Saleen On The Verge Of Bankruptcy Photo:
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Trevor Collett | Dec, 01 2014 | 0 Comments

US performance tuner Saleen is believed to be close to bankruptcy, following the release of the company’s latest financial statement.

The company had almost US$1.5 million in the bank on March 31 this year, but in the six months since, that amount had dwindled to just US$7621 (AU$9000) at close-of-trade on September 30.

Total assets over the same period are down from US$2.8 to $1.4 million, and liabilities including wages, taxes and loans total around US$7 million.

Net revenue is up slightly on the six months to September 30 compared to the same time last year, but the picture becomes clearer when considering net revenue over the three months to September 30 - which has been cut in half.

From a high of 56 US cents per share in the last twelve months, Saleen shares hit a low of just two cents each recently, recovering (if you can call it that) to 3.7 cents at last close.

Saleen isn’t hiding its current financial position, stating “these factors raise substantial doubt about the Company’s ability to continue as a going concern” in the report.

Even the much healthier March report showed reason for Saleen to be worried about its future, and the company now says its ability to continue is “dependent upon its ability to raise additional capital”.

Despite its financial position, Saleen’s newest model in the FOURSIXTEEN - based on Tesla’s Model S - has already found customers and Saleen announced its intention to expand its Model S range next year around the same time that the report was released.

The report suggests a deadline of December 31 this year, saying additional funding will be needed to survive into 2015.

MORE: Saleen Tuned Model S Unveiled, Tesla Ups Warranty To Eight Years
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Saleen | Bankruptcy | Performance

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