Exhibit 99.1(C)

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2020

(in thousands, except share and per share data)

	NETE*			Mullen-EV			P-F Adjustments				Pro Forma Combined
Revenues, net:
Service fees	$	62,936		$	-		$	(62,936	)	[a]	$	-
Total revenues		62,936			-			(62,936	)			-
Operating costs and expenses:
Cost of service fees		53,878			-			(53,878	)	[a]		-
General and administrative		7,608			10,427			(7,608	)	[a]		11,549
								1,122		[b]
Research and development		-			1,667			-				1,667
Non-cash compensation		1,150			-			(1,150	)	[a]		-
Bad debt expense		1,513			-			(1,513	)	[a]		-
Depreciation and amortization		3,067			-			(3,067	)	[a]		-
Total operating costs and expenses		67,216			12,094			(66,094	)			13,216
Operating loss		(4,280	)		(12,094	)		3,158				(13,216	)
Other income (expense):
Interest expense		(1,395	)		(18,094	)		1,395		[a]		(18,094	)
Other income (expense)		130			10			(130	)	[a]		10
Goodwill impairment charge		(1,327	)		-			1,327		[a]		-
Total other expense		(2,592	)		(18,084	)		2,592				(18,084	)
Net loss from continuing operations		(6,872	)		(30,178	)		6,872				(31,300	)
Net income attributable to the non-controlling interest		61			-			(61	)	[a]		-
Net Loss		(6,811	)		(30,178	)		6,811				(31,300	)
Foreign currency translation		36			-			(36	)	[a]		-
Comprehensive loss attributable to common stockholders	$	(6,775	)	$	(30,178	)	$	6,775			$	(31,300	)
Net loss per share:
Basic and diluted	$	(0.61	)								$	(0.61	)
		-										-
Weighted average common shares outstanding adjusted for merger completion		11,250,000								[c]		51,731,641

* Statement of operations for NETE are derived from the 10K ending December 31, 2020, plus the 4^th quarter 2019, less the 4^th quarter of 2020.

[a] Adjusted to eliminate the results of operations of Net Element as a result of the Divestiture.

[b] Adjusted to reflect regulatory compliance costs applicable if the merger occurred on October 1, 2019. Costs in G&A are detailed below: These costs the expenses of being a public reporting entity (for example legal and accounting, investor & filing fees, and corporate taxes).

[c] Derived by the number of adjusted shares outstanding and capital raises resulting from the reverse merger: 51,731,641 in total.

Net Element's adjusted shares have been adjusted to reflect 15% of the total outstanding shares.

[d] Does not give effect to the amended and restated employment agreement for the Chief Executive Officer and Chief Operating Officer.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED JUNE 30, 2021

(in thousands, except share and per share data)

	NETE*			Mullen-EV			P-F Adjustments				Pro Forma Combined			Pro Forma Combined Adjusted
Revenues, net:
Service fees	$	76,492		$	-		$	(76,492	)	[a]	$	-		$	-
Total revenues		76,492			-			(76,492	)			-			-
Operating costs and expenses:
Cost of service fees		66,833			-			(66,833	)	[a]		-
General and administrative		5,630			12,556			(5,630) 350		[a] [b]		12,556 350			12,566350
Research and development		-			2,536			-				2,536			2,536
Non-cash compensation		1,605			-			(1,605	)	[a]		-
Bad debt expense		1,708			-			(1,708	)	[a]		-
Depreciation and amortization		1,999			-			(1,999	)	[a]		-
Total operating costs and expenses		77,775			15,092			(77,425	)			15,442			15,442
Operating loss		(1,283	)		(15,092	)		933		[a]		(15,442	)		(15,442	)
Other income (expense):
Interest expense		(1,116	)		(13,785	)		1,116		[a]		(13,785	)		(13,758	)
Other income (expense)		2,010			(1,560	)		(2,010	)	[a]		(1,560	)		(1,560	)
Gain on extinguishment of indebtedness, net		-			891			-				891			891
Total other expense		894			(14,454	)		(894	)			(14,454	)		(14,454	)
Net loss from continuing operations		(389	)		(29,546	)		39		[a]		(29,896	)		(29,896	)
Net income attributable to the non-controlling interest		24			-			(24	)	[a]		-
Net Loss		(365	)		(29,546	)		15				(29,896	)		(29,896	)
Foreign currency translation		(64	)		-			(64	)	[a]		-			-
Comprehensive loss attributable to common stockholders	$	(301	)	$	(29,546	)	$	(49	)		$	(29,896	)		(29,896	)
Net loss per share:
Basic and diluted	$	(0.03	)								$	(0.58	)		(0.58	)
Weighted average common shares outstanding adjusted for merger completion		11,250,000								[c]		51,731,641			51,731,641

* Statement of operations for NETE are derived from the 10K ending December 31, 2020, less the first three quarters of 2020.

** Statement of operations for NETE are from the filed June 2021 10-Q second quarter.

[a] Adjusted to eliminate the results of operations of Net Element as a result of the Divestiture.

[b] Per the merger agreement, the amount to be settled is up to $350,000.

[c] Derived by the number of adjusted shares outstanding and capital raises resulting from the reverse merger: 51,731,641 total. Net Element's adjusted shares have been adjusted to reflect 15% of the total outstanding shares.

[d] Does not give effect to the amended and restated employment agreement for the Chief Executive Officer and Chief Operating Officer.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

JUNE 30, 2021

(in thousands)

	NETE			Mullen - EV			Pro Forma Adjustments				Pro Forma Combined			Pro Forma Adjustments		Pro Forma, As Adjusted*
ASSETS
Current assets:
Cash and cash equivalents	$	3,926		$	664		$	(3,926	)	[a]	$	39,234		$	15,000	$	54,234
								20,000 10,000		[d] [e]
								11,200		[g]
								(350	)	[f]
								(2,280	)	[h]
Accounts receivable, net		10,760			-			(10,760	)	[a]		-
Due from Mullen Technologies,Inc.		2,040			-			(2,040	)	[a]		-
Materials and supplies		-			56			141		[h]		197					197
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			35,275				55,196			15,000		70,196
Non-current assets:
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			22,938				62,407			15,000		77,407
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		10,043			4,607			(10,043	)	[a]		3,047					3,047
								(1,560	)	[h]
Accrued expenses and other current liabilities		3,083			15,498			(3,083	)	[a]		15,419					15,419
								(79	)	[h]
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]		24,477					24,477
								(10,763	)	[c]
								(500	)	[h]
Due to related party		346			-			(346	)	[a]		-
Total current liabilities		15,526			56,414			(28,428	)			43,512					43,512
Non-current liabilities:
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			(37,517	)			50,272					50,272
STOCKHOLDERS’ EQUITY
Preferred Stock A Preferred Stock B		-			-			2 6		[c] [d]		13					13
Preferred Stock C								5		[g]
Common stock		1			-			7 17		[a] [e]		25			15	*	40
Paid-in-capital		191,722			-			(191,730	)	[a]		12,447			14,985	*	27,432
								(54,478	)	[b]
								10,761		[c]
								19,994		[d]
								9,983		[e]
								11,195		[g]
								15,000		[j]
Accumulated OCI		(2,147	)		-			2,147		[a]		-
Non-controlling interest		(294	)		-			294		[a]		-
Accumulated deficit								183,124		[a]		-
		(183,124	)					(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		$	22,938			$	62,407		$	15,000	$	77,407

Adjustments to the pro forma condensed combined balance sheet:

[a] Reflects deconsolidation of NETE business.

[b] Reclassifies Mullen deficit.

[c] Reflects the exchange agreement of $10.8 million in convertible debt to equity transaction that was executed on May 7, 2021.

[d] Reflects equity purchase; $20M issuance of Series C Preferred Stock to Acuitas.

Note: Mullen has entered into an agreement with Esousa to provide a $30.0 million equity line of credit immediately after the Effective Date. This equity line is not included within the Pro Forma Combined Financial Statements.

[e] Pursuant to the merger agreement, NETE is committed to fund $10.0 million, less the amounts set forth in Section 6.05(a) of the Second Amended and Restated Agreement and Plan of Merger among Mullen, Net Element Inc., Mullen Technologies, Mullen Acquisition, Inc., a California corporation and wholly owned subsidiary of Net Element Inc. (see footnotes (f) and (h) below).

[f] Reflects the costs associated with the merger of $350,000.

[g] Reflect the amendments to the Exchange Agreement of $11.2 million in convertible debt to equity transactions that was executed on various dates, beginning July 22, 2021 to September 3, 2021.

[h] Reflects the payment of $1.56 million to Net Element related to late fees associated with the initial Form S-4 filing on May 14, 2021 and the payment of a $.5 million note payable, including accrued interest of $.08 million to Net Element, dated August 11, 2020.

[i] Reflects the issuance of pre-funded warrants to purchase $15.0 million in shares of common stock for $15.0 million promissory note receivable pursuant to agreement with CEO cast, Inc. to be executed on or before the effective date of the merger.

[j] Does not give effect to the amended and restated employment agreement for the Chief Executive Officer and Chief Operating Officer.

[k] Included within Paid-in-capital above is 14,864,314 of Investor Warrants that are exercisable into common shares at $.6877 per share.

* Pro Forma Adjusted Financial Statements include 6 months of $2.5M payments from the $30M Esousa equity line through December 31, 2021.