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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elio Motors Inc (CE) | USOTC:ELIO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0005 | 8 | 01:00:00 |
Arizona
|
27-1288581
|
State of other jurisdiction of incorporation or
organization
|
(I.R.S. Employer Identification No.)
|
Item 9.
|
Other Events
|
|
1.
|
Application – Part I: Determine basic eligibility
|
|
2.
|
Application – Part II: Confirmatory due diligence
|
|
3.
|
Conditional Commitment: Negotiate term sheet
|
|
4.
|
Loan Guarantee: Negotiate final agreements
|
March 31, 2016
|
December 31, 2015
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
(As Restated)
|
(As Restated)
|
||||||
Current Assets
|
||||||||
Cash
|
$ | 2,909,373 | $ | 6,870,044 | ||||
Restricted cash held in escrow
|
2,626,334 | 3,806,378 | ||||||
Restricted cash held in customer deposits
|
4,000,000 | 4,000,000 | ||||||
Prepaid expenses
|
2,104,154 | 471,170 | ||||||
Other current assets
|
429,022 | 336,733 | ||||||
Assets held for sale
|
1,576,798 | 2,200,000 | ||||||
Deferred loan costs
|
170,627 | 170,628 | ||||||
Total Current Assets
|
13,816,308 | 17,854,953 | ||||||
Restricted cash held for customer deposits
|
1,956,937 | 1,816,407 | ||||||
Machinery and equipment, net
|
12,435,831 | 12,435,481 | ||||||
Facility under capital sublease, net
|
5,389,736 | 5,448,964 | ||||||
Deferred loan costs
|
938,446 | 981,103 | ||||||
Total Assets
|
$ | 34,537,258 | $ | 38,536,908 | ||||
Liabilities and Stockholders' Deficit
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$ | 4,071,374 | $ | 3,694,861 | ||||
Refundable customer deposits
|
1,114,900 | 1,092,750 | ||||||
Interest payable, current portion
|
5,222,353 | 4,959,444 | ||||||
Derivative liabilities - fair value of warrants
|
1,768,824 | 907,703 | ||||||
Notes payable due to related party, net of discount
|
9,762,888 | 9,525,231 | ||||||
Total Current Liabilities
|
21,940,339 | 20,179,989 | ||||||
Nonrefundable customer deposits
|
20,961,900 | 19,587,800 | ||||||
Interest payable, net of current portion
|
6,869,657 | 6,757,983 | ||||||
Convertible notes payable, net of discount
|
436,795 | 401,013 | ||||||
Notes payable, net of current portion and discount
|
19,242,135 | 18,878,146 | ||||||
Capital sublease obligation
|
6,022,677 | 6,022,677 | ||||||
Total Liabilities
|
75,473,503 | 71,827,608 | ||||||
Commitments and contingencies (see notes to financial statements)
|
||||||||
Stockholders' Deficit:
|
||||||||
Common stock, no par value, 100,000,000 shares authorized,
|
||||||||
26,512,893 and 26,320,322 shares issued and outstanding
|
||||||||
on March 31, 2016 and December 31, 2015, respectively
|
56,982,659 | 55,133,932 | ||||||
Preferred stock, no par value, 10,000,000 shares authorized,
|
||||||||
no shares issued and outstanding
|
- | - | ||||||
Accumulated deficit
|
(97,918,904 | ) | (88,424,632 | ) | ||||
Total Stockholders' Deficit
|
(40,936,245 | ) | (33,290,700 | ) | ||||
Total Liabilities and Stockholders Deficit
|
$ | 34,537,258 | $ | 38,536,908 |
Three Months Ended
|
Three Months Ended
|
|||||||
March 31, 2016
|
March 31, 2015
|
|||||||
(As Restated)
|
(As Restated)
|
|||||||
Costs and Expenses:
|
||||||||
Engineering, research and development costs
|
$ | 3,700,641 | $ | 23,646 | ||||
General and administrative expenses
|
1,819,354 | 1,095,371 | ||||||
Sales and marketing expenses
|
1,354,878 | 941,873 | ||||||
Total costs and expenses
|
6,874,873 | 2,060,890 | ||||||
Loss from operations
|
(6,874,873 | ) | (2,060,890 | ) | ||||
Other income (expense):
|
||||||||
Gain on sale of machinery and equipment
|
- | 161,566 | ||||||
Interest income
|
4,463 | 2 | ||||||
Interest expense
|
(1,893,159 | ) | (2,895,666 | ) | ||||
Loss on change in fair value of derivative liability
|
(730,703 | ) | - | |||||
Total other income and expenses
|
(2,619,399 | ) | (2,734,098 | ) | ||||
Net Loss
|
$ | (9,494,272 | ) | $ | (4,794,988 | ) | ||
Weighted-average number of common shares outstanding
|
26,410,717 | 25,077,500 | ||||||
Basic loss per share:
|
$ | (0.36 | ) | $ | (0.19 | ) |
Three Months Ended
|
Three Months Ended
|
|||||||
March 31, 2016
|
March 31, 2015
|
|||||||
(As Restated)
|
(As Restated)
|
|||||||
Cash Flows From Operating Activities
|
||||||||
Net Loss
|
$ | (9,494,272 | ) | $ | (4,794,988 | ) | ||
Adjustments to reconcile net loss to net cash
|
||||||||
used in operating activities:
|
||||||||
Depreciation and amortization
|
61,833 | 75,000 | ||||||
Amortization of discount on notes payable
|
737,235 | 423,781 | ||||||
Amortization of deferred financing costs
|
88,348 | 49,765 | ||||||
Accrued interest on capital sublease obligation
|
743,329 | 657,986 | ||||||
Gain on sale of fixed assets
|
- | (161,566 | ) | |||||
Loss on change in fair value of derivative liability
|
730,703 | - | ||||||
Change in operating assets and liabilities:
|
||||||||
Prepaid expenses and other current assets
|
(1,624,265 | ) | 5,392 | |||||
Accounts payable and accrued liabilities
|
376,519 | 630,918 | ||||||
Interest payable
|
(363,311 | ) | 1,404,457 | |||||
Net Cash Used in Operating Activities
|
(8,743,881 | ) | (1,709,255 | ) | ||||
Cash Flows From Investing Activities
|
||||||||
Purchases of machinery and equipment
|
(2,956 | ) | - | |||||
Proceeds from sale of machinery and equipment
|
623,202 | 357,265 | ||||||
Net Cash Provided by Investing Activities
|
620,246 | 357,265 | ||||||
Cash Flows from Financing Activities
|
||||||||
Change in restricted cash
|
1,039,513 | (317,738 | ) | |||||
Customer deposits
|
1,396,250 | 1,433,048 | ||||||
Issuance of common stock
|
2,006,712 | - | ||||||
Common stock issuance costs
|
(178,503 | ) | - | |||||
Repayments of notes payable
|
- | (277,000 | ) | |||||
Payment of deferred financing costs
|
- | (19,126 | ) | |||||
Proceeds from convertible notes
|
- | 180,000 | ||||||
Repayments of advances from related party
|
- | (400 | ) | |||||
Advances to related party
|
(101,008 | ) | 12,000 | |||||
Net Cash Provided by Financing Activities
|
4,162,964 | 1,010,784 | ||||||
Net Change in Cash and Cash Equivalents
|
(3,960,671 | ) | (341,206 | ) | ||||
Cash and Cash Equivalents at Beginning of Period
|
6,870,044 | 374,652 | ||||||
Cash and Cash Equivalents at End of Period
|
$ | 2,909,373 | $ | 33,446 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the year for interest
|
$ | 659,694 | $ | 1,017,662 | ||||
Supplemental disclosures of non-cash investing
|
||||||||
and financing activities:
|
||||||||
Convertible notes payable converted to equity
|
$ | 150,936 | $ | - | ||||
Issuance of warrants
|
$ | 3,095 | $ | - | ||||
Exercise of warrants
|
$ | 133,512 | $ | - |
NOTE 1
|
BASIS OF PRESENTAION
|
NOTE 2
|
ORGANIZATION AND BUSINESS ACTIVITIES
|
NOTE 3
|
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
|
NOTE 3
|
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued)
|
BALANCE SHEET
|
||||||||||||
MARCH 31, 2016
|
||||||||||||
As Previously
|
||||||||||||
Assets
|
Reported
|
Adjustment
|
As Restated
|
|||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
Current Assets
|
||||||||||||
Cash
|
$ | 2,909,373 | $ | - | $ | 2,909,373 | ||||||
Restricted cash held in escrow
|
2,626,334 | - | 2,626,334 | |||||||||
Restricted cash held for customer deposits
|
- | 4,000,000 | 4,000,000 | |||||||||
Prepaid expenses
|
2,104,154 | - | 2,104,154 | |||||||||
Other current assets
|
429,022 | - | 429,022 | |||||||||
Assets held for sale
|
1,474,071 | 102,727 | 1,576,798 | |||||||||
Deferred loan costs
|
- | 170,627 | 170,627 | |||||||||
Total Current Assets
|
9,542,954 | 4,273,354 | 13,816,308 | |||||||||
Restricted cash held for customer deposits
|
5,956,937 | (4,000,000 | ) | 1,956,937 | ||||||||
Machinery and equipment, net
|
14,502,418 | (2,066,587 | ) | 12,435,831 | ||||||||
Facility under capital sublease, net
|
5,389,736 | - | 5,389,736 | |||||||||
Deferred loan costs
|
- | 938,446 | 938,446 | |||||||||
Total Assets
|
$ | 35,392,045 | $ | (854,787 | ) | $ | 34,537,258 | |||||
Liabilities and Stockholders' Deficit
|
||||||||||||
Current Liabilities
|
||||||||||||
Accounts payable and accrued liabilities
|
$ | 3,816,562 | $ | 254,812 | $ | 4,071,374 | ||||||
Refundable customer deposits
|
1,114,900 | - | 1,114,900 | |||||||||
Interest payable, current portion
|
2,306,080 | 2,916,273 | 5,222,353 | |||||||||
Derivative liabilities - fair value of warrants
|
1,555,766 | 213,058 | 1,768,824 | |||||||||
Notes payable due to related party, net of discount
|
9,891,638 | (128,750 | ) | 9,762,888 | ||||||||
Total Current Liabilities
|
18,684,946 | 3,255,393 | 21,940,339 | |||||||||
Nonrefundable customer deposits
|
20,961,900 | - | 20,961,900 | |||||||||
Interest payable, net of current portion
|
9,785,994 | (2,916,337 | ) | 6,869,657 | ||||||||
Convertible notes payable, net of discount
|
2,463,928 | (2,027,133 | ) | 436,795 | ||||||||
Notes payable, net of current portion and discount
|
19,736,020 | (493,885 | ) | 19,242,135 | ||||||||
Capital sublease obligation
|
6,022,677 | - | 6,022,677 | |||||||||
Total Liabilities
|
77,655,465 | (2,181,962 | ) | 75,473,503 | ||||||||
Commitments and contingencies (see notes to financial statements)
|
||||||||||||
Stockholders' Deficit:
|
||||||||||||
Common stock, no par value, 100,000,000 shares authorized,
|
||||||||||||
26,320,322 and 25,077,500 shares issued and outstanding
|
||||||||||||
in 2015 and 2014, respectively
|
33,039,884 | 23,942,775 | 56,982,659 | |||||||||
Preferred stock, no par value, 10,000,000 shares authorized,
|
||||||||||||
no shares issued and outstanding
|
- | - | ||||||||||
Accumulated deficit
|
(75,303,304 | ) | (22,615,600 | ) | (97,918,904 | ) | ||||||
Total Stockholders' Deficit
|
(42,263,420 | ) | 1,327,175 | (40,936,245 | ) | |||||||
Total Liabilities and Stockholders Deficit
|
$ | 35,392,045 | $ | (854,787 | ) | $ | 34,537,258 |
NOTE 3
|
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued)
|
BALANCE SHEET
|
||||||||||||
DECEMBER 31, 2015
|
||||||||||||
As Previously
|
||||||||||||
Assets
|
Reported
|
Adjustment
|
As Restated
|
|||||||||
Current Assets
|
||||||||||||
Cash
|
$ | 6,870,044 | $ | - | $ | 6,870,044 | ||||||
Restricted cash held in escrow
|
3,806,378 | - | 3,806,378 | |||||||||
Restricted cash held for customer deposits
|
- | 4,000,000 | 4,000,000 | |||||||||
Prepaid expenses
|
471,170 | - | 471,170 | |||||||||
Other current assets
|
336,733 | - | 336,733 | |||||||||
Assets held for sale
|
2,100,000 | 100,000 | 2,200,000 | |||||||||
Deferred loan costs
|
- | 170,628 | 170,628 | |||||||||
Total Current Assets
|
13,584,325 | 4,270,628 | 17,854,953 | |||||||||
Restricted cash held for customer deposits
|
5,816,407 | (4,000,000 | ) | 1,816,407 | ||||||||
Machinery and equipment, net
|
14,499,340 | (2,063,859 | ) | 12,435,481 | ||||||||
Facility under capital sublease, net
|
5,448,964 | - | 5,448,964 | |||||||||
Deferred loan costs
|
- | 981,103 | 981,103 | |||||||||
Total Assets
|
$ | 39,349,036 | $ | (812,128 | ) | $ | 38,536,908 | |||||
Liabilities and Stockholders' Deficit
|
||||||||||||
Current Liabilities
|
||||||||||||
Accounts payable and accrued liabilities
|
$ | 3,618,403 | $ | 76,458 | $ | 3,694,861 | ||||||
Refundable customer deposits
|
1,092,750 | - | 1,092,750 | |||||||||
Interest payable, current portion
|
4,959,444 | - | 4,959,444 | |||||||||
Derivative liabilities - fair value of warrants
|
655,244 | 252,459 | 907,703 | |||||||||
Notes payable due to related party, net of discount
|
9,701,983 | (176,752 | ) | 9,525,231 | ||||||||
Total Current Liabilities
|
20,027,824 | 152,165 | 20,179,989 | |||||||||
Nonrefundable customer deposits
|
19,587,800 | - | 19,587,800 | |||||||||
Interest payable, net of current portion
|
6,757,983 | - | 6,757,983 | |||||||||
Convertible notes payable, net of discount
|
2,504,346 | (2,103,333 | ) | 401,013 | ||||||||
Notes payable, net of current portion and discount
|
19,565,099 | (686,953 | ) | 18,878,146 | ||||||||
Capital sublease obligation
|
6,022,677 | - | 6,022,677 | |||||||||
Total Liabilities
|
74,465,729 | (2,638,121 | ) | 71,827,608 | ||||||||
Commitments and contingencies (see notes to financial statements)
|
||||||||||||
Stockholders' Deficit:
|
||||||||||||
Common stock, no par value, 100,000,000 shares authorized,
|
||||||||||||
26,320,322 and 25,077,500 shares issued and outstanding
|
||||||||||||
in 2015 and 2014, respectively
|
31,135,932 | 23,998,000 | 55,133,932 | |||||||||
Preferred stock, no par value, 10,000,000 shares authorized,
|
||||||||||||
no shares issued and outstanding
|
- | - | ||||||||||
Accumulated deficit
|
(66,252,625 | ) | (22,172,007 | ) | (88,424,632 | ) | ||||||
Total Stockholders' Deficit
|
(35,116,693 | ) | 1,825,993 | (33,290,700 | ) | |||||||
Total Liabilities and Stockholders Deficit
|
$ | 39,349,036 | $ | (812,128 | ) | $ | 38,536,908 |
NOTE 3
|
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued)
|
STATEMENT OF OPERATIONS
|
||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2016
|
||||||||||||
As Previously
|
||||||||||||
Reported
|
Adjustment
|
As Restated
|
||||||||||
Costs and Expenses:
|
||||||||||||
Engineering, research and development costs
|
$ | 3,598,364 | $ | 102,277 | $ | 3,700,641 | ||||||
General and administrative expenses
|
1,539,136 | 280,218 | 1,819,354 | |||||||||
Sales and marketing expenses
|
1,557,720 | (202,842 | ) | 1,354,878 | ||||||||
Total costs and expenses
|
6,695,220 | 179,653 | 6,874,873 | |||||||||
Loss From Operations
|
(6,695,220 | ) | (179,653 | ) | (6,874,873 | ) | ||||||
Other income (expense):
|
||||||||||||
Interest income
|
4,463 | 4,463 | ||||||||||
Interest expense
|
(1,533,299 | ) | (359,860 | ) | (1,893,159 | ) | ||||||
Loss on change in fair value of derivative liability
|
(826,623 | ) | 95,920 | (730,703 | ) | |||||||
Total other expenses, net
|
(2,355,459 | ) | (263,940 | ) | (2,619,399 | ) | ||||||
Net Loss
|
$ | (9,050,679 | ) | $ | (443,593 | ) | $ | (9,494,272 | ) | |||
Weighted-average number of common shares outstanding
|
26,410,717 | - | 26,410,717 | |||||||||
Basic loss per common share:
|
$ | (0.34 | ) | $ | - | $ | (0.36 | ) |
STATEMENT OF OPERATIONS
|
||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015
|
||||||||||||
As Previously
|
||||||||||||
Reported
|
Adjustment
|
As Restated
|
||||||||||
Costs and Expenses:
|
||||||||||||
Engineering, research and development costs
|
$ | 20,529 | $ | 3,117 | $ | 23,646 | ||||||
General and administrative expenses
|
1,115,274 | (19,903 | ) | 1,095,371 | ||||||||
Sales and marketing expenses
|
925,088 | 16,786 | 941,874 | |||||||||
Total costs and expenses
|
2,060,890 | - | 2,060,890 | |||||||||
Loss From Operations
|
(2,060,890 | ) | - | (2,060,890 | ) | |||||||
Other income (expense):
|
||||||||||||
Gain on sale of machinery and equipment
|
- | 161,566 | 161,566 | |||||||||
Interest income
|
2 | - | 2 | |||||||||
Interest expense
|
(2,207,476 | ) | (688,190 | ) | (2,895,666 | ) | ||||||
Total other expenses, net
|
(2,207,474 | ) | (526,624 | ) | (2,734,098 | ) | ||||||
Net Loss
|
$ | (4,268,364 | ) | $ | (526,624 | ) | $ | (4,794,988 | ) | |||
Weighted-average number of common shares outstanding
|
26,410,717 | - | 26,410,717 | |||||||||
Basic loss per common share:
|
$ | (0.16 | ) | - | $ | (0.18 | ) |
NOTE 3
|
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued)
|
STATEMENT OF CASH FLOWS
|
||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2016
|
||||||||||||
As Previously
|
||||||||||||
Reported
|
Adjustment
|
As Restated
|
||||||||||
Cash Flows From Operating Activities
|
||||||||||||
Net Loss
|
$ | (9,050,679 | ) | $ | (443,593 | ) | $ | (9,494,272 | ) | |||
Adjustments to reconcile net loss to net cash
|
||||||||||||
used in operating activities:
|
||||||||||||
Depreciation and amortization
|
61,833 | - | 61,833 | |||||||||
Amortization of discount on notes payable
|
388,317 | 348,918 | 737,235 | |||||||||
Amortization of deferred financing costs
|
77,343 | 11,005 | 88,348 | |||||||||
Accrued interest on capital sublease obligation
|
743,329 | - | 743,329 | |||||||||
Loss on change in fair value of derivative liability
|
826,623 | (95,920 | ) | 730,703 | ||||||||
Change in operating assets and liabilities:
|
||||||||||||
Prepaid expenses and other current assets
|
(1,624,265 | ) | - | (1,624,265 | ) | |||||||
Accounts payable and accrued liabilities
|
198,158 | 178,361 | 376,519 | |||||||||
Interest payable
|
(363,247 | ) | (64 | ) | (363,311 | ) | ||||||
Net Cash Used in Operating Activities
|
(8,742,588 | ) | (1,293 | ) | (8,743,881 | ) | ||||||
Cash Flows From Investing Activities
|
||||||||||||
Purchases of machinery and equipment
|
(5,683 | ) | 2,727 | (2,956 | ) | |||||||
Proceeds from sale of machinery and equipment
|
625,929 | (2,727 | ) | 623,202 | ||||||||
Net Cash Used in Investing Activities
|
620,246 | - | 620,246 | |||||||||
Cash Flows From Financing Activities
|
||||||||||||
Change in restricted cash
|
1,039,513 | - | 1,039,513 | |||||||||
Customer deposits
|
1,396,250 | 1,396,250 | ||||||||||
Issuance of common stock
|
2,006,712 | - | 2,006,712 | |||||||||
Common stock issuance costs
|
(179,796 | ) | 1,293 | (178,503 | ) | |||||||
Advances to related party
|
(101,008 | ) | - | (101,008 | ) | |||||||
Net Cash Provided by Financing Activities
|
4,161,671 | 1,293 | 4,162,964 | |||||||||
Net Change in Cash
|
(3,960,671 | ) | - | (3,960,671 | ) | |||||||
Cash at Beginning of Year
|
6,870,044 | - | 6,870,044 | |||||||||
Cash at End of Year
|
$ | 2,909,373 | $ | - | $ | 2,909,373 |
NOTE 3
|
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Continued)
|
STATEMENT OF CASH FLOWS
|
||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015
|
||||||||||||
As Previously
|
||||||||||||
Reported
|
Adjustment
|
As Restated
|
||||||||||
Cash Flows From Operating Activities
|
||||||||||||
Net Loss
|
$ | (4,268,365 | ) | $ | (526,623 | ) | $ | (4,794,988 | ) | |||
Adjustments to reconcile net loss to net cash
|
||||||||||||
used in operating activities:
|
||||||||||||
Depreciation and amortization
|
75,000 | - | 75,000 | |||||||||
Amortization of discount on notes payable
|
393,579 | 30,202 | 423,781 | |||||||||
Amortization of deferred financing costs
|
49,881 | (116 | ) | 49,765 | ||||||||
Accrued interest on capital sublease obligation
|
- | 657,986 | 657,986 | |||||||||
Gain on sale of fixed assets
|
- | (161,566 | ) | (161,566 | ) | |||||||
Change in operating assets and liabilities:
|
- | |||||||||||
Prepaid expenses and other current assets
|
5,392 | - | 5,392 | |||||||||
Accounts payable and accrued liabilities
|
630,918 | - | 630,918 | |||||||||
Interest payable
|
1,404,457 | - | 1,404,457 | |||||||||
Net Cash Used in Operating Activities
|
(1,709,138 | ) | (117 | ) | (1,709,255 | ) | ||||||
Cash Flows From Investing Activities
|
||||||||||||
Purchases of machinery and equipment
|
- | - | - | |||||||||
Proceeds from sale of machinery and equipment
|
357,265 | - | 357,265 | |||||||||
Net Cash Used in Investing Activities
|
357,265 | - | 357,265 | |||||||||
Cash Flows From Financing Activities
|
||||||||||||
Change in restricted cash
|
(317,738 | ) | - | (317,738 | ) | |||||||
Customer deposits
|
1,433,048 | - | 1,433,048 | |||||||||
Issuance of common stock
|
- | - | - | |||||||||
Common stock issuance costs
|
- | - | - | |||||||||
Repayments of notes payable
|
(277,000 | ) | - | (277,000 | ) | |||||||
Payment of deferred financing costs
|
(19,243 | ) | 117 | (19,126 | ) | |||||||
Proceeds from convertible notes
|
180,000 | - | 180,000 | |||||||||
Repayments of advances from related party
|
(400 | ) | - | (400 | ) | |||||||
Advances to related party
|
12,000 | - | 12,000 | |||||||||
Net Cash Provided by Financing Activities
|
1,010,667 | 117 | 1,010,784 | |||||||||
Net Change in Cash
|
(341,206 | ) | - | (341,206 | ) | |||||||
Cash at Beginning of Year
|
374,652 | - | 374,652 | |||||||||
Cash at End of Year
|
$ | 33,446 | $ | - | $ | 33,446 |
NOTE 4
|
BASIC AND DILUTED LOSS PER COMMON SHARE
|
NOTE 5
|
FAIR VALUES OF ASSETS AND LIABILITIES
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Warrant liabilities
|
$ | - | $ | - | $ | 1,768,824 | $ | 1,768,824 | ||||||||
Assets held for sale
|
$ | - | $ | - | $ | 1,576,798 | $ | 1,576,798 |
NOTE 5
|
FAIR VALUES OF ASSETS AND LIABILITIES (Continued)
|
Fair Value
at March 31,
2016
|
Valuation
Techniques
|
Unobservable Input
|
Weighted
Average
|
|||||||||
Warrant liabilities
|
$ | 1,768,824 |
Black-Scholes
|
Risk-free rate
Time to liquidity
Dividend yield
Volatility
|
1.69%
4.79 yrs.
0.00%
80.16%
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Warrant liabilities
|
$ | - | $ | - | $ | 907,703 | $ | 907,703 | ||||||||
Assets held for sale
|
$ | - | $ | - | $ | 2,200,000 | $ | 2,200,000 |
Fair Value
at December 31, 2015 |
Valuation
Techniques
|
Unobservable Input
|
Weighted
Average
|
|||||||||
Warrant liabilities
|
$
|
907,703
|
Monte Carlo option pricing method
|
Risk-free rate
Time to liquidity
Dividend yield
Volatility
|
1.69%
4.84 yrs.
0.00%
80.16%
|
NOTE 5
|
FAIR VALUES OF ASSETS AND LIABILITIES (CONTINUED)
|
Balance at January 1, 2016
|
$ | 907,703 | ||
Issuance of warrants
|
133,513 | |||
Change in fair value of warrants included in earnings
|
730,703 | |||
Exercise of warrants
|
(3,095 | ) | ||
Balance at March 31, 2016
|
$ | 1,768,824 |
NOTE 6
|
PROPERTY AND EQUIPMENT
|
NOTE 7
|
CUSTOMER DEPOSITS
|
NOTE 8
|
LONG TERM DEBT
|
NOTE 8
|
LONG TERM DEBT (Continued)
|
NOTE 9
|
COMMON STOCK
|
NOTE 10
|
COMMITMENTS AND CONTINGENCIES
|
NOTE 11
|
RELATED PARTY TRANSACTIONS
|
NOTE 12
|
SUBSEQUENT EVENTS
|
ELIO MOTORS, INC.
(Exact name of issuer as specified in its charter)
|
||||
By:
|
/s/ Paul Elio | |||
Paul Elio
Chief Executive Officer
|
By:
|
/s/ Connie Grennan | |||
Connie Grennan
Chief Financial Officer
|
||||
Date:
|
July 18, 2016 |
1 Year Elio Motors (CE) Chart |
1 Month Elio Motors (CE) Chart |
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