Commitments and Contingencies
|9 Months Ended|
Sep. 30, 2022
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||
9. Commitments and Contingencies
Under certain conditions, the Company is obligated to repurchase new inventory repossessed from dealerships by financial institutions that provide credit to the Company’s dealers. The maximum obligation of the Company under such floor plan agreements totaled approximately $11,825,000 or 68 units, and $4,273,000 or 24 units, as of September 30, 2022, and December 31, 2021, respectively. The Company incurred no impact from repurchase events during the nine months ended September 30, 2022 and year ended December 31, 2021.
In August of 2022, Forza signed a six-month lease for a duplex, to be used by its employees to minimize travel expense as it started construction on its new manufacturing facility, for $2,200 per month, on a property in Black Mountain, North Carolina. During the nine months ended September 30, 2022, the lease expense was $2,200.
The Company is currently involved in various civil litigation in the normal course of business none of which is considered material.
No definition available.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef