EX1A-12 OPN CNSL 30 ex12_1.htm EXHIBIT 12.1 Unassociated Document
Exhibit 12.1
 
 
455 Sherman St., Suite 300
Denver, Colorado 80203
303-777-3737
303-777-3823 FAX
www.dillanddill.com
 
Arthur H. Bosworth, II
Christopher W. Carr*
Daniel W. Carr
John J. Coates
Kevin M. Coates
H. Alan Dill
Robert A. Dill
Thomas M.  Dunn
John A. Hutchings
Stephen M. Lee
Fay M. Matsukage**
 
August 27, 2015
 
 
Elio Motors, Inc.
2942 North 24th Street, Suite 114-700
Phoenix, Arizona 85016
 
Adam P. Stapen
Jon Stonbraker
Craig A. Stoner
Frank W. Suyat
Patrick D. Tooley
*Also licensed in Washington
**Also licensed in Nevada
 
Gentlemen:
 
We are acting as counsel to Elio Motors, Inc. (the “Company”) in connection with the preparation and filing with the Securities and Exchange Commission, under the Securities Act of 1933, as amended, of the Company’s Offering Statement on Form 1-A.  The Offering Statement covers 2,090,000 shares of the Company’s common stock (the “Shares”).
 
In our capacity as such counsel, we have examined and relied upon the originals or copies certified or otherwise identified to our satisfaction, of the Offering Statement, the form of Subscription Agreement and such corporate records, documents, certificates and other agreements and instruments as we have deemed necessary or appropriate to enable us to render the opinions hereinafter expressed.
 
On the basis of such examination, we are of the opinion that:
 
 
1.
The Shares have been duly authorized by all necessary corporate action of the Company.
 
 
2.
When issued and sold by the Company against payment therefor pursuant to the terms of the Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable.
 
We hereby consent to the use of our name in the Offering Statement and we also consent to the filing of this opinion as an exhibit thereto.  In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regula­tions of the Commission thereunder.
 
Very truly yours,
 
/s/ Dill Dill Carr Stonbraker & Hutchings, P.C.
DILL DILL CARR STONBRAKER & HUTCHINGS, P.C.