Saleen Automotive, Inc. (fka SLNN)

[AutoInvestor]

Saleen's total Debt went UP. The delinquent Payroll Taxes owed to the IRS increased $52K last quarter from $583K to $635K.
This is another flashing RED light that Saleen is very close to being out-of-business. Saleen has been delinquent on Payroll Taxes for over one year but has been making payments with borrowed money and the balance was coming down a little every quarter until last quarter. In Q4 the delinquent payroll taxes went up $52K. The IRS does not usually finance business payroll taxes. Saleen got a break in the past by agreeing to a payment schedule. It looks like Saleen failed to make their payroll tax payment(s) to the IRS last quarter. If so, Saleen is at high risk for being closed down by the IRS.
If the IRS does not shut Saleen down, their Customers who put down $1.2M of deposits which have been spent by Saleen or the Vendors who are owed $1.3M over 90 days or the bank and other lenders who are owed past due balances will show up in court and force Saleen to liquidate their assets to collect what they can get. Saleen needs to be Shut Down to protect the Public.
Ripping off the shareholders to pay down debt is not a solution.
Saleen is not a real business. Saleen is a Pump and Dump SCAM.
Investors beware.
These comments are my opinion.