Elio Motors Inc. (ELIO)

[abracky]

SHREVEPORT - Elio Motors was fined Monday by the Louisiana's Motor Vehicle Commission for not having the proper licenses.

The Commission fined the start up vehicle company $272,500 for not having a manufacturer's license and another $272,500 for not having an automobile dealer's licenses.

Elio has 60 days to get the proper licenses, or face a daily fine of $5,000.

Elio Motors was also ordered to separate any refundable and non-refundable deposits from customers and place the refundable deposits in an escrow account.

During a news conference in May, Elio Motors CEO Paul Elio said his company is still committed to starting production on the three-wheel vehicle and creating jobs for the area.

Elio Motors needs $376-million to begin production by 2018 and says they're sticking to that deadline.

Filings with the Securities and Exchange Commission show Elio finished 2016 with $120-thousand with cash on-hand and another $24-million deficit.