 2020
|
| |
December 31, 2019
|
| ||||||
Expected volatility
|
| | | | 45.00% | | | | | | 45.00% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Expected term (in years)
|
| |
4.25 years
|
| |
5 years
|
| ||||||
Risk-free interest rate
|
| | | | 0.24% | | | | | | 1.69% | | |
Marketability discount
|
| | | | 50.00% | | | | | | 50.00% | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Contracts in transit
|
| | | $ | 2,208 | | | | | $ | 2,645 | | |
Trade
|
| | | | 196 | | | | | | 202 | | |
Finance commission
|
| | | | 85 | | | | | | 87 | | |
Other
|
| | | | 504 | | | | | | 349 | | |
Total
|
| | | | 2,993 | | | | | | 3,283 | | |
Allowance for doubtful accounts
|
| | | | (32) | | | | | | (27) | | |
Total Accounts Receivable, net
|
| | | $ | 2,961 | | | | | $ | 3,256 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Used vehicles
|
| | | $ | 8,417 | | | | | $ | 7,592 | | |
Parts
|
| | | | 9 | | | | | | 33 | | |
Total | | | | $ | 8,426 | | | | | $ | 7,625 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Leasehold improvements
|
| | | $ | 695 | | | | | $ | 688 | | |
Furniture, fixtures and equipment
|
| | | | 722 | | | | | | 715 | | |
Corporate vehicles
|
| | | | 120 | | | | | | 104 | | |
Total property and equipment
|
| | | | 1,537 | | | | | | 1,507 | | |
Less: accumulated depreciation
|
| | | | (1,018) | | | | | | (876) | | |
Property and Equipment, net
|
| | | $ | 519 | | | | | $ | 631 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Vehicles
|
| | | $ | 687 | | | | | $ | 1,083 | | |
Less: accumulated depreciation
|
| | | | (487) | | | | | | (639) | | |
Total Lease Vehicles, net
|
| | | $ | 200 | | | | | $ | 444 | | |
Year
|
| |
Minimum Rental
Receipts Under Operating Leases |
| |||
2020 (remaining)
|
| | | $ | 33 | | |
2021
|
| | | | 12 | | |
2022
|
| | | | 6 | | |
Total | | | | $ | 51 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Other Current Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 19 | | | | | $ | 13 | | |
Deferred acquisition costs
|
| | | | 71 | | | | | | 32 | | |
Prepaid expenses
|
| | | | 391 | | | | | | 189 | | |
Total Other Current Assets
|
| | | $ | 481 | | | | | $ | 234 | | |
Other Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 17 | | | | | $ | 38 | | |
Deferred acquisition costs
|
| | | | 46 | | | | | | 50 | | |
Security deposits
|
| | | | 252 | | | | | | 255 | | |
Total Other Assets
|
| | | $ | 315 | | | | | $ | 343 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Term note payable
|
| | | $ | 2 | | | | | $ | 9 | | |
Convertible notes payable, net
|
| | | | 3,319 | | | | | | 2,816 | | |
Paycheck protection program loan
|
| | | | 1,749 | | | | | | — | | |
| | | | | 5,070 | | | | | | 2,825 | | |
Current portion of long-term debt
|
| | | | (3,321) | | | | | | (2,825) | | |
Long-term Debt
|
| | | $ | 1,749 | | | | | $ | — | | |
|
Maturity
|
| |
4.25 years
|
| |||
|
Risk-free interest rate
|
| | | | 0.24% | | |
|
Volatility
|
| | | | 60.00% | | |
|
Dividend yield
|
| | | | 0.00% | | |
|
Weighted average fair value per share
|
| | | | 1.32 | | |
| | |
September 30,
2020 |
| |
September 30,
2019 |
| ||||||
Stock warrants outstanding
|
| | | | 63,297 | | | | | | 23,460 | | |
Stock warrants issued with convertible notes payable
|
| | | | 12,903 | | | | | | — | | |
Stock warrants cancelled
|
| | | | — | | | | | | — | | |
Stock warrants exercised
|
| | | | — | | | | | | — | | |
Stock warrants vested
|
| | | | 76,200 | | | | | | 23,460 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
License and title fees
|
| | | $ | 528 | | | | | $ | 399 | | |
Payroll and bonuses
|
| | | | 597 | | | | | | 388 | | |
Deferred rent
|
| | | | 337 | | | | | | 300 | | |
Other accrued expenses
|
| | | | 885 | | | | | | 489 | | |
Total Accrued Expenses
|
| | | $ | 2,347 | | | | | $ | 1,576 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Other Liabilities, Current | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | $ | 319 | | | | | $ | 434 | | |
Other Liabilities | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | | 1,459 | | | | | | 719 | | |
Other long-term liabilities
|
| | | | 113 | | | | | | 97 | | |
Stock warrants liability
|
| | | | 100 | | | | | | 115 | | |
Other Liabilities, Long-term
|
| | | $ | 1,672 | | | | | $ | 931 | | |
| | |
Total Per Year
|
| |||
2020 (remaining)
|
| | | $ | 502 | | |
2021
|
| | | | 1,963 | | |
2022
|
| | | | 1,995 | | |
2023
|
| | | | 1,830 | | |
2024
|
| | | | 878 | | |
Thereafter
|
| | | | 1,409 | | |
Total | | | | $ | 8,577 | | |
| | |
Payments Due to
Third-Parties |
| |
Future Receipts
|
| ||||||
2020 (remaining)
|
| | | $ | 381 | | | | | $ | 465 | | |
2021
|
| | | | 1,356 | | | | | | 1,639 | | |
2022
|
| | | | 865 | | | | | | 1,045 | | |
2023
|
| | | | 455 | | | | | | 540 | | |
2024
|
| | | | 94 | | | | | | 112 | | |
Total | | | | $ | 3,151 | | | | | $ | 3,801 | | |
| | |
Number of
Stock Options |
| |
Weighted Average
Exercise Price |
| ||||||
Balance (December 31, 2019)
|
| | | | 154,150 | | | | | $ | 6.03 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | | | |
Balance (September 30, 2020)
|
| | | | 154,150 | | | | | | 6.03 | | |
Vested (as of September 30, 2020)
|
| | | | 146,613 | | | | | $ | 5.99 | | |
| | |
Number of
Stock Options |
| |
Weighted Average
Exercise Price |
| ||||||
Balance (December 31, 2018)
|
| | | | 161,650 | | | | | $ | 6.07 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | (7,500) | | | | | | 6.82 | | |
Balance (September 30, 2019)
|
| | | | 154,150 | | | | | | 6.03 | | |
Vested (as of September 30, 2019)
|
| | | | 136,450 | | | | | $ | 5.93 | | |
| | |
Number of
Stock Options |
| |
Weighted Average
Remaining Contractual Life |
| |
Weighted Average
Exercise Price |
| ||||||
Outstanding
|
| | | | 154,150 | | | |
1.92 years
|
| | | $ | 6.03 | | |
Exercisable
|
| | | | 146,613 | | | |
1.92 years
|
| | | $ | 5.99 | | |
| | |
Number of Units
|
| |
Weighted Averaged
Exercise Price |
| ||||||
Balance (December 31, 2019)
|
| | | | 279,176 | | | | | $ | 9.82 | | |
Granted
|
| | | | 109,500 | | | | | | 9.82 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (September 30, 2020)
|
| | | | 388,676 | | | | | $ | 9.82 | | |
| | |
Number of Units
|
| |
Weighted Averaged
Exercise Price |
| ||||||
Balance (December 31, 2018)
|
| | | | 255,052 | | | | | $ | 9.82 | | |
Granted
|
| | | | 9,000 | | | | | | 9.82 | | |
Forfeited
|
| | | | (4,500) | | | | | | — | | |
Balance (September 30, 2019)
|
| | | | 259,552 | | | | | $ | 9.82 | | |
| | |
2020
|
| |
2019
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,212) | | | | | $ | (8,569) | | |
Redeemable convertible preferred stock dividends undeclared and cumulative
|
| | | | (1,399) | | | | | | (1,128) | | |
Net loss attributable to common stockholders
|
| | | | (3,611) | | | | | | (9,697) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 3,716,526 | | | | | | 3,716,526 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.97) | | | | | $ | (2.61) | | |
| | |
2020
|
| |
2019
|
| ||||||
Series A Preferred Stock outstanding
|
| | | | 2,034,751 | | | | | | 2,034,751 | | |
Convertible notes payable
|
| | | | 343,754 | | | | | | — | | |
Stock warrants
|
| | | | 76,200 | | | | | | 23,460 | | |
Stock options outstanding to purchase shares of common stock
|
| | | | 542,826 | | | | | | 413,702 | | |
Total | | | | | 2,997,531 | | | | | | 2,471,913 | | |
| | |
Total purchases from vendor to total
purchases for the nine months period ended September 30, |
| |||||||||
Vendor
|
| |
2020
|
| |
2019
|
| ||||||
Vendor A
|
| | | | 23% | | | | | | —% | | |
Vendor B
|
| | | | 15% | | | | | | 12% | | |
Vendor C
|
| | | | 11% | | | | | | —% | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,600,833 | | | | | $ | 12,000 | | |
Prepaid income taxes
|
| | | | 120,579 | | | | | | — | | |
Prepaid expenses
|
| | | | 96,208 | | | | | | — | | |
Total Current Assets
|
| | | | 1,817,620 | | | | | | 12,000 | | |
Deferred offering costs
|
| | | | — | | | | | | 294,004 | | |
Cash and marketable securities held in Trust Account
|
| | | | 309,840,375 | | | | | | — | | |
Total Assets
|
| | | $ | 311,657,995 | | | | | $ | 306,004 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 214,813 | | | | | $ | — | | |
Promissory note – related party
|
| | | | — | | | | | | 283,754 | | |
Total Current Liabilities
|
| | | | 214,813 | | | | | | 283,754 | | |
Deferred underwriting fee payable
|
| | | | 10,695,063 | | | | | | — | | |
Total Liabilities
|
| | | | 10,909,876 | | | | | | 283,754 | | |
Commitments and contingencies (Note 5) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 29,574,811 shares at $10.00 per share as of December 31, 2019
|
| | | | 295,748,110 | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 5,000,000 shares authorized, none issued
and outstanding |
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 200,000,000 shares authorized;
982,511 and no shares issued and outstanding (excluding 29,574,811 and no shares subject to possible redemption) as of December 31, 2019 and 2018, respectively |
| | | | 98 | | | | | | — | | |
Class B common stock, $0.0001 par value; 15,000,000 shares authorized; 7,639,330 and 8,625,000(1) shares issued and outstanding at December 31, 2019 and 2018, respectively
|
| | | | 764 | | | | | | 863 | | |
Additional paid in capital
|
| | | | 1,523,695 | | | | | | 24,137 | | |
Retained earnings/(Accumulated deficit)
|
| | | | 3,475,452 | | | | | | (2,750) | | |
Total Stockholders’ Equity
|
| | | | 5,000,009 | | | | | | 22,250 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 311,657,995 | | | | | $ | 306,004 | | |
| | |
Year Ended
December 31, 2019 |
| |
For the Period
From November 7, 2018 (Inception) Through December 31, 2018 |
| ||||||
Operating costs
|
| | | $ | 932,834 | | | | | $ | 2,750 | | |
Loss from operations
|
| | | | (932,834) | | | | | | (2,750) | | |
Other income: | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 5,531,557 | | | | | | — | | |
Income (loss) before provision for income taxes
|
| | | | 4,598,723 | | | | | | (2,750) | | |
Provision for income taxes
|
| | | | (1,120,521) | | | | | | — | | |
Net income (loss)
|
| | | $ | 3,478,202 | | | | | $ | (2,750) | | |
Weighted average shares outstanding of Class A redeemable common stock
|
| | | | 30,479,514 | | | | | | — | | |
Basic and diluted net income per share, Class A
|
| | | $ | 0.14 | | | | | | — | | |
Weighted average shares outstanding of Class B non-redeemable common stock
|
| | | | 7,601,435 | | | | | | 7,500,000 | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.10) | | | | | $ | (0.00) | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid in Capital |
| |
Retained
Earnings (Accumulated Deficit) |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – November 7, 2018 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B common stock to Sponsor
|
| | | | | | | | | | | | | | | | 8,625,000 | | | | | | 863 | | | | | | 24,137 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,750) | | | | | | (2,750) | | |
Balance – December 31, 2018
|
| | | | — | | | | | | — | | | | | | 8,625,000 | | | | | | 863 | | | | | | 24,137 | | | | | | (2,750) | | | | | | 22,250 | | |
Sale of 30,557,322 Units, net of underwriting discount and offering costs
|
| | | | 30,557,322 | | | | | | 3,056 | | | | | | — | | | | | | — | | | | | | 288,133,146 | | | | | | — | | | | | | 288,136,202 | | |
Sale of 6,074,310 Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,111,465 | | | | | | — | | | | | | 9,111,465 | | |
Forfeiture of Class B common stock by Sponsor
|
| | | | — | | | | | | — | | | | | | (985,670) | | | | | | (99) | | | | | | 99 | | | | | | — | | | | | | — | | |
Common stock subject to possible redemption
|
| | | | (29,574,811) | | | | | | (2,958) | | | | | | — | | | | | | — | | | | | | (295,745,152) | | | | | | — | | | | | | (295,748,110) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,478,202 | | | | | | 3,478,202 | | |
Balance – December 31, 2019
|
| | | | 982,511 | | | | | $ | 98 | | | | | | 7,639,330 | | | | | $ | 764 | | | | | $ | 1,523,695 | | | | | $ | 3,475,452 | | | | | $ | 5,000,009 | | |
| | |
Year Ended
December 31, 2019 |
| |
For the Period From
November 7, 2018 (Inception) Through December 31, 2018 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 3,478,202 | | | | | $ | (2,750) | | |
Adjustments to reconcile net income (loss) to net cash used in operating
activities: |
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (5,531,557) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid income taxes
|
| | | | (120,579) | | | | | | — | | |
Prepaid expenses
|
| | | | (96,208) | | | | | | — | | |
Accrued expenses
|
| | | | 214,813 | | | | | | — | | |
Net cash used in operating activities
|
| | | | (2,055,329) | | | | | | (2,750) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash into Trust Account
|
| | | | (305,573,220) | | | | | | — | | |
Cash withdrawn from Trust Account
|
| | | | 1,264,402 | | | | | | — | | |
Net cash used in investing activities
|
| | | | (304,308,818) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B common stock to Sponsor
|
| | | | — | | | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 299,461,755 | | | | | | — | | |
Proceeds from sale of Private Placement Warrants
|
| | | | 9,111,465 | | | | | | — | | |
Repayment of advances from related party
|
| | | | (77,389) | | | | | | — | | |
Proceeds from promissory note – related party
|
| | | | 79,500 | | | | | | 70,000 | | |
Repayment of promissory note – related party
|
| | | | (400,000) | | | | | | — | | |
Payment of offering costs
|
| | | | (222,351) | | | | | | (80,250) | | |
Net cash provided by financing activities
|
| | | | 307,952,980 | | | | | | 14,750 | | |
Net Change in Cash
|
| | | | 1,588,833 | | | | | | 12,000 | | |
Cash – Beginning of period
|
| | | | 12,000 | | | | | | — | | |
Cash – End of period
|
| | | $ | 1,600,833 | | | | | $ | 12,000 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash paid for income taxes
|
| | | $ | 1,241,100 | | | | | | — | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption
|
| | | $ | 292,267,800 | | | | | $ | — | | |
Change in value of common stock subject to possible redemption
|
| | | $ | 3,480,310 | | | | | $ | — | | |
Deferred underwriting fee payable
|
| | | $ | 10,695,063 | | | | | $ | — | | |
Payment of offering costs through promissory note and advances
|
| | | $ | 114,135 | | | | | $ | 213,754 | | |
| | |
December 31,
2019 |
| |||
Deferred tax asset | | | | | | | |
Organizational costs/Startup expenses
|
| | | $ | 153,773 | | |
Total deferred tax asset
|
| | | | 153,773 | | |
Valuation allowance
|
| | | | (153,773) | | |
Deferred tax asset, net of allowance
|
| | | $ | — | | |
| | |
December 31,
2019 |
| |||
Federal | | | | | | | |
Current
|
| | | $ | 1,120,521 | | |
Deferred
|
| | | | (153,773) | | |
State | | | | | | | |
Current
|
| | | | — | | |
Deferred
|
| | | | — | | |
Change in valuation allowance
|
| | | | 153,773 | | |
Income tax provision
|
| | | $ | 1,120,521 | | |
|
Statutory federal income tax rate
|
| | | | 21.0% | | |
|
State taxes, net of federal tax benefit
|
| | | | 0.0% | | |
|
Change in valuation allowance
|
| | | | 3.3% | | |
|
Income tax provision
|
| | | | 24.3% | | |
| | |
Held-To-Maturity
|
| |
Amortized Cost
|
| |
Gross
Holding Gain |
| |
Fair Value
|
| |||||||||
December 31, 2019
|
| |
U.S. Treasury Securities (Mature on 2/6/2020)
|
| | | $ | 309,688,279 | | | | | $ | 2,018 | | | | | $ | 309,690,297 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 429,605 | | | | | $ | 1,600,833 | | |
Prepaid income taxes
|
| | | | 154,720 | | | | | | 120,579 | | |
Prepaid expenses
|
| | | | 35,271 | | | | | | 96,208 | | |
Total Current Assets
|
| | | | 619,596 | | | | | | 1,817,620 | | |
Cash and marketable securities held in Trust Account
|
| | | | 310,896,645 | | | | | | 309,840,375 | | |
Total Assets
|
| | | $ | 311,516,241 | | | | | $ | 311,657,995 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities — Accrued expenses
|
| | | $ | 84,206 | | | | | $ | 214,813 | | |
Deferred underwriting fee payable
|
| | | | 10,695,063 | | | | | | 10,695,063 | | |
Total Liabilities
|
| | | | 10,779,269 | | | | | | 10,909,876 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Common stock subject to possible redemption, 29,573,697 and 29,574,811 shares as of September 30, 2020 and December 31, 2019, respectively (at $10.00 per share)
|
| | | | 295,736,970 | | | | | | 295,748,110 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 5,000,000 shares authorized, none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 983,625 and 982,511 shares issued and outstanding (excluding 29,573,697 and 29,574,811 subject to possible redemption) as of September 30, 2020 and December 31, 2019, respectively
|
| | | | 98 | | | | | | 98 | | |
Class B common stock, $0.0001 par value; 15,000,000 shares authorized;
7,639,330 shares issued and outstanding at September 30, 2020 and December 31, 2019 |
| | | | 764 | | | | | | 764 | | |
Additional paid-in capital
|
| | | | 1,534,835 | | | | | | 1,523,695 | | |
Retained earnings
|
| | | | 3,464,305 | | | | | | 3,475,452 | | |
Total Stockholders’ Equity
|
| | | | 5,000,002 | | | | | | 5,000,009 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 311,516,241 | | | | | $ | 311,657,995 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Operating costs
|
| | | $ | 255,207 | | | | | $ | 268,252 | | | | | $ | 1,444,905 | | | | | $ | 658,473 | | |
Loss from operations
|
| | | | (255,207) | | | | | | (268,252) | | | | | | (1,444,905) | | | | | | (658,473) | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 98,485 | | | | | | 1,683,965 | | | | | | 1,775,617 | | | | | | 4,144,082 | | |
(Loss) income before income taxes
|
| | | | (156,722) | | | | | | 1,415,713 | | | | | | 330,712 | | | | | | 3,485,609 | | |
Provision for income taxes
|
| | | | (10,473) | | | | | | (343,567) | | | | | | (341,859) | | | | | | (839,471) | | |
Net (loss) income
|
| | | $ | (167,195) | | | | | $ | 1,072,146 | | | | | $ | (11,147) | | | | | $ | 2,646,138 | | |
Weighted average shares outstanding of Class A redeemable common stock
|
| | | | 30,557,322 | | | | | | 30,557,322 | | | | | | 30,557,322 | | | | | | 30,446,374 | | |
Basic and diluted net income per share, Class A
|
| | | $ | 0.00 | | | | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.10 | | |
Weighted average shares outstanding of Class B non-redeemable common stock
|
| | | | 7,639,330 | | | | | | 7,639,330 | | | | | | 7,639,330 | | | | | | 7,588,618 | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.03) | | | | | $ | (0.03) | | | | | $ | (0.17) | | | | | $ | (0.07) | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance — January 1, 2020
|
| | | | 982,511 | | | | | $ | 98 | | | | | | 7,639,330 | | | | | $ | 764 | | | | | $ | 1,523,695 | | | | | $ | 3,475,452 | | | | | $ | 5,000,009 | | |
Change in value of common stock subject to possible redemption
|
| | | | (1,124) | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,240) | | | | | | — | | | | | | (11,240) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,236 | | | | | | 11,236 | | |
Balance — March 31, 2020
|
| | | | 981,387 | | | | | | 98 | | | | | | 7,639,330 | | | | | | 764 | | | | | | 1,512,455 | | | | | | 3,486,688 | | | | | | 5,000,005 | | |
Change in value of common stock subject to possible redemption
|
| | | | (14,481) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (144,809) | | | | | | — | | | | | | (144,810) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 144,812 | | | | | | 144,812 | | |
Balance — June 30, 2020
|
| | | | 966,906 | | | | | | 97 | | | | | | 7,639,330 | | | | | | 764 | | | | | | 1,367,646 | | | | | | 3,631,500 | | | | | | 5,000,007 | | |
Change in value of common stock subject to possible redemption
|
| | | | 16,719 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 167,189 | | | | | | — | | | | | | 167,190 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (167,195) | | | | | | (167,195) | | |
Balance — September 30, 2020
|
| | | | 983,625 | | | | | $ | 98 | | | | | | 7,639,330 | | | | | $ | 764 | | | | | $ | 1,534,835 | | | | | $ | 3,464,305 | | | | | $ | 5,000,002 | | |
| | |
Common Stock
Class A |
| |
Class B
Common Stock (1) |
| |
Additional
Paid-in Capital |
| |
(Accumulated
Deficit) Retained Earnings |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance — January 1, 2019
|
| | | | — | | | | | $ | — | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | 24,137 | | | | | $ | (2,750) | | | | | $ | 22,250 | | |
Sale of 30,000,000 Units, net of underwriting discount and offering costs
|
| | | | 30,000,000 | | | | | | 3,000 | | | | | | — | | | | | | — | | | | | | 282,866,510 | | | | | | — | | | | | | 282,869,510 | | |
Sale of 6,000,000 Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,000,000 | | | | | | — | | | | | | 9,000,000 | | |
Common stock subject to possible redemption
|
| | | | (28,729,792) | | | | | | (2,873) | | | | | | — | | | | | | — | | | | | | (287,295,047) | | | | | | — | | | | | | (287,297,920) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 406,165 | | | | | | 406,165 | | |
Balance — March 31, 2019
|
| | | | 1,270,208 | | | | | | 127 | | | | | | 8,625,000 | | | | | | 863 | | | | | | 4,595,600 | | | | | | 403,415 | | | | | | 5,000,005 | | |
Sale of 557,322 Units, net of underwriting discount and offering costs
|
| | | | 557,322 | | | | | | 56 | | | | | | — | | | | | | — | | | | | | 5,266,636 | | | | | | — | | | | | | 5,266,692 | | |
Sale of 74,310 Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 111,465 | | | | | | — | | | | | | 111,465 | | |
Forfeiture of Class B common stock by Sponsor
|
| | | | — | | | | | | — | | | | | | (985,670) | | | | | | (99) | | | | | | 99 | | | | | | — | | | | | | — | | |
Change in value of common stock subject to possible redemption
|
| | | | (654,598) | | | | | | (66) | | | | | | — | | | | | | — | | | | | | (6,545,914) | | | | | | — | | | | | | (6,545,980) | | |
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 1,167,827 | | | | | | 1,167,827 | | |
Balance — June 30, 2019
|
| | | | 1,172,932 | | | | | | 117 | | | | | | 7,639,330 | | | | | | 764 | | | | | | 3,427,886 | | | | | | 1,571,242 | | | | | | 5,000,009 | | |
Change in value of common stock subject to possible redemption
|
| | | | (107,215) | | | | | | (10) | | | | | | — | | | | | | — | | | | | | (1,072,141) | | | | | | — | | | | | | (1,072,151) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,072,146 | | | | | | 1,072,146 | | |
Balance — September 30, 2019
|
| | | | 1,065,717 | | | | | $ | 107 | | | | | | 7,639,330 | | | | | $ | 764 | | | | | $ | 2,355,745 | | | | | $ | 2,643,388 | | | | | $ | 5,000,004 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (11,147) | | | | | $ | 2,646,138 | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (1,775,617) | | | | | | (4,144,082) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid income taxes
|
| | | | (34,141) | | | | | | (114,106) | | |
Prepaid expenses
|
| | | | 60,937 | | | | | | (126,084) | | |
Accrued expenses
|
| | | | (130,607) | | | | | | 153,297 | | |
Net cash used in operating activities
|
| | | | (1,890,575) | | | | | | (1,584,837) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash into Trust Account
|
| | | | — | | | | | | (305,573,220) | | |
Cash withdrawn from Trust Account for franchise and income taxes
|
| | | | 719,347 | | | | | | 969,147 | | |
Net cash provided by (used in) investing activities
|
| | | | 719,347 | | | | | | (304,604,073) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | — | | | | | | 299,461,755 | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 9,111,465 | | |
Repayment of advances from related party
|
| | | | — | | | | | | (77,389) | | |
Proceeds from promissory note — related party
|
| | | | — | | | | | | 79,500 | | |
Repayment of promissory note — related party
|
| | | | — | | | | | | (400,000) | | |
Payment of offering costs
|
| | | | — | | | | | | (222,351) | | |
Net cash provided by financing activities
|
| | | | — | | | | | | 307,952,980 | | |
Net Change in Cash
|
| | | | (1,171,228) | | | | | | 1,764,070 | | |
Cash — Beginning of period
|
| | | | 1,600,833 | | | | | | 12,000 | | |
Cash — End of period
|
| | | $ | 429,605 | | | | | $ | 1,776,070 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash paid for income taxes
|
| | | $ | 376,000 | | | | | $ | 953,577 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption
|
| | | $ | — | | | | | $ | 292,267,800 | | |
Change in value of common stock subject to possible redemption
|
| | | $ | (11,140) | | | | | $ | 2,648,251 | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 10,695,063 | | |
Payment of offering costs through promissory note and advances
|
| | | $ | — | | | | | $ | 114,135 | | |
| | |
Held-To-Maturity
|
| |
Amortized
Cost |
| |
Gross
Holding (Loss) Gain |
| |
Fair Value
|
| |||||||||
September 30, 2020
|
| |
U.S. Treasury Securities (Matures on 11/17/2020)
|
| | | $ | 285,882,793 | | | | | $ | (7,102) | | | | | $ | 285,875,691 | | |
December 31, 2019
|
| | U.S. Treasury Securities (Matured on 2/6/2020) | | | | $ | 309,688,279 | | | | | $ | 2,018 | | | | | $ | 309,690,297 | | |
| | |
(A)
Former CarLotz |
| |
(B)
Acamar Partners |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Balance Sheet |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,742 | | | | | $ | 430 | | | | | $ | 310,901 | | | | |
|
(1)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 125,000 | | | | |
|
(2)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (10,695) | | | | |
|
(3)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (39,225) | | | | |
|
(4)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (25) | | | | |
|
(5)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (71,736) | | | | |
|
(6)
|
| | | | $ | 318,391 | | |
Restricted cash
|
| | | | 461 | | | | | | — | | | | | | — | | | | | | | | | | | | 461 | | |
Marketable securities
|
| | | | 975 | | | | | | — | | | | | | — | | | | | | | | | | | | 975 | | |
Accounts receivable, net
|
| | | | 2,961 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,961 | | |
Inventories
|
| | | | 8,426 | | | | | | — | | | | | | — | | | | | | | | | | | | 8,426 | | |
Other current assets
|
| | | | 481 | | | | | | 190 | | | | | | — | | | | | | | | | | | | 671 | | |
Total current assets
|
| | | | 17,046 | | | | | | 620 | | | | | | 314,220 | | | | | | | | | | | | 331,885 | | |
Cash and marketable securities held in trust account
|
| | | | — | | | | | | 310,897 | | | | | | (310,897) | | | | |
|
(1)
|
| | | | | — | | |
Property and equipment, net
|
| | | | 519 | | | | | | — | | | | | | — | | | | | | | | | | | | 519 | | |
Lease vehicles, net
|
| | | | 200 | | | | | | — | | | | | | — | | | | | | | | | | | | 200 | | |
Other assets
|
| | | | 315 | | | | | | — | | | | | | — | | | | | | | | | | | | 315 | | |
Total assets
|
| | | $ | 18,080 | | | | | $ | 311,516 | | | | | $ | 3,323 | | | | | | | | | | | $ | 332,919 | | |
Liabilities, Redeemable Convertible Preferred Stock, Stockholders’ Equity (Deficit)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt, current
|
| | | $ | 3,321 | | | | | $ | — | | | | | $ | (3,321) | | | | |
|
(6)
|
| | | | $ | — | | |
Floor plan notes payable
|
| | | | 6,696 | | | | | | — | | | | | | — | | | | | | | | | | | | 6,696 | | |
Accounts payable
|
| | | | 3,027 | | | | | | — | | | | | | — | | | | | | | | | | | | 3,027 | | |
Accrued expenses
|
| | | | 2,347 | | | | | | 84 | | | | | | — | | | | | | | | | | | | 2,431 | | |
Accrued expenses – related party
|
| | | | 4,576 | | | | | | — | | | | | | (4,266) | | | | |
|
(6)
|
| | | | | 310 | | |
Income taxes payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other current liabilities
|
| | | | 319 | | | | | | — | | | | | | — | | | | | | | | | | | | 319 | | |
Total current liabilities
|
| | | | 20,286 | | | | | | 84 | | | | | | (7,587) | | | | | | | | | | | | 12,783 | | |
Long term debt, less current portion
|
| | | | 1,749 | | | | | | — | | | | | | (1,749) | | | | |
|
(6)
|
| | | | | — | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 10,695 | | | | | | (10,695) | | | | |
|
(3)
|
| | | | | — | | |
Earnout consideration
|
| | | | — | | | | | | — | | | | | | 81,672 | | | | |
|
(8)
|
| | | | | 81,672 | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | 2,793 | | | | | | — | | | | | | (2,793) | | | | |
|
(6)
|
| | | | | — | | |
Other liabilities
|
| | | | 1,672 | | | | | | — | | | | | | (101) | | | | |
|
(6)
|
| | | | | 1,571 | | |
Total liabilities
|
| | |
|
26,500
|
| | | |
|
10,779
|
| | | |
|
58,747
|
| | | | | | | | | |
|
96,026
|
| |
| | |
(A)
Former CarLotz |
| |
(B)
Acamar Partners |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Balance Sheet |
| ||||||||||||
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Redeemable convertible preferred stock
|
| | | | 17,560 | | | | | | — | | | | | | (17,560) | | | | | | (6) | | | | | | — | | |
Redeemable common stock
|
| | | | — | | | | | | 295,737 | | | | | | (295,737) | | | | | | (5) | | | | | | — | | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Common stock
|
| | | | 4 | | | | | | — | | | | | | (4) | | | | |
|
(6)
|
| | | | | — | | |
Class A common stock
|
| | | | — | | | | | | 0 | | | | | | — | | | | |
|
(1)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
(2)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 3 | | | | |
|
(5)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 6 | | | | |
|
(6)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
(7)
|
| | | | | 11 | | |
Class B common stock
|
| | |
|
—
|
| | | |
|
1
|
| | | | | (1) | | | | |
|
(7)
|
| | | | | | | |
Additional paid-in capital, common stock
|
| | | | 5,198 | | | | | | 1,535 | | | | |
|
—
|
| | | |
|
(1)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 124,999 | | | | |
|
(2)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3,154) | | | | |
|
(4)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 295,709 | | | | |
|
(5)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (39,980) | | | | |
|
(6)
|
| | | | | 384,307 | | |
Retained earnings (accumulated deficit)
|
| | | | (29,698) | | | | | | 3,464 | | | | | | 4 | | | | |
|
(1)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (36,070) | | | | |
|
(4)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (0) | | | | |
|
(5)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (81,672) | | | | |
|
(8)
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3,468) | | | | |
|
(6)
|
| | | | | (147,441) | | |
Accumulated other comprehensive income
|
| | | | 16 | | | | | | — | | | | | | — | | | | | | | | | | | | 16 | | |
Treasury stock
|
| | | | (1,500) | | | | | | — | | | | | | 1,500 | | | | |
|
(6)
|
| | | | | — | | |
Total stockholders’ equity (deficit)
|
| | |
|
(25,980)
|
| | | |
|
5,000
|
| | | |
|
257,873
|
| | | | | | | | | |
|
236,893
|
| |
Total liabilities, redeemable convertible preferred stock, stockholders’ equity (deficit)
|
| | | $ | 18,080 | | | | | $ | 311,516 | | | | | $ | 3,323 | | | | | | | | | | | $ | 332,920 | | |
|
|
Redeemable convertible preferred stock liquidation preference(c)(d)
|
| | | $ | (12,368)(*) | | |
|
Cash payment to Former CarLotz equityholders(e)
|
| | | | (33,000) | | |
|
Conversion of Former CarLotz convertible note(g)
|
| | | | 3,321 | | |
|
Cashless exercise of Former CarLotz warrant(g)
|
| | | | 101 | | |
|
Company common stock
|
| | | | (6) | | |
|
Former CarLotz common stock elimination
|
| | | | 4 | | |
|
Retained earnings elimination(h)
|
| | | | 3,468 | | |
|
Treasury stock elimination(i)
|
| | | | (1,500) | | |
|
Adjustment to Additional paid in capital, common stock
|
| | | $ | (39,980) | | |
|
Cash payment to holder of redeemable convertible preferred stock Less:
|
| | | $ | 36,987 | | |
|
Redeemable convertible preferred stock balance recorded on the balance sheet
|
| | | | (17,560) | | |
|
Redeemable convertible preferred stock tranche obligation recorded on the balance sheet
|
| | | | (2,793) | | |
|
Redeemable convertible preferred stock accrued PIK dividends recorded on the balance sheet
|
| | | | (4,266) | | |
|
Redeemable convertible preferred stock liquidation preference
|
| | | $ | 12,368 | | |
| | |
(A)
Former CarLotz |
| |
(B)
Acamar Partners |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Income Statement |
| ||||||||||||
Total revenues
|
| | | $ | 81,582 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 81,582 | | |
Cost of sales
|
| | | | 72,805 | | | | | | — | | | | | | — | | | | | | | | | | | | 72,805 | | |
Gross profit
|
| | | | 8,777 | | | | | | — | | | | | | — | | | | | | | | | | | | 8,777 | | |
Selling, general and administrative expenses
|
| | | | 11,173 | | | | | | 1,445 | | | | | | — | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | 3,293 | | | | |
|
(4)
|
| | | | | 15,911 | | |
Depreciation expense
|
| | | | 269 | | | | | | — | | | | | | — | | | | | | | | | | | | 269 | | |
Management fee – related party
|
| | | | 195 | | | | | | — | | | | | | — | | | | | | | | | | | | 195 | | |
Total loss from operations
|
| | | | (2,860) | | | | | | (1,445) | | | | | | (3,293) | | | | | | | | | | | | (7,598) | | |
Interest expense
|
| | | | 360 | | | | | | — | | | | | | — | | | | | | | | | | | | 360 | | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrants liability
|
| | | | 30 | | | | | | — | | | | | | (30) | | | | |
|
(1)
|
| | | | | — | | |
Change in fair value of redeemable convertible
preferred stock tranche obligation |
| | | | 962 | | | | | | — | | | | | | (962) | | | | |
|
(1)
|
| | | | | — | | |
Interest earned on marketable securities
|
| | | | — | | | | | | 1,776 | | | | | | (1,776) | | | | |
|
(2)
|
| | | | | — | | |
Other income (expense)
|
| | | | 28 | | | | | | — | | | | | | — | | | | | | | | | | | | 28 | | |
Total other income (expense), net
|
| | | | 1,020 | | | | | | 1,776 | | | | | | (2,768) | | | | | | | | | | | | 28 | | |
(Loss) income before income tax expense
|
| | | | (2,200) | | | | | | 331 | | | | | | (6,061) | | | | | | | | | | | | (7,930) | | |
Income tax expense
|
| | | | 12 | | | | | | 342 | | | | | | (342) | | | | | | (3) | | | | | | 12 | | |
Net (loss) income
|
| | | | (2,212) | | | | | | (11) | | | | | | (5,719) | | | | | | | | | | | | (7,942) | | |
Redeemable convertible preferred stock dividends
|
| | | | 1,399 | | | | | | — | | | | | | (1,399) | | | | |
|
(1)
|
| | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (3,611) | | | | | $ | (11) | | | | | $ | (4,320) | | | | | | | | | | | $ | (7,942) | | |
Basic and diluted net income (loss) attributable to
common stockholders per share |
| | | $ | (0.97) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of common
stock, basic and diluted |
| | | | 3,716,526 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A
share |
| | | | | | | | | $ | 0.04 | | | | | | | | | | | | | | | | | $ | (0.07) | | |
Weighted average Class A shares outstanding, basic and diluted
|
| | | | | | | | | | 30,557,322 | | | | | | 83,058,020 | | | | |
|
(5)
|
| | | | | 113,615,342 | | |
Basic and diluted net income (loss) per Class B
share |
| | | | | | | | | $ | (0.17) | | | | | | | | | | | | | | | | | | | | |
Weighted average Class B shares outstanding, basic and diluted
|
| | | | | | | | | | 7,639,330 | | | | | | | | | | | | | | | | | | | | |
| | |
(C)
Former CarLotz |
| |
(D)
Acamar Partners |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Income Statement |
| ||||||||||||
Total revenues
|
| | | $ | 102,486 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 102,486 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 93,780 | | | | | | — | | | | | | — | | | | | | | | | | | | 93,780 | | |
Gross profit
|
| | | | 8,706 | | | | | | — | | | | | | — | | | | | | | | | | | | 8,706 | | |
Selling, general and administrative expenses
|
| | | | 18,305 | | | | | | 933 | | | | | | — | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | 4,390 | | | | |
|
(4)
|
| | | | | 23,628 | | |
Depreciation expense
|
| | | | 504 | | | | | | — | | | | | | — | | | | | | | | | | | | 504 | | |
Management fee – related party
|
| | | | 250 | | | | | | — | | | | | | — | | | | | | | | | | | | 250 | | |
Total loss from operations
|
| | | | (10,353) | | | | | | (933) | | | | | | (4,390) | | | | | | | | | | | | (15,676) | | |
Interest expense
|
| | | | 651 | | | | | | — | | | | | | — | | | | | | | | | | | | 651 | | |
Other income (expense), net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrants liability
|
| | | | 24 | | | | | | — | | | | | | (24) | | | | |
|
(1)
|
| | | | | — | | |
Change in fair value of redeemable convertible
preferred stock tranche obligation |
| | | | (1,396) | | | | | | — | | | | | | 1,396 | | | | |
|
(1)
|
| | | | | — | | |
Interest earned on marketable securities
|
| | | | — | | | | | | 5,532 | | | | | | (5,532) | | | | |
|
(2)
|
| | | | | — | | |
Other income (expense)
|
| | | | (291) | | | | | | — | | | | | | — | | | | | | | | | | | | (291) | | |
Total other income (expense), net
|
| | | | (1,663) | | | | | | 5,532 | | | | | | (4,160) | | | | | | | | | | | | (291) | | |
(Loss) income before income tax expense
|
| | | | (12,667) | | | | | | 4,599 | | | | | | (8,550) | | | | | | | | | | | | (16,618) | | |
Income tax expense
|
| | | | 11 | | | | | | 1,121 | | | | | | (1,121) | | | | | | (3) | | | | | | 11 | | |
Net (loss) income
|
| | | | (12,678) | | | | | | 3,478 | | | | | | (7,429) | | | | | | | | | | | | (16,629) | | |
Redeemable convertible preferred stock dividends
|
| | | | 1,579 | | | | | | — | | | | | | (1,579) | | | | |
|
(1)
|
| | | | | — | | |
Net income (loss) attributable to common stockholders
|
| | | $ | (14,257) | | | | | $ | 3,478 | | | | | $ | (5,850) | | | | | | | | | | | $ | (16,629) | | |
Basic and diluted net income (loss) attributable to
common stockholders per share |
| | | $ | (3.84) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of common
stock, basic and diluted |
| | | | 3,716,526 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income (loss) per Class A
share |
| | | | | | | | | $ | 0.14 | | | | | | | | | | | | | | | | | $ | (0.15) | | |
Weighted average Class A shares outstanding, basic and diluted
|
| | | | | | | | | | 30,479,514 | | | | | | 83,135,828 | | | | |
|
(5)
|
| | | | | 113,615,342 | | |
Basic and diluted net income (loss) per Class B
share |
| | | | | | | | | $ | (0.10) | | | | | | | | | | | | | | | | | | | | |
Weighted average Class B shares outstanding, basic and diluted
|
| | | | | | | | | | 7,601,435 | | | | | | | | | | | | | | | | | | | | |
| Weighted average shares calculation, basic and diluted | | | | | | | |
|
Acamar Partners public shares
|
| | | | 30,554,829 | | |
|
Acamar Partners Sponsor shares(a)
|
| | | | 7,639,330 | | |
|
Acamar Partners shares issued to PIPE investors
|
| | | | 12,500,000 | | |
|
Acamar Partners shares issued to Former CarLotz stockholders on the Closing Date(b)
|
| | | | 62,921,183 | | |
|
Weighted average shares outstanding(c)
|
| | | | 113,615,342 | | |
|
Percent of shares owned by Former CarLotz stockholders (excluding shares acquired in the PIPE Investment)(c)
|
| | | | 55.4% | | |
|
Percent of shares owned by Acamar Partners (excluding the Sponsor)(c)
|
| | | | 26.9% | | |
|
Percent of shares owned by PIPE investors(c)
|
| | | | 11.0% | | |
|
Percent of shares owned by the Sponsor (including shares subject to forfeiture and excluding
shares acquired in the PIPE Investment)(c) |
| | | | 6.7% | | |
|
SEC registration fee
|
| | | $ | 89,353.38 | | |
|
FINRA filing fee
|
| | | | 123,350.66 | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Printing expenses
|
| | | | * | | |
|
Transfer agent fees and expenses
|
| | | | * | | |
|
Miscellaneous expenses
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
| | | | | |
Incorporated by reference
|
| |
Filed or
furnished herewith |
| |||||||||
Exhibit
No. |
| |
Exhibit title
|
| |
Form
|
| |
File No.
|
| |
Exhibit
No. |
| |
Filing
date |
| |||
2.1
|
| | | |
8-K
|
| |
001-38818
|
| |
2.1
|
| |
10/22/2020
|
| | | |
| | | | | |
Incorporated by reference
|
| |
Filed or
furnished herewith |
| |||||||||
Exhibit
No. |
| |
Exhibit title
|
| |
Form
|
| |
File No.
|
| |
Exhibit
No. |
| |
Filing
date |
| |||
2.1.1
|
| | | |
8-K
|
| |
001-38818
|
| |
2.1
|
| |
12/16/2020
|
| | | | |
3.1
|
| | | | | | | | | | | | | | | |
X
|
| |
3.2
|
| | | |
8-K
|
| |
001-38818
|
| |
3.2
|
| |
01/27/2021
|
| | | | |
4.1
|
| | | |
8-K
|
| |
001-38818
|
| |
4.1
|
| |
2/26/2019
|
| | | | |
4.2
|
| | | |
S-4/A
|
| |
333-249723
|
| |
4.5
|
| |
12/16/2020
|
| | | | |
4.3
|
| | | |
S-4/A
|
| |
333-249723
|
| |
4.6
|
| |
12/16/2020
|
| | | | |
5.1*
|
| | Opinion of Freshfields Bruckhaus Deringer US LLP | | | | | | | | | | | | | | | | |
10.1
|
| | | |
8-K
|
| |
001-38818
|
| |
10.1
|
| |
01/27/2021
|
| | | | |
10.2
|
| | | |
8-K
|
| |
001-38818
|
| |
10.3
|
| |
10/22/2020
|
| | | | |
10.3
|
| | | |
8-K
|
| |
001-38818
|
| |
10.3
|
| |
01/27/2021
|
| | | | |
10.4
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.29
|
| |
12/16/2020
|
| | | | |
10.5
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.15
|
| |
12/16/2020
|
| | | | |
10.6
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.30
|
| |
12/16/2020
|
| | | | |
10.7
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.16
|
| |
12/16/2020
|
| | | | |
10.8
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.31
|
| |
12/16/2020
|
| | | |
| | | | | |
Incorporated by reference
|
| |
Filed or
furnished herewith |
| |||||||||
Exhibit
No. |
| |
Exhibit title
|
| |
Form
|
| |
File No.
|
| |
Exhibit
No. |
| |
Filing
date |
| |||
10.9
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.17
|
| |
12/16/2020
|
| | | | |
10.10
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.22
|
| |
12/16/2020
|
| | | | |
10.11
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.23
|
| |
12/16/2020
|
| | | | |
10.12
|
| | | |
8-K
|
| |
001-38818
|
| |
10.12
|
| |
01/27/2021
|
| | | | |
10.13
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.18
|
| |
12/16/2020
|
| | | | |
10.14
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.19
|
| |
12/16/2020
|
| | | | |
10.15
|
| | | |
8-K
|
| |
001-38818
|
| |
10.15
|
| |
01/27/2021
|
| | | | |
10.16
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.21
|
| |
12/16/2020
|
| | | | |
10.16.1
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.21.1
|
| |
12/16/2020
|
| | | | |
10.17
|
| | | |
8-K
|
| |
001-38818
|
| |
10.17
|
| |
01/27/2021
|
| | | | |
10.18
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.25
|
| |
12/16/2020
|
| | | | |
10.18.1
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.25.1
|
| |
12/16/2020
|
| | | | |
10.19
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.26
|
| |
12/16/2020
|
| | | | |
10.20
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.27
|
| |
12/16/2020
|
| | | | |
10.21
|
| | | |
S-4/A
|
| |
333-249723
|
| |
10.28
|
| |
12/16/2020
|
| | | | |
21.1
|
| | | |
8-K
|
| |
001-38818
|
| |
21.1
|
| |
01/27/2021
|
| | | | |
23.1
|
| | | | | | | | | | | | | | | |
X
|
| |
23.2
|
| | | | | | | | | | | | | | | |
X
|
|
| | | | | |
Incorporated by reference
|
| |
Filed or
furnished herewith |
| |||||||||
Exhibit
No. |
| |
Exhibit title
|
| |
Form
|
| |
File No.
|
| |
Exhibit
No. |
| |
Filing
date |
| |||
23.3*
|
| | Consent of Freshfields Bruckhaus Deringer US LLP (included in Exhibit 5.1) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |||
101.INS*
|
| | XBRL Instance Document | | | | | | | | | | | | | | | | |
101.SCH*
|
| | XBRL Taxonomy Extension Schema Document | | | | | | | | | | | | | | | | |
101.CAL*
|
| | XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | | | | | | | | | | | |
101.DEF*
|
| | XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | | | | | | | | | |
101.LAB*
|
| | XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | | | | | | | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Michael W. Bor
Michael W. Bor
|
| |
Chief Executive Officer and Chairman
(Principal Executive Officer) |
| |
February 11, 2021
|
|
|
/s/ Thomas W. Stoltz
Thomas W. Stoltz
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
February 11, 2021
|
|
|
/s/ David R. Mitchell
David R. Mitchell
|
| |
Director
|
| |
February 11, 2021
|
|
|
/s/ Luis Ignacio Solorzano Aizpuru
Luis Ignacio Solorzano Aizpuru
|
| |
Director
|
| |
February 11, 2021
|
|
|
/s/ Kimberly H. Sheehy
Kimberly H. Sheehy
|
| |
Director
|
| |
February 11, 2021
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Steven G. Carrel
Steven G. Carrel
|
| |
Director
|
| |
February 11, 2021
|
|
|
/s/ James E. Skinner
James E. Skinner
|
| |
Director
|
| |
February 11, 2021
|
|
|
/s/ Linda B. Abraham
Linda B. Abraham
|
| |
Director
|
| |
February 11, 2021
|
|
|
/s/ Sarah M. Kauss
Sarah M. Kauss
|
| |
Director
|
| |
February 11, 2021
|
|
1 Year Acamar Partners Acquisit... Chart |
1 Month Acamar Partners Acquisit... Chart |
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