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(State or Other Jurisdiction
of Incorporation) |
(Commission File
Number) |
(IRS Employer
Identification No.) |
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(Address of Principal Executive Offices)
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(Zip Code)
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(
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(Registrant’s telephone number, including area code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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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:
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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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The
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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
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Mullen - EV
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Pro Forma
Adjustments
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Pro Forma
Combined
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Pro Forma
Adjustments
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Pro Forma,
As Adjusted*
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 3,926 | $ | 664 | $ | (3,926 | ) |
[a]
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$ | 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
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10,760 | - | (10,760 | ) |
[a]
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- | |||||||||||||||||||
Due from Mullen Technologies, Inc.
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2,040 | - | (2,040 | ) |
[a]
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- | |||||||||||||||||||
Materials and supplies
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- | 56 | - | 56 | 56 | ||||||||||||||||||||
Note receivable, current
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- | - | 15,000 |
[i]
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15,000 | 15,000 | |||||||||||||||||||
Other current assets
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1,710 | 765 | (1,710 | ) |
[a]
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765 | 765 | ||||||||||||||||||
Total current assets, net
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18,436 | 1,485 | 36,204 | 56,125 | 15,000 | 71,125 | |||||||||||||||||||
Non-current assets:
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Property and equipment, net
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- | 1,300 | - | 1,300 | 1,300 | ||||||||||||||||||||
Goodwill
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7,681 | - | (7,681 | ) |
[a]
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- | |||||||||||||||||||
Intangibles, net
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2,802 | 2,668 | (2,802 | ) |
[a]
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2,668 | 2,668 | ||||||||||||||||||
Right-of-use assets
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732 | 2,467 | (732 | ) |
[a]
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2,467 | 2,467 | ||||||||||||||||||
Other assets
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1,122 | 776 | (1,122 | ) |
[a]
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776 | 776 | ||||||||||||||||||
Total non-current assets
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12,337 | 7,211 | (12,337 | ) | 7,211 | 7,211 | |||||||||||||||||||
TOTAL ASSETS
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30,773 | 8,696 | 23,867 | 63,336 | 15,000 | 78,336 | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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10,043 | 4,607 | (10,043 | ) |
[a]
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3,397 | 3,397 | ||||||||||||||||||
(1,560 | ) | [h] | |||||||||||||||||||||||
350 |
[f]
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Accrued expenses and other current liabilities
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3,083 | 15,498 | (3,083 | ) |
[a]
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15,498 | 15,498 | ||||||||||||||||||
Deferred revenue
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1,461 | - | (1,461 | ) |
[a]
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- | |||||||||||||||||||
Lease liabilities, current portion
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73 | 569 | (73 | ) |
[a]
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569 | 569 | ||||||||||||||||||
Notes payable, current portion
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520 | 35,740 | (520 | ) |
[a]
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24,977 | 24,977 | ||||||||||||||||||
(10,763 | ) | [c] | |||||||||||||||||||||||
Due to related party
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346 | - | (346 | ) |
[a]
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- | |||||||||||||||||||
Total current liabilities
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15,526 | 56,414 | (27,499 | ) | 44,441 | 44,441 | |||||||||||||||||||
Non-current liabilities:
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Notes payable, net of current portion
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8,428 | 257 | (8,428 | ) |
[a]
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257 | 257 | ||||||||||||||||||
Lease liabilities, net of current portion
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661 | 2,003 | (661 | ) |
[a]
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2,003 | 2,003 | ||||||||||||||||||
Other liabilities
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- | 4,500 | - | 4,500 | 4,500 | ||||||||||||||||||||
Total non-current liabilities
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9,089 | 6,760 | (9,089 | ) |
[a]
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6,760 | 6,760 | ||||||||||||||||||
TOTAL LIABILITIES
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24,615 | 63,174 | (36,588 | ) | 51,201 | 51,201 | |||||||||||||||||||
STOCKHOLDERS’ EQUITY
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Preferred stock
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- | - | 11 |
[c]
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42 | 42 | |||||||||||||||||||
20 | [d] | ||||||||||||||||||||||||
11 |
[g]
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Common stock
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1 | - | (1 | ) |
[a]
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10 | 15 | * | 25 | ||||||||||||||||
10 | [e] | ||||||||||||||||||||||||
Paid-in-capital
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191,722 | - | (191,722 | ) |
[a]
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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
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(2,147 | ) | - | 2,147 |
[a]
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- | |||||||||||||||||||
Non-controlling interest
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(294 | ) | - | 294 |
[a]
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- | |||||||||||||||||||
Accumulated deficit
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(183,124 | ) | 183,124 |
[a]
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- | ||||||||||||||||||||
(350 | ) | [f] | (350 | ) | (350 | ) | |||||||||||||||||||
(54,478 | ) | 54,478 | [b] | - | |||||||||||||||||||||
TOTAL STOCKHOLDERS’ EQUITY
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6,158 | (54,478 | ) | 60,455 | 12,135 | 15,000 | 27,135 | ||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY
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$ | 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
|
Document And Entity Information |
Oct. 19, 2021 |
---|---|
Document Information [Line Items] | |
Entity, Registrant Name | Net Element, Inc. |
Document, Type | 8-K |
Document, Period End Date | Oct. 19, 2021 |
Entity, Incorporation, State or Country Code | DE |
Entity, File Number | 001-34887 |
Entity, Tax Identification Number | 90-1025599 |
Entity, Address, Address Line One | 3363 NE 163rd Street, Suite 605 |
Entity, Address, City or Town | North Miami Beach |
Entity, Address, State or Province | FL |
Entity, Address, Postal Zip Code | 33160 |
City Area Code | 305 |
Local Phone Number | 507-8808 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | NETE |
Security Exchange Name | NASDAQ |
Entity, Emerging Growth Company | false |
Amendment Flag | false |
Entity, Central Index Key | 0001499961 |
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