LMP Automotive (LMPX) 10-K25 Mar 212020 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Mar. 25, 2021	Jun. 30, 2020
Document Information Line Items
Entity Registrant Name	LMP Automotive Holdings, Inc.
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,051,874
Entity Public Float			$ 57,500,000
Amendment Flag	false
Entity Central Index Key	0001731727
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	true
Entity File Number	001-39150
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
ASSETS:
Cash	$ 3,935,726	$ 6,508,055
Accounts receivable	515,761	54.044
Automotive inventory, net	8,498,089	10,035,903
Net investment in sales-type leases	11,743,576	800,761
Other current assets	719,760	830,533
Total current assets	25,412,912	18,229,296
Property, equipment and leasehold improvements, net	4,216,819	509,355
Intangible assets	1,110,823	69,327
Deposits held in escrow for acquisitions	3,250,000
Right-of-use asset	422,501	1,100,271
TOTAL ASSETS	34,413,055	19,908,249
LIABILITIES:
Accounts payable	273,835	112,840
Vehicle floorplan and notes payable-current portion	723,798	2,164,424
Premium finance contract	543,098
Other current liabilities	1,333,235	653,063
Operating lease liability, current portion	181,437	335,338
Total current liabilities	3,055,403	3,265,665
Vehicle floorplan and notes payable, net of current portion	1,929,447
Operating lease liability, net of current portion	283,716	795,147
Total liabilities	5,268,566	4,060,812
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.00001 par value; 1,000,000 shares authorized, nil shares issued and outstanding
Common stock, $0.00001 par value; 29,000,000 shares authorized; 10,029,040 and 8,691,323 shares issued and outstanding at December 31, 2020 and 2019, respectively	101	87
Additional paid-in capital	45,318,891	27,106,058
Treasury stock at cost, 159,653 and 138,600 shares at December 31, 2020 and 2019, respectively	(758,352)	(658,350)
Accumulated deficit	(15,416,151)	(10,600,358)
Total shareholders’ equity	29,144,489	15,847,437
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 34,413,055	$ 19,908,249

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	29,000,000	29,000,000
Common stock, shares issued	10,029,040	8,691,323
Common stock, shares outstanding	10,029,040	8,691,323
Treasury stock shares	159,653	138,600

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Vehicle sales	$ 28,009,886	$ 9,111,513
Subscription fees	1,857,981	1,389,679
Rental revenues	14,589	351,885
Interest revenue – sales-type leases	560,161	5,517
Total revenues	30,442,617	10,858,594
Cost of revenues:
Vehicle sales	26,563,952	9,719,713
Subscription and rental	824,073	1,285,907
Total cost of revenues	27,388,025	11,005,620
Gross profit (loss)	3,054,592	(147,026)
Selling, general and administrative expenses	3,988,292	2,878,988
Share-based compensation	147,020	111,623
Acquisition, consulting and legal expenses	2,837,330	761,813
Depreciation and amortization expense - building, equipment, leasehold improvements, and intangibles	566,372	95,764
Loss from operations	(4,484,422)	(3,995,214)
Other expenses:
Interest	(331,371)	(34,637)
Net loss	$ (4,815,793)	$ (4,029,851)
Net loss per share attributable to shareholders, basic and diluted (in Dollars per share)	$ (0.49)	$ (0.24)
Weighted average shares of common stock outstanding, basic and diluted (in Shares)	9,796,233	16,577,106

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock	Preferred Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Total
Balance at Dec. 31, 2018	$ 246		$ 16,306,737		$ (6,552,886)	$ 9,754,097
Balance (in Shares) at Dec. 31, 2018	24,645,294
Common stock repurchased			(20,430)	(658,350)		(678,780)
Common stock repurchased (in Shares)	(143,655)
Common stock contributed and retired	$ (185)		185
Common stock contributed and retired (in Shares)	(18,500,000)
Share based compensation			111,623			111,623
Issuance of stock for cash, net	$ 26		10,495,694			10,495,720
Issuance of stock for cash, net (in Shares)	2,645,000
Debt converted to stock			212,249			212,249
Debt converted to stock (in Shares)	44,684
Net loss					(4,029,851)	(4,029,851)
Impact of adoption of ASU 2016-02 related to leases					(17,621)	(17,621)
Balance at Dec. 31, 2019	$ 87		27,106,058	(658,350)	(10,600,358)	15,847,437
Balance (in Shares) at Dec. 31, 2019	8,691,323
Issuance of shares for cash	$ 13		17,578,360			17,578,373
Issuance of shares for cash (in Shares)	1,275,000
Issuance of share for purchase of assets			487,454			487,454
Issuance of share for purchase of assets (in Shares)	33,183
Common stock repurchased				(100,002)		(100,002)
Common stock repurchased (in Shares)	(21,053)
Cashless exercise of warrants	$ 1		(1)
Cashless exercise of warrants (in Shares)	50,587
Share based compensation			147,020			147,020
Net loss					(4,815,793)	(4,815,793)
Balance at Dec. 31, 2020	$ 101		$ 45,318,891	$ (758,352)	$ (15,416,151)	$ 29,144,489
Balance (in Shares) at Dec. 31, 2020	10,029,040

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,815,793)	$ (4,029,851)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and impairment	1,307,938	1,812,472
Share-based compensation	147,020	111,623
Loss on disposal		60,368
Principal collections on investments in sales-type lease contracts	2,036,581	180,036
Amortization of operating lease expense	12,438	12,593
(Increase) Decrease in assets:
Accounts receivable	745,281	232,938
Vehicles purchased for investment in sales-type lease contracts	(13,604,418)	(980,797)
Automotive inventory	6,311,251	(194,451)
Prepaid expenses and other assets	713,502	(449,821)
(Decrease) Increase in liabilities:
Accounts payable	160,995	(821,569)
Other current liabilities	680,172	84,705
NET CASH USED IN OPERATING ACTIVITIES	(6,305,033)	(3,981,754)
CASH FLOWS FROM INVESTING ACTIVITIES
Escrow deposit for contracted acquisition	(4,250,000)
Return of escrow deposit	1,000,000
Purchases of property and equipment	(3,848,633)	(144,704)
Proceeds from sale of assets		43,865
Purchases of intangible assets	(656,798)	(54,503)
NET CASH USED IN INVESTING ACTIVITIES	(7,755,431)	(155,342)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from line of credit – related parties		3,200,000
Principal reduction on line of credit – related parties		(4,975,000)
Principal and interest repayments on convertible notes payable		(972,458)
Repayment of Vehicle floorplan and notes payable	(5,990,236)	2,164,424
Repurchase of common stock	(100,002)	(678,780)
Net cash received from issuance of common stock	17,578,373	10,495,720
Deferred stock offering costs		987,093
NET CASH PROVIDED BY FINANCING ACTIVITIES	11,488,135	10,220,999
NET (DECREASE) INCREASE IN CASH	(2,572,329)	6,083,903
CASH, BEGINNING OF YEAR	6,508,055	424,152
CASH, END OF YEAR	3,935,726	6,508,055
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for interest	331,371	44,333
Right-of-use asset	476,483
Purchase of software license for debt and equity	823,994
Purchase of vehicles for debt and equity	6,419,425
Premium finance contract for insurance	602,730
Issuance of stock for conversion of debt		$ 212,249

Nature of Operations and Princi

Nature of Operations and Principles of Consolidation	12 Months Ended
Nature of Operations and Principles of Consolidation	Dec. 31, 2020
Accounting Policies [Abstract]
Nature of Operations and Principles of Consolidation	Note 1 - Nature of Operations and Principles of Consolidation Business Activity LMP Motors.com, LLC (“LMP Motors”) is engaged in the buying and selling of vehicles in the automotive industry and operates in the state of Florida. LMP Motors is a limited liability company and was organized in the state of Delaware. 601 NSR, LLC (“NSR”) was formed to enter into future potential strategic acquisitions and is currently inactive. NSR is a limited liability company and was organized in the state of Delaware. LMP Finance, LLC (“LMP Finance”) is engaged in the purchasing, subscribing and renting of vehicles. LMP Finance operates in the state of Florida. LMP Finance is a limited liability company and was organized in the state of Delaware. LMP Automotive Holdings, LLC (“LMP Automotive”) was formed to acquire the assets from LMP Motors.com LLC, LMP Finance, LLC and other subsidiary companies. LMP Automotive operates in the state of Florida. LMP Automotive is a limited liability company and was organized in the state of Delaware. LMP Automotive Holdings, Inc. (“Automotive”) is a holding company incorporated in the state of Delaware on December 15, 2017. On December 15, 2017, the common ownership contributed 100% of its interest in LMP Motors, NSR, LMP Finance and LMP Automotive to Automotive. Principles of Consolidation These consolidated financial statements include the amounts of Automotive and its wholly-owned subsidiaries, LMP Motors, NSR, LMP Finance, and LMP Automotive, collectively referred to as the “Company.” All significant intercompany balances and transactions are eliminated in the consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Liquidity The Company has sustained net losses and has an accumulated deficit of $15,416,151 as of December31, 2020. Management plans to make strategic acquisitions of new and pre-owned automobile dealerships to expedite the Company’s growth and produce positive margins. The Company completed an initial public offering (“IPO”) during December 2019. In February 2020, the Company completed a secondary public offering, selling 1,200,000 shares of common stock at an offering price of $16.00 per share, and warrants to purchase shares of common stock. Aggregate gross proceeds from the offering were approximately $19.2 million, and net proceeds received after underwriting fees and offering expenses were approximately $17.5 million. Management plans to continue to obtain funding for vehicle purchases and dealership acquisitions through a combination of debt and equity financing. Currently, management has secured a commitment for up to $192 million in financing including floorplan financing to complete acquisitions of auto dealerships and the related real estate. Management believes these acquisitions will generate cash flow sufficient to fund the operations of the Company for the foreseeable future. Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounts Receivable The Company carries its accounts receivable at cost. Accounts receivable are due upon receipt. Such estimates are based on management’s assessments of the creditworthiness of its customers, the aged basis of its receivables, as well as current economic conditions and historical information. Management has determined that no allowance for uncollectible accounts for accounts receivable is necessary at December 31, 2020 and 2019. Inventory The Company’s inventory consists of automobiles. Inventories are valued at the lower of cost or market, with cost determined by specific identification and with market defined as net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories at December 31, 2020 and 2019 are recorded based on perpetual inventory records. The Company depreciates its fleet inventory monthly based on 1% of initial cost. For the years ended December 31, 2020 and 2019, fleet vehicle depreciation approximated $670,000 and $991,000, respectively. This depreciation was recorded to cost of revenues - subscription and rental in the accompanying consolidated statement of operations. Company management periodically reviews its inventories to determine whether any inventories have declined in value. The Company has recorded a reserve for impairment of $141,762 and $49,000 to reflect inventory at net realizable value at December 31, 2020 and 2019, respectively. These write downs were recorded to cost of revenues - vehicle sales in the accompanying consolidated statement of operations. December 31, December 31, Automotive Inventory $ 9,169,915 $ 10,907,755 Inventory Impairment (141,762 ) (49,180 ) Inventory Accumulated Depreciation (530,064 ) (822,672 ) Inventory In-transit Deposits - - Total Automotive Inventory, net $ 8,498,089 $ 10,035,903 December 31, December 31, Automotive Inventory- Fleet, net $ 4,177,645 $ 9,083,469 Automotive Inventory- Available for Sale, net 4,320,444 952,434 Inventory In-transit Deposits - 296,383 Total Automotive Inventory, net $ 8,498,089 $ 10,035,903 Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost. The costs of additions and betterments are capitalized and expenditures for repairs and maintenance are expensed in the period incurred. When items included in property and equipment are sold or retired, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is included in selling, general and administrative expenses. Vehicles and equipment are depreciated utilizing the straight-line method over the estimated useful lives of the respective assets as follows: Vehicles 5 years Furniture and fixtures 10 years Buildings 39 years Equipment 7 years Leasehold improvements are amortized over the shorter of the remaining term of the lease or the useful life of the improvement utilizing the straight-line method. Intangible Assets Intangible assets are stated at their historical cost and amortized on a straight-line basis over their expected economic useful lives. Long-lived Assets The Company reviews long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. The Company recognizes an impairment loss if the carrying value of the asset exceeds the expected future cash flows. There were no deemed impairments of long-lived assets at December 31, 2020 and 2019. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measurements, a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 - Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. At December 31, 2020 and 2019, the fair value of these financial instruments, including cash, accounts receivable, net investment in sales-type lease, and accounts payable, approximated book value due to the short maturity of these instruments. Vehicle floorplan and notes payable, convertible notes and related party notes payable approximate fair value due to market interest rates. Convertible Notes The Company recorded a discount to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. During the year ended December 31, 2019, all convertible notes were repaid or converted to shares of common stock. Share-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of stock options, based on the fair value of those awards at the date of grant over the requisite service period, which generally is the vesting period of the award. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. Share-based compensation plans, related expenses, and assumptions used in the Black-Scholes option pricing model are more fully described in Note 19. Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Vehicle Sales Revenue The Company’s business consists of retail and wholesale sales of used vehicles to customers. Sales are based on a physical showroom and efficient online showrooms on the Company’s websites. The Company offers a home delivery service so that it delivers the car to the place agreed upon with the client. The Company also sells used vehicles in auctions. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a vehicle to a customer. The prices of the vehicles are stated in its contracts at stand-alone selling prices, which are agreed upon with its customer prior to delivery. The Company satisfies its performance obligation for used vehicle sales upon delivery when the transfer of title, risks and rewards of ownership and control pass to the customer. The Company recognizes revenue at the agreed-upon price stated in the contract, including any delivery charges. In addition, any noncash consideration received from a customer (i.e., trade-in vehicles) is recognized at fair value. Customer payment is received, or third-party financing is confirmed prior to vehicle transfer. The Company leases vehicles to third parties that are accounted for in accordance with FASB ASC 842, Leases. Revenue on direct financing and sales-type leases is recognized at the inception of the lease and the related interest income is recognized over the term of the lease using the effective interest method. Revenues on the sales of vehicles at the end of a lease are recognized at the inception of the lease, and any net gain or loss on sales of such vehicles is presented within Vehicle Sales Revenues and Vehicle Sales Cost of Revenues in the condensed consolidated statements of operations. Interest income is derived from the discounted cash flows of the lease payments. Investments in sales-type leases are comprised of the minimum lease payments receivable and guaranteed residual at their present value. The Company collects sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in sales or cost of sales. Subscription Revenue The Company offers a vehicle subscription plan where a customer will pay a monthly fee in exchange for access to a vehicle. The Company’s subscriptions include monthly swaps, scheduled maintenance and upkeep, license, and registration and in most cases roadside assistance. Customers have the flexibility to up-or-downgrade a vehicle monthly, with the vehicle payment adjusted accordingly. There is an activation payment at subscription inception that varies based upon the monthly payment of the selected vehicle. Monthly vehicle payments are dependent upon the vehicle selected by the customer. Due to the nature of the subscription contract, where the subscriber can swap out the vehicle in the contract and the performance obligation is completed and recognized each month, the revenues earned under these contracts are recognized in accordance with ASC 606. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a vehicle to a customer under a subscription contract. The prices of the vehicles are stated in its contracts at stand-alone subscription prices, which are agreed upon with the customer prior to delivery. The Company satisfies its performance obligation for monthly subscription payments upon delivery to the customer and in each subsequent month the customer retains possession of the vehicle. The Company recognizes revenue at the agreed-upon price stated in the contract in the month earned. The Company also receives a one-time, non-refundable payment as an activation fee to its vehicle subscription program. This fee is deferred and amortized to income monthly over the term of the subscription, as the performance obligation (providing a vehicle for the customer) is completed over the term of the subscription. Customer payment has been received prior to initial vehicle transfer and on each monthly recurring anniversary date. The Company collects sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in sales or cost of sales. Rental Revenue The Company accounts for revenue earned from vehicle rentals and rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset under FASB ASC 842, Leases Performance obligations associated with rental related activities, such as charges to the customer for the fueling of vehicles and value-added services such as loss damage waivers, navigation units, and other ancillary and optional products, are also satisfied over the rental period. Payments are due from customers at the time of reservation. Additional charges incurred by the customers are collected at the time of vehicle return. The Company collects sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in sales or cost of sales. Income Taxes Income tax expense includes federal and state taxes currently payable and deferred taxes arising from temporary differences between income for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. The effect of a change in the tax rate on the deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance when necessary to reduce its deferred tax assets to an amount that is expected to be realized. Advertising The Company expenses advertising and marketing costs in the period incurred. Advertising expense was approximately $76,000 and $124,000 for the years ended December 31, 2020 and 2019, respectively. Leases The Company adopted ASU No. 2016-02, Leases Under Topic 842, the Company applied a dual approach to all leases whereby the Company is a lessee and classifies leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the Company. Lease classification is evaluated at the inception of the lease agreement. Regardless of classification, the Company records a right-of-use asset and a lease liability for all leases with a term greater than 12 months. The lease for the premises occupied in Plantation, Florida, was classified as an operating lease as of December 31, 2019. Operating lease expense is recognized on a straight-line basis over the term of the lease. In July 2020, the Company purchased the leased property in Plantation, Florida. The Company derecognized the right-of-use asset and operating lease liability by recording the net liability of $32,162 as a reduction of expense in the consolidated statement of operations. In September 2020, the Company entered into a new lease for premises in Fort Lauderdale, Florida (the “Fort Lauderdale lease”). The 34-month lease resulted in the recognition of an approximately $476,000 right-of-use asset and operating lease liability. The components of the right-of-use asset and lease liabilities as of December 31, 2020 (Fort Lauderdale lease) and 2019 (Plantation lease) are as follows. 2020 2019 Operating lease right-of-use asset $ 422,500 $ 1,100,271 Operating lease liability, current portion $ 181,437 $ 335,338 Operating lease liability, net of current portion $ 283,716 $ 795,147 Operating Leases During 2018, the Company entered into a lease with an entity related through common ownership for its facilities in Plantation, Florida. The five-year, triple-net lease provides for monthly payments of $28,500 plus CAM and sales taxes, with annual escalations of three percent (3%). The Company has an option to extend the lease for an additional five-year term, with annual escalations of three percent (3%). The option to extend the lease is not recognized in the right-of-use asset or operating lease liability. The Company purchased the property in July 2020. During September 2020, the Company entered into a lease with an unrelated entity for office space in Fort Lauderdale, Florida. The 34-month lease provides for monthly payments of $16,113 plus operating costs and sales taxes. Discount Rate When available, the Company uses the rate implicit in the lease or a borrowing rate based on similar debt to discount lease payments to present value. However, the lease generally does not provide a readily determinable implicit rate, and the Company’s existing debt does not have similar terms. Therefore, the Company used the 3-year Treasury constant maturity at the lease commencement date to discount lease payments. Lease Cost Operating lease cost related to right-of-use assets (Plantation, FL lease) was approximately $168,500 for the portion of the 2020 before its purchase in July and was $387,000 for the year ended December 31, 2019. Operating lease cost related to right-of-use asset on the Fort Lauderdale lease was approximately $59,000 for the period from mid -September 2020 through December 31, 2020. The weighted average remaining term on the lease is 2.42 years. The weighted average discount rate was 3%. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates,

Global Pandemic

Global Pandemic	12 Months Ended
Global Pandemic	Dec. 31, 2020
Global Pandemic [Abstract]
Global Pandemic	Note 3 - Global Pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond the point of origin. On March 20, 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of these consolidated financial statements. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s consolidated financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the global situation on its consolidated financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020. To curb the financial impacts of the outbreak, the Company initially reduced the total compensation to a maximum of $120,000 per employee for all current employees, effective beginning in May 2020. The Company also reduced the headcount of all nonessential employees, implemented cost cuts, and canceled certain new vehicle orders to accommodate the then-current demand. The Company has since resumed normal salaries, hiring practices, and vehicle purchases.

Asset Purchase Agreements

Asset Purchase Agreements	12 Months Ended
Asset Purchase Agreements	Dec. 31, 2020
Asset Purchase Agreement [Abstract]
Asset Purchase Agreements	Note 4 - Asset Purchase Agreements Completed On February 19, 2020, the Company consummated an Asset Purchase Agreement whereby the Company purchased $4.2 million of assets that did not constitute a business, comprised of vehicles ($2.87 million) and a perpetual, non-exclusive license for leasing software ($1.35 million). The vehicles were financed by two different lenders, and the Company paid approximately $526,000 in cash and issued 33,183 shares of common stock at $14.69 per share (closing price of its common stock on February 19, 2020) for the remainder of the purchase consideration. The non-exclusive perpetual software license is for a vehicle subscription service app for upcoming launch in the Apple App and Google Play stores. The license value of $1.35 million is being amortized over its estimated economic useful life of three (3) years. The vehicle acquisition was financed in part by two credit lines. The first line from Sutton Leasing funded the purchase of 30 vehicles for $2.4 million at the floating LIBOR rate on the date of the advance, plus 2.80%, or 4.55% interest on the date of the advance, with terms ranging from 24 to 36 months. The second line from The Bancorp Bank was a credit line for funding advances up to $850,000 at the Prime Rate per the Wall Street Journal on the date of the advance plus 2%, but not less than 4% on advances on 48-month terms. The Company used approximately $818,400 at 6.5% interest for the purchase of 13 vehicles, with terms ranging from 32 to 41 months. On July 13, 2020, the Company entered into an Asset Purchase Agreement to purchase a 75% interest in certain assets and assume certain liabilities held by a dealership in Newnan, Georgia for $27.0 million in cash, which will be accounted for as a business combination. The acquisition was not consummated and was cancelled. Pending On August 28, 2020, the Company entered into an Asset Purchase Agreement (the “WV APA”) to acquire an 85% interest in certain assets held by three dealerships in West Virginia for $12 million in cash. In connection with the WV APA, the Company has agreed to acquire certain of the dealership’s real properties at values yet to be determined. The acquisition was consummated in March 2021, See Note 22. Also, on August 28, 2020, the Company entered into an Asset Purchase Agreement the (“TN APA”) to acquire certain assets held by a dealership in Tennessee for $2.5 million in cash. In connection with the TN APA, the Company has agreed to acquire the dealership’s real property for $5.4 million. This acquisition has not yet been consummated. See Note 22 - Subsequent Events for additional pending acquisitions.

Proposed Business Combinations

Proposed Business Combinations	12 Months Ended
Proposed Business Combinations	Dec. 31, 2020
Business Combinations [Abstract]
Proposed Business Combinations	Note 5 - Proposed Business Combinations During the year ended December 31, 2020, the Company entered into several agreements to acquire a controlling interest in certain operating dealerships, as more fully described below. On September 3, 2020, the Company entered into a Dealership Asset Purchase Agreement (“DAPA”) to acquire certain assets of a Southwest Florida dealership for $36.0 million. In connection with the DAPA, the Company has agreed to acquire the dealership’s real property for $33.1 million. The acquisition has not yet been consummated. On October 9, 2020, the Company entered into a Membership Interest Purchase Agreement (“MIPA”) to acquire a 70% interest in a group of dealership franchises and related businesses in New York for a total purchase price of $425.6 million. This agreement was subsequently terminated in February 2021. As part of the pending dealership acquisitions initiated during the third quarter, the Company paid deposits totaling $4,250,000. During the quarter ended December 31, 2020, the Company received a return of its $1,000,00 deposit for the Newnan, GA dealership, net of expenses. As of December 31, 2020, the balance of acquisition deposits is $3,250,000. The Company intends to finance these acquisitions with a combination of debt and equity offerings, plus private seller debt.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
Concentration of Credit Risk	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Note 6 - Concentration of Credit Risk The Company maintains its cash balances in several financial institutions which are insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $250,000 per institution. From time to time, its balances may exceed these limits. As of December 31, 2020 and 2019, the Company’s cash balances exceeded the FDIC limits by approximately $3,186,000 and $5,758,000, respectively.

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	12 Months Ended
Property, Equipment and Leasehold Improvements	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Equipment and Leasehold Improvements	Note 7 - Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements, net are summarized as follows: December 31, 2020 2019 Vehicles $ 153,822 $ 28,730 Land 435,700 - Building 3,164,000 - Furniture, fixtures and equipment 392,262 301,417 Leasehold and building improvements 299,526 288,738 4,445,610 618,885 Less: Accumulated depreciation and amortization (228,791 ) (109,530 ) $ 4,216,819 $ 509,355 Depreciation and amortization expense related to property, equipment, leasehold improvements and intangibles amounted to $127,076, and $95,765 for the years ended December 31, 2020 and 2019, respectively. During the year ended December 31, 2020, the Company transferred a company owned vehicle with a book value of $14,093, net of accumulated depreciation of $7,815, from fixed assets to inventory. On July 8, 2020, the Company terminated the lease and purchased the land and building where its headquarters were located in Plantation, Florida, from its landlord, ST RXR Investments, LLC, a related party owned by the Company’s President and Chief Executive Officer, for $3.6 million in cash. The land and building were valued based upon a third party fairness report.

Intangible Assets

Intangible Assets	12 Months Ended
Intangible Assets	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 8 - Intangible Assets Intangible assets, net, are summarized as follows: December 31, December 31, Software license $ 1,350,000 $ - Website design and other intangibles 230,568 99,776 1,580,568 99,776 Less: Accumulated amortization (469,745 ) (30,449 ) $ 1,110,823 $ 69,327 Amortization expense amounted to $439,296 and $30,449, respectively, for the years ended December 31, 2020 and 2019. As of December 31, 2020, future amortization of intangible assets was as follows: Years ending December 31, 2021 $ 497,819 2022 478,412 2023 89,254 2024 45,338 $ 1,110,823

Investment in Sales-type Leases

Investment in Sales-type Leases	12 Months Ended
Investment in Sales-type Leases	Dec. 31, 2020
Investment In Leasing Operations [Abstract]
Investment in Sales-type Leases	Note 9 - Investment in Sales-type Leases Investment in Sales-type Leases consists of the following: December 31, December 31, Sales-type leases: Minimum lease payments receivable $ 1,576,325 $ 157,542 Unearned income (576,853 ) (47,114 ) Guaranteed residual value of vehicles 10,744,104 690,333 Total investment in leasing operations $ 11,743,576 $ 800,761 As of December 31, 2020 and 2019, the total investment in sales-type leases is classified as short-term as all leases are due within one year of the balance sheet date. The Sales-type Leases are leased to three customers. The residual value of the vehicles is guaranteed by these customers, whether or not the customers ultimately purchase the vehicles at the end of the lease term..

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 10 - Related Party Transactions During 2018, the Company entered into a non-interest bearing revolving line of credit agreement with an entity related to the majority shareholder (credit limit is $4,000,000). Amounts drawn on the line of credit become due and payable on the earlier of written demand by the lender or May 21, 2020, as defined in the agreement. The line of credit was paid in full in December 2019. During 2018, the Company entered into a lease with an entity related through common ownership for its facilities in Plantation, Florida. On July 8, 2020, the Company terminated the lease and purchased the land and building where its headquarters were located in Plantation, Florida, from its landlord, ST RXR Investments, LLC, a related party owned by the Company’s President and Chief Executive Officer, for $3.6 million in cash. The land and building were valued based upon a third-party condition report. The Company leases vehicles under its subscription and sales-type programs to certain directors under 6-month contracts. Total payments made by directors for the vehicle leases amounted to approximately $59,000 for the year ended December 31, 2020.

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
Convertible Notes Payable	Dec. 31, 2020
Convertible Notes Payable Disclosure [Abstract]
Convertible Notes Payable	Note 11 - Convertible Notes Payable During the second and third quarters of 2018, the Company issued convertible promissory notes (“6-Month Notes”) in an aggregate principal amount of $1,448,965, pursuant to a private placement offering. The 6-Month Notes bear interest at 4% per annum and mature six (6) months from the date of issuance, at which time the principal and any accrued but unpaid interest shall be due and payable. Accrued interest at December 31, 2019 and 2018 was $0 and $20,757, respectively. The holders of the 6-Month Notes may, at any time prior to the maturity date, convert the 6-Month Notes (and accrued interest) into shares of the Company’s Common Stock by dividing (a) the outstanding principal balance and unpaid accrued interest under this Note on the date of conversion by (b) $4.75 (subject to adjustment as provided in the 6-Month Notes). Based on the terms of the conversion rights, the Company did not recognize a beneficial conversion discount. During the year ended December 31, 2019, the Company repaid eight of the 6-Month Notes in the principal amount of $962,000 and converted the remaining seven 6-Month Notes with a principal and accrued interest of $212,249 to 44,684 shares of common stock.

Accounts Payable and Other Curr

Accounts Payable and Other Current Liabilities	12 Months Ended
Accounts Payable and Other Current Liabilities	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable and Other Current Liabilities	Note 12 - Accounts Payable and Other Current Liabilities Accounts payable and other current liabilities are summarized as follows: December 31, 2020 2019 Accounts Payable $ 251,118 $ 68,033 Credit Card Payable 22,747 44,807 Total Accounts Payable $ 273,835 $ 112,840 Other Current Liabilities: December 31 2020 2019 Accrued Payroll $ 197,635 $ 157,174 Customer Deposits - Leases - 103,217 Subscription Security Deposits 82,117 57,094 Subscription Deferred Activation Fees 114,635 145,986 Rental Deposits on Hand - 3,463 Accrued Legal Expenses 133,032 - Property Tax Accrual 9,503 61,577 Sales and Other Taxes Payable 37,905 42,483 Litigation Accrual 550,000 - Other Accruals 208,408 82,069 Total Other Current Liabilities $ 1,333,235 $ 653,063

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 - Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are required to be reduced by a valuation allowance to the extent that, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized. Deferred Taxes Components of income tax benefit for the years ended December 31, 2020 and 2019 are as follows: December 31, 2020 2019 Current tax expense (benefit) $ - $ - - - Deferred tax expense (benefit) $ - $ - - - Total provision for income taxes $ - $ - Temporary differences between financial statement carrying amount and tax basis of assets and liabilities that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows: December 31, 2020 2019 Deferred tax assets: Net operating loss $ 3,585,532 $ 2,723,750 Intangible assets 72,543 21,853 Acquisition expenses 265,195 - Other 35,930 12,465 Stock options 158,161 109,372 Total deferred income tax assets 4,117,361 2,867,440 Deferred income tax liabilities: Depreciation (39,349 ) (7,633 ) Total deferred income tax liabilities (39,349 ) (7,633 ) Valuation allowance (4,078,012 ) (2,859,807 ) Net deferred income tax asset $ — $ — The Company had a net operating loss carryforward of approximately $15,300,000 and $10,700,000 as of December 31, 2020 and 2019, respectively. The amount of net operating loss carryforward that can offset future taxable income may be limited in accordance with IRC Section 382 following certain ownership changes. Net deferred tax assets are mainly comprised of temporary differences between financial statement carrying amount and tax basis of assets and liabilities. FASB ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At December 31, 2020 and 2019, the Company had a full valuation allowance on its net deferred income tax asset. In addition, the Company performed a comprehensive review of its uncertain tax positions and determined that no adjustments were necessary relating to unrecognized tax benefits at December 31, 2020 and 2019. The Company’s federal and state income tax returns are subject to examination by taxing authorities for three years after the returns are filed, and the Company’s federal and state income tax returns for 2019, 2018 and 2017 remain open to examination. The reconciliation of income tax benefit is computed at the U.S. federal statutory rate as follows: December 31, 2020 2019 U.S. federal statutory tax rate 21.00 % 21.00 % Permanent differences -0.16 % -0.29 % Change in valuation allowance -25.3 % -20.93 % State tax effect, net of federal benefit 4.31 % 4.29 % Prior tax adjustments 0.00 % -4.07 % Other items 0.15 % 0.00 % Total 0.00 % 0.00 %

Lease Commitments

Lease Commitments	12 Months Ended
Lease Commitments	Dec. 31, 2020
Leases [Abstract]
Lease Commitments	Note 14 - Lease Commitments The annual minimum lease payments, including fixed rate escalations, on the Company’s operating lease liability with an unrelated party in Fort Lauderdale, Florida as of December 31, 2020 are as follows: Years Ending December 31: 2021 $ 193,359 2022 193,358 2023 96,679 Total minimum lease payments 483,589 Less: amount representing interest (18,243 ) Present value of future payments 465,153 Less: current obligations (181,437 ) Long-term obligations $ 283,718 Operating Leases During 2019, the Company entered into an agreement for the right to use certain parking spaces in Oakland Park, Florida. The month-to-month agreement called for monthly rent of $5,000 per month, plus sales tax. This agreement was cancelled in 2020. Rent expense charged to operations for the years ended December 31, 2020 and 2019, inclusive of CAM and taxes, was approximately $401,270 and $562,300, respectively.

Vehicle Floorplan and Notes Pay

Vehicle Floorplan and Notes Payable	12 Months Ended
Vehicle Floorplan and Notes Payable	Dec. 31, 2020
Debt Disclosure [Abstract]
Vehicle Floorplan and Notes Payable	Note 15 - Vehicle Floorplan and Notes Payable In the second quarter of 2019, Mercedes-Benz Financial approved $3.5 million for the Company’s subscription and rental fleet inventory purchases. During 2019, the Company purchased vehicles totaling approximately $2,400,000 under various Note and Security Agreements with 10% cash down payments and the remaining $2,160,000 financed over 36 months at an interest rate of 4.89%. At December 31, 2019, the outstanding principal balance was approximately $2,103,000. In 2020, Mercedes-Benz Financial increased the approval amount from $3.5 million to $10 million. Under this new approval amount the Company financed vehicles previously purchased totaling approximately $3.517,000 under Note and Security Agreements with no cash down payment and financed over 36 months at interest rates between 3.99% and 4.15%. As of December 31, 2020 and December 31, 2019, the outstanding principal and accrued interest balance on the notes was approximately $1,978,156 and $2,104,000, respectively. In February 2020, the Company entered into an Asset Purchase Agreement (see Note 4), which was financed in part by two credit lines. ● The first line from Sutton Leasing was for $2.4 million at the floating LIBOR rate on the date of the advance, plus 2.80%, or 4.55% interest on the date of the advance, with terms ranging from 24 to 36 months. The outstanding balance on the Sutton line was approximately $426,155 as of December 31, 2020. ● The second line from The Bancorp Bank is a credit line for funding advances up to $850,000 at the Prime Rate per the Wall Street Journal on the date of the advance plus 2%, but not less than 4% on advances on 48-month terms. The Company used approximately $818,400 at 6.5% interest to purchase vehicles, with terms ranging from 32 to 41 months. The outstanding balance on the Bancorp line was approximately $248,934 as of December 31, 2020. In the third quarter of 2019, NextGear Capital approved a $250,000 vehicle floorplan line with an interest rate of 10% and principal payments due at 60 and 90 days and final payoff due at 120 days or upon vehicle sale. At December 31, 2019, the outstanding principal balance was approximately $60,000. The principal balance was paid off during the first quarter of 2020. Future maturities under the Floorplan and Note Agreements are as follows: Years Ending December 31: 2021 $ 723,798 2022 867,323 2023 1,062,124 Total minimum payments 2,653,245 Less: Amounts due within one year 723,798 Long-term portion $ 1,929,447

Contingencies

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 16 - Contingencies The Company is subject to asserted claims and liabilities that arise in the ordinary course of business. The Company maintains third-party insurance to mitigate potential losses from these actions. In the opinion of management, the amount of the ultimate liability with respect to these actions will not materially affect the Company’s financial position or results of operations. On February 10, 2020, a partial summary judgment was granted for the plaintiff for alleged breach of its license agreement to use garage parking spaces in Miami Beach, Florida, which the Company terminated in April 2019. The current asserted losses by the plaintiff total approximately $224,250, with a potential maximum exposure under the terminated agreement of approximately $580,450. The judge ordered the parties to further mediate the dispute, and the Company appealed the summary judgment. During the second quarter of 2020, the Company posted a bond with the court to continue mediation of this matter. In November 2020, the Company lost an appeal 2020 requiring the Company to post an additional bond. As a result of ongoing settlement negotiations, the Company recorded a provision for its expected settlement amount at December 2020. In February 2021, the Company reached a final settlement agreeing to pay a total of $550,000, $270,000 within 3 days of the final settlement and two payments of $140,000 each on or before June 30, 2021 and September 30, 2021, respectively.

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Equity	Note 17 - Equity In December 2020, the Company’s shareholders approved a reduction in the number of authorized shares of common stock from 100,000,000 shares to 29,000,000 shares, and a reduction in the authorized shares of preferred stock from 10,000,000 shares to 1,000,000 shares. During 2019, the Company’s CEO retired 18,500,000 beneficially owned common shares of stock for no value. In addition, four non-accredited investors were refunded a total of $20,430, which cancelled 5,055 shares. Total outstanding common shares after the share retirement and refunds were 6,001,639, prior to the IPO. On December 9, 2019, the Company completed its IPO, selling 2,645,000 shares of common stock at an offering price of $5.00 per share, and warrants to purchase shares of common stock. Aggregate gross proceeds from the IPO, which included the exercise in full of the representative’s over-allotment option, were approximately $13.2 million, and net proceeds received after underwriting fees and offering expenses were approximately $12 million. Total equity from the IPO after deducting deferred offering expenses of $1.5 million was approximately $10.5 million. During 2019, the Company converted seven of its 6-Month Notes with a value of $212,249 to 44,684 shares of common stock. In February 2020, the Company completed a secondary public offering, selling 1,200,000 shares of common stock at an offering price of $16.00 per share, and warrants to purchase shares of common stock. Aggregate gross proceeds from the offering were approximately $19.2 million, and net proceeds received after underwriting fees and offering expenses were approximately $17.3 million. In February 2020, as part of its Asset Purchase Agreement, the Company issued 33,183 shares of common stock valued at a price of $14.69 per share, the closing price on the date of the transaction, or $487,454. In May 2020, the Company offered to rescind the purchase of certain shares of Company stock, including shares converted from debt in 2018 and 2019. The Company estimates that the maximum amount of costs related to the rescission offer will be approximately $1.6 million, plus accrued interest. In July 2020, the Company paid approximately $163,000 to investors who accepted the offer, including approximately $100,000 recorded as Treasury Stock for the repurchase of 21,053 shares of Common Stock, and approximately $63,000 recorded as interest, based on a price per share of $4.75. All other offers have since expired. In September 2020, the Company issued 75,000 shares of common stock in exchange for $249,750 in connection with the exercise of an option granted to an investor. In September 2020, the Company issued 7,427 shares of common stock in connection with the cashless exercise of 10,695 underwriter warrants with exercise prices of $6.25 per share. The underwriter warrants were granted in connection with the Company’s IPO. During the quarter ended December 31, 2020, the Company issued 39,980 shares of common stock in connection with the cashless exercise of 51,943 underwriter warrants with exercise prices of $6.25 per share. The underwriter warrants were granted in connection with the Company’s IPO. During the quarter ended December 31, 2020, the Company issued 3,180 shares of common stock in connection with the cashless exercise of 11,361 underwriter warrants with exercise prices of $20.00 per share. The underwriter warrants were granted in connection with the Company’s IPO.

Treasury Stock

Treasury Stock	12 Months Ended
Treasury Stock	Dec. 31, 2020
Treasury Stock [Abstract]
Treasury Stock	Note 18 - Treasury Stock During 2019, the Company purchased an aggregate of 143,655 shares of its Common Stock from four (4) shareholders at an aggregate price of $4.75 per share, or $678,780. These shares are currently held in treasury. During 2020, the Company purchased an additional 21,053 shares of its Common Stock from a shareholder at price of $4.75 per share, or $100,002. These shares are currently held in treasury.

Stock Options

Stock Options	12 Months Ended
Stock Options	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Options	Note 19 - Stock Options During the year ended December 31, 2020, the Company granted stock options to purchase 158,000 shares of its Common Stock to various employees, independent contractors and directors. These options vest over twenty-four to thirty-six months, are exercisable for 5 years, and enable the holders to purchase shares of its Common Stock at exercise prices ranging from $7.50 - $30.00. The per-share values of these options range from $3.49 to $11.89, based on Black-Scholes-Merton pricing models with the following assumptions: (i) Volatility from 52.93% to 55.01%, (ii) Expected term of 5 years, (iii) Risk free rate from 0.24% to 0.40%, and (iv) Dividend rate of 0.0%. At December 31, 2020 and 2019, the Company had $828,943 and $231,354, respectively, of unrecognized compensation costs related to stock options outstanding, which will be recognized through 2023. The Company recognizes forfeitures as they occur. Share-based compensation expense was $147,020 and $111,623 for the years ended December 31, 2020 and 2019, respectively. The total amount recorded in “Additional paid-in capital” related to vested stock options for the year ended December 31, 2020, was approximately $147,000. The weighted average remaining contractual term for the outstanding options at December 31, 2020 and 2019 is 2.84 and 3.54 years, respectively. Stock option activity for the years ended December 31, 2020 and 2019, was as follows: Number of Options Weighted Avg. Exercise Price Outstanding at December 31, 2018 511,000 $ - Options granted 112,500 7.01 Options exercised - - Options forfeited or expired (279,000 ) - Outstanding at December 31, 2019 344,500 $ 4.57 Options granted 158,000 13.36 Options exercised (75,000 ) 3.33 Options forfeited or expired (56,000 ) 9.84 Outstanding at December 31, 2020 371,500 $ 7.97 Vested as of December 31, 2020 205,978 $ 4.68 Vested as of December 31, 2019 260,468 $ 3.80

Purchase Warrants

Purchase Warrants	12 Months Ended
Purchase Warrants	Dec. 31, 2020
Equity [Abstract]
Purchase Warrants	Note 20 - Purchase Warrants Common stock purchase warrant activity for the years ended December 31, 2020 and 2019 are as follows: Number of Warrants Weighted Avg. Exercise Price Outstanding at December 31, 2018 - $ - Issued 115,000 6.25 Cancelled - - Exercised - - Outstanding at December 31, 2019 115,000 $ 6.25 Issued 36,000 20.00 Cancelled (3,268 ) 6.25 Exercised (70,664 ) 8.46 Outstanding at December 31, 2020 77,068 $ 10.65 In connection with the Company’s IPO, the Company granted warrants to purchase 115,000 shares of its Common Stock at $6.25 per share to its underwriters. In February 2020, in connection with its second public offering, the Company granted warrants to purchase 36,000 shares of its Common Stock at $20.00 per share to its underwriters.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Shareholders	12 Months Ended
Net Loss Per Share Attributable to Common Shareholders	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Shareholders	Note 21 - Net Loss per Share Attributable to Common Shareholders The basic and diluted net loss per common share was the same for each period presented as the Company’s potentially dilutive shares would be antidilutive. The weighted average shares of Common Stock outstanding were 9,796,233 and 16,577,106 for the years ended December 31, 2020 and 2019, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 22 - Subsequent Events On January 7, 2021 and effective December 30, 2020, the Company entered into amendments to the employment agreements with its Chief Executive Officer (CEO), Chief Financial Officer (CFO) and Chief Operating Officer (COO). Under the terms of the First Amendment to the Employment Agreement, the Company (i) increased the annual base salary of the CEO and the COO to $300,000, (ii) amended the vesting for options to purchase up to 10,000 and 40,000 shares, respectively, of the Company’s common stock previously awarded and (iii) agreed to award options to purchase up to an aggregate of 150,000 and 145,000 shares, respectively, of the Company’s common stock upon the achievement of certain milestones. In addition, the Company awarded the COO a one-time bonus of $350,000 payable upon the consummation of the Company’s proposed financing with Truist Bank, payable in cash, Company securities or a combination of both, and (v) awarded the COO a quarterly bonus of a percentage of the Company’s post-minority interest income. Under the terms of the First Amendment to the Employment Agreement, the Company (i) agreed to permit the CFO the use of a Company vehicle, (ii) amended the vesting for options to purchase up to 40,000 shares of the Company’s common stock previously awarded to the CFO and (iii) agreed to award the CFO options to purchase up to an aggregate of 100,000 shares of the Company’s common stock upon the achievement of certain milestones. In January 2021, the Company issued 5,000 shares of common stock in exchange for $19,490 upon the exercise of options to purchase 3,000 and 2,000 shares at exercise prices of $3.33 and $4.75, respectively. In January 2021, the Company issued 86 shares of common stock upon the cashless exercise of 115 underwriter warrants with an exercise price of $6.75 per share. In February 2021, the Company reached a final settlement of a lawsuit for the Company’s alleged breach of its license agreement to use garage parking spaces in Miami Beach, Florida. Under the settlement agreement, the Company agreed to pay a total of $550,000, $270,000 within 3 days of the final settlement and two payments of $140,000 each on or before June 30, 2021 and September 30, 2021, respectively. The Company made the initial payment required under the agreement. In February 2021, LMP Automotive received approximately $20.1 million ($18.6 million, net) from the sale of 20,100 shares of Series A Convertible Preferred Stock and warrants to purchase up to 861,429 shares of common stock at a strike price of $21.00 pursuant to a Securities Purchase Agreement. The Series A Preferred Stock is convertible into shares of common stock at an initial conversion price of $17.50 per share, subject to adjustment. In March 2021, the Company consummated the purchase of a controlling interest in a component of the Beckley Dealership Acquisition and a 100% interest in the associated real estate for purchase consideration of approximately $24.6 million cash. In March 2021, the Company consummated the purchase of a controlling interest in the Fuccillo Dealership Acquisition and a 100% interest in the associated real estate for purchase consideration of approximately $68.5 million cash. In March 2021, the Company consummated the purchase of a controlling interest in the Bachman Dealership Acquisition and a 100% interest in the related real estate for purchase consideration of approximately $ $7.5 million. In March 2021, LMP Finance entered into an agreement to purchase a controlling membership interest in LTO Holdings, LLC for purchase consideration of $225,000 cash and issuance of 16,892 shares of the Company’s common stock and a capital contribution of $225,000. In March 2021, LMP Automotive and certain subsidiaries entered into a Credit Agreement for term loans and floor plan financing of up to approximately $101.3 million and $90.35 million, respectively. In March 2021, the Company signed a Revolving Line of Credit Agreement (the Line) and received funding of $500,000, the credit limit on the Line. The Line is due on April 30, 2021 and bears interest of 1.5% per month, plus a $15,000 origination fee due on April 30, 2021.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Liquidity	Liquidity The Company has sustained net losses and has an accumulated deficit of $15,416,151 as of December31, 2020. Management plans to make strategic acquisitions of new and pre-owned automobile dealerships to expedite the Company’s growth and produce positive margins. The Company completed an initial public offering (“IPO”) during December 2019. In February 2020, the Company completed a secondary public offering, selling 1,200,000 shares of common stock at an offering price of $16.00 per share, and warrants to purchase shares of common stock. Aggregate gross proceeds from the offering were approximately $19.2 million, and net proceeds received after underwriting fees and offering expenses were approximately $17.5 million. Management plans to continue to obtain funding for vehicle purchases and dealership acquisitions through a combination of debt and equity financing. Currently, management has secured a commitment for up to $192 million in financing including floorplan financing to complete acquisitions of auto dealerships and the related real estate. Management believes these acquisitions will generate cash flow sufficient to fund the operations of the Company for the foreseeable future.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounts Receivable	Accounts Receivable The Company carries its accounts receivable at cost. Accounts receivable are due upon receipt. Such estimates are based on management’s assessments of the creditworthiness of its customers, the aged basis of its receivables, as well as current economic conditions and historical information. Management has determined that no allowance for uncollectible accounts for accounts receivable is necessary at December 31, 2020 and 2019.
Inventory	Inventory The Company’s inventory consists of automobiles. Inventories are valued at the lower of cost or market, with cost determined by specific identification and with market defined as net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventories at December 31, 2020 and 2019 are recorded based on perpetual inventory records. The Company depreciates its fleet inventory monthly based on 1% of initial cost. For the years ended December 31, 2020 and 2019, fleet vehicle depreciation approximated $670,000 and $991,000, respectively. This depreciation was recorded to cost of revenues - subscription and rental in the accompanying consolidated statement of operations. Company management periodically reviews its inventories to determine whether any inventories have declined in value. The Company has recorded a reserve for impairment of $141,762 and $49,000 to reflect inventory at net realizable value at December 31, 2020 and 2019, respectively. These write downs were recorded to cost of revenues - vehicle sales in the accompanying consolidated statement of operations. December 31, December 31, Automotive Inventory $ 9,169,915 $ 10,907,755 Inventory Impairment (141,762 ) (49,180 ) Inventory Accumulated Depreciation (530,064 ) (822,672 ) Inventory In-transit Deposits - - Total Automotive Inventory, net $ 8,498,089 $ 10,035,903 December 31, December 31, Automotive Inventory- Fleet, net $ 4,177,645 $ 9,083,469 Automotive Inventory- Available for Sale, net 4,320,444 952,434 Inventory In-transit Deposits - 296,383 Total Automotive Inventory, net $ 8,498,089 $ 10,035,903
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost. The costs of additions and betterments are capitalized and expenditures for repairs and maintenance are expensed in the period incurred. When items included in property and equipment are sold or retired, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is included in selling, general and administrative expenses. Vehicles and equipment are depreciated utilizing the straight-line method over the estimated useful lives of the respective assets as follows: Vehicles 5 years Furniture and fixtures 10 years Buildings 39 years Equipment 7 years Leasehold improvements are amortized over the shorter of the remaining term of the lease or the useful life of the improvement utilizing the straight-line method.
Intangible Assets	Intangible Assets Intangible assets are stated at their historical cost and amortized on a straight-line basis over their expected economic useful lives.
Long-lived Assets	Long-lived Assets The Company reviews long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. The Company recognizes an impairment loss if the carrying value of the asset exceeds the expected future cash flows. There were no deemed impairments of long-lived assets at December 31, 2020 and 2019.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measurements, a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies, is as follows: Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 - Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. At December 31, 2020 and 2019, the fair value of these financial instruments, including cash, accounts receivable, net investment in sales-type lease, and accounts payable, approximated book value due to the short maturity of these instruments. Vehicle floorplan and notes payable, convertible notes and related party notes payable approximate fair value due to market interest rates.
Convertible Notes	Convertible Notes The Company recorded a discount to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. During the year ended December 31, 2019, all convertible notes were repaid or converted to shares of common stock.
Share-Based Compensation	Share-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of stock options, based on the fair value of those awards at the date of grant over the requisite service period, which generally is the vesting period of the award. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. Share-based compensation plans, related expenses, and assumptions used in the Black-Scholes option pricing model are more fully described in Note 19.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Vehicle Sales Revenue The Company’s business consists of retail and wholesale sales of used vehicles to customers. Sales are based on a physical showroom and efficient online showrooms on the Company’s websites. The Company offers a home delivery service so that it delivers the car to the place agreed upon with the client. The Company also sells used vehicles in auctions. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a vehicle to a customer. The prices of the vehicles are stated in its contracts at stand-alone selling prices, which are agreed upon with its customer prior to delivery. The Company satisfies its performance obligation for used vehicle sales upon delivery when the transfer of title, risks and rewards of ownership and control pass to the customer. The Company recognizes revenue at the agreed-upon price stated in the contract, including any delivery charges. In addition, any noncash consideration received from a customer (i.e., trade-in vehicles) is recognized at fair value. Customer payment is received, or third-party financing is confirmed prior to vehicle transfer. The Company leases vehicles to third parties that are accounted for in accordance with FASB ASC 842, Leases. Revenue on direct financing and sales-type leases is recognized at the inception of the lease and the related interest income is recognized over the term of the lease using the effective interest method. Revenues on the sales of vehicles at the end of a lease are recognized at the inception of the lease, and any net gain or loss on sales of such vehicles is presented within Vehicle Sales Revenues and Vehicle Sales Cost of Revenues in the condensed consolidated statements of operations. Interest income is derived from the discounted cash flows of the lease payments. Investments in sales-type leases are comprised of the minimum lease payments receivable and guaranteed residual at their present value. The Company collects sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in sales or cost of sales. Subscription Revenue The Company offers a vehicle subscription plan where a customer will pay a monthly fee in exchange for access to a vehicle. The Company’s subscriptions include monthly swaps, scheduled maintenance and upkeep, license, and registration and in most cases roadside assistance. Customers have the flexibility to up-or-downgrade a vehicle monthly, with the vehicle payment adjusted accordingly. There is an activation payment at subscription inception that varies based upon the monthly payment of the selected vehicle. Monthly vehicle payments are dependent upon the vehicle selected by the customer. Due to the nature of the subscription contract, where the subscriber can swap out the vehicle in the contract and the performance obligation is completed and recognized each month, the revenues earned under these contracts are recognized in accordance with ASC 606. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a vehicle to a customer under a subscription contract. The prices of the vehicles are stated in its contracts at stand-alone subscription prices, which are agreed upon with the customer prior to delivery. The Company satisfies its performance obligation for monthly subscription payments upon delivery to the customer and in each subsequent month the customer retains possession of the vehicle. The Company recognizes revenue at the agreed-upon price stated in the contract in the month earned. The Company also receives a one-time, non-refundable payment as an activation fee to its vehicle subscription program. This fee is deferred and amortized to income monthly over the term of the subscription, as the performance obligation (providing a vehicle for the customer) is completed over the term of the subscription. Customer payment has been received prior to initial vehicle transfer and on each monthly recurring anniversary date. The Company collects sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale. These taxes are accounted for on a net basis and are not included in sales or cost of sales. Rental Revenue The Company accounts for revenue earned from vehicle rentals and rental related activities wherein an identified asset is transferred to the customer and the customer has the ability to control that asset under FASB ASC 842, Leases Performance obligations associated with rental related activities, such as charges to the customer for the fueling of vehicles and value-added services such as loss damage waivers, navigation units, and other ancillary and optional products, are also satisfied over the rental period. Payments are due from customers at the time of reservation. Additional charges incurred by the customers are collected at the time of vehicle return.
Income Taxes	Income Taxes Income tax expense includes federal and state taxes currently payable and deferred taxes arising from temporary differences between income for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. The effect of a change in the tax rate on the deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance when necessary to reduce its deferred tax assets to an amount that is expected to be realized.
Advertising	Advertising The Company expenses advertising and marketing costs in the period incurred. Advertising expense was approximately $76,000 and $124,000 for the years ended December 31, 2020 and 2019, respectively.
Leases	Leases The Company adopted ASU No. 2016-02, Leases Under Topic 842, the Company applied a dual approach to all leases whereby the Company is a lessee and classifies leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the Company. Lease classification is evaluated at the inception of the lease agreement. Regardless of classification, the Company records a right-of-use asset and a lease liability for all leases with a term greater than 12 months. The lease for the premises occupied in Plantation, Florida, was classified as an operating lease as of December 31, 2019. Operating lease expense is recognized on a straight-line basis over the term of the lease. In July 2020, the Company purchased the leased property in Plantation, Florida. The Company derecognized the right-of-use asset and operating lease liability by recording the net liability of $32,162 as a reduction of expense in the consolidated statement of operations. In September 2020, the Company entered into a new lease for premises in Fort Lauderdale, Florida (the “Fort Lauderdale lease”). The 34-month lease resulted in the recognition of an approximately $476,000 right-of-use asset and operating lease liability. The components of the right-of-use asset and lease liabilities as of December 31, 2020 (Fort Lauderdale lease) and 2019 (Plantation lease) are as follows. 2020 2019 Operating lease right-of-use asset $ 422,500 $ 1,100,271 Operating lease liability, current portion $ 181,437 $ 335,338 Operating lease liability, net of current portion $ 283,716 $ 795,147 Operating Leases During 2018, the Company entered into a lease with an entity related through common ownership for its facilities in Plantation, Florida. The five-year, triple-net lease provides for monthly payments of $28,500 plus CAM and sales taxes, with annual escalations of three percent (3%). The Company has an option to extend the lease for an additional five-year term, with annual escalations of three percent (3%). The option to extend the lease is not recognized in the right-of-use asset or operating lease liability. The Company purchased the property in July 2020. During September 2020, the Company entered into a lease with an unrelated entity for office space in Fort Lauderdale, Florida. The 34-month lease provides for monthly payments of $16,113 plus operating costs and sales taxes. Discount Rate When available, the Company uses the rate implicit in the lease or a borrowing rate based on similar debt to discount lease payments to present value. However, the lease generally does not provide a readily determinable implicit rate, and the Company’s existing debt does not have similar terms. Therefore, the Company used the 3-year Treasury constant maturity at the lease commencement date to discount lease payments. Lease Cost Operating lease cost related to right-of-use assets (Plantation, FL lease) was approximately $168,500 for the portion of the 2020 before its purchase in July and was $387,000 for the year ended December 31, 2019. Operating lease cost related to right-of-use asset on the Fort Lauderdale lease was approximately $59,000 for the period from mid -September 2020 through December 31, 2020. The weighted average remaining term on the lease is 2.42 years. The weighted average discount rate was 3%.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates,

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of inventory net	December 31, December 31, Automotive Inventory $ 9,169,915 $ 10,907,755 Inventory Impairment (141,762 ) (49,180 ) Inventory Accumulated Depreciation (530,064 ) (822,672 ) Inventory In-transit Deposits - - Total Automotive Inventory, net $ 8,498,089 $ 10,035,903 December 31, December 31, Automotive Inventory- Fleet, net $ 4,177,645 $ 9,083,469 Automotive Inventory- Available for Sale, net 4,320,444 952,434 Inventory In-transit Deposits - 296,383 Total Automotive Inventory, net $ 8,498,089 $ 10,035,903
Schedule of straight-line method over the estimated useful lives	Vehicles 5 years Furniture and fixtures 10 years Buildings 39 years Equipment 7 years
Schedule of right-of-use asset and lease liabilities	2020 2019 Operating lease right-of-use asset $ 422,500 $ 1,100,271 Operating lease liability, current portion $ 181,437 $ 335,338 Operating lease liability, net of current portion $ 283,716 $ 795,147

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements (Tables)	12 Months Ended
Property, Equipment and Leasehold Improvements (Tables)	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of property, equipment and leasehold improvements	December 31, 2020 2019 Vehicles $ 153,822 $ 28,730 Land 435,700 - Building 3,164,000 - Furniture, fixtures and equipment 392,262 301,417 Leasehold and building improvements 299,526 288,738 4,445,610 618,885 Less: Accumulated depreciation and amortization (228,791 ) (109,530 ) $ 4,216,819 $ 509,355

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
Intangible Assets (Tables)	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	December 31, December 31, Software license $ 1,350,000 $ - Website design and other intangibles 230,568 99,776 1,580,568 99,776 Less: Accumulated amortization (469,745 ) (30,449 ) $ 1,110,823 $ 69,327
Schedule of future amortization of intangible assets	Years ending December 31, 2021 $ 497,819 2022 478,412 2023 89,254 2024 45,338 $ 1,110,823

Investment in Sales-type Leas_2

Investment in Sales-type Leases (Tables)	12 Months Ended
Investment in Sales-type Leases (Tables)	Dec. 31, 2020
Investment In Leasing Operations [Abstract]
Schedule of investment in sales-type leases	December 31, December 31, Sales-type leases: Minimum lease payments receivable $ 1,576,325 $ 157,542 Unearned income (576,853 ) (47,114 ) Guaranteed residual value of vehicles 10,744,104 690,333 Total investment in leasing operations $ 11,743,576 $ 800,761

Accounts Payable and Other Cu_2

Accounts Payable and Other Current Liabilities (Tables)	12 Months Ended
Accounts Payable and Other Current Liabilities (Tables)	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of accounts payable	December 31, 2020 2019 Accounts Payable $ 251,118 $ 68,033 Credit Card Payable 22,747 44,807 Total Accounts Payable $ 273,835 $ 112,840
Schedule of other current liabilities	December 31 2020 2019 Accrued Payroll $ 197,635 $ 157,174 Customer Deposits - Leases - 103,217 Subscription Security Deposits 82,117 57,094 Subscription Deferred Activation Fees 114,635 145,986 Rental Deposits on Hand - 3,463 Accrued Legal Expenses 133,032 - Property Tax Accrual 9,503 61,577 Sales and Other Taxes Payable 37,905 42,483 Litigation Accrual 550,000 - Other Accruals 208,408 82,069 Total Other Current Liabilities $ 1,333,235 $ 653,063

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	December 31, 2020 2019 Current tax expense (benefit) $ - $ - - - Deferred tax expense (benefit) $ - $ - - - Total provision for income taxes $ - $ -
Schedule of significant portions of the deferred	December 31, 2020 2019 Deferred tax assets: Net operating loss $ 3,585,532 $ 2,723,750 Intangible assets 72,543 21,853 Acquisition expenses 265,195 - Other 35,930 12,465 Stock options 158,161 109,372 Total deferred income tax assets 4,117,361 2,867,440 Deferred income tax liabilities: Depreciation (39,349 ) (7,633 ) Total deferred income tax liabilities (39,349 ) (7,633 ) Valuation allowance (4,078,012 ) (2,859,807 ) Net deferred income tax asset $ — $ —
Schedule of reconciliation of income tax benefit	December 31, 2020 2019 U.S. federal statutory tax rate 21.00 % 21.00 % Permanent differences -0.16 % -0.29 % Change in valuation allowance -25.3 % -20.93 % State tax effect, net of federal benefit 4.31 % 4.29 % Prior tax adjustments 0.00 % -4.07 % Other items 0.15 % 0.00 % Total 0.00 % 0.00 %

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
Lease Commitments (Tables)	Dec. 31, 2020
Leases [Abstract]
Schedule of operating lease liability	Years Ending December 31: 2021 $ 193,359 2022 193,358 2023 96,679 Total minimum lease payments 483,589 Less: amount representing interest (18,243 ) Present value of future payments 465,153 Less: current obligations (181,437 ) Long-term obligations $ 283,718

Vehicle Floorplan and Notes P_2

Vehicle Floorplan and Notes Payable (Tables)	12 Months Ended
Vehicle Floorplan and Notes Payable (Tables)	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of annual minimum payments due	Years Ending December 31: 2021 $ 723,798 2022 867,323 2023 1,062,124 Total minimum payments 2,653,245 Less: Amounts due within one year 723,798 Long-term portion $ 1,929,447

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
Stock Options (Tables)	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of stock option activity	Number of Options Weighted Avg. Exercise Price Outstanding at December 31, 2018 511,000 $ - Options granted 112,500 7.01 Options exercised - - Options forfeited or expired (279,000 ) - Outstanding at December 31, 2019 344,500 $ 4.57 Options granted 158,000 13.36 Options exercised (75,000 ) 3.33 Options forfeited or expired (56,000 ) 9.84 Outstanding at December 31, 2020 371,500 $ 7.97 Vested as of December 31, 2020 205,978 $ 4.68 Vested as of December 31, 2019 260,468 $ 3.80

Purchase Warrants (Tables)

Purchase Warrants (Tables)	12 Months Ended
Purchase Warrants (Tables)	Dec. 31, 2020
Equity [Abstract]
Schedule of share purchase warrants	Number of Warrants Weighted Avg. Exercise Price Outstanding at December 31, 2018 - $ - Issued 115,000 6.25 Cancelled - - Exercised - - Outstanding at December 31, 2019 115,000 $ 6.25 Issued 36,000 20.00 Cancelled (3,268 ) 6.25 Exercised (70,664 ) 8.46 Outstanding at December 31, 2020 77,068 $ 10.65

Nature of Operations and Prin_2

Nature of Operations and Principles of Consolidation (Details)	Dec. 15, 2017
LMP Automotive Holdings, Inc. [Member]
Nature of Operations and Principles of Consolidation (Details) [Line Items]
Common ownership contributed Interest	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	1 Months Ended			4 Months Ended	12 Months Ended
	Sep. 30, 2020	Jul. 31, 2020	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies (Details) [Line Items]
Accumulated deficit				$ (15,416,151)	$ (15,416,151)	$ (10,600,358)
Sale of public offering (in Shares)			1,200,000
Offering price per share (in Dollars per share)			$ 16
Net proceeds received			$ 19,200,000
Commitment					$ 192,000,000
Percentage of inventory depreciation				1.00%	1.00%
Vehicle depreciation					$ 670,000	991,000
Realizable inventory, net				$ 141,762	141,762	49,000
Deemed impairments of long-lived assets					0	0
Advertising expense					$ 76,000	124,000
Net liability		$ 32,162
Lease liability, description	The 34-month lease resulted in the recognition of an approximately $476,000 right-of-use asset and operating lease liability.
Operating Leases, description							The five-year, triple-net lease provides for monthly payments of $28,500 plus CAM and sales taxes, with annual escalations of three percent (3%). The Company has an option to extend the lease for an additional five-year term, with annual escalations of three percent (3%). The option to extend the lease is not recognized in the right-of-use asset or operating lease liability.
Treasury constant maturity period					3 years
Operating lease cost related to right-of-use assets					$ 168,500	387,000
Operating lease right-of-use assets				$ 59,000	$ 476,483
Weighted average remaining term				2 years 153 days	2 years 153 days
Weighted average discount rate				3.00%	3.00%
Underwriting Fees and Offering Expenses [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Net proceeds received			$ 17,500,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of inventory net - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Schedule of inventory net [Abstract]
Automotive Inventory	$ 9,169,915	$ 10,907,755
Inventory Impairment	(141,762)	(49,180)
Inventory Accumulated Depreciation	(530,064)	(822,672)
Inventory In-transit Deposits		296,383
Total Automotive Inventory, net	8,498,089	10,035,903
Automotive Inventory- Fleet, net	4,177,645	9,083,469
Automotive Inventory- Available for Sale, net	$ 4,320,444	$ 952,434

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - Schedule of straight-line method over the estimated useful lives	12 Months Ended
	Dec. 31, 2020
Schedule of straight-line method over the estimated useful lives [Abstract]
Vehicles	5 years
Furniture and fixtures	10 years
Buildings	39 years
Equipment	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details) - Schedule of right-of-use asset and lease liabilities - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of right-of-use asset and lease liabilities [Abstract]
Operating lease right-of-use asset	$ 422,500	$ 1,100,271
Operating lease liability, current portion	181,437	335,338
Operating lease liability, net of current portion	$ 283,716	$ 795,147

Global Pandemic (Details)

Global Pandemic (Details)	12 Months Ended
Global Pandemic (Details)	Dec. 31, 2020USD ($)
Global Pandemic [Abstract]
Compensation amount	$ 120,000

Asset Purchase Agreements (Deta

Asset Purchase Agreements (Details) - USD ($)	Jul. 13, 2020	Aug. 28, 2020	Feb. 19, 2020	Dec. 31, 2020
Asset Purchase Agreements (Details) [Line Items]
License value				$ 1,350,000
License estimated useful life				3 years
Asset Purchase Agreement [Member]
Asset Purchase Agreements (Details) [Line Items]
Purchase price of asset			$ 4,200,000
Purchase price of vehicles			2,870,000
Leasing software			1,350,000
Paid to lenders in cash			$ 526,000
Issued shares of common stock (in Shares)			33,183
Price per share (in Dollars per share)			$ 14.69
Interest in assets	75.00%	85.00%
Assets held in cash	$ 27,000,000	$ 12,000,000
Asset Purchase Agreement [Member] \| First Credit line [Member]
Asset Purchase Agreements (Details) [Line Items]
Line of credit facility, description				The first line from Sutton Leasing funded the purchase of 30 vehicles for $2.4 million at the floating LIBOR rate on the date of the advance, plus 2.80%, or 4.55% interest on the date of the advance, with terms ranging from 24 to 36 months.
Asset Purchase Agreement [Member] \| Second Credit line [Member]
Asset Purchase Agreements (Details) [Line Items]
Line of credit facility, description				The second line from The Bancorp Bank was a credit line for funding advances up to $850,000 at the Prime Rate per the Wall Street Journal on the date of the advance plus 2%, but not less than 4% on advances on 48-month terms. The Company used approximately $818,400 at 6.5% interest for the purchase of 13 vehicles, with terms ranging from 32 to 41 months.
Tennessee Asset Purchase Agreement [Member]
Asset Purchase Agreements (Details) [Line Items]
Assets held in cash		2,500,000
Acquired property		$ 5,400,000

Proposed Business Combinations

Proposed Business Combinations (Details) - USD ($)	Oct. 09, 2020	Sep. 03, 2020	Dec. 31, 2020
Proposed Business Combinations (Details) [Line Items]
Return of deposits			$ 100,000
Balance of acquisition deposits			$ 3,250,000
Dealership Asset Purchase Agreement [Member]
Proposed Business Combinations (Details) [Line Items]
Assets held in cash		$ 36,000,000
Acquired property		33,100,000
Membership Interest Purchase Agreement [Member]
Proposed Business Combinations (Details) [Line Items]
Assets held in cash	$ 425,600,000
Business combination acquire, percentage	70.00%
Asset Purchase Agreement [Member]
Proposed Business Combinations (Details) [Line Items]
Purchase price of asset		$ 4,250,000

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Cash balances in FDIC	$ 250,000
Cash balances exceed in FDIC	$ 3,186,000	$ 5,758,000

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jul. 08, 2020
Property, Equipment and Leasehold Improvements (Details) [Line Items]
Depreciation and amortization expense	$ 127,076	$ 95,765
Book value amount	14,093
Accumulated depreciation	$ 7,815
Chief Executive Officer [Member]
Property, Equipment and Leasehold Improvements (Details) [Line Items]
Land and building purchased for cash			$ 3,600,000
President [Member]
Property, Equipment and Leasehold Improvements (Details) [Line Items]
Land and building purchased for cash			$ 3,600,000

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements (Details) - Schedule of property, equipment and leasehold improvements - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements	$ 4,445,610	$ 618,885
Less: Accumulated depreciation and amortization	(228,791)	(109,530)
Property, equipment and leasehold improvements, net	4,216,819	509,355
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements	153,822	28,730
Land [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements	435,700
Building [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements	3,164,000
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements	392,262	301,417
Leasehold and building improvements [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements	$ 299,526	$ 288,738

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	12 Months Ended
Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 439,296	$ 30,449

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, gross	$ 1,580,568	$ 99,776
Less: Accumulated amortization	(469,745)	(30,449)
Intangible assets, net	1,110,823	69,327
Software license [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, gross	1,350,000
Website design and other intangibles [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, gross	$ 230,568	$ 99,776

Intangible Assets (Details) -_2

Intangible Assets (Details) - Schedule of future amortization of intangible assets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Schedule of future amortization of intangible assets [Abstract]
2021	$ 497,819
2022	478,412
2023	89,254
2024	45,338
Total	$ 1,110,823	$ 69,327

Investment in Sales-type Leas_3

Investment in Sales-type Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Investment In Leasing Operations [Abstract]
Short-term leases due	1 year	1 year

Investment in Sales-type Leas_4

Investment in Sales-type Leases (Details) - Schedule of investment in Sales-type Leases - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Sales-type leases:
Minimum lease payments receivable	$ 1,576,325	$ 157,542
Unearned income	(576,853)	(47,114)
Guaranteed residual value of vehicles	10,744,104	690,333
Total investment in leasing operations	$ 11,743,576	$ 800,761

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jul. 08, 2020	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
Related Party Transactions (Details) [Line Items]
Related party transactions, description			the Company entered into a non-interest bearing revolving line of credit agreement with an entity related to the majority shareholder (credit limit is $4,000,000). Amounts drawn on the line of credit become due and payable on the earlier of written demand by the lender or May 21, 2020, as defined in the agreement. The line of credit was paid in full in December 2019.
Vehicles leases contracts		1 year		1 year
President and Chief Executive Officer [Member]
Related Party Transactions (Details) [Line Items]
Related party transaction, cash	$ 3,600,000
Directors [Member]
Related Party Transactions (Details) [Line Items]
Vehicles leases contracts		6 months
Vehicle leases		$ 59,000
Lease Agreements [Member]
Related Party Transactions (Details) [Line Items]
Related party transactions, description			the Company entered into a lease with an entity related through common ownership for its facilities in Plantation, Florida.

Convertible Notes Payable (Deta

Convertible Notes Payable (Details) - USD ($)	12 Months Ended
Convertible Notes Payable (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Convertible Notes Payable (Details) [Line Items]
Bear interest per annum		4.00%
Accrued interest		$ 0	$ 20,757
Convertible notes payable, description	the Company’s Common Stock by dividing (a) the outstanding principal balance and unpaid accrued interest under this Note on the date of conversion by (b) $4.75 (subject to adjustment as provided in the 6-Month Notes). Based on the terms of the conversion rights, the Company did not recognize a beneficial conversion discount.
Private Placement Offering [Member]
Convertible Notes Payable (Details) [Line Items]
Principal amount		1,448,965
Convertible Notes Payable [Member]
Convertible Notes Payable (Details) [Line Items]
Principal amount		962,000
Accrued interest		$ 212,249
Issuance of common stock (in Shares)		44,684

Accounts Payable and Other Cu_3

Accounts Payable and Other Current Liabilities (Details) - Schedule of accounts payable - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounts Payable and Other Current Liabilities (Details) - Schedule of accounts payable [Line Items]
Total Accounts Payable	$ 273,835	$ 112,840
Accounts Payable [Member]
Accounts Payable and Other Current Liabilities (Details) - Schedule of accounts payable [Line Items]
Total Accounts Payable	251,118	68,033
Credit Card Payable [Member]
Accounts Payable and Other Current Liabilities (Details) - Schedule of accounts payable [Line Items]
Total Accounts Payable	$ 22,747	$ 44,807

Accounts Payable and Other Cu_4

Accounts Payable and Other Current Liabilities (Details) - Schedule of other current liabilities - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Schedule of other current liabilities [Abstract]
Accrued Payroll	$ 197,635	$ 157,174
Customer Deposits - Leases		103,217
Subscription Security Deposits	82,117	57,094
Subscription Deferred Activation Fees	114,635	145,986
Rental Deposits on Hand		3,463
Accrued Legal Expenses	133,032
Property Tax Accrual	9,503	61,577
Sales and Other Taxes Payable	37,905	42,483
Litigation Accrual	550,000
Other Accruals	208,408	82,069
Total Other Current Liabilities	$ 1,333,235	$ 653,063

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 15,300,000	$ 10,700,000

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of provision for income taxes - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of provision for income taxes [Abstract]
Current tax expense (benefit)
Deferred tax expense (benefit)
Total provision for income taxes

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of significant portions of the deferred - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Net operating loss	$ 3,585,532	$ 2,723,750
Intangible assets	72,543	21,853
Acquisition expenses	265,195
Other	35,930	12,465
Stock options	158,161	109,372
Total deferred income tax assets	4,117,361	2,867,440
Deferred income tax liabilities:
Depreciation	(39,349)	(7,633)
Total deferred income tax liabilities	(39,349)	(7,633)
Valuation allowance	(4,078,012)	(2,859,807)
Net deferred income tax asset

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of reconciliation of income tax benefit	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of reconciliation of income tax benefit [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%
Permanent differences	(0.16%)	(0.29%)
Change in valuation allowance	(25.30%)	(20.93%)
State tax effect, net of federal benefit	4.31%	4.29%
Prior tax adjustments	0.00%	(4.07%)
Other items	0.15%	0.00%
Total	0.00%	0.00%

Lease Commitments (Details)

Lease Commitments (Details) - USD ($)	12 Months Ended
Lease Commitments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Monthly rent plus sales tax		$ 5,000
Rent expense	$ 401,270	$ 562,300

Lease Commitments (Details) - S

Lease Commitments (Details) - Schedule of operating lease liability - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 193,359
2022	193,358
2023	96,679
Total minimum lease payments	483,589
Less: amount representing interest	(18,243)
Present value of future payments	465,153
Less: current obligations	(181,437)	$ (335,338)
Long-term obligations	$ 283,718

Vehicle Floorplan and Notes P_3

Vehicle Floorplan and Notes Payable (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
Vehicle Floorplan and Notes Payable (Details) - USD ($)	Feb. 29, 2020	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Inventory purchases		$ 3,500,000
Cash payments, description			the Company financed vehicles previously purchased totaling approximately $3.517,000 under Note and Security Agreements with no cash down payment and financed over 36 months at interest rates between 3.99% and 4.15%.	the Company purchased vehicles totaling approximately $2,400,000 under various Note and Security Agreements with 10% cash down payments and the remaining $2,160,000 financed over 36 months at an interest rate of 4.89%.
Outstanding principal				$ 2,103,000
NextGear Capital approved					$ 250,000
Interest rate					10.00%
Minimum [Member]
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Inventory purchases			$ 3,500,000
Maximum [Member]
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Inventory purchases			10,000,000
Asset Purchase Agreement [Member] \| First Credit line [Member]
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Line of credit, description	The first line from Sutton Leasing was for $2.4 million at the floating LIBOR rate on the date of the advance, plus 2.80%, or 4.55% interest on the date of the advance, with terms ranging from 24 to 36 months. The outstanding balance on the Sutton line was approximately $426,155 as of December 31, 2020.
Asset Purchase Agreement [Member] \| Second Credit line [Member]
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Line of credit, description	The second line from The Bancorp Bank is a credit line for funding advances up to $850,000 at the Prime Rate per the Wall Street Journal on the date of the advance plus 2%, but not less than 4% on advances on 48-month terms. The Company used approximately $818,400 at 6.5% interest to purchase vehicles, with terms ranging from 32 to 41 months. The outstanding balance on the Bancorp line was approximately $248,934 as of December 31, 2020.
Mercedes-Benz Financial [Member]
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Outstanding principal			$ 1,978,156	2,104,000
NextGear Capital [Member]
Vehicle Floorplan and Notes Payable (Details) [Line Items]
Outstanding principal				$ 60,000

Vehicle Floorplan and Notes P_4

Vehicle Floorplan and Notes Payable (Details) - Schedule of annual minimum payments due	Dec. 31, 2020USD ($)
Schedule of annual minimum payments due [Abstract]
2021	$ 723,798
2022	867,323
2023	1,062,124
Total minimum lease payments	2,653,245
Less: Amounts due within one year	723,798
Long-term portion	$ 1,929,447

Contingencies (Details)

Contingencies (Details)	1 Months Ended
Contingencies (Details)	Feb. 28, 2021	Feb. 10, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies, description		On February 10, 2020, a partial summary judgment was granted for the plaintiff for alleged breach of its license agreement to use garage parking spaces in Miami Beach, Florida, which the Company terminated in April 2019. The current asserted losses by the plaintiff total approximately $224,250, with a potential maximum exposure under the terminated agreement of approximately $580,450.
Final settlement payment, description	the Company reached a final settlement agreeing to pay a total of $550,000, $270,000 within 3 days of the final settlement and two payments of $140,000 each on or before June 30, 2021 and September 30, 2021, respectively.

Equity (Details)

Equity (Details) - USD ($)	Dec. 09, 2019	Sep. 30, 2020	Jul. 31, 2020	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2019	May 31, 2020
Equity (Details) [Line Items]
Common stock shares authorized					29,000,000	29,000,000
Preferred stock share authorized					1,000,000	1,000,000
Number of common shares owned						18,500,000
Non-accredited investors (in Dollars)						$ 20,430
Cancelled shares						5,055
Issuance of common stock						44,684
Offering price (in Dollars per share)				$ 16
Sale of common stock value (in Dollars)						$ 212,249
Gross proceeds (in Dollars)				$ 19,200,000
Underwriting fees (in Dollars)				$ 17,300,000
Issuance of common stock				33,183	10,029,040	8,691,323
Common stock price per share (in Dollars per share)				$ 14.69	$ 4.75	$ 4.75
Stock value price (in Dollars)				$ 487,454
Rescission offer (in Dollars)							$ 1,600,000
Warrants exercise price (in Dollars per share)				$ 20
Maximum [Member]
Equity (Details) [Line Items]
Common stock shares authorized					100,000,000
Preferred stock share authorized					10,000,000
Minimum [Member]
Equity (Details) [Line Items]
Common stock shares authorized					29,000,000
Preferred stock share authorized					1,000,000
Investor [Member]
Equity (Details) [Line Items]
Common stock price per share (in Dollars per share)			$ 4.75
Debt amount (in Dollars)			$ 163,000
Repurchase of treasury stock (in Dollars)			$ 100,000
Repurchase of common stock			21,053
Interest in treasury stock (in Dollars)			$ 63,000
IPO [Member]
Equity (Details) [Line Items]
Retirement and refunds of shares						6,001,639
Issuance of common stock	2,645,000			1,200,000	3,180
Offering price (in Dollars per share)	$ 5			$ 16
Offering expenses (in Dollars)	$ 10,500,000
Deferred offering expenses (in Dollars)	1,500,000
Common stock price per share (in Dollars per share)					$ 6.25
Cashless exercise share					11,361
Warrants exercise price (in Dollars per share)					$ 20
IPO [Member] \| Underwriter [Member]
Equity (Details) [Line Items]
Issuance of common stock					39,980
Issuance of common stock		7,427
Cashless exercise share		10,695			51,943
Warrants exercise price (in Dollars per share)		$ 6.25			$ 6.25
Over-Allotment Option [Member]
Equity (Details) [Line Items]
Exercise option (in Dollars)	13,200,000
Offering expenses (in Dollars)	$ 12,000,000
Stock Options [Member]
Equity (Details) [Line Items]
Issuance of common stock		75,000
Stock value price (in Dollars)		$ 249,750

Treasury Stock (Details)

Treasury Stock (Details) - USD ($)	Dec. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Treasury Stock [Abstract]
Purchased an aggregate of shares common stock	21,053		143,655
Aggregate price of per share	$ 4.75	$ 14.69	$ 4.75
Treasury stock, values	$ 100,002		$ 678,780

Stock Options (Details)

Stock Options (Details) - USD ($)	12 Months Ended
Stock Options (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Stock Options (Details) [Line Items]
Share-based compensation expense	$ 147,020	$ 111,623
Weighted average remaining contractual term	2 years 306 days	3 years 197 days
Stock Options [Member]
Stock Options (Details) [Line Items]
Granted stock options, description	the Company granted stock options to purchase 158,000 shares of its Common Stock to various employees, independent contractors and directors. These options vest over twenty-four to thirty-six months, are exercisable for 5 years, and enable the holders to purchase shares of its Common Stock at exercise prices ranging from $7.50 - $30.00. The per-share values of these options range from $3.49 to $11.89, based on Black-Scholes-Merton pricing models
Expected term	5 years
Expected dividend yield	0.00%
Compensation costs related to stock options	$ 828,943	$ 231,354
Share-based compensation expense	147,020	$ 111,623
Additional paid-in capital related to vested stock options	$ 147,000
Stock Options [Member] \| Minimum [Member]
Stock Options (Details) [Line Items]
Expected volatility	52.93%
Average risk-free interest rate	0.24%
Stock Options [Member] \| Maximum [Member]
Stock Options (Details) [Line Items]
Expected volatility	55.01%
Average risk-free interest rate	0.40%

Stock Options (Details) - Sched

Stock Options (Details) - Schedule of stock option activity - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule of stock option activity [Abstract]
Number of shares outstanding	344,500	511,000
Weighted average exercise price outstanding	$ 4.57
Options granted	158,000	112,500
Options granted	$ 13.36	$ 7.01
Options exercised	(75,000)
Options exercised	$ 3.33
Options forfeited or expired	(56,000)	(279,000)
Options forfeited or expired	$ 9.84
Number of shares outstanding	371,500	344,500
Weighted average exercise price outstanding	$ 7.97	$ 4.57
Vested number of shares outstanding	205,978	260,468
Weighted average exercise price outstanding	$ 4.68	$ 3.80

Purchase Warrants (Details)

Purchase Warrants (Details) - $ / shares	Dec. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Purchase Warrants (Details) [Line Items]
Warrant to purchase common stock		36,000
Common stock per share	$ 4.75	$ 14.69	$ 4.75
Common stock price per share		$ 20
IPO [Member]
Purchase Warrants (Details) [Line Items]
Warrant to purchase common stock	115,000
Common stock per share	$ 6.25
Common stock price per share	$ 20

Purchase Warrants (Details) - S

Purchase Warrants (Details) - Schedule of share purchase warrants - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Number of Warrants outstanding, beginning	115,000
Weighted Avg. Exercise Price, outstanding beginning	$ 6.25
Number of Warrants, outstanding, ending	77,068	115,000
Weighted Avg. Exercise Price, outstanding ending	$ 10.65	$ 6.25
Number of Warrants, Issued	36,000	115,000
Weighted Avg. Exercise Price, Issued	$ 20	$ 6.25
Number of Warrants, Cancelled	(3,268)
Weighted Avg. Exercise Price, Cancelled	$ 6.25
Number of Warrants, Exercised	(70,664)
Weighted Avg. Exercise Price, Exercised	$ 8.46

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Shareholders (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Weighted average number diluted shares outstanding adjustment	9,796,233	16,577,106

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jan. 31, 2021	Jan. 07, 2021	Mar. 31, 2021	Feb. 24, 2021	Feb. 28, 2021
Subsequent Events (Details) [Line Items]
Shares issued for underwriter warrants exercised, description	In January 2021, the Company issued 86 shares of common stock upon the cashless exercise of 115 underwriter warrants with an exercise price of $6.75 per share.
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Shares issued for exercise of options, description	In January 2021, the Company issued 5,000 shares of common stock in exchange for $19,490 upon the exercise of options to purchase 3,000 and 2,000 shares at exercise prices of $3.33 and $4.75, respectively.
Revolving Line of Credit Agreement [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Received fund amount			$ 500,000
Bears interest			1.50%
Origination fee			$ 15,000
Due date			Apr. 30, 2021
Two Payments [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Final settlement payment					$ 140,000
Beckley Dealership Acquisition [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest rate			100.00%
Fuccillo Dealership Acquisition [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest rate			100.00%
Bachman Dealership Acquisition [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Interest rate			100.00%
Consideration purchase amount			$ 7,500,000
LTO Holdings, LLC [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Purchase consideration price			$ 225,000
Issuance of common stock (in Shares)			16,892
Capital contribution			$ 225,000
License Agreement [Member] \| Payments One [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Final settlement payment					550,000
License Agreement [Member] \| Payments Two [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Final settlement payment					$ 270,000
Chief Executive Officer [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Annual base salary		$ 300,000
Options to purchase, shares (in Shares)		10,000
Achievement of certain milestones (in Shares)		150,000
Chief Operating Officer [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Annual base salary		$ 300,000
Options to purchase, shares (in Shares)		40,000
Achievement of certain milestones (in Shares)		145,000
One time bonus		$ 350,000
Chief Financial Officer [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Options to purchase, shares (in Shares)		40,000
Achievement of certain milestones (in Shares)		100,000
Series A Preferred Stock [Member] \| Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Securities purchase agreement, description				In February 2021, LMP Automotive received approximately $20.1 million ($18.6 million, net) from the sale of 20,100 shares of Series A Convertible Preferred Stock and warrants to purchase up to 861,429 shares of common stock at a strike price of $21.00 pursuant to a Securities Purchase Agreement.
Initial conversion price (in Dollars per share)				$ 17.50