Elio Motors, at least initially, planned on producing a vehicle, they took reservations indexed to a ‘spot in line’ for an eventual product. Elio Motors and ‘reservationists’ contracted for a vehicle product indexed to a spot in line, for various ‘non refundable’ amounts of money. Elio Motors separately sought investment principally thru the new Reg A opportunity for smaller investors. Elio Motors did not spend that investment money as planned or promised. Elio Motors, when trying to satisfy (admittedly shortsighted) state vehicle sales requirements says that they never had (or intended to) produce a product therefore they cannot be fined. Today, there is no product but maybe upwards of 21,000 people holding a ‘spot in line.’ A ‘spot in line’ for what, an initial intention? I believe no judge or jury would ever agree that a ‘spot in line’ for nothing satisfies ‘consideration’ for cash money which was reasonably understood to be a ‘reservation’ for a tangible product. This agreement was for an actual vehicle, not an investment in Elio Motors which offered other ways to invest, i.e., the IPO offering. ‘Forward looking statements,’ or not, the contract, imho, is not enforceable. Another question, but ‘way out there,’ for now is “Where is all that money?” It still doesn’t appear to all add up.