Green Kraft was exempt from filing an SEC in 2017, due to the filing act of 1933. Have no idea what that is. This makes this year the first year of delinquent reporting. This is second year for Elio
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Made in USA
Elio Addict
From the Elio Motors Semi-Annual Report (11/13/18):
As described in this report, we are continuing to make progress with respect to the Elio’s development, despite the lack of sufficient cash, due to (1) public support and acceptance of the Elio, as evidenced by the successful crowdfunded Regulation A offering and reservation deposits, and (2) the commitment of persons closely connected to our company, such as Stuart Lichter. During the 2017 and 2018, Mr. Lichter converted $10.5 million of loans and accrued interest into shares of Common Stock, invested an additional $1,250,000 through the private placement of the Company’s Common Stock, and extended the maturity dates of other loans to December 2018 and January 2019. He also controls CH Capital Lending and Shreveport Business Park, which have extended and/or deferred payment terms and waived fees.
On May 31, 2017, we amended our agreement with Racer Trust pursuant to which our commitment to create 1,500 jobs by July 1, 2017 has been extended to September 1, 2019. This commitment carries a penalty of $5,000 for each full-time, permanent direct job that falls below the 1,500 target. At December 31, 2016, the Company recorded an accrued liability of $7,500,000, and the expense is included in general and administrative expenses in the Statement of Operations. On May 31, 2017, the Company entered into a third amendment and extended the deadline of this agreement to September 1, 2019. At that time, the Company has reclassified the estimate as an other long-term liability. The Company will continue to monitor the jobs creation agreement.
For full report see the Elio website.
As described in this report, we are continuing to make progress with respect to the Elio’s development, despite the lack of sufficient cash, due to (1) public support and acceptance of the Elio, as evidenced by the successful crowdfunded Regulation A offering and reservation deposits, and (2) the commitment of persons closely connected to our company, such as Stuart Lichter. During the 2017 and 2018, Mr. Lichter converted $10.5 million of loans and accrued interest into shares of Common Stock, invested an additional $1,250,000 through the private placement of the Company’s Common Stock, and extended the maturity dates of other loans to December 2018 and January 2019. He also controls CH Capital Lending and Shreveport Business Park, which have extended and/or deferred payment terms and waived fees.
On May 31, 2017, we amended our agreement with Racer Trust pursuant to which our commitment to create 1,500 jobs by July 1, 2017 has been extended to September 1, 2019. This commitment carries a penalty of $5,000 for each full-time, permanent direct job that falls below the 1,500 target. At December 31, 2016, the Company recorded an accrued liability of $7,500,000, and the expense is included in general and administrative expenses in the Statement of Operations. On May 31, 2017, the Company entered into a third amendment and extended the deadline of this agreement to September 1, 2019. At that time, the Company has reclassified the estimate as an other long-term liability. The Company will continue to monitor the jobs creation agreement.
For full report see the Elio website.
Will this be the 6th time they will have to delay the penalty? Would be nice for an actual signed update from Elio
Made in USA
Elio Addict
This afternoon I asked two simple question to Elio. They responded quickly.
Q1: When will the next SEC report be out?
Q2: When will the next shareholder meeting be?
Response:
Not sure on these questions, but we will communicate both through the website when available.
Make sure to check out our blog at www.eliomotors.com/blog
Thank you,
The Elio Team
Q1: When will the next SEC report be out?
Q2: When will the next shareholder meeting be?
Response:
Not sure on these questions, but we will communicate both through the website when available.
Make sure to check out our blog at www.eliomotors.com/blog
Thank you,
The Elio Team
I guess that they have no plans to do either. Hope the SEC forces them to do it soon.
Watashiwah
Elio Addict
Little Orphan Paul’s Secret Circle.....
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Made in USA
Elio Addict
Unless Elio gets another extension, they will owe Racer Trust $7.5 million on 1/Sept/19. So why would another extension be granted? The only two ways I can think of is if 1) They have really good news about financing, or 2) They bribe someone. It is highly unlikely they will have 1500 people working at the plant by then, even if they get funding today. Another consideration is if they file for bankruptcy before the deadline. Not sure who would get the few assets that Elio has.
Lichter gets the machinery, not sure who gets the trailer and mock ups.
RSchneider
Elio Addict
There's a few other things you need to look into. Tis is what Elio Motors needed to do last year to get current with payments, fines and penalties. I'm not counting the $545K because who knows what's going on there. Plus there's more (promisarry notes and whatnot) but let's just look at the big ones.
Racer Trust:
Fine - $7.5M
Missed Payments and Fines: $3.9M
Shreveport Business Park:
Back Lease Payments - $2.5M
Total - $13.9M
Then, CH Capital gave Elio Motors a $4.1M loan and they get first dibs on the machinery in the plant if Elio Motors goes bankrupt.
On top of that, there's the $25M that Elio wants to raise. If they raise the $25M then Racer Trust will call in what they are owed. I have a feeling that the $2.5M raised from Overstock went to Shreveport Business Park. We will never know since Elio announced they don't feel like doing an SEC filing. Before you all ask me for a link to that, there is none. I grew us with a saying that nobody has ever heard before, "Actions speak louder than words". Keep that in mind.
Then you'll ask, Why doesn't Racer Trust, CH Capital, Shreveport Business Park and Stu, just ask for their money right now?" It's simple. The company has very little assets that will not pay for much at all. You can't get blood out of a turnip. With the amount the non refundable reservation holders have paid Racer Trust, CH Capital, Shreveport Business Park and Stu, they have made enough off of them and tank them for their money. All Stu and Co need to do is just sit and wait. Id Elio goes under, Stu and Co will end up fine. Plant goes back on the market, equipment gets distributed to Racer Trust and CH Capital. The remaining assets get sold by a bankruptcy judge and the money gets divided up. I have a feeling that nobody is knocking on Racer Trusts door to lease what Elio Leases right now. Plus with the GM plant closings, there will be a flood of equipment on the market. There's no incentive to do anything but just keep waiting for Elio Motors to raise money.
This is why Elio has a good 10 years to go before they must build a product or if Stu dies or retires. Then the next ones in line will not be so kind to Elio. Stu is a savior and everyone that has a reservation needs to email him and thank him for keeping Elio Motors in business. He's a great guy and needs to know, you all appreciate what he has done. He has is email on the IRG website.
Racer Trust:
Fine - $7.5M
Missed Payments and Fines: $3.9M
Shreveport Business Park:
Back Lease Payments - $2.5M
Total - $13.9M
Then, CH Capital gave Elio Motors a $4.1M loan and they get first dibs on the machinery in the plant if Elio Motors goes bankrupt.
On top of that, there's the $25M that Elio wants to raise. If they raise the $25M then Racer Trust will call in what they are owed. I have a feeling that the $2.5M raised from Overstock went to Shreveport Business Park. We will never know since Elio announced they don't feel like doing an SEC filing. Before you all ask me for a link to that, there is none. I grew us with a saying that nobody has ever heard before, "Actions speak louder than words". Keep that in mind.
Then you'll ask, Why doesn't Racer Trust, CH Capital, Shreveport Business Park and Stu, just ask for their money right now?" It's simple. The company has very little assets that will not pay for much at all. You can't get blood out of a turnip. With the amount the non refundable reservation holders have paid Racer Trust, CH Capital, Shreveport Business Park and Stu, they have made enough off of them and tank them for their money. All Stu and Co need to do is just sit and wait. Id Elio goes under, Stu and Co will end up fine. Plant goes back on the market, equipment gets distributed to Racer Trust and CH Capital. The remaining assets get sold by a bankruptcy judge and the money gets divided up. I have a feeling that nobody is knocking on Racer Trusts door to lease what Elio Leases right now. Plus with the GM plant closings, there will be a flood of equipment on the market. There's no incentive to do anything but just keep waiting for Elio Motors to raise money.
This is why Elio has a good 10 years to go before they must build a product or if Stu dies or retires. Then the next ones in line will not be so kind to Elio. Stu is a savior and everyone that has a reservation needs to email him and thank him for keeping Elio Motors in business. He's a great guy and needs to know, you all appreciate what he has done. He has is email on the IRG website.
Watashiwah
Elio Addict
Low Stock Price is sad but has many causes and merits an opportunity for explanation and a defense. Failure to file with the SEC, compounded by years of little, to no, information is pathetic, and has only one cause, and doesn’t merit explanation.
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