Time To Be Window Shopping Saleen Automotive (SLNN)

The penny stock of Saleen Automotive, Inc. (SLNN) isn’t putting up the “high performance” that was expected of it entering 2014. Despite plans to follow the lead of Tesla Motors Inc. (TSLA) and throw their hat into the rapidly growing and evolving hybrid technology automobile sector, SLNN stock is down -25% on the year. Now that their numbers are out for their fiscal Q3 ended December 31, 2013, is it time for this bad boy to rev up it’s engines or is it still stuck in the garage not yet ready to hit the streets?

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SLNN Stock Quote

Market Cap:
Friday Close: 0.33
Volume: 7,043
Open: 0.3013
High: 0.33
Low: 0.3013
Trades: 8
Authorized: 500,000,000
Issued and Outstanding: 129,339,794
Steve Saleen: 82,133,375 (65.8%)
14-Day Rel Strength: 44.56%
1st Resistance Point: 0.3396
1st Support Level: 0.3109

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Fast cars, fast women is what one would expect from the creators of some of the most amazing American muscle cars ever to come off an assembly line. With that as the “given,” to date, Saleen Automotive has done everything it needs to do to establish why buying shares of SLNN stock with a long view is going to be a smooth ride to profit land.

Unfortunately, the ride hasn’t been smooth at all. In fact, you could have ridden SLNN stock for the last 6 months without any gas in the tank – even without an engine at times.

However, on Saturday, Saleen Automotive announced to the public their fiscal Q3 results after filing them with the SEC after the midway point of Friday’s trading session. The good news is that revenues from vehicle sales and parts were up exponentially, $1,076,153 and $3,570,722, respectively, for the 3 and 9 months ended December 31, 2013 versus $607,490 and $1,277,476 for the same periods in 2012. The increase was: “reflects sales efforts achieved by our expanded sales force whereby we sold a higher number of vehicles during the three months ended December 31, 2013.”

What isn’t so hot is that operating expenses increased significantly during this period with sales and marketing expense alone, $320,077, completely devouring the gross profit from sales, $302,686. Although G&A expenses for the period, $1,029,054, are expected to be significant when you’re expected to show off the most luxurious high performance cars made in America, the increase to R&D is a promising sign that Saleen is headed down the right road in the future.

It’s going to take a significant amount for time for Saleen to get their assets ($1,161,371) in-line with their current liabilities ($7,751,739), especially since a slight legal issue shortly after the quarter ended sprouted up. On February 6, 2014, Saleen Signature Cars received a Complaint from a bank filed in California Superior Court, Riverside County alleging, among other matters, breach of contract due to non timely payment of November and December 2013 principal amounts owed ($520,388 plus accrued and unpaid interest).

For the time being, seeing events like the $300,500 Saleen raised between January and February of this year by selling 2,003,333 shares of SLNN stock to certain accredited investors at a price of $0.15 per share are going to be commonplace. With their new 52 week low, 0.2901, having been set on Thursday, bottom feeders with an adrenaline rush for good cars might want to start window shopping SLNN stock.

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About SLNN Stock

Saleen Automotive, Inc. develops, manufactures and sells, in low volume, high-performance cars built from base chassis’ of Ford Mustangs, Chevrolet Camaros, and Dodge Challengers, as well as exotic sports cars.

Click here to view the SEC filings for SLNN.
Click here to view the website for Saleen Automotive.

Last 5 Trading Sessions:

Date Open High Low Last Change % Change Volume
02/14/14 0.3013 0.3300 0.3013 0.3300 unch unch 7,000
02/13/14 0.3300 0.3300 0.2901 0.3300 -0.0090 -2.65% 42,000
02/12/14 0.3400 0.3400 0.3200 0.3390 -0.0010 -0.29% 28,300
02/11/14 0.3101 0.3450 0.3101 0.3400 +0.0051 +1.52% 81,100
02/10/14 0.3400 0.3500 0.3000 0.3349 -0.0151 -4.31% 149,500


Bottom Line:

With 3 superb, quality muscles cars starting out with MSRP’s of just under $40,000, it’s simply a matter of time before SLNN becomes a penny stock to be reckoned with. The fact that they stopped doing what they do best up until around a year ago clearly shows that these are still early days for SLNN and monitoring chances to grab some cheapies could afford one the opportunity to one-day earn their own Saleen branded muscle car for a fraction of the cost.

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