Add another $600K at 12% Interest of Debt on Saleen's books.
Debt will mature on 12/31/18 & be converted to 2.5B SLNN shares outstanding.
Added to the existing 2.1B Oustanding Shares will = 4.6B Shares outstanding.
By my calculations (excludes Warrants) by my calculations.
Saleen has already spent $215,000 & this agreement will only fund another $285,000.
So by my calculations, Saleen Value has just diluted by 55% for just $285,000 of cash.
Saleen's debt to IRS, Vendors, Lawsuits, Delinquent Rent, etc..of ($11M)will not even come close to being paid down. In my opinion the $285,000 is already gone.
This is a horrible Toxic Debt & Dilution deal for SLNN shareholders. In my opinion.The value at .0003 would be relatively Reduced to .00014.
This 8K also does not include all the other significant information (BOD Changes/CFO/AccountingFirm, S7 Funding,etc..) due to the SEC & SLNN shareholders over the last year in my opinion. Saleen is still delinquent on all of it's 10Q &10K filing requirements to the SEC & Saleen shareholders.
In my opinion, Look for a massive wave of New Pumpers hitting this site to try & pay down the debt conversion
to the financiers & recover their $600K+.
They realistically need to drive the share up to .0008 or 5X & create a lot of new shareholder demand to recover this debt/investment, in my opinion.
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