It takes a $BILLION to make a car - this POS SCAM makes Photoshop "renderings" and plastic happy models of cars that DO NOT EXIST and CAN NOT BE BUILT anywhere on planet earth LMFAO !!
Their "Factory" is a empty tin shack in BUM-F MI or wherever - it needs 1/2 BILLION to make it a "car factory" and this POS has $ZERO CASH LEFT.
FORM 4 FRIDAY: CEO IS DUMPING AND UNLOADING SHARES at sub $3 bucks WTF !!!!!!!!!
"NOTE 2 – LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN
The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern. Our principal source of liquidity consists of existing cash and restricted cash of approximately $61,000 at December 31, 2021. During the three months ended December 31, 2021, the Company used $14.7 million of cash for operating activities and had a working capital deficiency of approximately $24.9 million at December 31, 2021.
During the three months ended December 31, 2021, the Company obtained additional financing in the amount of $7.26 million in unsecured convertible notes; $10 million in equity from Net Element merger; and $20 million in equity commitments (See Note 5, Debt).
The Coronavirus (“COVID-19”) continues to impact countries, communities, supply chains and markets, global financial markets, and various industries. To date, COVID-19 has had a material and disruptive impact on our strategy in EV product development and the ability to obtain external financing to fund its development activities. Company management is unable to predict whether the global pandemic will continue to have a material impact on our future financial condition and results of operations.
Going Concern
As an early-stage development company, our ability to access capital is critical. Our management plans to raise additional capital through a combination of equity and debt financings, strategic alliances, and licensing arrangements. Company management has evaluated whether there are any conditions and events, considered in aggregate, which raise substantial doubt about its ability to continue as a going concern over the next twelve months from the date of filing this report.
Since inception, we have incurred significant accumulated losses of approximately $186.8 million, and management expects to continue to incur operating losses over the near future.
Proceeds from the business combination with Net Element, the exercise of warrants, and a qualified public offering, should they materialize, are expected to provide Mullen with sufficient liquidity and capital resources to fund its operating expenses and capital requirements for at least the next 12 months. The financial statements do not include any adjustments that might result from the outcome of this uncertainty."
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