Looking for the total growing Saleen DEBT? I posted the most recently published financial statements submitted by Saleen. The 10Q is very detailed and leaves no question regarding Saleen's Asset to Debt ratio and increasing delinquent debt. On the surface the current debt is 11X the current assets. The largest current asset is an old S7 valued at $250K which is pledged to the bank. Meaning that if this car is ever sold that the proceeds must be used to pay the bank note down. The actual current debt is 18X the current assets which indicates bankruptcy overkill. At 4 to 1 debt ratio a company cannot meet it's obligations. At 18 to 1 it's got no chance. Example: If someone had $363K in the bank and owed $7M on their credit cards they would go Chapter 7 bankruptcy because no judge would find that reorganizing the debt could ever get the creditors paid. That is Saleen's situation. This next Saleen 10Q that may be published this week will be an even bigger disaster than the last one. I know this because even the financial support Saleen had three months ago has bailed out. David Weiner & KBM Worldwide are no longer paying the bills by lending Saleen more money. They declined. Saleen has not found any new lenders or investors so they are surviving on customer deposits. Steve will not do the responsible thing and declare bankruptcy. So it will be up to the creditors to demand repayment of what Saleen owes them in a court room and force a judge to liquidate Saleen. That will happen soon. It takes money to start and run a company from zero. Saleen is nearly $9M in the hole just to get back to zero. Look for resignations, layoff's and lawsuits being filed this month as Saleen cannot pay It's bills or deliver the cars it took deposits for.
Saleen Crashed and burned this week by dropping (38%) down to it's ALL TIME LOW of .006 on 10.9M shares traded. Saleen is now a micro stock and will trade in fractions of a cent rather than in increments of a cent. The stock is down 98% in the last twelve months. On top of the remaining 25M remaining converted to sell another 60M shares more shares will convert in June and July but Saleen will not likely be around that long. Look for a 10Q report this week which should be the last one before Saleen is Delisted from the OTCBB after going bankrupt.
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