Shreveport news

[DwnSth]

Of course nothing really new, same old same old....how are they maintaining the lease?

Is the Plan to Build Elio Cars in Shreveport Dead?

Will Shreveport ever see production of the Elio 3-wheeled car?

710keel.com

 

[msmith5150]

Blows my mind that there is even a microscopic glimmer still being held on to.

 

[Made in USA]

Of course nothing really new, same old same old....how are they maintaining the lease?

Is the Plan to Build Elio Cars in Shreveport Dead?

Will Shreveport ever see production of the Elio 3-wheeled car?

710keel.com

They said:
Caddo Parish leaders tell KEEL News the lease agreement between the parish and the Industrial Realty Group (IRG) are all current and up to date.

Wonder how they paid for it. Last I heard they had put all the equipment up as collateral for a loan but never heard it was paid off.

 

[Coss]

But aren't they all friends? It's easy then, just sign something, and XYandZ will see it's all good.

I don't really know, I'm just humming along because I lost the words <grin>

 

[BaldGuy]

Paul had a 'secrete' meeting with the officials there. You had to sign a NDA agreement. After that, they seem to get off his back about not opening up the factory. No clue what he revealed, but sure seemed to have worked.

 

[RSchneider]

Of course nothing really new, same old same old....how are they maintaining the lease?

Is the Plan to Build Elio Cars in Shreveport Dead?

Will Shreveport ever see production of the Elio 3-wheeled car?

710keel.com

Lease with Shreveport Business Park, LLC

Our equipment is located in a plant in Shreveport, Louisiana, which is leased by Shreveport Business Park, LLC (“SBP”), an entity owned and controlled by Stuart Lichter, one of Elio’s directors and significant stockholders. We entered into an agreement with SBP in December 2013 to sublease 997,375 square feet of manufacturing and warehouse space for a 25-year term, which provides for a rent-free period until the earlier of four months after the start of production or August 1, 2015, after which the base rent will be $249,344 per month. Since December 2013, we have been obligated to pay taxes, insurance expenses and common expenses with respect to this space and are past due in paying these amounts. On July 31, 2015, we entered into an amendment to the lease which extended the base rent commencement date to February 1, 2016, and deferred payment of the base rent for the period February 1, 2016 through

On December 28, 2017, the Company entered into the third amendment with Shreveport Business Park, LLC. Under the third amendment of the leased space shall be reduced by 152,557 square feet effective January 1, 2018. As a result of the reduction in square feet, the base rent shall be $211,205. On April 30, 2018, the Company entered into the fourth amendment with Shreveport Business Park, LLC. The terms of the new agreement deferred the monthly lease and lease related charges beginning January 1, 2018 through July 31, 2018. On May 3, 2018, as a condition of the foregoing amendment, the Company paid $387,811 to Shreveport Business Park and agreed to an additional payment of $1,848,100 on or before July 31, 2018. The agreement stipulates, that monthly payments shall begin on August 1, 2018.

On November 7, 2018, the Company entered into a fifth amendment with Shreveport Business Park, LLC. Pursuant to the fifth amendment, all outstanding payments and base rent were deferred until December 31, 2018, at which time, all outstanding amounts would be due.

On July 12, 2021, the Company entered into a sixth amendment with Shreveport Business Park, LLC. Pursuant to the sixth amendment, all outstanding payments and base rent were deferred until September 30, 2021, at which time, all outstanding amounts would be due.

On October 15, 2021, the Company entered into a seventh amendment with Shreveport Business Park, LLC. Pursuant to the seventh amendment, all outstanding payments and base rent were deferred until January 1, 2022, at which time, all outstanding amounts would be due.

On March 18, 2022, the Company entered into an eight amendment with Shreveport Business Park, LLC. Pursuant to the eight amendment all outstanding payments and base rent were deferred until April 1, 2022, at which time, all outstanding amounts would be due.

There you go. I noticed on Sunday that they issued another SEC filing (which I got this from). Just search it and you'll see. Company is a train wreck. They are done but just only keeping it going so Paul and the other employee can get a paycheck until they declare bankruptcy. They literally are doing nothing and getting paid for it. Paul is my hero and I wish I could be like him as I'd like to do nothing and get paid what he does. Some of the claims made in the latest offering are over the top and any legit businessman would never make these claims (I can see Covid-19 but the war in Ukrane and potential goverment takeover of the plant are really reaching). Plus he managed beat my estimate of another $17M in debt in 12 months. He got it up to $20M. Good job Paul.

 

[JohnJ]

Paul had a 'secrete' meeting with the officials there. You had to sign a NDA agreement. After that, they seem to get off his back about not opening up the factory. No clue what he revealed, but sure seemed to have worked.

A wise man once said "ANYTHING SECRET IS NO DAMN GOOD!"

 

[Made in USA]

There you go. I noticed on Sunday that they issued another SEC filing (which I got this from). Just search it and you'll see. Company is a train wreck. They are done but just only keeping it going so Paul and the other employee can get a paycheck until they declare bankruptcy. They literally are doing nothing and getting paid for it. Paul is my hero and I wish I could be like him as I'd like to do nothing and get paid what he does. Some of the claims made in the latest offering are over the top and any legit businessman would never make these claims (I can see Covid-19 but the war in Ukrane and potential goverment takeover of the plant are really reaching). Plus he managed beat my estimate of another $17M in debt in 12 months. He got it up to $20M. Good job Paul.

Thanks for letting us know about the new SEC filing. Found this under:

Risks Related to Liquidity and Capital Resources
Going Concern

For the next twelve months from issuance of this Annual Report on Form 1-K. The Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing stockholders and newly issued shares may contain senior rights and preferences compared to currently outstanding shares of common stock. Issued debt securities may contain covenants and limit the Company’s ability to pay dividends or make other distributions to stockholders. If the Company is unable to obtain such additional financing, future operations would need to be scaled back or discontinued. Due to the uncertainty in the Company’s ability to raise capital, management believes that there is substantial doubt in the Company’s ability to continue as a going concern for twelve months from the issuance of these consolidated financial statements.

Also:
While we have received paid reservations for the Elio vehicle, such reservations may not result in actual sales.
As of December 31, 2021, we had reservations and related deposits for 65,283 Elio vehicles, with $26.7 million of these deposits being non-refundable, and $1.1 million being subject to cancellation upon demand by the customer up until delivery of the vehicle. These reservations secure a customer’s place in line to purchase an Elio. Holders with refundable reservations may cancel their reservations for many reasons.

SEC report here: https://www.sec.gov/Archives/edgar/data/1531266/000149315222011793/partii.htm