Anastas Gegov

Saleen Automotive Inc (OTCBB:SLNN) Takes A Breather

by Anastas Gegov June 16, 2015

In the start of this year we saw Saleen Automotive Inc (OTCBB:SLNN, SLNN message board) somewhat stable, with small daily percentile movements. Although the ticker was generally headed in a downward direction there wasn’t much panic and the volumes were very small.


Last month, however, was a bit more turbulent. Suddenly, the company began a steep descent that continued into this month and cost the ticker more than 90% of its value. There was, however, no apparent reason for the descent. Maybe the lack of a financial report for the first quarter was to blame.


Speaking of reports we can’t miss on mentioning the numbers that were contained in SLNN’s quarterly report for the period ended December 31, 2014.


  • cash: $95 thousand
  • current assets: $673 thousand
  • current liabilities: $7 million
  • quarterly revenues: $536 thousand
  • quarterly net loss: $2.44 million


We see that the revenues have dropped by nearly 50% compared to the same period in the previous year, while the net loss has gone up by about $1 million in the same quarter in 2013. Still, looking at the nine month period the revenues haven’t declined by that much and the net loss has actually declined significantly.


We should, however, note that the revenues in the custom vehicles market tend to be inconsistent. SLNN has shown some great stuff over the years and has even made a custom Tesla Model S that got a lot of positive attention.


Looking at the financials of the company and what SLNN is offering in the automobile market we can’t fail to notice that the current market cap of the company seems to be quite low. The company stock did manage to add some of its value yesterday after some licensing news.


The ticker added 16.67% to its value and closed at $0.0014 while a total of 101 million shares were traded, generating $144 thousand in daily dollar volume. Today’s session, however, hasn’t started that well and we see SLNN nearly 15% in the red so far.

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