SEC Info

[pistonboy]

The following are lists of documents filed on 2021 Sep 08 with the SEC

A list of the main document is:

https://www.sec.gov/Archives/edgar/data/1531266/000149315221022166/partii.htm

A list of all documents is:

EDGAR Filing Documents for 0001493152-21-022166

www.sec.gov

 

[saltydog72]

So what does all that mean

 

[TCBronson]

If you read through all that, it doesn't look good. Heavy debt and hopes of obtaining funding to try to produce an electric vehicle that will be priced at double their original price for a gas engine vehicle. It will take a miracle for Elio Motors to come to market with a mass produced vehicle. In my opinion.

 

[pistonboy]

It says Under Item 1. Business:
Corporate Background and General Overview



Elio Motors was founded with a vision to create a high mileage, low-cost vehicle that is affordable to a larger income range of consumers. The price, efficiency and versatility of the vehicle makes it a perfect choice as a commuter vehicle that transcends multiple market segments. During the initial development phase, Elio Motors believed that the best strategy was to develop a gas-powered vehicle first, and then launch the electric Elio. Recently the automotive landscape has changed significantly, and Elio Motors now believes that it is better to develop an electric powered Elio first, and then potentially launch a gas Elio second based on demand. The new Elio model-E with a targeted base price of $14,900 is making it the most affordable electric vehicle on the market.

Most of the development and concepts from the gas Elio (Elio-G) can be utilized in the development of the electric Elio (Elio-E). For instance, seating two people front-to-back to significantly reduce the width of the vehicle and thereby increasing gas mileage (Elio-G) or range for a given size battery pack (Elio-E). By utilizing as much as possible, the work already completed on the Elio G, the Company will significantly shorten development time (vs. de novo approach). Elio has contacted Roush (one of Elio Motors engineering providers) and their assessment was that the current design could be electrified utilizing a significant portion of the engineering and development (including approximately $40,000,000) that has already occurred

Legal Proceedings


On July 10, 2017, the Louisiana Motor Vehicle Commission (the “LMVC”) determined that the Company was in violation of certain state laws by operating as a manufacturer and dealer without a license. The LMVC entered a judgement against the Company for a total amount of $545,000; $272,500 for not having a manufacturer’s license and $272,500 for not having an automobile dealer’s license. The LVMC ordered the Company to place all refundable reservations into a segregated account or face a daily fine of $5,000. The Company’s funds were segregated and held in a third-party fund and therefore, the Company believes it met the met the terms of the agreement.

In order to appeal the ruling, the Company had to remit $76,500 to a trust account. On March 27, 2019, the appellate court ruled in favor of the LMVC. The Company has applied the $76,500 trust payment to the original judgement of $545,000 and accrued $960,000 in its general and administrative expenses for year ending December 31,2019. The Company is in active settlement discussions with the LMVC to negotiate this amount, although no assurances can be made that the negotiation will be successful. Therefore, the Company continues to review its options including further appeal of the decision. As of June 4, 2021, the Company has transferred all funds into a separate Cash Deposit account, held at a bank for the benefit of the holders of refundable reservations.

 

[JEBar]

If you read through all that, it doesn't look good. Heavy debt and hopes of obtaining funding to try to produce an electric vehicle that will be priced at double their original price for a gas engine vehicle. It will take a miracle for Elio Motors to come to market with a mass produced vehicle. In my opinion.

agree .... while I hope they succeed, history says we can't rely on promises made and from this time forward need to judge their entire operation based on promises kept

 

[84mpg]

agree .... while I hope they succeed, history says we can't rely on promises made and from this time forward we need to judge their entire operation based on promises kept

Amen.

 

[Made in USA]

I found this statement somewhat misleading "The new Elio model-E with a targeted base price of $14,900 is making it the most affordable electric vehicle on the market." Ah, there are other vehicles out there, like electric scooters, bicycles, etc that are more affordable. Did they mean cars? Well no. The Elio is a type of motorcycle. They never passed a law defining a enclosed three wheeled vehicle as a special category. Perhaps they meant they were in a category all by themselves? Perhaps they could get a government grant by providing covid isolation vehicles? (Just kidding). Regardless, it still all comes down to funding.

 

[Made in USA]

Since it looks like Racer Trust will be owning all the assets at the end of the month if Elio Motors can't pay, here is some information on them:

Shreveport Assembly Plant :: RACER Trust

This plant comprises a 530-acre area located in an industrial park southwest of Shreveport, LA. While not in the City limits (the Property is located in Caddo Parish), it enjoys City services and utilities. The main building contains more than 1.8 million square feet of air-conditioned floor...

www.racertrust.org

 

[Grumpy Cat]

I found this statement somewhat misleading "The new Elio model-E with a targeted base price of $14,900 is making it the most affordable electric vehicle on the market." Ah, there are other vehicles out there, like electric scooters, bicycles, etc that are more affordable. Did they mean cars? Well no. The Elio is a type of motorcycle. They never passed a law defining a enclosed three wheeled vehicle as a special category. Perhaps they meant they were in a category all by themselves? Perhaps they could get a government grant by providing covid isolation vehicles? (Just kidding). Regardless, it still all comes down to funding.

Tesla Model 2 starts at $19k...

 

[Made in USA]

Name and Address of Beneficial Owner		Shares (#)			Percentage (%)
5% or Greater Shareholders:
Paul Elio (1)			17,995,000				17.4	%
Elio Engineering, Inc.			12,750,000				43.1	%
Stuart Lichter (2)			9,766,459				22.5	%
Named Executive Officers and Directors:
Kenneth Way (3)			189,261				0.6	%
James Holden (3)			142,578				0.5	%
Connie Grennan			-				-
Hari Iyer			-				-
David Schembri (3)			4,000				-
All current directors and executive officers as a group (7 persons)			27,476,450				83.1	%

(1)	Includes 12,750,000 shares owned of record by Elio Engineering, Inc. of which Mr. Elio is the President, a director and majority shareholder.
(2)	Includes 1,946,378 shares issuable upon exercise of immediately exercisable options. Includes shares of Series C and Series D Preferred Stock which are immediately convertible into 531,416 shares of Common Stock and immediately exercisable warrants to purchase 25,000 shares of Common Stock owned by Shreveport Business Park, LLC, an entity owned and controlled by Mr. Lichter. Includes 620,847 shares not issued and reflected as stock payable on the Company’s balance sheet. See Item 5. “Interest of Management and Others in Certain Transactions.”
(3)	Includes 20,000 shares of Common Stock issuable upon the exercise of immediately exercisable options. See Item 5. “Interest of Management and Others in Certain Transactions.”

Item 5. Interest of Management and Others in Certain Transactions








Paul Elio and ESG Engineering



The original design for the Elio was conceived by Paul Elio and Elio Engineering, Inc., dba ESG Engineering, a company partially owned and controlled by Paul Elio. ESG Engineering transferred all rights to the design to Elio Motors, valued at $25,000,000, as consideration for 25,000,000 shares of our Common Stock. In addition, we assumed approximately $1,277,187 of payables that ESG Engineering had incurred on behalf of Elio Motors. ESG Engineering transferred 12,250,000 shares of our Common Stock to Paul Elio in November 2012 in consideration for his services in forming and organizing Elio Motors.