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pistonboy

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When I last heard from EM, they were trying to raise approx. $300,000,000. I assume he is trying to still raise that much and more. The assembly line, robots, dies, presses, etc. still need to be made for an EV (electric vehicle) as for a ICE (Internal Combustion Engine) vehicle. Most of the manufacturing process is the same.

Maybe he should talk to FoxConn. They were developing an EV four wheel platform companies could use. The companies just have to place their body on the platform. Perhaps it's electrical system could be modified for a 3 wheeled vehicle.

I think EM should used in wheel motors from Elaphe like Aptera is using.
 

Grumpy Cat

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When I last heard from EM, they were trying to raise approx. $300,000,000. I assume he is trying to still raise that much and more. The assembly line, robots, dies, presses, etc. still need to be made for an EV (electric vehicle) as for a ICE (Internal Combustion Engine) vehicle. Most of the manufacturing process is the same.

Maybe he should talk to FoxConn. They were developing an EV four wheel platform companies could use. The companies just have to place their body on the platform. Perhaps it's electrical system could be modified for a 3 wheeled vehicle.

I think EM should used in wheel motors from Elaphe like Aptera is using.
Foxconn isn't going to do that. They make lots of promises and don't deliver.
 

Made in USA

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Well today is September the 30th. Read the following from the last SEC report. (Especially the last sentence.) Will they get another extension?

Racer Trust
We also have a long-term loan of $23,000,000 from the Racer Trust which was incurred in March 2013 in connection with the purchase of the equipment at the Shreveport facility. This loan was to be repaid in monthly installments of $173,500 beginning on November 1, 2013, with the entire remaining balance due September 1, 2016. We were delinquent on the first payment, which triggered default interest to be charged on the loan at 18% per annum. Payments made in 2014 were applied to this interest. In March 2015, we entered into an amendment to the promissory note which deferred the installment payments until January 1, 2016 and extended the maturity date to July 1, 2017. We were late on the September and October 2016 payments, which triggered default interest to be charged on the loan at 18% per annum. A forbearance agreement was signed with Racer Trust that extended the payments until May 31, 2017, with payments commencing June 1, 2017. Default interest of 18% per annum will continue to accrue as of October 1, 2016. On May 31, 2017, we entered into additional agreements with Racer Trust that further extended the payments until July 31, 2017, with monthly installments resuming on August 1, 2017 and extended the maturity date of the note to July 31, 2018. On July 1, 2017 we entered into a forbearance agreement that extended the payments until September 30, 2017, with payments commencing October 1, 2017. On September 30, 2017, the Company amended the forbearance agreement with Racer Trust extending the payments until January 1, 2018, provided that the Company pay to Racer a $10,000 monthly administrative fee for October 2017, November 2017, and December 2017. On January 1, 2018, the Company further amended the forbearance agreement with Racer Trust. Under the terms of the amendment the Company shall pay Racer Trust on or before July 10, 2018 $3,934,256, which is the sum of the unpaid monthly amounts and late fees due to Racer Trust. On July 12, 2021 the Company amended the forbearance agreement with Racer Trust. Under the terms of the amendment, the forbearance is extended until September 30, 2021.
 

RSchneider

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Have they sold the equipment in the building yet? The last interview I read, it sounded like the equipment was still in there.

They bought the equipment in the plant for $23M and were late on the first payment which resulted in 18% interest, for that equipment through Racer Trust. Last time I read, they still owed around $4M on it. They did sell some equipment that they did not need or was outdated. That was only a few million. Not too much. Plus most of it was outdated as I looked at the ebay auctions and it was good if you had equipment that was 30-40 years old and some of those parts are no longer made. I think on one of the older SEC filings, they depreciated the equipment to around $11M. In essence, you can only depreciate equipment for usually no more than three years.

So you see why the debt keeps going up at an alarming rate, even though they are doing nothing. In 2019 they lost just over $16.4M and in 2020, it was $17.9M. It's safe to say they will lose approximately $19.7M in 2021.

Also, they have this in the SEC filing:
"As of December 31, 2020, we had outstanding secured loans totaling approximately $27.1 million. Our manufacturing equipment located in our Shreveport, Louisiana, facility has been pledged as collateral to secure the repayment of these loans. If we are unable to repay any of our secured loans, a decision by the lender to foreclose on its security interest would materially and adversely affect our future."

It looks like to me that Elio will need about $800M in investment to get this show going. This is because at least $200M of that will have to be paid to entities like Racer Trust and CH Capital. Then the rest to do a complete redesign, test, open up the 120 stores, get Pep Boys up to speed, get that company who is going to do the "Elio My Way" mods going, warranty, update/equip the plant, parts and many other items that will need to be done to fulfill the business plan that was laid out years ago.

Maybe the can issue more Eliocoin. It currently is a $2M liability for them.
 

Made in USA

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Sometimes you just have to try a different approach. E-mails to Elio Motors go unanswered. Their "updates" don't exist. What is going on? So I have sent a e-mail to Mr Black at Racer Trust asking if Elio Motors did not make the payment on the lien due by Sept 30th 2021 if the equipment in the plant was for sale. If I get a response I will post it. Not holding my breath though. For Racer Trust contacts: https://www.racertrust.org/management
 

Made in USA

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From the OTC website about Elio Motors stock:

Warning! This security is eligible for Unsolicited Quotes Only
This stock is not eligible for proprietary broker-dealer quotations. All quotes in this stock reflect unsolicited customer orders. Unsolicited-Only stocks have a higher risk of wider spreads, increased volatility, and price dislocations. Investors may have difficulty selling this stock. An initial review by a broker-dealer under SEC Rule15c2-11 is required for brokers to publish competing quotes and provide continuous market making.
Warning! This security is traded on the Expert Market
The Expert MarketSM serves broker-dealer pricing and investor best execution needs. Quotations in Expert Market securities are restricted from public viewing. OTC Markets Group may designate securities for quoting on the Expert Market when it is not able to confirm that the company is making current information publicly available under SEC Rule 15c2-11, or when the security is otherwise restricted from public quoting. See additional information about the Expert Market here.


Last trade on 10/12/21 at 9:30 $0.0661 for 149 shares. (Did the bottom just fall out?)
 
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