$MULN
MULLEN AUTOMOTIVE INC.

2015 Q4 Form 10-Q Financial Statement

#000114420415066062 Filed on November 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $15.11M $12.68M $5.450M
YoY Change 177.25% 110.31% -5.22%
Cost Of Revenue $13.19M $10.71M $4.290M
YoY Change 207.46% 126.91% -1.15%
Gross Profit $1.920M $1.970M $1.160M
YoY Change 65.52% 50.47% -18.31%
Gross Profit Margin 12.71% 15.54% 21.28%
Selling, General & Admin $5.260M $3.040M $3.380M
YoY Change 55.62% 17.37% -82.44%
% of Gross Profit 273.96% 154.33% 291.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $590.0K $851.6K $460.0K
YoY Change 28.26% 24.42% -41.77%
% of Gross Profit 30.73% 43.23% 39.66%
Operating Expenses $5.850M $14.60M $3.880M
YoY Change 50.77% 83.17% -80.67%
Operating Profit -$3.930M -$1.927M -$2.720M
YoY Change 44.49% -0.93% -85.42%
Interest Expense -$28.44M -$2.690M -$80.00K
YoY Change 35450.0% 240.51% -91.49%
% of Operating Profit
Other Income/Expense, Net -$30.00K -$46.20K -$50.00K
YoY Change -40.0% -19.79% -600.0%
Pretax Income -$4.770M -$4.537M -$2.960M
YoY Change 61.15% -8.72% -85.94%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.180M -$4.513M -$2.980M
YoY Change 73.83% -9.02% -85.79%
Net Earnings / Revenue -34.28% -35.61% -54.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.242K -$1.686K -$1.491K
COMMON SHARES
Basic Shares Outstanding 80.00M shares 67.14M shares 45.62M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $300.0K $500.0K
YoY Change 100.0% -78.57% 400.0%
Cash & Equivalents $1.026M $315.7K $503.3K
Short-Term Investments
Other Short-Term Assets $1.100M $6.000M $1.000M
YoY Change 10.0% 500.0% -47.37%
Inventory
Prepaid Expenses
Receivables $5.199M $4.540M $3.417M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.331M $10.85M $4.883M
YoY Change 50.12% 69.58% -61.52%
LONG-TERM ASSETS
Property, Plant & Equipment $162.1K $200.9K $70.92K
YoY Change 128.61% -48.34%
Goodwill $9.644M $6.672M $6.672M
YoY Change 44.55% 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $353.1K $335.3K $204.7K
YoY Change 72.44% 235.27%
Total Long-Term Assets $15.58M $15.32M $9.439M
YoY Change 65.08% 63.35% -3.87%
TOTAL ASSETS
Total Short-Term Assets $7.331M $10.85M $4.883M
Total Long-Term Assets $15.58M $15.32M $9.439M
Total Assets $22.91M $26.18M $14.32M
YoY Change 59.98% 65.87% -36.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.859M $4.389M $2.698M
YoY Change 117.13% 62.55% -15.42%
Accrued Expenses $2.975M $2.581M $2.352M
YoY Change 26.5% 7.53% -32.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $694.4K $0.00
YoY Change -100.0%
Long-Term Debt Due $518.4K $1.645M $98.49K
YoY Change 426.37% 1545.34% -97.42%
Total Short-Term Liabilities $10.43M $14.02M $5.621M
YoY Change 85.48% 150.36% -72.79%
LONG-TERM LIABILITIES
Long-Term Debt $3.447M $3.014M $3.217M
YoY Change 7.15% -5.81% -81.36%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.447M $3.014M $3.217M
YoY Change 7.15% -5.81% -81.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.43M $14.02M $5.621M
Total Long-Term Liabilities $3.447M $3.014M $3.217M
Total Liabilities $13.87M $17.03M $8.838M
YoY Change 56.97% 98.07% -76.69%
SHAREHOLDERS EQUITY
Retained Earnings -$144.0M -$138.8M -$129.1M
YoY Change 11.49% 8.56%
Common Stock $154.4M $149.5M $136.7M
YoY Change 12.93% 32.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.800M $8.900M $5.200M
YoY Change
Total Liabilities & Shareholders Equity $22.91M $26.18M $14.32M
YoY Change 59.98% 65.68% -36.37%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$5.180M -$4.513M -$2.980M
YoY Change 73.83% -9.02% -85.79%
Depreciation, Depletion And Amortization $590.0K $851.6K $460.0K
YoY Change 28.26% 24.42% -41.77%
Cash From Operating Activities $1.820M -$1.040M -$710.0K
YoY Change -356.34% 147.62% -84.01%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $410.0K $740.0K
YoY Change -86.49% 4000.0% 94.74%
Acquisitions
YoY Change
Other Investing Activities -$420.0K $150.0K $300.0K
YoY Change -240.0% -287.5% -1100.0%
Cash From Investing Activities -$520.0K -$270.0K -$450.0K
YoY Change 15.56% 237.5% 9.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -320.0K 570.0K 2.760M
YoY Change -111.59% -43.56% 220.93%
NET CHANGE
Cash From Operating Activities 1.820M -1.040M -710.0K
Cash From Investing Activities -520.0K -270.0K -450.0K
Cash From Financing Activities -320.0K 570.0K 2.760M
Net Change In Cash 980.0K -740.0K 1.600M
YoY Change -38.75% -245.1% -140.1%
FREE CASH FLOW
Cash From Operating Activities $1.820M -$1.040M -$710.0K
Capital Expenditures $100.0K $410.0K $740.0K
Free Cash Flow $1.720M -$1.450M -$1.450M
YoY Change -218.62% 237.21% -69.92%

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dei Document Fiscal Year Focus
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2015
dei Document Fiscal Period Focus
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dei Entity Registrant Name
EntityRegistrantName
Net Element, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001499961
dei Current Fiscal Year End Date
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--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
NETE
CY2015Q4 dei Entity Common Stock Shares Outstanding
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<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: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> The preparation of financial statements in conformity with U.S. GAAP 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 style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
nete Terminals Acquired Amount Net
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us-gaap Tax Credit Carryforward Limitations On Use
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The pre-change losses may only become available to be utilized by us at the rate of $2.4 million per year. Any unused losses can be carried forward, subject to their original carry forward limitation periods. In the year 2014, approximately $1.3 million in the pre-change losses was released from the Section 382 loss limitation. We can still fully utilize the NOLs generated after the change of the ownership, which was approximately $4.3 million. In 2015, $2.3 million of the pre-change losses will be released. Thus, we expect the total of approximately $8.9 million as of September 30, 2015 is available to offset future taxable income.
CY2015Q3 us-gaap Warrants And Rights Outstanding
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5318405 USD
CY2015Q2 nete Closing Bid Price
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1.00
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1:20 to 1:30
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us-gaap Financial Services Revenue
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CY2014Q3 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
0 USD
us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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us-gaap Gains Losses On Extinguishment Of Debt
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-6184219 USD
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. We have announced our intention to complete a reverse stock split in the conversion range of 1:20 to 1:30. We are currently seeking shareholder approval for the reverse stock split and there is no assurance the stock split will cure the compliance issue. 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;
us-gaap Revenue Other Financial Services
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14234441 USD
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250000 USD
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CY2014Q4 nete Derivative Liability Conversion Feature
DerivativeLiabilityConversionFeature
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us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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2300000 USD
CY2015Q3 nete Gross Profit Percentage
GrossProfitPercentage
0.16 pure
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1969796 USD
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us-gaap Gross Profit
GrossProfit
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0.17 pure
us-gaap Gross Profit
GrossProfit
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nete Gross Profit Percentage
GrossProfitPercentage
0.266 pure
us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
In April 2013, we purchased 80% of Aptito, a cloud based Software-as-a-Service (SaaS) restaurant management solution
nete Net Income Loss Attributable To Noncontrolling Interest Including Foreign Curreny Adjustment
NetIncomeLossAttributableToNoncontrollingInterestIncludingForeignCurrenyAdjustment
-42850 USD
nete Net Income Loss Attributable To Noncontrolling Interest Including Foreign Curreny Adjustment
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376059 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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1275498 USD
us-gaap Deferred Revenue Period Increase Decrease
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us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
26310 USD
nete Gain Loss Due To Change In Fair Value And Settlement Of Beneficial Conversion Derivative
GainLossDueToChangeInFairValueAndSettlementOfBeneficialConversionDerivative
939008 USD
nete Gain Loss Due To Change In Fair Value And Settlement Of Beneficial Conversion Derivative
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5569158 USD
us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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1900995 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2610030 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1644626 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
0 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
1640109 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
68786 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-16137 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3505559 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
2959201 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
45473 USD
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IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1728877 USD
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IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
89835 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
270642 USD
us-gaap Increase Decrease In Other Receivables
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32890 USD
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IncreaseDecreaseInOtherReceivables
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us-gaap Increase Decrease In Accounts Receivable
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1203429 USD
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
423250 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1339096 USD
us-gaap Payments For Proceeds From Hedge Investing Activities
PaymentsForProceedsFromHedgeInvestingActivities
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us-gaap Payments For Proceeds From Hedge Investing Activities
PaymentsForProceedsFromHedgeInvestingActivities
0 USD
us-gaap Payments To Acquire Notes Receivable
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26795 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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5500000 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 USD
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
650000 USD
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
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us-gaap Repayments Of Other Debt
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us-gaap Repayments Of Other Debt
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
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484137 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5019 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
0 USD
us-gaap Repayments Of Bank Debt
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1279052 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
6800000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
347578 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2350870 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1405371 USD
us-gaap Interest Paid
InterestPaid
397186 USD
us-gaap Interest Paid
InterestPaid
1338402 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
74417 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
296844 USD
us-gaap Notes Issued1
NotesIssued1
694445 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 Liabilities Assumed1
LiabilitiesAssumed1
3978495 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
us-gaap Stock Issued1
StockIssued1
1146470 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
650000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
CY2015Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
196086 USD
us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
80173 USD

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