Saleen Automotive, Inc. (fka SLNN)

[FredVestor]

We are talking about opinions weighting the good and the bad on Saleen. Fundamentally, nothing Saleen is doing is good since everything they are doing is in order to further the pump and dump scheme. A scheme which has been clear from their ludicrous $50 million valuation in 2013 that came out of nowhere and the subsequent fall of the stock price due to heavy dumping for over a year now.

But put this aside for a moment. No one would have the opportunity to be biased toward Saleen than their auditors. Saleen is paying their auditors. If Saleen goes bankrupt, these payments will stop. Yet their auditors are very critical of Saleen's financial situation and they go as far as saying that they will be bankrupt if they haven't raised more fund by March 31 2015.

Now it has been stated that they might have raised fund in the last quarter and didn't disclosed it because it was non-dilutive. This is ridiculous since it would be a clear violation of SEC rules requiring companies to "report when they’ve entered into a financing agreement not made in the ordinary course of business." Saleen would get sanctioned by the SEC for doing so.

Companies have 4 business days to report any new source of fundings generated outside of operations. If Saleen closed new financing last minute in March, they would have until Tuesday to report.

If they don't report anything by Tuesday, they have run out of money.