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From The Sec 11/25/2016 Release...

slinches

slinches

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Yeah, I just glanced through it. Nothing too surprising financially. It was already pretty clear that they had furloughed most of the engineering and marketing teams. And it's all hands (remaining) on deck to secure funding.

One thing it looks like they did adjust is the production timeline. The new one is "more conservatively" planned to take 76 weeks and they upped the number of pre-production S-1 builds from 100 to 158.
 
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Samalross

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slinches said:
Yeah, I just glanced through it. Nothing too surprising financially. It was already pretty clear that they had furloughed most of the engineering and marketing teams. And it's all hands (remaining) on deck to secure funding.

One thing it looks like they did adjust is the production timeline. The new one is "more conservatively" planned to take 76 weeks and they upped the number of pre-production S-1 builds from 100 to 158.
Click to expand...
That moves production to 2019 unless a miracle happens
 
Made in USA

Made in USA

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Found this:

Landlord and Tenant desire to waive the 2016 Late Charges and Interest Owed and forgive the 2016 Base and Additional Rent Owed in exchange for the issuance by Tenant to Landlord of convertible preferred stock and warrants to purchase common stock in Tenant, as set forth herein.

Also:

Production Plan. We have developed the facility layout and production plan, based on the significant automotive experience of our manufacturing team. The facility layout has been developed to utilize the existing infrastructure and flexible design of the buildings at the Shreveport facility. Our present launch plan covers a 76-week timetable, which includes a build of 158 pre-production (S-1) prototypes. These prototypes will be built using hard tooling with the majority assembled in Shreveport at our production facility. The additional timeline is also required for the integration in Shreveport for the body shop, paint line and powertrain assembly lines in Shreveport, based on current vendor estimates.

Our previous production plan was estimated at 47 weeks, based on a management theory that timelines are like the gas law and they fill the volume given them. Thus management had taken the nominal timing and subtracted 30 to 60 days from that timing and then push the team to achieve that goal – the result would be minimum time to production, although, it would likely result in a slippage to the start of production date. Upon outside advice, management has revised that philosophy and is now working to a more conservative timeline, thus the reason for the revised timing. The team is investigating methods or techniques to reduce timing. Currently the long lead item for timing is with body assembly tooling and line tryouts at 76 weeks.

Management is committed to making this vehicle available to the public as soon as possible. However, in order to move into production, we require a significant cash inflow to kick-off long lead time production equipment and tooling. The 76-week timetable starts with the date of the next major funding and can only be maintained with continued timely funding. Each funding delay, delays the start of production. We have encountered delays in the past, the majority of which are missed funding milestones. We believe these funding delays were largely a result of the venture capital industry moving away from new vehicle startups and the reluctance of the Federal government’s commitment to the ATVM funding. Fortunately, at present the investing public seems to be very interested in this category in general. As disclosed Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operation – Plan of Operations,” we must raise an estimated $376 million to fund production. Our anticipated production timetable is dependent upon receiving such funding in a timely manner, and delays in obtaining additional funding will delay our production timetable.
 
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