$MULN
MULLEN AUTOMOTIVE INC.

2015 Q3 Form 10-Q Financial Statement

#000114420415048728 Filed on August 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $12.68M $6.907M $4.912M
YoY Change 110.31% 40.61% -12.4%
Cost Of Revenue $10.71M $5.468M $3.345M
YoY Change 126.91% 63.46% -19.08%
Gross Profit $1.970M $1.439M $1.567M
YoY Change 50.47% -8.16% 6.33%
Gross Profit Margin 15.54% 20.84% 31.9%
Selling, General & Admin $3.040M $3.320M -$290.0K
YoY Change 17.37% -1244.83% -103.13%
% of Gross Profit 154.33% 230.7% -18.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $851.6K $626.5K $624.8K
YoY Change 24.42% 0.27% 1.27%
% of Gross Profit 43.23% 43.53% 39.87%
Operating Expenses $14.60M $9.411M $4.975M
YoY Change 83.17% 89.16% -80.28%
Operating Profit -$1.927M -$2.504M -$62.98K
YoY Change -0.93% 3875.54% -99.68%
Interest Expense -$2.690M $740.0K $3.800M
YoY Change 240.51% -80.53% 335.54%
% of Operating Profit
Other Income/Expense, Net -$46.20K -$8.501K -$6.394K
YoY Change -19.79% 32.95% 62.24%
Pretax Income -$4.537M -$1.775M $1.335M
YoY Change -8.72% -232.96% -106.5%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$4.513M -$1.764M $1.348M
YoY Change -9.02% -230.9% -106.66%
Net Earnings / Revenue -35.61% -25.54% 27.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.686K -$1.036K $1.140K
COMMON SHARES
Basic Shares Outstanding 67.14M shares 46.19M shares 32.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $700.0K $1.300M
YoY Change -78.57% -46.15% -35.0%
Cash & Equivalents $315.7K $675.2K $1.272M
Short-Term Investments
Other Short-Term Assets $6.000M $5.900M $800.0K
YoY Change 500.0% 637.5% 60.0%
Inventory
Prepaid Expenses
Receivables $4.540M $3.494M $4.374M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.85M $10.10M $6.481M
YoY Change 69.58% 55.83% -40.87%
LONG-TERM ASSETS
Property, Plant & Equipment $200.9K $100.0K $63.23K
YoY Change 58.14% -76.61%
Goodwill $6.672M $6.672M
YoY Change -60.75%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $335.3K $300.0K $308.3K
YoY Change 235.27% -2.69%
Total Long-Term Assets $15.32M $15.70M $10.10M
YoY Change 63.35% 55.51% -21.73%
TOTAL ASSETS
Total Short-Term Assets $10.85M $10.10M $6.481M
Total Long-Term Assets $15.32M $15.70M $10.10M
Total Assets $26.18M $25.80M $16.58M
YoY Change 65.87% 55.64% -30.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.389M $3.200M $2.610M
YoY Change 62.55% 22.63% 4.88%
Accrued Expenses $2.581M $2.700M $2.714M
YoY Change 7.53% -0.51% -24.94%
Deferred Revenue
YoY Change
Short-Term Debt $694.4K $277.8K $256.4K
YoY Change 8.34% -90.02%
Long-Term Debt Due $1.645M $596.2K -$98.49K
YoY Change 1545.34% -705.3% -94.05%
Total Short-Term Liabilities $14.02M $10.90M $6.155M
YoY Change 150.36% 77.1% -40.94%
LONG-TERM LIABILITIES
Long-Term Debt $3.014M $3.647M $16.64M
YoY Change -5.81% -78.08% -18.49%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.014M $3.647M $16.64M
YoY Change -5.81% -78.08% -18.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.02M $10.90M $6.155M
Total Long-Term Liabilities $3.014M $3.647M $16.64M
Total Liabilities $17.03M $14.80M $22.79M
YoY Change 98.07% -35.06% -26.55%
SHAREHOLDERS EQUITY
Retained Earnings -$138.8M -$121.2M
YoY Change 9.81%
Common Stock $149.5M $116.5M
YoY Change 10.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.900M $11.00M -$6.000M
YoY Change
Total Liabilities & Shareholders Equity $26.18M $25.80M $16.58M
YoY Change 65.68% 55.63% -30.52%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$4.513M -$1.764M $1.348M
YoY Change -9.02% -230.9% -106.66%
Depreciation, Depletion And Amortization $851.6K $626.5K $624.8K
YoY Change 24.42% 0.27% 1.27%
Cash From Operating Activities -$1.040M -$2.300M $2.640M
YoY Change 147.62% -187.12% -16.46%
INVESTING ACTIVITIES
Capital Expenditures $410.0K $60.00K -$100.0K
YoY Change 4000.0% -160.0% -600.0%
Acquisitions
YoY Change
Other Investing Activities $150.0K -$3.500M -$1.310M
YoY Change -287.5% 167.18% 122.03%
Cash From Investing Activities -$270.0K -$3.550M -$1.210M
YoY Change 237.5% 193.39% 98.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 570.0K 5.460M -3.790M
YoY Change -43.56% -244.06% 58.58%
NET CHANGE
Cash From Operating Activities -1.040M -2.300M 2.640M
Cash From Investing Activities -270.0K -3.550M -1.210M
Cash From Financing Activities 570.0K 5.460M -3.790M
Net Change In Cash -740.0K -390.0K -2.360M
YoY Change -245.1% -83.47% -1575.0%
FREE CASH FLOW
Cash From Operating Activities -$1.040M -$2.300M $2.640M
Capital Expenditures $410.0K $60.00K -$100.0K
Free Cash Flow -$1.450M -$2.360M $2.740M
YoY Change 237.21% -186.13% -12.74%

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LongTermDebtNoncurrent
3216507 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Use of Estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of expenses for the period presented. Actual results could differ from those estimates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Significant estimates include (i)&#160;the valuation of acquired merchant portfolios (ii)&#160;the recoverability of indeterminate-lived assets, (iii)&#160;the remaining useful lives of long-lived assets, and (iv) the sufficiency of merchant, aggregator, legal, and other reserves. On an ongoing basis, we evaluate the sufficiency and accuracy of our estimates. Actual results could differ from those estimates.&#160;</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
45881523 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
57619634 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
45881523 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
57619634 shares
nete Terminals Acquired Amount Net
TerminalsAcquiredAmountNet
489250 USD
nete Terminals Amortization Amount Net
TerminalsAmortizationAmountNet
62231 USD
CY2015Q2 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
596337 USD
CY2015Q2 us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
2022036 USD
CY2014Q2 us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
5569158 USD
us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
2022036 USD
us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
5569158 USD
CY2015Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3962406 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3962406 USD
CY2015Q2 us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
0 USD
CY2014Q2 us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
1596000 USD
us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
0 USD
us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
1596000 USD
CY2015Q2 us-gaap Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
23854 USD
CY2014Q2 us-gaap Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
-28320 USD
us-gaap Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
23857 USD
us-gaap Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
-28320 USD
CY2015Q2 us-gaap Depreciation
Depreciation
9428 USD
CY2014Q2 us-gaap Depreciation
Depreciation
29135 USD
CY2014Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2550906 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3341537 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
515473 USD
CY2015Q2 us-gaap Interest Payable Current
InterestPayableCurrent
300000 USD
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5318405 USD
CY2015Q2 nete Longterm Debt Maturities Repayments Of Principal Total
LongtermDebtMaturitiesRepaymentsOfPrincipalTotal
8965000 USD
CY2015Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
4722222 USD
CY2015Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
525197 USD
CY2014Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
0 USD
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
525197 USD
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
0 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2289482 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1347769 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4528690 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2245559 USD
CY2014Q4 nete Cash Fdic Insured Amount Cash Noninterest Bearing Transaction Accounts
CashFdicInsuredAmountCashNoninterestBearingTransactionAccounts
250000 USD
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
601371 USD
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700468 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1202742 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
752518 USD
CY2015Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
596183 USD
CY2014Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
98493 USD
CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3646595 USD
CY2015Q2 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
3600000 USD
CY2015Q2 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
7200000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets
800000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
1900000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
4800000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
100000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
400000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
7200000 USD
CY2015Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
8112226 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14927124 USD
CY2014Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14262658 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
13061635 USD
CY2015Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2609656 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-5011363 USD
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3195452 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
nete Gain Loss Due To Change In Fair Value And Settlement Of Beneficial Conversion Derivative
GainLossDueToChangeInFairValueAndSettlementOfBeneficialConversionDerivative
2022036 USD
nete Gain Loss Due To Change In Fair Value And Settlement Of Beneficial Conversion Derivative
GainLossDueToChangeInFairValueAndSettlementOfBeneficialConversionDerivative
-46113 USD
us-gaap Interest Expense
InterestExpense
349146 USD
us-gaap Interest Expense
InterestExpense
0 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
983715 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1644626 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
94770 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
1438704 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
23854 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-28320 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
5569158 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
65051 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
941 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
5500000 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 USD
us-gaap Notes Issued1
NotesIssued1
277778 USD
us-gaap Notes Issued1
NotesIssued1
0 USD
us-gaap Escrow Deposits Related To Property Sales
EscrowDepositsRelatedToPropertySales
5000000 USD
us-gaap Escrow Deposits Related To Property Sales
EscrowDepositsRelatedToPropertySales
0 USD
us-gaap Stock Issued1
StockIssued1
525197 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2015Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5000000 USD
nete Terminals Amortization Amount Net
TerminalsAmortizationAmountNet
27419 USD
CY2015Q2 nete Working Capital Deficit
WorkingCapitalDeficit
800000 USD
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
277778 USD
CY2015Q2 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
3600000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
us-gaap Proceeds From Deposits With Other Institutions
ProceedsFromDepositsWithOtherInstitutions
0 USD
us-gaap Proceeds From Deposits With Other Institutions
ProceedsFromDepositsWithOtherInstitutions
-7756017 USD
CY2015Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
138893 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
235610 USD
CY2015Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
11648260 USD
CY2015Q2 nete Minimum Bid Price Closing Requirement Description
MinimumBidPriceClosingRequirementDescription
we received a deficiency letter from The NASDAQ Capital Market indicating that for 30 consecutive trading days our common stock had a closing bid price below the $1.00 per share minimum. In accordance with NASDAQ Listing Rules, we were provided a compliance period of 180 calendar days, or until December 16, 2015, to regain compliance with this requirement. We can regain compliance with the minimum closing bid price requirement if the bid price of our Common Stock closes at $1.00 per share or higher for a minimum of 10 consecutive business days. If we do not regain compliance with the minimum closing bid price requirement during the initial 180-day compliance period, we may be eligible for an additional 180-day compliance period, provided that we meet the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and we notify The NASDAQ Capital Market staff of our intention to cure the deficiency during the additional compliance period. For additional discussion, see &#8220;Our common stock may be delisted from The NASDAQ Capital Market, which could affect its market price and liquidity&#8221;

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