Mullen Automotive Files 2024 10-K
Ticker: BINI · Form: 10-K · Filed: Jan 24, 2025 · CIK: 1499961
Sentiment: neutral
Topics: 10-K, automotive, financials
Related Tickers: MULN
TL;DR
MULN's 2024 10-K is in: Assets $126M, Liabilities $84M. Check it out.
AI Summary
Mullen Automotive Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting total assets of $126,263,159 and total liabilities of $84,572,538. The company's former names include Net Element, Inc. and Cazador Acquisition Corp Ltd. Mullen Automotive Inc. is incorporated in Delaware and operates in the motor vehicles sector.
Why It Matters
This filing provides a comprehensive overview of Mullen Automotive's financial health and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future prospects.
Risk Assessment
Risk Level: high — The company has a history of name changes and operates in a highly competitive and capital-intensive industry, suggesting significant inherent risks.
Key Numbers
- $126.26B — Total Assets (As of September 30, 2024)
- $84.57B — Total Liabilities (As of September 30, 2024)
- $5,000,000,000 — Authorized Common Stock (Reflects the company's capital structure)
Key Players & Entities
- MULLEN AUTOMOTIVE INC. (company) — Filer
- Net Element, Inc. (company) — Former Company Name
- Cazador Acquisition Corp Ltd. (company) — Former Company Name
- 20240930 (date) — Fiscal Year End
- 126,263,159 (dollar_amount) — Total Assets
- 84,572,538 (dollar_amount) — Total Liabilities
FAQ
What were Mullen Automotive's total revenues for the fiscal year ending September 30, 2024?
The provided snippet does not explicitly state the total revenues for the fiscal year ending September 30, 2024. It lists various financial figures but not the top-line revenue.
What is the company's net income or loss for the fiscal year ending September 30, 2024?
The filing snippet does not contain information on the net income or loss for the fiscal year ending September 30, 2024.
What significant business developments or acquisitions occurred during the fiscal year ending September 30, 2024?
The snippet mentions 'In October 2024, the Company' but does not provide details on specific business developments or acquisitions.
What is the company's cash position as of September 30, 2024?
The provided data does not explicitly state the company's cash and cash equivalents as of September 30, 2024.
What are the primary business segments of Mullen Automotive Inc.?
The filing identifies Mullen Automotive Inc. under the Standard Industrial Classification code 3711, which is 'MOTOR VEHICLES & PASSENGER CAR BODIES', indicating its primary business is in the automotive sector.
Filing Stats: 4,545 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2025-01-24 16:29:36
Key Financial Figures
- $0.001 M — ch registered Common Stock, par value $0.001 MULN The Nasdaq Stock Market, LLC (Nasd
- $148.6 million — s was announced. The purchase price was $148.6 million in cash and stock for a 60% controlling
- $12.7 million — llinger segment, invested an additional $12.7 million in newly issued shares of the subsidiar
- $18.7 million — newly issued shares of the subsidiary ($18.7 million by January 23, 2025), increasing contro
- $105 m — ions) assets in an all-cash purchase of $105 million, which includes approximately of
- $10 million — illion, which includes approximately of $10 million vendor payables assumed at closing. Wit
Filing Documents
- muln20240930_10k.htm (10-K) — 4100KB
- ex_765999.htm (EX-4.1) — 132KB
- ex_765968.htm (EX-10.3A) — 20KB
- ex_758738.htm (EX-10.25D) — 32KB
- ex_765477.htm (EX-10.25E) — 24KB
- ex_765480.htm (EX-10.29A) — 26KB
- ex_765969.htm (EX-10.31) — 236KB
- ex_765479.htm (EX-10.32) — 71KB
- ex_767461.htm (EX-10.33) — 71KB
- ex_758820.htm (EX-21.1) — 8KB
- ex_699954.htm (EX-23.1) — 3KB
- ex_699956.htm (EX-31.1) — 16KB
- ex_699957.htm (EX-31.2) — 16KB
- ex_699958.htm (EX-32.1) — 8KB
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- mullen.jpg (GRAPHIC) — 6KB
- rbsmlogo.jpg (GRAPHIC) — 16KB
- 0001437749-25-001816.txt ( ) — 20501KB
- muln-20240930.xsd (EX-101.SCH) — 147KB
- muln-20240930_cal.xml (EX-101.CAL) — 84KB
- muln-20240930_def.xml (EX-101.DEF) — 982KB
- muln-20240930_lab.xml (EX-101.LAB) — 814KB
- muln-20240930_pre.xml (EX-101.PRE) — 1056KB
- muln20240930_10k_htm.xml (XML) — 3389KB
Business
Business 6 Item 1A.
Risk Factors
Risk Factors 23 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2.
Properties
Properties 57 Item 3.
Legal Proceedings
Legal Proceedings 58 Item 4. Mine Safety Disclosures 58 PART II 59 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59 Item 6. [Reserved] 59 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 70 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 70 Item 9A.
Controls and Procedures
Controls and Procedures 70 Item 9B. Other Information 73 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III 74 Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.
Executive Compensation
Executive Compensation 79 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 90 Item 14. Principal Accountant Fees and Services 92 PART IV 93 Item 15. Exhibits and Financial Statement Schedules 93 Item 16. Form 10K Summary 99
Signatures
Signatures 84 1 Table of Contents
FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY This Annual Report on Form 10K (the " Annual Report " or " Report ") contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this Annual Report, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and statements include the risks summarized below. This summary does not address all of the risks that the Company faces. Additional discussion of the risks summarized in this risk factor summary; and other risks the Company faces, can be found below under the heading "Risk Factors" and should be carefully considered, together with other information in this Form 10-K and other filings with the SEC, before making a decision to invest in the Company. These risks include, among others, the following: We have incurred significant losses since inception, and we expect that we wil
BUSINESS
ITEM 1. BUSINESS. References in this Annual Report to the "Company", "we", "us", "our" or similar references, or "Mullen," mean Mullen Automotive Inc., a Delaware corporation, and its subsidiaries Ottava Automotive, Inc., a California corporation, Mullen Indiana Real Estate, LLC., a Delaware corporation, Mullen Investment Properties LLC, a Mississippi corporation, Mullen Advanced Energy Operations LLC, a California corporation, and a majority ownership in Bollinger Motors, Incorporated in Delaware. Background We are a Southern California-based technology and electric vehicle company that operates in various verticals of energy technology and automotive industry. The Company was originally formed on April 20, 2010, as a developer and manufacturer of electric vehicle technology. During 2021, the Company completed a merger with Net Element, Inc., a Delaware-incorporated company. The merger was accounted for as a reverse merger transaction, in which Mullen Automotive-California is treated as the acquirer for financial accounting purposes. The Company changed its name from "Net Element, Inc." to "Mullen Automotive Inc." The Nasdaq Stock Market, LLC (Nasdaq Capital Market) ticker symbol for the Company's common stock changed from "NETE" to "MULN" at the opening of trading on November 5, 2021. The Company Mullen Automotive is a Southern California-based technology and automotive company that is building and delivering the newest generation of Commercial Trucks. The Company entered the Commercial Truck Business executing two opportunistic acquisitions in the later part of 2022. On September 7, 2022, the first acquisition of Bollinger Motors was announced. The purchase price was $148.6 million in cash and stock for a 60% controlling interest, which provided Mullen with majority ownership of Bollinger Motors, Inc. This provided Mullen short term entry into the medium duty truck classes 4-6, and also the possibility to enter the Sport Utility and Pick Up Truck EV se