$MULN
MULLEN AUTOMOTIVE INC.

2020 Form 10-K Financial Statement

#000143774921007796 Filed on March 31, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $65.71M $16.65M $65.00M
YoY Change 1.09% 3.42% -1.2%
Cost Of Revenue $55.86M $14.48M $54.72M
YoY Change 2.08% 6.24% -1.61%
Gross Profit $9.844M $2.160M $10.28M
YoY Change -4.22% -12.55% 1.06%
Gross Profit Margin 14.98% 12.97% 15.81%
Selling, General & Admin $7.016M $2.670M $9.342M
YoY Change -24.9% -9.8% -4.27%
% of Gross Profit 71.27% 123.61% 90.89%
Research & Development $1.667M $70.00K $272.8K
YoY Change 511.03% 133.33% 76.63%
% of Gross Profit 16.94% 3.24% 2.65%
Depreciation & Amortization $725.8K $770.0K $3.120M
YoY Change -76.74% 24.19% 27.12%
% of Gross Profit 7.37% 35.65% 30.36%
Operating Expenses $12.09M $3.510M $70.58M
YoY Change -82.87% -2.77% 0.67%
Operating Profit -$12.09M -$1.350M -$5.585M
YoY Change 116.54% 18.42% 28.95%
Interest Expense $1.447M -$340.0K $1.113M
YoY Change 30.03% 126.67% 31.32%
% of Operating Profit
Other Income/Expense, Net $10.49K $180.0K $1.460M
YoY Change -99.28% -58.14% 84.4%
Pretax Income -$5.920M -$2.810M -$5.325M
YoY Change 11.18% 83.66% 32.86%
Income Tax
% Of Pretax Income
Net Earnings -$30.18M -$2.790M -$6.458M
YoY Change 367.27% 84.77% 30.84%
Net Earnings / Revenue -45.93% -16.76% -9.94%
Basic Earnings Per Share -$5.23
Diluted Earnings Per Share -$5.23 -$139.50 -$1.598M
COMMON SHARES
Basic Shares Outstanding 5.765M
Diluted Shares Outstanding 5.765M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.541M $500.0K $486.6K
YoY Change 833.21% -68.75% -70.43%
Cash & Equivalents $486.6K
Short-Term Investments
Other Short-Term Assets $1.838M $1.600M $1.621M
YoY Change 13.38% -5.88% -7.32%
Inventory
Prepaid Expenses
Receivables $7.109M $6.561M $6.561M
Other Receivables $480.0K $0.00 $0.00
Total Short-Term Assets $13.97M $8.669M $8.669M
YoY Change 61.13% -10.49% -10.49%
LONG-TERM ASSETS
Property, Plant & Equipment $801.1K $3.773K $381.0K
YoY Change 110.26% -85.11% 1403.51%
Goodwill $7.681M
YoY Change -14.73%
Intangibles $5.679M
YoY Change -11.85%
Long-Term Investments
YoY Change
Other Assets $781.0K $629.7K $629.7K
YoY Change 24.04% 4.23% 4.23%
Total Long-Term Assets $12.86M $14.37M $14.37M
YoY Change -10.52% -10.63% -10.63%
TOTAL ASSETS
Total Short-Term Assets $13.97M $8.669M $8.669M
Total Long-Term Assets $12.86M $14.37M $14.37M
Total Assets $26.83M $23.04M $23.04M
YoY Change 16.44% -10.58% -10.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.171M $6.038M $6.038M
YoY Change 18.77% -5.19% -5.19%
Accrued Expenses $4.745M $1.800M $1.934M
YoY Change 145.34% -29.01% -23.73%
Deferred Revenue $1.401M
YoY Change -6.33%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.330M $909.1K $909.1K
YoY Change 46.3% 109.73% 109.73%
Total Short-Term Liabilities $15.07M $10.41M $10.41M
YoY Change 44.79% -7.24% -7.24%
LONG-TERM LIABILITIES
Long-Term Debt $8.614M $8.342M $8.342M
YoY Change 3.25% 40.3% 40.3%
Other Long-Term Liabilities $660.6K $200.0K $247.3K
YoY Change 167.18%
Total Long-Term Liabilities $9.274M $8.342M $8.590M
YoY Change 7.97% 40.3% 44.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.07M $10.41M $10.41M
Total Long-Term Liabilities $9.274M $8.342M $8.590M
Total Liabilities $24.08M $19.00M $18.77M
YoY Change 28.3% 10.67% 10.12%
SHAREHOLDERS EQUITY
Retained Earnings -$178.8M
YoY Change 3.75%
Common Stock $410.00
YoY Change 6.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.749M $4.300M $4.273M
YoY Change
Total Liabilities & Shareholders Equity $26.83M $23.04M $23.04M
YoY Change 16.44% -10.58% -10.58%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$30.18M -$2.790M -$6.458M
YoY Change 367.27% 84.77% 30.84%
Depreciation, Depletion And Amortization $725.8K $770.0K $3.120M
YoY Change -76.74% 24.19% 27.12%
Cash From Operating Activities -$10.78M -$750.0K -$2.153M
YoY Change 400.85% -34.12%
INVESTING ACTIVITIES
Capital Expenditures $270.5K -$320.0K $138.0K
YoY Change 96.02% 3100.0% 20.07%
Acquisitions
YoY Change
Other Investing Activities -$441.5K -$690.0K -$2.314M
YoY Change -80.92% -55.77% -57.26%
Cash From Investing Activities -$567.0K -$360.0K -$2.452M
YoY Change -76.87% -76.92% -55.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.628M $0.00
YoY Change
Debt Paid & Issued, Net $2.971M $162.4K
YoY Change 1728.94% -94.17%
Cash From Financing Activities 9.160M 1.080M 3.456M
YoY Change 165.08% 27.06% -628.66%
NET CHANGE
Cash From Operating Activities -10.78M -750.0K -2.153M
Cash From Investing Activities -567.0K -360.0K -2.452M
Cash From Financing Activities 9.160M 1.080M 3.456M
Net Change In Cash -2.188M -30.00K -1.133M
YoY Change 93.11% -95.77% -88.05%
FREE CASH FLOW
Cash From Operating Activities -$10.78M -$750.0K -$2.153M
Capital Expenditures $270.5K -$320.0K $138.0K
Free Cash Flow -$11.05M -$430.0K -$2.291M
YoY Change 382.48% -4400.0% -32.28%

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866629
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CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2019Q4 us-gaap Finite Lived Intangible Assets Net
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CY2019 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2019 us-gaap Gain Loss On Disposition Of Assets
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CY2020 us-gaap Gain Loss On Disposition Of Assets1
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CY2019 us-gaap Impairment Of Intangible Assets Finitelived
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2019Q4 us-gaap Long Term Debt Current
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1330018
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CY2019Q4 us-gaap Long Term Debt Noncurrent
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CY2020 us-gaap Nature Of Operations
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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: inherit;">1.</div> ORGANIZATION AND OPERATIONS</div></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;">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: inherit;">not</div>-present transactions, such as those conducted over the phone or through the Internet or a mobile device. We operate in <div style="display: inline; font-style: italic; font: inherit;">two</div> reportable business operating segments: (i) North American Transaction Solutions, and (ii) International Transaction Solutions.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">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 Eurasian Economic Community ("EAEC"), Europe and Asia.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Our transactional services&nbsp;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: inherit;">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: inherit;">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 &reg;, MasterCard &reg;, American Express &reg;<div style="display: inline; font-weight: bold;">,</div>&nbsp;and Discover &reg;<div style="display: inline; font-weight: bold;"> </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: inherit;"> 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Our Mobile Solutions business, PayOnline, provides relationships and contracts with mobile operators that gives 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: inherit;">one</div> click and other carrier billing services.&nbsp;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. The PayOnline office&nbsp;is&nbsp;located in Moscow, Russia.</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'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 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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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019Q4 us-gaap Notes And Loans Receivable Gross Current
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Other Assets
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CY2019Q4 us-gaap Other Assets Noncurrent
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14777
CY2019 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-42025
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CY2019 us-gaap Paid In Kind Interest
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CY2019Q4 us-gaap Preferred Stock Shares Authorized
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CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2020 us-gaap Prior Period Reclassification Adjustment Description
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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;"><div style="display: inline; font-style: italic; font: inherit;">2019</div></div> presentation. These reclassifications had <div style="display: inline; font-style: italic; font: inherit;">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 Proceeds From Sale Of Intangible Assets
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-184692067
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8596466
CY2020 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: inherit;">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: inherit;">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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Below is a summary of the Company's critical accounting estimates for which the nature of management'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 36pt; 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>
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
800000
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4420777
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4041957

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