might want to back down some. There is a fine line when we take what a CPA says in the 10K / 10Q. The words of "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"
here is a comparison of the last 2 10K / 10Q
10Q - Filed 02/17/15 for the Period Ending 12/31/14
Going Concern 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.
Filed 07/14/15 for the Period Ending 03/31/15
Going Concern Since inception, our principal sources of liquidity have been obtained from cash provided by financing, including through the private issuance of notes and sale of equity securities, along with customer deposits received in advance of shipment and gross margin achieved from the sales of high performance vehicles and aftermarket parts. Our principal uses of cash have been primarily to finance operations; expand our staff; develop new products and improve existing products;expand marketing efforts to promote our products and company; and capital expenditures primarily for tooling. We anticipate that significant additional expenditures will be necessary to develop and expand our automotive assets before sufficient and consistent positive operating cash flows will be achieved including sufficient cash flows to service existing debt. Additional funds will be needed in order to complete production, continue operations, obtain profitability and to achieve our objectives. 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.
Well in Summary -- 7/14/2015 was date of filing and Saleen is still open.. So either they sold cars, received money or hit the lottery... The going concern is standard for a 10K / 10Q -- the future is unknown, and you cant promise shareholders anything.
DEFINITION of 'Going Concern'
A term for a company that has the resources needed in order to continue to operate indefinitely. If a company is not a going concern, it means the company has gone bankrupt.
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