Mullen Automotive Inc (MULN) 시세

The shareholder equity is underwater to the tune of over $100 million!! Another sign of the slow deterioration of things.

There was something about the associated PR from this morning that caught my eye. What are they talking about in receiving $6 million in cash? From who, the dealers?
During the three months ended Dec. 31, 2024, we invoiced for 58 vehicles valued at $4.4 million, received $6.0 million in cash and recorded $2.9 million in revenues. The difference between invoiced amounts and revenues was due to the Company continuing to defer the revenue recognition on most of Mullen commercial vehicles invoiced until invoices are paid and the return provision on the vehicles is nullified by dealer’s sale of the vehicle to the end user.
There is nothing in the financial statements that explains it. If it came from the dealers for vehicles not yet sold (so it is refundable"???) then it would have to show up as deferred revenue. But there is no deferred revenue on the balance sheet. It doesn't show up anywhere.

What are they referring to and why did he put that in the PR?

And then there is the accrued liability for the GEM payout. I don't see where that is, or would be, on the balance sheet.

Is it sitting in an escrow...will need to go back and look at other statements.

LOL !! Did you notice that the "finished goods delivered to dealers for distribution" line is unchanged from September while the "finished goods" went up. They can even get the dealers to take the finished vehicles...that back parking lot at Mullen must be filling up.

Yeah - it's a real shit show of SMOKE n MIRRORS R US INC....holy crap....talk about COOKING THE BOOKS.....

Randy Marion - it's literally a SCRAP METAL YARD of RUSTED OUT WORTHLESS RE-BADGED SHIT MOBILE CHINA INC ELMS TIN CAN SCAM VANS...aka...

MULLENATED...EX BUD LIGHT CANS and TOXIC CHINA INC LITHIUM GRADE-F WE-MAKE-UM-CRAP-FO-YU-HolD-NO-Chargey.... rotting on that dirt and gravel lot out behind Randy's place.....that shit heap is about to become a toxic super fund waste cleanup site....if that crap sits there much longer in the snow and rain rusting out.....LOL....!!!

Ya can't even make up this kinda fraud...and now the class action...that law firm did their freaking homework in spades and nailed the BIGGY HARDGE Saudi-CON magic electric box crap....THAT...that's the stuff that's gonna get these scofflaws criminally indicted...vs...just civil indictments......this one is a scam for the ages.....!!!

The FEDS put that poor dumb SOB from Nikola...ole Trevor Milton...in a CLUB FED prison for a 4 yr camping stay.....IF they don't indict and lockup DIRTY DAVID MICHERY....they better stand before the Lord and God almighty and do some splainin ....as Ricky from I Love Lucy would say...cause they owe Trevor an apology then....

https://www.justice.gov/usao-sdny/pr/trevor-milton-sentenced-four-years-prison-securities-fraud-scheme
That clown dude - he's a rank amateur putz compared to what the MULLEN hustle crew has perpetuated here.....

Did you notice that the "finished goods delivered to dealers for distribution" line is unchanged from September while the "finished goods" went up. They can even get the dealers to take the finished vehicles...that back parking lot at Mullen must be filling up.

Yes ! Well even if the derivative liability is removed from the current liabilities, they still are double their current assets. That is technically bankrupt.

Still going through the Q...found this tidbit...
On or about July 10, 2024, Mullen moved in the United States District Court for the Southern District of New York for an order vacating the arbitration awards and denying GEM’s anticipated motion to confirm those awards. On or about August 7, 2024, GEM filed an opposition to Mullen’s motion to vacate and cross-moved to confirm the arbitration awards. On or about August 21, 2024, Mullen filed a reply to GEM’s opposition. On February 6, 2025, The District Court affirmed the arbitration award and denied Mullen’s motion to vacate the award, ordering that the award be satisfied no later than May 7, 2025.

The Company has accrued $30.8 million as a probable settlement expense as of December 31, 2024 (in addition to $7 million that has been paid earlier).

I had mentioned a few days back in a prior post - that they had 100% LOST the GEM lawsuit and that the judge had rendered final judgement for Plaintiff and against MULLEN-a-CON.

They have exhausted all appeals - they owe the money now. It's a "court backed order" and they are screwed to put it mildly.

The judgement alone renders them BK by all GACP standards.

Their cash line vs "current liabilities" alone renders them BK by all GACP standards.

Their asset line is grossly inflated and just down right fraudulent- and that reality IF AUDITED and corrected renders them even further into the BK rat hole.

The filing is damning - it's grave, condition RED to put it mildly.

This scam - should never have been on the NASDAQ but now, it should be lucky to even survive on the shitty OTC where it belongs.

I think they're in the pickle box and combo hurt locker - they're running out of rabbits to pull out of the magic DIRTY DAVE scam-a-con handbook of old and it's looking like pay the piper time and bad reality is about to hit like a freight train from hell itself, potentially sooner than we think here IMO.

Yepper - it's B A D, kinda BAD !

Well even if the derivative liability is removed from the current liabilities, they still are double their current assets. That is technically bankrupt.

Still going through the Q...found this tidbit...
On or about July 10, 2024, Mullen moved in the United States District Court for the Southern District of New York for an order vacating the arbitration awards and denying GEM’s anticipated motion to confirm those awards. On or about August 7, 2024, GEM filed an opposition to Mullen’s motion to vacate and cross-moved to confirm the arbitration awards. On or about August 21, 2024, Mullen filed a reply to GEM’s opposition. On February 6, 2025, The District Court affirmed the arbitration award and denied Mullen’s motion to vacate the award, ordering that the award be satisfied no later than May 7, 2025.

The Company has accrued $30.8 million as a probable settlement expense as of December 31, 2024 (in addition to $7 million that has been paid earlier).
And this:
On February 7, 2025, the Company and certain investors entered into a Warrant Exchange Agreement whereby the Company agreed to issue new warrants in exchange for the warrants listed in the subsections above and in the Note 8 - Warrants and other derivative liabilities and fair value measurements. The new warrants have the same terms and conditions as the existing warrants (described above and in the Note 8), including the number of shares issuable upon cash exercise and a term of five years from the date of original issuance, except that the exercise price floor in the formula for the cashless exercise of the new warrants is $0.01, not subject to adjustment for stock dividends, subdivisions, or combinations (including reverse stock splits). The contract is subject to stockholder shareholder approval under Nasdaq Listing Rule 5635(d), as the aggregate potential issuances could exceed 20% of the Company’s outstanding common stock.
Game is almost over.

LOL !! whens the next r/s? June?


I see you're an optimist....God bless ya :))

June ?

I'll be surprised if the BK filing ain't in by June.

This POS is going sub $5 tomorrow.....and unless the clown dirt financiers behind this criminal fraud run a mini P&D cycle....this can be sub $1 buck....literally....in a few weeks.....this thing is dropping so hard and so fast.......I'm getting gray-out and tunnel vision the drop is so violent.....

The 10-Q released today is a literal crime scene wipe out of epic proportions....this shit heap can LITERALLY be BK at any given time and moment here...it's that bad in that un-audited cooked-book shit filing.....it's GRAVE....to put it mildly......they are past running on fumes at this hustle and scam......

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001499961/000143774925004413/muln20241231_10q.htm


NOTE 2 – LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN

These unaudited interim condensed consolidated financial statements have been prepared on the basis that assumes the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report. The Company's principal source of liquidity consists of existing cash and restricted cash of approximately $2.7 million as of December 31, 2024.

During the three months ended December 31, 2024, the Company used approximately $25.6 million of cash for operating activities. The net working capital deficit on December 31, 2024 amounted to approximately $186.2 million, or $41.2 million after excluding derivative and warrant liabilities and liabilities to issue stock that are supposed to be settled by issuing common stock without using cash.

For the three months ended December 31, 2024, the Company incurred a net loss of $118.8 million and, and as of December 31, 2024, our accumulated deficit was $2.4 billion.


The Company believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of these unaudited interim condensed consolidated financial statements. Accordingly, the Company has concluded there is substantial doubt about its ability to continue as a going concern.

During the quarter ended December 31, 2024, the Company made the decision to temporarily shut down key production facilities due to short-term liquidity constraints. This action directly impacts our ability to produce vehicles. Should this shutdown continue, our cash flows from operating activities are expected to be further negatively impacted, which would further worsen the Company’s cash position.

Management is pursuing several strategies to address liquidity concerns, including equity or debt financing and cost reduction and operational restructuring.

Despite these efforts, there is no assurance that these initiatives will be successful. Without additional funding, the Company may be unable to continue operations and could be required to seek bankruptcy protection within 30 days of the issuance of these financial statements.

These unaudited interim condensed consolidated financial statements do not include any adjustments to the carrying amounts of assets or liabilities that may result from the outcome of these uncertainties.

whens the next r/s? June?

MULN: 10-Q OUT AND THEY ARE BK !!!

The 10-Q is an unmitigated FRAUD of accounting gimmicks showing they are for all intents and purposes BK AS OF RIGHT THE HELL NOW !!!

AND....they released the "GIVE DIRTY DAVE MORE FREE SHARES" shit filing.... on the same day they release their LATE SHIT FILING 10-K BK STORYBOOK LOL !!!

Can't make this shit up - the ENTIRE "assets" section of that shit 10-Q....about 90% can be WIPED except the wisp of cash left in the bank - the rest is FUGAZI-a-CRIME smoke-n-mirrors BULLSHIT ACCOUNTING....

They have ZERO "intangibles"....their inventory number needs to be written-down like 90% or more......REAL ESTATE also is a tiny fraction of their claimed values....the BK "factory" bullshit they bought....10 to 20 cents on the dollar fire sale on that money pit vacant building.....everything is a scam and slight of hand ....or just plain old FRAUD......

LIABILITIES - they're BK just on accounts payable vs CASH alone....let alone the ELM LAWSUIT now due and their "other" bullshit payables...aka...money to insiders cons working as CONsultants and other bullshit.....

AND.... they're still pretending they "MANUFACTURE truck and cars and shit".......when NOTHING could be further from the truth !!

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001499961/000143774925004413/muln20241231_10q.htm

10-Q LATE...EPIC WIPE OUT...and my MBA accounting classes.... though maaaany moons ago...I remember well enough to know BK and TOTALLY COOKED BOOKS BULLSHIT ACCOUNTING FRAUD 101..... when I see it LMAO......!!!

PAGE 10:


NOTE 2 – LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN

These unaudited interim condensed consolidated financial statements have been prepared on the basis that assumes the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report. The Company's principal source of liquidity consists of existing cash and restricted cash of approximately $2.7 million as of December 31, 2024.

During the three months ended December 31, 2024, the Company used approximately $25.6 million of cash for operating activities. The net working capital deficit on December 31, 2024 amounted to approximately $186.2 million, or $41.2 million after excluding derivative and warrant liabilities and liabilities to issue stock that are supposed to be settled by issuing common stock without using cash.

For the three months ended December 31, 2024, the Company incurred a net loss of $118.8 million and, and as of December 31, 2024, our accumulated deficit was $2.4 billion.


The Company believes that its available liquidity will not be sufficient to meet its current obligations for a period of at least twelve months from the date of the filing of these unaudited interim condensed consolidated financial statements. Accordingly, the Company has concluded there is substantial doubt about its ability to continue as a going concern.

During the quarter ended December 31, 2024, the Company made the decision to temporarily shut down key production facilities due to short-term liquidity constraints. This action directly impacts our ability to produce vehicles. Should this shutdown continue, our cash flows from operating activities are expected to be further negatively impacted, which would further worsen the Company’s cash position.

Management is pursuing several strategies to address liquidity concerns, including equity or debt financing and cost reduction and operational restructuring.

Despite these efforts, there is no assurance that these initiatives will be successful. Without additional funding, the Company may be unable to continue operations and could be required to seek bankruptcy protection within 30 days of the issuance of these financial statements.


These unaudited interim condensed consolidated financial statements do not include any adjustments to the carrying amounts of assets or liabilities that may result from the outcome of these uncertainties.



https://www.sec.gov/Archives/edgar/data/1499961/000182912625001101/mullenautomotive_s8.htm

AND...the DIRTY DAVE mo mo FREE SHARE SHIT FILING.....you know...."I HIT THEM OLE MILESTONES" and oh oh oh..."MY SHARES I GET AT UN-SPLIT PRICES"....soooo....I CAN DUMP UM WHILE IN THE $DOLLARS PER SHARE....before this shit heap crime scene is SUB ONE $BUCK in less than about 30 short days from now.......!!!

The POS CEO CLOWN FAT MAN MIDGET - he's gonna DUMP FOR DOLLARS the shares he got while in the PENNIES...same as he's done every...single...time....!!!

It's a crime scene...literally....police tape it off....get the FEDS in here and cuff the fat man...raze this POS to the ground and lets get it over with for good....:))

Up 10 cents AH!!! Could this be the bottom?
(Nah).

Their ability to bleed stock into the market is going to continue to decrease.

And the re-pricing of the warrants is only going to get worse which means that the amount of dilution will have to increase to meet the cash demand…at some point that cycle breaks…

wachs is making money here hand over fist. same as michery/AULT and the top 3 other so called.....financiers

Many of those R/M vehicles can be returned now as the “one year” is up. Will be interesting to see if any of that is disclosed if it happens.

And, as been pointed out by others, parts of the vehicles start to deteriorate with non-use. Batteries and tires for starters.

Wouldn't be surprised if the majority of the inventory that R/M has on the lot will need some rehab before they are roadworthy.

That assumes that there is any kind of market for them.

I own 3000 shares of Tesla

So that’s a complicated question to answer. Do I think the issues with the former Nikola CEO are more egregious than Michery?

Yes. In the Nikola case the stock was pumped to huge highs on the back of outright fraudulent representations by the CEO and it collapsed when the truth came out.

The difference is that Michery has been pretty careful walking the line. For example with Hardge, Michery said nothing when the $10 billion Saudi deal was floated by Hardge. It would be hard to get him on that criminally…and he eventually killed the deal.

And most, if not all of the issues with Muln stock has been the dilution…and it appears that they have made adequate disclosures about financings and stock issuances, so again it would probably not trigger a “criminal” case…unless there was actual criminal activity in how the issuances were done like knowingly producing fake opinion letters etc.

The weak spot in the recent lawsuit is that they try to pin a meaningful part of the stock price drop on misrepresentations by the company and Michery, which I don’t think is valid. It was the dilution…but that was disclosed. And people buying in spite of that is their own stupidity really.

So I don’t believe it would ever go criminal…but could go as a civil matter by the SEC.

As I said, the biggest risk to MULN is Wachs no longer being able to write checks…and I just have a sense that is starting to become more difficult.

Nikola CEO was a boy scout compared to MICHERY. someone very powerful is behind MICHERY protecting him for sure

TK, I know you have researched hundreds of scams - what triggers the DOJ to become involved and bring criminal charges.

In the case of Nikola and CEO I believe it was securities fraud and he received a 4 year prison sentence.

Were his actions more egregious than Michery?

IG

The dealers that are fronting MULN the cash with a return guarantee if it doesn’t sell…are taking quite the risk.

If Mullen collapses they can kiss their money goodbye.

EV maker Nikola went Chapter 11 earlier this week.

Nikola Corporation shipped 35 trucks in the fourth quarter of 2023, and 90 trucks in the third quarter of 2024. In total, Nikola sold about 200 fuel cell electric vehicles (FCEVs) in 2024.

I wonder if Nikola uses the term "shipped" the same way that MULN referred to vehicles "shipped" to Randy Marion.

No revenue. But shipped!

Michery has essentially run this as if it’s in a bankrupt state. For anyone that held or holds the common equity it is, for all intents and purposes, bankrupt.

Ironically the stock has done worse than most bankrupt entities or those verging on bankruptcy.

The whole house of cards depends on one thing…how long with Wachs keep funding things? It is probably getting harder and harder and the risk is creeping up for him.

MUSK will SEE MICHERY INDICTED !

It's 100% "in the interest" of Elon Musk....to BURY....any and all "EV SCAMS"....and the dude now has lunch daily.... with the POTUS of these United States.....

WOWZA!!!

The defunct startup listed assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion in its petition. It noted that $47 million in cash was on hand to fund activities.

If it's any comfort....be SURE....that DAVID MICHERY will now be criminally indicted.....and why....because ELON MUSK is going to make damn sure it happens....I'll put bank on it......

Watch kids....cause it's coming like a freight train from hell itself.....DIRTY DAVE IS DONE.....and I mean his ass is cooked.....!!!

Musk is about to turn a flame thrower on shit heap MULLEN and CEO ass clown DAVID MICHERY....gonna burn this shit heap down like a L.A. Wildfire.....:)

WOWZA!!!

The defunct startup listed assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion in its petition. It noted that $47 million in cash was on hand to fund activities.

EV HUSTLE NIKOLA FILES BK LMAO !!!

💀 ☠️ 💀 ☠️

ANYONE wanna see where this SCAM MULLENS ends......read the article....WATCH THE CRIMINALLY INDICTED CEO SHIT BAG TREVOR MILTON laughing on a call where a BAGGIE CALLED HIM A FRAUD.......then....well....HE GOT CRIMINALLY INDICTED after that boasting BULLSHIT call......that is called justice folks....

DIRTY DAVID MICHERY....he's gonna be INDICTED....as sure as the sun came up today.....IF MILTON GOT INDICTED and sent to prison.....DIRTY DAVE is a 100% sure thing.....make Milton look like a choir boy at church........:))

https://www.zerohedge.com/markets/nikolas-wild-ride-ends-shares-halted-following-bankruptcy-filing

Watch cLOwn CEO of BK Nikola...once a $30 Ba BILLION market cap TOTAL EV SCAM same as MULLENS.....ole TREVOR MILTON .....recording himself ....laughing in the face of a BAGGIE who called him a "FRAUD" on that "call"......

Then.....read this....FOUR YEARS IN PRISON for dirty TREVOR MILTON.....see....see where this ends for DIRTY DAVE...aka THE FAT MAN..... DAVID MICHERY YOU FAT F_CK.....slimy grease ball midget......LMAO......prison for Michery....I'm banking on it.....CLUB FED....

https://www.justice.gov/usao-sdny/pr/trevor-milton-sentenced-four-years-prison-securities-fraud-scheme


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Ever watch a slot tournament? Hitting the sell button is like that! 🎰

MULN investors dream home, lol!

Morning monk! At least many MULN investors received an education in the electric vehicle industry for their lost money. Hard lessons are the cost of education. My first penny lesson was in American Graphite in 2013. I only lost a couple of hundred dollars, but I read about graphene and the Nobel award winners who discovered it extensively. I never heard of graphene before that. Losing a couple hundred was worth the education to me of a subject I was not even aware of. Hopefully MULN investors from years ago read extensively about the EV industry and recuperated their losses in Tesla.

$MULN I prefer "Dilution Dave" any day now he'll issue himself millions more shares to dump on bagholders heads.

Dave started it first Tenkay, lol! Dave started making a joke of this whole thing long before I did.

Maybe dave will take his $10 million and buy a couple of social media platforms to merger.

Morning Tenkay! Why would it end when dave is receiving such wonderful performance bonuses? I still think Nikola may have benefited from considering hiring diamond dave for his consultation expertise, lol. After all...they didn't survive and dave is still here wealthy and smiling.

https://www.benzinga.com/sec/insider-trades/0001570518/david-michery

MULN, new 52 week low

They weren't nearly as sharp as ole diamond dave, lol!

As the price drops the repricing of the warrants is going to become a huge hit on the P&L…as it was in the first quarter and it will only get worse.

I am beginning to smell the end of this charade.

Nikola had traders and GM backing and is now bankrupt. This Michery failed rebadged Chinese EV maker is supported by fools who trade the stock and is still conducting business. 🤔 Burn this down to a quarter again and get on with the next split. It is well past time for traders of this stock to leave the lenders holding the bag for a change.


EV maker Nikola files for Chapter 11 bankruptcy protection
Published February 19, 2025 8:26am EST
https://www.foxbusiness.com/markets/ev-maker-nikola-files-chapter-11-bankruptcy-protection
Electric-truck maker Nikola Corp. filed for Chapter 11 bankruptcy protection on Wednesday after the company failed to overcome market and macroeconomic challenges.

It hasn't been smooth sailing for the company, which went public in 2020 and, in short order, formed a strategic partnership with General Motors in which the Detroit automaker received a $2 billion equity stake in Nikola.

Yesterday's bargain hunters are today's fools. And the story continues. 😆

Form DEF 14A MULLEN AUTOMOTIVE INC. For: Mar 13
http://archive.fast-edgar.com/20250219/A2ZBG22CN222D2Z2222M22ZZDSVKZ23SK272/
(12) Proposal 12 — To approve the amendment of the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s outstanding common stock at an exchange ratio between 1-for-2 to 1-for-100, as determined by the Company’s Board of Directors;

https://x.com/TheClubmember04/status/1890994569786847421 $MULN

You guys got dave all wrong! His nickname of "diamond" dave is because he is as sharp as a diamond, lol. Nikola ceo should have considered taking debt conversion 101 consultation classes from diamond dave. Perhaps they may have avoided bankruptcy like diamond dave has. On the other hand...if you ring dave's doorbell, you may hear "Dave's not here man" in a recording. It's a pretty cool doorbell in my opinion.

No one drives by a 10-car pile up and says "who cares!"

Yes - it is but at this point WHO CARES!!

Yeah, usually it's 2nd or 3rd. 💩DM is such a scumbag!!!💩

LOL!!! If selling shares were taken into consideration, Tesla would have nothing on 💩Mullen Automotive!💩

Yes they are teeing up another reverse split as part of this meeting so they can trigger one quickly if the price falls below $1…yet again.

I guess they are banking on people being confused as to that question and it is also buried within the 14 proposals to be voted on.

Correct me if I'm wrong, but is this another RS proposal in the filing dropped a couple of minutes ago? 🤣🤣🤣

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Be Held on March 13, 2025
9:30 A.M. (Pacific Time)
Proposal 12 — To approve the amendment of the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s outstanding common stock at an exchange ratio between 1-for-2 to 1-for-100, as determined by the Company’s Board of Directors;

So how is that latest reverse stock split working out for you? Oh - I see - never mind.

What else does anyone need to know?!!! All this 🐶💩 stock does is lose!!!

The net loss attributable to common shareholders after preferred dividends was $114.9 million, or $661.33 net loss per share, for the three months ended Dec. 31, 2024, as compared to a net loss attributable to common shareholders after preferred dividends of $61.4 million, or $91,940.42 loss per share, for the three months ended Dec. 31, 2023 (giving retroactive effect to reverse stock splits, including 1:60 reverse stock split that was made effective on Feb. 18, 2025).

Pure evil 😈 Maybe he’s in the country illegally and ICE will pick him up?

Was off by 45 min. SMH

💩DM💩 is a career criminal!!!

'99 - American Music Group - Let corporate registration lapse.
'04 - Amercan Southwest Musis Dist. Inc - Fraudulent transfer of assets to a company he controlled.
'12 - 7 Arts Entertainment Subsidiary - Registration terminated (loss 99% share value).
'13 - Primco Management - Corporate registration revoked by SEC.
'14 - Shades Holdings - Corporate registration revoked by SEC.

Well this is a civil lawsuit so he won’t be going to jail. It would take the SEC to get involved and then make a referral to the DOJ…but I put the odds of that pretty low. If there is any SEC action it would likely remain civil/administrative.

At worst…some disgorgement and director/officer ban…but we are still aways from that.

The biggest risk is if Wachs starts to feel the heat then he might pull back on the financing…and that would collapse Mullen.

Wait till others with more info file. Dave either sells or goes to prison…..maybe both,