Here are some other facts: In April 2014, Saleen entered into a settlement agreement with the bank whereby In accordance with the settlement agreement, the Saleen is required to pay $442,479 [color=red][/color]to this bank in August 2014 as full settlement of remaining principal amount owed.
October 8, 2013, Saleen entered into a Secured Promissory Note with W-Net pursuant to which W-Net loaned an aggregate of $500,000 to the Company. The note bears interest at the rate of 8% per annum, which is payable along with all principal under the note on October 7, 2014, = $540,000
Saleen is delinquent in payments of $729,314 of payroll taxes and
$1,402,889 of outstanding notes payable are in default[color=red][/color].
The current cash resources of the Company are insufficient to meet its planned business objectives and operational needs without additional financing. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern.
Saleen has given 2,500,000 [color=red][/color]shares valued at .17 cents per share = $425,000 to Del Franco Partners to resolve a lawsuit of $250,000.
Del Franco had to agree to not sell more than 200,000 per month.
Del Franco agreed to drop the lawsuit because he knows that they only have to average .10 cents per share over the next 12 months to recover their $250,000.
As a result, the Company's independent registered public accounting firm issued a report on our March 31, 2013.
These comments are my opinion and are also the facts provided by Saleen's CPA Firm and reported on the 10K.
