WASHINGTON, DC 20549
Delaware |
001-34887 |
90-1025599 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3363 NE 163rd Street, Suite 605,North Miami Beach,FL |
33160 |
(Address of Principal Executive Offices) |
(Zip Code) |
(305)507-8808 |
(Registrant's telephone number, including area code) |
Not Applicable |
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.0001 par value per share
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NETE
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The Nasdaq Stock Market, LLC (Nasdaq Capital Market)
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Net Element |
Mullen - EV |
Pro Forma
Adjustments |
Pro Forma
Combined |
Pro Forma
Adjustments |
Pro Forma,
As Adjusted* | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets:
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Cash and cash equivalents
| $ | 3,926 | $ | 664 | $ | (3,926 | ) |
[a]
| $ | 40,304 | $ | 15,000 | $ | 55,304 | |||||||||||
20,000 | [d] | ||||||||||||||||||||||||
10,000 | [d] | ||||||||||||||||||||||||
11,200 |
[g]
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(1,560 | ) |
[h]
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Accounts receivable, net
| 10,760 | - | (10,760 | ) |
[a]
| - | |||||||||||||||||||
Due from Mullen Technologies, Inc.
| 2,040 | - | (2,040 | ) |
[a]
| - | |||||||||||||||||||
Materials and supplies
| - | 56 | - | 56 | 56 | ||||||||||||||||||||
Note receivable, current
| - | - | 15,000 |
[i]
| 15,000 | 15,000 | |||||||||||||||||||
Other current assets
| 1,710 | 765 | (1,710 | ) |
[a]
| 765 | 765 | ||||||||||||||||||
Total current assets, net
| 18,436 | 1,485 | 36,204 | 56,125 | 15,000 | 71,125 | |||||||||||||||||||
Non-current assets:
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Property and equipment, net
| - | 1,300 | - | 1,300 | 1,300 | ||||||||||||||||||||
Goodwill
| 7,681 | - | (7,681 | ) |
[a]
| - | |||||||||||||||||||
Intangibles, net
| 2,802 | 2,668 | (2,802 | ) |
[a]
| 2,668 | 2,668 | ||||||||||||||||||
Right-of-use assets
| 732 | 2,467 | (732 | ) |
[a]
| 2,467 | 2,467 | ||||||||||||||||||
Other assets
| 1,122 | 776 | (1,122 | ) |
[a]
| 776 | 776 | ||||||||||||||||||
Total non-current assets
| 12,337 | 7,211 | (12,337 | ) | 7,211 | 7,211 | |||||||||||||||||||
TOTAL ASSETS | 30,773 | 8,696 | 23,867 | 63,336 | 15,000 | 78,336 | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||
Current liabilities:
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Accounts payable
| 10,043 | 4,607 | (10,043 | ) |
[a]
| 3,397 | 3,397 | ||||||||||||||||||
(1,560 | ) | [h] | |||||||||||||||||||||||
350 |
[f]
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Accrued expenses and other current liabilities
| 3,083 | 15,498 | (3,083 | ) |
[a]
| 15,498 | 15,498 | ||||||||||||||||||
Deferred revenue
| 1,461 | - | (1,461 | ) |
[a]
| - | |||||||||||||||||||
Lease liabilities, current portion
| 73 | 569 | (73 | ) |
[a]
| 569 | 569 | ||||||||||||||||||
Notes payable, current portion
| 520 | 35,740 | (520 | ) |
[a]
| 24,977 | 24,977 | ||||||||||||||||||
(10,763 | ) | [c] | |||||||||||||||||||||||
Due to related party
| 346 | - | (346 | ) |
[a]
| - | |||||||||||||||||||
Total current liabilities
| 15,526 | 56,414 | (27,499 | ) | 44,441 | 44,441 | |||||||||||||||||||
Non-current liabilities:
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Notes payable, net of current portion
| 8,428 | 257 | (8,428 | ) |
[a]
| 257 | 257 | ||||||||||||||||||
Lease liabilities, net of current portion
| 661 | 2,003 | (661 | ) |
[a]
| 2,003 | 2,003 | ||||||||||||||||||
Other liabilities
| - | 4,500 | - | 4,500 | 4,500 | ||||||||||||||||||||
Total non-current liabilities
| 9,089 | 6,760 | (9,089 | ) |
[a]
| 6,760 | 6,760 | ||||||||||||||||||
TOTAL LIABILITIES | 24,615 | 63,174 | (36,588 | ) | 51,201 | 51,201 | |||||||||||||||||||
STOCKHOLDERS' EQUITY
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Preferred stock
| - | - | 11 |
[c]
| 42 | 42 | |||||||||||||||||||
20 | [d] | ||||||||||||||||||||||||
11 |
[g]
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Common stock
| 1 | - | (1 | ) |
[a]
| 10 | 15 | * | 25 | ||||||||||||||||
10 | [e] | ||||||||||||||||||||||||
Paid-in-capital
| 191,722 | - | (191,722 | ) |
[a]
| 12,433 | 14,985 | * | 27,418 | ||||||||||||||||
(54,478 | ) | [b] | |||||||||||||||||||||||
10,752 | [c] | ||||||||||||||||||||||||
19,980 |
[d]
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9,990 |
[e]
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11,189 |
[g]
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15,000 |
[j]
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Accumulated OCI
| (2,147 | ) | - | 2,147 |
[a]
| - | |||||||||||||||||||
Non-controlling interest
| (294 | ) | - | 294 |
[a]
| - | |||||||||||||||||||
Accumulated deficit
| (183,124 | ) | 183,124 |
[a]
| - | ||||||||||||||||||||
(350 | ) | [f] | (350 | ) | (350 | ) | |||||||||||||||||||
(54,478 | ) | 54,478 | [b] | - | |||||||||||||||||||||
TOTAL STOCKHOLDERS' EQUITY | 6,158 | (54,478 | ) | 60,455 | 12,135 | 15,000 | 27,135 | ||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ | 30,773 | $ | 8,696 | $ | 23,867 | $ | 63,336 | $ | 15,000 | $ | 78,336 |
NET ELEMENT, INC.
By: _/s/ Jeffrey Ginsberg________
Name: Jeffrey Ginsberg
Title: Chief Financial Office
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Net Element Inc. published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 10:10:08 UTC.