Replies to post #5629 on Saleen Automotive, Inc. (fka SLNN)

[wj2005]

That is because no such links exist!

They haven't so please don't worry about that. There is no creditable source that states any such thing has already happened

Another thing is that this opinion has been around for way over a year and has never happened. Feel free to look at the previous posts in this forum for reference.

[AutoInvestor]

Read the 10Q published financial statements on Edgar.
Saleen Going Concern 12-31-14

The Company’s condensed consolidated financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the nine months ended December 31, 2014, the Company incurred an operating loss of $4,292,219 and utilized $2,127,243 of cash in operations. The Company also had a stockholders’ deficit and working capital deficit of $7,477,432 and $6,372,235, respectively, as of December 31, 2014, and as of that date, the Company owed $635,250 in past unpaid payroll taxes; $1,295,705 of accounts payable was greater than 90 days past due; $352,795 of outstanding notes payable were in default; and $365,998 is owed to a bank in March 2015. 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 March 31, 2014, expressed substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon its ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At December 31, 2014 the Company had cash on hand in the amount of $95,435 and is not generating sufficient funds to cover current production and operations. During the nine months ended December 31, 2014, the Company raised $888,225 through the issuance of convertible notes, $195,000 through the issuance of notes payable to related parties, and entered into Subscription Agreements with individual accredited investors (the “Subscribers”) pursuant to which the Subscribers purchased from the Company an aggregate of 1,183,334 of restricted common shares at a per share price of $0.15 for aggregate proceeds of $177,500. In addition, on January 26, 2015 the Company entered into two 3% Senior Secured Convertible Notes in the principal amount of $499,892 (see Note 10). However, additional funding will be needed to continue operations through March 31, 2015. In addition, the Company will need and is currently seeking additional funds, primarily through the issuance of debt or equity securities for cash to operate its business through and beyond March 31, 2015. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions and covenants on its operations, in the case of debt financing or cause substantial dilution for its stockholders in the case of convertible debt and equity financing.