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Jalopnik Claims Elio Has Only $100k In Bank, $123 Million In Debt

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Coss

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Russell adjei

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They "cherry picked" a lot of the content; so it's "sound bites" taken out of context; plus it was established a while back the Jalopnik is not Elio Friendly.
The article is not 100% correct.
I'm sorry what? This article isnt valid because the site isnt "Elio Friendly" ? its called being critical and reporting the news. Is this how modding is on this site usually goes?
You didn't even provide a link saying the article was incorrect. Multiple news outlets have reported the same news. Here are some links
http://www.bizjournals.com/phoenix/...s-low-on-money-but-debt-tops-123-million.html
http://gas2.org/2016/12/09/according-to-sec-filing-elio-motors-may-be-borked/
http://www.ktbs.com/story/34187485/elio-motors-further-delays-production-in-shreveport
 

Officespaced

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I'm sorry what? This article isnt valid because the site isnt "Elio Friendly" ? its called being critical and reporting the news. Is this how modding is on this site usually goes?
You didn't even provide a link saying the article was incorrect. Multiple news outlets have reported the same news. Here are some links
http://www.bizjournals.com/phoenix/...s-low-on-money-but-debt-tops-123-million.html
http://gas2.org/2016/12/09/according-to-sec-filing-elio-motors-may-be-borked/
http://www.ktbs.com/story/34187485/elio-motors-further-delays-production-in-shreveport

The SEC filings, including the 11/18/16 financials from which is news quoted:

http://ir.eliomotors.com/all-sec-filings

I "cherry-picked" these as well over a month ago and was consequently slammed here. Shame on me for sharing Elio's own words from the SEC filing. Elio's official response to all this negative was a bit underwhelming, True, Paul himself had not attributed this information directly, but it was gleamed from their own financial filings. Yes, the certain language is required regarding all public companies filings, but the numbers do not paint a rosy picture. These facts, Elio did not seek to alleviate:

$101K in cash
$4.9 million in assets overall
$25 million in debt
$3.0 million in cash infusion in the form of directors loans (convertible stock):
Conversion of expected 2017 Shreveport lease expenses into 531,416 preferred share
$23 million dollar loan from RACER Trust (agent for Shreveport facitily) has repeatedly missed payments, but extended to payments beginning 1/1/17 or face 18% per annum loan, accruing from 10/1/16 (they missed the payment again...):

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I'm sorry what? This article isnt valid because the site isnt "Elio Friendly" ? its called being critical and reporting the news. Is this how modding is on this site usually goes?
You didn't even provide a link saying the article was incorrect. Multiple news outlets have reported the same news. Here are some links
http://www.bizjournals.com/phoenix/...s-low-on-money-but-debt-tops-123-million.html
http://gas2.org/2016/12/09/according-to-sec-filing-elio-motors-may-be-borked/
http://www.ktbs.com/story/34187485/elio-motors-further-delays-production-in-shreveport
No. It's because Jalopnik doesn't even bother fact checking even the most simple things. Here's an example:
"Upon reserving a car, which requires a deposit ranging from $400 t0 $900, a customer must agree to these terms and conditions:"

Holy crap! Right on Elio's page, it says "For as little as $100"... Jalopnik is 400% wrong there and that's just the easiest fact to check.

Wait. I stand corrected. Jalopnik says "Elio says it has 50,000 people with reservations " No. Elio says right on the front of their frigging home page "TOTAL CURRENT RESERVATIONS: 63,693" Holy no-fact-checking, batman!


Those two are just wrong but saying Elio had to sell their Prototypes is an outright lie.
 
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