$MULN
MULLEN AUTOMOTIVE INC.

2017 Q1 Form 10-K Financial Statement

#000114420417018206 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016
Revenue $13.56M $15.32M $54.29M
YoY Change 20.43% 1.39% 34.92%
Cost Of Revenue $11.46M $13.14M $45.71M
YoY Change 22.11% -0.38% 34.53%
Gross Profit $2.102M $2.180M $8.579M
YoY Change 12.06% 13.54% 37.08%
Gross Profit Margin 15.5% 14.23% 15.8%
Selling, General & Admin $3.710M $3.790M $13.95M
YoY Change 37.41% -27.95% -2.25%
% of Gross Profit 176.5% 173.85% 162.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.20K $970.0K $3.467M
YoY Change -96.26% 64.41% 37.93%
% of Gross Profit 1.58% 44.5% 40.41%
Operating Expenses $4.360M $4.760M $17.42M
YoY Change -66.4% -18.63% -65.69%
Operating Profit -$2.258M -$2.580M -$8.837M
YoY Change 31.79% -34.35% -16.0%
Interest Expense $46.14K -$280.0K $852.4K
YoY Change -99.02%
% of Operating Profit
Other Income/Expense, Net -$10.00K $20.00K $407.3K
YoY Change -54.17% -166.67% -592.48%
Pretax Income -$2.540M -$2.840M -$13.62M
YoY Change 34.71% -40.46% 2.16%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.538M -$2.820M -$13.49M
YoY Change 37.37% -45.56% 1.76%
Net Earnings / Revenue -18.72% -18.41% -24.84%
Basic Earnings Per Share
Diluted Earnings Per Share -$249.00 -$282.00 -$10.33M
COMMON SHARES
Basic Shares Outstanding 17.68M shares 15.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $800.0K $600.0K $621.6K
YoY Change 14.29% -40.0% -37.84%
Cash & Equivalents $621.6K
Short-Term Investments
Other Short-Term Assets $1.700M $1.500M $1.468M
YoY Change 30.77% 36.36% 33.45%
Inventory
Prepaid Expenses
Receivables $6.725M $7.126M $7.126M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.200M $9.216M $9.216M
YoY Change 41.54% 25.72% 26.25%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $117.3K $117.3K
YoY Change -50.0% -27.65% -41.35%
Goodwill $9.644M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $603.2K $603.2K
YoY Change 28.31% 70.86% 50.8%
Total Long-Term Assets $13.80M $13.98M $13.95M
YoY Change -8.7% -10.26% -10.55%
TOTAL ASSETS
Total Short-Term Assets $9.200M $9.216M $9.216M
Total Long-Term Assets $13.80M $13.98M $13.95M
Total Assets $23.00M $23.20M $23.17M
YoY Change 6.4% 1.25% 1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.300M $7.510M $7.510M
YoY Change 62.75% 28.18% 27.29%
Accrued Expenses $5.400M $5.519M $5.519M
YoY Change 72.46% 85.5% 97.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $719.6K $809.0K $809.0K
YoY Change 19.93% 56.04% 61.8%
Total Short-Term Liabilities $15.70M $15.49M $15.49M
YoY Change 48.27% 48.6% 48.97%
LONG-TERM LIABILITIES
Long-Term Debt $3.844M $3.616M $3.616M
YoY Change 9.83% 4.91% 6.35%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.844M $3.616M $3.616M
YoY Change 9.83% 4.91% 6.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.70M $15.49M $15.49M
Total Long-Term Liabilities $3.844M $3.616M $3.616M
Total Liabilities $19.60M $19.25M $19.18M
YoY Change 39.41% 38.75% 36.02%
SHAREHOLDERS EQUITY
Retained Earnings -$157.4M
YoY Change 9.37%
Common Stock $163.9M
YoY Change 6.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.400M $4.000M $3.991M
YoY Change
Total Liabilities & Shareholders Equity $23.00M $23.17M $23.17M
YoY Change 6.4% 1.12% 1.18%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016
OPERATING ACTIVITIES
Net Income -$2.538M -$2.820M -$13.49M
YoY Change 37.37% -45.56% 1.76%
Depreciation, Depletion And Amortization $33.20K $970.0K $3.467M
YoY Change -96.26% 64.41% 37.93%
Cash From Operating Activities -$960.0K -$2.210M -$3.278M
YoY Change 1.05% -221.43% 93.98%
INVESTING ACTIVITIES
Capital Expenditures -$355.00 -$1.160M $187.1K
YoY Change -1260.0% -67.7%
Acquisitions
YoY Change
Other Investing Activities -$400.0K -$1.320M -$1.320M
YoY Change 214.29% -64.99%
Cash From Investing Activities -$400.0K -$160.0K -$1.507M
YoY Change 0.0% -69.23% -65.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.437M $100.0K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.490M 1.750M $4.427M
YoY Change 50.51% -646.88% -31.69%
NET CHANGE
Cash From Operating Activities -960.0K -2.210M -$3.278M
Cash From Investing Activities -400.0K -160.0K -$1.507M
Cash From Financing Activities 1.490M 1.750M $4.427M
Net Change In Cash 130.0K -620.0K -$358.5K
YoY Change -136.11% -163.27% -181.48%
FREE CASH FLOW
Cash From Operating Activities -$960.0K -$2.210M -$3.278M
Capital Expenditures -$355.00 -$1.160M $187.1K
Free Cash Flow -$959.6K -$1.050M -$3.465M
YoY Change 1.02% -161.05% 52.71%

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2016-12-31
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Net Element, Inc.
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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;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Use of Estimates</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) 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.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Significant estimates include (i) the valuation of acquired merchant portfolios, (ii) the collectability of accounts receivable (iii) the recoverability of indeterminate-lived assets, (iv) the remaining useful lives of long-lived assets, and (v) 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> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016 us-gaap Prior Period Reclassification Adjustment Description
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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;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Reclassifications</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">Certain reclassifications have been made to the comparative period amounts to conform to our current period presentation. These reclassifications had no impact on previously presented financial condition or results of operations.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q4 us-gaap Preferred Stock Value
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CY2016Q4 us-gaap Common Stock Shares Authorized
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400000000 shares
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CY2015 us-gaap Preferred Stock Dividends And Other Adjustments
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CY2016 us-gaap Concentration Risk Credit Risk
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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;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Concentrations</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">See Note 11 for full concentration disclosure.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
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InterestExpense
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CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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PaymentsToAcquireOtherInvestments
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0 USD
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SharesIssuedForRedemptionOfIndebtedness
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CY2016 nete Shares Issued In Settlement Of Advances From Board
SharesIssuedInSettlementOfAdvancesFromBoard
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CY2015 nete Shares Issued In Settlement Of Advances From Board
SharesIssuedInSettlementOfAdvancesFromBoard
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AccruedPayOnlineEarnoutCurrent
300000 USD
CY2016 nete Provision For Stock Price Guarantee
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InterestExpenseOther
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StockIssuedDuringPeriodValueReverseStockSplits
0 USD
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1196617 USD
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CY2016 nete Provision For Accrued Interest Relating To Stock Price Guarantee
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InterestPayableCurrent
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InterestPayableCurrent
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CY2016Q4 nete Accrued Franchise Taxes
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AccruedFranchiseTaxes
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CY2016 us-gaap Tax Credit Carryforward Limitations On Use
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IRC Section 382 imposes limitations on a corporations ability to use its NOLs when it undergoes an ownership change. Generally, an ownership change occurs if one or more shareholders, each of whom owns 5% or more in value of a corporations stock, increase their percentage ownership, in the aggregate, by more than 50% over the lowest percentage of stock owned by such shareholders at any time during the preceding three-year period. Because on June 10, 2014, we underwent an ownership change as defined by IRC Section 382, the limitation applies to us. The losses generated prior to the ownership change date (pre-change losses) are subject to the Section 382 limitation. 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 carryforward limitation periods. In the year 2016, approximately $2.4 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 $11.1 million. Thus, the total of approximately $15.2 million as of December 31, 2016 is available to offset future income.
CY2015 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
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CY2015 us-gaap Fees And Commissions
FeesAndCommissions
9030491 USD
CY2016 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
1663402 shares
CY2016Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
1.76
CY2016 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
48784854 USD
CY2016 us-gaap Fees And Commissions
FeesAndCommissions
5502004 USD
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CY2016 nete Interest Fees And Fair Value Charge
InterestFeesAndFairValueCharge
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CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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808976 USD
CY2016 us-gaap Adjustment For Amortization
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CY2015 us-gaap Adjustment For Amortization
AdjustmentForAmortization
2273636 USD
CY2016 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
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2016 us-gaap Provision For Other Credit Losses
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500000 USD
CY2015 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
0 USD
CY2016 nete Amortization Of Prepaid Costs
AmortizationOfPrepaidCosts
967313 USD
CY2016 us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
1833239 USD
CY2015 us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
271428 USD
CY2016 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 USD
CY2015 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
3600000 USD
CY2016 nete Shares Issued In Exchange Of Warrants
SharesIssuedInExchangeOfWarrants
0 USD
CY2015 nete Shares Issued In Exchange Of Warrants
SharesIssuedInExchangeOfWarrants
2679861 USD
CY2016 nete Minimum Bid Price Closing Requirement Description
MinimumBidPriceClosingRequirementDescription
We are required to continually meet the listing requirements of The NASDAQ Capital Market (including a minimum bid price for our common stock of $1.00 per share) to maintain the listing of our common stock on The NASDAQ Capital Market. On November 14, 2016, the bid price of our common stock fell below $1.00 and stayed below $1.00 for 30 consecutive business days. On December 28, 2016, we received a letter from NASDAQ providing us 180 days (until June 26, 2017) to regain compliance. To regain compliance, our stock closing bid price must remain above $1.00 for 10 consecutive trading days. If we do not regain compliance with the minimum closing bid price requirement, the NASDAQ Capital Market will provide written notice that our securities are subject to delisting. At such time, we would be entitled to appeal the delisting determination to a NASDAQ Listing Qualifications Panel. We cannot provide any assurance that our stock price will recover within the permitted grace period.
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
103031 USD
CY2016Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
75.00
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9M
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y9M
CY2016Q4 nete Other Commitments Periodic Payment Terms Balloon Payment To Be Paid
OtherCommitmentsPeriodicPaymentTermsBalloonPaymentToBePaid
1800000 USD
CY2016 nete Increase In Common Stock Shares Authorized
IncreaseInCommonStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
100000 USD
CY2016Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.06
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2016Q3 nete Provision For Stock Price Guarantee
ProvisionForStockPriceGuarantee
125806 USD
CY2016 us-gaap Revenues
Revenues
54286859 USD
CY2015 us-gaap Revenues
Revenues
40235362 USD
CY2015 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
42725207 USD
CY2015 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-12240344 USD
CY2015 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
3988935 shares
CY2015 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
1585092 USD
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.10
CY2016Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
94340 USD
CY2015Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
11357143 shares
CY2016Q2 us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
475000 shares
CY2016Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1007000 USD
CY2015Q2 nete Increase In Common Stock Shares Authorized
IncreaseInCommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1684534 USD
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
897800 USD
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
897800 USD
CY2016 nete Issue Of Common Stock Upon Redemption Of Preferred Stock
IssueOfCommonStockUponRedemptionOfPreferredStock
0 USD
CY2015 nete Issue Of Common Stock Upon Redemption Of Preferred Stock
IssueOfCommonStockUponRedemptionOfPreferredStock
9036084 USD
CY2016 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
1433475 shares
CY2016Q4 nete Payonline Acquisition Agreement Description
PayonlineAcquisitionAgreementDescription
the agreed upon amount of $2,288,667 plus 10% per annum interest accrued from May 20, 2016, payable in installments with a balloon payment of $1.8 million due in May 2017.
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
603031 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
103031 USD
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
500000 USD
CY2016 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 USD
CY2015 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
3027354 USD
CY2016 nete Amortization Of Deferred Revenue
AmortizationOfDeferredRevenue
-1221177 USD
CY2015 nete Amortization Of Deferred Revenue
AmortizationOfDeferredRevenue
0 USD
CY2015 nete Net Income Loss After Dividends Adjustments
NetIncomeLossAfterDividendsAdjustments
-14913018 USD

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