Nearly 3 years have passed since Steve Saleen fought his way back into the company that he founded – Saleen Automotive Inc. It wasn’t to much longer that we started to see vehicles being built that were clearly inspired by the racing icon. The company known for their ingenious builds, and who has already turned a lot of heads with the new 2015 Saleen 302, appears to be facing some dire straights.

Steve Saleen in August of 2013.

Thanks to the release of their most recent quarterly earnings report, we’ve all got a close look at where the company stands financially… and it’s not looking good. According to the report, the company only has $7,261 in cash and $668,629 in total current assets. It goes on to state, that the company owes $5,634,841 of which $583,900 is unpaid payroll taxes. In short, it appears that the walls are closing in fast.

Just how bad is it? Take a look at this snippet from their quarterly report that was released on November 14th:

The Company’s ability to continue as a going concern is dependent upon its ability to raise additional capital and to ultimately achieve sustainable revenues and profitable operations. At September 30, 2014 the Company had cash on hand in the amount of $7,261 and is not generating sufficient funds from operations to cover current operating expenses. During the six months ended September 30, 2014, the Company raised $406,000 through the issuance of convertible notes, $150,000 through the issuance of notes payable to related parties, and entered into Subscription Agreements with individual accredited investors (the “Subscribers”) pursuant to which the Subscribers purchased from the Company an aggregate of 1,183,334 of restricted common shares at a per share price of $0.15 for aggregate proceeds of $177,500. However, additional funding will be needed to continue operations through December 31, 2014. In addition, the Company will need and is currently seeking additional funds, primarily through the issuance of debt or equity securities for cash to operate its business through and beyond December 31, 2014… 

The report, regardless of what others in the publishing industry are reporting, does shed some positive light for what could be the savior in all of this for Saleen. Apparently there are orders just waiting to be built:

Based on current orders for the 2015 Saleen Mustang model, we anticipate an increase in volume for the Saleen Mustang over the next twelve months as compared to the same period in the prior year.

So ultimately, it appears what the company needs is a buyer. Someone who sees what the potential of the company is and understands how to build on the proud legacy of Saleen Automotive. How devastating would it be to see the company that brought us the S7 and the famed S351, once again succumb to these dire straights. Simply put internet, Saleen needs your help. It appears, at least as of today, December 31st will mark the final day for Saleen.