$MULN
MULLEN AUTOMOTIVE INC.

2020 Q1 Form 10-K Financial Statement

#000143774920006560 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019
Revenue $15.84M $16.65M $65.00M
YoY Change 5.29% 3.42% -1.2%
Cost Of Revenue $13.30M $14.48M $54.72M
YoY Change 8.49% 6.24% -1.61%
Gross Profit $2.542M $2.160M $10.28M
YoY Change -8.8% -12.55% 1.06%
Gross Profit Margin 16.04% 12.97% 15.81%
Selling, General & Admin $2.320M $2.670M $9.342M
YoY Change -2.72% -9.8% -4.27%
% of Gross Profit 91.27% 123.61% 90.89%
Research & Development $80.00K $70.00K $272.8K
YoY Change 100.0% 133.33% 76.63%
% of Gross Profit 3.15% 3.24% 2.65%
Depreciation & Amortization $779.4K $770.0K $3.120M
YoY Change -8.43% 24.19% 27.12%
% of Gross Profit 30.67% 35.65% 30.36%
Operating Expenses $16.88M $3.510M $70.58M
YoY Change 6.5% -2.77% 0.67%
Operating Profit -$1.039M -$1.350M -$5.585M
YoY Change 29.3% 18.42% 28.95%
Interest Expense $348.4K -$340.0K $1.113M
YoY Change 42.18% 126.67% 31.32%
% of Operating Profit
Other Income/Expense, Net $9.740K $180.0K $1.460M
YoY Change -111.27% -58.14% 84.4%
Pretax Income -$1.377M -$2.810M -$5.325M
YoY Change 21.38% 83.66% 32.86%
Income Tax
% Of Pretax Income
Net Earnings -$1.366M -$2.790M -$6.458M
YoY Change 21.89% 84.77% 30.84%
Net Earnings / Revenue -8.62% -16.76% -9.94%
Basic Earnings Per Share
Diluted Earnings Per Share -$68.50 -$139.50 -$1.598M
COMMON SHARES
Basic Shares Outstanding 4.136M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.0K $500.0K $486.6K
YoY Change 20.0% -68.75% -70.43%
Cash & Equivalents $606.7K $486.6K
Short-Term Investments
Other Short-Term Assets $1.300M $1.600M $1.621M
YoY Change -7.14% -5.88% -7.32%
Inventory
Prepaid Expenses
Receivables $4.022M $6.561M $6.561M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.929M $8.669M $8.669M
YoY Change -15.76% -10.49% -10.49%
LONG-TERM ASSETS
Property, Plant & Equipment $300.0K $3.773K $381.0K
YoY Change 1272.81% -85.11% 1403.51%
Goodwill $7.681M $7.681M
YoY Change -14.73% -14.73%
Intangibles $5.349M $5.679M
YoY Change -15.51% -11.85%
Long-Term Investments
YoY Change
Other Assets $654.9K $629.7K $629.7K
YoY Change 0.02% 4.23% 4.23%
Total Long-Term Assets $14.03M $14.37M $14.37M
YoY Change -14.88% -10.63% -10.63%
TOTAL ASSETS
Total Short-Term Assets $5.929M $8.669M $8.669M
Total Long-Term Assets $14.03M $14.37M $14.37M
Total Assets $19.96M $23.04M $23.04M
YoY Change -15.14% -10.58% -10.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.509M $6.038M $6.038M
YoY Change -14.94% -5.19% -5.19%
Accrued Expenses $2.001M $1.800M $1.934M
YoY Change -27.32% -29.01% -23.73%
Deferred Revenue $930.9K $1.401M
YoY Change -4.29% -6.33%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $909.1K $909.1K $909.1K
YoY Change 174.86% 109.73% 109.73%
Total Short-Term Liabilities $8.528M $10.41M $10.41M
YoY Change -12.27% -7.24% -7.24%
LONG-TERM LIABILITIES
Long-Term Debt $8.353M $8.342M $8.342M
YoY Change 40.14% 40.3% 40.3%
Other Long-Term Liabilities $200.0K $200.0K $247.3K
YoY Change -50.0%
Total Long-Term Liabilities $8.353M $8.342M $8.590M
YoY Change 40.14% 40.3% 44.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.528M $10.41M $10.41M
Total Long-Term Liabilities $8.353M $8.342M $8.590M
Total Liabilities $17.13M $19.00M $18.77M
YoY Change 6.63% 10.67% 10.12%
SHAREHOLDERS EQUITY
Retained Earnings -$180.1M -$178.8M
YoY Change 3.87% 3.75%
Common Stock $412.00 $410.00
YoY Change 6.74% 6.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.100M $4.300M $4.273M
YoY Change
Total Liabilities & Shareholders Equity $19.96M $23.04M $23.04M
YoY Change -15.14% -10.58% -10.58%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$1.366M -$2.790M -$6.458M
YoY Change 21.89% 84.77% 30.84%
Depreciation, Depletion And Amortization $779.4K $770.0K $3.120M
YoY Change -8.43% 24.19% 27.12%
Cash From Operating Activities $448.4K -$750.0K -$2.153M
YoY Change -288.54% -34.12%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K $138.0K
YoY Change 3100.0% 20.07%
Acquisitions
YoY Change
Other Investing Activities -$420.0K -$690.0K -$2.314M
YoY Change -35.38% -55.77% -57.26%
Cash From Investing Activities -$421.0K -$360.0K -$2.452M
YoY Change -60.45% -76.92% -55.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net $145.0K $162.4K
YoY Change 41.23% -94.17%
Cash From Financing Activities 112.0K 1.080M 3.456M
YoY Change -43.17% 27.06% -628.66%
NET CHANGE
Cash From Operating Activities 448.4K -750.0K -2.153M
Cash From Investing Activities -421.0K -360.0K -2.452M
Cash From Financing Activities 112.0K 1.080M 3.456M
Net Change In Cash 145.3K -30.00K -1.133M
YoY Change -113.0% -95.77% -88.05%
FREE CASH FLOW
Cash From Operating Activities $448.4K -$750.0K -$2.153M
Capital Expenditures -$320.0K $138.0K
Free Cash Flow -$430.0K -$2.291M
YoY Change -4400.0% -32.28%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> ORGANIZATION AND OPERATIONS</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Net Element, Inc. (collectively with its subsidiaries, &#x201c;Net Element&#x201d;, &#x201c;we&#x201d;, &#x201c;us&#x201d;, &#x201c;our&#x201d; or the &#x201c;Company&#x201d;) is a financial technology-driven group specializing in payment acceptance and value-added solutions across multiple channels in the United States and selected international markets. We are differentiated by our proprietary technology which enables us to provide a broad suite of payment products and end-to-end transaction processing services. Our transactional services business enables merchants to accept credit cards as well as other forms of payment, including debit cards, checks, gift cards, loyalty programs and alternative payment methods in traditional card-present or swipe transactions, as well as card-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div>-present transactions, such as those conducted over the phone or through the Internet or a mobile device. For the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> we operated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> </div>reportable business operating segments: (i) North American Transaction Solutions, and (ii) International Transaction Solutions.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We are able to deliver our services across multiple points of access, or &#x201c;multi-channel,&#x201d; including brick and mortar locations, software integration, e-commerce, mobile operator billing, mobile and tablet-based solutions. In the United States, via our U.S. based subsidiaries, we generate revenues from transactional services and other payment technologies for small and medium-sized businesses. Through PayOnline, we provide transactional services, mobile payment transactions, online payment transactions and other payment technologies in emerging countries in the Russian Federation, Eurasian Economic Community ("EAEC"),&nbsp;Europe and Asia.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Our transactional services business enables merchants to accept credit cards as well as other forms of payment, including debit cards, checks, gift cards, loyalty programs and alternative payment methods in traditional card-present or swipe transactions, as well as card-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div>-present transactions, such as those conducted over the phone or through the Internet or a mobile device. We market and sell our services through both independent sales groups (&#x201c;ISGs&#x201d;), which are non-employee, external sales organizations and other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party resellers of our products and services, and directly to merchants through electronic media, telemarketing and other programs, including utilizing partnerships with other companies that market products and services to local and international merchants. We have agreements with several banks that sponsor us for membership in the Visa&nbsp;<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align:top;line-height:120%;font-size:pt"><div style="display: inline; font-weight: bold;">&reg;&nbsp;</div></div>, MasterCard&nbsp;<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align:top;line-height:120%;font-size:pt"><div style="display: inline; font-weight: bold;">&reg;&nbsp;</div></div>, American Express&nbsp;<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align:top;line-height:120%;font-size:pt"><div style="display: inline; font-weight: bold;">&reg;&nbsp;</div></div>and Discover&nbsp;<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align:top;line-height:120%;font-size:pt"><div style="display: inline; font-weight: bold;">&reg;&nbsp;</div></div>card associations and settle card transactions for our merchants. These sponsoring banks include Citizens Bank, Esquire Bank, N.A. and Wells Fargo Bank, N.A. From time to time, we <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>enter into agreements with additional banks. We perform core functions for merchants such as application processing, underwriting, account set-up, risk management, fraud detection, merchant assistance and support, equipment deployment and chargeback services.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Our Mobile Solutions business, PayOnline, provides&nbsp;relationships and contracts with mobile operators that gives&nbsp;us the ability to offer our clients in-app, premium SMS (short message services, which is a text messaging service), Wireless Application Protocol (WAP)-click, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> click and other carrier billing services. We also had marketed our own branded content as a separate line of business for our mobile commerce business from offices in Russia and Kazakhstan. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>we substantially reorganized this business, and combined its operations into PayOnline and TOT Group Russia.&nbsp; We currently are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> generating revenues from new mobile content and we continue to explore partnership opportunities that can monetize our relationships and contracts with mobile operators. PayOnline provides flexible high-tech payment solutions to companies doing business on the Internet or in the mobile environment. PayOnline specializes in integration and customization of payment solutions for websites and mobile apps. In particular, PayOnline arranges payment on the website of any commercial organization, which increases the convenience of using the website and helps maximize the number of successful transactions. In addition, PayOnline is focused on providing online and mobile payment acceptance services to the travel industry through direct integration with leading Global Distribution Systems (&#x201c;GDS&#x201d;), which include Amadeus&reg; and Sabre&reg;. Key geographic regions that PayOnline serves include Eastern Europe, Central Asia, Western Europe, North America and Asia major sub regions. PayOnline offices are located in Russia, Kazakhstan and in the Republic of Cyprus.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Also part of our transactional services business, Aptito is a proprietary, cloud-based payments platform for the hospitality industry, which creates an online consumer experience in offline commerce environments via tablet, mobile and all other cloud-connected devices. Aptito&#x2019;s easy to use point-of-sale (&#x201c;POS&#x201d;) system makes things easier by providing a comprehensive solution to the hospitality industry to help streamline management and operations. Orders placed tableside, curbside, or take-out by customers directly speed up the ordering process and improve overall efficiency. Aptito's mobile POS system provides portability to the staff while performing all the same functions as a traditional POS system.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Reclassifications</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Certain reclassifications of prior year amounts have been made to conform to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> presentation. These reclassifications had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on net loss or loss per share as previously reported.</div></div></div></div></div>
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CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The preparation of these consolidated financial statements requires us&nbsp;to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Such estimates include, but are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and asset impairment review, valuation reserves for accounts receivable, valuation of acquired or current merchant portfolios, incurred but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reported claims, revenue recognition for multiple element arrangements, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities, as well as, the related valuation allowances. Actual results could differ from those estimates.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style="width: 100%; margin-left: 0pt; margin-right: 0pt"> <div style="text-align: center; width: 100%"> </div></div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Below is a summary of the Company&#x2019;s critical accounting estimates for which the nature of management&#x2019;s assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and for which the impact of the estimates and assumptions on financial condition or operating performance is material.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Goodwill</div></div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">The Company tests goodwill for impairment using a fair value approach at least annually, absent some triggering event that would require an interim impairment assessment.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;">Significant estimates and assumptions are used in our goodwill impairment review and include the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units and determining the fair value of each reporting unit. Our&nbsp;assessment of qualitative factors involves significant judgments about expected future business performance, general market conditions, and regulatory changes. In a quantitative assessment, the fair value of each reporting unit is determined based largely on the present value of projected future cash flows, growth assumptions regarding discount rates, estimated growth rates and our&nbsp;future long-term business plans. Changes in any of these estimates or assumptions could materially affect the determination of fair value and the associated goodwill impairment charge for each reporting unit.</div></div></div></div></div>
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3100000
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4053062
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3868324

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