$MULN
MULLEN AUTOMOTIVE INC.

2021 Q3 Form 10-K Financial Statement

#000110465921154243 Filed on December 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 2020 Q3
Revenue $0.00 $0.00 $16.73M
YoY Change -100.0% -100.0% -0.51%
Cost Of Revenue $14.56M
YoY Change 3.42%
Gross Profit $2.174M
YoY Change -20.66%
Gross Profit Margin 12.99%
Selling, General & Admin $18.67M $18.67M $1.648M
YoY Change 1033.36% 166.15% -31.32%
% of Gross Profit 75.78%
Research & Development $2.935M $3.009M $47.63K
YoY Change 6061.1% 80.5% -47.08%
% of Gross Profit 2.19%
Depreciation & Amortization -$543.8K $720.8K $749.5K
YoY Change -172.55% -0.69% -0.07%
% of Gross Profit 34.47%
Operating Expenses $22.33M $22.40M $1.648M
YoY Change 1255.22% 85.24% -90.68%
Operating Profit -$22.40M -$1.904M
YoY Change 85.24% 123.31%
Interest Expense -$21.17M -$21.17M $360.5K
YoY Change -5971.86% -1563.27% 33.5%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$77.78K
YoY Change -100.0% -100.0% -193.33%
Pretax Income -$44.24M -$44.24M -$2.342M
YoY Change 1788.62% 647.32% 125.37%
Income Tax $800.00
% Of Pretax Income
Net Earnings -$44.24M -$44.24M -$2.330M
YoY Change 1799.09% 46.6% 130.51%
Net Earnings / Revenue -13.92%
Basic Earnings Per Share -$8.56
Diluted Earnings Per Share -$8.555M -$8.56 -$517.9K
COMMON SHARES
Basic Shares Outstanding 5.404M 5.171M
Diluted Shares Outstanding 5.171M

Balance Sheet

Concept 2021 Q3 2021 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.17K $42.17K $2.120M
YoY Change -98.01% -99.07% 323.93%
Cash & Equivalents $42.17K $33.37K
Short-Term Investments
Other Short-Term Assets $250.3K $6.713M $201.1K
YoY Change 24.5% 265.25% -85.64%
Inventory $55.75K $55.75K
Prepaid Expenses $6.201M
Receivables $5.253M
Other Receivables $641.0K
Total Short-Term Assets $6.902M $6.811M $15.33M
YoY Change -54.98% -51.24% 107.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.181M $3.623M $1.542M
YoY Change -23.38% 352.27% 16046.55%
Goodwill $0.00 $7.681M
YoY Change -100.0% -14.73%
Intangibles $2.495M $2.623M
YoY Change -4.86% -55.93%
Long-Term Investments
YoY Change
Other Assets $4.243M $4.243M $762.0K
YoY Change 456.85% 443.31% 16.21%
Total Long-Term Assets $10.27M $10.36M $6.656M
YoY Change 54.31% -19.42% -58.49%
TOTAL ASSETS
Total Short-Term Assets $6.902M $6.811M $15.33M
Total Long-Term Assets $10.27M $10.36M $6.656M
Total Assets $17.17M $17.17M $21.99M
YoY Change -21.9% -35.99% -6.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.206M $5.206M $2.688M
YoY Change 93.67% -27.4% -49.76%
Accrued Expenses $19.13M $19.73M $2.403M
YoY Change 696.0% 315.73% 46.74%
Deferred Revenue $854.4K
YoY Change -9.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $39.20M $39.20M $33.05M
YoY Change 18.62% 2847.4% 28849.26%
Total Short-Term Liabilities $71.16M $71.16M $58.23M
YoY Change 22.22% 372.19% 608.95%
LONG-TERM LIABILITIES
Long-Term Debt $247.6K $247.6K $283.9K
YoY Change -12.78% -97.13% -96.44%
Other Long-Term Liabilities $5.617M $7.475M $4.500M
YoY Change 24.83% 1031.53% 1025.0%
Total Long-Term Liabilities $5.865M $7.723M $4.784M
YoY Change 22.6% -16.73% -40.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.16M $71.16M $58.23M
Total Long-Term Liabilities $5.865M $7.723M $4.784M
Total Liabilities $78.88M $78.88M $64.49M
YoY Change 22.32% 227.62% 289.05%
SHAREHOLDERS EQUITY
Retained Earnings -$150.4M -$106.1M
YoY Change 41.68% -39.68%
Common Stock $7.048K $5.086K
YoY Change 38.58% 1137.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$61.71M -$61.71M -$42.50M
YoY Change
Total Liabilities & Shareholders Equity $17.17M $17.17M $21.99M
YoY Change -21.9% -35.99% -6.2%

Cashflow Statement

Concept 2021 Q3 2021 2020 Q3
OPERATING ACTIVITIES
Net Income -$44.24M -$44.24M -$2.330M
YoY Change 1799.09% 46.6% 130.51%
Depreciation, Depletion And Amortization -$543.8K $720.8K $749.5K
YoY Change -172.55% -0.69% -0.07%
Cash From Operating Activities -$16.33M -$17.52M $48.01K
YoY Change -34111.98% 62.52% -106.0%
INVESTING ACTIVITIES
Capital Expenditures -$108.2K $43.89K -$543.4K
YoY Change -80.09% -83.77% 5333.8%
Acquisitions
YoY Change
Other Investing Activities -$79.72K
YoY Change -80.56%
Cash From Investing Activities $224.9K -$161.8K -$623.1K
YoY Change -136.09% -71.47% 51.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.800M
YoY Change 194.78%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.47M 17.69M 2.099M
YoY Change 684.47% 93.15% 144.07%
NET CHANGE
Cash From Operating Activities -16.33M -17.52M 48.01K
Cash From Investing Activities 224.9K -161.8K -623.1K
Cash From Financing Activities 16.47M 17.69M 2.099M
Net Change In Cash 362.0K 8.806K 1.524M
YoY Change -76.25% -100.4% -535.41%
FREE CASH FLOW
Cash From Operating Activities -$16.33M -$17.52M $48.01K
Capital Expenditures -$108.2K $43.89K -$543.4K
Free Cash Flow -$16.22M -$17.57M $591.4K
YoY Change -2842.85% 58.94% -174.86%

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CY2020 us-gaap Interest Paid Net
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of carve-out financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the carve-out financial statements and the reported amounts of total expenses in the reporting periods. Estimates are used for, but not limited to, fair value of long-lived assets, fair value of financial instruments, depreciable lives of property and equipment, income taxes, contingencies, and inputs used to value stock-based compensation, valuation of common and preferred stock issued by MTI.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Additionally, the rates of interest on several debt agreements have been imputed where there was no stated interest rate within the original agreement. The imputed interest results in adjustments to the debt amounts reported in our condensed carve-out financial statements prepared under U.S. GAAP. Loan valuations issues can arise when trying to determine the debt attributes, such as discount rate, credit loss factors, liquidity discounts, and pricing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for adjustments about the carrying values of assets and liabilities and the recording of costs and expenses that are not readily apparent from other sources. The actual results may differ materially from these estimates.</p>
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CY2021 muln Penalty For Delays In Consummation Of Merger Transaction
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Concentrations of Business and Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We maintains cash balances in several financial institutions that are insured by either the Federal Deposit Insurance Corporation or the National Credit Union Association up to certain federal limitations, generally $250,000. At times, our cash balance may exceed these federal limitations and maintains significant cash on hand at certain of its locations. However, we have not experienced any losses in such accounts and management believes we are not exposed to any significant credit risk on these accounts. There were no amounts in excess of insured limitations at September 30, 2021 and 2020.</p>
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