Who would risk handing deposit for thousands of dollars to Saleen?
A company who: owes
1) $635,250 in past unpaid payroll taxes;
2) $1,295,705 of accounts payable was greater than 90 days past due;
3) $352,795 of outstanding notes payable were in default;
4) $365,998 is owed to a bank in March 2015.
5) $1,056,000 of deposits taken from customers who are already waiting for their cars to be built
and Saleen has spent all but $95K and did not buy the parts inventory needed to build their cars.
These factors raise substantial doubt about the Company’s ability to continue as a going concern.
The Company’s independent auditors, in their audit report for the year ended December 31, 2014, expressed substantial doubt about the Company’s ability to continue as a going concern.
Also, unlike previous periods, Saleen has no financing secured so they must be paying their payroll
from customer's deposits.
Also, if and when Saleen is shut down, who will handle the warranty?
No one will. Good luck finding replacement parts.
