The peeps over at Saleen Automotive are not in a good financial shape. Despite the all-new 2015 Saleen 302 Mustang and the recently unveiled ST691 electric bruiser, the company happens to be in big trouble.
Photo: Saleen, US SEC, image edited by autoevolution
According to the Mustang tuner’s latest Form 10-Q filing, Saleen is in knee deep financial torment at the present moment. Filed with the US Securities and Exchange Commission, the report covers the six-month period that ended on September 30th.
The detail that caught our attention is utmost shocking considering this is one of traditional Ford Mustang tuners in the United States, as well as a specialty firm that gave us the S7 supercar and, more recently, the ST / FourSixteen Tesla Model S.
To boot, the operating loss figure shows over $3 million go poof during the half-year period that ended September 30th. But the turmoil goes on, with the filing uncovering over $583k in unpaid payroll taxes.
The document further shows that Saleen owes $398k “to a bank as of November 2014, which the company has not paid and expects to be in default unless the bank agrees to another extension.”
While Saleen Automotive denied to comment on this bit of info and a more recent filing isn’t available, the situation looks grim. Still, hope isn’t lost just yet. As a brief reminder, Saleen filed for bankruptcy protection back in 2007 during the dusk of the global crisis, but got over that mishap without a sweat.
In September 2013, Saleen’s filing with the Securities Exchange Commission showed the company had $13,246 of cash on hand, and it got over that problem as well. Fingers crossed things won’t get too sour.
The detail that caught our attention is utmost shocking considering this is one of traditional Ford Mustang tuners in the United States, as well as a specialty firm that gave us the S7 supercar and, more recently, the ST / FourSixteen Tesla Model S.
If you look closely at the assets section, you'll see Saleen has just $7,261 cash lying in bank accounts
To boot, the operating loss figure shows over $3 million go poof during the half-year period that ended September 30th. But the turmoil goes on, with the filing uncovering over $583k in unpaid payroll taxes.
The document further shows that Saleen owes $398k “to a bank as of November 2014, which the company has not paid and expects to be in default unless the bank agrees to another extension.”
While Saleen Automotive denied to comment on this bit of info and a more recent filing isn’t available, the situation looks grim. Still, hope isn’t lost just yet. As a brief reminder, Saleen filed for bankruptcy protection back in 2007 during the dusk of the global crisis, but got over that mishap without a sweat.
In September 2013, Saleen’s filing with the Securities Exchange Commission showed the company had $13,246 of cash on hand, and it got over that problem as well. Fingers crossed things won’t get too sour.
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