Regarding Financial Journey's Recent Video
As the user below me mentioned, Mullen enthusiast YouTuber, Financial Journey, recently released a video (2 Mullen HOT Topics │ Mullen Deliveries & Share Buyback ⚠️ Mullen Investors Must Watch) stating at 1:20 that he has been in contact with MGT Leasing, the purchaser of the 10 Mullen Class 3 vehicles, who states that they have *not* been delivered, despite a press release from Mullen saying they have.
It is suspected they did this to be able to include the $630k purchase as revenue before their financial fourth quarter ended on September 30th.
Unfortunately, this is deceptive because the terms of the agreement states that "Payment for each Vehicle is due in full upon delivery. Title to each Vehicle shall pass from MULLEN to Buyer(...)"
However, if no vehicles have been delivered, they would contractually not be allow to receive payment and record the sales as revenue.
Additionally, Financial Jourmey states at 1:05 in his video, that Mullen has bypassed Randy Marion and plans to deliver directly to customers. Unfortunately, Randy Marion is the only authorized Mullen dealership, stating: "MULLEN shall not sell any Vehicles to any person or entity that is not an authorized MULLEN dealer."
A Mullen PR also states "The vehicle orders will be fulfilled through Randy Marion Automotive Group, a distributor of Mullen's commercial EVs."
If all this information is correct, it could be considered fraud on Mullen's behalf for recording revenue that was not received to boost the numbers on their following 10-K and 10-Q reports, scheduled to be released on December 29, 2023, in addition to breaking their contractual agreement with Randy Marion and bypassing them as a dealer.
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My purpose is to spread the truth of Mullen. I provide facts and sources. Blockers are can't handle the truth.
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