Elio Motors Inc. (ELIO)

[mymoola]

Back in 2013 Elio Motors purchased the equipment in the plant for $23M, they've only paid back about $1.2M of that loan. They just keep kicking the can down the road incurring additional debt along the way.
In the past their forbearance agreements would be measured in years, now they are measured in months. Hmmm...
From the SEC filing:

"On November 1, 2013, the Company missed a required monthly minimum payment triggering default interest of 18% per annum in accordance with the promissory note agreement. The default was cured in December 2013; however, default interest remained in effect throughout 2014. On January 1, 2015, the Company missed a required monthly minimum payment triggering interest of 18% per annum in accordance with the promissory note agreement. On March 17, 2015, the Company entered into the first amendment to the subordinated promissory note with RACER. The first amendment delayed the monthly minimum payments from January 1, 2015 until January 1, 2016. The first amendment also extended the maturity date from September 1, 2016 to July 1, 2017. The outstanding principal balance shall continue to bear default interest of 18% per annum until the payments are resumed on January 1, 2016. In November 2016, the Company entered into a forbearance agreement extending the monthly payments until December 31, 2016. The outstanding principal balance shall continue to bear default interest of 18% per annum until the payments are resumed January 1, 2017."