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But why do you think it's "not easy to get chassis". Almost a year after the release of the car?
BECAUSE SALEEN DOESN'T HAVE ANY MONEY TO PAY FOR THEM. They take customer deposits and then the money goest to "operation expenses" instead of cars.
even though the filings disclose up to March, they clearly state that as of July 8th they only have $21,000 and that they need more money to finance their operations.
So if you are right and Mustang orders flowed in since February, then how comes as of July 8th they still have no money?
lol. 2015's were the big model change, what could have driven sales. It obviously didn't. If the 2015's couldn't make a difference, 2016's sure as hell can't.
What new models? People saw the 2015 months ago and it didn't go too well fro saleen.
This is not true. You forget that when Saleen accepted the $500k royalty advance, they included an amendment to their IP rights so that they immediately cede in the invent of a bankruptcy. That's al IP rights, not just Asia.
They will have difficulties to enforce that, but anyway, the plan is clearly to give an heads up to GTA when it comes to that so they can pick up IP.
When there are 300 million shares coming the dilute the at 40% discount on lowest day, yeah it is easy to think that some buying 400 million wouldn't double the stock.
ANyway no one invest in a stock thinking that a white knight will come save the day. That's a loser mentality. If a company need a white knight it means it has failed.
And again no one would pick up Saleen, because there's nothing to pick up.
even if you are wrong. That's just one of multiple disaster scenario for SLNN. It's not SLNN is short on bankruptcy risk.
what's worse is that they don't even have arguments. It's all "go SLNN" and "it's undervalued"
Without ever providing any explanation, and if so, based on misinformation.
Brand name? This is the worst way of investing. There's no number on a brand.
And anyway, if that's what you are really basing your investment on, you are way overestimating Saleen's brand.
Saleen inc went bankrupt 7 years ago. Saleen brand was semi active for 4 years and since it came back it completely ravaged itself with bad reputation:
http://www.yelp.ca/biz/sms-supercars-anaheim
https://www.ripoffreport.com/r/Saleen-Automotive-Inc/Corona-California-92882/Saleen-Automotive-Inc-Steve-Saleen-Stephen-M-SaleenMolly-Saleen-Saleen-Automotive-Defr-1099666
https://www.bbb.org/search/?type=name&input=saleen&location=&tobid=&filter=business&source=bbbse&default-source=bbbad&radius=&country=USA%2CCAN&language=en&codeType=
http://www.yelp.ca/biz/saleen-automotive-corona
And if you only knew of all the lawsuit against Saleen over the years you would be surprised. Especially considering the low volume of cars the company produces -or even was producing. They must have the highest lemon rate of any "manufacturer".
That was a month ago! The 10K is more recent:
Name of Beneficial Owner
Number of Shares
Beneficially Owned
Percentage of Shares
Outstanding
Executive Officers and Directors:
Steve Saleen 302,133,875 - 39.6%
If you think Saleen is even trying to get a $100 million investment you are kidding yourself. THey can't even get a $1 million investment. That's why they had to get toxic debt by $50k notes remember?
What does it change? You get the Saleen warranty? They said in their 10k that they have $0 reserve for warranty. SO there goes that one. Your Saleen parts default on warranty? Too bad for you.
based on what?
This is not true:
Why on earth would anyone pay $5 million for this company when they can buy a controlling share on the market without pushing the stock above $0.002, especially since they know that there are 300 million shares coming on the market as per last 10K.
Well I don't even understand this one. What is true? You are responding to this comment:
Wow. This is misinformation.
This is not true. Saleen Automotive (SLNN) never owned the S5S program, so if a new S5S comes up, it would have nothing to do with SLNN"
That excuse is long past. Again I read the filling, in which Saleen clearly state that they are down to their last $21,000 as of July 8th and that they are NOT GENERATING ENOUGH MONEY FROM OPERATION to sustain.
Now that's 7 months into 2015 and Saleen can't build enough 2015 Mustang. What's going to be the next excuse for low revenue?
This is simply not true.
I addressed this in both my last 2 comments and I quote:
Oh I didn't get that. It seems like you are right: https://www.linkedin.com/pub/sven-etzelsberger/15/40a/85b
Sven is not with Saleen anymore, so the company might not even have an engineer anymore.
You are just repeating yourself without addressing the main problem:
Again, I don't remember anyone claiming that Saleen couldn't or still can't keep their doors open if they keep issuing toxic debt. Still it's not good news for shareholders.
Anyone able to look at this objectively can see that there's only 2 options at this point:
1 - One of the numerous creditors successfully push for collection and Saleen declares bankruptcy.
2 - Saleen manages to get their A/S increase authorized and issue more shares. This has been done before and shows that it doesn't provide enough money from Saleen to flourish (not that it necessarily could even with enough money), but just enough to stay alive. Doing so, it dilutes the float considerably, and it brings the value down.
Either way, there's another tsunami of hurt coming for SLNN shareholders.
Always better from the horse's mouth: http://www.teslamotors.com/blog/three-dog-day
Must be a great world to live in where revenue decrease and expense decrease have no correlation.
Wow. You do know that the same percentage doesn't mean the same amount right? They both went down 24% that's a fact. That's like third grade math here.
I really don't get that question, I think you mean MY opinion on SLNN's valuation, because fair market value is simply whatever people are wiling to pay for it and now that's $0.0009.
Wow, I'm literally sobbing at this logic. Of course, a reduced staff is not the only contribution to the decrease in expenses. The layoff was just a direct example of the expense decrease, but the overall reason is clear.
They revenue decrease is directly linked to the expense decrease - they both went down 24%
Of course SG&A is down since they laid off a bunch of people and revenue went down, of course the rest follows. This is getting ridiculous.
Hey guys! Have you seen how Saleen managed to cut expenses by selling a lot less cars and laying off people? Man this company is going places.
This is literally the logic here.
It takes money to make money? Well the company is down to only $21,000. Where's all the money from selling all these cars they received from the greentech royalties advance? Gone.
The company is behind on converted shares, and unlike some have claim, only half the shares have converted yet.
The guy thinks that it should trade at a $3.8 million market cap just because it had $3.8 million in revenue last year. As if 1 yr revenue was some twisted kind of book value or something.
The company lost $8.5 million to get $3.8 million of revenue, should they trade at negative $8.5 million now? I mean this is a ridiculous way of investing, if you can even call it that.
This is a misleading statement. Overall, he managed to significantly reduce his exposure to Saleen's failure. When it was just SMS, he was the main bagholder, then he went public and owned 72% of the shares. Which was probably representative of his exposure to a bankruptcy from SMS. Then he manages to siginifacntly reduce the debt he was personally accountable for with SMS, now SLNN. It was millions and now it is basically just the bank loan. He diluted the stock to reduce the debt. Basically transfering the burden to the OTC market.
He probably thought he could get rid of the debt before maxing out A/S, but now his stake was dramatically reduced, so he converted his officer's salary, or whatever SLNN owed him, to more svp shares, approved an increase of A/S and now he is going to try for a third time to transfer debt to the market.
All I see from Steve Saleen is an attempt at transfering his financial exposure to the OTC market. My best guess is that he doesn't care about his SLNN shares, all he cares is getting rid of the few debt he is personally accountable for at SLNN.
That's because they don't see them as shareholders. They see them as bagholders.
and you do know that most OTC stock fail right?
Yeah exactly. A lot of OTC stocks do just that and a lot of OTC stocks fail too.
Bulls main point is that SLNN is different and that they are a "real company". No they are not. They are just like any other OTC POS who keep diluting thier stock.
But beyond that, SLNN share structure is especially poor.
I mean just 3 months ago there was 170 million outstanding shares, now there are over 460 million. That's just in 3 months and with little playing room with 500 million authorized. Now if they get 2.5 billion authorized, can you imagine the damage they can do?
Wow yeah sure, a reverse split will just "reverse" all this... lol. Yeah that's exactly how it works, just like super voting shares only being about voting.
I get a clear picture of SLNN investor.
Doesn't matter, the company did not build that car and now we learn that they don't even own the IP on it. They really have nothing to do with it.
Read again. I said SLNN has nothing to do with the S7. SLNN - Saleen Automotive.
It is a fact that Saleen Automotive did not build the S7. plain and Simple.
read your comment again: