Saleen Automotive, Inc. (fka SLNN)

[FredVestor]

SLNN is out of money again. They only have $21,000 on hand as of July 8th. Meaning that nothing got better between March 31st, reporting date, and now.

The company is down to only 22 employees, but my best guess is that they will be looking for a new job after reading this 10K or maybe they will be offered a transfer to SMI in Mississippi or Virginia.

So the $500k from Greentech is gone and they made something clear, which wasn’t in the disclosure, that the $500k was “advance royalities[sic] from an Intellectual Property License Agreement”. Meaning that SLNN will not see anymore money from this agreement for a long time if ever.

Normally after a filling they announce that they will run out of cash in 3 months, but this time they that they don’t have enough NOW!

As such, our cash resources are insufficient to meet our current operating expense and production requirements and planned business objectives beyond the filing date of this Form 10-K without additional financing.

And guess what? Yes, they are again looking for debt financing. So only 2 options again, go bankrupt or more toxic debt to dilute shares – the 2.5 billion shares will see to that.

we will need and are currently seeking additional funds, primarily through the issuance of debt or equity securities for production and to operate our business through and beyond the date of this filing of Form 10-K