Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

Commitments and Contingencies
9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies


Repurchase Obligations


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 $8,797,340 or 58 units, and $10,693,000 or 67 units, as of September 30, 2023, and December 31, 2022, respectively. The Company incurred no impact from repurchase events during the nine months ended September 30, 2023 and year ended December 31, 2022.




The Company is currently involved in various civil litigation in the normal course of business none of which is considered material.


Irrevocable line of credit


As of September 30, 2023, the Company had $254,932 of restricted cash included in cash, cash equivalents and restricted cash. This amount represents a deposit to secure an irrevocable letter of credit for a supplier contract with Yamaha. These deposits are held in an interest-bearing account.