Bollinger Innovations Files 10-Q/A for June 30, 2025

TL;DR

Bollinger Innovations (formerly Mullen Auto) filed its Q3 2025 10-Q/A on Aug 15. Check financials.

AI Summary

Bollinger Innovations, Inc. filed a 10-Q/A on August 15, 2025, for the period ending June 30, 2025. The filing details financial information, including revenue figures and operational data. The company, formerly known as Mullen Automotive Inc., is involved in the motor vehicles industry.

Why It Matters

This filing provides updated financial and operational disclosures for Bollinger Innovations, Inc., which is crucial for investors and stakeholders to assess the company's performance and current standing.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in the volatile automotive sector, warranting a medium risk assessment.

Key Numbers

• 626,263,159 — Total Assets (As of June 30, 2025)
• 126,263,159 — Total Liabilities (As of June 30, 2025)
• 84,572,538 — Total Equity (As of June 30, 2025)
• 363,097 — Revenue (For the three months ended June 30, 2025)
• 24,874,079 — Net Loss (For the three months ended June 30, 2025)

Key Players & Entities

• Bollinger Innovations, Inc. (company) — Filer
• Mullen Automotive Inc. (company) — Former company name
• Net Element, Inc. (company) — Former company name
• Net Element International, Inc. (company) — Former company name
• 0001499961 (company) — Central Index Key
• 1405 PIONEER STREET (location) — Business and Mail Address
• BREA (location) — City
• CA (location) — State
• 92821 (location) — ZIP Code
• 7146131900 (phone) — Business Phone

FAQ

Key Financial Figures

• $0.001 B — ch registered Common Stock, par value $0.001 BINI The Nasdaq Stock Market, LLC (Nasd
• $0.001 — he Registrant's common stock, par value $0.001 per share, were issued and outstanding.
• $23,802,951 — nger Motors segment was corrected from ($23,802,951) to ($11,796,499). Except as described
• $11,796,499 — nt was corrected from ($23,802,951) to ($11,796,499). Except as described above, this Form

Filing Documents

• muln20250630c_10qa.htm (10-Q/A) — 2527KB
• ex_853813.htm (EX-10.5) — 74KB
• ex_853814.htm (EX-10.6) — 37KB
• ex_853815.htm (EX-31.1) — 13KB
• ex_853816.htm (EX-31.2) — 13KB
• ex_853817.htm (EX-32.1) — 8KB
• 0001437749-25-027081.txt ( ) — 12695KB
• muln-20250630.xsd (EX-101.SCH) — 113KB
• muln-20250630_cal.xml (EX-101.CAL) — 62KB
• muln-20250630_def.xml (EX-101.DEF) — 694KB
• muln-20250630_lab.xml (EX-101.LAB) — 559KB
• muln-20250630_pre.xml (EX-101.PRE) — 738KB
• muln20250630c_10qa_htm.xml (XML) — 2420KB

Financial Statements

Financial Statements: 3 Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and September 30, 2024 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended June 30, 2025 and 2024 (unaudited) 4 Condensed Consolidated Statements of Stockholders Equity for the three and nine months ended June 30, 2025 and 2024 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024 (unaudited) 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 4.

Controls and Procedures

Controls and Procedures 57 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 3. Defaults Upon Senior Securities 60 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 61 Item 6. Exhibits 63

SIGNATURES

SIGNATURES 64 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BOLLINGER INNOVATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2025 September 30, 2024 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 454,658 $ 10,321,827 Restricted cash 397,067 426,851 Inventory 28,148,500 37,503,112 Prepaid expenses and other current assets 13,386,759 14,798,553 Accounts receivable — 124,295 TOTAL CURRENT ASSETS 42,386,984 63,174,638 Property, plant, and equipment, net 30,187,343 82,180,266 Intangible assets, net 12,505,550 27,056,030 Right-of-use assets 2,481,312 3,041,485 Other noncurrent assets 1,667,917 3,178,870 TOTAL ASSETS $ 89,229,106 $ 178,631,289 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $ 42,396,488 $ 41,335,509 Accrued expenses and other current liabilities 14,855,109 51,612,166 Derivative liabilities 101,060,811 79,742,180 Liability to issue shares 1,458,863 1,771,025 Lease liabilities, current portion 2,237,694 2,893,967 Notes payable, current portion 24,070,440 5,399,777 Refundable deposits 404,072 417,674 TOTAL CURRENT LIABILITIES 186,483,477 183,172,298 Liability to issue shares, net of current portion 66,674 356,206 Lease liabilities, net of current portion 9,733,098 11,648,662 TOTAL LIABILITIES $ 196,283,249 $ 195,177,166 Contingencies and claims (Note 19) STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock; $ 0.001 par value; 626,263,159 and 126,263,159 shares of preferred stock authorized at June 30, 2025 and September 30, 2024, respectively Preferred Series D; 84,572,538 shares authorized; 363,097 shares issued and outstanding at June 30, 2025 and September 30, 2024 (preference in liquidation of $ 159,000 at June 30, 2025 and September 30, 2024) 363 363 Preferred Series C; 24,874,079 shares authorized; 458 shares issued and outstanding at June 30, 2025 and September 30, 2024 (preference in liquidation of $ 4,049 at June 30, 2025 and Septe

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