Vehicle tuner Saleen looks to be in some serious financial trouble, with a recent quarterly report filed by the company with the Securities and Exchange Commission revealing the dire situation. According to the report, Saleen had just $7,261 in cash as of September 30, 2014, and liabilities totaling more than $7 million—including unpaid wages, payroll taxes and bank loans.
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Incredibly, total assets for the company, including property and equipment, is less than $1.4 million, and cash has been bleeding to the tune of millions: Saleen incurred an operating loss of over $3 million in the past six months and burned through about $1.7 million in cash. The company has also defaulted on some of its obligations.
Saleen has just launched two vital products, a modified Tesla Model S known as the ST and a modified 2015 Ford Mustang known as the S302, and the company has said it already delivered some of those.
However, Saleen could be facing bankruptcy unless it receives new capital in the very near future. In fact, the company even admitted concerns about continuing as a going concern in the report.
You can access the full report in the investor section of Saleen’s website.