|
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
☒
|
|
|
PRELIMINARY PROSPECTUS
|
| |
Subject to Completion
|
| |
May 25, 2021
|
|
| | | | | 1 | | | |
| | | | | 7 | | | |
| | | | | 9 | | | |
| | | | | 33 | | | |
| | | | | 34 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 60 | | | |
| | | | | 71 | | | |
| | | | | 78 | | | |
| | | | | 84 | | | |
| | | | | 88 | | | |
| | | | | 90 | | | |
| | | | | 95 | | | |
| | | | | 106 | | | |
| | | | | 108 | | | |
| | | | | 108 | | | |
| | | | | 109 | | | |
| | | | | F-1 | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
Retail vehicles sold
|
| | | | 2,554 | | | | | | 1,453 | | | | | | 6,215 | | | | | | 6,435 | | | | | | 4,077 | | |
Number of hubs
|
| | | | 11 | | | | | | 8 | | | | | | 8 | | | | | | 8 | | | | | | 8 | | |
Average monthly unique visitors
|
| | | | 178,783 | | | | | | 56,931 | | | | | | 66,505 | | | | | | 57,151 | | | | | | 39,781 | | |
Vehicles available for sale
|
| | | | 1,581 | | | | | | 1,681 | | | | | | 2,019 | | | | | | 1,061 | | | | | | 1,067 | | |
Retail gross profit per unit
|
| | | $ | 1,182 | | | | | $ | 1,637 | | | | | $ | 1,797 | | | | | $ | 1,393 | | | | | $ | 1,602 | | |
Percentage of unit sales via consignment
|
| |
82%
|
| |
48%
|
| |
66%
|
| |
46%
|
| |
41%
|
|
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(unaudited, $ in thousands)
|
| |||||||||
Retail vehicle sales
|
| | | $ | 50,383 | | | | | $ | 21,042 | | |
Wholesale vehicle sales
|
| | | | 4,568 | | | | | | 3,311 | | |
Finance and insurance, net
|
| | | | 1,554 | | | | | | 892 | | |
Lease income, net
|
| | | | 107 | | | | | | 145 | | |
Total revenues
|
| | | | 56,612 | | | | | | 25,390 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 54,604 | | | | | | 22,918 | | |
Gross profit
|
| | | | 2,008 | | | | | | 2,472 | | |
Operating expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 18,873 | | | | | | 3,916 | | |
Stock-based compensation expense
|
| | | | 41,963 | | | | | | 34 | | |
Depreciation expense
|
| | | | 383 | | | | | | 100 | | |
Management fee expense – related party
|
| | | | 2 | | | | | | 62 | | |
Total operating expenses
|
| | | | 61,221 | | | | | | 4,112 | | |
Loss from operations
|
| | | | (59,213) | | | | | | (1,640) | | |
Interest expense
|
| | | | 175 | | | | | | 149 | | |
Other income (expense), net
|
| | | | | | | | | | | | |
Change in fair value of Merger warrants liability
|
| | | | 12,358 | | | | | | — | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | 284 | | |
Change in fair value of earnout provision
|
| | | | 31,846 | | | | | | — | | |
Other income (expense)
|
| | | | 162 | | | | | | 3 | | |
Total other income (expense), net
|
| | | | 44,366 | | | | | | 287 | | |
Loss before income tax expense
|
| | | | (15,022) | | | | | | (1,502) | | |
Income tax expense
|
| | | | — | | | | | | 5 | | |
Net loss
|
| | | $ | (15,022) | | | | | $ | (1,507) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(audited, $ in thousands)
|
| |||||||||||||||
Retail vehicle sales
|
| | | $ | 104,253 | | | | | $ | 90,382 | | | | | $ | 53,448 | | |
Wholesale vehicle sales
|
| | | | 9,984 | | | | | | 8,454 | | | | | | 3,153 | | |
Finance and insurance, net
|
| | | | 3,898 | | | | | | 3,117 | | | | | | 1,608 | | |
Lease income, net
|
| | | | 490 | | | | | | 533 | | | | | | 142 | | |
Total revenues
|
| | | | 118,625 | | | | | | 102,486 | | | | | | 58,351 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 107,369 | | | | | | 93,780 | | | | | | 52,708 | | |
Gross profit
|
| | | | 11,256 | | | | | | 8,706 | | | | | | 5,643 | | |
Operating expenses: | | | | | | | | | | | | | | | |||||
Selling, general and administrative
|
| | | | 17,552 | | | | | | 18,305 | | | | | | 11,661 | | |
Depreciation expense
|
| | | | 341 | | | | | | 504 | | | | | | 338 | | |
Management fee expense – related party
|
| | | | 215 | | | | | | 250 | | | | | | 250 | | |
Total operating expenses
|
| | | | 18,108 | | | | | | 19,059 | | | | | | 12,249 | | |
Loss from operations
|
| | | | (6,852) | | | | | | (10,353) | | | | | | (6,606) | | |
Interest expense
|
| | | | 518 | | | | | | 651 | | | | | | 466 | | |
Other income (expense), net | | | | | | | | | | | | | | | |||||
Management fee income – related party
|
| | | | — | | | | | | — | | | | | | 127 | | |
Change in fair value of warrants liability
|
| | | | (14) | | | | | | 24 | | | | | | (2) | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | 923 | | | | | | (1,396) | | | | | | (272) | | |
Other income (expense)
|
| | | | (81) | | | | | | (291) | | | | | | 662 | | |
Total other income (expense), net
|
| | | | 828 | | | | | | (1,663) | | | | | | 515 | | |
Loss before income tax expense
|
| | | | (6,542) | | | | | | (12,667) | | | | | | (6,557) | | |
Income tax expense
|
| | | | 10 | | | | | | 11 | | | | | | 3 | | |
Net loss
|
| | | $ | (6,552) | | | | | $ | (12,678) | | | | | $ | (6,560) | | |
| | |
Three Months Ended March 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
Change
|
| |||||||||
| | |
($ in thousands, except per unit metrics)
|
| |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 50,383 | | | | | $ | 21,042 | | | | | | 139.4% | | |
Wholesale vehicle sales
|
| | | | 4,568 | | | | | | 3,311 | | | | | | 38.0% | | |
Finance and insurance, net
|
| | | | 1,554 | | | | | | 892 | | | | | | 74.2% | | |
Lease income, net
|
| | | | 107 | | | | | | 145 | | | | | | (26.2)% | | |
Total revenues
|
| | | | 56,612 | | | | | | 25,390 | | | | | | 123.0% | | |
Cost of sales: | | | | | | | | | | | | | | | | | | | |
Retail vehicle cost of sales
|
| | | $ | 48,917 | | | | | | 19,555 | | | | | | 150.2% | | |
Wholesale vehicle cost of sales
|
| | | | 5,687 | | | | | | 3,363 | | | | | | 69.1% | | |
Total cost of sales
|
| | | $ | 54,604 | | | | | $ | 22,918 | | | | | | 138.3% | | |
Gross profit: | | | | | | | | | | | | | | | | | | | |
Retail vehicle gross profit
|
| | | $ | 1,466 | | | | | $ | 1,487 | | | | | | (1.4)% | | |
Wholesale vehicle gross profit
|
| | | | (1,119) | | | | | | (52) | | | | | | (2,051.9)% | | |
Finance and insurance gross profit
|
| | | | 1,554 | | | | | | 892 | | | | | | 74.2% | | |
Lease income, net
|
| | | | 107 | | | | | | 145 | | | | | | (26.2)% | | |
Total gross profit
|
| | | $ | 2,008 | | | | | $ | 2,472 | | | | | | (18.8)% | | |
Retail gross profit per unit(1): | | | | | | | | | | | | | | | | | | | |
Retail vehicles gross profit
|
| | | $ | 1,466 | | | | | $ | 1,487 | | | | | | (1.4)% | | |
Finance and insurance gross profit
|
| | | | 1,554 | | | | | | 892 | | | | | | 74.2% | | |
Total retail vehicles and finance and insurance gross profit
|
| | | $ | 3,020 | | | | | $ | 2,379 | | | | | | 26.9% | | |
Retail vehicles unit sales
|
| | | | 2,554 | | | | | | 1,453 | | | | | | 75.8% | | |
Retail vehicles gross profit per unit
|
| | | $ | 1,182 | | | | | $ | 1,637 | | | | | | (27.8)% | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
($ in thousands)
|
| |||||||||
Compensation and benefits(1)
|
| | | $ | 6,856 | | | | | $ | 2,118 | | |
Marketing
|
| | | | 2,526 | | | | | | 541 | | |
Technology
|
| | | | 2,925 | | | | | | 158 | | |
Other costs(2)
|
| | | | 6,566 | | | | | | 1,099 | | |
Total selling, general and administrative expenses
|
| | | $ | 18,873 | | | | | $ | 3,916 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |
2018
|
| |
Change
|
| |||||||||||||||
| | |
($ in thousands, except per unit metrics)
|
| |||||||||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 104,253 | | | | | $ | 90,382 | | | | | | 15.3% | | | | | $ | 53,448 | | | | | | 69.1% | | |
Wholesale vehicle sales
|
| | | | 9,984 | | | | | | 8,454 | | | | | | 18.1% | | | | | | 3,153 | | | | | | 168.1% | | |
Finance and insurance, net
|
| | | | 3,898 | | | | | | 3,117 | | | | | | 25.1% | | | | | | 1,608 | | | | | | 93.8% | | |
Lease income, net
|
| | | | 490 | | | | | | 533 | | | | | | (8.1)% | | | | | | 142 | | | | | | 275.4% | | |
Total revenues
|
| | | $ | 118,625 | | | | | $ | 102,486 | | | | | | 15.7% | | | | | $ | 58,351 | | | | | | 75.6% | | |
Cost of sales (exclusive of depreciation): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicle cost of sales
|
| | | $ | 96,983 | | | | | $ | 84,534 | | | | | | 14.7% | | | | | $ | 48,523 | | | | | | 74.2% | | |
Wholesale vehicle cost of sales
|
| | | | 10,386 | | | | | | 9,246 | | | | | | 12.3% | | | | | | 4,185 | | | | | | 120.9% | | |
Total cost of sales
|
| | | $ | 107,369 | | | | | $ | 93,780 | | | | | | 14.5% | | | | | $ | 52,708 | | | | | | 77.9% | | |
Gross profit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicle gross profit
|
| | | $ | 7,270 | | | | | $ | 5,848 | | | | | | 24.3% | | | | | $ | 4,925 | | | | | | 18.7% | | |
Wholesale vehicle gross profit
|
| | | | (402) | | | | | | (792) | | | | | | (49.2)% | | | | | | (1,032) | | | | | | (23.3)% | | |
Finance and insurance gross profit
|
| | | | 3,898 | | | | | | 3,117 | | | | | | 25.1% | | | | | | 1,608 | | | | | | 93.8% | | |
Lease income, net
|
| | | | 490 | | | | | | 533 | | | | | | (8.1)% | | | | | | 142 | | | | | | 275.4% | | |
Total gross profit
|
| | | $ | 11,256 | | | | | $ | 8,706 | | | | | | 29.3% | | | | | $ | 5,643 | | | | | | 54.3% | | |
Unit sales information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicles unit sales
|
| | | | 6,215 | | | | | | 6,435 | | | | | | (3.4)% | | | | | | 4,077 | | | | | | 57.8% | | |
Wholesale vehicles unit sales
|
| | | | 1,059 | | | | | | 1,159 | | | | | | (8.6)% | | | | | | 610 | | | | | | 90.0% | | |
Gross profit per unit(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail vehicles gross profit per unit
|
| | | $ | 1,797 | | | | | $ | 1,393 | | | | | | 29.0% | | | | | $ | 1,602 | | | | | | (13.1)% | | |
Wholesale vehicles gross profit per unit
|
| | | | (380) | | | | | | (683) | | | | | | (44.4)% | | | | | | (1,692) | | | | | | (59.6)% | | |
Total gross profit per unit
|
| | | $ | 1,547 | | | | | $ | 1,146 | | | | | | 35.0% | | | | | $ | 1,204 | | | | | | (4.8)% | | |
| | |
Year Ended December 31,
|
| | | | | | | |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |
2018
|
| |
Change
|
| | | |||||||||||||||||||
| | |
($ in thousands)
|
| | | | | | | |||||||||||||||||||||||||||
Compensation and benefits(1)
|
| | | $ | 7,909 | | | | | $ | 8,992 | | | | | | (12.0)% | | | | | $ | 6,418 | | | | | | 40.1% | | | | | ||||
Marketing expense
|
| | | | 2,808 | | | | | | 3,803 | | | | | | (26.2)% | | | | | | 1,871 | | | | | | 103.3% | | | | | ||||
Other costs(2)
|
| | | | 6,835 | | | | | | 5,510 | | | | | | (24.0)% | | | | | | 3,372 | | | | | | 63.4% | | | | | ||||
Total selling, general and administrative expenses
|
| | | $ | 17,552 | | | | | $ | 18,305 | | | | | | (4.1)% | | | | | $ | 11,661 | | | | | | 57.0% | | | | |
| | |
Three Months Ended
March 31, |
| | |||||||||||
| | |
2021
|
| |
2020
|
| | | | ||||||
| | |
($ in thousands)
|
| | |||||||||||
Cash Flow Data: | | | | | | | | | | | | | | | ||
Net cash provided by (used in) operating activities
|
| | | $ | (19,600) | | | | | $ | 1,125 | | | | ||
Net cash provided by (used in) investing activities
|
| | | | (219,486) | | | | | | (659) | | | | ||
Net cash provided by (used in) financing activities
|
| | | | 310,746 | | | | | | (1,710) | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
($ in thousands)
|
| |||||||||||||||
Cash Flow Data: | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | (4,592) | | | | | $ | (5,473) | | | | | $ | (11,761) | | |
Net cash used in investing activities
|
| | | | (1,227) | | | | | | (487) | | | | | | (362) | | |
Net cash provided by financing activities
|
| | | | 4,530 | | | | | | 8,492 | | | | | | 4,503 | | |
| | |
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)
|
| | | $ | 4,125 | | | | | $ | 4,125 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Operating lease obligations
|
| | | | 18,236 | | | | | | 2,158 | | | | | | 7,210 | | | | | | 4,891 | | | | | | 3,977 | | |
Total
|
| | | $ | 22,361 | | | | | $ | 6,283 | | | | | $ | 7,210 | | | | | $ | 4,891 | | | | | $ | 3,977 | | |
Name
|
| |
Age
|
| |
Position
|
|
Michael W. Bor | | |
47
|
| | 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 | | |
31
|
| | 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 | | |
54
|
| | Class I Director | |
Luis Ignacio Solorzano Aizpuru | | |
48
|
| | Class I Director | |
Kimberly H. Sheehy | | |
57
|
| | 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)
|
| | | | 7,769,355 | | | | | | 6.8% | | |
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(8)
|
| | | | — | | | | | | — | | |
David R. Mitchell(1)
|
| | | | 21,739,678 | | | | | | 19.1% | | |
Steven G. Carrel(1)
|
| | | | 21,739,678 | | | | | | 19.1% | | |
Luis Ignacio Solorzano Aizpuru(2)
|
| | | | 9,091,843 | | | | | | 7.9% | | |
James E. Skinner(6)
|
| | | | 10,000 | | | | | | * | | |
Linda B. Abraham
|
| | | | — | | | | | | — | | |
Sarah M. Kauss
|
| | | | — | | | | | | — | | |
Kimberly H. Sheehy
|
| | | | — | | | | | | — | | |
All Directors and Executive Officers as a Group (14 Individuals)(7)
|
| | | | 43,883,636 | | | | | | 37.2% | | |
| | |
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. (Now Known as CarLotz, Inc.) Audited Financial Statements | | | | | | | |
|
Audited Consolidated Financial Statements for the years ended December 31, 2020, 2019 and
2018 |
| | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-9 | | | |
| CarLotz, Inc. Unaudited Financial Statements | | | | | | | |
|
Unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2021 and 2020
|
| | | | | | |
| | | | | F-39 | | | |
| | | | | F-40 | | | |
| | | | | F-41 | | | |
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | |
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,208 | | | | | $ | 3,214 | | |
Restricted cash
|
| | | | 605 | | | | | | 888 | | |
Marketable securities – at fair value
|
| | | | 1,032 | | | | | | — | | |
Accounts receivable, net
|
| | | | 4,132 | | | | | | 3,256 | | |
Inventories
|
| | | | 11,202 | | | | | | 7,625 | | |
Other current assets
|
| | | | 6,679 | | | | | | 234 | | |
Total Current Assets
|
| | | | 25,858 | | | | | | 15,217 | | |
Property and equipment, net
|
| | | | 1,868 | | | | | | 631 | | |
Lease vehicles, net
|
| | | | 173 | | | | | | 444 | | |
Other assets
|
| | | | 299 | | | | | | 343 | | |
Total Assets
|
| | | $ | 28,198 | | | | | $ | 16,635 | | |
Liabilities, Redeemable Convertible Preferred Stock, Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Long-term debt, current
|
| | | $ | 6,370 | | | | | $ | 2,825 | | |
Floor plan notes payable
|
| | | | 6,039 | | | | | | 6,739 | | |
Accounts payable
|
| | | | 6,283 | | | | | | 2,134 | | |
Accrued transaction expenses
|
| | | | 6,052 | | | | | | — | | |
Accrued expenses
|
| | | | 3,563 | | | | | | 1,576 | | |
Accrued expenses – related party
|
| | | | 5,082 | | | | | | 3,102 | | |
Other current liabilities
|
| | | | 256 | | | | | | 434 | | |
Total Current Liabilities
|
| | | | 33,645 | | | | | | 16,810 | | |
Long-term debt, less current portion
|
| | | | 2,999 | | | | | | — | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | 2,832 | | | | | | 3,755 | | |
Other liabilities
|
| | | | 1,959 | | | | | | 931 | | |
Total Liabilities
|
| | | | 41,435 | | | | | | 21,496 | | |
Commitments and Contingencies (Note 18)
|
| | |
|
—
|
| | | |
|
—
|
| |
Redeemable Convertible Preferred Stock: | | | | | | | | | | | | | |
Series A Preferred Stock, $0.001 stated value; authorized 3,052,127 shares; after recapitalization, there are no preferred shares issued or outstanding at December 31, 2021 and 2020
|
| | | | — | | | | | | — | | |
Stockholders’ Equity (Deficit): | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 500,000,000 authorized shares, 58,621,042 shares
issued and outstanding at December 31, 2020 and 2019 |
| | | | 6 | | | | | | 6 | | |
Additional paid-in capital
|
| | | | 20,779 | | | | | | 22,618 | | |
Accumulated deficit
|
| | | | (34,037) | | | | | | (27,485) | | |
Accumulated other comprehensive income
|
| | | | 15 | | | | | | — | | |
Treasury stock, $0.001 par value; after recapitalization, there are no treasury shares issued or outstanding at December 31, 2020 and 2019
|
| | | | — | | | | | | — | | |
Total Stockholders’ Equity (Deficit)
|
| | | | (13,237) | | | | | | (4,861) | | |
Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
|
| | | $ | 28,198 | | | | | $ | 16,635 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenues: | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 104,253 | | | | | $ | 90,382 | | | | | $ | 53,448 | | |
Wholesale vehicle sales
|
| | | | 9,984 | | | | | | 8,454 | | | | | | 3,153 | | |
Finance and insurance, net
|
| | | | 3,898 | | | | | | 3,117 | | | | | | 1,608 | | |
Lease income, net
|
| | | | 490 | | | | | | 533 | | | | | | 142 | | |
Total Revenues
|
| | | | 118,625 | | | | | | 102,486 | | | | | | 58,351 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 107,369 | | | | | | 93,780 | | | | | | 52,708 | | |
Gross Profit
|
| | | | 11,256 | | | | | | 8,706 | | | | | | 5,643 | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 17,552 | | | | | | 18,305 | | | | | | 11,661 | | |
Depreciation expense
|
| | | | 341 | | | | | | 504 | | | | | | 338 | | |
Management fee expense – related party
|
| | | | 215 | | | | | | 250 | | | | | | 250 | | |
Total Operating Expenses
|
| | | | 18,108 | | | | | | 19,059 | | | | | | 12,249 | | |
Loss from Operations
|
| | | | (6,852) | | | | | | (10,353) | | | | | | (6,606) | | |
Interest Expense
|
| | | | 518 | | | | | | 651 | | | | | | 466 | | |
Other Income (Expense), net | | | | | | | | | | | | | | | | | | | |
Management fee income – related party
|
| | | | — | | | | | | — | | | | | | 127 | | |
Change in fair value of warrants liability
|
| | | | (14) | | | | | | 24 | | | | | | (2) | | |
Change in fair value of redeemable convertible preferred stock
tranche obligation |
| | | | 923 | | | | | | (1,396) | | | | | | (272) | | |
Other income (expense)
|
| | | | (81) | | | | | | (291) | | | | | | 662 | | |
Total Other Income (Expense), net
|
| | | | 828 | | | | | | (1,663) | | | | | | 515 | | |
Loss Before Income Tax Expense
|
| | | | (6,542) | | | | | | (12,667) | | | | | | (6,557) | | |
Income Tax Expense
|
| | | | 10 | | | | | | 11 | | | | | | 3 | | |
Net Loss
|
| | | $ | (6,552) | | | | | $ | (12,678) | | | | | $ | (6,560) | | |
Net loss per share, basic and diluted
|
| | | $ | (0.11) | | | | | $ | (0.22) | | | | | $ | (0.13) | | |
Weighted-average shares used in computing net loss per share, basic and diluted
|
| | | | 58,621,042 | | | | | | 56,737,364 | | | | | | 50,325,203 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net loss
|
| | | $ | (6,552) | | | | | $ | (12,678) | | | | | $ | (6,560) | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | |
Unrealized gains on marketable securities arising during the period
|
| | | | 16 | | | | | | — | | | | | | — | | |
Tax effect
|
| | | | — | | | | | | — | | | | | | — | | |
Unrealized gains on marketable securities arising during the period, net
of tax |
| | | | 16 | | | | | | — | | | | | | — | | |
Reclassification adjustment for realized losses
|
| | | | (1) | | | | | | — | | | | | | — | | |
Tax effect
|
| | | | — | | | | | | — | | | | | | — | | |
Reclassification adjustment for realized losses, net of tax
|
| | | | (1) | | | | | | — | | | | | | — | | |
Other Comprehensive Income (Loss), net of tax
|
| | | | 15 | | | | | | — | | | | | | — | | |
Total Comprehensive Income (Loss)
|
| | | $ | (6,537) | | | | | $ | (12,678) | | | | | $ | (6,560) | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Stockholders’
Equity (Deficit) |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance January 1, 2018
|
| | | | 1,220,851 | | | | | | 8,670 | | | | | | | 37,881,435 | | | | | | 4 | | | | | | 7,389 | | | | | | (8,247) | | | | | | — | | | | | | (854) | | |
Retroactive application of recapitalization
|
| | | | (1,220,851) | | | | | | (8,670) | | | | | | | 12,443,768 | | | | | | 1 | | | | | | 8,669 | | | | | | — | | | | | | — | | | | | | 8,670 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 50,325,203 | | | | | | 5 | | | | | | 16,058 | | | | | | (8,247) | | | | | | — | | | | | | 7,816 | | |
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
|
| | | | — | | | | | | — | | | | | | | 50,325,203 | | | | | | 5 | | | | | | 15,195 | | | | | | (14,807) | | | | | | — | | | | | | 393 | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Stockholders’
Equity (Deficit) |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance December 31, 2018
|
| | | | 1,220,851 | | | | | | 8,670 | | | | | | | 37,881,435 | | | | | | 4 | | | | | | 6,526 | | | | | | (14,807) | | | | | | — | | | | | | (8,277) | | |
Retroactive application of recapitalization
|
| | | | (1,220,851) | | | | | | (8,670) | | | | | | | 12,443,768 | | | | | | 1 | | | | | | 8,669 | | | | | | — | | | | | | — | | | | | | 8,670 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 50,325,203 | | | | | | 5 | | | | | | 15,195 | | | | | | (14,807) | | | | | | — | | | | | | 393 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,678) | | | | | | — | | | | | | (12,678) | | |
Redeemable convertible preferred stock issuance
|
| | | | 813,900 | | | | | | 8,890 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Retroactive application of recapitalization
|
| | | | (813,900) | | | | | | (8,890) | | | | | | | 8,295,839 | | | | | | 1 | | | | | | 8,889 | | | | | | — | | | | | | — | | | | | | 8,890 | | |
Accrued dividends on redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,579) | | | | | | — | | | | | | — | | | | | | (1,579) | | |
Stock-based compensation
|
| | | | — | | | | | | | | | | | | | — | | | | | | — | | | | | | 113 | | | | | | — | | | | | | — | | | | | | 113 | | |
Balance December 31, 2019
|
| | | | — | | | | | | — | | | | | | | 58,621,042 | | | | | | 6 | | | | | | 22,618 | | | | | | (27,485) | | | | | | — | | | | | | (4,861) | | |
| | |
Redeemable
Convertible Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Stockholders’
Equity (Deficit) |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance December 31, 2019
|
| | | | 2,034,751 | | | | | | 17,560 | | | | | | | 37,881,435 | | | | | | 4 | | | | | | 5,060 | | | | | | (27,485) | | | | | | — | | | | | | (22,421) | | |
Retroactive application of recapitalization
|
| | | | (2,034,751) | | | | | | (17,560) | | | | | | | 20,739,607 | | | | | | 2 | | | | | | 17,558 | | | | | | — | | | | | | — | | | | | | 17,560 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 58,621,042 | | | | | | 6 | | | | | | 22,618 | | | | | | (27,485) | | | | | | — | | | | | | (4,861) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,552) | | | | | | — | | | | | | (6,552) | | |
Other comprehensive income, net of
tax |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15 | | | | | | 15 | | |
Accrued dividends on redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (1,884) | | | | | | — | | | | | | — | | | | | | (1,884) | | |
Stock-based compensation
|
| | | | — | | | | | | | | | | | | | — | | | | | | — | | | | | | 45 | | | | | | — | | | | | | — | | | | | | 45 | | |
Balance December 31, 2020
|
| | | | — | | | | | | — | | | | | | | 58,621,042 | | | | | | 6 | | | | | | 20,779 | | | | | | (34,037) | | | | | | 15 | | | | | | (13,237) | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (6,552) | | | | | $ | (12,678) | | | | | $ | (6,560) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | | | | | | | |
Depreciation – property and equipment
|
| | | | 195 | | | | | | 260 | | | | | | 253 | | |
Depreciation – lease vehicles
|
| | | | 146 | | | | | | 244 | | | | | | 85 | | |
Loss on disposition of property and equipment
|
| | | | — | | | | | | 321 | | | | | | — | | |
Gain on sale of lease vehicles
|
| | | | — | | | | | | — | | | | | | (16) | | |
Provision for doubtful accounts
|
| | | | 40 | | | | | | (14) | | | | | | (30) | | |
Share-based compensation expense
|
| | | | 45 | | | | | | 113 | | | | | | 151 | | |
Gain on marketable securities
|
| | | | (36) | | | | | | — | | | | | | — | | |
Change in fair value of warrants liability
|
| | | | 14 | | | | | | (24) | | | | | | 2 | | |
Amortization of debt issuance costs
|
| | | | 14 | | | | | | — | | | | | | — | | |
Amortization of warrant liability
|
| | | | 11 | | | | | | — | | | | | | — | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | (923) | | | | | | 1,396 | | | | | | 272 | | |
Other
|
| | | | — | | | | | | — | | | | | | (599) | | |
Change in Operating Assets and Liabilities:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (916) | | | | | | (830) | | | | | | (706) | | |
Inventories
|
| | | | (3,333) | | | | | | 2,883 | | | | | | (4,810) | | |
Other current assets
|
| | | | (6,445) | | | | | | (6) | | | | | | 48 | | |
Other assets
|
| | | | 44 | | | | | | (38) | | | | | | (164) | | |
Accounts payable
|
| | | | 4,149 | | | | | | 1,392 | | | | | | 223 | | |
Accrued expenses and transaction expenses
|
| | | | 8,039 | | | | | | 525 | | | | | | 133 | | |
Accrued expenses – related party
|
| | | | 96 | | | | | | 172 | | | | | | (9) | | |
Other current liabilities
|
| | | | (178) | | | | | | 229 | | | | | | 20 | | |
Other liabilities
|
| | | | 998 | | | | | | 582 | | | | | | (54) | | |
Net Cash Used in Operating Activities
|
| | | | (4,592) | | | | | | (5,473) | | | | | | (11,761) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | | |
Cash related to consolidation of Orange Grove
|
| | | | — | | | | | | — | | | | | | 5 | | |
Purchase of property and equipment
|
| | | | (154) | | | | | | (235) | | | | | | (474) | | |
Proceeds from sale of lease vehicles
|
| | | | — | | | | | | — | | | | | | 119 | | |
Purchase of lease vehicles
|
| | | | (92) | | | | | | (252) | | | | | | (12) | | |
Purchase of marketable securities
|
| | | | (1,049) | | | | | | — | | | | | | — | | |
Proceeds from sales of marketable securities
|
| | | | 68 | | | | | | — | | | | | | — | | |
Net Cash Used in Investing Activities
|
| | | | (1,227) | | | | | | (487) | | | | | | (362) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | |
Issuance of redeemable convertible preferred stock, net
|
| | | | — | | | | | | 7,988 | | | | | | — | | |
Payments made on long-term debt
|
| | | | (9) | | | | | | (8) | | | | | | (4) | | |
Borrowings on long-term debt
|
| | | | 5,249 | | | | | | 3,000 | | | | | | — | | |
Payments of debt issuance costs
|
| | | | (10) | | | | | | (112) | | | | | | — | | |
Payments on floor plan notes payable
|
| | | | (24,948) | | | | | | (41,711) | | | | | | (24,567) | | |
Borrowings on floor plan notes payable
|
| | | | 24,248 | | | | | | 39,753 | | | | | | 29,171 | | |
Payments made on promissory note
|
| | | | — | | | | | | (418) | | | | | | (97) | | |
Net Cash Provided by Financing Activities
|
| | | | 4,530 | | | | | | 8,492 | | | | | | 4,503 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net Change in Cash and Cash Equivalents and Restricted Cash
|
| | | | (1,289) | | | | | | 2,532 | | | | | | (7,620) | | |
Cash and cash equivalents and restricted cash, beginning
|
| | | | 4,102 | | | | | | 1,570 | | | | | | 9,190 | | |
Cash and cash equivalents and restricted cash, ending
|
| | | $ | 2,813 | | | | | $ | 4,102 | | | | | $ | 1,570 | | |
Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 346 | | | | | $ | 684 | | | | | $ | 436 | | |
Supplementary Schedule of Non-cash Investing and Financing Activities: | | | | | | | | | | | | | | | | | | | |
Purchases of property under capital lease obligations
|
| | | $ | 1,305 | | | | | $ | — | | | | | $ | — | | |
Transfer from property and equipment to inventory
|
| | | $ | 27 | | | | | $ | 53 | | | | | $ | 26 | | |
Transfer from lease vehicles to inventory
|
| | | $ | 217 | | | | | $ | 295 | | | | | $ | — | | |
Redeemable convertible preferred stock distributions accrued
|
| | | $ | 1,884 | | | | | $ | 1,579 | | | | | $ | 1,014 | | |
Purchase of property and equipment with long-term debt
|
| | | $ | — | | | | | $ | — | | | | | $ | 21 | | |
Promissory note based on consolidation of Orange Grove
|
| | | $ | — | | | | | $ | — | | | | | $ | 515 | | |
Issuance of common stock warrants
|
| | | $ | 15 | | | | | $ | 72 | | | | | $ | — | | |
Settlement of redeemable convertible preferred stock tranche obligation
|
| | | $ | — | | | | | $ | (902) | | | | | $ | — | | |
| Leasehold Improvements | | | Lesser of 15 years or underlying lease terms | |
| Equipment, Furniture and Fixtures | | | 1 – 5 years | |
| Corporate Vehicles | | | 5 years | |
Date
|
| |
Description
|
| |
As
Previously Reported |
| |
1/21/21
Conversion Ratio |
| |
Recapitalized
Common Shares |
| |||||||||
1/1/2018 | | |
Common Stock
|
| | | | 3,869,118 | | | | | | 10.1927 | | | | | | 39,436,759 | | |
1/1/2018 | | |
Treasury Stock
|
| | | | (152,592) | | | | | | 10.1927 | | | | | | (1,555,324) | | |
1/1/2018 | | |
Preferred Stock
|
| | | | 1,220,851 | | | | | | 10.1927 | | | | | | 12,443,768 | | |
1/22/2019 | | |
Preferred Stock
|
| | | | 305,188 | | | | | | 10.1927 | | | | | | 3,110,691 | | |
5/1/2019 | | |
Preferred Stock
|
| | | | 508,712 | | | | | | 10.1927 | | | | | | 5,185,149 | | |
Date
|
| |
Recapitalized
Common Stock |
| |
Days
outstanding |
| |
% of
weighting |
| |
Weighted Average
Outstanding Shares |
| ||||||||||||
1/1/2018 | | | | | 50,325,203 | | | | | | 365 | | | | | | 100% | | | | | | 50,325,203 | | |
12/31/2018 | | | | | 50,325,203 | | | | | | 365 | | | | | | 100% | | | | | | 50,325,203 | | |
1/1/2019 | | | | | 50,325,203 | | | | | | 21 | | | | | | 6% | | | | | | 2,895,423 | | |
1/22/2019 | | | | | 53,435,893 | | | | | | 99 | | | | | | 27% | | | | | | 14,493,571 | | |
5/1/2019 | | | | | 58,621,042 | | | | | | 245 | | | | | | 67% | | | | | | 39,348,371 | | |
12/31/2019 | | | | | 58,621,042 | | | | | | 365 | | | | | | 100% | | | | | | 56,737,364 | | |
1/1/2020 | | | | | 58,621,042 | | | | | | 366 | | | | | | 100% | | | | | | 58,621,042 | | |
12/31/2020 | | | | | 58,621,042 | | | | | | 366 | | | | | | 100% | | | | | | 58,621,042 | | |
| | |
2020
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 104,253 | | | | | $ | — | | | | | $ | 104,253 | | |
Wholesale vehicle sales
|
| | | | 9,984 | | | | | | — | | | | | | 9,984 | | |
Finance and insurance, net
|
| | | | 3,898 | | | | | | — | | | | | | 3,898 | | |
Lease income, net
|
| | | | — | | | | | | 490 | | | | | | 490 | | |
Total Revenues
|
| | | $ | 118,135 | | | | | $ | 490 | | | | | $ | 118,625 | | |
| | |
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 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Retail vehicles: | | | | | | | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 104,253 | | | | | $ | 90,382 | | | | | $ | 53,448 | | |
Retail vehicle cost of sales
|
| | | | 96,983 | | | | | | 84,534 | | | | | | 48,523 | | |
Gross Profit – Retail Vehicles
|
| | | $ | 7,270 | | | | | $ | 5,848 | | | | | $ | 4,925 | | |
Wholesale vehicles: | | | | | | | | | | | | | | | | | | | |
Wholesale vehicle sales
|
| | | $ | 9,984 | | | | | $ | 8,454 | | | | | $ | 3,153 | | |
Wholesale vehicle cost of sales
|
| | | | 10,386 | | | | | | 9,246 | | | | | | 4,185 | | |
Gross Profit – Wholesale Vehicles
|
| | | $ | (402) | | | | | $ | (792) | | | | | $ | (1,032) | | |
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Estimated
Fair Value |
| ||||||||||||
Fixed Maturity Debt Securities | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasuries
|
| | | $ | 240 | | | | | $ | 6 | | | | | $ | — | | | | | $ | 246 | | |
Corporates
|
| | | | 261 | | | | | | 5 | | | | | | (1) | | | | | | 265 | | |
U.S. states, territories, and political subdivisions
|
| | | | 141 | | | | | | 5 | | | | | | — | | | | | | 146 | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 642 | | | | | $ | 16 | | | | | $ | (1) | | | | | $ | 657 | | |
| | |
Amortized Cost
|
| |
Estimated
Fair Value |
| ||||||
Due in one year or less
|
| | | $ | 77 | | | | | $ | 78 | | |
Due after one year through five years
|
| | | | 379 | | | | | | 388 | | |
Due after five years through ten years
|
| | | | 186 | | | | | | 191 | | |
Total | | | | $ | 642 | | | | | $ | 657 | | |
| | |
Less Than 12 Months
|
| |
12 Months or more
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| |
Estimated
Fair Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
Fixed maturity debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate Bonds
|
| | | $ | 39 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | (1) | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 39 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | (1) | | |
| | |
Cost
|
| |
Estimated
Fair Value |
| ||||||
Equity securities
|
| | | $ | 335 | | | | | $ | 375 | | |
| | |
Proceeds
|
| |
Gross
Realized Gains |
| |
Gross
Realized Losses |
| |
Net
Realized (Losses) |
| | ||||||||||||||
Fixed maturity debt securities
|
| | | $ | 18 | | | | |
$
|
—
|
| | | |
$
|
—
|
| | | |
$
|
—
|
| | | ||
Equity securities
|
| | | | 50 | | | | | | 1 | | | | | | (2) | | | | | | (1) | | | | | |
Total Marketable Securities
|
| | | $ | 68 | | | | | $ | 1 | | | | | $ | (2) | | | | | $ | (1) | | | |
| | |
2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 405 | | | | | $ | — | | | | | $ | — | | | | | $ | 405 | | |
Equity securities
|
| | | | 375 | | | | | | — | | | | |
|
—
|
| | | | | 375 | | |
Fixed maturity debt securities
|
| | | | 246 | | | | | | 411 | | | | |
|
—
|
| | | | | 657 | | |
Total Assets:
|
| | | | 1,026 | | | | | | 411 | | | | | | — | | | | | | 1,437 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | — | | | | | | 2,832 | | | | | | 2,832 | | |
Stock warrants liability
|
| | | | — | | | | | | — | | | | | | 144 | | | | | | 144 | | |
Total Liabilities:
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,976 | | | | | $ | 2,976 | | |
| | |
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 | | |
Year-ended December 31, 2020
|
| |
January 1,
|
| |
Issuances
|
| |
Settlements
|
| |
Change in
Fair Value |
| |
December 31,
|
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 3,755 | | | | | $ | — | | | | | $ | — | | | | | $ | (923) | | | | | $ | 2,832 | | |
Stock warrants liability
|
| | | | 115 | | | | | | 15 | | | | | | — | | | | | | 14 | | | | | | 144 | | |
Total | | | | $ | 3,870 | | | | | $ | 15 | | | | | $ | — | | | | | $ | (909) | | | | | $ | 2,976 | | |
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 | | | |
| | |
2020
|
| |
2019
|
| ||||||
Expected volatility
|
| | | | 65.00% | | | | | | 45.00% | | |
Expected dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Expected term (in years)
|
| |
4 years
|
| |
5 years
|
| ||||||
Risk-free interest rate
|
| | | | 0.27% | | | | | | 1.69% | | |
Marketability discount
|
| | | | 60.00% | | | | | | 50.00% | | |
| | |
2020
|
| |
2019
|
| | ||||||||
Contracts in transit
|
| | | $ | 3,321 | | | | | $ | 2,645 | | | | ||
Trade
|
| | | | 240 | | | | | | 202 | | | | ||
Finance commission
|
| | | | 132 | | | | | | 87 | | | | ||
Other
|
| | | | 506 | | | | | | 349 | | | | ||
Total
|
| | | | 4,199 | | | | | | 3,283 | | | | ||
Allowance for doubtful accounts
|
| | | | (67) | | | | | | (27) | | | | | |
Total Accounts Receivable, net
|
| | | $ | 4,132 | | | | | $ | 3,256 | | | |
| | |
2020
|
| |
2019
|
| ||||||
Used vehicles
|
| | | $ | 11,202 | | | | | $ | 7,592 | | |
Parts
|
| | | | — | | | | | | 33 | | |
Total | | | | $ | 11,202 | | | | | $ | 7,625 | | |
| | |
2020
|
| |
2019
|
| ||||||
Capital lease asset building
|
| | | $ | 1,305 | | | | | $ | — | | |
Leasehold improvements
|
| | | | 702 | | | | | | 688 | | |
Furniture, fixtures, and equipment
|
| | | | 760 | | | | | | 715 | | |
Corporate vehicles
|
| | | | 143 | | | | | | 104 | | |
Total property and equipment
|
| | | | 2,910 | | | | | | 1,507 | | |
Less: accumulated depreciation
|
| | | | (1,042) | | | | | | (876) | | |
Property and Equipment, net
|
| | | $ | 1,868 | | | | | $ | 631 | | |
| | |
2020
|
| |
2019
|
| ||||||
Vehicles
|
| | | $ | 629 | | | | | $ | 1,083 | | |
Less: accumulated depreciation
|
| | | | (456) | | | | | | (639) | | |
Total Lease Vehicles, net
|
| | | $ | 173 | | | | | $ | 444 | | |
Year
|
| |
Minimum Rental
Receipts Under Operating Leases |
| |||
2021
|
| | | $ | 37 | | |
2022
|
| | | | 24 | | |
2023
|
| | | | 2 | | |
Total | | | | $ | 63 | | |
| | |
2020
|
| |
2019
|
| ||||||
Other Current Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 36 | | | | | $ | 13 | | |
Deferred acquisition costs
|
| | | | 72 | | | | | | 32 | | |
Prepaid expenses
|
| | | | 679 | | | | | | 189 | | |
Stock issuance costs
|
| | | | 5,892 | | | | | | — | | |
Total Other Current Assets
|
| | | $ | 6,679 | | | | | $ | 234 | | |
Other Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 16 | | | | | $ | 38 | | |
Deferred acquisition costs
|
| | | | 48 | | | | | | 50 | | |
Security deposits
|
| | | | 235 | | | | | | 255 | | |
Total Other Assets
|
| | | $ | 299 | | | | | $ | 343 | | |
| | |
2020
|
| |
2019
|
| ||||||
Beginning
|
| | | $ | 82 | | | | | $ | 22 | | |
Written
|
| | | | 173 | | | | | | 93 | | |
Amortized
|
| | | | (135) | | | | | | (33) | | |
Ending
|
| | | | 120 | | | | | | 82 | | |
Less: current portion
|
| | | | 72 | | | | | | 32 | | |
Non-current
|
| | | | 48 | | | | | | 50 | | |
Total Deferred Acquisition Costs
|
| | | $ | 120 | | | | | $ | 82 | | |
| | |
2020
|
| |
2019
|
| ||||||
Term note payable
|
| | | $ | — | | | | | $ | 9 | | |
Capital lease obligation
|
| | | | 1,305 | | | | | | — | | |
Promissory note
|
| | | | 2,990 | | | | | | — | | |
Convertible notes payable, net
|
| | | | 3,325 | | | | | | 2,816 | | |
Paycheck Protection Program loan
|
| | | | 1,749 | | | | | | — | | |
| | | | | 9,369 | | | | | | 2,825 | | |
Current portion of long-term debt
|
| | | | (6,370) | | | | | | (2,825) | | |
Long-term Debt
|
| | | $ | 2,999 | | | | | $ | — | | |
|
Maturity
|
| |
4 years
|
|
|
Risk-free interest rate
|
| |
0.27%
|
|
|
Volatility
|
| |
85.00 %
|
|
|
Dividend yield
|
| |
0.00%
|
|
|
Weighted average fair value per common share
|
| |
1.89
|
|
| | |
2020
|
| |
2019
|
| ||||||
Stock warrants outstanding, January 1
|
| | | | 699,026 | | | | | | 239,121 | | |
Stock warrants issued with convertible notes payable
|
| | | | 78,239 | | | | | | 459,905 | | |
Stock warrants cancelled
|
| | | | — | | | | | | — | | |
Stock warrants exercised
|
| | | | — | | | | | | — | | |
Stock warrants outstanding, December 31
|
| | | | 777,265 | | | | | | 699,026 | | |
| | |
2020
|
| |
2019
|
| ||||||
License and title fees
|
| | | $ | 785 | | | | | $ | 399 | | |
Payroll and bonuses
|
| | | | 837 | | | | | | 388 | | |
Deferred rent
|
| | | | 199 | | | | | | 300 | | |
Other accrued expenses
|
| | | | 1,742 | | | | | | 489 | | |
Total Accrued Expenses
|
| | | $ | 3,563 | | | | | $ | 1,576 | | |
| | |
2020
|
| |
2019
|
| ||||||
Other Liabilities, Current | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | $ | 257 | | | | | $ | 434 | | |
Other Liabilities | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | | 1,680 | | | | | | 719 | | |
Other long-term liabilities
|
| | | | 135 | | | | | | 97 | | |
Stock warrants liability
|
| | | | 144 | | | | | | 115 | | |
Other Liabilities, Long-term
|
| | | $ | 1,959 | | | | | $ | 931 | | |
| | |
Operating
Leases |
| |
Capital Leases
|
| ||||||
2021
|
| | | $ | 2,303 | | | | | $ | 139 | | |
2022
|
| | | | 2,372 | | | | | | 183 | | |
2023
|
| | | | 2,209 | | | | | | 187 | | |
2024
|
| | | | 1,216 | | | | | | 190 | | |
2025
|
| | | | 993 | | | | | | 194 | | |
Thereafter
|
| | | | 511 | | | | | | 1,078 | | |
Total Minimum Lease Payments
|
| | | $ | 9,604 | | | | | $ | 1,971 | | |
Less: amount representing interest
|
| | | | | | | | | | (666) | | |
Present value of minimum lease payments
|
| | | | | | | | | | 1,305 | | |
Less: current obligation
|
| | | | | | | | | | (55) | | |
Long-term obligations under capital lease
|
| | | | | | | | | $ | 1,250 | | |
| | |
Payments
Due to Third Parties |
| |
Future
Receipts |
| ||||||
2021
|
| | | $ | 1,538 | | | | | $ | 1,862 | | |
2022
|
| | | | 1,024 | | | | | | 1,236 | | |
2023
|
| | | | 596 | | | | | | 711 | | |
2024
|
| | | | 194 | | | | | | 233 | | |
2025
|
| | | | 2 | | | | | | 3 | | |
Total
|
| | | $ | 3,354 | | | | | $ | 4,045 | | |
| | |
Number of
Options |
| |
Wgt. Avg.
Exercise Price |
| ||||||
Balance at January 1, 2018
|
| | | | 1,785,251 | | | | | | 0.59 | | |
Granted | | | | | — | | | | | | — | | |
Forfeited | | | | | (137,601) | | | | | | 0.55 | | |
Balance at December 31, 2018
|
| | | | 1,647,650 | | | | | | 0.60 | | |
Granted | | | | | — | | | | | | — | | |
Forfeited | | | | | (76,445) | | | | | | 0.67 | | |
Balance at December 31, 2019
|
| | | | 1,571,205 | | | | | | 0.59 | | |
Granted | | | | | — | | | | | | — | | |
Forfeited | | | | | — | | | | | | — | | |
Balance at December 31, 2020
|
| | | | 1,571,205 | | | | | | 0.59 | | |
| | |
Number of
Options |
| |
Wgt. Avg.
Remaining Contractual Life |
| |
Wgt. Avg.
Exercise Price |
| |||||||||
Outstanding
|
| | | | 1,571,205 | | | | | | 1.67 | | | | | | 0.59 | | |
Exercisable
|
| | | | 1,494,377 | | | | | | 1.67 | | | | | | 0.59 | | |
| | |
Number of
Options |
| |
Wgt. Avg.
Exercise Price |
| ||||||
Balance at January 1, 2018
|
| | | | — | | | | | | — | | |
Granted | | | | | 2,665,921 | | | | | | 0.92 | | |
Forfeited | | | | | (66,253) | | | | | | 0.92 | | |
Balance at December 31, 2018
|
| | | | 2,599,669 | | | | | | 0.92 | | |
Granted | | | | | 1,569,676 | | | | | | 0.92 | | |
Forfeited | | | | | (1,323,787) | | | | | | 0.92 | | |
Balance at December 31, 2019
|
| | | | 2,845,557 | | | | | | 0.92 | | |
Granted | | | | | 1,116,101 | | | | | | 0.92 | | |
Forfeited | | | | | — | | | | | | 0.92 | | |
Balance at December 31, 2020
|
| | | | 3,961,658 | | | | | | 0.92 | | |
| | |
Number of
Options |
| |
Wgt. Avg.
Remaining Contractual Life |
| |
Wgt. Avg.
Exercise Price |
| |||||||||
Outstanding | | | | | 3,961,658 | | | | | | 8.46 | | | | | | 0.92 | | |
Exerciseable
|
| | | | — | | | | | | — | | | | | | — | | |
|
Expected volatility
|
| |
81.00%
|
|
|
Expected dividend yield
|
| |
—%
|
|
|
Expected term (in years)
|
| |
5 years
|
|
|
Risk-free interest rate
|
| |
0.37%
|
|
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Current Income Tax Expense: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State and local
|
| | | | 10 | | | | | | 11 | | | | | | 3 | | |
Total Current Income Tax Expense
|
| | | | 10 | | | | | | 11 | | | | | | 3 | | |
Deferred Income Tax Expense: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | | | | | — | | |
State and local
|
| | | | — | | | | | | — | | | | | | — | | |
Total Income Tax Expense
|
| | | $ | 10 | | | | | $ | 11 | | | | | $ | 3 | | |
| | |
2020
|
| |
2019
|
| ||||||
Deferred Tax Assets: | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 7,042 | | | | | $ | 5,881 | | |
Accrued expenses
|
| | | | 109 | | | | | | — | | |
Unearned premiums
|
| | | | 466 | | | | | | — | | |
Contract expense
|
| | | | 332 | | | | | | 262 | | |
Intangible assets
|
| | | | 204 | | | | | | — | | |
Other
|
| | | | 406 | | | | | | 809 | | |
Total deferred tax assets
|
| | | | 8,559 | | | | | | 6,952 | | |
Less: valuation allowance
|
| | | | (8,559) | | | | | | (6,910) | | |
Net Deferred Tax Assets
|
| | | | — | | | | | | 42 | | |
Deferred Tax Liabilities | | | | | | | | | | | | | |
Fixed assets
|
| | | | — | | | | | | (42) | | |
Total deferred tax liabilities
|
| | | | — | | | | | | (42) | | |
Net Deferred Tax Liabilities
|
| | | | — | | | | | | (42) | | |
Net Deferred Tax Assets/Liabilities
|
| | | $ | — | | | | | $ | — | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
January 1, | | | | $ | 6,910 | | | | | $ | 3,986 | | | | | $ | 2,008 | | |
Additions – Charged
|
| | | | 1,649 | | | | | | 2,924 | | | | | | 1,731 | | |
Deductions – Charged
|
| | | | — | | | | | | — | | | | | | — | | |
Other
|
| | | | — | | | | | | — | | | | | | 247 | | |
December 31, | | | | $ | 8,559 | | | | | $ | 6,910 | | | | | $ | 3,986 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Loss Before Income Tax Expense
|
| | | $ | (6,542) | | | | | $ | (12,667) | | | | | $ | (6,557) | | |
Income tax benefit at federal statutory rates
|
| | | | (1,372) | | | | | | (2,660) | | | | | | (1,377) | | |
State and local income taxes
|
| | | | (79) | | | | | | (471) | | | | | | (238) | | |
Investment remeasurement
|
| | | | — | | | | | | — | | | | | | (126) | | |
Valuation allowances
|
| | | | 1,649 | | | | | | 2,924 | | | | | | 1,731 | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | (194) | | | | | | 293 | | | | | | 57 | | |
Other
|
| | | | 6 | | | | | | (75) | | | | | | (44) | | |
Total Income Tax Expense
|
| | | $ | 10 | | | | | $ | 11 | | | | | $ | 3 | | |
Effective Tax Rate
|
| | | | (0.15)% | | | | | | (0.09)% | | | | | | (0.05)% | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (6,552) | | | | | $ | (12,678) | | | | | $ | (6,560) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 58,621,042 | | | | | | 56,737,364 | | | | | | 50,325,203 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.11) | | | | | $ | (0.22) | | | | | $ | (0.13) | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Convertible notes payable
|
| | | | 3,556,335 | | | | | | 2,876,492 | | | | | | — | | |
Stock warrants
|
| | | | 777,265 | | | | | | 699,026 | | | | | | 239,121 | | |
Stock options outstanding to purchase shares of common stock
|
| | | | 5,532,863 | | | | | | 4,416,762 | | | | | | 4,247,318 | | |
Total
|
| | |
|
9,866,462
|
| | | |
|
7,992,280
|
| | | |
|
4,486,439
|
| |
| | |
Total purchases from vendor to total
purchases for the year ended December 31, |
| |||||||||||||||
Vendor
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Vendor A
|
| | | | 33% | | | | | | —% | | | | | | —% | | |
Vendor B
|
| | | | 13% | | | | | | 12% | | | | | | —% | | |
| | | | ||||||||||
Vendor
|
| |
2020
|
| |
2019
|
| ||||||
Vendor A
|
| | | $ | 2,918 | | | | | $ | — | | |
Vendor B
|
| | | $ | 368 | | | | | $ | 257 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 74,362 | | | | | $ | 2,208 | | |
Restricted cash
|
| | | | 227 | | | | | | 605 | | |
Marketable securities – at fair value
|
| | | | 173,644 | | | | | | 1,032 | | |
Accounts receivable, net
|
| | | | 9,324 | | | | | | 4,132 | | |
Inventories
|
| | | | 9,311 | | | | | | 11,202 | | |
Other current assets
|
| | | | 6,655 | | | | | | 6,679 | | |
Total Current Assets
|
| | | | 273,523 | | | | | | 25,858 | | |
Marketable securities – at fair value
|
| | | | 44,780 | | | | | | — | | |
Property and equipment, net
|
| | | | 2,349 | | | | | | 1,868 | | |
Capitalized website and internal-use software costs, net
|
| | | | 2,554 | | | | | | — | | |
Lease vehicles, net
|
| | | | 58 | | | | | | 173 | | |
Other assets
|
| | | | 3,337 | | | | | | 299 | | |
Total Assets
|
| | | $ | 326,601 | | | | | $ | 28,198 | | |
Liabilities, Redeemable Convertible Preferred Stock, Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Long-term debt, current
|
| | | $ | 55 | | | | | $ | 6,370 | | |
Floor plan notes payable
|
| | | | 4,125 | | | | | | 6,039 | | |
Accounts payable
|
| | | | 9,423 | | | | | | 6,283 | | |
Accrued transaction expenses
|
| | | | — | | | | | | 6,052 | | |
Accrued expenses
|
| | | | 11,150 | | | | | | 3,563 | | |
Accrued expenses – related party
|
| | | | — | | | | | | 5,082 | | |
Other current liabilities
|
| | | | 815 | | | | | | 256 | | |
Total Current Liabilities
|
| | | | 25,568 | | | | | | 33,645 | | |
Long-term debt, less current portion
|
| | | | 1,250 | | | | | | 2,999 | | |
Redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | 2,832 | | |
Earnout shares liability
|
| | | | 42,438 | | | | | | — | | |
Merger warrants liability
|
| | | | 26,667 | | | | | | — | | |
Other liabilities
|
| | | | 1,570 | | | | | | 1,959 | | |
Total Liabilities
|
| | | | 97,493 | | | | | | 41,435 | | |
Commitments and Contingencies (Note 15)
|
| | | | — | | | | | | — | | |
Redeemable Convertible Preferred Stock: | | | | | | | | | | | | | |
Series A Preferred Stock $0.001 stated value; authorized 3,052,127 shares; after
recapitalization there are no preferred shares issued or outstanding at March 31,2021 and December 31, 2020 |
| | | | — | | | | | | — | | |
Stockholders’ Equity (Deficit): | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 500,000,000 authorized shares, 113,670,060 and 58,621,042 shares issued and outstanding at March 31, 2021 and December 31, 2020
|
| | | | 11 | | | | | | 6 | | |
Additional paid-in capital
|
| | | | 278,272 | | | | | | 20,779 | | |
Accumulated deficit
|
| | | | (49,059) | | | | | | (34,037) | | |
Accumulated other comprehensive income (loss)
|
| | | | (116) | | | | | | 15 | | |
Treasury stock, $0.001 par value; after recapitalization there are no treasury shares issued or
outstanding at March 31, 2021 and December 31, 2020 |
| | | | — | | | | | | — | | |
Total Stockholders’ Equity (Deficit)
|
| | | | 229,108 | | | | | | (13,237) | | |
Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
|
| | | $ | 326,601 | | | | | $ | 28,198 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenues: | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 50,383 | | | | | $ | 21,042 | | |
Wholesale vehicle sales
|
| | | | 4,568 | | | | | | 3,311 | | |
Finance and insurance, net
|
| | | | 1,554 | | | | | | 892 | | |
Lease income, net
|
| | | | 107 | | | | | | 145 | | |
Total Revenues
|
| | | | 56,612 | | | | | | 25,390 | | |
Cost of sales (exclusive of depreciation)
|
| | | | 54,604 | | | | | | 22,918 | | |
Gross Profit
|
| | | | 2,008 | | | | | | 2,472 | | |
Operating Expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 18,873 | | | | | | 3,916 | | |
Stock-based compensation expense
|
| | | | 41,963 | | | | | | 34 | | |
Depreciation and amortization expense
|
| | | | 383 | | | | | | 100 | | |
Management fee expense – related party
|
| | | | 2 | | | | | | 62 | | |
Total Operating Expenses
|
| | | | 61,221 | | | | | | 4,112 | | |
Loss from Operations
|
| | | | (59,213) | | | | | | (1,640) | | |
Interest Expense
|
| | | | 175 | | | | | | 149 | | |
Other Income, net | | | | | | | | | | | | | |
Change in fair value of Merger warrants liability
|
| | | | 12,358 | | | | | | — | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | 284 | | |
Change in fair value of earnout provision
|
| | | | 31,846 | | | | | | — | | |
Other income
|
| | | | 162 | | | | | | 3 | | |
Total Other Income, net
|
| | | | 44,366 | | | | | | 287 | | |
Loss Before Income Tax Expense
|
| | | | (15,022) | | | | | | (1,502) | | |
Income tax expense
|
| | | | — | | | | | | 5 | | |
Net Loss
|
| | | $ | (15,022) | | | | | $ | (1,507) | | |
Net Loss per Share, basic and diluted
|
| | | $ | (0.15) | | | | | $ | (0.03) | | |
Weighted-average Shares used in Computing Net Loss per Share, basic and diluted
|
| | | | 100,817,385 | | | | | | 58,621,041 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (15,022) | | | | | $ | (1,507) | | |
Other Comprehensive Income (Loss), net of tax: | | | | | | | | | | | | | |
Unrealized gains (losses) on marketable securities arising during the period
|
| | | | (131) | | | | | | 7 | | |
Tax effect
|
| | | | — | | | | | | — | | |
Unrealized gains (losses) on marketable securities arising during the period, net of tax
|
| | | | (131) | | | | | | 7 | | |
Reclassification adjustment for realized losses
|
| | | | — | | | | | | (3) | | |
Tax effect
|
| | | | — | | | | | | — | | |
Reclassification adjustment for realized losses, net of tax
|
| | | | — | | | | | | (3) | | |
Other Comprehensive Income (Loss), net of tax
|
| | | | (131) | | | | | | 4 | | |
Total Comprehensive Income (Loss)
|
| | | $ | (15,153) | | | | | $ | (1,503) | | |
| | |
Redeemable Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Stockholders’
Equity (Deficit) |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance December 31, 2020
|
| | | | 2,034,751 | | | | | $ | 17,560 | | | | | | | 37,881,435 | | | | | $ | 4 | | | | | $ | 3,221 | | | | | $ | (34,037) | | | | | $ | 15 | | | | | $ | (30,797) | | |
Retroactive application of
recapitalization |
| | | | (2,034,751) | | | | | | (17,560) | | | | | | | 20,739,607 | | | | | | 2 | | | | | | 17,558 | | | | | | — | | | | | | — | | | | | $ | 17,560 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 58,621,042 | | | | | | 6 | | | | | | 20,779 | | | | | | (34,037) | | | | | | 15 | | | | | | (13,237) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,022) | | | | | | — | | | | | | (15,022) | | |
Other comprehensive income, net of tax
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (131) | | | | | | (131) | | |
Accrued dividends on redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (19) | | | | | | — | | | | | | — | | | | | | (19) | | |
PIPE issuance
|
| | | | — | | | | | | — | | | | | | | 12,500,000 | | | | | | 1 | | | | | | 124,999 | | | | | | — | | | | | | — | | | | | | 125,000 | | |
Merger financing
|
| | | | — | | | | | | — | | | | | | | 38,194,390 | | | | | | 4 | | | | | | 309,995 | | | | | | — | | | | | | — | | | | | | 309,999 | | |
Consideration to existing shareholders of
Former CarLotz, net of accrued dividends |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (62,693) | | | | | | — | | | | | | — | | | | | | (62,693) | | |
Transaction costs and advisory fees
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (47,579) | | | | | | — | | | | | | — | | | | | | (47,579) | | |
Settlement of redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,832 | | | | | | — | | | | | | — | | | | | | 2,832 | | |
Cashless exercise of options
|
| | | | — | | | | | | — | | | | | | | 54,717 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cash consideration paid to Former Carlotz optionholders
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (2,465) | | | | | | — | | | | | | — | | | | | | (2,465) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 41,963 | | | | | | — | | | | | | — | | | | | | 41,963 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (74,284) | | | | | | — | | | | | | — | | | | | | (74,284) | | |
Merger warrants liability
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (39,025) | | | | | | — | | | | | | — | | | | | | (39,025) | | |
KAR/AFC note payable conversion
|
| | | | — | | | | | | — | | | | | | | 3,546,984 | | | | | | — | | | | | | 3,625 | | | | | | — | | | | | | — | | | | | | 3,625 | | |
KAR/AFC warrant exercise
|
| | | | — | | | | | | — | | | | | | | 752,927 | | | | | | — | | | | | | 144 | | | | | | — | | | | | | — | | | | | | 144 | | |
Balance March 31, 2021
|
| | | | — | | | | | $ | — | | | | | | | 113,670,060 | | | | | $ | 11 | | | | | $ | 278,272 | | | | | $ | (49,059) | | | | | $ | (116) | | | | | $ | 229,108 | | |
| | |
Redeemable Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Stockholders’
Equity (Deficit) |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance January 1, 2020
|
| | | | 2,034,751 | | | | | $ | 17,560 | | | | | | | 37,881,435 | | | | | $ | 4 | | | | | $ | 5,060 | | | | | $ | (27,485) | | | | | $ | — | | | | | $ | (22,421) | | |
Retroactive application of
recapitalization |
| | | | (2,034,751) | | | | | | (17,560) | | | | | | | 20,739,607 | | | | | | 2 | | | | | | 17,558 | | | | | | — | | | | | | — | | | | | $ | 17,560 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 58,621,042 | | | | | | 6 | | | | | | 22,618 | | | | | | (27,485) | | | | | | — | | | | | | (4,861) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,507) | | | | | | — | | | | | | (1,507) | | |
Redeemable convertible preferred stock issuance
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 4 | | |
Accrued dividends on redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (456) | | | | | | — | | | | | | — | | | | | | (456) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 34 | | | | | | — | | | | | | — | | | | | | 34 | | |
Balance March 31, 2020
|
| | | | — | | | | | $ | — | | | | | | | 58,621,042 | | | | | $ | 6 | | | | | $ | 22,196 | | | | | $ | (28,992) | | | | | $ | 4 | | | | | $ | (6,786) | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash Flow from Operating Activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (15,022) | | | | | | (1,507) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | |
Depreciation – property and equipment
|
| | | | 105 | | | | | | 51 | | |
Amortization and accretion – marketable securities
|
| | | | 238 | | | | | | — | | |
Depreciation – lease vehicles
|
| | | | 15 | | | | | | 49 | | |
Loss on marketable securities
|
| | | | — | | | | | | 13 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 6 | | |
Stock-based compensation expense
|
| | | | 41,963 | | | | | | 34 | | |
Change in fair value of Merger warrants liability
|
| | | | (12,358) | | | | | | (13) | | |
Change in fair value of earnout shares
|
| | | | (31,846) | | | | | | — | | |
Change in fair value of debt issuance costs and stock warrant
|
| | | | — | | | | | | 5 | | |
Change in fair value of redeemable convertible preferred stock tranche obligation
|
| | | | — | | | | | | (284) | | |
Change in Operating Assets and Liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (5,192) | | | | | | 1,177 | | |
Inventories
|
| | | | 1,991 | | | | | | 1,790 | | |
Other current assets
|
| | | | (5,868) | | | | | | 8 | | |
Other assets
|
| | | | (3,038) | | | | | | 9 | | |
Accounts payable
|
| | | | 3,140 | | | | | | (325) | | |
Accrued expenses
|
| | | | 6,187 | | | | | | (54) | | |
Accrued expenses – related party
|
| | | | (229) | | | | | | (50) | | |
Other current liabilities
|
| | | | 559 | | | | | | 67 | | |
Other liabilities
|
| | | | (245) | | | | | | 150 | | |
Net Cash (Used in)/Provided by Operating Activities
|
| | | | (19,600) | | | | | | 1,126 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (586) | | | | | | (10) | | |
Capitalized website and internal-use software costs
|
| | | | (1,154) | | | | | | — | | |
Purchase of marketable securities
|
| | | | (217,689) | | | | | | (421) | | |
Proceeds from sales of marketable securities
|
| | | | 59 | | | | | | 18 | | |
Purchase of lease vehicles
|
| | | | — | | | | | | (246) | | |
Net Cash Used in Investing Activities
|
| | | | (219,486) | | | | | | (659) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Payments made on long-term debt
|
| | | | — | | | | | | (2) | | |
PIPE Issuance
|
| | | | 125,000 | | | | | | — | | |
Merger financing
|
| | | | 309,999 | | | | | | — | | |
Payment made on accrued dividends
|
| | | | (4,853) | | | | | | — | | |
Payments to existing shareholders of Former CarLotz
|
| | | | (62,693) | | | | | | — | | |
Transaction costs and advisory fees
|
| | | | (47,579) | | | | | | — | | |
Payments made on cash considerations associated with stock options
|
| | | | (2,465) | | | | | | — | | |
Payments made on note payable
|
| | | | (3,000) | | | | | | — | | |
Repayment of Paycheck Protection Program loan
|
| | | | (1,749) | | | | | | — | | |
Payments on floor plan notes payable
|
| | | | (11,150) | | | | | | (8,847) | | |
Borrowings on floor plan notes payable
|
| | | | 9,236 | | | | | | 7,139 | | |
Net Cash Provided by/(Used in) Financing Activities
|
| | | | 310,746 | | | | | | (1,710) | | |
Net Change in Cash and Cash Equivalents Including Restricted Cash
|
| | | | 71,776 | | | | | | (1,243) | | |
Cash and cash equivalents and restricted cash, beginning
|
| | | | 2,813 | | | | | | 4,102 | | |
Cash and cash equivalents and restricted cash, ending
|
| | | $ | 74,589 | | | | | $ | 2,859 | | |
Supplemental Disclosure of Cash Flow Information
|
| | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 402 | | | | | $ | 165 | | |
Supplementary Schedule of Non-cash Investing and Financing Activities:
|
| | | | | | | | | | | | |
Transfer from lease vehicles to inventory
|
| | | $ | 100 | | | | | $ | 199 | | |
Redeemable convertible preferred stock distributions accrued
|
| | | | — | | | | | | 457 | | |
KAR/AFC exercise of stock warrants
|
| | | | (144) | | | | | | — | | |
KAR/AFC conversion of notes payable
|
| | | | (3,625) | | | | | | — | | |
Convertible redeemable preferred stock tranche obligation expiration
|
| | | | (2,832) | | | | | | — | | |
Capitalized website and internal use software costs accrued
|
| | | | (1,400) | | | | | | — | | |
| | |
Recapitalization
|
| |||
Cash – Acamar Partners’ trust and cash
|
| | | $ | 309,999 | | |
Cash – PIPE
|
| | | | 125,000 | | |
Less: consideration delivered to existing shareholders of Former CarLotz
|
| | | | (62,693) | | |
Less: consideration to pay accrued dividends
|
| | | | (4,853) | | |
Less: transaction costs and advisory fees paid
|
| | | | (47,579) | | |
Less: payments on cash considerations associated with stock options
|
| | | | (2,465) | | |
Net contributions from Merger and PIPE financing
|
| | | | 317,409 | | |
Liabilities relieved: preferred stock obligation
|
| | | | 2,832 | | |
Liabilities relieved: KAR/AFC note
|
| | | | 3,625 | | |
Liabilities relieved: Historic warrant liability:
|
| | | | 144 | | |
Less: earnout shares liability
|
| | | | (74,285) | | |
Less: warrants liability
|
| | | | (39,025) | | |
| | |
March 31,
2021 |
| |||
Stock warrants outstanding – Public
|
| | | | 10,185,774 | | |
Stock warrants outstanding – Private
|
| | | | 6,074,310 | | |
Stock warrants cancelled
|
| | | | — | | |
Stock warrants exercised
|
| | | | — | | |
Stock warrants outstanding
|
| | | | 16,260,084 | | |
| | |
Three Months Ended March 31, 2021
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 50,383 | | | | | $ | — | | | | | $ | 50,383 | | |
Wholesale vehicle sales
|
| | | | 4,568 | | | | | | — | | | | | | 4,568 | | |
Finance and insurance, net
|
| | | | 1,554 | | | | | | — | | | | | | 1,554 | | |
Lease income, net
|
| | | | — | | | | | | 107 | | | | | | 107 | | |
Total Revenues
|
| | | $ | 56,505 | | | | | $ | 107 | | | | | $ | 56,612 | | |
| | |
Three Months Ended March 31, 2020
|
| |||||||||||||||
| | |
Vehicle Sales
|
| |
Fleet
Management |
| |
Total
|
| |||||||||
Retail vehicle sales
|
| | | $ | 21,042 | | | | | $ | — | | | | | $ | 21,042 | | |
Wholesale vehicle sales
|
| | | | 3,311 | | | | | | — | | | | | | 3,311 | | |
Finance and insurance, net
|
| | | | 892 | | | | | | — | | | | | | 892 | | |
Lease income, net
|
| | | | — | | | | | | 145 | | | | | | 145 | | |
Total Revenues
|
| | | $ | 25,245 | | | | | $ | 145 | | | | | $ | 25,390 | | |
| | |
2021
|
| |
2020
|
| ||||||
Retail vehicles: | | | | | | | | | | | | | |
Retail vehicle sales
|
| | | $ | 50,383 | | | | | $ | 21,042 | | |
Retail vehicle cost of sales
|
| | | | 48,917 | | | | | | 19,555 | | |
Gross Profit – Retail Vehicles
|
| | | $ | 1,466 | | | | | $ | 1,487 | | |
Wholesale vehicles: | | | | | | | | | | | | | |
Wholesale vehicle sales
|
| | | $ | 4,568 | | | | | $ | 3,311 | | |
Wholesale vehicle cost of sales
|
| | | | 5,687 | | | | | | 3,363 | | |
Gross Profit – Wholesale Vehicles
|
| | | $ | (1,119) | | | | | $ | (52) | | |
| | |
March 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized
Cost/ Cost Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
U.S. Treasuries
|
| | | $ | 181 | | | | | $ | 2 | | | | | $ | — | | | | | $ | 183 | | |
Corporate bonds
|
| | | | 63,197 | | | | | | 2 | | | | | | (111) | | | | | | 63,088 | | |
Municipal bonds
|
| | | | 24,003 | | | | | | 5 | | | | | | (14) | | | | | | 23,994 | | |
Commercial paper
|
| | | | 130,659 | | | | | | — | | | | | | — | | | | | | 130,659 | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 218,040 | | | | | $ | 9 | | | | | $ | (125) | | | | | $ | 217,924 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost/ Cost Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
U.S. Treasuries
|
| | | $ | 240 | | | | | $ | 6 | | | | | $ | — | | | | | $ | 246 | | |
Corporate bonds
|
| | | | 261 | | | | | | 5 | | | | | | (1) | | | | | | 265 | | |
U.S. states, territories and political subdivisions
|
| | | | 141 | | | | | | 5 | | | | | | — | | | | | | 146 | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 642 | | | | | $ | 16 | | | | | $ | (1) | | | | | $ | 657 | | |
| | |
Amortized Cost
|
| |
Fair Value
|
| ||||||
Due in one year or less
|
| | | $ | 173,174 | | | | | $ | 173,145 | | |
Due after one year through five years
|
| | | | 44,540 | | | | | | 44,457 | | |
Due after five years through ten years
|
| | | | 326 | | | | | | 322 | | |
Total | | | | $ | 218,040 | | | | | $ | 217,924 | | |
| | | | | | | | |
March 31, 2021
|
| | | | | | | |||||||||||||||||||||
| | |
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
|
| | | $ | 23,226 | | | | | $ | (31) | | | | | $ | 39,736 | | | | | $ | (80) | | | | | $ | 62,962 | | | | | $ | (111) | | |
Municipal bonds
|
| | | | 18,286 | | | | | | (11) | | | | | | 1,135 | | | | | | (3) | | | | | | 19,421 | | | | | | (14) | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 41,512 | | | | | $ | (42) | | | | | $ | 40,871 | | | | | $ | (83) | | | | | $ | 82,533 | | | | | $ | (125) | | |
| | | | | | | | |
December 31, 2020
|
| | | | | | | |||||||||||||||||||||
| | |
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
|
| | | $ | 39 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | (1) | | |
Total Fixed Maturity Debt Securities
|
| | | $ | 39 | | | | | $ | (1) | | | | | $ | — | | | | | $ | — | | | | | $ | 39 | | | | | $ | (1) | | |
| | |
March 31, 2021
|
| |||||||||
| | |
Cost
|
| |
Estimated
Fair Value |
| ||||||
Equity securities
|
| | | $ | 433 | | | | | $ | 500 | | |
| | |
December 31, 2020
|
| |||||||||
| | |
Cost
|
| |
Estimated
Fair Value |
| ||||||
Equity securities
|
| | | $ | 335 | | | | | $ | 375 | | |
| | |
March 31, 2021
|
| |||||||||||||||||||||
| | |
Proceeds
|
| |
Gross
Realized Gains |
| |
Gross
Realized Losses |
| |
Net
Realized Losses |
| ||||||||||||
Fixed maturity debt securities
|
| | | $ | 59 | | | | | $ | — | | | | | $ | — | | | | | $ | | | |
Equity securities
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | |
Total Marketable Securities
|
| | | $ | 59 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
March 31, 2020
|
| |||||||||||||||||||||
| | |
Proceeds
|
| |
Gross
Realized Gains |
| |
Gross
Realized Losses |
| |
Net
Realized Losses |
| ||||||||||||
Fixed maturity debt securities
|
| | | $ | 18 | | | | | $ | — | | | | | $ | (3) | | | | | $ | (3) | | |
Equity securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Marketable Securities
|
| | | $ | 18 | | | | | $ | 1 | | | | | $ | (3) | | | | | $ | (3) | | |
| | |
March 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 37,449 | | | | | $ | — | | | | | $ | — | | | | | $ | 37,449 | | |
Equity securities
|
| | | | 500 | | | | | | — | | | | | | — | | | | | | 500 | | |
Fixed maturity debt securities, including cash equivalents
|
| | | | — | | | | | | 233,193 | | | | | | | | | | | | 233,193 | | |
Total Assets:
|
| | | $ | 37,949 | | | | | $ | 233,193 | | | | | $ | — | | | | | $ | 271,142 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Merger warrant liability
|
| | | | 16,705 | | | | | | 9,962 | | | | | | — | | | | | | 26,667 | | |
Earnout shares
|
| | | | — | | | | | | — | | | | | | 42,438 | | | | | | 42,438 | | |
Total Liabilities:
|
| | | $ | 16,705 | | | | | $ | 9,962 | | | | | $ | 42,438 | | | | | $ | 69,105 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 405 | | | | | $ | — | | | | | $ | — | | | | | $ | 405 | | |
Equity securities
|
| | | | 375 | | | | | | — | | | | | | — | | | | | | 375 | | |
Fixed maturity debt securities
|
| | | | 246 | | | | | | 411 | | | | | | — | | | | | | 657 | | |
Total Assets:
|
| | | $ | 1,026 | | | | | $ | 411 | | | | | $ | — | | | | | $ | 1,437 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Redeemable convertible preferred stock tranche obligation
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,832 | | | | | $ | 2,832 | | |
Historic warrants liability
|
| | | | — | | | | | | — | | | | | | 144 | | | | | | 144 | | |
Total Liabilities:
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,976 | | | | | $ | 2,976 | | |
| | |
January 1,
2021 |
| |
Issuances
|
| |
Settlements
|
| |
Change in
fair value |
| |
March 31,
2021 |
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 2,832 | | | | | $ | — | | | | | $ | (2,832) | | | | | $ | — | | | | | $ | — | | |
Historic warrants liability
|
| | | | 144 | | | | | | — | | | | | | (144) | | | | | | — | | | | | | — | | |
Earnout shares
|
| | | | — | | | | | | 74,284 | | | | | | — | | | | | | (31,846) | | | | | | 42,438 | | |
Total | | | | $ | 2,976 | | | | | $ | 74,284 | | | | | $ | (2,976) | | | | | $ | (31,846) | | | | | $ | 42,438 | | |
| | |
January 1,
2020 |
| |
Issuances
|
| |
Settlements
|
| |
Change in
fair value |
| |
March 31,
2020 |
| |||||||||||||||
Redeemable convertible preferred stock tranche obligation
|
| | | $ | 3,755 | | | | | $ | — | | | | | $ | — | | | | | $ | (284) | | | | | $ | 3,471 | | |
Historic warrants liability
|
| | | | 115 | | | | | | — | | | | | | — | | | | | | (13) | | | | | | 102 | | |
Total | | | | $ | 3,870 | | | | | $ | — | | | | | $ | — | | | | | $ | (297) | | | | | $ | 3,573 | | |
| | |
March 31, 2021
|
| |
January 21, 2021
|
|
Expected volatility
|
| |
80.00%
|
| |
80.00%
|
|
Starting stock price
|
| |
$7.13
|
| |
$11.31
|
|
Expected term (in years)
|
| |
4.7 years
|
| |
5 years
|
|
Risk-free interest rate
|
| |
0.87%
|
| |
0.45%
|
|
Earnout hurdle
|
| |
$12.50 – $15.00
|
| |
$12.50 – $15.00
|
|
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Contracts in transit
|
| | | $ | 8,521 | | | | | $ | 3,321 | | |
Trade
|
| | | | 243 | | | | | | 240 | | |
Finance commission
|
| | | | 329 | | | | | | 132 | | |
Other
|
| | | | 298 | | | | | | 506 | | |
Total
|
| | | | 9,391 | | | | | | 4,199 | | |
Allowance for doubtful accounts
|
| | | | (67) | | | | | | (67) | | |
Total Accounts Receivable, net
|
| | | $ | 9,324 | | | | | $ | 4,132 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Used vehicles
|
| | | $ | 9,274 | | | | | $ | 11,202 | | |
Parts
|
| | | | 37 | | | | | | — | | |
Total | | | | $ | 9,311 | | | | | $ | 11,202 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Capital lease asset building
|
| | | $ | 1,305 | | | | | $ | 1,305 | | |
Leasehold improvements
|
| | | | 887 | | | | | | 702 | | |
Furniture, fixtures and equipment
|
| | | | 1,161 | | | | | | 760 | | |
Corporate vehicles
|
| | | | 143 | | | | | | 143 | | |
Total property and equipment
|
| | | | 3,496 | | | | | | 2,910 | | |
Less: accumulated depreciation
|
| | | | (1,147) | | | | | | (1,042) | | |
Property and Equipment, net
|
| | | $ | 2,349 | | | | | $ | 1,868 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Other Current Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 22 | | | | | $ | 36 | | |
Stock issuance costs
|
| | | | 47 | | | | | | 72 | | |
Prepaid expenses
|
| | | | 5,857 | | | | | | 679 | | |
Interest receivable
|
| | | | 729 | | | | | | — | | |
Deferred transaction costs
|
| | | | — | | | | | | 5,892 | | |
Total Other Current Assets
|
| | | $ | 6,655 | | | | | $ | 6,679 | | |
Other Assets: | | | | | | | | | | | | | |
Lease receivable, net
|
| | | $ | 16 | | | | | $ | 16 | | |
Stock issuance costs
|
| | | | 72 | | | | | | 48 | | |
Security deposits
|
| | | | 3,249 | | | | | | 235 | | |
Total Other Assets
|
| | | $ | 3,337 | | | | | $ | 299 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Capital lease obligation
|
| | | $ | 1,305 | | | | | $ | 1,305 | | |
Promissory note
|
| | | | — | | | | | | 2,990 | | |
Convertible notes payable, net
|
| | | | — | | | | | | 3,325 | | |
Paycheck Protection Program loan
|
| | | | — | | | | | | 1,749 | | |
| | | | | 1,305 | | | | | | 9,369 | | |
Current portion of long-term debt
|
| | | | (55) | | | | | | (6,370) | | |
Long-term Debt
|
| | | $ | 1,250 | | | | | $ | 2,999 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
License and title fees
|
| | | $ | 1,634 | | | | | $ | 785 | | |
Payroll and bonuses
|
| | | | 2,038 | | | | | | 837 | | |
Deferred rent
|
| | | | 262 | | | | | | 199 | | |
Technology
|
| | | | 2,900 | | | | | | — | | |
Other
|
| | | | 4,316 | | | | | | 1,742 | | |
Total Accrued Expenses
|
| | | $ | 11,150 | | | | | $ | 3,563 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Other Liabilities, Current | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | $ | 815 | | | | | $ | 257 | | |
Other Liabilities | | | | | | | | | | | | | |
Unearned insurance premiums
|
| | | | 1,423 | | | | | | 1,680 | | |
Other long-term liabilities
|
| | | | 147 | | | | | | 135 | | |
Historic warrants liability
|
| | | | — | | | | | | 144 | | |
Other Liabilities, Long-term
|
| | | $ | 1,570 | | | | | $ | 1,959 | | |
| | |
Total Per Year
|
| |
Total Capital
Leases |
| ||||||
2021 (remaining)
|
| | | $ | 2,158 | | | | | $ | 139 | | |
2022
|
| | | | 3,675 | | | | | | 183 | | |
2023
|
| | | | 3,535 | | | | | | 187 | | |
2024
|
| | | | 2,552 | | | | | | 190 | | |
2025
|
| | | | 2,339 | | | | | | 194 | | |
Thereafter
|
| | | | 3,977 | | | | | | 1,078 | | |
Total | | | | $ | 18,236 | | | | | $ | 1,971 | | |
Less: amount representing interest
|
| | | | | | | | | $ | (666) | | |
Present value of minimum lease payments
|
| | | | | | | | | $ | 1,305 | | |
Less: current obligation
|
| | | | | | | | | $ | (55) | | |
Long-term obligations under capital lease
|
| | | | | | | | | $ | 1,250 | | |
| | |
Payments Due to
Third-Parties |
| |
Future Receipts
|
| ||||||
2021 (remaining)
|
| | | $ | 1,225 | | | | | $ | 1,473 | | |
2022
|
| | | | 1,158 | | | | | | 1,389 | | |
2023
|
| | | | 731 | | | | | | 865 | | |
2024
|
| | | | 312 | | | | | | 367 | | |
2025
|
| | | | 11 | | | | | | 13 | | |
Total | | | | $ | 3,437 | | | | | $ | 4,107 | | |
| | |
Number of
Stock Options |
| |
Weighted
Average Exercise Price |
| ||||||
Balance (December 31, 2020)
|
| | | | 1,571,205 | | | | | $ | 0.59 | | |
Granted
|
| | | | — | | | | | | — | | |
Exercised
|
| | | | (56,059) | | | | | | 0.24 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (March 31, 2021)
|
| | | | 1,515,146 | | | | | | 0.58 | | |
Vested (as of March 31, 2021)
|
| | | | 1,515,146 | | | | | $ | 0.58 | | |
| | |
Number of
Stock Options |
| |
Weighted
Average Exercise Price |
| ||||||
Balance (January 1, 2020)
|
| | | | 1,571,205 | | | | | $ | 0.59 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (March 31, 2020)
|
| | | | 1,571,205 | | | | | | 0.59 | | |
Vested (as of March 31, 2020)
|
| | | | 1,482,528 | | | | | $ | 0.59 | | |
| | |
Number of
Stock Options |
| |
Weighted
Average Remaining Contractual Life |
| |
Weighted
Average Exercise Price |
| ||||||
Outstanding
|
| | | | 1,515,146 | | | |
1.49 years
|
| | | $ | 0.58 | | |
Exercisable
|
| | | | 1,515,146 | | | |
1.49 years
|
| | | $ | 0.58 | | |
| | |
Number of Units
|
| |
Weighted
Averaged Exercise Price |
| ||||||
Balance (December 31, 2020)
|
| | | | 3,961,658 | | | | | $ | 0.92 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (March 31, 2021)
|
| | | | 3,961,658 | | | | | $ | 0.92 | | |
Vested (as of March 31, 2021)
|
| | | | 3,538,672 | | | | | $ | 0.92 | | |
| | |
Number of Units
|
| |
Weighted
Averaged Exercise Price |
| ||||||
Balance (January 1, 2020)
|
| | | | 2,845,557 | | | | | $ | 0.96 | | |
Granted
|
| | | | 509,635 | | | | | | 0.96 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (March 31, 2020)
|
| | | | 3,355,192 | | | | | $ | 0.96 | | |
| | |
Number of
Stock Options |
| |
Weighted
Average Remaining Contractual Life |
| |
Weighted
Average Exercise Price |
| ||||||
Outstanding
|
| | | | 3,961,658 | | | |
8.31 years
|
| | | $ | 0.92 | | |
Exercisable
|
| | | | 3,538,672 | | | |
8.18 years
|
| | | $ | 0.92 | | |
|
Expected volatility
|
| | | | 80.00% | | |
|
Expected dividend yield
|
| | | | 0% | | |
|
Expected term (in years)
|
| | 3.6 – 4.8 years | | |||
|
Risk-free interest rate
|
| | 0.32% – 0.45% | |
|
Expected volatility
|
| | | | 80.00% | | |
|
Expected dividend yield
|
| | | | 0% | | |
|
Expected term (in years)
|
| | 6.25 years | | |||
|
Risk-free interest rate
|
| | | | 0.62% | | |
| | |
Number of Units
|
| |
Weighted
Average grant date fair value |
| ||||||
Balance (December 31, 2020)
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 640,421 | | | | | | 10.70 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Balance (March 31, 2021)
|
| | | | 640,421 | | | | | $ | 10.70 | | |
|
Expected volatility
|
| | | | 80.00% | | |
|
Starting stock price
|
| | | $ | 11.31 | | |
|
Expected term (in years)
|
| |
5 years
|
| |||
|
Risk-free interest rate
|
| | | | 0.45% | | |
|
Earnout hurdle
|
| | $12.50-$15.00 | |
| | |
2021
|
| |
2020
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net Loss
|
| | | $ | (15,022) | | | | | $ | (1,507) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 100,817,385 | | | | | | 58,621,041 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.15) | | | | | $ | (0.03) | | |
| | |
2021
|
| |
2020
|
| ||||||
Public warrants
|
| | | | 10,185,774 | | | | | | — | | |
Private warrants
|
| | | | 6,074,310 | | | | | | — | | |
Earnout RSUs
|
| | | | 640,421 | | | | | | — | | |
Earnout shares
|
| | | | 6,945,732 | | | | | | — | | |
Convertible notes payable
|
| | | | — | | | | | | 2,918,556 | | |
Historic warrants
|
| | | | — | | | | | | 645,167 | | |
Stock options outstanding to purchase shares of common stock
|
| | | | 6,886,205 | | | | | | 4,926,397 | | |
Total | | | | | 30,732,442 | | | | | | 8,490,120 | | |
|
SEC registration fee
|
| | | $ | 89,161.01 | | |
|
FINRA filing fee
|
| | | | 123,086.18 | | |
|
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
|
| | | |
S-1
|
| |
333-252993
|
| |
3.1
|
| |
02/11/2021
|
| | | | |
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
|
| | | |
S-1/A
|
| |
333-252993
|
| |
5.1
|
| |
3/19/2021
|
| | | | |
10.1
|
| | | |
8-K
|
| |
001-38818
|
| |
10.1
|
| |
01/27/2021
|
| | | | |
10.2
|
| | | |
8-K
|
| |
001-38818
|
| |
10.3
|
| |
10/22/2020
|
| | | | |
10.3
|
| | Stockholders Agreement, dated as of January 21, 2021, by and among TRP Capital Partners, LP, Acamar Partners Sponsor I LLC, Michael W. Bor and the Company | | |
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
|
| | | |
10-Q
|
| |
001-38818
|
| |
10.5
|
| |
05/10/2021
|
| | | | |
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
|
| | | | |
10.22*
|
| | | |
10-K
|
| |
001-38818
|
| |
10.22
|
| |
3/15/2021
|
| |
|
|
| | | | | |
Incorporated by reference
|
| |
Filed or
furnished herewith |
| |||||||||
Exhibit
No. |
| |
Exhibit title
|
| |
Form
|
| |
File No.
|
| |
Exhibit
No. |
| |
Filing
date |
| |||
10.22.1
|
| | Addendum to Inventory Financing and Security Agreement, dated April 7, 2021, by and among Ally Bank, Ally Financial Inc. and CarLotz Group, Inc. | | | | | | | | | | | | | | |
X
|
|
10.23
|
| | | |
10-K
|
| |
001-38818
|
| |
10.23
|
| |
3/15/2021
|
| | | | |
10.24
|
| | | |
10-K
|
| |
001-38818
|
| |
10.24
|
| |
3/15/2021
|
| | | | |
21.1
|
| | | |
8-K
|
| |
001-38818
|
| |
21.1
|
| |
01/27/2021
|
| | | | |
23.1
|
| | | | | | | | | | | | | | | |
X
|
| |
23.2
|
| | | |
S-1/A
|
| |
333-252993
|
| |
23.3
|
| |
3/19/2021
|
| | |||
24.1
|
| | | |
S-1
|
| |
333-252993
|
| | | | |
02/11/2021
|
| | | | |
101.INS
|
| | XBRL Instance Document | | | | | | | | | | | | | | |
X
|
|
101.SCH
|
| | XBRL Taxonomy Extension Schema Document | | | | | | | | | | | | | | |
X
|
|
101.CAL
|
| | XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | | | | | | | | | |
X
|
|
101.DEF
|
| | XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | | | | | | | |
X
|
|
101.LAB
|
| | XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | | | | | | | |
X
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Michael W. Bor
Michael W. Bor
|
| |
Chief Executive Officer and Chairman
(Principal Executive Officer) |
| |
May 25, 2021
|
|
|
/s/ Thomas W. Stoltz
Thomas W. Stoltz
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
May 25, 2021
|
|
|
*
David R. Mitchell
|
| |
Director
|
| |
May 25, 2021
|
|
|
*
Luis Ignacio Solorzano Aizpuru
|
| |
Director
|
| |
May 25, 2021
|
|
|
*
Kimberly H. Sheehy
|
| |
Director
|
| |
May 25, 2021
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
*
Steven G. Carrel
|
| |
Director
|
| |
May 25, 2021
|
|
|
*
James E. Skinner
|
| |
Director
|
| |
May 25, 2021
|
|
|
*
Linda B. Abraham
|
| |
Director
|
| |
May 25, 2021
|
|
|
*
Sarah M. Kauss
|
| |
Director
|
| |
May 25, 2021
|
|
|
* By /s/ Rebecca C. Polak
Rebecca C. Polak
Attorney-in-fact |
| | |
Exhibit 10.22.1
ADDENDUM TO INVENTORY FINANCING AND SECURITY AGREEMENT
This Addendum to Inventory Financing and Security Agreement, executed by the parties hereto and to be effective as of April 7, 2021, is entered into by and among Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New Jersey), Ally Financial, a Delaware entity (together with Ally Bank, the "Ally Parties"), and CarLotz Group, Inc., a Delaware corporation. ("Dealership").
The Ally Parties and Dealership have entered into an Inventory Financing and Security Agreement and other agreements related thereto (the "IFSA Documents"). Each of the parties believes that the IFSA Documents are not subject to the State of Florida documentary stamp tax imposed under Florida Statutes. Therefore, no documentary stamp taxes have been collected or paid. However, in the event the State of Florida ever determines that the IFSA Documents are subject to documentary stamp taxes, Dealership agrees to pay to the Ally Parties an amount equal to the tax assessed by the State of Florida, together with any other taxes or fees which might be imposed in connection with the transactions which are the subject of the IFSA Documents. In addition, Dealership hereby waives any defense it may have to the payment of the obligations arising under the IFSA Documents arising by reason of the failure to pay any such taxes.
This Addendum may be signed in counterparts, each of which is deemed an original and all of which taken together constitute one and the same agreement. Any electronically placed or delivered (e.g., via fax or email) signatures of the parties constitute and are deemed original signatures for all purposes. Additionally, the provisions of this Addendum shall become incorporated into the terms and conditions of the IFSA Documents.
Ally Financial | CarLotz Group, Inc. | |||
By: | /s/ Ronn Davis | By: | /s/ John Foley II | |
Print Name: | Ronn Davis | Print Name: | John Foley | |
Title: | Authorized Representative | Title: | COO | |
Date: | 4/7/21 | Date: | 4/7/21 | |
Ally Bank | ||||
By: | /s/ Ronn Davis | |||
Print Name: | Ronn Davis | |||
Title: | Authorized Representative | |||
Date: | 4/7/21 |
ADDENDUM TO
INVENTORY FINANCING AND SECURITY AGREEMENT
Effective as of: April 7, 2021
This Addendum to Inventory Financing and Security Agreement (“Addendum”) forms part of the Inventory Financing and Security Agreement (the “Agreement”) by and among Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New Jersey), Ally Financial Inc. (collectively, the “Ally Parties”), and CarLotz Group, Inc., a Delaware corporation (the “Dealership”), dated as of March 31, 2021, and is subject to the terms of the Agreement.
NOW THEREFORE. in consideration of the premises and of the mutual promises contained herein and in the Agreement, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to the financial covenants set forth herein, as follows:
AGREEMENT
A. | Defined Terms. All capitalized terms used but not otherwise defined herein shall have the same meaning as set forth in the Agreement. |
B. | Tangible Net Worth. Dealership will maintain tangible net worth of at least $90,000,000.00 calculated in accordance with GAAP. |
C. | CBA Minimum Balance. At all times, the Dealership will maintain a Minimum Required Balance pursuant to the terms of the Credit Balance Agreement (the “CBA”) equal to or greater than ten percent (10%) of the floor plan Credit Line, which either or both of the Ally Parties may modify the terms, conditions, or amount from time to time at the Ally Parties sole and absolute discretion. Minimum Required Balance shall have the same meaning as set forth in the CBA, entered into contemporaneously with this Agreement. | |
D. | Minimum Liquidity: The Dealership will maintain unrestricted cash and cash equivalents of not less than 10% of the Credit Line amount (i.e., with a Credit Line of $30,000,000, the requirement is equal to $3,000,000.00). | |
i. | Unrestricted cash and cash equivalents shall include cash maintained in the Dealership's bank account(s), plus outstanding deposits, less outstanding checks, less bank fees, all as of the month-end for which the covenant applies. | |
ii. | Unrestricted cash and cash equivalents shall not include any amounts used to establish the Minimum Required Balance under the CBA. |
1
E. | Consigned Vehicles From Third Parties. The definition of Collateral in the Agreement shall not include a security interest in vehicles on consignment from any owner who is not a party to the Agreement or the Addendum, and the proceeds of consigned vehicles described in this sentence. However, any consigned vehicle from Ally Bank, Ally Financial or any affiliated organization/entity of the Ally Parties (i) will not constitute a consigned vehicle and (ii) will be included in the definition of Collateral in the Agreement. | |
F. | Clean Title. The Dealership acknowledges and agrees that it will only floorplan unencumbered vehicles (including but not limited to trade-ins) with clean title and the vehicles must be lien-free. Dealership agrees to abide by the conditions outlined in this paragraph and further agrees that upon request, the Dealership will provide copies of all relevant documentation to establish its compliance with these conditions. If any of these conditions are not met as to a vehicle, the Ally Parties, in sole and absolute discretion, may demand immediate repayment of the floorplan advance for said vehicle. | |
G. | Other Provisions. | |
1) | Dealerships further agrees that a violation of this Addendum constitutes a violation of all agreements of all Dealerships with either or both of the Ally Parties, including, but not limited to the Agreement. | |
2) | Any forbearance, delay or failure by the Ally Parties in exercising any of their rights or remedies does not constitute a waiver of such rights or remedies or of any existing or future default by the Ally Parties. | |
3) | Except as set forth herein, this Addendum may be changed only in a writing signed by both parties. | |
4) | This Addendum constitutes the entire agreement of the parties regarding its subject matter. | |
5) | This Addendum may be signed in counterparts, each of which is deemed an original, and all of which taken together constitute one and the same agreement. The signatures of the parties, exchanged via fax or e-mail, shall constitute and be deemed original signatures for all purposes. Further, any electronically placed signature of the parties constitute and are deemed original signatures for all purposes. | |
6) | Dealership acknowledges and agrees that nothing in this Addendum constitutes or should be construed as a waiver of any of the Ally Parties’ rights or remedies under applicable law or their agreements, all of which are expressly reserved. Furthermore, the Dealership acknowledges and agrees that its wholesale credit lines are subject to the terms of the financing agreements under which they were extended and are discretionary lines of credit that may be modified, suspended, or terminated at the Ally Parties’ election, in their sole discretion. |
SIGNATURE PAGE TO FOLLOW
2
Ally Financial | CarLotz Group, Inc. | |||
By: | /s/ Ronn Davis | By: | /s/ John Foley II | |
Print Name: | Ronn Davis | Print Name: | John Foley | |
Title: | Authorized Representative | Title: | COO | |
Date: | 4/7/21 | Date: | 4/7/21 | |
Ally Bank | ||||
By: | /s/ Ronn Davis | |||
Print Name: | Ronn Davis | |||
Title: | Authorized Representative | |||
Date: | 4/7/21 |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the use in this Registration Statement No. 333-252993 on Form S-1 of our report dated March 15, 2021 (May 25, 2021, as to the effects of the reverse recapitalization described in Note 3 and subsequent events described in Note 24) relating to the financial statements of CarLotz, Inc. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ DELOITTE & TOUCHE LLP
Detroit, Michigan
May 25, 2021