RSchneider
Elio Addict
It's common knowledge that I go over the Elio SEC filings but this is what I see for what they spent since they were filing:
How much they spent:
2013: $9.9M
2014: $14.9M
2015: $13.1M
2016: $40.3M
2017: $3.7M
2018: $2.8M (up to June 30, 2018)
Total: $84.7M
I see that they spent $84.7M from 2013 to June, 30 2018. I don't know where the $250M comes from because it's not in the SEC filings. As of June 30, 2017, $62.3 million has been invested in vehicle engineering and development, of which $26.3 million was in the form of shares of common stock granted and the assumption of liabilities of Elio Engineering, Inc. As for pay, I find Paul got paid $500K over two years. Hari, $350K over two years and Connie $325K. over two years for a total of $1,175,000. As for the rest of the Elio employees, it's not listed. In addition to this, they raised a total of $26.5M in non refundable reservations and $15.7M in the IPO.
As for the cash flow, Elio was never going to raise enough through reservations due to it coming in too slow. The IPO did not raise enough money either. Yes, Elio spent lots on marketing and lobbyists but if they spent 10% of that, they would only be further along by a bit. Not enough to make a difference from today.
Yes, Elio was spending more than was coming in and the day of reckoning was the end of 2016 and we have seen the results. The amount needed today is still way in excess over what they have spent so far. This is why I look at it as they never made it to halfway when it comes to what they have spent as to what they need to spend to hit the finish line. If we take the $531M needed and subtracted the $125M because of the off the shelf powertrain, we are still at $406M and even if the ATVM loan was approved right now, that would still be $231M short. As for the $376M that was quoted, that was assuming $110M coming in on non refundable reservation and the $44M in profit from the first 65K reservations (which we already went over how much that is costing them).
For Elio, this is a challenge and the numbers they are presenting don't lie. I don't see this as a scam or a gross mismanagement of money. I see it differently and have spoken my word as to why, in the past. No need to go over it again. Change of business plan is in order and with Pat that already got Paul to start moving in the right direction, we need him to give him a big shove and thus, Elio can become a reality.
