via IBN - Mullen Automotive Inc. (NASDAQ: MULN), an emerging
electric vehicle (“EV”) manufacturer, today announces financial
results for the twelve months ended Sept. 30, 2023, and a current
business update.
Commenting on fiscal year 2023 (“FY2023”) and recent Company
developments, CEO and chairman David Michery stated, “Mullen has
initiated production in Tunica and rolled out a significant number
of vehicles in support of customer orders of Class 1 EV vans and
Class 3 EV trucks and hurdled critical milestones of securing
federal (‘NHTSA’ and ‘EPA’) certification and IRS approval for tax
credits. We completed a strategic purchase of EV battery pack
manufacturing assets and showcased our innovations across the U.S.
on the second leg of the 'Strikingly Different' Test Drive Tour.
Mullen is accelerating toward a promising future, both on the road
and in the market.”
FY2023 and Recent Highlights Include:
- During the fiscal year ended Sept.
30, 2023, the Company recorded first revenues of $366,000 and
delivered vehicles worth $652,200 to Randy Marion Automotive for
resale.
- Production of Mullen Class 3 (“Mullen THREE”) vehicles began in
August 2023, and Class 1 (“Mullen ONE”) vehicle production began in
November 2023; the Company now has two distinct vehicle production
lines running in its Tunica, Mississippi-based plant.
- As of Dec. 31, 2023, Mullen has delivered 100 Class 1 vehicles
and invoiced for $3.3 million to Randy Marion Automotive
Group.
- As of Dec. 31, 2023, Mullen has delivered 141 Class 3 vehicles
and invoiced for $9.2 million to Randy Marion Automotive
Group.
- In November 2023, Mullen opened a battery module and pack
development facility in Fullerton, California, with focus on
scaling U.S.-made EV battery module and pack production. The
Company is focused on reducing reliance on foreign battery
components.
- The Company also achieved important milestones, including
receiving federal EPA and NHTSA certification for its Class 1 and
Class 3 vehicles, and IRS approval as a “qualified manufacturer,”
making its vehicles eligible for up to $7,500 in federal EV tax
credits per vehicle.
- The New York Power Authority, British Airways, University of
North Carolina and MGT Lease Company all purchased Mullen’s Campus
Urban Delivery EV cargo vans in 2023 fiscal year.
- In May 2023, Mullen announced a partnership with Amerit Fleet
Solutions to support national service, parts and warranty for
commercial vehicles.
- Successfully completed second leg of “Strikingly Different”
Test Drive Tour with 13 stops throughout the United States
demonstrating Mullen’s vehicle portfolio.
Mullen Class 1 and 3 Commercial Vehicles
- The Company has received $263
million in purchase orders for Mullen Class 1 and Class 3 EV vans
and trucks from Randy Marion Automotive Group.
- Mullen received EPA certification
for Class 3 EV commercial vehicles in September 2023, and for Class
1 EV cargo vans in November 2023.
- Mullen received CARB certification
from the state of California for Class 1 vehicles in December 2023,
and expects Class 3 certification in January 2024.
- Mullen and RRDS submitted final
Ruling Request Application for substantial transformation of its
Class 1 EV cargo van for U.S. Border Patrol to provide final ruling
by Feb. 20, 2024. If Mullen receives a favorable final ruling, the
Company will be immediately eligible to sell Class 1 EV cargo vans
to all branches of the U.S. government. By successfully completing
the substantial transformative process, the Mullen ONE will be
defined as a U.S.-made end product.
- Production of the Mullen Class 3 vehicle began in August 2023
and Class 1 vehicle production began in November 2023.
- As of Dec. 31, 2023, Mullen has delivered 100 Class 1 vehicles
and invoiced for $3.3 million to Randy Marion Automotive
Group.
- As of Dec. 31, 2023, Mullen has delivered 141 Class 3 vehicles
and invoiced for $9.2 million to Randy Marion Automotive
Group.
Bollinger Motors - Oak Park, MichiganClass 4 –
6 Commercial Vehicles | Bollinger B1 SUV and B2 Pick Up Truck
- Showcased Bollinger Class 4 (“B4”)
at the ACT Expo in Anaheim, California, and at Home Delivery World
show in Philadelphia, Pennsylvania.
- Received approval from the state of
Michigan for a $3 million grant aimed at promoting job creation
from the Michigan Strategic Fund Board.
- Finalized the design of the
Bollinger B4 and successfully built all design validation vehicles
in the third quarter at launch assembly facility of Roush
Industries in Livonia, Michigan.
- B4 vehicles that were built are now
in design validation and testing, certification and homologation,
as well as for customer evaluation purposes.
- Company focus now also includes
national build out of retail dealer network to support upcoming
2024 B4 vehicle launch.
- Amerit Fleet Solutions has been
contracted to provide national service and warranty work,
supporting Bollinger’s commercial vehicles.
Mullen Consumer Vehicle Program - Irvine,
CaliforniaMullen FIVE EV Crossover Program
- Development and production of the
high-performance Mullen FIVE RS (“FIVE RS” or “RS”) limited-edition
has been fast-tracked for completion and launch in Q4 2025 in the
European market. This vehicle will be a limited production run
delivering over 200-plus mph and 1.95 sec 0-60 mph.
- World debut of the production
intent designed FIVE RS took place on Jan. 9, 2024, at CES 2024 in
Las Vegas.
- Completed
13-city U.S. “Strikingly Different” tour providing consumers test
drive opportunities with the high- performance Mullen FIVE RS, FIVE
EV crossover, Mullen GT EV sports car, Mullen THREE Class 3 EV cab
chassis truck and Mullen ONE Class 1 EV cargo van.
Mullen-GO(TM)Mullen’s urban
commercial delivery vehicle, the Mullen-GO(TM) (“Mullen-GO”), is
designed to bridge the gap between the growing demand for quick
deliveries and space constraints in dense cities throughout
Europe.
- On July 17,
2023, the Company announced a 30-unit purchase order for the
Mullen-GO Commercial Urban Delivery EV from Newgate Motor Group
(“Newgate”). Newgate, one of Ireland’s most recognized dealership
groups, has been named to lead marketing, sales, distribution, and
servicing for the Mullen-GO in Ireland and the United Kingdom.
Fullerton Battery Tech Assembly
Facility
- Mullen Automotive purchased the
battery pack production assets from Romeo Power. In November 2023,
Mullen opened a battery module and pack development facility in
Fullerton, California, with focus on scaling U.S.-made EV battery
module and pack production.
- The Company is
focused on reducing reliance on foreign battery components.
Solid-State Polymer Battery Pack
Update
- In December 2023, Mullen completed the solid-state polymer cell
to vehicle pack integration for the Mullen ONE EV cargo van.
- Battery pack testing began and is on track for road testing in
the first quarter of 2024. The solid-state battery pack is expected
to increase range to more than 190 miles, a 73% increase from the
current range, providing a superior, clean and safe alternative to
current lithium-ion batteries and representing a significant
increase over industry standards.
Financial Results – Twelve Months Ended Sept. 30,
2023
Following is a summary of key financial results for the
twelve-months ended Sept. 30, 2023, and 2022. Shares of common
stock issued and outstanding and additional paid-in capital have
been adjusted retroactively to reflect all reverse stock
splits.
First Revenue and Deliveries
During fiscal 2023, the Company achieved the major milestone of
bringing Mullen vehicles from development to production and sales.
Mullen delivered 35 vehicles, generating a positive gross margin
from sales to both dealer and end users. Revenue from 25 Campus
Urban Delivery vehicle sales was $366.0 thousand for the twelve
months ended Sept. 30, 2023. Cash payments from these sales was
collected during the year ended Sept. 30, 2023.
At the end of fiscal 2023, the Company issued the first invoice
for 10 Mullen THREE vehicles ($652.2 thousand) to a dealer and this
revenue will be recognized upon the expiration of the return
provision. The payment for this delivery was received in early
October 2023.
During the three months ended Dec. 31, 2023, the Company
invoiced a dealer for an additional 231 Mullen THREE and Mullen ONE
vehicles totaling $11.9 million. Mullen provides 30-day payment
terms on vehicles delivered to its distributor Randy Marion.
|
|
Invoiced
for the year ended Sept. 30, 2023 |
# |
Type |
Units Invoiced |
Amount invoiced |
Cash received |
Revenue recognized |
1 |
Campus Urban Delivery (UD0) |
25 |
|
366,000 |
|
366,000 |
|
366,000 |
2 |
Mullen THREE (UU) |
10 |
|
652,200 |
|
652,200 |
|
- |
|
Total |
35 |
$ |
1,018,200 |
$ |
1,018,200 |
$ |
366,000 |
|
|
|
|
|
|
|
|
Invoiced
for the quarter ended Dec. 31, 2023 |
# |
Type |
Units Invoiced |
Amount invoiced |
Cash received |
Revenue recognized |
1 |
Mullen THREE (UU) |
131 |
|
8,543,820 |
|
- |
|
- |
2 |
Mullen ONE (UD1) |
100 |
|
3,363,500 |
|
- |
|
- |
|
Total |
231 |
$ |
11,907,320 |
$ |
- |
$ |
- |
**Invoiced with 30 day payment terms to RMA
Impairment of Assets
“It was a year of significant headwinds in the equity market for
electric vehicle manufactures with a majority seeing a significant
decrease in market values during 2023. Mullen was no exception, and
the decreased market value was the primary cause of NON-CASH
write-downs of certain assets. We recorded $64.0 million of
Bollinger goodwill impairment for twelve months ended Sept. 30,
2023, primarily due to unfavorable market conditions and the
decline of market price of the Company’s common stock. We recorded
$14.8 million write-downs of property, plant and equipment and
other non-current assets. We also recorded $5.9 million in
intangible asset write-downs due to unfavorable market conditions
and decline of the market price of the Company’s common stock. This
write-down was primarily for engineering designs for assets
purchased out of the ELMS bankruptcy,” said Jonathan New, chief
financial officer of Mullen Automotive.
Following are the Consolidated Statements of Operations for the
twelve months ended Sept. 30, 2023, and 2022.
MULLEN
AUTOMOTIVE, INC. |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
Year Ended September 30, |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
Vehicle sales |
$ |
366,000 |
|
|
$ |
— |
|
Cost of
sales |
|
(273,882 |
) |
|
|
— |
|
Gross margin |
|
92,118 |
|
|
|
— |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
General and
administrative |
$ |
215,846,132 |
|
|
$ |
75,338,256 |
|
Research and
development |
|
77,387,336 |
|
|
|
21,650,840 |
|
Impairment
of goodwill |
|
63,988,000 |
|
|
|
— |
|
Impairment
of property, plant, and equipment, and other non-current
assets |
|
14,770,000 |
|
|
|
— |
|
Impairment
of intangible assets |
|
5,873,000 |
|
|
|
— |
|
Loss
from operations |
|
(377,772,350 |
) |
|
|
(96,989,096 |
) |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
Other
financing costs - initial recognition of derivative
liabilities |
|
(506,238,038 |
) |
|
|
(484,421,258 |
) |
Gain /
(loss) on derivative liability revaluation |
|
(116,256,212 |
) |
|
|
(122,803,715 |
) |
Gain /
(loss) extinguishment of debt, net |
|
(6,246,089 |
) |
|
|
33,413 |
|
Gain /
(loss) on financing |
|
(8,934,892 |
) |
|
|
— |
|
Gain /
(loss) on sale of fixed assets |
|
386,377 |
|
|
|
(50,574 |
) |
Gain /
(loss) on lease termination |
|
(125,000 |
) |
|
|
— |
|
Interest
expense |
|
(4,993,140 |
) |
|
|
(26,949,081 |
) |
Penalty for
insufficient authorized shares |
|
— |
|
|
|
(3,495,000 |
) |
Other income
(expense), net |
|
2,532,034 |
|
|
|
(5,647,841 |
) |
Net
loss before income tax benefit |
|
(1,017,647,310 |
) |
|
|
(740,323,152 |
) |
|
|
|
|
|
|
Income tax
benefit/ (provision) |
|
10,988,482 |
|
|
|
(1,600 |
) |
Net
loss |
|
(1,006,658,828 |
) |
|
|
(740,324,752 |
) |
|
|
|
|
|
|
Net loss
attributable to noncontrolling interest |
|
(34,404,246 |
) |
|
|
(791,946 |
) |
Net
loss attributable to stockholders |
|
(972,254,582 |
) |
|
|
(739,532,806 |
) |
|
|
|
|
|
|
Waived/(Accrued) accumulated preferred dividends |
|
7,360,397 |
|
|
|
(40,516,440 |
) |
|
|
|
|
|
|
Net
loss attributable to common stockholders after preferred
dividends |
$ |
(964,894,185 |
) |
|
$ |
(780,049,246 |
) |
|
|
|
|
|
|
Net Loss per
Share |
$ |
(1,574.14 |
) |
|
$ |
(63,085.26 |
) |
|
|
|
|
|
|
Weighted
average shares outstanding, basic and diluted |
|
612,964 |
|
|
|
12,365 |
|
The net loss attributable to common stockholders after preferred
dividends was $964.9 million, or $1,574.14 net loss per share, for
the twelve months ended Sept. 30, 2023, as compared to a net loss
attributable to common stockholders after preferred dividends of
$780.0 million, or $63,085.26 loss per share, for the twelve months
ended Sept. 30, 2022.
Cash Flows
There was $820.4 million and $687.8 million of NON-CASH
EXPENSES included in the $1,006.7 million and $740.3
million net losses for the twelve months ended Sept. 30, 2023, and
2022, respectively per the detail below.
Adjustments to reconcile net loss to net cash used in operating
activities: |
Year Ended September 30, |
|
2023 |
|
2022 |
Depreciation and amortization |
$ |
16,388,299 |
|
|
$ |
3,282,285 |
Stock-based compensation |
|
85,441,869 |
|
|
|
43,715,242 |
Deferred income taxes |
|
(10,990,882 |
) |
|
|
1,600 |
Revaluation of derivative liabilities |
|
116,256,212 |
|
|
|
122,803,715 |
Initial recognition of derivative liabilities |
|
513,052,038 |
|
|
|
484,421,258 |
Impairment of goodwill |
|
63,988,000 |
|
|
|
— |
Impairment of property, plant, and equipment |
|
14,770,000 |
|
|
|
— |
Impairment of intangible assets |
|
5,873,000 |
|
|
|
— |
Non-cash financing loss on over-exercise of warrants |
|
8,934,892 |
|
|
|
— |
Non-cash interest and other operating activities |
|
199,998 |
|
|
|
13,883,637 |
Amortization of debt discount |
|
662,047 |
|
|
|
19,595,915 |
Loss/(gain) on asset disposal |
|
(386,377 |
) |
|
|
50,574 |
Loss/(gain) on extinguishment of debt |
|
6,246,089 |
|
|
|
41,096 |
|
$ |
820,435,185 |
|
|
$ |
687,795,322 |
Summary category totals from the Condensed Consolidated
Statement of Cash Flows for the years ended Sept. 30, 2023, and
2022 are presented below. Given the large amount of non-cash
charges that occurred in 2023 and 2022, it is useful to review the
combined operating activities and investing activities amounts from
the cash flow report to understand the cash spent for 2023 and
2022. The Company spent a total of $287.1 million and $112.9
million in combined operating and investing activities for the
twelve months ended Sept. 30, 2023, and 2022, respectively.
|
Year Ended September 30, |
|
2023 |
|
2022 |
|
|
|
|
Net cash used in operating activities |
$ |
(179,172,191 |
) |
|
$ |
(65,795,610 |
) |
Net cash
used in investing activities |
$ |
(107,923,309 |
) |
|
$ |
(47,154,109 |
) |
Net cash
provided by financing activities |
$ |
358,416,885 |
|
|
$ |
197,282,630 |
|
Included in these numbers is $29.6 million, in 2022, to purchase
Bollinger and $105.4 million, in 2022 and 2023, to purchase
production assets rebranded as Mullen (Mullen ONE, Class 1 Urban
Delivery EV van and the Mullen THREE, Class 3 Urban Utility EV
truck) out of ELMS bankruptcy. The total cost of Bollinger
acquisition was $148.5 million. In addition to the $29.6 million
reported on the statement of cash flows, the Company issued common
stock valued at $41.6 million and funded Bollinger with an
additional $77.3 million in cash.
Following are the Consolidated Statements of Cash Flows for the
twelve months ended Sept. 30, 2023, and 2022.
MULLEN
AUTOMOTIVE, INC. |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
Year Ended September 30, |
|
2023 |
|
2022 |
Cash
Flows from Operating Activities |
|
|
|
|
|
Net loss |
$ |
(1,006,658,828 |
) |
|
$ |
(740,324,752 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
16,388,299 |
|
|
|
3,282,285 |
|
Stock-based compensation |
|
85,441,869 |
|
|
|
43,715,242 |
|
Deferred income taxes |
|
(10,990,882 |
) |
|
|
1,600 |
|
Revaluation of derivative liabilities |
|
116,256,212 |
|
|
|
122,803,715 |
|
Initial recognition of derivative liabilities |
|
513,052,038 |
|
|
|
484,421,258 |
|
Impairment of goodwill |
|
63,988,000 |
|
|
|
— |
|
Impairment of property, plant, and equipment, and other non-current
assets |
|
14,770,000 |
|
|
|
— |
|
Impairment of intangible assets |
|
5,873,000 |
|
|
|
— |
|
Non-cash financing loss on over-exercise of warrants |
|
8,934,892 |
|
|
|
— |
|
Non-cash interest and other operating activities |
|
199,998 |
|
|
|
13,883,637 |
|
Amortization of debt discount |
|
662,047 |
|
|
|
19,595,915 |
|
Loss/(gain) on asset disposal |
|
(386,377 |
) |
|
|
50,574 |
|
Loss/(gain) on extinguishment of debt |
|
6,246,089 |
|
|
|
41,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Prepaids and other current assets |
|
(22,687,245 |
) |
|
|
3,114,540 |
|
Inventories |
|
(16,807,013 |
) |
|
|
— |
|
Accounts payable |
|
7,784,136 |
|
|
|
1,192,113 |
|
Accrued expenses and other liabilities |
|
38,500,352 |
|
|
|
(18,013,899 |
) |
Right of use assets and lease liabilities |
|
261,222 |
|
|
|
441,066 |
|
Net cash used in operating activities |
|
(179,172,191 |
) |
|
|
(65,795,610 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
Purchase of equipment |
|
(14,508,004 |
) |
|
|
(11,606,944 |
) |
Purchase of intangible assets |
|
(498,431 |
) |
|
|
(415,181 |
) |
ELMS assets purchase |
|
(92,916,874 |
) |
|
|
(5,500,000 |
) |
Acquisition of Bollinger Motors, Inc, net of cash acquired |
|
- |
|
|
|
(29,631,984 |
) |
Net cash used in investing activities |
|
(107,923,309 |
) |
|
|
(47,154,109 |
) |
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
Proceeds from issuance of convertible notes payable |
|
170,000,000 |
|
|
|
12,240,353 |
|
Payment of notes payable |
|
(20,694,353 |
) |
|
|
(15,100,768 |
) |
Proceeds from issuance of preferred stock, common stock and
prefunded warrants in lieu of preferred stock |
|
196,999,970 |
|
|
|
142,873,667 |
|
Reimbursement for over issuance of shares |
|
17,721,868 |
|
|
|
— |
|
Payments to acquire treasury stock |
|
(5,610,600 |
) |
|
|
— |
|
Proceeds from issuance of common stock |
|
- |
|
|
|
42,269,378 |
|
Proceeds from issue of prefunded warrants |
|
- |
|
|
|
15,000,000 |
|
Net cash provided by financing activities |
|
358,416,885 |
|
|
|
197,282,630 |
|
|
|
|
|
|
|
Increase in cash |
|
71,321,385 |
|
|
|
84,332,911 |
|
Cash, cash equivalents and restricted cash (in amount of
$30,289,400), beginning of period |
|
84,375,085 |
|
|
|
42,174 |
|
Cash, cash equivalents and restricted cash (in amount of $429,372),
ending of period |
$ |
155,696,470 |
|
|
$ |
84,375,085 |
|
|
|
|
|
|
|
Supplemental disclosure of Cash Flow
information: |
|
|
|
|
|
Cash paid for interest |
$ |
122,501 |
|
|
$ |
1,407,988 |
|
Cash paid for taxes |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Supplemental Disclosure for Non-Cash
Activities: |
|
|
|
|
|
Convertible notes and interest - conversion to common stock |
$ |
167,070,343 |
|
|
$ |
17,339,000 |
|
Exercise of warrants recognized earlier as liabilities |
|
627,836,463 |
|
|
|
555,161,139 |
|
Reclassification of derivatives to equity upon authorization of
common shares |
|
47,818,882 |
|
|
|
— |
|
Waiver of dividends by stockholders |
|
7,387,808 |
|
|
|
— |
|
Common stock issued to extinguish other liabilities |
|
5,524,838 |
|
|
|
— |
|
Notes issued to extinguish liability to issue stock |
|
11,597,571 |
|
|
|
— |
|
Right-of-use assets obtained in exchange of operating lease
liabilities |
|
2,112,773 |
|
|
|
4,081,716 |
|
Extinguishment of financial liabilities by sale of property |
|
238,259 |
|
|
|
— |
|
Extinguishment of operational liabilities by sale of property |
|
760,669 |
|
|
|
— |
|
Preferred shares issued in exchange for convertible debt |
|
— |
|
|
|
24,988,926 |
|
Stock based payment for business acquired |
|
— |
|
|
|
41,577,647 |
|
Conversion of a note payable to a liability to issue shares |
|
— |
|
|
|
10,413,900 |
|
Financial Position
As of Sept. 30, 2023, the Company reported $155.7 million in
cash, $16.8 million in inventory, $25.0 million in other current
assets and $82.0 million in property, plant and equipment. Notes
payable were $7.5 million on Sept. 30, 2023. This compares
favorably to the end of fiscal 2022 when the Company had $84.4
million in cash, $2.0 million in other current assets, $14.8
million in property, plant and equipment and $9.0 million in notes
payable.
The net working capital on Sept. 30, 2023, was positive and
amounted to $58.5 million, or approximately $133.3 million after
excluding derivative liabilities and liabilities to issue shares
that are supposed to be settled by issuing common stock without
using cash. This compares favorably to 2022 when working capital
was ($35.9) million or $59.6 million after excluding derivative
liabilities and liabilities to issue shares that are supposed to be
settled by issuing common stock without using cash.
Following are Consolidated Balance Sheets as of Sept. 30, 2023,
and 2022.
MULLEN
AUTOMOTIVE, INC. |
CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
|
|
September 30, |
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
155,267,098 |
|
|
$ |
54,085,685 |
|
Restricted cash |
|
429,372 |
|
|
|
30,289,400 |
|
Accounts receivable |
|
671,750 |
|
|
|
— |
|
Inventory |
|
16,807,013 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
24,955,223 |
|
|
|
1,958,759 |
|
TOTAL CURRENT ASSETS |
|
198,130,456 |
|
|
|
86,333,844 |
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
82,032,785 |
|
|
|
14,803,716 |
|
Intangible assets, net |
|
104,235,249 |
|
|
|
93,947,018 |
|
Deposit on ELMS assets purchase |
|
— |
|
|
|
5,500,000 |
|
Related party receivable |
|
2,250,489 |
|
|
|
1,232,387 |
|
Right-of-use assets |
|
5,249,417 |
|
|
|
4,597,052 |
|
Goodwill, net |
|
28,846,832 |
|
|
|
92,834,832 |
|
Other non-current assets |
|
960,502 |
|
|
|
3,345,631 |
|
TOTAL ASSETS |
$ |
421,705,730 |
|
|
$ |
302,594,479 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Accounts payable |
$ |
13,175,507 |
|
|
$ |
6,109,425 |
|
Accrued expenses and other current liabilities |
|
41,201,929 |
|
|
|
7,185,881 |
|
Dividends payable |
|
401,859 |
|
|
|
7,762,255 |
|
Derivative liabilities |
|
64,863,309 |
|
|
|
84,799,179 |
|
Liability to issue shares |
|
9,935,950 |
|
|
|
10,710,000 |
|
Lease liabilities, current portion |
|
2,134,494 |
|
|
|
1,428,474 |
|
Notes payable, current portion |
|
7,461,492 |
|
|
|
3,856,497 |
|
Refundable deposits |
|
429,372 |
|
|
|
289,000 |
|
Other current liabilities |
|
7,000 |
|
|
|
90,372 |
|
TOTAL CURRENT LIABILITIES |
|
139,610,909 |
|
|
|
122,231,083 |
|
Notes payable, net of current portion |
|
— |
|
|
|
5,164,552 |
|
Liability to issue shares, net of current portion |
|
1,827,889 |
|
|
|
— |
|
Lease liabilities, net of current portion |
|
3,566,922 |
|
|
|
3,359,354 |
|
Deferred tax liability |
|
3,891,900 |
|
|
|
14,882,782 |
|
TOTAL LIABILITIES |
|
148,897,620 |
|
|
|
145,637,771 |
|
Commitments and Contingencies (Note 19) |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Preferred stock; $0.001 par value; 500,000,000 preferred shares
authorized; |
|
|
|
|
|
Preferred Series D; 437,500,001 shares authorized; 363,097 and
4,359,652 shares issued and outstanding at September 30, 2023 and
September 30, 2022, respectively (preference in liquidation of
$159,000 and $1,909,091 at September 30, 2023 and 2022,
respectively) |
|
363 |
|
|
|
4,359 |
|
Preferred Series C; 40,000,000 shares authorized; 1,211,757 and
1,360,321 shares issued and outstanding at September 30, 2023 and
September 30, 2022, respectively (preference in liquidation of
$10,696,895 and $12,025,238 at September 30, 2023 and 2022,
respectively) |
|
1,212 |
|
|
|
1,360 |
|
Preferred Series A; 200,000 shares authorized; 648 and 1,924 shares
issued and outstanding at September 30, 2023 and September 30,
2022, respectively (preference in liquidation of $836 and $2,482 at
September 30, 2023 and 2022, respectively) |
|
1 |
|
|
|
2 |
|
Common stock; $0.001 par value; 5,000,000,000 and 1,750,000,000
shares authorized at September 30, 2023 and September 30, 2022,
respectively; 2,871,707 and 37,043 shares issued and outstanding at
September 30, 2023 and 2022 respectively (*) |
|
2,872 |
|
|
|
37 |
|
Additional paid-in capital (*) |
|
2,071,110,126 |
|
|
|
948,598,587 |
|
Accumulated deficit |
|
(1,862,162,037 |
) |
|
|
(889,907,455 |
) |
TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S
STOCKHOLDERS |
|
208,952,537 |
|
|
|
58,696,890 |
|
Noncontrolling interest |
|
63,855,573 |
|
|
|
98,259,819 |
|
TOTAL STOCKHOLDERS' EQUITY |
|
272,808,110 |
|
|
|
156,956,709 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
421,705,730 |
|
|
$ |
302,594,479 |
|
(*) Adjusted retroactively for reverse stock splits, see Note
1 |
|
|
|
|
|
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based
automotive company building the next generation of electric
vehicles (“EVs”) that will be manufactured in its two United
States-based assembly plants. Mullen's EV development portfolio
includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban
Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors,
which features both the B1 and B2 electric SUV trucks and Class 4-6
commercial offerings. On Sept. 7, 2022, Bollinger Motors became a
majority-owned EV truck company of Mullen Automotive, and on Dec.
1, 2022, Mullen closed on the acquisition of all of Electric Last
Mile Solutions' (“ELMS”) assets, including all IP and a
650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Exchange Act of 1934, as amended. Any
statements contained in this press release that are not statements
of historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential" and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited to (i) whether Mullen will achieve its battery module
and pack development objectives; whether the Company will receive
CARB certification from the state of California for the Class 3 as
expected; the timing and outcome of the Mullen and RRDS final
Ruling Request Application regarding its Class 1 EV cargo van; the
timing and outcome of the Bollinger B4 design validation, testing,
certification and homologation initiatives; whether the projected
timelines for the development and production of the
high-performance Mullen FIVE RS limited-edition will be realized;
and the timing and anticipated range increases for the development
of the solid-state battery packs; (ii) the timing of manufacturing,
production and availability of Mullen vehicles to customers; (iii)
Mullen’s ability (or inability) to obtain additional financing in
sufficient amounts or on acceptable terms when needed; (iv)
Mullen's ability to maintain existing, and secure additional,
contracts with manufacturers, parts and other service providers
relating to its business; (v) Mullen’s ability to successfully
expand in existing markets and enter new markets; (vi) Mullen’s
ability to successfully manage and integrate any acquisitions of
businesses, solutions or technologies; (vii) unanticipated
operating costs, transaction costs and actual or contingent
liabilities; (viii) the ability to attract and retain qualified
employees and key personnel; (ix) adverse effects of increased
competition on Mullen’s business; (x) changes in government
licensing and regulation that may adversely affect Mullen’s
business; (xi) the risk that changes in consumer behavior could
adversely affect Mullen’s business; (xii) Mullen’s ability to
protect its intellectual property; and (xiii) local, industry and
general business and economic conditions. Additional factors that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements can be found
in the most recent annual report on Form 10-K, quarterly reports on
Form 10-Q and current reports on Form 8-K filed by Mullen with the
Securities and Exchange Commission. Mullen anticipates that
subsequent events and developments may cause its plans, intentions
and expectations to change. Mullen assumes no obligation, and it
specifically disclaims any intention or obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by law.
Forward-looking statements speak only as of the date they are made
and should not be relied upon as representing Mullen’s plans and
expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.+1 (714) 613-1900www.MullenUSA.com
Corporate Communications:IBN
(InvestorBrandNetwork)Los Angeles,
Californiawww.InvestorBrandNetwork.com(310) 299-1717
OfficeEditor@InvestorBrandNetwork.com
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