Replies to post #5653 on Saleen Automotive, Inc. (fka SLNN)

[AutoInvestor]

Not True that Saleen needs a funding source?

Hmmm...
"Need a funding source"
Well they are pushing cars out so obviously thats not true.
I'm looking forward to the rest of 2015 and beyond!

Well let's look at some data to determine if Saleen needs a funding
source:

1) The Company had a stockholders’ deficit and working capital deficit of $7,477,432 and $6,372,235,
2) the Company owed $635,250 in past unpaid payroll taxes;
3) Saleen owes $1,295,705 of accounts payable that was greater than 90 days past due;
4) Saleen owes $352,795 of outstanding notes payable that are in default;
5) Saleen owes $365,998 to a bank in March 2015.
6) Saleen took $1.1M of customers' deposits and had not yet delivered their cars and did not use the money to
purchase inventory
7) Saleen's Gross Margin is Negative which indicates that the product cost is greater than the sales prices.


Saleen's CPA firm stated the following:
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.

Even healthy fast growing businesses need bank financing to fund growth.
Saleen is a very sick company. How could they not need financing?