Mullen Automotive Q3 FY24: $41 Revenue, $126M Assets

TL;DR

**MULN Q3 FY24: $41 Revenue, $126M Assets, $84M Liabilities. Cash $1.2M.**

AI Summary

Mullen Automotive Inc. reported its third quarter fiscal year 2024 results ending June 30, 2024. The company had total assets of $126,263,156 and total liabilities of $84,572,538. Mullen Automotive also reported $41 in revenue for the quarter. The company's cash and cash equivalents stood at $1,211,757.

Why It Matters

This filing provides a snapshot of Mullen Automotive's financial health and operational scale as of June 30, 2024, indicating its asset base and liabilities.

Risk Assessment

Risk Level: high — Mullen Automotive has historically faced significant financial challenges and operational hurdles, making its financial disclosures critical for assessing ongoing viability.

Key Numbers

• $126.3B — Total Assets (As of June 30, 2024)
• $84.6B — Total Liabilities (As of June 30, 2024)
• $41 — Revenue (For the quarter ended June 30, 2024)
• $1.2M — Cash and Cash Equivalents (As of June 30, 2024)
• 0.001 — Earnings Per Share (Basic) (For the period ended June 30, 2024)

Key Players & Entities

• MULLEN AUTOMOTIVE INC. (company) — Filer
• 0001499961 (company) — Central Index Key
• 1405 PIONEER STREET (location) — Business Address
• BREA (location) — City
• CA (location) — State
• 92821 (location) — ZIP Code
• 7146131900 (phone_number) — Business Phone
• Net Element, Inc. (company) — Former Company Name
• Cazador Acquisition Corp Ltd. (company) — Former Company Name
• 20240630 (date) — Report Period End Date

FAQ

Key Financial Figures

• $0.001 M — ch registered Common Stock, par value $0.001 MULN The Nasdaq Stock Market, LLC (Nasd
• $0.001 — he Registrant's common stock, par value $0.001 per share, were issued and outstanding.

Filing Documents

• muln20240630c_10q.htm (10-Q) — 2465KB
• ex_711594.htm (EX-10.1) — 131KB
• ex_686396.htm (EX-31.1) — 13KB
• ex_686397.htm (EX-31.2) — 12KB
• ex_686398.htm (EX-32.1) — 7KB
• 0001437749-24-026065.txt ( ) — 12426KB
• muln-20240630.xsd (EX-101.SCH) — 106KB
• muln-20240630_cal.xml (EX-101.CAL) — 71KB
• muln-20240630_def.xml (EX-101.DEF) — 717KB
• muln-20240630_lab.xml (EX-101.LAB) — 587KB
• muln-20240630_pre.xml (EX-101.PRE) — 761KB
• muln20240630c_10q_htm.xml (XML) — 2170KB

Financial Statements

Financial Statements: 3 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023 3 Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Stockholders Equity for the three and nine months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the nine months ended June 30, 2024 and 2023 (unaudited) 7 Notes to Unaudited 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 50 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 61 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 62 Item 1A.

Risk Factors

Risk Factors 62 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 65 Item 6. Exhibits 66

SIGNATURES

SIGNATURES 67 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MULLEN AUTOMOTIVE INC. CONSOLIDATED BALANCE SHEETS (unaudited) June 30, 2024 September 30, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,549,367 $ 155,267,098 Restricted cash 414,536 429,372 Inventory 37,834,884 16,807,013 Prepaid expenses and prepaid inventories 25,759,754 24,955,223 Accounts receivable — 671,750 TOTAL CURRENT ASSETS 67,558,541 198,130,456 Property, plant, and equipment, net 83,254,664 82,032,785 Intangible assets, net 27,939,106 104,235,249 Right-of-use assets 11,787,983 5,249,417 Related party receivable — 2,250,489 Goodwill, net — 28,846,832 Other noncurrent assets 1,789,472 960,502 TOTAL ASSETS $ 192,329,766 $ 421,705,730 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 29,247,841 $ 13,175,504 Accrued expenses and other current liabilities 43,378,664 41,610,788 Warrant liabilities 25,778,961 — Series E Preferred Stock ( 76,950 authorized, 76,923 shares issued and outstanding with redemption value of $ 41 per share) 8,605,241 — ELOC commitment fee liability 6,000,000 — Derivative liabilities 3,751,217 64,863,309 Liability to issue shares 4,416,255 9,935,950 Lease liabilities, current portion 2,226,906 2,134,494 Notes payable, current portion 2,732,390 7,461,492 Refundable deposits 421,772 429,372 TOTAL CURRENT LIABILITIES 126,559,247 139,610,909 Liability to issue shares, net of current portion 437,358 1,827,889 Lease liabilities, net of current portion 12,338,011 3,566,922 Deferred tax liability — 3,891,900 TOTAL LIABILITIES $ 139,334,616 $ 148,897,620 Contingencies and claims (Note 19) STOCKHOLDERS' EQUITY Preferred stock; $ 0.001 par value; 126,263,156 preferred shares authorized; Preferred Series D; 84,572,538 shares authorized; 363,097 and 363,097 shares issued and outstanding at June 30, 2024 and September 30, 2023, respectively (preference in liquidation of $ 159,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Mullen Automotive Inc., a Delaware corporation ("Mullen", "we" or the "Company"), is a Southern California-based electric vehicle company that operates in various verticals of businesses within the automotive industry. Mullen Automotive Inc., a California corporation ("Previous Mullen"), was originally formed on April 20, 2010, as a developer and manufacturer of electric vehicle technology and operated as the Electric Vehicle ("EV") division of Mullen Technologies, Inc. ("MTI") until November 5, 2021, at which time Previous Mullen underwent a capitalization and corporate reorganization by way of a spin-off to its shareholders, followed by a reverse merger with and into Net Element, Inc., which was accounted for as a reverse merger transaction, in which Previous Mullen was treated as the acquirer for financial accounting purposes (the "Merger"). The Company changed its name from "Net Element, Inc." to "Mullen Automotive Inc." and the Nasdaq ticker symbol for the Company's common stock changed from "NETE" to "MULN" on the Nasdaq Capital Market at the opening of trading on November 5, 2021. Mullen is building and delivering the newest generation of commercial trucks through the Bollinger Motors and Electric Last Mile Solutions ("ELMS") acquisitions. Since acquiring a controlling interest in Bollinger Motors, Inc. in September 2022, Mullen has strategically expanded into the medium-duty truck segments (Classes 4 - 6 ) and the electric Sport Utility and Pickup Truck markets. In October 2022, Mullen successfully completed a significant acquisition of assets from ELMS, which included a manufacturing facility in Mishawaka, Indiana, and all necessary intellectual property for the design and production of Class 1 and Class 3 electric vehicles. The first electric vehicles, produced at our Tunica, Mississippi plant, were successfully delivered to

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Reverse Stock Splits During the calendar year ended December 31, 2023, we completed 3 reverse stock splits in order to regain compliance with NASDAQ Listing Rule 5550 (a)( 2 ). In May 2023, we completed a 1 -for- 25 reverse split of our outstanding shares of common stock. In August 2023, we completed a 1 -for- 9 reverse split of our outstanding shares of common stock. In December 2023, we completed a 1 -for- 100 reverse split of our outstanding shares of common stock. On January 24, 2024, the Company received formal notice from The Nasdaq Stock Market LLC confirming the Company had regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550 (a)( 2 ). On March 6, 2024, the Company received formal notice from Nasdaq confirming that it had regained compliance with the annual shareholder meeting requirement set forth in Nasdaq Listing Rule 5620 (a). As a result of the reverse stock splits, the number of shares of common stock that can be issued upon exercise of warrants, preferred stock, and other convertible securities, as well as any commitments to issue securities, that provide for adjustments in the event of a reverse stock split, was appropriately adjusted pursuant to their applicable terms for the reverse stock splits. If applicable, the conversion price for each outstanding share of preferred stock and the exercise price for each outstanding warrant was increased, pursuant to their terms, in inverse proportion to the split ratio such that upon conversion or exercise, the aggregate conversion price for conversion of preferred stock and the aggregate exercise price payable by the warrant holder to the Company for shares of common stock subject to such warrant will remain approximately the same as the aggregate conversion or exercise price, as applicable, prior to the reverse stock splits. The reverse stock splits did not change the authorized number of shares or the par value of t

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