Mullen Automotive (MULN) 10-K 16 Jan 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jan. 15, 2024	Mar. 31, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Entity File Number	001-34887
Entity Registrant Name	MULLEN AUTOMOTIVE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3289406
Entity Address, Address Line One	1405 Pioneer Street
Entity Address, City or Town	Brea
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	92821
City Area Code	714
Local Phone Number	613-1900
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	MULN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float				$ 360.2
Entity Common Stock, Shares Outstanding			5,884,693
Entity Central Index Key	0001499961
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Auditor Name	RBSM LLP	Daszkal Bolton LLP
Auditor Firm ID	587	229
Auditor Location	Larkspur, California	Fort Lauderdale, Florida

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Sep. 30, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 155,267,098	$ 54,085,685
Restricted cash	429,372	30,289,400
Accounts receivable	671,750
Inventory	16,807,013
Prepaid expenses and other current assets	24,955,223	1,958,759
TOTAL CURRENT ASSETS	198,130,456	86,333,844
Property, plant, and equipment, net	82,032,785	14,803,716
Intangible assets, net	104,235,249	93,947,018
Deposit on ELMS assets purchase		5,500,000
Related party receivable	$ 2,250,489	$ 1,232,387
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Right-of-use assets	$ 5,249,417	$ 4,597,052
Goodwill, net	28,846,832	92,834,832
Other non-current assets	960,502	3,345,631
TOTAL ASSETS	421,705,730	302,594,479
CURRENT LIABILITIES
Accounts payable	13,175,504	6,109,425
Accrued expenses and other current liabilities	41,201,929	7,185,881
Dividends payable	401,859	7,762,255
Derivative liabilities	64,863,309	84,799,179
Liability to issue shares	9,935,950	10,710,000
Lease liabilities, current portion	2,134,494	1,428,474
Notes payable, current portion	7,461,492	3,856,497
Refundable deposits	429,372	289,000
Other current liabilities	7,000	90,372
TOTAL CURRENT LIABILITIES	139,610,909	122,231,083
Notes payable, net of current portion		5,164,552
Liability to issue shares, net of current portion	1,827,889
Lease liabilities, net of current portion	3,566,922	3,359,354
Deferred tax liability	3,891,900	14,882,782
TOTAL LIABILITIES	148,897,620	145,637,771
Commitments and Contingencies (Note 19)
STOCKHOLDERS' EQUITY
Preferred Stock, Value
Common stock; $0.001 par value; 5,000,000,000 and 1,750,000,000 shares authorized at September 30, 2023 and September 30, 2022, respectively; 2,871,707 and 37,043 shares issued and outstanding at September 30, 2023 and 2022 respectively (*)	2,872	37
Additional paid-in capital (*)	2,071,110,126	948,598,587
Accumulated deficit	(1,862,162,037)	(889,907,455)
TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS	208,952,537	58,696,890
Noncontrolling interest	63,855,573	98,259,819
TOTAL STOCKHOLDERS' EQUITY	272,808,110	156,956,709
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	421,705,730	302,594,479
Series D Preferred Stock
CURRENT LIABILITIES
Dividends payable	400,000
STOCKHOLDERS' EQUITY
Preferred Stock, Value	363	4,359
Series C Preferred Stock
STOCKHOLDERS' EQUITY
Preferred Stock, Value	1,212	1,360
Series A Preferred Stock
STOCKHOLDERS' EQUITY
Preferred Stock, Value	$ 1	$ 2

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	5,000,000,000	1,750,000,000
Common Stock, shares issued	2,871,707	37,043
Common Stock, shares outstanding	2,871,707	37,043
Series D Preferred Stock
Preferred Stock, shares authorized	437,500,001	437,500,001
Preferred Stock, shares issued	363,097	4,359,652
Preferred Stock, shares outstanding	363,097	4,359,652
Preferred Stock, preference in liquidation	$ 159,000	$ 1,909,091
Series C Preferred Stock
Preferred Stock, shares authorized	40,000,000	40,000,000
Preferred Stock, shares issued	1,211,757	1,360,321
Preferred Stock, shares outstanding	1,211,757	1,360,321
Preferred Stock, preference in liquidation	$ 10,696,895	$ 12,025,238
Series A Preferred Stock
Preferred Stock, shares authorized	200,000	200,000
Preferred Stock, shares issued	648	1,924
Preferred Stock, shares outstanding	648	1,924
Preferred Stock, preference in liquidation	$ 836	$ 2,482

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue
Vehicle sales	$ 366,000
Cost of sales	(273,882)
Gross margin	92,118
Operating expenses:
General and administrative	215,846,132	$ 75,338,256
Research and development	77,387,336	21,650,840
Impairment of goodwill	63,988,000
Impairment of property, plant, and equipment, and other non-current assets	14,770,000
Impairment of intangible assets	5,873,000
Loss from operations	(377,772,350)	(96,989,096)
Other income (expense):
Other financing costs - initial recognition of derivative liabilities	(506,238,038)	(484,421,258)
Gain / (loss) on derivative liability revaluation	(116,256,212)	(122,803,715)
Gain / (loss) extinguishment of debt, net	(6,246,089)	33,413
Gain / (loss) on financing	(8,934,892)
Gain / (loss) on sale of fixed assets	386,377	(50,574)
Gain / (loss) on lease termination	(125,000)
Interest expense	(4,993,140)	(26,949,081)
Penalty for insufficient authorized shares		(3,495,000)
Other income (expense), net	2,532,034	(5,647,841)
Net loss before income tax benefit	(1,017,647,310)	(740,323,152)
Income tax benefit/ (provision)	10,988,482	(1,600)
Net loss	(1,006,658,828)	(740,324,752)
Net loss attributable to noncontrolling interest	(34,404,246)	(791,946)
Net loss attributable to stockholders	(972,254,582)	(739,532,806)
Waived/(Accrued) accumulated preferred dividends	7,360,397	(40,516,440)
Net loss attributable to common stockholders after preferred dividends	$ (964,894,185)	$ (780,049,246)
Net Loss per share, basic	$ (1,574.14)	$ (63,085.26)
Net Loss per share, diluted	$ (1,574.14)	$ (63,083.67)
Weighted average shares outstanding, basic	612,964	12,365
Weighted average shares outstanding, diluted	612,964	12,365

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Preferred Stock Series C Preferred Stock	Preferred Stock Series D Preferred Stock	Preferred Stock	Common Stock	Paid-in Capital	Accumulated Deficit	Non-controlling Interest	Total
Balance, beginning at Sep. 30, 2021	$ 100	$ 5,568			$ 5,668	$ 0	$ 88,657,334	$ (150,374,649)		$ (61,711,647)
Balance, beginning (in shares) at Sep. 30, 2021	100,363	5,567,319			5,667,682	313
Cashless Warrant exercise						$ 23	554,371,515			554,371,538
Cashless Warrant exercise (in shares)						23,567
Issuance of common stock to settle liability to issue							1,034,812			1,034,812
Issuance of common stock to settle liability to issue (in shares)						6
Dividends deemed and accrued on preferred stock							(40,516,440)			(40,516,440)
Issuance of common stock for conversion of debt						$ 1	18,138,099			18,138,100
Issuance of common stock for conversion of debt (in shares)						778
Issuance of common stock for conversion of preferred stock	$ (98)	$ (5,568)	$ (13,766)	$ (75,568)	$ (95,000)	$ 5	93,145
Issuance of common stock for conversion of preferred stock (in shares)	(98,439)	(5,567,319)	(13,766,058)	(75,567,273)	(94,999,089)	4,655
Beneficial conversion feature of convertible debt							3,336,854			3,335,005
Issuance of common stock for note receivable						$ 1	(1)
Issuance of common stock for note receivable (in shares)						637
Issuance of common stock as payment of penalty to shareholder							3,494,999			3,495,000
Issuance of common stock as payment of penalty to shareholder (in shares)						248
Preferred shares issued for cash			$ 12,212	$ 79,927	$ 92,139		141,009,395			141,101,534
Preferred shares issued for cash (in shares)			12,212,450	79,926,925	92,139,375
Preferred shares issued in exchange for conversion of debt			$ 2,829		$ 2,829		24,988,926			24,991,755
Preferred shares issued in exchange for conversion of debt (in shares)			2,829,029		2,829,029
Preferred shares issued to settle liability to issue			$ 85		$ 85		704,915			705,000
Preferred shares issued to settle liability to issue (in shares)			84,900		84,900
Prefunded warrant issuance							15,000,000			15,000,000
Issuance of common stock for asset							141,000			141,000
Issuance of common stock for asset (in shares)						5
Issuance of common stock issued for cash						$ 3	42,335,078			42,335,080
Issuance of common stock issued for cash (in shares)						2,920
Shares issued for business acquisition						$ 3	41,577,644			41,577,647
Shares issued for business acquisition (in shares)						2,827
Stock based compensation						$ 1	43,739,691			43,739,692
Share-based compensation (in shares)						1,087
Warrant issuances							10,491,621			10,491,621
Noncontrolling interest from Bollinger Motors acquisition									$ 99,051,765	99,051,765
Noncontrolling interest loss since Bollinger Motors acquisition									(791,946)	(791,946)
Net loss								(739,532,806)		(739,532,806)
Balance, ending at Sep. 30, 2022	$ 2		$ 1,360	$ 4,359	$ 5,721	$ 37	948,598,587	(889,907,455)	98,259,819	156,956,709
Balance, ending (in shares) at Sep. 30, 2022	1,924		1,360,321	4,359,652	5,721,897	37,043
Cashless Warrant exercise						$ 2,455	627,740,779			627,743,234
Cashless Warrant exercise (in shares)						2,455,348
Issuance of common stock as payment of penalty to shareholder						$ 1	5,519,999			5,520,000
Issuance of common stock as payment of penalty to shareholder (in shares)						1,022
Stock based compensation						$ 127	75,894,355			75,894,482
Share-based compensation (in shares)						127,128
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock				$ 273,364	$ 273,364	$ 268	196,551,580			196,825,212
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock (in shares)				273,363,635	273,363,635	267,317
Issuance of common stock for conversion of convertible notes and interest						$ 24	153,222,213			153,222,237
Issuance of common stock for conversion of convertible notes and interest (in shares)						23,576
Issuance of common stock for conversion of preferred stock and dividends	$ (1)		$ (148)	$ (277,360)	$ (277,509)	$ 12	277,477			(20)
Issuance of common stock for conversion of preferred stock and dividends (in shares)	(1,276)		(148,564)	(277,360,190)	(277,510,030)	12,138
Shares issued to settle note payable						$ 3	13,736,400			13,736,403
Shares issued to settle note payable (in shares)						2,758
Preferred shares issued to officers							25,000			25,000
Preferred shares series AA refund							(25,000)			(25,000)
Preferred stock dividends waiver							7,360,397			7,360,397
Common stock purchased and retired						$ (57)	(5,610,543)			(5,610,600)
Common stock purchased and retired (in shares)						(57,000)
Shares issued to avoid fractional shares on reverse stock split						$ 2	(2)			0
Shares issued to avoid fractional shares on reverse stock split (in shares)						2,377
Reclassification of derivatives to equity upon authorization of sufficient number of shares							47,818,884			47,818,884
Noncontrolling interest									(34,404,246)	(34,404,246)
Net loss								(972,254,582)		(972,254,582)
Balance, ending at Sep. 30, 2023	$ 1		$ 1,212	$ 363	$ 1,576	$ 2,872	$ 2,071,110,126	$ (1,862,162,037)	$ 63,855,573	$ 272,808,110
Balance, ending (in shares) at Sep. 30, 2023	648		1,211,757	363,097	1,575,502	2,871,707

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net loss	$ (1,006,658,828)	$ (740,324,752)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	16,388,299	3,282,285
Stock-based compensation	85,441,869	43,715,242
Deferred income taxes	(10,990,882)	1,600
Revaluation of derivative liabilities	116,256,212	122,803,715
Initial recognition of derivative liabilities	513,052,038	484,421,258
Impairment of goodwill	63,988,000
Impairment of property, plant, and equipment, and other non-current assets	14,770,000
Impairment of intangible assets	5,873,000
Non-cash financing loss on over-exercise of warrants	8,934,892
Non-cash interest and other operating activities	199,998	13,883,637
Amortization of debt discount	662,047	19,595,915
Loss/(gain) on asset disposal	(386,377)	50,574
Loss/(gain) on extinguishment of debt	6,246,089	41,096
Changes in operating assets and liabilities:
Prepaids and other current assets	(22,687,245)	3,114,540
Inventories	(16,807,013)
Accounts payable	7,784,136	1,192,113
Accrued expenses and other liabilities	38,500,352	(18,013,899)
Right of use assets and lease liabilities	261,222	441,066
Net cash used in operating activities	(179,172,191)	(65,795,610)
Cash Flows from Investing Activities
Purchase of equipment	(14,508,004)	(11,606,944)
Purchase of intangible assets	(498,431)	(415,181)
ELMS assets purchase	(92,916,874)	(5,500,000)
Acquisition of Bollinger Motors, Inc, net of cash acquired		(29,631,984)
Net cash used in investing activities	(107,923,309)	(47,154,109)
Cash Flows from Financing Activities
Proceeds from issuance of convertible notes payable	170,000,000	12,240,353
Payment of notes payable	(20,694,353)	(15,100,768)
Proceeds from issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock	196,999,970	142,873,667
Reimbursement for over issuance of shares	17,721,868
Payments to acquire treasury stock	(5,610,600)
Proceeds from issuance of common stock		42,269,378
Proceeds from issue of prefunded warrants		15,000,000
Net cash provided by financing activities	358,416,885	197,282,630
Increase in cash	71,321,385	84,332,911
Cash, cash equivalents and restricted cash (in amount of $30,289,400), beginning of period	84,375,085	42,174
Cash, cash equivalents and restricted cash (in amount of $429,372), ending of period	155,696,470	84,375,085
Supplemental disclosure of Cash Flow information:
Cash paid for interest	122,501	1,407,988
Supplemental Disclosure for Non-Cash Activities:
Convertible notes and interest - conversion to common stock	167,070,343	17,339,000
Exercise of warrants recognized earlier as liabilities	627,836,463	555,161,139
Reclassification of derivatives to equity upon authorization of common shares	47,818,882
Waiver of dividends by stockholders	7,387,808
Common stock issued to extinguish other liabilities	5,524,838
Notes issued to extinguish liability to issue stock	11,597,571
Right-of-use assets obtained in exchange of operating lease liabilities	2,112,773	4,081,716
Extinguishment of operational liabilities by sale of property	760,669
Preferred shares issued in exchange for convertible debt		24,988,926
Stock based payment for business acquired		41,577,647
Conversion of a note payable to a liability to issue shares		$ 10,413,900
Extinguishment of financial liabilities by sale of property	$ 238,259

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF CASH FLOWS
Restricted cash	$ 429,372	$ 30,289,400

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Sep. 30, 2023
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	NOTE 1 –DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Mullen Automotive Inc., a Delaware corporation (“MAI”, “Mullen”, “we” or the “Company”), is a Southern California-based development-stage electric vehicle company that operates in various verticals of businesses focused within the automotive industry. Mullen Automotive Inc., a California corporation (“Previous Mullen”), was originally formed on April 20 2010, as a developer and manufacturer of electric vehicle technology and operated as the Electric Vehicle (“EV”) division of Mullen Technologies, Inc. (“MTI”) until November 5, 2021, at which time Previous Mullen underwent a capitalization and corporate reorganization by way of a spin-off to its shareholders, followed by a reverse merger with and into Net Element, Inc., which was accounted for as a reverse merger transaction, in which Previous Mullen was treated as the acquirer for financial accounting purposes. (the “Merger”). The Company changed its name from “Net Element, Inc.” to “Mullen Automotive Inc” and the Nasdaq ticker symbol for the Company’s common stock changed from “NETE” to “MULN” on the Nasdaq Capital Market at the opening of trading on November 5, 2021. Mullen is building and delivering the newest generation of Commercial Trucks. We also have a portfolio of high-performance Passenger vehicles in various stages of Product Development for launch in subsequent years. Acquisition of controlling interest in Bollinger Motors, Inc. (see Note 4 The second acquisition (see Note 4 Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Mullen Investment Properties LLC, a Mississippi corporation, Ottava Automotive, Inc., a California corporation, Mullen Real Estate, LLC, a Delaware corporation, as well as a 60%-owned subsidiary Bollinger Motors Inc., a Delaware corporation. Intercompany accounts and transactions have been eliminated, if any. Noncontrolling interest presented in these consolidated financial statements relates to the portion of equity (net assets) in subsidiaries not attributable, directly or indirectly, to Mullen. Net income or loss are allocated to noncontrolling interests by multiplying the relative ownership interest of the noncontrolling interest holders for the period by the net income or loss of the entity to which the noncontrolling interest relates. The financial statements reflect the consolidated financial position and results of operations of Mullen, which have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). Reverse Stock Splits In January 2023, the Company’s stockholders, in an effort for the Company to regain compliance with NASDAQ listing rules, approved a proposal to authorize the Board of the Company (the “Board”) to implement a reverse stock split of the outstanding shares of the Company’s common stock at a ratio up to 1-for- 25 25 In August 2023, the Company’s stockholders approved a proposal to authorize the Board to implement a second reverse stock split of the outstanding shares of the Company’s common stock at a ratio up to 1-for- 100 9 In December 2023, the stockholders approved a proposal to authorize a reverse stock split of the Company’s common stock at a ratio within the range of 1 1 1 100 ​ As a result of the reverse stock splits, the number of shares of common stock that can be issued upon exercise of warrants, preferred stock, and other convertible securities, as well as any commitments to issue securities, that provide for adjustments in the event of a reverse stock split, was appropriately adjusted pursuant to their applicable terms for the reverse stock splits. If applicable, the conversion price for each outstanding share of preferred stock and the exercise price for each outstanding warrant was increased, pursuant to their terms, in inverse proportion to the split ratio such that upon conversion or exercise, the aggregate conversion price for conversion of preferred stock and the aggregate exercise price payable by the warrant holder to the Company for shares of common stock subject to such warrant will remain approximately the same as the aggregate conversion or exercise price, as applicable, prior to the reverse stock splits. The reverse stock splits have not changed the authorized number of shares or the par value of the common stock nor modified any voting rights of the common stock. No proportionate adjustment was made to the number of shares reserved for issuance pursuant to the Company’s 2022 Equity Incentive Plan as per decision of stockholders that approved an amendment to the Plan in August 2023, increasing the maximum aggregate number of shares of common stock and stock equivalents available for the grant of awards under the 2022 Plan by an additional 52,000,000 shares, which amount is not subject to any decrease or increase in the number shares of common stock resulting from a stock spilt, reverse stock split, recapitalization, combination, reclassification, the payment of a stock dividend on the common stock or any other decrease in the number of such shares of common stock effected without receipt of consideration by the Company. No fractional shares were issued in connection with the reverse stock splits. All fractional shares were rounded up to the nearest whole share. The number and par value of Series A Preferred Stock, Series C Preferred Stock and Series D Preferred Stock were not affected by the reverse stock splits, but their conversion ratios have been proportionally adjusted. There were no outstanding shares of Series B Preferred Stock as of the effective date of the reverse stock splits. The Company retroactively adjusted its historical financial statements to reflect the reverse stock splits (See Note 10 The impact of the reverse stock splits on the shares of common stock previously reported for the fiscal year ended September 30, 2022 was as follows: ​ Pre-RSS Adjustment to RSS 1:25 Adjustment to RSS 1:9 Adjustment to RSS 1:100 Total post-RSS Balance, September 30, 2021 7,048,387 (6,766,452) (250,609) (31,013) 313 Increase of common stock during fiscal year 2022 826,419,793 (793,363,001) (29,383,815) (3,636,247) 36,730 Balance, September 30, 2022 833,468,180 (800,129,453) (29,634,424) (3,667,260) 37,043 ​ ​

LIQUIDITY, CAPITAL RESOURCES, A

LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN	12 Months Ended
	Sep. 30, 2023
LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN
LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN	NOTE 2 – LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN These consolidated financial statements have been prepared on the basis that assumes the Company will continue as a going concern which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. ​ The Company's principal source of liquidity consists of existing cash and restricted cash of approximately $155.7 million as of September 30, 2023. During the twelve months ended September 30, 2023, the Company used approximately $179.2 million of cash for operating activities. The net working capital on September 30, 2023 was positive and amounted to approximately $58.5 million, or approximately $133.3 million after excluding derivative liabilities and liabilities to issue stock that are supposed to be settled by issuing common stock without using cash. For the year ended September 30, 2023, the Company has incurred a net loss of $1,006.7 million and, as of September 30, 2023, our accumulated deficit was $1,862.2 million. ​ These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining equity financing, issuing debt, or entering other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, given the impact of the economic downturn on the U.S. and global financial markets, the Company may be unable to access further equity or debt financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. Therefore, there can be no assurance that our plans will be successful in alleviating the substantial doubt about our ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainties. ​ During the year ended September 30, 2023, the COVID-19 pandemic did not have a material impact on our operating results. The Company has not observed any impairments of its assets or a significant change in the fair value of its assets due to the COVID-19 pandemic. At this time, it is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations, financial condition, or liquidity. ​ ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially result in materially different results under different assumptions and conditions. ​ Use of Estimates The preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of total expenses in the reporting periods. Estimates are used for, but not limited to, cash flow projections and discount rate for calculation of goodwill impairment, fair value and impairment of long-lived assets, including intangible assets, inventory reserves, accrued expenses, fair value of financial instruments, depreciable lives of property and equipment, income taxes, contingencies, valuation of preferred stock and warrants. Additionally, the rates of interest on several debt agreements have been imputed where there was no stated interest rate within the original agreement. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for carrying values of assets and liabilities and the recording of costs and expenses that are not readily apparent from other sources. The actual results may differ materially from these estimates. Risks and Uncertainties We operate within an industry that is subject to rapid technological change, intense competition, and significant government regulation. It is subject to significant risks and uncertainties, including competitive, financial, developmental, operational, technological, required knowledge of industry governmental regulations, and other risks associated with an emerging business. Any one or combination of these or other risks could have a substantial influence on our future operations and prospects for commercial success. Business Combination ​ Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations” . FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Adjustments to fair value assessments are recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense. The Company completed the acquisition of Bollinger Motors Inc. on September 7, 2022 (see Note 4 ). ​ Cash and Cash Equivalents Company management considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of September 30, 2023, and 2022, respectively. Restricted Cash Cash obtained from customer deposits is held by the Company and is restricted from use to fund operations. Refundable deposits were $429 thousand and $289 thousand for the years ended September 30, 2023, and 2022, respectively, and are presented as liabilities. On September 7, 2022, the Company deposited $30 million in an escrow account as part of the Bollinger Motors Inc. acquisition – these funds have been released for the use of Bollinger Motors Inc. during the year ended September 30, 2023. Prepaid Expenses and Other Current Assets Prepaid expenses consist of various advance payments made for goods or services to be received in the future. These prepaid expenses include insurance and other contracted services requiring up-front payments. Inventory Cost of inventories is determined using the standard cost method, which approximates actual cost on a first-in first-out basis. This method includes direct materials, direct labor, and a proportionate share of manufacturing overhead costs based on normal capacity. As of September 30, 2023 there have been no significant direct labor or manufacturing overhead costs included in inventory. Regular reviews are performed to identify and account for variances between the standard costs and actual costs. Any variances identified are recognized in the cost of goods sold during the period in which they occur. ​ On a quarterly basis, the Company reviews its inventory for excess quantities and obsolescence. This analysis takes into account factors such as demand forecasts, product life cycles, product development plans, and current market conditions. Provisions are made to reduce the carrying value of the inventories to their net realizable value. ​ Once inventory is written down, a new, lower-cost basis is established, and the inventory is not subsequently written up if market conditions improve. All such inventory write-downs are included as a component of cost of goods sold in the period in which the write-down occurs. Adjustments to these estimates and assumptions could impact our financial position and results of operations. ​ Property, Plant, and Equipment, net Property, plant, and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated economic useful lives of the assets. Repairs and maintenance expenditures that do not extend the useful lives of related assets are expensed as incurred. Estimated Useful Lives ​ ​ ​ ​ Description Life Buildings 20 Furniture and equipment 3 to 7 years Computer and software 1 to 5 years Machinery, shop and testing equipment 3 to 7 years Leasehold improvements Shorter of the estimated useful life or the underlying lease term Vehicles 5 years ​ Expenditures for major improvements are capitalized, while minor replacements, maintenance and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Company management continually monitors events and changes in circumstances that could indicate that the carrying balances of its property, plant, and equipment may not be recoverable in accordance with the provisions of ASC 360, “Property, Plant, and Equipment.” flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Income Taxes Income taxes are recorded in accordance with ASC 740 , Income Taxes Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the “more likely than not” threshold for financial statement recognition and measurement. There are transactions that occur during the ordinary course of business for which the ultimate tax determination may be uncertain. At September 30, 2023 and 2022, there were no material changes to either the nature or the amounts of the uncertain tax positions. The Company’s income tax provision consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities, and changes in the tax law. We maintain a full valuation allowance against the value of our deferred tax assets because based on the weight of evidence available at September 30, 2023 and 2022, it is more likely than not that deferred tax assets will not be realized. Intangible Assets, net Intangible assets consist of acquired and developed intellectual property. In accordance with ASC 350, “Intangibles—Goodwill and Others,” Intangible assets with determinate lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Amortizable intangible assets generally are amortized on a straight-line basis over periods up to 120 months. The costs to periodically renew our intangible assets are expensed as incurred. Impairment of Long-Lived Assets The Company periodically evaluates long-lived assets (both intangible assets and property, plant, and equipment) for impairment whenever events or changes in circumstances indicate that a potential impairment may have occurred. If such events or changes in circumstances arise, the Company compares the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the estimated aggregate undiscounted cash flows are less than the carrying amount of the long-lived assets, an impairment charge, calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets, is recorded. The fair value of the long-lived assets is determined based on the estimated discounted cash flows expected to be generated from the long-lived asset unless another method provides a more reliable estimate. If an impairment loss is recognized, the adjusted carrying amount of a long-lived asset is recognized as a new cost basis of the impaired asset. Impairment loss is not reversed even if fair value exceeds carrying amount in subsequent periods. Other Assets Other assets are comprised primarily of prepayments and security deposits for property leases. Extinguishment of Liabilities The Company derecognizes financial liabilities when the Company’s obligations are discharged, cancelled, or expired. Leases The Company follows the provisions of ASC 842, “Leases” Contingencies and Commitments The Company follows ASC 440 & ASC 450 to account for contingencies and commitments respectively. Certain conditions, as a result of past events, may exist as of the balance sheet date, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. ​ If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be reasonably estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be reasonably estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Legal costs associated with such loss contingencies are expensed as incurred. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Accrued Expenses Accrued expenses are expenses that have been incurred but not yet paid and are classified within current liabilities on the consolidated balance sheets. Revenue Recognition The Company’s revenue includes revenue from the sale of electric vehicles and is accounted for in accordance with ASC 606, “Revenue from Contracts with Customers” been sold by such dealer or until there is sufficient evidence to justify a reasonable estimate for the amount of consideration to which the Company expects to be entitled. For any amounts received (or receivable) for which the Company does not recognize revenue when it transfers products to customers, a refund liability is recognized (amounted to $652,200 as at September 30, 2023, none at September 30, 2022). Relevant vehicles transferred to the dealer are presented as “Finished goods delivered to dealer for distribution” in the consolidated balance sheets at initial cost, less any expected costs to recover those products (including potential decreases in the value to the entity of returned products). At the end of each reporting period, the Company updates the measurement of these assets and refund liabilities. Cost of Goods Sold The Company’s cost of goods sold includes mainly production costs of vehicles sold in the relevant period as well as a provision for expected warranty expenses. General and Administrative Expenses General and administrative (“G&A”) expenses include expenses such as salaries and employee benefits, professional fees, rent, repairs and maintenance, utilities and office expense, depreciation and amortization, advertising and marketing, settlements and penalties, taxes, and licenses. Advertising costs are expensed as incurred and are included in G&A expenses, other than trade show expenses which are deferred until occurrence of the future event, we expense advertising costs as incurred in accordance with ASC 720-35, “Other Expenses – Advertising Cost.” Research and Development Costs Per ASC 730, "Research and Development," Share-Based Compensation The share-based awards issued by the Company are accounted for in accordance with ASC Subtopic 718-10, “Compensation – Share Compensation The overwhelming part of share-based awards to employees per employment contracts, and a certain part of contracts with non-employees (consultants) are classified as equity with costs and additional paid-in capital recognized ratably over the service period. A significant part of the Company’s share-based awards to consultants is liability-classified: mainly if the number of shares consultant is entitled to depends on a certain monetary value fixed in the contract. An accrued part of liability in this case is revaluated each period based on market price of the shares of common stock of the Company, until sufficient number of shares is issued. The Company has also adopted incentive plans that entitle the Chief Executive Officer to share-based awards generally calculated as 1-3% of then outstanding number of shares of common stock, issuable upon achievement of specific financial and operational targets (milestones) that are supposed to significantly increase value of the Company. This share-based compensation is accrued over the service term when it is probable that the milestone will be achieved. The liability to issue stock (presented within non-current liabilities if the achievement is expected later than 12 month after the balance sheet date) is revalued on every balance sheet date based on the length of the service period, current market price of the common stock and on the number of shares of common stock outstanding – until the shares have been issued, or until fulfilling the milestone requirements becomes unlikely. Fair Value of Financial Instruments We apply fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, Company management considers the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the hierarchy as per requirements of ASC 820, “Fair value measurements” Concentrations of Credit Risk The Company maintains cash balances in several financial institutions that are insured by either the Federal Deposit Insurance Corporation or the National Credit Union Association up to certain federal limitations, generally $250,000. At times, our cash balance may exceed these federal limitations. However, we have not experienced any losses in such accounts and management believes we are not exposed to any significant credit risk on these accounts. The amounts in excess of insured limits as of September 30, 2023 and 2022 are $154.9 million and $53.3 million, respectively. Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements. ​ The following are accounting pronouncements that have been issued but are not yet effective for the Company’s consolidated financial statements: ​ In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments ​ In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) ​ In November 2023, the FASB issued Accounting Standards Update 2023-07— Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ​ Other accounting pronouncements issued but not yet effective are not believed by management to be relevant or to have a material impact on the Company’s present or future consolidated financial statements.

ACQUISITION OF SUBSIDIARIES AND

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS	12 Months Ended
	Sep. 30, 2023
ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS
ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS	NOTE 4 – ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS Acquisition of Bollinger Motors, Inc. ​ On September 7, 2022, the Company acquired, through a series of purchase agreements, 544,347 shares of common stock of Bollinger Motors, Inc. (“Bollinger Motors”), representing approximately 60% of the outstanding shares. This acquisition has provided the Company with opportunities to produce medium duty truck classes 4-6, along with the B1 Sport Utility and B2 Pick Up Trucks. ​ The following table summarizes the purchase price consideration to acquire Bollinger Motors: ​ ​ ​ ​ Cash consideration paid at closing $ 75,000,000 Cash consideration deferred ​ 32,000,000 Stock consideration (2,827 shares of common stock of Mullen) ​ 41,577,647 Fair value of total consideration transferred $ 148,577,647 ​ Total consideration of $148.6 million paid to Bollinger Motors Inc. and Bollinger Motors Inc. shareholders included: ​ ● Cash consideration due was approximately $107 million, of which $75 million was paid at closing and $32 million was deposited into an escrow account on November 29, 2022. ● Stock consideration due to shareholders of Bollinger Motors was 2,827 shares of the Company’s common stock (giving effect to reverse stock splits, see Note 1 ) with a fair value of approximately $41.6 million. ​ The Company has determined that the acquisition of Bollinger Motors constitutes a business acquisition as defined by ACS 805, Business Combinations 820, Fair Measurements and Disclosure ​ As a result of the acquisition, Mullen acquired controlling interest of Bollinger Motors. Acquired intellectual property, patents and non-compete agreements have finite lives and will be amortized using the straight-line method of the respective lives of each asset, acquired in-process research and development assets have indefinite lives and will be tested for impairment at least annually (see Note 6 Intangible assets The following tables summarize the allocation of fair value of assets acquired and liabilities assumed. ​ ​ ​ ​ Purchase consideration ​ ​ Cash consideration $ 107,000,000 Stock consideration ​ 41,577,647 Total consideration transferred for 60% of Bollinger Motors ​ 148,577,647 Noncontrolling interest (40%) ​ 99,051,765 Fair value of the entity $ 247,629,412 ​ ​ ​ ​ Recognized amounts of identifiable assets acquired and liabilities assumed ​ ​ Cash and restricted cash $ 77,238,086 In-process research and development assets ​ 58,304,612 Patents ​ 32,391,186 Other current assets ​ 867,112 Trademarks ​ 1,075,048 Property, plant, and equipment ​ 1,009,662 Non-compete agreements ​ 745,947 Other non-current assets ​ 246,896 Deferred tax liability ​ (14,882,782) Accounts payable ​ (638,752) Refundable deposits ​ (213,679) Other current liabilities ​ (993,628) Total identifiable net assets $ 155,149,708 ​ ​ ​ Noncontrolling interest ​ (99,051,765) Goodwill ​ 92,479,704 ​ $ 148,577,647 ​ Valuation Methodology ​ The fair value of in-process research and development assets was determined using the Multiperiod Excess Earnings Method. This method was applied to the core intellectual property of Bollinger Motors consisting of the designs and processes. Under this method, the Company determines free cash flows for a group of assets, and then adjusts it for a contributory charge for the use of other identifiable tangible and intangible assets. The present value of the resulting excess cash flows is adjusted for any tax benefits and the resulting amount represents the fair value of the intangible asset. ​ The fair value of the Company’s patents was determined using the Relief from Royalty Method. The method considers what a purchaser could afford, or would be willing to pay, for a license of similar intellectual property rights. The royalty stream is then capitalized reflecting the risk and return relationship of investing in the asset. The Company used 5% as an initial royalty rate, gradually decreasing it to 1% over 10 years in 2031 to reflect technological obsolescence. ​ The non-compete agreement was valued using a discounted cash flow with and without method. Under this method, estimated enterprise value is calculated with non-complete clauses and compared to the enterprise value in the absence of the clauses. Estimated enterprise value is determined as present value of future cash flows. The after-tax differential of enterprise value is adjusted for the probability, reflecting specific facts and circumstances. ​ As part of application of the above methods, the annual discount rate used to determine the present value of future cash flows varied between 40% and 42%. ​ Assumptions used in forecasting cash flows and determining the fair value for each of the identified intangible asset included consideration of the following: - Historical performance of the assets, sales and profitability - Estimation of the economic life of the assets - Risk profile of individual assets - Business prospects and industry expectations - Tax amortization benefits on intangible assets - Acquisition of new customers. ​ Supplemental pro forma information ​ The following supplemental pro forma information summarizes the Company’s results of operations for the fiscal year ended September 30, 2022, as if the Company completed the acquisition as of the beginning of the annual reporting period beginning October 1, 2021. ​ ​ Year ended September 30, 2022 2021 Total Revenues — — Net loss (753,916,185) (57,647,534) ​ ​ Mullen Advanced Energy Operations LLC ​ On April 17, 2023, the Company entered into a binding Letter of Agreement with Lawrence Hardge, Global EV Technology, Inc., and EV Technology, LLC (collectively, “EVT”) to partner on a device known as a Battery Life Enhancing Technology. The parties formed a new corporation called Mullen Advanced Energy Operations (“MAEO”) to develop, manufacture, market, sell, lease, distribute, and service all products resulting from the technology. The Company holds a 51% equity interest in MAEO, and EVT holds a 49% equity interest. EVT was supposed to license the technology and intellectual property rights to MAEO and assign all rights to governmental and other contracts relating to the technology. The Company paid Mr. Hardge an upfront payment of $50,000 and an additional $5.0 million payment was due upon execution of definitive agreements and completion of IP assignment. On July 10, 2023, the Company issued a notice terminating the Agreement dated April 17, 2023. The termination notice, which was sent after numerous attempts by the Company to obtain adherence by EVT to the terms of the Agreement, references several breaches by EVT including (1) failing to execute documents evidencing an irrevocable, royalty free, worldwide exclusive license to the Technology and IP, in perpetuity, to MAEO, (2) refusing to conduct any tests of the Technology at a Mullen approved facility after the LOA, (3) repeatedly refusing to honor the terms of the Mutual Non-Disclosure Agreement signed April 14, 2023, and (4) failing to disclose all claims or threatened legal actions by any third parties related to the Technology. MAEO has not had significant transactions since formation. ​ Acquisition of ELMS assets ​ On October 13, 2022, the United States Bankruptcy Court for the District of Delaware issued an order approving the sale for approximately $105 million to Mullen of certain assets and assumption and assignment of contracts and related liabilities of Electric Last Mile, Inc. and Electric Last Mile Solutions, Inc. (collectively, “ELMS”) pursuant to the terms and conditions of the Asset Purchase Agreement dated September 16, 2022. The ELMS asset acquisition closed on November 30, 2022, and is expected to accelerate the market introduction of our cargo van program and provide us with critical manufacturing capacity at a much lower investment than previously expected to supply the rest of our product portfolio. ELMS assets include: ● The factory in Mishawaka, Indiana, providing Mullen with the capability to produce up to 50,000 vehicles per year; ● All Intellectual Property, including all manufacturing data that is required for the assembly of the Class 1 van and Class 3 Cab Chassis; ● All inventory including finished and unfinished vehicles, part modules, component parts, raw materials, and tooling; and ● All property including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks and all other data storage. ​ The following table details the allocation of purchase price by asset category for the ELMS asset purchase: ​ Asset Category Fair Value Allocation Land $ 1,440,000 Buildings and site improvements 41,287,038 Equipment 27,336,511 Intangible assets: engineering design 22,112,791 Inventory 13,198,692 Total Purchased Assets $ 105,375,032 ​ On November 9, 2022, the Company formed Mullen Indiana Real Estate LLC, a limited liability company in the State of Delaware, to hold the acquired real property located in Mishawaka, Indiana.

INVENTORY

INVENTORY	12 Months Ended
	Sep. 30, 2023
INVENTORY
INVENTORY	NOTE 5 – INVENTORY The Company's inventories are stated at the lower of cost or net realizable value and consist of the following: ​ ​ ​ ​ ​ ​ September 30, 2023 Inventory ​ Work in process ​ 3,136,590 Raw materials ​ 13,733,385 Finished goods delivered to dealer for distribution ​ ​ 937,322 Less: write-down to net realizable value ​ ​ (1,000,284) Total Inventory ​ $ 16,807,013 ​ The cost of inventories is determined using a standard cost method, which approximates the first-in, first-out (FIFO) method. This includes direct materials, direct labor, and relevant manufacturing overhead costs. Variances between standard and actual costs are recognized in the cost of goods sold during the period in which they occur. ​ The Company regularly reviews its inventories for excess and obsolete items by assessing their net realizable value (NRV). The NRV is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. During the year ended September 30, 2023, a charge of $1 million was recorded to write the inventories down to NRV. ​ During the year ended September 30, 2023, approximately $1 million of the Company's inventories was consumed for R&D activities, which was recognized as part of research and development expense in the consolidated statement of operations.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Sep. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 6 – GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill ​ The goodwill in gross amount of $92,834,832 and net carrying amount of $28,846,832 as at September 30, 2023 (and $92,834,832 gross and net carrying amount as at September 30, 2022) pertains to the Bollinger Motors acquisition on September 7, 2022 (see Note 4 ​ Goodwill is not amortized and is tested for impairment annually, or more frequently if there are indicators of impairment. Every reporting period the Company assesses qualitative factors (such as macroeconomic conditions, industry and market considerations, financial performance of the Company, entity-specific events etc.) to determine whether it is necessary to perform the quantitative goodwill impairment test. Upon the quantitative goodwill impairment test, impairment may arise to the extent carrying amount of a reporting unit that includes goodwill (i.e. Bollinger production unit, see Note 21 – Segment information ​ As a result of the impairment test performed on September 1, 2023 by management with the assistance of independent third-party valuation professionals, the Company has recognized impairment loss in amount of $63,988,000. We used a combination of the market and income approach to determine fair value. Full amount of the loss has been recognized in the consolidated statement of operations, and the part of the loss that relates to noncontrolling interest in the subsidiary ($25,595,200) has decreased noncontrolling interest in equity section of the consolidated balance sheets. The goodwill impairment was caused mainly by unfavorable capital market conditions, i.e., prolonged decrease in the Company’s market capitalization, including a significant decline in stock price and a budgeted performance misses compared to the budgets prepared on acquisition date. ​ The quantitative goodwill impairment tests were based on determining the fair value of the Bollinger Motors reporting units based on management judgments and assumptions using the discounted cash flows under the income approach classified in Level 3 of the fair value hierarchy and comparable company market valuation classified in Level 2 of the fair value hierarchy approaches. If the carrying value of a reporting unit exceeds its fair value, the Company will measure any goodwill impairment loss as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The valuation approaches are subject to key judgments and assumptions that are sensitive to change such as judgments and assumptions about appropriate sales growth rates, operating margins, discount rate, and comparable company market multiples. When developing these key judgments and assumptions, the Company considers economic, operational and market conditions that could impact the fair value of the reporting unit. However, estimates are inherently uncertain and represent only management’s reasonable expectations regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will likely differ in some respects from actual future results. Other intangible assets Intangible assets are stated at cost, net of accumulated amortization. Patents and other identifiable intellectual property purchased as part of the Bollinger Motors acquisition in September 2022 have been initially recognized at fair value. Intangible assets with indefinite useful lives are not amortized but instead tested for impairment. Intangible assets with finite useful lives are amortized over the period of estimated benefit using the straight-line method. The weighted average useful life of intangible assets is 8.97 years. The straight-line method of amortization represents management’s best estimate of the distribution of the economic value of the intangible assets. Due to unfavorable market conditions and decline of the market prices of the Company’s common stock, we have tested long-lived assets for recoverability. Based on the test performed on September 1, 2023 by independent professional appraisers, the assets of the Bollinger's segment (see Note 21 - Segment information An impairment loss in amount of $5,873,000 has been recognized in respect of the intangible assets of the ELMS/Legacy Mullen segment (primarily engineering designs and website design and development). Their accumulated depreciation in amount of $4,318,850 has been derecognized in correspondence with initial cost to present the new cost basis of these assets in accordance with ASC 350-30. Fair value of the engineering designs (classified in Level 3 of the fair value hierarchy) was estimated based on cost approach, which involves evaluation of the costs required to replace or recreate the subject intangible assets. Significant judgments inherent in this analysis include the accuracy of the historical cost data, obsolescence factor, probability of success related to the commercialization of the reporting segment that utilizes the engineering designs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 ​ ​ ​ ​ Net ​ ​ ​ Net ​ Cost Accumulated Carrying ​ Cost Accumulated Carrying ​ Basis ​ Amortization Amount Basis ​ Amortization Amount Finite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Website design and development ​ $ — ​ $ — ​ $ — ​ $ 2,660,391 ​ $ (1,108,496) ​ $ 1,551,895 Patents ​ ​ 31,708,460 ​ ​ (3,445,694) ​ ​ 28,262,766 ​ ​ 32,391,186 ​ ​ (204,109) ​ ​ 32,187,077 Engineering designs ​ ​ 16,200,332 ​ ​ (184,274) ​ ​ 16,016,058 ​ ​ — ​ ​ — ​ ​ — Other ​ ​ 745,947 ​ ​ (158,590) ​ ​ 587,357 ​ ​ 2,259,575 ​ ​ (454,756) ​ ​ 1,804,819 Trademarks ​ 1,180,138 ​ ​ (115,682) ​ 1,064,456 ​ 466,014 ​ — ​ 466,014 Total finite-lived intangible assets ​ ​ 49,834,877 ​ ​ (3,904,240) ​ ​ 45,930,637 ​ ​ 37,777,166 ​ ​ (1,767,361) ​ ​ 36,009,805 Indefinite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process research and development assets ​ $ 58,304,612 ​ $ — ​ $ 58,304,612 ​ $ 57,937,213 ​ $ — ​ $ 57,937,213 Total indefinite-lived intangible assets ​ ​ 58,304,612 ​ ​ — ​ ​ 58,304,612 ​ ​ 57,937,213 ​ ​ — ​ ​ 57,937,213 Total Intangible Assets ​ $ 108,139,489 ​ $ (3,904,240) ​ $ 104,235,249 ​ $ 95,714,379 ​ $ (1,767,361) ​ $ 93,947,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total future amortization expense for finite-lived intangible assets is as follows: ​ ​ ​ ​ ​ Years Ended September 30, 2023 Future Amortization 2024 ​ $ 5,250,711 2025 ​ 5,250,711 2026 ​ ​ 5,250,711 2027 ​ ​ 5,241,310 2028 ​ ​ 5,101,522 Thereafter ​ 19,835,672 Total Future Amortization ​ $ 45,930,637 ​ For the years ended September 30, 2023 and 2022, amortization of the intangible assets was $6,526,911 and $1,476,457 respectively.

DEBT

DEBT	12 Months Ended
	Sep. 30, 2023
DEBT
DEBT	NOTE 7 – DEBT Short and Long-Term Debt Short-term debt is defined as debt with principal maturities of one year or less, long-term debt has maturities greater than one year. The following is a summary of our indebtedness at September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid Principal ​ ​ ​ ​ ​ ​ ​ Contractual ​ Contractual Type of Debt Balance Current Long-Term Interest Rate Maturity Matured notes ​ $ 2,398,881 ​ $ 2,398,881 ​ $ — 0.00 - 10.00 % 2019 - 2021 Real Estate note ​ 5,000,000 ​ 5,000,000 ​ — 8.99 % 2023-2024 Loan advances ​ 332,800 ​ 332,800 ​ — 0.00 - 10.00 % 2016 - 2018 Less: debt discount ​ (270,189) ​ (270,189) ​ — NA NA Total Debt ​ $ 7,461,492 ​ $ 7,461,492 ​ $ — ​ ​ ​ ​ The following is a summary of our indebtedness at September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid Principal ​ ​ ​ ​ ​ ​ ​ Contractual Contractual Type of Debt Balance Current Long-Term Interest Rate Maturity Matured notes ​ $ 3,051,085 ​ $ 3,051,085 ​ $ — 0.00 - 10.00% 2019 - 2021 Promissory notes ​ 1,096,787 ​ — ​ 1,096,787 28.00% 2024 Real Estate note ​ 5,247,612 ​ 247,612 ​ 5,000,000 5.0 - 8.99% 2023 - 2024 Loan advances ​ 557,800 ​ 557,800 ​ — 0.00 - 10.00% 2016 – 2018 Less: debt discount ​ (932,235) ​ — ​ (932,235) NA NA Total Debt ​ $ 9,021,049 ​ $ 3,856,497 ​ $ 5,164,552 ​ ​ ​ Scheduled Debt Maturities The following are scheduled debt maturities as at September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended September 30, ​ 2023 2024 2025 2026 2027 Total Total Debt ​ $ 2,717,804 ​ $ 4,743,688 ​ $ — ​ $ — ​ $ — ​ $ 7,461,492 ​ Notes and Advances In November 2022, we issued convertible instruments with detachable warrants, resulting in the recognition of a debt discount, which is amortized to interest expense over the term of the relevant instrument. Debt discount on convertible notes with detachable warrants in the amount of $150,000,000 (see below) was presented in the statement of operations as "Other financing costs - initial recognition of derivative liabilities" and in the cash flow statement – in the line item “Initial recognition of derivative liabilities”. The Company issued shares of common stock to certain creditors for the conversion of convertible notes, satisfaction of debt payments, and in settlement of indebtedness. For the year ended September 30, 2023, the carrying amount of indebtedness that was settled via issuance of shares of our common stock was $167,070,343 (this relates mainly to convertible notes issued in lieu of preferred stock and relevant interest, see below). NuBridge Commercial Lending LLC Promissory Note On March 7, 2022, the Company’s wholly owned subsidiary, Mullen Investment Properties, LLC, entered into a Promissory Note (the “Promissory Note”) with NuBridge Commercial Lending LLC for a principal amount of $5 million. The Promissory Note bears interest at a fixed rate of 8.99% per annum and the principal amount is due March 1, 2024. Collateral for the loan includes the title to the Company’s property at 1 Greentech Drive, Tunica, MS. Under the Promissory Note, prepaid interest and issuance costs of $1,157,209 were withheld from the principal and recorded as debt discount, which is being amortized over the term of the Promissory note. As of September 30, 2023, the remaining unamortized debt discount was $270,188. Drawbridge and Amended A&R Note with Esousa On October 14, 2022, the Company entered into an Amended and Restated Secured Convertible Note and Security Agreement (the “A&R Note”) with Esousa Holdings LLC (“Esousa”), including principal of $1,032,217 (net of debt discount of $64,570) and accrued interest of $316,127 along with the liability to issue 467 shares of common stock (having a then carrying value of $10,710,000) and an obligation to compensate for the losses from market value decline of shares were exchanged for a new convertible note payable with a face value of $12,945,914 and 1,022 shares of common stock (having a fair value of $5,524,600), resulting in a loss on extinguishment of $6,452,170. On November 1, 2022, the A&R Note payable to Esousa, inclusive of any accrued interest, was converted into 2,758 shares of common stock. Convertible Notes On November 14, 2022, the Company entered into Amendment No. 3 (“Amendment No. 3”) to the June 7, 2022, Securities Purchase Agreement (as amended, the “Series D SPA”). The investors paid $150 million and, in lieu of receiving shares of Series D Preferred Stock and warrants, the investors received notes convertible into shares of the Company’s common stock (“Notes”) and warrants. Amendment No. 3 further provided that the remaining $90 million of the commitment amount will be paid in the first half of 2023 in two tranches. The purchase price per share of Series D Preferred Stock would be the lower of (i) $1.27 ($28,575 after reverse stock splits, see Note 1 Note 8 Warrants and Other Derivative Liabilities and Fair Value Measurements. On November 15, 2022, the Company issued the unsecured convertible Notes aggregating $150,000,000 in lieu of Series D Preferred Stock. The Notes bear interest at 15% and were convertible into shares of common stock either: (A) at the option of the noteholder at the lower of: (i) $0.303 (to be adjusted to stock splits); or (ii) the closing price of our common stock on January 3, 2023; or (B) mandatorily on November 21, 2022 at the lower of: (i) $0.303 ($6,818 after reverse stock splits, see Note 1 authorized shares were available. For each share issued upon conversion, the holders were entitled to 1.85 times as many five-year warrants with an exercise price equal to the conversion price for the Notes. As a result, and since the Company had an insufficient number of authorized shares available to settle potential future warrant exercises, the Company recognized a derivative liability of $244,510,164 for the warrants On December 23, 2022, the Company defaulted on the Notes by not having sufficient authorized shares to allow for both the Notes to be fully converted and the warrants to be exercised. On January 13, 2023, the Company entered into a Settlement Agreement and Release in which investors waived the default prior to February 1, 2023. In exchange, the Company granted the investors the right to purchase additional shares of Series D Preferred Stock and warrants in an amount equal to such investor’s pro rata portion of $10 million. This right expired on June 30, 2023. During February 2023, the remaining balance of the Notes (with the principal of $90,362,418) and accrued interest (in amount of $3,456,941) were converted by the holders into 13,762 shares of common stock. See Note 8 Warrants and Other Derivative Liabilities and Fair Value Measurements As of September 30, 2023 and 2022, accrued interest on outstanding notes payable was $1,548,723 and $1,374,925, respectively.

WARRANTS AND OTHER DERIVATIVE L

WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Sep. 30, 2023
WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS
WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS	NOTE 8 – WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement. Financial Instruments at Carrying Value That Approximated Fair Value Certain financial instruments that are not carried at fair value on the consolidated balance sheets are carried at amounts that approximate fair value, due to their short-term nature and credit risk. These instruments include cash and cash equivalents, accounts payable, and debt. Accounts payable are short-term in nature and generally are due upon receipt or within 30 to 90 days. Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis Non-financial assets are only required to be measured at fair value when acquired as a part of business combination or when an impairment loss is recognized. See Note 4 – Acquisition of subsidiaries Note 14 - Property, Plant, and Equipment Note 6 – Intangible assets . Financial Liabilities Measured at Fair Value on a Recurring Basis During the year ended September 30, 2023, the Company had the following financial liabilities measured at fair value on a recurring basis: Preferred C Warrants The warrants, which were exercisable for common stock, issued in connection with the sale of Series C Preferred Stock (the “Preferred C Warrants”) in accordance with the November 2021 Merger Agreement and further amendments had an exercise price per share of $8.834 (after the reverse stock splits - $198,765) and a cashless exercise option based on certain formula established by relevant contracts. These warrant liabilities were recognized as liabilities due to requirements of ASC 480 because the variable number of shares to be issued upon cashless exercise (which was deemed to be the predominant exercise option) is based predominantly on a fixed monetary value. The initial financial costs recorded upon the issuance of the Preferred C Warrants during the year ended September 30, 2022 was $429,883,573. This amount is comprised of $137,090,205 preferred stock discount (amortized immediately as the preferred stock does not have a stated term of life) and $292,793,368 finance costs (calculated as the difference between fair value of warrant liabilities recognized and the preferred stock discount). At each warrant exercise date and each accounting period end the warrant liability for the remaining unexercised warrants was marked-to-market value and the resulting gain or loss was recorded. On February 10, 2022, the terms of the Preferred C Warrants were amended, resulting in a change to the calculated derived dollar amount. The effect of these changes in the amount of $32,735,345 has been accounted for as deemed dividends on preferred stock and decreased additional paid-in capital of the Company. During the year ended September 30, 2022, 1,864 (giving effect to the reverse stock splits, see Note 1 During the quarter ended December 31, 2022, 132 Preferred C Warrants that remained outstanding as at September 30, 2022 were fully exercised. Preferred D Warrants In accordance with Series D SPA for every share of Series D Preferred Stock purchased, the investors received 185% (for the final $100 million voluntary investment right expiring June 30, 2023 - 110%) warrants (the “Preferred D Warrants”) exercisable for shares of common stock at an exercise price equal to the lower of (i) $1.27 (after the reverse stock splits - $28,575) or (ii) the market price of common stock on the trading day immediately preceding the purchase notice date. The Preferred D Warrants are exercisable during a five-year period commencing upon issuance. The contracts for the Preferred D Warrants contain cashless exercise provisions similar to Preferred C Warrants described above. Therefore, management applied similar accounting treatment to recognition, measurement, and presentation of the warrant liabilities. ​ In September 2022, the Company received initial investment in amount of $35 million (exercise price was $0.4379, or $9,853 after reverse stock splits) and issued to investors 79,926,925 shares of Series D preferred stock, and 263 Preferred D Warrants (hereinafter warrants and shares of common stock are presented giving effect to the reverse stock splits, see Note 1 ​ By September 30, 2022, no Preferred D Warrants were exercised and all Preferred D Warrants remained outstanding with the fair value on September 30, 2022 in the amount of $55,398,551. ​ During the quarter ended December 31, 2022, all initial Preferred D Warrants were exercised on a cashless basis for 10,182 shares of common stock. ​ In November 2022, the Company received $150,000,000 and issued, in lieu of Series D Preferred Stock, notes convertible into shares of common stock and Preferred D Warrants. As a result of the conversion of the convertible debt into shares of common stock in November 2022 and February 2023, 43,616 Preferred D Warrants were issued. By June 30, 2023, all these Preferred D Warrants were exercised on a cashless basis for 93,664 shares of common stock. ​ During April 2023, we exercised our investment rights under the Series D SPA and requested additional $45 million (exercise price was $0.1 or $2,250 after reverse stock splits) issuing to investors: 273,363,635 Series D Preferred Stock, 7,851 shares of common stock (in lieu of Series D Preferred Stock), and 37,000 Preferred D Warrants (post reverse stock split). The warrant liability recognized initially amounted to $73,260,454. By June 30, 2023 all these Preferred D Warrants were exercised on a cashless basis for 147,672 shares of common stock (post reverse stock split). ​ In June 2023, we exercised the second half of our investment right for $45 million (exercise price was $0.432 or $388.8 after reverse stock splits) and, in lieu of Series D Preferred Stock, investors received: 60,778 shares of common stock and 54,962 prefunded warrants exercisable for one share of common stock each, as well as 214,120 Preferred D Warrants. ​ In June 2023, one of the investors exercised their investment rights and invested $7 million (exercise price was $0.52 or $468 after reverse stock splits). The Company issued, in lieu of Series D Preferred Stock, 14,957 shares of common stock and 27,671 Preferred D Warrants. ​ Final voluntary investment rights under the Series D SPA have been exercised by the pool of investors in June 2023 and the Company received $100 million (exercise price was $0.1601, or $144.09 after reverse stock splits, for majority of investors, and $0.1696, or $152.64 after reverse stock splits, for one the investors), issuing to investors, in lieu of Series D Preferred Stock: 183,731 shares of common stock and 508,159 prefunded warrants exercisable for one share of common stock each, as well as 761,079 Preferred D Warrants. ​ The warrant liability recognized in June 2023 upon initial accounting of these investments amounted to $254,962,776. ​ By September 30, 2023, a part of these prefunded warrants and Preferred D Warrants was exercised on a cashless basis for 2,194,413 shares of common stock (post reverse stock splits). As of September 30, 2023, none of prefunded warrants and 382,436 Preferred D Warrants (recognized as liability in the consolidated balance sheets) exercisable into 1,438,009 shares of common stock with fair value of $64,739,175 remained outstanding and their exercise (on a cash or cashless basis) is available to investors for a period of approximately 5 years. ​ The fair value of warrant obligations is calculated based on the number and market value of shares that can be issued upon exercise of the warrants. The number of shares to be issued in accordance with relevant agreements is variable and depends on (i) lowest closing market price of shares for 2 days before the exercise, and (i) multiplicator calculated based on Black Scholes formula where all elements, except for risk-free rate, are fixed on the investment date. Accordingly, the fair value of warrants on recognition date and on subsequent dates was estimated as a maximum of (i) Black Scholes value for cash exercise of relevant warrants and (ii) current market value of the number of shares the Company would be required to issue upon cashless warrant exercise on a relevant date in accordance with warrant contract requirements. The latter valuation, based on observable inputs (level 2), has been higher and reflects the pattern of the warrants exercise since the inception of the Series D SPA. At each warrant exercise date and each accounting period end the warrant liability for the remaining unexercised warrants was marked-to-market value and the resulting gain or loss was recorded in consolidated statement of operations as a “Gain / (loss) on derivative liability revaluation”. All the warrants mentioned in this section provide that if the Company issues or sells, enters into a definitive, binding agreement pursuant to which he Company is required to issue or sell or is deemed, pursuant to the provisions of the warrants, to have issued or sold, any shares of common stock for a price per share lower than the exercise price then in effect, subject to certain limited exceptions, then the exercise price of the warrants shall be reduced to such lower price per share. In addition, the exercise price and the number of shares of common stock issuable upon exercise of the warrants are subject to adjustment in connection with stock splits, dividends or distributions or other similar transactions. Other derivative liabilities Other derivative liabilities recognized and remeasured subsequently at fair value include: embedded derivatives issued with convertible notes (primarily, conversion option), and preferred stock that failed equity presentation when the Company had insufficient number of authorized shares available to settle all potential future conversion transactions, automatic increase in interest rate upon an event of default, and optional conversion feature that were not clearly and closely related to the economic characteristics and risks of a debt host. These derivative liabilities were initially recognized on November 15, 2022, when the Company entered into Amendment No. 3 to the Series D SPA (see Note 7 Qiantu Warrants On March 14, 2023, the Company entered into an Intellectual Property and Distribution Agreement (the “IP Agreement”) with Qiantu Motor (Suzhou) Ltd., and two of Qiantu Suzhou’s affiliates (herein “Qiantu”). Pursuant to the IP Agreement, Qiantu granted the Company the exclusive license to use certain of Qiantu’s trademarks and the exclusive right to assemble, manufacture, and sell the homologated vehicles based on the Qiantu K-50 model throughout North America and South America for a period of five years (see Note 19 ​ As a part of consideration for the Company’s entry into the IP Agreement, the Company issued to Qiantu USA warrants to purchase up to 3,334 (giving effect to the reverse stock splits, see Note 1 ​ The Qiantu warrants, per contract, are exercisable at Qiantu USA’s discretion at any time from September 30, 2023 up to and including September 30, 2024 at 110% of the market price of the Company’s common stock at the close of trading on the earlier of (a) when the Company completes its obligations to its Series D Preferred Stock investors; or (b) June 15, 2023, so their exercise price is $234 (giving effect to the reverse stock splits). The Qiantu Warrants have anti-dilution provisions similar to those described above, but they provide for exemption for Series D Preferred Stock transactions rights and obligations that existed on the date the Qiantu Warrants were issued. ​ As it was expected that the Company may not have a sufficient number of authorized shares of common stock available for issuance during the term of the contract (up to September 2024), and the shares to be issued upon possible exercise of warrants have not been registered, the Qiantu Warrants were recognized at fair value on inception ($6,814,000) and on each subsequent period end. Due to decline in market price of shares the fair value of Qiantu Warrants on September 30, 2023 decreased to $124,133. The difference has been recognized within gains (losses) on derivative liabilities revaluation in the consolidated statements of operations. ​ Upon issuance and upon revaluation of the instruments, the Company estimated the fair value of these derivatives using the Black-Scholes Pricing Model and binomial option valuation techniques based on the following assumptions: (1) dividend yield of 0% , (2) expected annualized volatility of 198 - 222% , and (3) risk-free interest rate of 4.3% to 4.7% . These liabilities are classified as having significant unobservable inputs (level 3) in the table below. Breakdown of items recorded at fair value on a recurring basis in consolidated balance sheets by levels of observable and unobservable inputs as of September 30, 2023 and on September 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ Quoted Prices ​ Significant ​ Significant ​ ​ ​ 2023 ​ in Active ​ Other ​ Unobservable ​ ​ ​ ​ ​ Markets for ​ Observable ​ Inputs ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ (Level 3) ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ ​ Derivative liability ​ $ 64,863,309 $ - $ 64,739,175 $ 124,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ Quoted Prices ​ Significant ​ Significant ​ ​ ​ 2022 ​ in Active ​ Other ​ Unobservable ​ ​ ​ ​ ​ Markets for ​ Observable ​ Inputs ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ (Level 3) ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ ​ Derivative liability ​ $ 84,799,179 ​ $ - ​ $ 84,799,179 ​ $ - ​ A summary of all changes in warrants and other derivative liabilities is presented below: ​ ​ ​ ​ Balance, September 30, 2022 $ 84,799,179 Derivative liabilities recognized upon issuance of convertible instruments ​ 501,073,872 Derivative liability recognized upon authorized shares shortfall ​ 11,978,166 Loss / (gain) on derivative liability revaluation ​ 116,256,211 Reclassification of derivative liabilities to equity ​ (47,818,882) Financing loss upon over-issuance of shares from warrants ​ 8,934,892 Receivables upon over-issuance of shares from warrants ​ 17,721,868 Conversions of warrants into shares of common stock ​ (628,081,997) Balance, September 30, 2023 $ 64,863,309 ​ ​ ​ Balance, September 30, 2021 $ — Derivative liabilities recognized upon issuance of convertible instruments ​ 484,421,258 Loss / (gain) on derivative liability revaluation ​ 122,803,715 Conversions of warrants into shares of common stock ​ (555,161,139) Change in agreement with warrant holders (recognized as deemed dividends) ​ 32,735,345 Balance, September 30, 2022 $ 84,799,179 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Sep. 30, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 9 – STOCKHOLDERS’ EQUITY Common Stock At a special meeting on January 25, 2023, stockholders approved the proposal to increase the Company’s authorized common stock capital from 1.75 billion to 5 billion shares. At September 30, 2023, the Company had 5,000,000,000 shares of common stock authorized with $0.001 par value per share. As described in detail in the Note 1 issued outstanding On July 6, 2023, the Board of the Company authorized a stock buyback program, pursuant to which the Company could, until December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the stock buyback program did not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date. Up to September 30, 2023, the Company has purchased through a broker from unrelated parties, on an open market, 57,000 shares of common stock at prices ($99.7 and $98.5 giving effect to 1 The holders of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. In the event of a liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the common stockholders are entitled to receive the remaining assets following distribution of liquidation preferences, if any, to the holders of our preferred stock. The holders of common stock are not entitled to receive dividends unless declared by our Board. To date, no dividends were declared or paid to the holders of common stock. When the Company receives a warrant exercise notice or preferred stock conversion notice close to the balance sheet date, and issues relevant order to a transfer agent which is effectively exercised only after the balance sheet date, relevant shares of common stock are presented in the balance sheet as common stock owed but not issued. Change in Control Agreements On August 11, 2023, the Board of Directors approved, and the Company entered, Change in Control Agreements with each non-employee director and Chief Executive Officer. Pursuant to the Change in Control Agreements with each non-employee director, upon a change in control of the Company, any unvested equity compensation will immediately vest in full and such non-employee director will receive $5 million. Pursuant to the Agreement with CEO, upon a change in control of the Company, any unvested equity compensation will immediately vest in full and CEO will receive an aggregate percentage of the transaction proceeds as follows: 10% of the transaction proceeds that are up to and including $1 billion; plus an additional 5% of transaction proceeds that are more than $1 billion and up to $1.5 billion; and an additional 5% of transaction proceeds that are more than $1.5 billion. A change in control, as defined in the agreements occurs upon (i) any person becoming the beneficial owner of 50% or more of the total voting power of the Company’s then outstanding voting securities, (ii) a change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors (as defined in the Change in Control Agreements), or (iii) the consummation of a merger or consolidation of the Company (except when the total voting power of the Company continues to represent at least 50% of the surviving entity), any liquidation, or the sale or disposition by the Company of all or substantially all of its assets. Preferred Stock Under the terms of our Certificate of Incorporation, the Board may determine the rights, preferences, and terms of our authorized but unissued shares of Preferred Stock. On September 30, 2023, the Company had 500,000,000 shares of Preferred Stock authorized with $0.001 par value per share. The reverse stock splits (see Note 1 The Company has designated Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock, with transactions over the last two years presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock ​ Series A ​ Series B ​ Series C ​ Series D ​ Total ​ Shares Amount Shares Amount Shares Amount Shares Amount ​ Shares Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, October 1, 2022 100,363 ​ 100 5,567,319 ​ 5,568 — ​ ​ — ​ — ​ ​ — ​ 5,667,682 ​ ​ 5,668 Issuance of common stock for conversion of preferred stock (98,439) ​ ​ (98) ​ (5,567,319) ​ (5,568) ​ (13,766,058) ​ ​ (13,766) ​ (75,567,273) ​ ​ (75,568) ​ (94,999,089) ​ (95,000) Preferred shares issued for cash — ​ ​ — ​ — ​ — ​ 12,212,450 ​ ​ 12,212 ​ 79,926,925 ​ ​ 79,927 ​ 92,139,375 ​ 92,139 Preferred shares issued in exchange for conversion of debt — ​ ​ — ​ — ​ — ​ 2,829,029 ​ ​ 2,829 ​ — ​ ​ — ​ 2,829,029 ​ 2,829 Preferred shares issued to settle liability to issue — ​ ​ — ​ — ​ — ​ 84,900 ​ ​ 85 ​ — ​ ​ — ​ 84,900 ​ 85 Balance, September 30, 2022 1,924 ​ ​ 2 ​ — ​ ​ — ​ 1,360,321 ​ ​ 1,360 ​ 4,359,652 ​ ​ 4,359 ​ 5,721,897 ​ ​ 5,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of preferred stock, common stock and — ​ ​ — ​ — ​ — ​ — ​ ​ — ​ 273,363,635 ​ ​ 273,364 ​ 273,363,635 ​ 273,364 prefunded warrants in lieu of preferred stock Issuance of common stock for conversion of preferred stock and dividends (1,276) ​ ​ (1) ​ — ​ — ​ (148,564) ​ ​ (148) ​ (277,360,190) ​ ​ (277,360) ​ (277,510,030) ​ (277,509) Balance, September 30, 2023 648 ​ ​ 1 ​ — ​ — ​ 1,211,757 ​ ​ 1,212 ​ 363,097 ​ ​ 363 ​ 1,575,502 ​ 1,576 ​ Redemption Rights ​ The shares of Preferred Stock are not subject to mandatory redemption. The Series C and Series D Preferred Stock are voluntarily redeemable by the Company in accordance with the following schedule, provided that the issuance of shares of common stock issuable upon conversion has been registered and the registration statement remains effective: Year 1: No Redemption Year 2: Redemption at 120% of Year 3: Redemption at 115% of Year 4: Redemption at 110% of Year 5: Redemption at 105% of Year 6 and thereafter: Redemption at 100% of The Series C and Series D Preferred Stock are also redeemable by the Company at any time for a price per share equal to the Issue Price ($8.84 for Series C Preferred Stock and $0.4379 for remaining Series D Preferred Stock), plus all unpaid accrued and accumulated dividends on such share (whether or not declared), provided: (A) the Preferred Stock has been issued and outstanding for a period of at least one year, (B) the issuance of the shares of common stock underlying the Preferred Stock has been registered pursuant to the Securities Act and such registration remains effective, and (C) the trading price for the common stock is less than the Conversion Price for 20 trading days in any period of 30 consecutive trading days on the Nasdaq Capital Market. Dividends The holders of Series A and Series B Preferred Stock are entitled to non-cumulative dividends if declared by the Board of Directors. The holders of the Series A Preferred Stock and Series B Preferred Stock participate on a pro rata basis (on an “as converted” basis to common stock) in any cash dividend paid on common stock. No dividends have been declared or paid during years ended September 30, 2023, and 2022 The Series C Preferred Stock originally provided for a cumulative 15.0% per annum fixed dividend on the Series C Original Issue Price plus unpaid accrued and accumulated dividends. On January 13, 2023, the Company and holders of Series C Preferred Stock entered into a waiver agreement pursuant to which such holders irrevocably waived their right to receive any and all cumulative 15.0% per annum fixed dividends on such Preferred Stock, including all unpaid accrued and accumulated dividends. As a result, an The Series D Preferred Stock bears a 15.0% per annum fixed dividend accumulated and compounded monthly, payable no later than the 5 th The Company may elect to pay dividends for any month with a payment-in-kind (“PIK”) election if (i) the shares issuable further to the PIK are subject to an effective registration statement, (ii) the Company is then in compliance with all listing requirements of NASDAQ and (iii) the average daily trading dollar volume of the Company’s common stock for 10 trading days in any period of 20 consecutive trading days on the NASDAQ is equal to or greater than $27.5 million. Liquidation, Dissolution, and Winding Up In the event of any Liquidation Event, the holders of the Series D Preferred Stock will be entitled to receive, prior and in preference to any distribution of the proceeds to the holders of the other series of Preferred Stock or the common stock by reason of their ownership thereof, an amount per share equal to the Series D Original Issue Price ($0.4379 per share in respect of the outstanding Series D Preferred Stock) plus declared but unpaid dividends (none declared but unpaid dividends on September 30, 2023 and 2022). In the event of any Liquidation Event, the holders of the Series B Preferred Stock will be entitled to receive, after full execution of rights of the Series D Preferred Stock holders, and prior and in preference to any distribution of the proceeds to the holders of the other series of Preferred Stock or the common stock by reason of their ownership thereof, an amount per share equal to the Series B Original Issue Price plus declared but unpaid dividends (none declared but unpaid dividends on September 30, 2023 and 2022). Upon the completion of a distribution pursuant to a Liquidation Event to the Series D Preferred Stock and Series B Preferred Stock, the holders of the Series C Preferred Stock will be entitled to receive, prior and in preference to any distribution of the proceeds to the holders of the Series A Preferred Stock or the common stock by reason of their ownership thereof, an amount per share equal to the Series C Original Issue Price ($8.84 per share) plus declared but unpaid dividends (none declared but unpaid dividends on September 30, 2023 and 2022). Upon the completion of a distribution pursuant to a Liquidation Event to the Series D Preferred Stock, Series B Preferred Stock and Series C Preferred Stock, the holders of Series A Preferred Stock are entitled to receive, prior and in preference to any distribution of any proceeds to the holders of the common stock, by reason of their ownership thereof, $1.29 per share of each share of the Series A Preferred Stock, plus declared but unpaid dividends on such share (none declared but unpaid dividends on September 30, 2023 and 2022). “Liquidation Event” is as defined in the Certificate of Incorporation and, subject to certain exceptions, includes a sale or other disposition of all or substantially all of the Company’s assets, certain mergers, consolidations and transfers of securities, and any liquidation, dissolution or winding up of the Company. Conversion Each share of Series A Preferred Stock is convertible at any time at the option of the holder into 0.0044 (giving effect to the reverse stock splits – see Note 1 Each share of Series B Preferred Stock and each share of Series C Preferred Stock are convertible at the option of the holder at any time into such number of shares of common stock as is determined by dividing the Issue Price by the relevant Conversion Price (in each case, subject to adjustment). As of September 30, 2023, there were no shares of Series B Preferred Stock issued and outstanding Note 1 Each share of Series C Preferred Stock will automatically be converted into shares of common stock at the applicable conversion rate at the time in effect immediately upon (A) the issuance of shares of common stock underlying the Series C Preferred Stock being registered pursuant to the Securities Act of 1933 and such registration remaining effective, (B) the trading price for the Company’s common stock being more than two times the Series C Conversion Price for 20 trading days in any period of 30 consecutive trading days on the Nasdaq Capital Market, and (C) the average daily trading dollar volume of the Company’s common stock during such 20 trading days is equal to or greater than $4.0 million. The Series D Preferred Stock is convertible at the option of each holder at any time into the number of shares of common stock determined by dividing the Series D Original Issue Price (plus all unpaid accrued and accumulated dividends thereon, as applicable, whether or not declared), by the Series D Conversion Price, subject to adjustment as set in the Certificate of Designation. As of September 30, 2023, each share of Series D is convertible into 0.000044 (giving effect to the reverse stock split – see Note 1 Each share of Series D Preferred Stock will automatically be converted into shares of common stock at the applicable Conversion Rate at the time in effect immediately upon (A) the issuance of shares of common stock underlying the Series D Preferred Stock being registered pursuant to the Securities Act and such registration remaining effective, (B) the trading price for the Company’s common stock being more than two times the Series D Conversion Price for 20 trading days in any period of 30 consecutive trading days on the Nasdaq Capital Market, and (C) the average daily trading dollar volume of the Company’s common stock during such 20 trading days is equal to or greater than $27.5 million. Voting Rights The holders of shares of common stock and Series A, Series B and Series C Preferred Stock at all times vote together as a single class on all matters (including the election of directors) submitted to a vote of the stockholders; provided, however, that, any proposal which adversely affects the rights, preferences and privileges of the Series A Preferred Stock, Series B Preferred Stock, or Series C Preferred Stock, as applicable, must be approved by a majority in interest of the affected series of Preferred Stock, as the case may be. Each holder of common stock, Series B Preferred and Series C Preferred has right to one vote for each share of common stock into which such Series B Preferred Stock and/or Series C Preferred Stock, as applicable, could be converted. Each holder of Series A Preferred has the right to 1,000 votes per share held of record by such holder (this right will terminate on November 5, 2024). The holders of Series D Preferred Stock have no voting rights except for protective voting rights (one vote for each share of common stock into which such Series D Preferred Stock could be converted) in such cases as approval of a liquidation event, authorization of issue of securities having a preference over or parity with the Series D Preferred Stock with respect to dividends, liquidation, redemption or voting, entering a merger or consolidation, etc.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Sep. 30, 2023
LOSS PER SHARE
LOSS PER SHARE	NOTE 10 – LOSS PER SHARE Earnings per common share (“EPS”) is computed by dividing net income allocated to common stockholders by the weighted-average shares of common stock outstanding. Diluted EPS is computed by dividing income allocated to common stockholders plus dividends on dilutive convertible preferred stock and preferred stock that can be tendered to exercise warrants, by the weighted-average shares of common stock outstanding plus amounts representing the dilutive effect of outstanding warrants and the dilution resulting from the conversion of convertible preferred stock, if applicable. For the fiscal years ended September 30, 2023 and 2022, outstanding warrants, convertible debt and shares of Preferred Stock were excluded from the diluted share count because the result would have been antidilutive under the “if-converted method.” The following table presents the reconciliation of net loss attributable to common stockholders to net loss used in computing basic and diluted net income per share of common stock (giving effect to the reverse stock splits – see Note 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ended September 30, ​ 2023 2022 Net loss attributable to common stockholders ​ $ (972,254,582) ​ $ (739,532,806) Waived/(Accrued) accumulated preferred dividends ​ ​ 7,360,397 ​ ​ (40,516,440) Net loss used in computing basic net loss per share of common stock ​ $ (964,894,185) ​ $ (780,049,246) ​ ​ ​ ​ ​ ​ ​ Net loss per share ​ $ (1,574.14) ​ $ (63,085.26) ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic and diluted ​ ​ 612,964 ​ ​ 12,365 ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Sep. 30, 2023
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	​ NOTE 11 –SHARE- BASED COMPENSATION The Company has share incentive plans that are a part of annual discretionary share-based compensation program. The plans include consultants and employees, directors and officers. The Company has been issuing new shares of common stock under the share-based compensation programs, and cash has not been used to settle equity instruments granted under share-based payment arrangements. The remaining number of shares reserved for awards equity instruments under the Equity Incentives Plan to both employees and consultants on September 30, 2023 is 42,234,250 shares of common stock. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the fiscal year ended ​ ​ September 30, Composition of Stock-Based Compensation Expense ​ ​ 2023 ​ 2022 Directors, officers and employees share-based compensation ​ $ 63,748,809 ​ $ 19,471,496 Share-based compensation to consultants (equity-classified) ​ 7,553,487 ​ 23,937,976 Share-based compensation to consultants (liability-classified) ​ ​ 14,139,573 ​ ​ 330,220 Total share-based compensation expense ​ $ 85,441,869 ​ $ 43,739,692 ​ ​ ​ Employees of the Company Employees of the Company, including officers, are entitled to a number of shares of common stock specified in relevant employment contracts and subject to the approval of our Board of Directors Compensation Committee. The total expense of share awards to employees represents the grant date fair value of relevant number of shares to be issued and is recognized, along with additional paid-in capital, ratably over the service period. Awards to the majority of employees vest on the first or the second employment anniversary of the employee - the weighted average vesting period is 14 months. ​ Total remaining unrecognized compensation costs related to nonvested awards to these employees amount to $0.2 million. The weighted-average period over which these costs are expected to be recognized is 6 months. The liability that relates to liability classified stock-based compensation contracts amounts to $75,000 on September 30, 2023. ​ Awards granted to employees: one time issuance on employment anniversary Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year 35 $ 42,416 Granted during the year 1,021 $ 376 Vested during the year (30) $ 43,287 Forfeited during the year (61) $ 2,081 Nonvested at the end of the year 965 $ 456 ​ Several members of management and officers are entitled to the same number of common stock specified in their employment contracts on every anniversary as long as they continue to serve. The grant fair value in this case is also based on the employment date. Therefore, these annual stock-based compensation costs are fixed throughout the employment period of each employee, unless modified subsequently. Total stock-based compensation costs of this type amounted to $6.0 million in the year ended September 30, 2023, and will amount to $5.8 million in each subsequent year unless entitled employees change or their contracts are modified. ​ Awards granted to management: issuances on every employment anniversary (*) Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year 100 $ 79,616 Granted during the year 100 $ 79,616 Vested during the year (100) $ 79,616 Forfeited during the year (13) $ 159,525 Nonvested at the end of the year 87 $ 67,353 ​ (*) Information is presented for a 12-month period, see comments above. ​ Consultants From time to time the Company also issues share-based compensation to external consultants providing consulting, marketing, R&D, legal and other services. The weighted average term of such contracts is 5 months. The number of shares specified within the individual agreements, or a monetary value of those shares, if applicable, is usually negotiated by our Chief Executive Officer and approved by the Board. ​ These costs are generally presented as professional fees within general and administrative, and certain qualifying costs may be presented as part of research and development expenses ($5.0 million in the year ended September 30, 2023, and none in the year ended September 30, 2022). ​ A part of these share-based awards is classified as equity and accounted for similar to stock-based compensation to employees. Another part of the Company’s share-based awards to consultants is classified as liabilities: mainly if a number of shares a consultant is entitled to is predominantly based on monetary value fixed in the contract. An accrued part of liability in this case is revaluated each period based on market price of the shares of common stock of the Company, until sufficient number of shares is issued. There was no liability to consultants as at September 30, 2023. The Company generally practices prepayment for future services of the consultants by unrestricted shares of common stock – in this case a prepaid asset is recognized on the balance sheet and is amortized over the period the consultant is delivering their services to the Company. The amount of these prepaid costs amounted to $5.1 million as at September 30, 2023 and this amount represents the total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan to non-employees. The weighted-average period over which these costs are expected to be recognized after the balance sheet date is 6 months. ​ Awards granted to consultants: classified as equity Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year 38 $ 14,400 Granted during the year 6,982 $ 862 Vested during the year (8,019) $ 761 Forfeited during the year - $ - Nonvested at the end of the year 1,000 $ 56 Prepaid in vested stock but not amortized by the end of the year 5,275 $ 128 ​ ​ Awards granted to consultants: classified as liability Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year - $ - Granted during the year 102,928 $ 208 Vested during the year (102,928) $ 208 Forfeited during the year - $ - Nonvested at the end of the year - $ - Prepaid in vested stock but not amortized by the end of the year 51,002 $ 87 ​ ​ CEO Award Incentive Plans The Company adopted the CEO Performance Stock Award Agreement, approved by the Board and by stockholders in 2022 (“2022 PSA Agreement”) and CEO Performance Stock Award Agreement, approved by the Board and by stockholders in 2023 (“2023 PSA Agreement”). Under these plans, the Chief Executive Officer is entitled to share-based awards generally calculated as 1-3% of then outstanding number of shares of common stock, issuable upon achievement of specific financial and operational targets (milestones) that are supposed to significantly increase value of the Company. ​ This share-based compensation is accrued over the service term when it is probable that the milestone will be achieved. The liability to issue stock (presented within non-current liabilities if the achievement is expected later than 12 months after the balance sheet date) is revalued on every balance sheet date based on the length of the service period, current market price of the common stock, and on the number of shares of common stock outstanding – until the shares have been issued, or until fulfilling of the milestone requirements is no longer probable. ​ The milestones per 2022 PSA Agreement: ​ ● Vehicle Delivery Milestones : For each of the following five vehicle delivery milestone that is satisfied within the performance period specified, the Company will issue to Mr. Michery a number of shares of common stock equal to 2% of the Company’s then-current total issued and outstanding shares of common stock: (i) Delivery of the Company’s Class One Van to customers for a pilot program under the captured fleet exemption by the end of December 2022; (ii) Procuring full USA certification and homologation (or vehicle approval process) for the sale and delivery of its Class One Van by end of August 2023 (expired by September 30, 2023); (iii) Full USA certification and homologation of the Dragonfly RS sports car by August 2024 (not considered probable by September 30, 2023); (iv) Producing a drivable prototype of its Mullen 5 vehicle for consumers to test by end of October 2023; and (v) Producing a drivable prototype of its Mullen 5 RS High Performance vehicle for consumers to test by end of January 2023 (expired by September 30, 2023) . ​ On October 3, 2022, the Company delivered its Class One Van to Hotwire Communications, a South Florida-based telecommunications company and Internet Service Provider for a pilot program under the captured fleet exemption. On August 20, 2023, a drivable porotype of the Mullen 5 vehicle was part of the Mullen road tour and available for consumers to test drive. ​ ● Capital Benchmark Milestones : For each $100 million raised (a “Capital Tranche”), and subject to an aggregate maximum of raised of $1.0 billion in equity or debt financing between the date of the award agreement and the end of July 2024, the Company will issue a number of shares of common stock equal to 1% , of the Company’s then-current total issued and outstanding shares of common stock; as of the date a Capital Tranche is achieved. Additionally, if the Company is included in the Russell Index, the Company will issue to Mr. Michery a number of shares of common stock equal to 2% of Mullen’s then-current total issued and outstanding shares as of the date the Company is approved to be included on the Russell Index. ​ On June 7, 2022, the Company entered into a Securities Purchase Agreement which, along with subsequent amendments, allowed the Company to raise more than $400 million to date through the issuance of preferred stock, prefunded warrants and common stock in lieu of preferred stock and other warrants. As at September 30, 2022, reaching the next 2 financial milestones (raising more than $500 and $600 million) was also considered probable. On June 27, 2022, the Company joined the Russell 2000 and 3000 Indexes. ​ ● Feature Milestone : If Mullen enters into an agreement with a manufacturer or provider of equipment, accessory, feature or other product (collectively, “Feature”) by the end of 2023 that sets the Company or its vehicle apart from its competitors or that provides the Company a first mover or first disclosure advantage over its competitors for the Feature, the Company will issue to Mr. Michery a number of shares of common stock equal to 5% of the Company’s then-current total issued and outstanding shares of common stock as of the date the Feature milestone is achieved. ​ On September 1, 2022, the Company announced that it a signed partnership with Watergen Inc. to develop and equip Mullen’s portfolio of electric vehicles with technology that will produce fresh drinking water from the air for in-vehicle consumer and commercial application. On October 12, 2022, the Company entered into the Distributorship Agreement whereby Watergen will be integrating its unique atmospheric water generating and dehumidifying technology into the Company’s vehicles and granting exclusivity to the Company for the integration design developed specifically for its vehicles. ​ ● Distribution Milestone : For each vehicle distribution milestone set forth below that is satisfied by entering into a joint venture or other distribution agreement by December 31, 2024, the Company will issue to Mr. Michery a number of shares of common stock equal to 2% of Mullen’s then-current total issued and outstanding shares of common stock for each distribution milestone achieved: (i) agreement with an established local, US dealer or franchise network; and (ii) agreement with an established Latin American or other non-US based dealer or franchise network. ​ On November 8, 2022, the Company entered into an agreement into an agreement to appoint Newgate Motor Group as the marketing, sales, distribution and servicing agent for the Mullen I-GO in Ireland and the United Kingdom. On December 12, 2022, the Company entered into a Dealer Agreement with Randy Marion Isuzu, a large USA dealer, to purchase and distribute the Company’s vehicles. ​ The milestones per 2023 PSA Agreement: (In accordance with management’s assessment, all milestones per 2023 PSA Agreement as at September 30, 2023 are considered probable and one (Accelerated Development Milestone) has been achieved). ​ ● Vehicle Completion Milestones : For each vehicle completion Milestone set forth below that is satisfied within the performance period specified, the Company will issue to Mr. Michery a number of shares of common stock equal to 3% of Mullen’s then-current total issued and outstanding shares of common stock: (i) Procuring full USA certification and homologation of its Class Three Van by end of December 2023; (ii) Full USA certification and homologation of the Bollinger B1 SUV by end of June 2025; and (iii) Full USA certification and homologation of the Bollinger B2 truck by end of June 2025. ​ ● Revenue Benchmark Milestones : For each $ 25 Million of revenue recognized by the Company (each a “Revenue Tranche”), and subject to an aggregate maximum of recognized revenue of $ 250 Million between the date of grant and the end of December 2025, the Company will issue to Mr. Michery a number of shares of common stock equal to 1% of Mullen’s then-current total issued and outstanding shares of common stock as of the date a Revenue Tranche is achieved. ​ ● Battery Development Milestones : For each Battery Development Milestone set forth below that is satisfied within the performance period specified, the Company will issue to Mr. Michery a number of shares of common stock equal to 2% of Mullen’s then-current total issued and outstanding shares of common stock: (i) the Company either directly or in collaboration with a joint venture partner develops or produces new and more advanced battery cells by the end of December 2024; (ii) the Company either directly or in collaboration with a joint venture partner scales its battery cells in the USA to the vehicle pack level for the Mullen Class 1 vehicle by the end of December 2024; (iii) the Company either directly or in collaboration with a joint venture partner scales its battery cells in the USA to the vehicle pack level for the Mullen Class 3 vehicle by the end of December 2024. ​ ● JV-Acquisition Milestones : If Mullen enters into a partnership, joint venture, purchase and sale agreement or similar transaction by the end of 2025 where the Company acquires a majority interest in an enterprise that manufacturers or provides vehicles, vehicle equipment, battery cells, accessories or other products beneficial to the Company, the Company will issue to Mr. Michery a number of shares of common stock equal to 3% of Mullen’s then-current total issued and outstanding shares of common stock as of date the JV-Acquisition Milestone is achieved. ​ ● Accelerated Development Milestone : If Mullen acquires a facility with existing equipment that allows the Company to expedite scaling of battery pack production in the USA, the Company will issue to Mr. Michery a number of shares of common stock equal to 2% of Mullen’s then-current total issued and outstanding shares of common stock as of date the Accelerated Development Milestone is achieved. ​ On September 6, 2023, the Company acquired the battery production assets of Romeo Power including intellectual property, machinery and equipment that allows the Company to expedite scaling of battery pack production in the USA. ​ CEO Performance Award Table ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Tranche ​ % of O/S ​ Shares O/S ​ Shares Issued ​ Stock Price ​ Stock 9/21/2022 ​ PSA2022. Russell Index Tranche ​ 2% ​ 21,386 ​ 428 ​ ​ 9,225 ​ $ 3,945,799 10/12/2022 ​ PSA2022. Features Milestone ​ 5% ​ 39,897 ​ 1,995 ​ ​ 5,625 ​ ​ 11,221,088 11/9/2022 ​ PSA2022. Non-USA Distribution ​ 2% ​ 54,718 ​ 1,094 ​ ​ 6,075 ​ ​ 6,648,217 11/30/2022 ​ PSA2022. Capital Benchmark (>$200 mln) ​ 2% ​ 63,923 ​ 1,278 ​ ​ 4,500 ​ ​ 5,753,090 12/16/2022 ​ PSA2022. USA Distribution ​ 2% ​ 75,274 ​ 1,505 ​ ​ 6,750 ​ ​ 10,161,979 2/16/2023 ​ PSA2022. Vehicle Delivery - Pilot ​ 2% ​ 37,079 ​ 742 ​ ​ 7,650 ​ ​ 5,673,024 6/13/2023 ​ PSA2022. Capital Benchmark (>$300 mln) ​ 1% ​ 292,533 ​ 2,925 ​ ​ 207 ​ ​ 605,542 7/5/2023 ​ PSA2022. Capital Benchmark (>$400 mln) ​ 1% ​ 714,863 ​ 7,149 ​ ​ 53 ​ ​ 378,877 10/10/2023 ​ PSA2022. Vehicle Delivery - Mullen 5 ​ 2% ​ 1,844,064 ​ 36,881 ​ ​ 27 ​ ​ 985,468 10/10/2023 ​ PSA2023. Accelerated development milestone ​ 2% ​ 2,484,730 ​ 49,695 ​ ​ 27 ​ ​ 1,327,840 Total Shares Awarded ​ ​ ​ ​ ​ ​ ​ 103,692 ​ ​ ​ ​ $ 46,700,924 ​ As at September 30, 2023, the accrual for future awards under 2022 PSA Agreement amounted to approximately $2.6 million (including $1.7 million award for the milestone that has been achieved but the shares have not been issued on the year end yet). Out of all remaining 2022 PSA Agreement awards the only awards that are considered probable are capital benchmarks that provide for a 1% of outstanding common stock on every $100 million the Company raises. ​ ​ The costs recognized within the line item "Directors, Officers and Employees share-based compensation" in the table above represent both actual issuances of common stock under the PSA Agreements (16,689 shares with fair value of $40.4 million) and this provision for future achieved and probable awards. ​ Total remaining compensation cost related to nonvested share-based compensation milestones granted under the Plans will depend on probability of the milestones achievement, market price of the shares at the day before the issuance date, and on the number of shares of common stock outstanding on the day a milestone is achieved. If market price and the number of shares of common stock outstanding on September 30, 2023 remain constant and all milestones considered probable are actually achieved, these remaining compensation cost would amount to $31.3 million; the weighted-average period over which these costs are expected to be recognized after the balance sheet date is 14 months. ​ The remaining number of shares authorized for awards under the PSA Agreements on September 30, 2023 was 293,861 shares of common stock (giving effect to the reverse stock splits, see Note 1

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Sep. 30, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 12 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 Accrued Expenses and Other Liabilities ​ ​ Accrued expense - other ​ $ 34,397,209 ​ $ 3,529,384 IRS tax liability ​ ​ 2,849,346 ​ ​ 1,744,707 Accrued payroll ​ 2,406,650 ​ 534,782 Accrued interest ​ 1,548,724 ​ 1,377,008 Total ​ $ 41,201,929 ​ $ 7,185,881 ​

LIABILITY TO ISSUE STOCK

LIABILITY TO ISSUE STOCK	12 Months Ended
	Sep. 30, 2023
LIABILITY TO ISSUE STOCK
LIABILITY TO ISSUE STOCK	NOTE 13 - LIABILITY TO ISSUE STOCK The liability on September 30, 2023 (current liability in amount of $9.9 million and non-current liability in amount of $1.8 million) primarily represents CEO incentive award provision to be settled in shares of common stock upon achievement of specific targets, see Note 11 - Share Based Compensation

PROPERTY, PLANT, AND EQUIPMENT,

PROPERTY, PLANT, AND EQUIPMENT, NET	12 Months Ended
	Sep. 30, 2023
PROPERTY, PLANT, AND EQUIPMENT, NET
PROPERTY, PLANT, AND EQUIPMENT, NET	NOTE 14 – PROPERTY, PLANT, AND EQUIPMENT, NET Property, plant, and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2023 ​ 2022 Buildings ​ $ 48,081,466 ​ $ 7,659,121 Machinery and equipment ​ ​ 27,861,452 ​ ​ 7,383,612 Land ​ ​ 3,040,303 ​ ​ 647,576 Construction-in-progress ​ ​ 5,180,642 ​ ​ 269,778 Other fixed assets ​ ​ 2,824,165 ​ ​ 1,743,057 Total cost of assets excluding accumulated impairment ​ 86,988,028 ​ ​ 17,703,144 Less: accumulated depreciation ​ (4,955,243) ​ ​ (2,899,428) Property, Plant, and Equipment, Net ​ $ 82,032,785 ​ $ 14,803,716 ​ Due to unfavorable market conditions, decline of the market prices of the Company’s common stock, and budgeted performance misses compared to the budgets prepared previously, we have tested long-lived asset for recoverability. The test was performed on September 1, 2023 by independent professional appraisers using both discounted cash flow method and guideline public company method. The fair value of the property, plant, and equipment of the ELMS/Legacy Mullen segment (classified in Level 3 of the fair value hierarchy) was determined on a standalone basis utilizing the cost and market approaches to value. The assets of the Bollinger's segment (see Note 21 - Segment information Note 6 - Goodwill and intangible assets ​ Depreciation expense related to property, plant, and equipment for the years ended September 30, 2023 and 2022 was $8,023,596 and $379,256, respectively.

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
	Sep. 30, 2023
OTHER NON-CURRENT ASSETS
OTHER NONCURRENT ASSETS	NOTE 15 – OTHER NON-CURRENT ASSETS As discussed in the Note 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 Other Non-current Assets ​ ​ Other assets ​ $ — ​ $ 81,589 Show room vehicles ​ — ​ 2,982,986 Security deposits ​ 960,502 ​ 281,056 Total Other Assets ​ $ 960,502 ​ $ 3,345,631 ​

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Sep. 30, 2023
OPERATING EXPENSES
OPERATING EXPENSES	NOTE 16 – OPERATING EXPENSES General and Administrative Expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended September 30, ​ ​ 2023 ​ 2022 Professional fees ​ $ 36,374,957 $ 46,224,690 Compensation to employees ​ 94,140,300 ​ 13,714,669 Depreciation ​ 9,786,011 ​ 966,940 Amortization ​ ​ 6,602,288 ​ ​ 888,774 Lease ​ 1,429,110 ​ 2,145,648 Settlements and penalties ​ 36,196,538 ​ 1,134,707 Employee benefits ​ 4,014,915 ​ 2,107,793 Utilities and office expense ​ 4,620,425 ​ 511,899 Advertising and promotions ​ 8,443,311 ​ 4,407,764 Taxes and licenses ​ 442,279 ​ (284,854) Repairs and maintenance ​ 1,128,266 ​ 392,679 Executive expenses and directors' fees ​ ​ 699,133 ​ ​ 482,455 Listing and regulatory fees ​ ​ 6,042,474 ​ ​ 1,546,810 Outside labor ​ ​ — ​ ​ 352,201 Other ​ 5,926,125 ​ 746,081 Total ​ $ 215,846,132 ​ $ 75,338,256 ​ The main portions of the Professional fees and Compensation to employees relate to stock-based compensation issued to non-employees and employees, respectively, see Note 11 - Share Based Compensation Research and Development Research and Development expenses as of September 30, 2023 and 2022, were $77,387,336 and $21,650,840, respectively. Costs are expensed as incurred. Research and development expenses are primarily comprised of external fees and internal costs for engineering, homologation, prototyping costs and other expenses related to preparation to mass-production of electric vehicles such as Mullen Five EV, Mullen One EV cargo van, etc.

LEASES

LEASES	12 Months Ended
	Sep. 30, 2023
LEASES
LEASES	NOTE 17 – LEASES We have entered into various operating lease agreements for certain offices, manufacturing and warehouse facilities, and corporate aircraft. Operating leases led to recognition of right-of-use assets, and current and noncurrent portion of lease liabilities, as appropriate. These right-of-use assets also include any lease payments made and initial direct costs incurred at lease commencement and exclude lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements which require payments for both lease and non-lease components and have elected to account for these as a single lease component. Certain leases provide for annual increases to lease payment based on an index or rate. We calculate the present value of future lease payments based on the index or at the lease commencement date for new leases. The table below presents information regarding our lease assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 ​ Assets: ​ ​ ​ Operating lease right-of-use assets ​ $ 5,249,417 ​ $ 4,597,052 ​ Liabilities: ​ ​ ​ ​ ​ Operating lease liabilities, current ​ (2,134,494) ​ (1,428,474) ​ Operating lease liabilities, non-current ​ (3,566,922) ​ (3,359,354) ​ Total lease liabilities ​ $ (5,701,416) ​ $ (4,787,828) ​ Weighted average remaining lease terms: ​ ​ ​ Operating leases ​ 3.98 years ​ 2.63 years ​ Weighted average discount rate: ​ ​ Operating leases ​ 28 % 28 % Cash paid for amounts included in the measurement of lease liabilities for the fiscal year ended September 30, 2023, and 2022 ​ $ 3,168,567 ​ $ 1,751,680 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs: For the fiscal year ended September 30, ​ 2023 2022 Fixed lease cost ​ $ 3,318,326 ​ $ 1,718,424 Variable lease cost ​ 250,499 ​ 496,914 Short-term lease cost ​ — ​ 164,690 Sublease income ​ (362,126) ​ (293,511) Total operating lease costs ​ $ 3,206,699 ​ $ 2,086,517 ​ Operating Lease Commitments Our leases primarily consist of land, land and building, or equipment leases. Our lease obligations are based upon contractual minimum rates. Most leases provide that we pay taxes, maintenance, insurance and operating expenses applicable to the premises. The initial term for most real property leases is typically 1 to 3 years, with renewal options of 1 to 5 years, and may include rent escalation clauses. The following table reflects maturities of operating lease liabilities at September 30, 2023: ​ ​ ​ ​ ​ Years ending ​ September 30, ​ ​ 2024 ​ $ 3,135,400 2025 ​ 2,639,884 2026 ​ 803,759 2027 ​ 584,468 2028 ​ 206,919 Thereafter ​ 1,579,534 Total lease payments ​ $ 8,949,964 Less: imputed interest ​ (3,248,548) Present value of lease liabilities ​ $ 5,701,416 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2023
INCOME TAXES
INCOME TAXES	NOTE 18 – INCOME TAXES The Company and its less than 100% owned subsidiaries are filing separate tax returns and we calculate the provision for income taxes by using a “separate return” method. Sec 174 deduction and R&D credits are calculated using consolidated tax return rules and allocated among its members. We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities. The components of loss before income taxes are $1,017,647,310 and $740,323,152, for the years ended September 30, 2023 and 2022, respectively. The Company's total provision (benefit) for income taxes consists of the following for the years ended September 30, 2023 and 2022, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2023 ​ 2022 Current ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — State ​ ​ 2,400 ​ ​ 1,600 Total Current ​ $ 2,400 ​ $ 1,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ Federal ​ $ (10,990,882) ​ $ (280,552) State ​ ​ — ​ ​ — Total Deferred ​ $ (10,990,882) ​ $ (280,552) ​ ​ ​ ​ ​ ​ ​ Total provision (benefit) for income taxes ​ $ (10,988,482) ​ $ (278,952) ​ The following table represents accumulated income tax NOL (net operating loss) carryforwards for the years ended September 30, 2023 and 2022, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2023 ​ 2022 Federal ​ ​ ​ ​ ​ ​ 2034-2037 ​ $ 29,838,716 ​ $ 29,838,716 Indefinite ​ ​ 451,052,564 ​ ​ 311,525,886 Total Federal ​ $ 480,891,280 ​ $ 341,364,602 ​ ​ ​ ​ ​ ​ ​ California ​ ​ ​ 2034-2040 ​ $ 473,427,974 ​ $ 318,862,714 Total California ​ $ 473,427,974 ​ $ 318,862,714 ​ ​ ​ ​ ​ ​ ​ ​ The reconciliation of our effective tax rate to the statutory federal rate of 21% for the years ended September 30, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2023 2023 - % 2022 2022 - % ​ Income tax benefit at statutory rate ​ $ (213,705,935) ​ 21% ​ $ (155,466,389) 21% ​ State income taxes ​ 2,400 ​ 0% ​ 1,600 0% ​ Permanent differences ​ 155,268,652 ​ (15)% ​ 995,227 (0.13)% ​ Valuation allowance ​ 49,635,916 ​ (5)% ​ 154,180,328 (20.83)% ​ Federal return to provision true up ​ ​ (2,269,617) ​ 0% ​ ​ — ​ 0% ​ Other ​ 80,102 ​ 0% ​ 10,282 0% ​ Total (benefit) provision for income taxes ​ $ (10,988,482) ​ 1% ​ $ (278,952) 0.04% ​ ​ We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities. Significant components of the Company's net deferred tax assets as of September 30, 2023 and 2022, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ ​ ​ Stock compensation $ 10,327,117 ​ $ 8,442 Net operating loss carryforwards ​ ​ 118,886,728 ​ ​ 78,791,906 Charitable contributions ​ 2,680 ​ ​ 1,219 Accrued expenses ​ 414,745 ​ ​ 86,926 Impairment other ​ ​ — ​ ​ — Other assets ​ ​ 413,579 ​ ​ 426,099 Intangibles ​ ​ ​ ​ 48,382,778 163(j) limitation ​ 15,971,671 ​ ​ 14,522,536 Research expenditures ​ ​ 16,077,633 ​ ​ — Mark-to-market warrants ​ — ​ ​ 121,545,414 Total gross deferred tax assets ​ 162,094,153 ​ ​ 263,765,320 ​ ​ ​ ​ ​ ​ ​ R&D tax credits ​ ​ 7,353,043 ​ ​ 578,842 ​ ​ ​ ​ ​ ​ ​ Less valuation allowance ​ (155,435,630) ​ ​ (258,903,457) Total net deferred tax assets ​ 14,011,566 ​ ​ 5,440,705 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ Intangibles ​ (16,358,329) ​ ​ (19,428,527) Fixed assets ​ (1,545,473) ​ ​ (969,201) Other ​ 336 ​ ​ (336) Total deferred tax liabilities ​ (17,903,466) ​ ​ (20,398,064) Net deferred tax assets ​ $ (3,891,900) ​ $ (14,957,359) ​ We maintain a full valuation allowance against the value of our deferred tax assets because based on the weight of evidence available at September 30, 2023 and 2022, it is more likely than not that deferred tax assets will not be realized. We follow the guidance for accounting for uncertainty in income taxes in accordance with FASB ASC 740, which clarifies uncertainty in income taxes recognized in an enterprise's financial statements. The standard also prescribes a recognition threshold and measurement standard for the financial statement recognition and measurement of an income tax position taken, or expected to be taken, in an income tax return. Only tax positions that meet the more likely than not recognition threshold may be recognized. In addition, the standard provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. The Company's tax years for 2014 through 2023 are still subject to examination by the tax authorities.

CONTINGENCIES AND CLAIMS

CONTINGENCIES AND CLAIMS	12 Months Ended
	Sep. 30, 2023
CONTINGENCIES AND CLAIMS
CONTINGENCIES AND CLAIMS	NOTE 19 – CONTINGENCIES AND CLAIMS ASC 450.20 governs the disclosure and recognition of loss contingencies, including potential losses from litigation, regulation, tax and other matters. The accounting standard defines a “loss contingency” as “an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that will ultimately be resolved when one or more future events occur or fail to occur.” ASC 450 requires accrual for a loss contingency when it is probable that one or more future events will occur confirming the fact of loss and the amount of the loss can be reasonably estimated. Under this standard an event is probable when it is likely to occur. ​ From time to time, we are subject to asserted and actual claims and lawsuits arising in the ordinary course of business. Company management reviews any such legal proceedings and claims on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. We recognize accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and disclose the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for our consolidated financial statements to not be misleading. As required by ASC 450 we do not record liabilities when the likelihood is not probable, or when the likelihood is probable, but the amount cannot be reasonably estimated. To estimate whether a loss contingency should be accrued by a charge to income, management evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, at least quarterly, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows. Qiantu Motor (Suzhou) Ltd. This matter arises out of a contract dispute between Mullen and Qiantu Motor (Suzhou) Ltd. (“Qiantu”) related to the engineering, design, support, and homologation of Qiantu’s K50 vehicle by Mullen. ​ On March 14, 2023, the parties entered into a Settlement Agreement providing for full settlement of all pending litigation between Mullen and Qiantu. The parties also released all claims against each other arising from or in connection with the matters and claims that were subject to the legal proceedings. Pursuant to the Settlement Agreement, (1) the parties agreed to enter into an IP Agreement (as defined and described below) and (2) in connection with the settlement of the Legal Proceedings and for the privilege of entering into the IP Agreement, the Mullen paid $6 million to Qiantu. ​ In connection with the execution of the Settlement Agreement, on March 14, 2023, Mullen entered into an Intellectual Property and Distribution Agreement ( “IP Agreement”) with Qiantu, and two of Qiantu’s affiliates (collectively “Qiantu”). Pursuant to the IP Agreement, Qiantu granted Mullen the exclusive license to use certain of Qiantu’s trademarks and the exclusive right to assemble, manufacture, and sell the homologated vehicles based on the Qiantu K-50 model throughout North America (including Canada, Mexico, and the United States of America) and South America for a period of five Five ​ As consideration for Mullen’s entry into the IP Agreement, (1) Mullen issued to Qiantu USA warrants to purchase up to 3,334 shares of Mullen’s common stock (the “Qiantu Warrants”) as described below; (2) Mullen additionally paid Qiantu $2,000,000 for deliverable items under the IP Agreement; and (3) in exchange, Mullen will pay Qiantu a royalty fee of $1,200 for each homologated vehicle sold in North America and South America during the term of the IP Agreement. The Qiantu Warrants were issued upon execution of the IP Agreement and are exercisable at Qiantu USA’s discretion commencing at any time from September 30, 2023 up to and including September 30, 2024 at 110% of the market price of Mullen’s common stock at the close of trading on the earlier of (a) when Mullen completes its obligations to its Series D Preferred Stock investors; or (b) June 15, 2023 (for more information on these warrants, see Note 8 ​ As Mullen continues analysis of the homologation costs, Mullen believes it would be in its best interest to also acquire licensing rights in additional territories. In that regard, Mullen is currently in negotiations with Qiantu for the licensing rights to the European territory. ​ No loss contingencies have been accrued in respect of this matter as at September 30, 2023, other than those paid (see above) as the Company can reasonably estimate neither probability of additional losses, nor their magnitude (if any), based on all available information presently known to management. ​ ​ International Business Machines (“IBM”) This claim was filed in the Supreme Court of the State of New York on May 7, 2019. This matter arises out of a contract dispute between Mullen and IBM related to a joint development and technology license agreement, patent license agreement, and a logo trademark agreement. On November 9, 2021, the court, pursuant to an inquest order, awarded damages in favor of IBM and on December 1, 2021, the court entered a judgment in favor of IBM in the amount of $5,617,192. On February 2, 2022, IBM filed a Motion to Amend the Judgment it had obtained to add Mullen Automotive and Ottava as Judgment Debtors. Mullen filed an Appeal on April 8, 2022. A settlement was reached in which Mullen paid the full amount of the Judgment with interest, for a total of approximately $5,900,000, but maintained its Appeal rights. IBM then filed a Motion to Dismiss the Appeal based on Mullen’s payment of the Judgment. Mullen filed an Opposition to the same on July 18, 2022, and the hearing of the matter was set for July 25, 2022. The Court took the same under submission, and a decision has still not been issued. The Appeal remains pending. ​ The Company has recognized the amounts paid ($5.9 million) as losses on settlement in the year ended September 30, 2022 and does not expect any additional losses to be reasonably possible. ​ TOA Trading LLC Litigation ​ This claim arises out of an alleged breach of contract related to an unpaid finder’s fee. On April 11, 2022, TOA Trading LLC and Munshibari LLC (“Plaintiffs”), filed a complaint against Mullen in the United States District Court for the Southern District of Florida. The Plaintiffs estimated the damages to be $15 million. On May 18, 2022, Mullen filed a Motion to Dismiss or in the Alternative, Transfer Venue. Plaintiffs filed their opposition on June 1, 2022 and Mullen filed its reply on June 8, 2022. The court took the Motion to Dismiss or in the Alternative, Transfer Venue under submission. Plaintiffs filed a Notification of Ninety Days Expiring on February 1, 2023 notifying the court that Mullen’s Motion to Dismiss or in the Alternative, Transfer Venue had been fully briefed for a period of time exceeding 90 days. On March 22, 2023, the Court issued a ruling denying Mullen’s Motion to Dismiss or in the Alternative, Transfer Venue. Accordingly, Mullen filed its Answer to Plaintiffs’ complaint on April 7, 2023. The Parties have completed written and oral discovery. Court mandated mediation took place on September 7, 2023, and was not successful. Mullen filed a Motion for Summary Judgment (“MSJ”) on October 6, 2023. The MSJ was fully submitted on November 3, 2023. Trial is set for February 12, 2024. ​ Based on the early stage of the litigation, no loss contingencies have been accrued in respect of this matter as at September 30, 2023 as the Company can reasonably estimate neither probability of the loss, nor their magnitude (if any), based on all available information presently known to management. ​ DBI Lease Buyback Servicing LLC, Drawbridge Investments LLC ​ In June 2022, Mullen entered into a letter agreement with DBI Lease Buyback Servicing LLC (“DBI”) wherein it agreed to provide DBI with a right to purchase up to $25 million worth of a to-be-issued Series E Convertible Preferred Stock and warrants. The option and its terms have not been finalized. ​ On March 2, 2023, DBI and Drawbridge Investments LLC (collectively, “Drawbridge”) filed a complaint in the Commercial Division of the Supreme Court of the State of New York, County of New York against Mullen. The complaint asserted three claims arising out of an alleged Series E option agreement by which Drawbridge allegedly would be able to purchase to-be-created Series E preferred shares and obtain warrants for Mullen’s common stock in exchange for, inter alia, a $3.5 million discount on a promissory note held by Drawbridge. Specifically, Drawbridge asserts claims for: (1) specific performance of the alleged agreement; (2) money damages (in an amount exceeding $100 million) arising out of Mullen’s alleged breach of the alleged agreement; and (3) declaratory judgment setting forth Drawbridge’s rights and Mullen’s obligations under the alleged agreement. ​ Drawbridge commenced the action by Order to Show Cause (“OSC”) whereby it, inter alia, sought a temporary restraining order (“TRO”) (a) enjoining Mullen from (i) increasing the number of designated shares for any outstanding stock and (ii) issuing new preferred stock; and (b) requiring Mullen to maintain at least 500,000,000 in authorized common stock (post reverse splits). On March 14, 2023, the Court vacated the TRO and entered an Order on March 15, 2023 whereby the TRO was vacated and denied. At the April 18, 2023 hearing for the preliminary injunctive relief sought by Drawbridge in the OSC and after reviewing Mullen’s opposition and hearing oral argument from both sides, the Court reserved decision on Drawbridge’s motion. Mullen moved to dismiss the complaint, with prejudice, on May 9, 2023. The Motion to Dismiss (“MTD”) was fully submitted on or about June 27, 2023. By Order dated August 25, 2023 and entered on August 29, 2023, the Court granted Mullen’s MTD and denied Drawbridge’s motion for a preliminary injunction. ​ On December 5, 2023, as part of the settlement, Drawbridge withdrew its appeal with prejudice. Based on the contract signed by the parties, the Company accrued $1.95 million as of September 30, 2023 in full and complete satisfaction of the claims. ​ The GEM Group ​ On September 21, 2021, the GEM Group filed an arbitration demand and statement of claim against Mullen seeking declaratory relief and damages. This matter arises out of an alleged breach of a securities purchase agreement dated November 13, 2020. On June 7, 2023, the arbitrator held oral argument on issues related to liability. The arbitrator has not yet issued his decision on issues related to liability. Briefing and oral argument on issues of damages, if necessary, will be scheduled after the arbitrator issues its decision on liability. ​ On June 13, 2023, the GEM Group requested permission to file a motion for interim relief based on its belief that Mullen may not be able to satisfy its obligations should the arbitrator ultimately rule in the GEM Group’s favor. Despite Mullen’s objections, the arbitrator authorized the GEM Group to file an application. On July 12, 2023, the GEM Group filed an Application for Interim Award of Relief. Mullen filed its response on July 19, 2023. On August 3, 2023, the Arbitrator issued his Decision and Order on Application for Interim Measures requiring Mullen to deposit $7,000,000 into an interest-bearing escrow account with a commercial bank or brokerage firm. The arbitrator also ordered that all interest earned on the escrow account shall become the property of the party determined in the arbitration to be entitled to the principal and that the amounts held in escrow shall be released only upon further order of the arbitrator, a court or other tribunal of competent jurisdiction, or by agreement of the parties. On December 15, 2023, the GEM Group filed a motion seeking to have an additional $29,114,921.00 of cash placed in escrow considering the issuance of the Partial Award. Mullen filed an opposition to that request on December 29, 2023. To date, the arbitrator has not issued a decision on the GEM Group’s request. ​ The Company has accrued $7 million as a probable settlement expense as of September 30, 2023. Based on the early stage of the litigation, it is not possible to reasonably estimate if exposure exceeds the amounts accrued. ​ Mullen Stockholder Litigation Margaret Schaub v. Mullen Automotive Inc. ​ On May 5, 2022, Plaintiff Margaret Schaub, a purported stockholder, filed a putative class action complaint in the United States District Court Central District of California against the “Company”, as well as its Chief Executive Officer, David Michery, and the Chief Executive Officer of a predecessor entity, Oleg Firer (the “Schaub Lawsuit”). This lawsuit was brought by Schaub both individually and on behalf of a putative class of the Company’s shareholders, claiming false or misleading statements regarding the Company’s business partnerships, technology, and manufacturing capabilities, and alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5 promulgated thereunder. The Schaub Lawsuit seeks to certify a putative class of shareholders, and seeks monetary damages, as well as an award of reasonable fees and expenses. ​ On August 4, 2022, the Court issued an order consolidating the Schaub Lawsuit with the later-filed Gru Lawsuit (discussed below), and appointing lead plaintiff and lead counsel. ​ On September 23, 2022, Lead Plaintiff filed her Consolidated Amended Class Action Complaint (“Amended Complaint”) against the Company, Mr. Michery, and the Company’s predecessor, Mullen Technologies, Inc., premised on the same purported violations of the Exchange Act and Rule 10b-5, seeking to certify a putative class of shareholders, and seeking an award of monetary damages, as well as reasonable fees and expenses. Defendants filed their motion to dismiss the Amended Complaint on November 22, 2022. On September 28, 2023, the Court granted Defendants’ motion to dismiss, in part, and denied the motion to dismiss, in part. ​ No loss contingencies have been accrued in respect of this matter as at September 30, 2023, as the Company can reasonably estimate neither probability of the loss, nor their magnitude (if any), based on all available information presently known to management. ​ Trinon Coleman v. David Michery et al. ​ On December 8, 2023, Trinon Coleman, a purported stockholder, filed a derivative action in the Court of Chancery for the State of Delaware against the Company as a nominal defendant, Mr. Michery, and Company directors Mr. Puckett, Ms. Winter, Mr. Betor, Mr. Miltner, and Mr. New (the “Coleman Lawsuit”). This lawsuit asserts claims for breach of fiduciary duty, insider trading, and unjust enrichment primarily in connection with the issues and claims asserted in the Schaub Lawsuit. The Coleman Lawsuit seeks to direct the Company to improve its corporate governance and internal procedures, and seeks monetary damages and an award of reasonable fees and expenses. ​ No loss contingencies have been accrued in respect of this matter as at September 30, 2023, as the Company can reasonably estimate neither probability of the loss, nor their magnitude (if any), based on all available information presently known to management. ​ David Gru v. Mullen Automotive Inc ​ On May 12, 2022, David Gru, a purported stockholder, filed a putative class action lawsuit in the United States District Court for the Central District of California against Mullen Automotive Inc. (“Mullen”), Mr. Michery, and Mr. Firer (the “Gru Lawsuit”). This lawsuit was brought by Gru both individually and on behalf of a putative class of Mullen’s shareholders, claiming false or misleading statements regarding Mullen’s business partnerships, technology, and manufacturing capabilities, and alleging violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5. The Gru Lawsuit sought to declare the action to be a class action, and sought monetary damages, pre-judgment and post-judgment interest, as well as an award of reasonable fees and expenses. On August 4, 2022, the Court consolidated this action into the Schaub Lawsuit, and ordered this action administratively closed. ​ Jeff Witt v. Mullen Automotive Inc. On August 1, 2022, Jeff Witt and Joseph Birbigalia, purported stockholders, filed a derivative action in the United States District Court for the Central District of California against the Company as a nominal defendant, Mr. Michery, Mr. Firer, and current or former Company directors Ignacio Novoa, Mary Winter, Kent Puckett, Mark Betor, William Miltner and Jonathan New (the “Witt Lawsuit”). The Witt lawsuit asserts claims for breach of fiduciary duty, unjust enrichment, abuse of control, waste of corporate assets, and violation of Section 14 of the Exchange Act primarily in connection with the issues and claims asserted in the Schaub Lawsuit. The Witt Lawsuit seeks monetary damages, as well as an award of reasonable fees and expenses. On November 8, 2022, the Court consolidated this matter and the Morsy Lawsuit (see below) into one case, and on November 30, 2022 stayed the consolidated derivative action pending (1) dismissal of the consolidated securities class action (the Schaub Lawsuit discussed above), or (2) the filing of an answer in the consolidated securities class action and notice by any party that they no longer consent to the voluntary stay of this consolidated derivative action. The case currently remains stayed. No loss contingencies have been accrued in respect of this matter as at September 30, 2023, as the Company can reasonably estimate neither probability of the loss, nor their magnitude (if any), based on all available information presently known to management. Hany Morsy v. David Michery, et al. On September 30, 2022, Hany Morsy, a purported stockholder, filed a derivative action in the United States District Court for the Central District of California against the Company as a nominal defendant, Mr. Michery, Mr. Firer, former Company officer and director, Jerry Alban, and Company directors Mr. Novoa, Ms. Winter, Mr. Puckett, Mr. Betor, Mr. Miltner, and Mr. New (the “Morsy Lawsuit”). This lawsuit asserts claims for breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, and violation of Section 14 of the Exchange Act primarily in connection with the issues and claims asserted in the Schaub Lawsuit. The Morsy Lawsuit seeks to direct the Company to improve its corporate governance and internal procedures, and also seeks monetary damages, pre-judgment and post-judgment interest, restitution, and an award of reasonable fees and expenses. On November 8, 2022, the Court consolidated this matter and the Witt Lawsuit (see above) into one case, and stayed the consolidated action (as discussed above). Chosten Caris v. David Michery ​ On April 27, 2023, Chosten Caris, a purported stockholder, filed a complaint against Mr. Michery in the Eighth Judicial Circuit In and For Alachua County, Florida (the “Caris Lawsuit”). This lawsuit purports to seek damages for claims arising under Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. The Caris Lawsuit also seeks punitive damages. On May 17, 2023, Mr. Michery removed the Caris Lawsuit to the United States District Court for the Northern District of Florida. Mr. Michery filed a Motion to Dismiss (“MTD”) the Caris Lawsuit on June 20, 2023. ​ On July 21, 2023, Plaintiff filed a document entitled “Conclusion” and another entitled “Memorandum Summary.” The court, on July 25, 2023, entered an order in response to Plaintiff’s “Conclusion” advising that the document did not constitute a sufficient filing because it was not in the proper format, did not include a certificate of service, was not signed, and was not responsive to the MTD. The court additionally, expanded Plaintiff’s deadline to respond to the MTD from July 21, 2023 to August 8, 2023 and deferred its ruling on the MTD as a result of the extended filing deadline. ​ On July 26, 2023, Plaintiff filed a document entitled “Plaintiff’s Demand” requesting certain relief from the court. The court, on July 28, 2023, issued an order denying “Plaintiff’s Demand”, advising that no action will be taken on Plaintiff’s July 21, 2023 “Memorandum Summary”, and further deferring a ruling on the MTD. Plaintiff filed his response to the MTD on August 3, 2023. No reply is permitted in this court. To date, the court has not issued an order with respect to the MTD. ​ No loss contingencies have been accrued in respect of this matter as at September 30, 2023, as the Company can reasonably estimate neither probability of the loss, nor their magnitude (if any), based on all available information presently known to management. ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 20 – RELATED PARTY TRANSACTIONS Correction of Related Party Disclosures Subsequent to the issuance of the Company’s consolidated financial statements for fiscal year ended September 30, 2022, management was informed by the Company’s current independent auditor that it needed to provide additional disclosures pertaining to its advances to Mullen Technologies, Inc. (“MTI”) of approximately $1.2 million for fiscal year ended September 30, 2022, which were made under the Transition Services Agreement dated May 12, 2021 between the Company and MTI (the “TSA”). First, Note 19 to the consolidated financial statements for the year ended September 30, 2022 should have disclosed that the Company’s CEO was also the CEO, Board Chairman and controlling owner of MTI. As of September 30, 2022, approximately $1.2 million of the receivable from related party MTI was past due and outstanding. Second, Note 19 to the consolidated financial statements for fiscal year ended September 30, 2022, misdescribed the Company’s services to MTI as “management and accounting services at cost”. The proper disclosure should have been described as the processing and disbursement of payroll and related costs for 11 employees that provided services only to MTI, as well as the payment of rent for a facility utilized by MTI’s business during the fiscal year ended September 30, 2022. Pursuant to Article III of the TSA, MTI is obligated to pay monthly to the Company certain allocated costs, without mark-up, and covered taxes related to the services provided; however, such payments were not made to the Company during the year ended September 30, 2022. In addition, late monthly payments accrue interest at a rate per annum equal to the lower of the prime rate plus 1% or the maximum rate under applicable law. Interest on the unpaid receivable balance from related party MTI of approximately $0.1 million was not accrued and was not included in the September 30, 2022 balance of the receivable of approximately $1.2 million. In accordance with Staff Accounting bulletin (“SAB”) No. 99, “ Materiality Considering the Effects of Prior year Misstatements when Quantifying Misstatements in Current Year Financial Statements Related Party Note Receivable Prior to its spinoff as a separate entity and the closing of the Merger on November 5, 2021, the Company operated as a division of MTI, an entity in which the Company’s CEO had a controlling financial interest and of which he was CEO and Chairman during the fiscal years ended September 30, 2023 and 2022. Subsequent to the spinoff transaction and Merger on November 5, 2021, the Company processed and disbursed payroll and related compensation benefits for 11 employees that provided services only to MTI and rent costs for facilities utilized by MTI pursuant to the TSA. The terms of the TSA require MTI to repay monthly the amounts advanced by the Company, with the lower of the prime rate plus 1% or the maximum rate under applicable law charged on the unpaid amounts. The terms of the TSA do not provide for any other payment processing service fee from MTI to the Company except the interest fee on overdue advance balances. The Company incurred approximately $1.2 million and $0.9 million of disbursements on behalf of MTI during the years ended September 30, 2022 and 2023, respectively. No amounts have been collected for the funds advanced through September 30, 2023. On March 31, 2023, the Company converted approximately $1.4 million of these advances to MTI to a note receivable from MTI. The note bears interest at 10% per year and matures on March 31, 2025 with a default rate of 15% per annum. By the end of the 2023 fiscal year, the note principal has been increased by additional $0.4 million. Remaining advances, note and interest receivable as at September 30 2023 and 2022 are presented within non-current assets of the consolidated balance sheets. The following table summarizes the activity for the Company’s advances receivable from related party MTI: ​ ​ ​ ​ ​ ​ ​ ​ Advances Interest on advances Note Interest on note Total Balance, September 30, 2021 — — — — — Additions 1,232,387 — — — 1,232,387 Repayments — — — — — Balance, September 30, 2022 1,232,387 - - - 1,232,387 Additions 392,954 — 446,091 — 839,045 Conversion (1,388,405) — 1,388,405 — — Accrued interest — 91,030 — 88,027 179,057 Repayments — — — — — Balance, September 30, 2023 236,936 91,030 1,834,496 88,027 2,250,489 ​ On January 16, 2023, the Company terminated the TSA with MTI, and received payment in full from MTI in settlement of all then receivable amounts outstanding (refer to Note 22 - Subsequent events Director Provided Services For the fiscal year ended September 30, 2023, our non-employee directors have earned compensation for service on our Board of Directors and Committees of our Board of Directors in amount of $287,000 in cash and $487,500 in shares of common stock. In addition, the following non-employee directors were engaged in certain other consulting contracts with the Company: William Miltner William Miltner is a litigation attorney who provides legal services to Mullen Automotive and its subsidiaries. Mr. Miltner also is an elected Director for the Company, beginning his term in August 2021. For the fiscal year ending September 30, 2023, Mr. Miltner received $1,058,105 for services rendered. Mr. Miltner has been providing legal services to us since 2020. Mary Winter On October 26, 2021, the Company entered into a consulting agreement with Mary Winter, Corporate Secretary and Director, to compensate for Corporate Secretary Services and director responsibilities for the period from October 1, 2021 to September 30, 2023, in the amount of $60,000 annually or $5,000 per month. As of September 30, 2023, Ms. Winter has received $60,000 in consulting payments.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Sep. 30, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 21 – SEGMENT INFORMATION Our CEO and Chairman of the Board, as the chief operating decision maker, makes decisions about resources to be acquired, allocated and utilized to each operating segment. The Company is currently comprised of 2 major operating segments: - Bollinger. The Company acquired the controlling interest of Bollinger Motors Inc. ( 60% ) on September 7, 2022. This acquisition positions Mullen into the medium duty truck classes 4-6, along with the Sport Utility and Pick Up Trucks EV segments. - Mullen/ELMS. By November 30, 2022, Mullen acquired ELMS’ manufacturing plant in Mishawaka Indiana and all the intellectual property needed to engineer and build Class 1 and Class 3 electric vehicles. All long-lived assets of the Company are located in the United States of America. All revenue presented in these consolidated financial statements relates to contracts with customers located in the United States of America. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment reporting for the year ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bollinger ​ Mullen/ELMS ​ ​ Total Revenues (including $308,000 from one dealer) ​ $ — ​ $ 366,000 ​ $ 366,000 Interest gains ​ 1,585,376 ​ 684,367 ​ 2,269,743 Interest expenses ​ (88,580) ​ (4,904,560) ​ (4,993,140) Depreciation and amortization expense ​ (3,808,877) ​ (12,579,422) ​ (16,388,299) Impairment of goodwill ​ ​ (63,988,000) ​ ​ — ​ ​ (63,988,000) Impairment of property, plant, and equipment ​ ​ — ​ ​ (14,770,000) ​ ​ (14,770,000) Impairment of intangible assets ​ ​ — ​ ​ (5,873,000) ​ ​ (5,873,000) Income tax benefit/(expense) ​ 10,990,882 ​ (2,400) ​ 10,988,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other significant noncash items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation ​ ​ — ​ ​ (85,441,869) ​ ​ (85,441,869) Revaluation of derivative liabilities ​ ​ — ​ ​ (116,256,212) ​ ​ (116,256,212) Initial recognition of derivative liabilities ​ ​ — ​ ​ (513,052,038) ​ ​ (513,052,038) Non-cash financing loss on over-exercise of warrants ​ ​ — ​ ​ (8,934,892) ​ ​ (8,934,892) Loss on extinguishment of debt ​ ​ — ​ ​ (6,246,089) ​ ​ (6,246,089) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (83,285,117) ​ $ (923,373,711) ​ $ (1,006,658,828) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment assets ​ $ 169,410,298 ​ $ 252,295,433 ​ $ 421,705,730 Expenditures for segment's long-lived assets (property, plant, and equipment, and intangible assets) ​ $ (4,677,421) ​ $ (103,245,888) ​ $ (107,923,309) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment reporting for the year ended September 30, 2022 (*) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bollinger ​ Mullen ​ ​ Total Revenues ​ $ — ​ $ — ​ $ — Interest gains ​ — ​ — ​ — Interest expenses ​ — ​ (26,949,081) ​ (26,949,081) Depreciation and amortization expense ​ (605,216) ​ (2,677,069) ​ (3,282,285) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other significant noncash items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation ​ ​ — ​ ​ (43,715,242) ​ ​ (43,715,242) Revaluation of derivative liabilities ​ ​ — ​ ​ (122,803,715) ​ ​ (122,803,715) Initial recognition of derivative liabilities ​ ​ — ​ ​ (484,421,258) ​ ​ (484,421,258) Non-cash interest and other operating activities ​ ​ — ​ ​ (13,883,637) ​ ​ (13,883,637) Amortization of debt discount ​ ​ — ​ ​ (19,595,915) ​ ​ (19,595,915) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,979,865) ​ $ (738,344,887) ​ $ (740,324,752) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment assets ​ $ 230,498,634 ​ $ 72,095,844 ​ $ 302,594,478 Expenditures for segment long-lived assets (property, plant, and equipment, and intangible assets) ​ $ — ​ $ (47,154,109) ​ $ (47,154,109) (*) Bollinger Motors, Inc was acquired on September 7, 2022 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22 – SUBSEQUENT EVENTS Company management has evaluated subsequent events through January 16, 2023, which is the date these financial statements were available to be issued. Except as discussed below, management has determined that there were no subsequent events which required recognition, adjustment to or disclosure in the financial statements: ​ New lease contracts ​ On November 1, 2023, the Company entered a 5-year ​ Continued NASDAQ listing ​ On October 26, 2023, Mullen received approval from the Nasdaq Hearings Panel to continue its listing on The Nasdaq Capital Market. This decision is subject to two conditions: ​ 1. By January 22, 2024, Mullen must demonstrate a closing bid price of $1 per share for 20 consecutive trading sessions to comply with Listing Rule 5550(a)(2). 2. By March 8, 2024, the Company needs to hold an annual shareholder meeting, satisfying Listing Rule 5620(a), which requires providing stockholders an opportunity to discuss company affairs with management. ​ Amendment to Bylaws and Other Events ​ Mullen revised its bylaws, effective November 30, 2023. The updated bylaws, now incorporating earlier amendments, make changes to stockholder nomination procedures. Notably, the timeframe for stockholder notices before annual meetings is now between 90 and 120 days. Additionally, any stockholder seeking to nominate directors must adhere to new SEC proxy rules, including using differently colored proxy cards than the company. Furthermore, the Company has scheduled its 2024 Annual Meeting for February 29, 2024, to be held virtually. This meeting will also count as the annual meeting for 2023, in response to a requirement from Nasdaq's Listing Qualifications Department. These changes reflect the Company’s efforts to streamline its governance and compliance processes, ensuring clearer guidelines for stockholder participation and aligning with regulatory requirements. Lawsuits on manipulation of the share price of the Company’s securities The Company has filed a spoofing complaint on Dec. 6, 2023, in the United States District Court for the Southern District of New York alleging that UBS Securities, LLC, IMC Financial Markets and Clear Street Markets, LLC engaged in a market manipulation scheme using spoofing to manipulate the market price of Mullen share. In connection with the decision to file the spoofing complaint, the Company has voluntarily dismissed the lawsuit originally filed on Aug. 29, 2023, in the United States District Court for the Southern District of New York against certain broker-dealers, alleging a scheme to manipulate the share price of the Company’s securities focusing on short-selling claims. That case covered a limited period of three months and did not provide the Company with a sufficient opportunity to justify the cost that would be incurred in pursuing the claims in that litigation. The Company conducted a cost-benefit analysis of both cases and concluded that it would be a prudent exercise of business judgment to pursue the larger spoofing litigation rather than the short-selling litigation. ​ Prospectus supplement ​ On November 1, 2023, Mullen filed a prospectus supplement with the U.S. Securities and Exchange Commission. This supplement updates the Company's prospectus dated February 14, 2023, and is part of the registration statement filed on the same date. It pertains to the registration of 1,030,097 shares of common stock (giving effect to reverse stock split, see above), related to remaining warrants held by certain selling stockholders. These warrants are part of the Company's existing securities purchase agreement, which has been amended several times since its initial date on June 7, 2022 (see Note 8 ​ Significant stock issuances after the balance sheet date ​ After the balance sheet date, the Company issued 3,012,986 shares of common stock, mainly upon exercise of 279,404 Preferred D Warrants (see Note 8 ​ Certification of products ​ In November 2023, the Mullen ONE received a certificate of conformity from the Environmental Protection Agency on Nov. 2, 2023, permitting sales in the majority of U.S. states. In December 2023, the Mullen ONE received certification from the California Air Resources Board (“CARB”) as a zero-emission vehicle in the state of California permitting sales in remaining15 states and the District of Columbia that follow CARB regulations. Having received credentials from both CARB and the EPA, Mullen can now sell the Mullen ONE in every state throughout the U.S. Additionally, the certification gives the Mullen ONE eligibility for critical state EV incentive programs. The CARB certification takes on even more significance with CARB’s recent Advanced Clean Truck regulation, which will require that all local delivery and government fleets must be zero emissions by 2036. The Company began manufacturing Mullen ONE cargo vans at Tunica Assembly plant on November 1, 2023. ​ Non-convertible secured promissory note ​ On December 18, 2023, Mullen entered into a Debt Agreement to issue a non-convertible secured promissory note (the “Note”) with a principal amount of $50 million, purchased for $32 million, reflecting an $18 million original issue discount. The Note, which does not include conversion rights, stock, warrants, or other securities, aims to raise capital for the Company's manufacturing operations. The issuance of this non-convertible Note is scheduled for the first trading day when all closing conditions are met. By January 15, 2024, the loan has not been received. ​ The Note will incur 10% annual interest, escalating to 18% post-Event of Default. It matures three months post-issuance. The Note's terms allow for accelerated repayment upon default, requiring the Company to pay the principal, accrued interest, and other due amounts. The Note is secured by the Company’s assets and imposes restrictions on the Company, limiting additional debt, asset liens, stock repurchases, outstanding debt repayment, and affiliate transactions, except for specified exceptions. It mandates prepayment of the principal from net proceeds of any subsequent financing. ​ Repayment of related party receivables ​ On January 16, 2023, the Company terminated the Transition Services Agreement between the Company and Mullen Technologies, Inc., and received payment in full settlement of all amounts outstanding (including outstanding notes receivable, advances and related interest) of approximately $2.7 million (refer to Note 20 – Related party transactions ​ Reverse stock split ​ At the Special Meeting reconvened on December 18, 2023, the stockholders approved a proposal to authorize a reverse stock split of the Company’s common stock at a ratio within the range of 1-for- 2 100 100 100 ​ The reverse stock split has not changed the authorized number of shares or the par value of the common stock nor modified any voting rights of the common stock. Also, at the effective Time, the number of shares of common stock issuable upon exercise of warrants, preferred stock, and other convertible securities, as well as any commitments to issue securities, that provide for adjustments in the event of a reverse stock split was appropriately adjusted pursuant to their applicable terms for the reverse stock split. If applicable, the conversion price for each outstanding share of preferred stock and the exercise price for each outstanding warrant was increased, pursuant to their terms, in inverse proportion to the 1-for- 100 ​ No fractional shares were issued in connection with the reverse stock split. All shares of common stock that were held by a stockholder were aggregated subsequent to the reverse stock split and each fractional share resulting from such aggregation held by a stockholder was rounded up to the next whole share. As a result, additional 321,036 shares were issued for the benefit of shareholders that would otherwise obtain fractional shares. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates	​ Use of Estimates The preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of total expenses in the reporting periods. Estimates are used for, but not limited to, cash flow projections and discount rate for calculation of goodwill impairment, fair value and impairment of long-lived assets, including intangible assets, inventory reserves, accrued expenses, fair value of financial instruments, depreciable lives of property and equipment, income taxes, contingencies, valuation of preferred stock and warrants. Additionally, the rates of interest on several debt agreements have been imputed where there was no stated interest rate within the original agreement. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for carrying values of assets and liabilities and the recording of costs and expenses that are not readily apparent from other sources. The actual results may differ materially from these estimates.
Risks and Uncertainties	Risks and Uncertainties We operate within an industry that is subject to rapid technological change, intense competition, and significant government regulation. It is subject to significant risks and uncertainties, including competitive, financial, developmental, operational, technological, required knowledge of industry governmental regulations, and other risks associated with an emerging business. Any one or combination of these or other risks could have a substantial influence on our future operations and prospects for commercial success.
Business Combination	Business Combination ​ Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations” . FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Adjustments to fair value assessments are recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense. The Company completed the acquisition of Bollinger Motors Inc. on September 7, 2022 (see Note 4 ).
Cash and Cash Equivalents	Cash and Cash Equivalents Company management considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of September 30, 2023, and 2022, respectively.
Restricted Cash	Restricted Cash Cash obtained from customer deposits is held by the Company and is restricted from use to fund operations. Refundable deposits were $429 thousand and $289 thousand for the years ended September 30, 2023, and 2022, respectively, and are presented as liabilities. On September 7, 2022, the Company deposited $30 million in an escrow account as part of the Bollinger Motors Inc. acquisition – these funds have been released for the use of Bollinger Motors Inc. during the year ended September 30, 2023.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses consist of various advance payments made for goods or services to be received in the future. These prepaid expenses include insurance and other contracted services requiring up-front payments.
Inventory	Inventory Cost of inventories is determined using the standard cost method, which approximates actual cost on a first-in first-out basis. This method includes direct materials, direct labor, and a proportionate share of manufacturing overhead costs based on normal capacity. As of September 30, 2023 there have been no significant direct labor or manufacturing overhead costs included in inventory. Regular reviews are performed to identify and account for variances between the standard costs and actual costs. Any variances identified are recognized in the cost of goods sold during the period in which they occur. ​ On a quarterly basis, the Company reviews its inventory for excess quantities and obsolescence. This analysis takes into account factors such as demand forecasts, product life cycles, product development plans, and current market conditions. Provisions are made to reduce the carrying value of the inventories to their net realizable value. ​ Once inventory is written down, a new, lower-cost basis is established, and the inventory is not subsequently written up if market conditions improve. All such inventory write-downs are included as a component of cost of goods sold in the period in which the write-down occurs. Adjustments to these estimates and assumptions could impact our financial position and results of operations.
Property, Plant, and Equipment, net	Property, Plant, and Equipment, net Property, plant, and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated economic useful lives of the assets. Repairs and maintenance expenditures that do not extend the useful lives of related assets are expensed as incurred. Estimated Useful Lives ​ ​ ​ ​ Description Life Buildings 20 Furniture and equipment 3 to 7 years Computer and software 1 to 5 years Machinery, shop and testing equipment 3 to 7 years Leasehold improvements Shorter of the estimated useful life or the underlying lease term Vehicles 5 years ​ Expenditures for major improvements are capitalized, while minor replacements, maintenance and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Company management continually monitors events and changes in circumstances that could indicate that the carrying balances of its property, plant, and equipment may not be recoverable in accordance with the provisions of ASC 360, “Property, Plant, and Equipment.” flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.
Income Taxes	Income Taxes Income taxes are recorded in accordance with ASC 740 , Income Taxes Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the “more likely than not” threshold for financial statement recognition and measurement. There are transactions that occur during the ordinary course of business for which the ultimate tax determination may be uncertain. At September 30, 2023 and 2022, there were no material changes to either the nature or the amounts of the uncertain tax positions. The Company’s income tax provision consists of an estimate for U.S. federal and state income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities, and changes in the tax law. We maintain a full valuation allowance against the value of our deferred tax assets because based on the weight of evidence available at September 30, 2023 and 2022, it is more likely than not that deferred tax assets will not be realized.
Intangible Assets, net	Intangible Assets, net Intangible assets consist of acquired and developed intellectual property. In accordance with ASC 350, “Intangibles—Goodwill and Others,” Intangible assets with determinate lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Amortizable intangible assets generally are amortized on a straight-line basis over periods up to 120 months. The costs to periodically renew our intangible assets are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company periodically evaluates long-lived assets (both intangible assets and property, plant, and equipment) for impairment whenever events or changes in circumstances indicate that a potential impairment may have occurred. If such events or changes in circumstances arise, the Company compares the carrying amount of the long-lived assets to the estimated future undiscounted cash flows expected to be generated by the long-lived assets. If the estimated aggregate undiscounted cash flows are less than the carrying amount of the long-lived assets, an impairment charge, calculated as the amount by which the carrying amount of the assets exceeds the fair value of the assets, is recorded. The fair value of the long-lived assets is determined based on the estimated discounted cash flows expected to be generated from the long-lived asset unless another method provides a more reliable estimate. If an impairment loss is recognized, the adjusted carrying amount of a long-lived asset is recognized as a new cost basis of the impaired asset. Impairment loss is not reversed even if fair value exceeds carrying amount in subsequent periods.
Other Assets	Other Assets Other assets are comprised primarily of prepayments and security deposits for property leases.
Extinguishment of Liabilities	Extinguishment of Liabilities The Company derecognizes financial liabilities when the Company’s obligations are discharged, cancelled, or expired.
Leases	Leases The Company follows the provisions of ASC 842, “Leases”
Contingencies and Commitments	Contingencies and Commitments The Company follows ASC 440 & ASC 450 to account for contingencies and commitments respectively. Certain conditions, as a result of past events, may exist as of the balance sheet date, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. ​ If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be reasonably estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be reasonably estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Legal costs associated with such loss contingencies are expensed as incurred. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Accrued Expenses	Accrued Expenses Accrued expenses are expenses that have been incurred but not yet paid and are classified within current liabilities on the consolidated balance sheets.
Revenue Recognition	Revenue Recognition The Company’s revenue includes revenue from the sale of electric vehicles and is accounted for in accordance with ASC 606, “Revenue from Contracts with Customers” been sold by such dealer or until there is sufficient evidence to justify a reasonable estimate for the amount of consideration to which the Company expects to be entitled. For any amounts received (or receivable) for which the Company does not recognize revenue when it transfers products to customers, a refund liability is recognized (amounted to $652,200 as at September 30, 2023, none at September 30, 2022). Relevant vehicles transferred to the dealer are presented as “Finished goods delivered to dealer for distribution” in the consolidated balance sheets at initial cost, less any expected costs to recover those products (including potential decreases in the value to the entity of returned products). At the end of each reporting period, the Company updates the measurement of these assets and refund liabilities.
Cost of Goods Sold	Cost of Goods Sold The Company’s cost of goods sold includes mainly production costs of vehicles sold in the relevant period as well as a provision for expected warranty expenses.
General and Administrative Expenses	General and Administrative Expenses General and administrative (“G&A”) expenses include expenses such as salaries and employee benefits, professional fees, rent, repairs and maintenance, utilities and office expense, depreciation and amortization, advertising and marketing, settlements and penalties, taxes, and licenses. Advertising costs are expensed as incurred and are included in G&A expenses, other than trade show expenses which are deferred until occurrence of the future event, we expense advertising costs as incurred in accordance with ASC 720-35, “Other Expenses – Advertising Cost.”
Research and Development Costs	Research and Development Costs Per ASC 730, "Research and Development,"
Share-Based Compensation	Share-Based Compensation The share-based awards issued by the Company are accounted for in accordance with ASC Subtopic 718-10, “Compensation – Share Compensation The overwhelming part of share-based awards to employees per employment contracts, and a certain part of contracts with non-employees (consultants) are classified as equity with costs and additional paid-in capital recognized ratably over the service period. A significant part of the Company’s share-based awards to consultants is liability-classified: mainly if the number of shares consultant is entitled to depends on a certain monetary value fixed in the contract. An accrued part of liability in this case is revaluated each period based on market price of the shares of common stock of the Company, until sufficient number of shares is issued. The Company has also adopted incentive plans that entitle the Chief Executive Officer to share-based awards generally calculated as 1-3% of then outstanding number of shares of common stock, issuable upon achievement of specific financial and operational targets (milestones) that are supposed to significantly increase value of the Company. This share-based compensation is accrued over the service term when it is probable that the milestone will be achieved. The liability to issue stock (presented within non-current liabilities if the achievement is expected later than 12 month after the balance sheet date) is revalued on every balance sheet date based on the length of the service period, current market price of the common stock and on the number of shares of common stock outstanding – until the shares have been issued, or until fulfilling the milestone requirements becomes unlikely.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We apply fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, Company management considers the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the hierarchy as per requirements of ASC 820, “Fair value measurements”
Concentrations of Credit Risk	Concentrations of Credit Risk The Company maintains cash balances in several financial institutions that are insured by either the Federal Deposit Insurance Corporation or the National Credit Union Association up to certain federal limitations, generally $250,000. At times, our cash balance may exceed these federal limitations. However, we have not experienced any losses in such accounts and management believes we are not exposed to any significant credit risk on these accounts. The amounts in excess of insured limits as of September 30, 2023 and 2022 are $154.9 million and $53.3 million, respectively.
Accounting Pronouncements	Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements. ​ The following are accounting pronouncements that have been issued but are not yet effective for the Company’s consolidated financial statements: ​ In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments ​ In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) ​ In November 2023, the FASB issued Accounting Standards Update 2023-07— Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ​ Other accounting pronouncements issued but not yet effective are not believed by management to be relevant or to have a material impact on the Company’s present or future consolidated financial statements.

- DESCRIPTION OF BUSINESS AND B

- DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Tables)	12 Months Ended
	Sep. 30, 2023
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Summary of impact of the reverse stock splits on the shares of common stock previously reported	​ Pre-RSS Adjustment to RSS 1:25 Adjustment to RSS 1:9 Adjustment to RSS 1:100 Total post-RSS Balance, September 30, 2021 7,048,387 (6,766,452) (250,609) (31,013) 313 Increase of common stock during fiscal year 2022 826,419,793 (793,363,001) (29,383,815) (3,636,247) 36,730 Balance, September 30, 2022 833,468,180 (800,129,453) (29,634,424) (3,667,260) 37,043

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Property, Equipment and Leasehold Improvements, Net Useful Lives	​ ​ ​ ​ Description Life Buildings 20 Furniture and equipment 3 to 7 years Computer and software 1 to 5 years Machinery, shop and testing equipment 3 to 7 years Leasehold improvements Shorter of the estimated useful life or the underlying lease term Vehicles 5 years

ACQUISITION OF SUBSIDIARIES A_2

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS (Tables)	12 Months Ended
	Sep. 30, 2023
ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS
Summary of fair value of the purchase price consideration	​ ​ ​ ​ Cash consideration paid at closing $ 75,000,000 Cash consideration deferred ​ 32,000,000 Stock consideration (2,827 shares of common stock of Mullen) ​ 41,577,647 Fair value of total consideration transferred $ 148,577,647
Summary of allocation of fair value of assets acquired and liabilities assumed	​ ​ ​ ​ Purchase consideration ​ ​ Cash consideration $ 107,000,000 Stock consideration ​ 41,577,647 Total consideration transferred for 60% of Bollinger Motors ​ 148,577,647 Noncontrolling interest (40%) ​ 99,051,765 Fair value of the entity $ 247,629,412 ​ ​ ​ ​ Recognized amounts of identifiable assets acquired and liabilities assumed ​ ​ Cash and restricted cash $ 77,238,086 In-process research and development assets ​ 58,304,612 Patents ​ 32,391,186 Other current assets ​ 867,112 Trademarks ​ 1,075,048 Property, plant, and equipment ​ 1,009,662 Non-compete agreements ​ 745,947 Other non-current assets ​ 246,896 Deferred tax liability ​ (14,882,782) Accounts payable ​ (638,752) Refundable deposits ​ (213,679) Other current liabilities ​ (993,628) Total identifiable net assets $ 155,149,708 ​ ​ ​ Noncontrolling interest ​ (99,051,765) Goodwill ​ 92,479,704 ​ $ 148,577,647
Summary of supplemental pro forma information	​ ​ Year ended September 30, 2022 2021 Total Revenues — — Net loss (753,916,185) (57,647,534)
Summary of allocation of purchase price by asset category	​ Asset Category Fair Value Allocation Land $ 1,440,000 Buildings and site improvements 41,287,038 Equipment 27,336,511 Intangible assets: engineering design 22,112,791 Inventory 13,198,692 Total Purchased Assets $ 105,375,032

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Sep. 30, 2023
INVENTORY
Schedule Of inventories	​ ​ ​ ​ ​ ​ September 30, 2023 Inventory ​ Work in process ​ 3,136,590 Raw materials ​ 13,733,385 Finished goods delivered to dealer for distribution ​ ​ 937,322 Less: write-down to net realizable value ​ ​ (1,000,284) Total Inventory ​ $ 16,807,013

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Sep. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of finite lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 ​ ​ ​ ​ Net ​ ​ ​ Net ​ Cost Accumulated Carrying ​ Cost Accumulated Carrying ​ Basis ​ Amortization Amount Basis ​ Amortization Amount Finite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Website design and development ​ $ — ​ $ — ​ $ — ​ $ 2,660,391 ​ $ (1,108,496) ​ $ 1,551,895 Patents ​ ​ 31,708,460 ​ ​ (3,445,694) ​ ​ 28,262,766 ​ ​ 32,391,186 ​ ​ (204,109) ​ ​ 32,187,077 Engineering designs ​ ​ 16,200,332 ​ ​ (184,274) ​ ​ 16,016,058 ​ ​ — ​ ​ — ​ ​ — Other ​ ​ 745,947 ​ ​ (158,590) ​ ​ 587,357 ​ ​ 2,259,575 ​ ​ (454,756) ​ ​ 1,804,819 Trademarks ​ 1,180,138 ​ ​ (115,682) ​ 1,064,456 ​ 466,014 ​ — ​ 466,014 Total finite-lived intangible assets ​ ​ 49,834,877 ​ ​ (3,904,240) ​ ​ 45,930,637 ​ ​ 37,777,166 ​ ​ (1,767,361) ​ ​ 36,009,805 Indefinite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process research and development assets ​ $ 58,304,612 ​ $ — ​ $ 58,304,612 ​ $ 57,937,213 ​ $ — ​ $ 57,937,213 Total indefinite-lived intangible assets ​ ​ 58,304,612 ​ ​ — ​ ​ 58,304,612 ​ ​ 57,937,213 ​ ​ — ​ ​ 57,937,213 Total Intangible Assets ​ $ 108,139,489 ​ $ (3,904,240) ​ $ 104,235,249 ​ $ 95,714,379 ​ $ (1,767,361) ​ $ 93,947,018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of future amortization expense for finite-lived intangible assets	​ ​ ​ ​ ​ Years Ended September 30, 2023 Future Amortization 2024 ​ $ 5,250,711 2025 ​ 5,250,711 2026 ​ ​ 5,250,711 2027 ​ ​ 5,241,310 2028 ​ ​ 5,101,522 Thereafter ​ 19,835,672 Total Future Amortization ​ $ 45,930,637

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Sep. 30, 2023
DEBT
Schedule of indebtedness of short term and long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid Principal ​ ​ ​ ​ ​ ​ ​ Contractual ​ Contractual Type of Debt Balance Current Long-Term Interest Rate Maturity Matured notes ​ $ 2,398,881 ​ $ 2,398,881 ​ $ — 0.00 - 10.00 % 2019 - 2021 Real Estate note ​ 5,000,000 ​ 5,000,000 ​ — 8.99 % 2023-2024 Loan advances ​ 332,800 ​ 332,800 ​ — 0.00 - 10.00 % 2016 - 2018 Less: debt discount ​ (270,189) ​ (270,189) ​ — NA NA Total Debt ​ $ 7,461,492 ​ $ 7,461,492 ​ $ — ​ ​ ​ ​ The following is a summary of our indebtedness at September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid Principal ​ ​ ​ ​ ​ ​ ​ Contractual Contractual Type of Debt Balance Current Long-Term Interest Rate Maturity Matured notes ​ $ 3,051,085 ​ $ 3,051,085 ​ $ — 0.00 - 10.00% 2019 - 2021 Promissory notes ​ 1,096,787 ​ — ​ 1,096,787 28.00% 2024 Real Estate note ​ 5,247,612 ​ 247,612 ​ 5,000,000 5.0 - 8.99% 2023 - 2024 Loan advances ​ 557,800 ​ 557,800 ​ — 0.00 - 10.00% 2016 – 2018 Less: debt discount ​ (932,235) ​ — ​ (932,235) NA NA Total Debt ​ $ 9,021,049 ​ $ 3,856,497 ​ $ 5,164,552 ​ ​
Scheduled debt maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended September 30, ​ 2023 2024 2025 2026 2027 Total Total Debt ​ $ 2,717,804 ​ $ 4,743,688 ​ $ — ​ $ — ​ $ — ​ $ 7,461,492

WARRANTS AND OTHER DERIVATIVE_2

WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Sep. 30, 2023
WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS
Schedule of fair value of derivative liability on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ Quoted Prices ​ Significant ​ Significant ​ ​ ​ 2023 ​ in Active ​ Other ​ Unobservable ​ ​ ​ ​ ​ Markets for ​ Observable ​ Inputs ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ (Level 3) ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ ​ Derivative liability ​ $ 64,863,309 $ - $ 64,739,175 $ 124,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ Quoted Prices ​ Significant ​ Significant ​ ​ ​ 2022 ​ in Active ​ Other ​ Unobservable ​ ​ ​ ​ ​ Markets for ​ Observable ​ Inputs ​ ​ ​ ​ ​ Identical Assets ​ Inputs ​ (Level 3) ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ ​ Derivative liability ​ $ 84,799,179 ​ $ - ​ $ 84,799,179 ​ $ -
Summary of all changes in warrants and other derivative liabilities	​ ​ ​ ​ Balance, September 30, 2022 $ 84,799,179 Derivative liabilities recognized upon issuance of convertible instruments ​ 501,073,872 Derivative liability recognized upon authorized shares shortfall ​ 11,978,166 Loss / (gain) on derivative liability revaluation ​ 116,256,211 Reclassification of derivative liabilities to equity ​ (47,818,882) Financing loss upon over-issuance of shares from warrants ​ 8,934,892 Receivables upon over-issuance of shares from warrants ​ 17,721,868 Conversions of warrants into shares of common stock ​ (628,081,997) Balance, September 30, 2023 $ 64,863,309 ​ ​ ​ Balance, September 30, 2021 $ — Derivative liabilities recognized upon issuance of convertible instruments ​ 484,421,258 Loss / (gain) on derivative liability revaluation ​ 122,803,715 Conversions of warrants into shares of common stock ​ (555,161,139) Change in agreement with warrant holders (recognized as deemed dividends) ​ 32,735,345 Balance, September 30, 2022 $ 84,799,179 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Sep. 30, 2023
STOCKHOLDERS' EQUITY
Schedule of Preferred stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock ​ Series A ​ Series B ​ Series C ​ Series D ​ Total ​ Shares Amount Shares Amount Shares Amount Shares Amount ​ Shares Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, October 1, 2022 100,363 ​ 100 5,567,319 ​ 5,568 — ​ ​ — ​ — ​ ​ — ​ 5,667,682 ​ ​ 5,668 Issuance of common stock for conversion of preferred stock (98,439) ​ ​ (98) ​ (5,567,319) ​ (5,568) ​ (13,766,058) ​ ​ (13,766) ​ (75,567,273) ​ ​ (75,568) ​ (94,999,089) ​ (95,000) Preferred shares issued for cash — ​ ​ — ​ — ​ — ​ 12,212,450 ​ ​ 12,212 ​ 79,926,925 ​ ​ 79,927 ​ 92,139,375 ​ 92,139 Preferred shares issued in exchange for conversion of debt — ​ ​ — ​ — ​ — ​ 2,829,029 ​ ​ 2,829 ​ — ​ ​ — ​ 2,829,029 ​ 2,829 Preferred shares issued to settle liability to issue — ​ ​ — ​ — ​ — ​ 84,900 ​ ​ 85 ​ — ​ ​ — ​ 84,900 ​ 85 Balance, September 30, 2022 1,924 ​ ​ 2 ​ — ​ ​ — ​ 1,360,321 ​ ​ 1,360 ​ 4,359,652 ​ ​ 4,359 ​ 5,721,897 ​ ​ 5,721 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of preferred stock, common stock and — ​ ​ — ​ — ​ — ​ — ​ ​ — ​ 273,363,635 ​ ​ 273,364 ​ 273,363,635 ​ 273,364 prefunded warrants in lieu of preferred stock Issuance of common stock for conversion of preferred stock and dividends (1,276) ​ ​ (1) ​ — ​ — ​ (148,564) ​ ​ (148) ​ (277,360,190) ​ ​ (277,360) ​ (277,510,030) ​ (277,509) Balance, September 30, 2023 648 ​ ​ 1 ​ — ​ — ​ 1,211,757 ​ ​ 1,212 ​ 363,097 ​ ​ 363 ​ 1,575,502 ​ 1,576

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Sep. 30, 2023
LOSS PER SHARE
Schedule of computation of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year ended September 30, ​ 2023 2022 Net loss attributable to common stockholders ​ $ (972,254,582) ​ $ (739,532,806) Waived/(Accrued) accumulated preferred dividends ​ ​ 7,360,397 ​ ​ (40,516,440) Net loss used in computing basic net loss per share of common stock ​ $ (964,894,185) ​ $ (780,049,246) ​ ​ ​ ​ ​ ​ ​ Net loss per share ​ $ (1,574.14) ​ $ (63,085.26) ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic and diluted ​ ​ 612,964 ​ ​ 12,365 ​

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Table)	12 Months Ended
	Sep. 30, 2023
SHARE-BASED COMPENSATION
Schedule of composition of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the fiscal year ended ​ ​ September 30, Composition of Stock-Based Compensation Expense ​ ​ 2023 ​ 2022 Directors, officers and employees share-based compensation ​ $ 63,748,809 ​ $ 19,471,496 Share-based compensation to consultants (equity-classified) ​ 7,553,487 ​ 23,937,976 Share-based compensation to consultants (liability-classified) ​ ​ 14,139,573 ​ ​ 330,220 Total share-based compensation expense ​ $ 85,441,869 ​ $ 43,739,692
Schedule of awards granted to employees	​ Awards granted to employees: one time issuance on employment anniversary Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year 35 $ 42,416 Granted during the year 1,021 $ 376 Vested during the year (30) $ 43,287 Forfeited during the year (61) $ 2,081 Nonvested at the end of the year 965 $ 456
Schedule of awards granted to management	​ Awards granted to management: issuances on every employment anniversary (*) Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year 100 $ 79,616 Granted during the year 100 $ 79,616 Vested during the year (100) $ 79,616 Forfeited during the year (13) $ 159,525 Nonvested at the end of the year 87 $ 67,353 ​ (*) Information is presented for a 12-month period, see comments above.
Schedule of awards granted to consultants	​ Awards granted to consultants: classified as equity Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year 38 $ 14,400 Granted during the year 6,982 $ 862 Vested during the year (8,019) $ 761 Forfeited during the year - $ - Nonvested at the end of the year 1,000 $ 56 Prepaid in vested stock but not amortized by the end of the year 5,275 $ 128 ​ ​ Awards granted to consultants: classified as liability Number of shares Weighted average grant date fair value of shares Nonvested at the beginning of the year - $ - Granted during the year 102,928 $ 208 Vested during the year (102,928) $ 208 Forfeited during the year - $ - Nonvested at the end of the year - $ - Prepaid in vested stock but not amortized by the end of the year 51,002 $ 87
Schedule of CEO performance award	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Tranche ​ % of O/S ​ Shares O/S ​ Shares Issued ​ Stock Price ​ Stock 9/21/2022 ​ PSA2022. Russell Index Tranche ​ 2% ​ 21,386 ​ 428 ​ ​ 9,225 ​ $ 3,945,799 10/12/2022 ​ PSA2022. Features Milestone ​ 5% ​ 39,897 ​ 1,995 ​ ​ 5,625 ​ ​ 11,221,088 11/9/2022 ​ PSA2022. Non-USA Distribution ​ 2% ​ 54,718 ​ 1,094 ​ ​ 6,075 ​ ​ 6,648,217 11/30/2022 ​ PSA2022. Capital Benchmark (>$200 mln) ​ 2% ​ 63,923 ​ 1,278 ​ ​ 4,500 ​ ​ 5,753,090 12/16/2022 ​ PSA2022. USA Distribution ​ 2% ​ 75,274 ​ 1,505 ​ ​ 6,750 ​ ​ 10,161,979 2/16/2023 ​ PSA2022. Vehicle Delivery - Pilot ​ 2% ​ 37,079 ​ 742 ​ ​ 7,650 ​ ​ 5,673,024 6/13/2023 ​ PSA2022. Capital Benchmark (>$300 mln) ​ 1% ​ 292,533 ​ 2,925 ​ ​ 207 ​ ​ 605,542 7/5/2023 ​ PSA2022. Capital Benchmark (>$400 mln) ​ 1% ​ 714,863 ​ 7,149 ​ ​ 53 ​ ​ 378,877 10/10/2023 ​ PSA2022. Vehicle Delivery - Mullen 5 ​ 2% ​ 1,844,064 ​ 36,881 ​ ​ 27 ​ ​ 985,468 10/10/2023 ​ PSA2023. Accelerated development milestone ​ 2% ​ 2,484,730 ​ 49,695 ​ ​ 27 ​ ​ 1,327,840 Total Shares Awarded ​ ​ ​ ​ ​ ​ ​ 103,692 ​ ​ ​ ​ $ 46,700,924

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Sep. 30, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 Accrued Expenses and Other Liabilities ​ ​ Accrued expense - other ​ $ 34,397,209 ​ $ 3,529,384 IRS tax liability ​ ​ 2,849,346 ​ ​ 1,744,707 Accrued payroll ​ 2,406,650 ​ 534,782 Accrued interest ​ 1,548,724 ​ 1,377,008 Total ​ $ 41,201,929 ​ $ 7,185,881 ​

PROPERTY, PLANT, AND EQUIPMEN_2

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)	12 Months Ended
	Sep. 30, 2023
PROPERTY, PLANT, AND EQUIPMENT, NET
Schedule of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2023 ​ 2022 Buildings ​ $ 48,081,466 ​ $ 7,659,121 Machinery and equipment ​ ​ 27,861,452 ​ ​ 7,383,612 Land ​ ​ 3,040,303 ​ ​ 647,576 Construction-in-progress ​ ​ 5,180,642 ​ ​ 269,778 Other fixed assets ​ ​ 2,824,165 ​ ​ 1,743,057 Total cost of assets excluding accumulated impairment ​ 86,988,028 ​ ​ 17,703,144 Less: accumulated depreciation ​ (4,955,243) ​ ​ (2,899,428) Property, Plant, and Equipment, Net ​ $ 82,032,785 ​ $ 14,803,716

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
	Sep. 30, 2023
OTHER NON-CURRENT ASSETS
Schedule of other non-current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 Other Non-current Assets ​ ​ Other assets ​ $ — ​ $ 81,589 Show room vehicles ​ — ​ 2,982,986 Security deposits ​ 960,502 ​ 281,056 Total Other Assets ​ $ 960,502 ​ $ 3,345,631 ​

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Sep. 30, 2023
OPERATING EXPENSES
Schedule of Operating Expenses	General and Administrative Expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended September 30, ​ ​ 2023 ​ 2022 Professional fees ​ $ 36,374,957 $ 46,224,690 Compensation to employees ​ 94,140,300 ​ 13,714,669 Depreciation ​ 9,786,011 ​ 966,940 Amortization ​ ​ 6,602,288 ​ ​ 888,774 Lease ​ 1,429,110 ​ 2,145,648 Settlements and penalties ​ 36,196,538 ​ 1,134,707 Employee benefits ​ 4,014,915 ​ 2,107,793 Utilities and office expense ​ 4,620,425 ​ 511,899 Advertising and promotions ​ 8,443,311 ​ 4,407,764 Taxes and licenses ​ 442,279 ​ (284,854) Repairs and maintenance ​ 1,128,266 ​ 392,679 Executive expenses and directors' fees ​ ​ 699,133 ​ ​ 482,455 Listing and regulatory fees ​ ​ 6,042,474 ​ ​ 1,546,810 Outside labor ​ ​ — ​ ​ 352,201 Other ​ 5,926,125 ​ 746,081 Total ​ $ 215,846,132 ​ $ 75,338,256

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Sep. 30, 2023
LEASES
Summary of lease assets and liabilities and lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 September 30, 2022 ​ Assets: ​ ​ ​ Operating lease right-of-use assets ​ $ 5,249,417 ​ $ 4,597,052 ​ Liabilities: ​ ​ ​ ​ ​ Operating lease liabilities, current ​ (2,134,494) ​ (1,428,474) ​ Operating lease liabilities, non-current ​ (3,566,922) ​ (3,359,354) ​ Total lease liabilities ​ $ (5,701,416) ​ $ (4,787,828) ​ Weighted average remaining lease terms: ​ ​ ​ Operating leases ​ 3.98 years ​ 2.63 years ​ Weighted average discount rate: ​ ​ Operating leases ​ 28 % 28 % Cash paid for amounts included in the measurement of lease liabilities for the fiscal year ended September 30, 2023, and 2022 ​ $ 3,168,567 ​ $ 1,751,680 ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs: For the fiscal year ended September 30, ​ 2023 2022 Fixed lease cost ​ $ 3,318,326 ​ $ 1,718,424 Variable lease cost ​ 250,499 ​ 496,914 Short-term lease cost ​ — ​ 164,690 Sublease income ​ (362,126) ​ (293,511) Total operating lease costs ​ $ 3,206,699 ​ $ 2,086,517
Summary of maturities of operating lease liabilities	​ ​ ​ ​ ​ Years ending ​ September 30, ​ ​ 2024 ​ $ 3,135,400 2025 ​ 2,639,884 2026 ​ 803,759 2027 ​ 584,468 2028 ​ 206,919 Thereafter ​ 1,579,534 Total lease payments ​ $ 8,949,964 Less: imputed interest ​ (3,248,548) Present value of lease liabilities ​ $ 5,701,416 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2023
INCOME TAXES
Schedule of total provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2023 ​ 2022 Current ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — State ​ ​ 2,400 ​ ​ 1,600 Total Current ​ $ 2,400 ​ $ 1,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ ​ ​ Federal ​ $ (10,990,882) ​ $ (280,552) State ​ ​ — ​ ​ — Total Deferred ​ $ (10,990,882) ​ $ (280,552) ​ ​ ​ ​ ​ ​ ​ Total provision (benefit) for income taxes ​ $ (10,988,482) ​ $ (278,952)
Summary of income tax NOL carryforwards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2023 ​ 2022 Federal ​ ​ ​ ​ ​ ​ 2034-2037 ​ $ 29,838,716 ​ $ 29,838,716 Indefinite ​ ​ 451,052,564 ​ ​ 311,525,886 Total Federal ​ $ 480,891,280 ​ $ 341,364,602 ​ ​ ​ ​ ​ ​ ​ California ​ ​ ​ 2034-2040 ​ $ 473,427,974 ​ $ 318,862,714 Total California ​ $ 473,427,974 ​ $ 318,862,714 ​ ​ ​ ​ ​ ​ ​
Summary of reconciliation of our effective tax rate to statutory federal tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ ​ 2023 2023 - % 2022 2022 - % ​ Income tax benefit at statutory rate ​ $ (213,705,935) ​ 21% ​ $ (155,466,389) 21% ​ State income taxes ​ 2,400 ​ 0% ​ 1,600 0% ​ Permanent differences ​ 155,268,652 ​ (15)% ​ 995,227 (0.13)% ​ Valuation allowance ​ 49,635,916 ​ (5)% ​ 154,180,328 (20.83)% ​ Federal return to provision true up ​ ​ (2,269,617) ​ 0% ​ ​ — ​ 0% ​ Other ​ 80,102 ​ 0% ​ 10,282 0% ​ Total (benefit) provision for income taxes ​ $ (10,988,482) ​ 1% ​ $ (278,952) 0.04% ​
Summary of significant component of net deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ ​ ​ Stock compensation $ 10,327,117 ​ $ 8,442 Net operating loss carryforwards ​ ​ 118,886,728 ​ ​ 78,791,906 Charitable contributions ​ 2,680 ​ ​ 1,219 Accrued expenses ​ 414,745 ​ ​ 86,926 Impairment other ​ ​ — ​ ​ — Other assets ​ ​ 413,579 ​ ​ 426,099 Intangibles ​ ​ ​ ​ 48,382,778 163(j) limitation ​ 15,971,671 ​ ​ 14,522,536 Research expenditures ​ ​ 16,077,633 ​ ​ — Mark-to-market warrants ​ — ​ ​ 121,545,414 Total gross deferred tax assets ​ 162,094,153 ​ ​ 263,765,320 ​ ​ ​ ​ ​ ​ ​ R&D tax credits ​ ​ 7,353,043 ​ ​ 578,842 ​ ​ ​ ​ ​ ​ ​ Less valuation allowance ​ (155,435,630) ​ ​ (258,903,457) Total net deferred tax assets ​ 14,011,566 ​ ​ 5,440,705 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ Intangibles ​ (16,358,329) ​ ​ (19,428,527) Fixed assets ​ (1,545,473) ​ ​ (969,201) Other ​ 336 ​ ​ (336) Total deferred tax liabilities ​ (17,903,466) ​ ​ (20,398,064) Net deferred tax assets ​ $ (3,891,900) ​ $ (14,957,359)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
Summary of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ Advances Interest on advances Note Interest on note Total Balance, September 30, 2021 — — — — — Additions 1,232,387 — — — 1,232,387 Repayments — — — — — Balance, September 30, 2022 1,232,387 - - - 1,232,387 Additions 392,954 — 446,091 — 839,045 Conversion (1,388,405) — 1,388,405 — — Accrued interest — 91,030 — 88,027 179,057 Repayments — — — — — Balance, September 30, 2023 236,936 91,030 1,834,496 88,027 2,250,489

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Sep. 30, 2023
SEGMENT INFORMATION
Schedule of all revenue presented in these financial statements relates to contracts with customers located in the United States of America	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment reporting for the year ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bollinger ​ Mullen/ELMS ​ ​ Total Revenues (including $308,000 from one dealer) ​ $ — ​ $ 366,000 ​ $ 366,000 Interest gains ​ 1,585,376 ​ 684,367 ​ 2,269,743 Interest expenses ​ (88,580) ​ (4,904,560) ​ (4,993,140) Depreciation and amortization expense ​ (3,808,877) ​ (12,579,422) ​ (16,388,299) Impairment of goodwill ​ ​ (63,988,000) ​ ​ — ​ ​ (63,988,000) Impairment of property, plant, and equipment ​ ​ — ​ ​ (14,770,000) ​ ​ (14,770,000) Impairment of intangible assets ​ ​ — ​ ​ (5,873,000) ​ ​ (5,873,000) Income tax benefit/(expense) ​ 10,990,882 ​ (2,400) ​ 10,988,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other significant noncash items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation ​ ​ — ​ ​ (85,441,869) ​ ​ (85,441,869) Revaluation of derivative liabilities ​ ​ — ​ ​ (116,256,212) ​ ​ (116,256,212) Initial recognition of derivative liabilities ​ ​ — ​ ​ (513,052,038) ​ ​ (513,052,038) Non-cash financing loss on over-exercise of warrants ​ ​ — ​ ​ (8,934,892) ​ ​ (8,934,892) Loss on extinguishment of debt ​ ​ — ​ ​ (6,246,089) ​ ​ (6,246,089) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (83,285,117) ​ $ (923,373,711) ​ $ (1,006,658,828) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment assets ​ $ 169,410,298 ​ $ 252,295,433 ​ $ 421,705,730 Expenditures for segment's long-lived assets (property, plant, and equipment, and intangible assets) ​ $ (4,677,421) ​ $ (103,245,888) ​ $ (107,923,309) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment reporting for the year ended September 30, 2022 (*) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bollinger ​ Mullen ​ ​ Total Revenues ​ $ — ​ $ — ​ $ — Interest gains ​ — ​ — ​ — Interest expenses ​ — ​ (26,949,081) ​ (26,949,081) Depreciation and amortization expense ​ (605,216) ​ (2,677,069) ​ (3,282,285) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other significant noncash items: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation ​ ​ — ​ ​ (43,715,242) ​ ​ (43,715,242) Revaluation of derivative liabilities ​ ​ — ​ ​ (122,803,715) ​ ​ (122,803,715) Initial recognition of derivative liabilities ​ ​ — ​ ​ (484,421,258) ​ ​ (484,421,258) Non-cash interest and other operating activities ​ ​ — ​ ​ (13,883,637) ​ ​ (13,883,637) Amortization of debt discount ​ ​ — ​ ​ (19,595,915) ​ ​ (19,595,915) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (1,979,865) ​ $ (738,344,887) ​ $ (740,324,752) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment assets ​ $ 230,498,634 ​ $ 72,095,844 ​ $ 302,594,478 Expenditures for segment long-lived assets (property, plant, and equipment, and intangible assets) ​ $ — ​ $ (47,154,109) ​ $ (47,154,109) (*) Bollinger Motors, Inc was acquired on September 7, 2022 ​

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)							1 Months Ended			12 Months Ended
	Dec. 21, 2023 shares	Dec. 18, 2023	Aug. 11, 2023	May 04, 2023	Sep. 30, 2022 USD ($) $ / shares	Oct. 01, 2021 USD ($)	Dec. 31, 2023	Aug. 31, 2023	Jan. 31, 2023	Sep. 30, 2023 segment $ / shares shares	Apr. 17, 2023
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Common Stock, par value | $ / shares					$ 0.001					$ 0.001
Reverse stock ratio			0.11	0.04				0.01	0.04
Fractional shares										0
Decrease in equity of reverse stock | $					$ 833,431	$ 7,048
Number of operating segment | segment										2
Series B Preferred Stock
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Preferred Stock, shares outstanding										0
Subsequent event
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Reverse stock ratio	0.01	0.01					0.01
Fractional shares	0
Minimum | Subsequent event
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Reverse stock ratio	0.5	0.5
Maximum | Subsequent event
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Reverse stock ratio	0.01	0.01
Equity Incentive Plan, 2022
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Additional shares authorized										52,000,000
Bollinger Motors, Inc
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Beneficial ownership										60%
Mullen Advanced Energy Operations LLC
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Beneficial ownership											51%

DESCRIPTION OF BUSINESS AND B_3

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Reverse stock splits on the shares of common stock (Details) - Common Stock	12 Months Ended
	Sep. 30, 2022 shares
Schedule of Equity Method Investments [Line Items]
Balance, beginning (in shares)	313
Increase of common stock during fiscal year 2022	36,730
Balance, ending (in shares)	37,043
Pre-RSS
Schedule of Equity Method Investments [Line Items]
Balance, beginning (in shares)	7,048,387
Increase of common stock during fiscal year 2022	826,419,793
Balance, ending (in shares)	833,468,180
Adjustment to RSS 1:25
Schedule of Equity Method Investments [Line Items]
Balance, beginning (in shares)	(6,766,452)
Increase of common stock during fiscal year 2022	(793,363,001)
Balance, ending (in shares)	(800,129,453)
Adjustment to RSS 1:9
Schedule of Equity Method Investments [Line Items]
Balance, beginning (in shares)	(250,609)
Increase of common stock during fiscal year 2022	(29,383,815)
Balance, ending (in shares)	(29,634,424)
Adjustment to RSS 1:100
Schedule of Equity Method Investments [Line Items]
Balance, beginning (in shares)	(31,013)
Increase of common stock during fiscal year 2022	(3,636,247)
Balance, ending (in shares)	(3,667,260)

LIQUIDITY, CAPITAL RESOURCES,_2

LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
LIQUIDITY, CAPITAL RESOURCES, AND GOING CONCERN
Cash and restricted cash	$ 155,696,470	$ 84,375,085	$ 42,174
Net working capital	58,500,000
Working capital excluding derivative liabilities	133,300,000
Accumulated deficit	(1,862,162,037)	(889,907,455)
Net loss	$ (1,006,658,828)	$ (740,324,752)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment, net (Details)	Sep. 30, 2023
Buildings | Maximum
Property, Plant And Equipment
Property, plant and equipment, useful life	30 years
Buildings | Minimum
Property, Plant And Equipment
Property, plant and equipment, useful life	20 years
Furniture and equipment | Maximum
Property, Plant And Equipment
Property, plant and equipment, useful life	7 years
Furniture and equipment | Minimum
Property, Plant And Equipment
Property, plant and equipment, useful life	3 years
Computer and software | Maximum
Property, Plant And Equipment
Property, plant and equipment, useful life	5 years
Computer and software | Minimum
Property, Plant And Equipment
Property, plant and equipment, useful life	1 year
Machinery, shop and testing equipment | Maximum
Property, Plant And Equipment
Property, plant and equipment, useful life	7 years
Machinery, shop and testing equipment | Minimum
Property, Plant And Equipment
Property, plant and equipment, useful life	3 years
Vehicles
Property, Plant And Equipment
Property, plant and equipment, useful life	5 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 07, 2022
Cash and cash equivalents	$ 155,267,098	$ 54,085,685
Refundable deposits	429,000	289,000
Refund liability	652,200	0
Amounts in excess of insured limits	154,900,000	53,300,000
Cash equivalents	0	0
General and administrative ("G&A") expenses
Advertising costs	$ 8,443,311	$ 4,407,764
Bollinger Motors, Inc
Escrow deposit			$ 30,000,000
Minimum
Share-based awards granted to Chief Executive Office (as a percent)	1%
Maximum
Amortization period	120 months
Share-based awards granted to Chief Executive Office (as a percent)	3%

ACQUISITION OF SUBSIDIARIES A_3

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS - Additional information (Details)					12 Months Ended
	Apr. 17, 2023 USD ($)	Nov. 30, 2022 item	Oct. 13, 2022 USD ($)	Sep. 07, 2022 USD ($) item shares	Sep. 30, 2022 USD ($) shares
Business Acquisition
Cash consideration paid at closing					$ 29,631,984
ELMS
Business Acquisition
Approximate sale consideration approved			$ 105,000,000
Number of vehicles | item		50,000
Mullen Advanced Energy Operations LLC
Business Acquisition
Percentage of ownership (as a percent)	51%
Mullen Advanced Energy Operations LLC
Business Acquisition
Cash consideration, deferred	$ 5,000,000
Upfront payment paid for investment in subsidiary	$ 50,000
Mullen Advanced Energy Operations LLC | Mullen Advanced Energy Operations LLC | Lawrence Hardge, Global EV Technology, Inc., and EV Technology, LLC [Member]
Business Acquisition
Noncontrolling interest percentage	49%
Common stock
Business Acquisition
Shares acquired | shares					2,827
Bollinger Motors, Inc
Business Acquisition
Business acquisition, percentage of voting interests acquired				60%
Total consideration				$ 148,577,647
Cash consideration due				107,000,000
Cash consideration paid at closing				75,000,000
Fair value adjustment of shares				$ 247,629,412
Business combination, initial royalty rate				5%
Business combination, percentage of decrease in royalty rate				1%
Business combination, percentage of decrease in royalty term				10 years
Bollinger Motors, Inc | Minimum
Business Acquisition
Number of medium duty truck classes | item				4
Business Combination, annual discount rate				40%
Bollinger Motors, Inc | Maximum
Business Acquisition
Number of medium duty truck classes | item				6
Business Combination, annual discount rate				42%
Bollinger Motors, Inc | Consideration, paid at closing
Business Acquisition
Cash consideration paid at closing				$ 75,000,000
Bollinger Motors, Inc | Consideration, paid in five installments through August 5, 2023
Business Acquisition
Cash consideration, deferred				$ 32,000,000
Bollinger Motors, Inc | Common stock
Business Acquisition
Shares acquired | shares				544,347
Number of common stock acquired | shares				2,827
Fair value adjustment of shares				$ 41,600,000

ACQUISITION OF SUBSIDIARIES A_4

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS - Summary of fair value of the purchase price consideration (Details) - USD ($)		12 Months Ended
	Sep. 07, 2022	Sep. 30, 2022
Business Acquisition
Cash consideration paid at closing		$ 29,631,984
Bollinger Motors, Inc
Business Acquisition
Cash consideration paid at closing	$ 75,000,000
Cash consideration- deferred	32,000,000
Stock consideration (2,827 shares of common stock of Mullen)	41,577,647
Fair value of total consideration transferred	$ 148,577,647
Bollinger Motors, Inc | Common Stock
Business Acquisition
Number of common stock acquired	2,827

ACQUISITION OF SUBSIDIARIES A_5

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS - Summary of allocation of fair value of assets acquired and liabilities assumed (Details) - USD ($)	Sep. 07, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition
Goodwill		$ 28,846,832	$ 92,834,832
Bollinger Motors, Inc
Business Acquisition
Cash consideration	$ 107,000,000
Stock consideration	41,577,647
Total consideration transferred for 60% of Bollinger Motors	148,577,647
Noncontrolling interest (40%)	99,051,765
Fair value of the entity	247,629,412
Cash and restricted cash	77,238,086
Other current assets	867,112
Property, plant, and equipment	1,009,662
Other non-current assets	246,896
Accounts payable	(638,752)
Refundable deposits	(213,679)
Deferred tax liability	(14,882,782)
Other current liabilities	(993,628)
Total identifiable net assets	155,149,708
Noncontrolling interest	99,051,765
Goodwill	92,479,704
Total identifiable assets acquired and liabilities assumed	$ 148,577,647
Business acquisition, percentage of voting interests acquired	60%
Bollinger Motors, Inc | In-process research and development assets
Business Acquisition
Finite-lived intangibles	$ 58,304,612
Bollinger Motors, Inc | Patents
Business Acquisition
Property, plant, and equipment	32,391,186
Bollinger Motors, Inc | Trademark
Business Acquisition
Finite-lived intangibles	1,075,048
Bollinger Motors, Inc | Non-compete agreements
Business Acquisition
Finite-lived intangibles	$ 745,947

ACQUISITION OF SUBSIDIARIES A_6

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS - Summary of supplemental pro forma information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Bollinger Motors, Inc
Business Acquisition
Net loss	$ (753,916,185)	$ (57,647,534)

ACQUISITION OF SUBSIDIARIES A_7

ACQUISITION OF SUBSIDIARIES AND CERTAIN ASSETS - Fair value allocation of ELMS (Details) - ELMS	Nov. 30, 2022 USD ($)
Asset acquisition
Land	$ 1,440,000
Buildings and site improvements	41,287,038
Equipment	27,336,511
Intangible assets: engineering design	22,112,791
Inventory	13,198,692
Total Purchased Assets	$ 105,375,032

INVENTORY - Components (Details

INVENTORY - Components (Details)	Sep. 30, 2023 USD ($)
INVENTORY
Work in process	$ 3,136,590
Raw materials	13,733,385
Finished goods delivered to dealer for distribution	937,322
Less: write-down to net realizable value	(1,000,284)
Total Inventories	$ 16,807,013

INVENTORY - Additional informat

INVENTORY - Additional information (Details) $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($)
INVENTORY
Inventory write down	$ 1
Inventories consumed for R&D activities	$ 1

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)		12 Months Ended
	Sep. 01, 2023	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill in gross		$ 92,834,832
Goodwill		28,846,832	$ 92,834,832
Impairment of goodwill	$ 63,988,000	63,988,000
Noncontrolling interest		$ 63,855,573	$ 98,259,819
Subsidiaries
Finite-Lived Intangible Assets [Line Items]
Noncontrolling interest	$ (25,595,200)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets - General information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets
Intangible asset net carrying amount	$ 104,235,249	$ 93,947,018
Impairment loss of intangible assets	5,873,000
Accumulated depreciation	3,904,240	$ 1,767,361
ELMS/Legacy Mullen
Finite-Lived Intangible Assets
Impairment loss of intangible assets	5,873,000
Accumulated depreciation	$ 4,318,850
Intellectual property
Finite-Lived Intangible Assets
Weighted average Useful life	8 years 11 months 19 days

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets -Total (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 49,834,877	$ 37,777,166
Accumulated Amortization	(3,904,240)	(1,767,361)
Net Carrying Amount	45,930,637	36,009,805
Indefinite-Lived Intangible Assets
Indefinite-Lived Intangible Assets	58,304,612	57,937,213
Total Intangible Assets, Gross	108,139,489	95,714,379
Total Intangible Assets	104,235,249	93,947,018
In-process research and development assets
Indefinite-Lived Intangible Assets
Indefinite-Lived Intangible Assets	58,304,612	57,937,213
Website design and development
Finite-Lived Intangible Assets
Gross Carrying Amount		2,660,391
Accumulated Amortization		(1,108,496)
Net Carrying Amount		1,551,895
Patents
Finite-Lived Intangible Assets
Gross Carrying Amount	31,708,460	32,391,186
Accumulated Amortization	(3,445,694)	(204,109)
Net Carrying Amount	28,262,766	32,187,077
Engineer Design - ELMS
Finite-Lived Intangible Assets
Gross Carrying Amount	16,200,332
Accumulated Amortization	(184,274)
Net Carrying Amount	16,016,058
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	745,947	2,259,575
Accumulated Amortization	(158,590)	(454,756)
Net Carrying Amount	587,357	1,804,819
Trademarks
Finite-Lived Intangible Assets
Gross Carrying Amount	1,180,138	466,014
Accumulated Amortization	(115,682)
Net Carrying Amount	$ 1,064,456	$ 466,014

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Future amortization expense for finite-lived intangible assets (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Future Amortization Expense
2024	$ 5,250,711
2025	5,250,711
2026	5,250,711
2027	5,241,310
2028	5,101,522
Thereafter	19,835,672
Net Carrying Amount	45,930,637	$ 36,009,805
Amortization	$ 6,526,911	$ 1,476,457

DEBT - Summary of our indebtedn

DEBT - Summary of our indebtedness (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Mar. 07, 2022
Debt Instrument [Line Items]
Net Carrying Value Unpaid Principal Balance	$ 7,461,492	$ 9,021,049
Current	7,461,492	3,856,497
Long-term		5,164,552
Less: debt discount	(270,189)	(932,235)
Less: debt discount (Current)	(270,189)
Less: debt discount (Long-Term)		(932,235)
Matured notes
Debt Instrument [Line Items]
Net Carrying Value Unpaid Principal Balance	2,398,881	3,051,085
Current	$ 2,398,881	$ 3,051,085
Matured notes | Maximum
Debt Instrument [Line Items]
Contractual Interest Rate	10%	10%
Matured notes | Minimum
Debt Instrument [Line Items]
Contractual Interest Rate	0%	0%
Promissory notes
Debt Instrument [Line Items]
Net Carrying Value Unpaid Principal Balance		$ 1,096,787
Long-term		$ 1,096,787
Contractual Interest Rate		28%	8.99%
Real Estate note
Debt Instrument [Line Items]
Net Carrying Value Unpaid Principal Balance	$ 5,000,000	$ 5,247,612
Current	$ 5,000,000	247,612
Long-term		$ 5,000,000
Real Estate note | Maximum
Debt Instrument [Line Items]
Contractual Interest Rate		8.99%
Real Estate note | Minimum
Debt Instrument [Line Items]
Contractual Interest Rate	8.99%	5%
Loan advances
Debt Instrument [Line Items]
Net Carrying Value Unpaid Principal Balance	$ 332,800	$ 557,800
Current	$ 332,800	$ 557,800
Loan advances | Maximum
Debt Instrument [Line Items]
Contractual Interest Rate	10%	10%
Loan advances | Minimum
Debt Instrument [Line Items]
Contractual Interest Rate	0%	0%

DEBT - Scheduled debt maturitie

DEBT - Scheduled debt maturities (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Debt Maturities
2023	$ 2,717,804
2024	4,743,688
Net Carrying Value Unpaid Principal Balance	$ 7,461,492	$ 9,021,049

DEBT - NuBridge Commercial Lend

DEBT - NuBridge Commercial Lending LLC Promissory Note (Details) - USD ($)			12 Months Ended
	Nov. 15, 2022	Mar. 07, 2022	Sep. 30, 2023	Sep. 30, 2022
Promissory notes
Debt Instrument [Line Items]
Principal amount		$ 5,000,000
Interest rate (as a percent)		8.99%		28%
Amortization of debt discount		$ 1,157,209
Carrying amount of debt settled via issuance of stock during the period			$ 167,070,343
Remaining unamortized discount			$ 270,188
Convertible notes
Debt Instrument [Line Items]
Principal amount	$ 150,000,000
Interest rate (as a percent)	15%
Debt discount on convertible notes	$ 150,000,000

DEBT - Amended and Restated Sec

DEBT - Amended and Restated Secured Convertible Note and Security Agreement (Details) - USD ($)			12 Months Ended
	Nov. 01, 2022	Oct. 14, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Debt discount			$ 270,189	$ 932,235
Loss on extinguishment of debt			$ (6,246,089)	$ 33,413
A&R Note | A&R Note
Debt Instrument [Line Items]
Liability to issue common shares		10,710,000
A&R Note | Esousa Holdings, LLC | A&R Note
Debt Instrument [Line Items]
Amount of debt converted		$ 1,032,217
Debt discount		64,570
Debt instrument accrued interest		$ 316,127
Liability to issue common shares		467
Debt conversion to common stock		$ 12,945,914
Shares issued for conversion of convertible debt ( in shares)		1,022
Shares issued fair value		$ 5,524,600
Loss on extinguishment of debt		$ (6,452,170)
Shares issuable upon conversion	2,758

DEBT - Convertible Notes (Detai

DEBT - Convertible Notes (Details)			1 Months Ended	12 Months Ended
	Nov. 21, 2022 USD ($) shares	Nov. 14, 2022 USD ($) tranche $ / shares	Feb. 28, 2023 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2023 $ / shares	Jan. 13, 2023 USD ($)	Nov. 15, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from investors in exchange for notes convertible into shares of the Company's Common Stock				$ 170,000,000	$ 12,240,353
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative Liability, Current
Warrants exercise price | $ / shares					$ 0.4379
Amendment No. 3 to Securities Purchase Agreement
Debt Instrument [Line Items]
Proceeds from investors in exchange for notes convertible into shares of the Company's Common Stock		$ 150,000,000
Remaining Commitment Amount, Number of tranches | tranche		2
Share Purchase Price, Floor price (in dollars per share) | $ / shares		$ 0.10
Additional consideration for issuance of warrants		$ 0
Percentage of Preferred Stock exercisable for warrants		185%
Securities Purchase Agreement
Debt Instrument [Line Items]
Warrants exercise price | $ / shares						$ 0.432
Series D Preferred Stock
Debt Instrument [Line Items]
Original issue price | $ / shares				$ 0.4379
Series D Preferred Stock | Amendment No. 3 to Securities Purchase Agreement
Debt Instrument [Line Items]
Remaining Commitment Amount		$ 90,000,000
Closing price of the Common Stock | $ / shares		$ 1.27
Amount after reverse stock splits for conversion of preferred stock		$ 28,575
Series D Preferred Stock | Securities Purchase Agreement
Debt Instrument [Line Items]
Value of right to purchase additional shares and warrants							$ 10,000,000
Convertible notes | Share conversion price lower of (i) $0.303; or (ii) the closing price on November 18, 2022
Debt Instrument [Line Items]
Amount After Reverse Stock Splits for Conversion of Debt	$ 6,818
Convertible notes
Debt Instrument [Line Items]
Principal amount								$ 150,000,000
Interest rate (as a percent)								15%
Conversion ratio	1.85
Warrants term	5 years
Derivative liability	$ 244,510,164
Increase in debt discount	150,000,000
Debt instrument interest expense	94,510,164
Debt instrument accrued interest				$ 1,548,723	$ 1,374,925
Amount of debt converted	$ 59,402,877		$ 90,362,418
Accrued interests			$ 3,456,941
Shares issued for conversion of convertible debt ( in shares) | shares	9,815		13,762
Convertible notes | Share conversion price lower of (i) $0.303; or (ii) the closing price on November 18, 2022
Debt Instrument [Line Items]
Conversion ratio	0.303

WARRANTS AND OTHER DERIVATIVE_3

WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS - (Details)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 14, 2023 USD ($) item shares

Feb. 10, 2022 USD ($)

Jun. 30, 2023 USD ($) $ / shares shares

Apr. 30, 2023 USD ($) $ / shares shares

Feb. 28, 2023 shares

Nov. 30, 2022 USD ($)

Sep. 30, 2022 USD ($) $ / shares shares

Dec. 31, 2022 shares

Jun. 30, 2023 USD ($) $ / shares shares

Sep. 30, 2023 USD ($) $ / shares shares

Sep. 30, 2022 USD ($) $ / shares shares

Jun. 15, 2023 $ / shares

Nov. 21, 2022

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Debt premium | $

$ 662,047

$ 19,595,915

Deemed dividend on preferred stock | $

7,360,397

$ (40,516,440)

Exercised on a cash-less basis

0

Warrants exercise price | $ / shares

$ 0.4379

$ 0.4379

Warrants exercise price, after reverse stock splits | $ / shares

$ 9,853

9,853

Proceeds from issuance of shares and warrants | $

$ 35,000,000

Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants exercise price | $ / shares

$ 0.432

$ 0.432

Warrants exercise price, after reverse stock splits | $ / shares

$ 388.8

388.8

Proceeds from issuance of shares and warrants | $

$ 45,000,000

Warrants issued (in shares)

214,120

Securities Purchase Agreement | Scenario one

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants exercise price | $ / shares

$ 0.52

0.52

Warrants exercise price, after reverse stock splits | $ / shares

$ 468

$ 468

Proceeds from issuance of shares and warrants | $

$ 7,000,000

Securities Purchase Agreement | Scenario two

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants to acquire shares of common stock

1

1

Warrants exercise price | $ / shares

$ 0.1601

$ 0.1601

Warrants exercise price, after reverse stock splits | $ / shares

144.09

$ 144.09

Proceeds from issuance of shares and warrants | $

$ 100,000,000

Number of shares issued (in shares)

183,731

Warrants issued (in shares)

761,079

Warrants exercisable

508,159

Securities Purchase Agreement | Scenario two | One Investor

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants exercise price | $ / shares

0.1696

$ 0.1696

Warrants exercise price, after reverse stock splits | $ / shares

$ 152.64

$ 152.64

Securities Purchase Agreement | Scenario three

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value of common stock warrants | $

$ 64,739,175

Warrants term

5 years

Proceeds from issuance of shares and warrants | $

$ 254,962,776

Convertible notes

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants term

5 years

Proceeds from issuance of notes payable | $

$ 150,000,000

Prefunded Warrants | Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants exercisable

54,962

Warrants to purchase to common stock

1

1

Prefunded Warrants | Securities Purchase Agreement | Scenario three

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Exercisable on a cash-less basis

0

Preferred D Warrants | Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants exercise price | $ / shares

$ 0.1

Proceeds from issuance of shares and warrants | $

$ 45,000,000

Preferred C Warrants 2021

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants exercise price | $ / shares

$ 8.834

8.834

Warrants exercise price, after reverse stock splits | $ / shares

$ 198,765

$ 198,765

Preferred C Warrants 2022

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants

132

Initial expense upon issuance of warrants | $

$ 429,883,573

Debt premium | $

137,090,205

Amortization of financing costs | $

$ 292,793,368

Deemed dividend on preferred stock | $

$ (32,735,345)

Exercised on a cash-less basis

1,864

Warrants to acquire shares of common stock

23,698

23,698

Fair value of warrants | $

$ 554,371,539

$ 554,371,539

Preferred D Warrants 2022

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value of common stock warrants | $

$ 55,398,551

$ 55,398,551

Exercised on a cash-less basis

10,182

Warrants exercise price | $ / shares

$ 1.27

Warrants exercise price, after reverse stock splits | $ / shares

$ 28,575

Warrants term

5 years

Warrants issued (in shares)

263

Percentage of warrants exercisable for common stock

110%

185%

Preferred D Warrants 2022 | Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value of common stock warrants | $

$ 73,260,454

Exercisable on a cash-less basis

147,672

Warrants exercise price, after reverse stock splits | $ / shares

$ 2,250

Warrants issued (in shares)

37,000

Preferred D Warrants 2022 | Securities Purchase Agreement | Scenario one

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants issued (in shares)

27,671

Preferred D Warrants 2022 | Securities Purchase Agreement | Scenario three

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Exercised on a cash-less basis

2,194,413

Exercisable on a cash-less basis

382,436

Preferred D Warrants 2022 | Convertible notes

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Exercisable on a cash-less basis

93,664

Warrants issued (in shares)

43,616

Qiantu Warrants

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value of warrants | $

$ 6,814,000

$ 124,133

Market price of the Company's common shares

110%

Warrants exercise price | $ / shares

$ 234

Number of intellectual property agreement | item

2

Period to use the license under intellectual property agreement

5 years

Qiantu Warrants | Maximum

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants to acquire shares of common stock

3,334

Series D Preferred Stock

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Investment right amount | $

$ 100,000,000

$ 100,000,000

Number of shares issued (in shares)

79,926,925

Series D Preferred Stock | Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Number of shares issued (in shares)

273,363,635

Common Stock | Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Number of shares issued (in shares)

60,778

Common Stock | Securities Purchase Agreement | Scenario one

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Number of shares issued (in shares)

14,957

Common Stock | Securities Purchase Agreement | Scenario three

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Warrants to acquire shares of common stock

1,438,009

Common Stock | Series D Preferred Stock | Securities Purchase Agreement

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Conversion of stock, shares issued

7,851

WARRANTS AND OTHER DERIVATIVE_4

WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS - Fair Value of warrant (Details) - Revaluation prior to conversion of underlying instrument	Sep. 30, 2023
Dividend yield
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Embedded derivative, measurement input	0
Volatility | Minimum
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Embedded derivative, measurement input	198
Volatility | Maximum
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Embedded derivative, measurement input	222
Risk-free interest rate | Minimum
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Embedded derivative, measurement input	4.3
Risk-free interest rate | Maximum
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Embedded derivative, measurement input	4.7

WARRANTS AND OTHER DERIVATIVE_5

WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS - Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($)	Sep. 30, 2023	Sep. 30, 2022
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative liability	$ 64,863,309	$ 84,799,179
Level 2
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative liability	64,739,175	$ 84,799,179
Level 3
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative liability	$ 124,134

WARRANTS AND OTHER DERIVATIVE_6

WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS - Changes in derivative liability (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
WARRANTS AND OTHER DERIVATIVE LIABILITIES AND FAIR VALUE MEASUREMENTS
Balance, Beginning	$ 84,799,179
Derivative liabilities recognized upon issuance of convertible instruments	501,073,872	$ 484,421,258
Derivative liability recognized upon authorized shares shortfall	11,978,166
Loss / (gain) on derivative liability revaluation	$ 116,256,211	$ 122,803,715
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Derivative, Gain (Loss) on Derivative, Net	Derivative, Gain (Loss) on Derivative, Net
Reclassification of derivative liabilities to equity	$ (47,818,882)
Financing loss upon over-issuance of shares from warrants	8,934,892
Receivables upon over-issuance of shares from warrants	17,721,868
Conversions of warrants into shares of common stock	(628,081,997)	$ (555,161,139)
Change in agreement with warrant holders (recognized as deemed dividends		32,735,345
Balance, Ending	$ 64,863,309	$ 84,799,179

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock (Details)					1 Months Ended		12 Months Ended
	Dec. 31, 2023	Aug. 11, 2023	Jul. 06, 2023 USD ($) $ / shares shares	May 04, 2023	Aug. 31, 2023	Jan. 31, 2023	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares shares	Jan. 25, 2023 shares	Jan. 24, 2023 shares
Class of Stock [Line Items]
Common Stock, shares authorized							5,000,000,000	1,750,000,000	5,000,000,000	1,750,000,000
Common Stock, par value | $ / shares							$ 0.001	$ 0.001
Common Stock, shares issued							2,871,707	37,043
Common Stock, shares outstanding							2,871,707	37,043
Voting rights							one
Reverse stock ratio		0.11		0.04	0.01	0.04
Common stock dividends declared or paid | $							$ 0
Common stock
Class of Stock [Line Items]
Issuance of common stock as payment of penalty to shareholder (in shares)							1,022	248
Cashless Warrant exercise (in shares)							2,455,348	23,567
Issuance of common stock for conversion of preferred stock (in shares)								4,655
Dollar 25 Million Stock Buyback Program | Common stock
Class of Stock [Line Items]
Shares repurchased | $			$ 25,000,000
Shares repurchased broker from unrelated parties			57,000
Reverse Stock Split	0.01
Minimum | Dollar 25 Million Stock Buyback Program
Class of Stock [Line Items]
Closing market price | $ / shares			$ 98.5
Maximum | Dollar 25 Million Stock Buyback Program
Class of Stock [Line Items]
Closing market price | $ / shares			$ 99.7

STOCKHOLDERS' EQUITY - Change i

STOCKHOLDERS' EQUITY - Change in Control Agreements (Details) - Change in Control Agreements $ in Millions	Aug. 11, 2023 USD ($)
Minimum
Class of Stock [Line Items]
Beneficial ownership (as a percent)	50%
Board of Directors
Class of Stock [Line Items]
Payment pursuant to change in control	$ 5
Chief Executive Officer | Transaction Proceeds Scenario One [Member]
Class of Stock [Line Items]
Percentage of transaction proceeds paid as compensation (as a percent)	10%
Transaction proceeds threshold	$ 1,000
Chief Executive Officer | Transaction Proceeds Scenario Two [Member]
Class of Stock [Line Items]
Percentage of transaction proceeds paid as compensation (as a percent)	5%
Chief Executive Officer | Transaction Proceeds Scenario Two [Member] | Minimum
Class of Stock [Line Items]
Transaction proceeds threshold	$ 1,000
Chief Executive Officer | Transaction Proceeds Scenario Two [Member] | Maximum
Class of Stock [Line Items]
Transaction proceeds threshold	$ 1,500
Chief Executive Officer | Transaction Proceeds Scenario Three [Member]
Class of Stock [Line Items]
Percentage of transaction proceeds paid as compensation (as a percent)	5%
Transaction proceeds threshold	$ 1,500

STOCKHOLDERS' EQUITY - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Preferred Stock, shares authorized	500,000,000	500,000,000
Preferred Stock, par value	$ 0.001	$ 0.001
Balance, beginning	$ 156,956,709	$ (61,711,647)
Preferred shares issued for cash		141,101,534
Preferred shares issued in exchange for conversion of debt		24,991,755
Preferred shares issued to settle liability to issue		705,000
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock	196,825,212
Issuance of common stock for conversion of preferred stock and dividends	(20)
Balance, ending	272,808,110	156,956,709
Preferred Stock
Class of Stock [Line Items]
Balance, beginning	$ 5,721	$ 5,668
Balance, beginning (in shares)	5,721,897	5,667,682
Issuance of common stock for conversion of preferred stock		$ (95,000)
Issuance of common stock for conversion of preferred stock (in shares)		(94,999,089)
Preferred shares issued for cash		$ 92,139
Preferred shares issued for cash (in shares)		92,139,375
Preferred shares issued in exchange for conversion of debt		$ 2,829
Preferred shares issued in exchange for conversion of debt (in shares)		2,829,029
Preferred shares issued to settle liability to issue		$ 85
Preferred shares issued to settle liability to issue (in shares)		84,900
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock	$ 273,364
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock (in shares)	273,363,635
Issuance of common stock for conversion of preferred stock and dividends	$ (277,509)
Issuance of common stock for conversion of preferred stock and dividends (in shares)	(277,510,030)
Balance, ending	$ 1,576	$ 5,721
Balance, ending (in shares)	1,575,502	5,721,897
Series A Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	200,000	200,000
Preferred Stock, shares issued	648	1,924
Preferred Stock, shares outstanding	648	1,924
Series A Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Balance, beginning	$ 2	$ 100
Balance, beginning (in shares)	1,924	100,363
Issuance of common stock for conversion of preferred stock		$ (98)
Issuance of common stock for conversion of preferred stock (in shares)		(98,439)
Issuance of common stock for conversion of preferred stock and dividends	$ (1)
Issuance of common stock for conversion of preferred stock and dividends (in shares)	(1,276)
Balance, ending	$ 1	$ 2
Balance, ending (in shares)	648	1,924
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares issued	0
Preferred Stock, shares outstanding	0
Series B Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Balance, beginning		$ 5,568
Balance, beginning (in shares)		5,567,319
Issuance of common stock for conversion of preferred stock		$ (5,568)
Issuance of common stock for conversion of preferred stock (in shares)		(5,567,319)
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	40,000,000	40,000,000
Preferred Stock, shares issued	1,211,757	1,360,321
Preferred Stock, shares outstanding	1,211,757	1,360,321
Series C Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Balance, beginning	$ 1,360
Balance, beginning (in shares)	1,360,321
Issuance of common stock for conversion of preferred stock		$ (13,766)
Issuance of common stock for conversion of preferred stock (in shares)		(13,766,058)
Preferred shares issued for cash		$ 12,212
Preferred shares issued for cash (in shares)		12,212,450
Preferred shares issued in exchange for conversion of debt		$ 2,829
Preferred shares issued in exchange for conversion of debt (in shares)		2,829,029
Preferred shares issued to settle liability to issue		$ 85
Preferred shares issued to settle liability to issue (in shares)		84,900
Issuance of common stock for conversion of preferred stock and dividends	$ (148)
Issuance of common stock for conversion of preferred stock and dividends (in shares)	(148,564)
Balance, ending	$ 1,212	$ 1,360
Balance, ending (in shares)	1,211,757	1,360,321
Series D Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized	437,500,001	437,500,001
Preferred Stock, shares issued	363,097	4,359,652
Preferred Stock, shares outstanding	363,097	4,359,652
Series D Preferred Stock | Preferred Stock
Class of Stock [Line Items]
Balance, beginning	$ 4,359
Balance, beginning (in shares)	4,359,652
Issuance of common stock for conversion of preferred stock		$ (75,568)
Issuance of common stock for conversion of preferred stock (in shares)		(75,567,273)
Preferred shares issued for cash		$ 79,927
Preferred shares issued for cash (in shares)		79,926,925
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock	$ 273,364
Issuance of preferred stock, common stock and prefunded warrants in lieu of preferred stock (in shares)	273,363,635
Issuance of common stock for conversion of preferred stock and dividends	$ (277,360)
Issuance of common stock for conversion of preferred stock and dividends (in shares)	(277,360,190)
Balance, ending	$ 363	$ 4,359
Balance, ending (in shares)	363,097	4,359,652

STOCKHOLDERS' EQUITY - Redempti

STOCKHOLDERS' EQUITY - Redemption Rights and Dividends (Details)	12 Months Ended
	Sep. 30, 2023 USD ($) D $ / shares	Sep. 30, 2022 USD ($)
Class of Stock [Line Items]
Minimum Term of Shares Issued and Outstanding	1 year
Preferred stock redemption, number of trading days | D	20
Preferred stock redemption, number of consecutive trading days | D	30
Adjustment to the additional paid-in capital	$ 7,360,397
Dividends payable	401,859	$ 7,762,255
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared or paid	0	0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared or paid	$ 0	$ 0
Series C Preferred Stock
Class of Stock [Line Items]
Percentage of redemption price in first year	0%
Percentage of redemption price in second year	120%
Percentage of redemption price in third year	115%
Percentage of redemption price in fourth year	110%
Percentage of redemption price in fifth year	105%
Percentage of redemption price in sixth year and thereafter	100%
Redemption Price | $ / shares	$ 8.84
Preferred stock dividends rate, percentage	15%
Series D Preferred Stock
Class of Stock [Line Items]
Percentage of redemption price in first year	0%
Percentage of redemption price in second year	120%
Percentage of redemption price in third year	115%
Percentage of redemption price in fourth year	110%
Percentage of redemption price in fifth year	105%
Percentage of redemption price in sixth year and thereafter	100%
Redemption Price | $ / shares	$ 0.4379
Preferred stock dividends rate, percentage	15%
Dividends payable	$ 400,000
Number of Trading Days | D	10
Number of Consecutive Trading Days | D	20
Average daily trading volume of the Common Stock	$ 27,500,000

STOCKHOLDERS' EQUITY - Liquidat

STOCKHOLDERS' EQUITY - Liquidation, Conversion and Voting Rights (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2023 USD ($) Vote D $ / shares shares	Sep. 30, 2022 USD ($) shares	Mar. 08, 2022 $ / shares
Class of Stock [Line Items]
Voting rights	one
Number of votes per share | Vote	1,000
Series A Preferred Stock
Class of Stock [Line Items]
Price per share in purchase agreement (USD per share) | $ / shares			$ 1.29
Preferred Stock, shares outstanding	648	1,924
Preferred Stock, shares issued	648	1,924
Conversion ratio	0.0044
Accrued dividend | $	$ 0	$ 0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares outstanding	0
Preferred Stock, shares issued	0
Accrued dividend | $	$ 0	$ 0
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares outstanding	1,211,757	1,360,321
Preferred Stock, shares issued	1,211,757	1,360,321
Conversion ratio	0.000044
Original issue price | $ / shares	$ 8.84
Accrued dividend | $	$ 0	$ 0
Ratio of Trading Price to Conversion Price	2
Trading days | D	20
Consecutive trading days | D	30
Value of average daily trading dollar volume | $	$ 4
Series D Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares outstanding	363,097	4,359,652
Preferred Stock, shares issued	363,097	4,359,652
Conversion ratio	0.000044
Original issue price | $ / shares	$ 0.4379
Accrued dividend | $	$ 0	$ 0
Ratio of Trading Price to Conversion Price	2
Trading days | D	20
Consecutive trading days | D	30
Voting rights	one
Series B And C Preferred Stock
Class of Stock [Line Items]
Voting rights	one

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
LOSS PER SHARE
Net loss attributable to common stockholders	$ (972,254,582)	$ (739,532,806)
Waived/(Accrued) accumulated preferred dividends	7,360,397	(40,516,440)
Net loss attributable to common stockholders after preferred dividends	$ (964,894,185)	$ (780,049,246)
Net Loss per share, basic	$ (1,574.14)	$ (63,085.26)
Net Loss per share, diluted	$ (1,574.14)	$ (63,083.67)
Weighted average shares outstanding, basic	612,964	12,365
Weighted average shares outstanding, diluted	612,964	12,365

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Composition of Stock-Based Compensation Expense
Directors, officers and employees share-based compensation	$ 63,748,809	$ 19,471,496
Share-based compensation to consultants (equity-classified)	7,553,487	23,937,976
Share-based compensation to consultants (liability-classified)	14,139,573	330,220
Total share-based compensation expense	$ 85,441,869	$ 43,739,692

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)			1 Months Ended	12 Months Ended
	Oct. 03, 2022 item	Jul. 02, 2022 USD ($)	Dec. 31, 2022 item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) item shares	Sep. 30, 2022 USD ($)
SHARE- BASED COMPENSATION
Total share-based compensation expense					$ 85,441,869	$ 43,739,692
Research and development expenses
SHARE- BASED COMPENSATION
Total share-based compensation expense					$ 5,000,000	0
Employee
SHARE- BASED COMPENSATION
Vesting period					14 months
Unrecognized compensation costs					$ 200,000
Weighted-average period cost expected to be recognized					6 months
Stock-based compensation liability contract amount					$ 75,000
Total share-based compensation expense					$ 6,000,000
Employee | Subsequent event
SHARE- BASED COMPENSATION
Total share-based compensation expense				$ 5,800,000
Consultants
SHARE- BASED COMPENSATION
Weighted-average period cost expected to be recognized					6 months
Stock-based compensation liability contract amount					$ 0
Weighted average term of contracts					5 months
Prepaid costs amount					$ 5,100,000
Equity Incentives plan | Common stock | Employees and consultants
SHARE- BASED COMPENSATION
Remaining shares reserved for the plan | shares					42,234,250
CEO Award Incentive Plans
SHARE- BASED COMPENSATION
Weighted average term of contracts					12 months
Issuances of common stock fair value					$ 40,400,000
Remaining compensation cost					$ 31,300,000
Weighted-average period of remaining compensation cost					14 months
CEO Award Incentive Plans | 2022 PSA Agreement | Vehicle Delivery Milestones
SHARE- BASED COMPENSATION
Number of vehicle delivery milestone | item					5
Number of class Van to customers pilot program | item	1		1		1
CEO Award Incentive Plans | 2022 PSA Agreement | Capital Benchmark Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					1%
Aggregate maximum of raised in debt					$ 100,000,000
Aggregate maximum capital raised in equity					1,000,000,000
CEO Award Incentive Plans | 2022 PSA Agreement | Capital Benchmark Milestones | Securities Purchase Agreement
SHARE- BASED COMPENSATION
Capital raise by issuance of equity		$ 400,000,000
Financial milestone one raising capital						500,000,000
Financial milestone two raising capital						$ 600,000,000
CEO Award Incentive Plans | 2023 PSA Agreement | Revenue Benchmark Milestones
SHARE- BASED COMPENSATION
Revenue recognized					25,000,000
Aggregate maximum of recognized revenue					$ 250,000,000
CEO Award Incentive Plans | Employee
SHARE- BASED COMPENSATION
Shares issued during the period | shares					16,689
CEO Award Incentive Plans | CEO | Minimum
SHARE- BASED COMPENSATION
Percentage of awards to be issued					1%
CEO Award Incentive Plans | CEO | Maximum
SHARE- BASED COMPENSATION
Percentage of awards to be issued					3%
CEO Award Incentive Plans | Mr. Michery | 2022 PSA Agreement | Vehicle Delivery Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					2%
CEO Award Incentive Plans | Mr. Michery | 2022 PSA Agreement | Capital Benchmark Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					2%
CEO Award Incentive Plans | Mr. Michery | 2022 PSA Agreement | Feature Milestone
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					5%
CEO Award Incentive Plans | Mr. Michery | 2022 PSA Agreement | Distribution Milestone
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					2%
CEO Award Incentive Plans | Mr. Michery | 2023 PSA Agreement | Vehicle Completion Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					3%
CEO Award Incentive Plans | Mr. Michery | 2023 PSA Agreement | Revenue Benchmark Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					1%
CEO Award Incentive Plans | Mr. Michery | 2023 PSA Agreement | Battery Development Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					2%
CEO Award Incentive Plans | Mr. Michery | 2023 PSA Agreement | JV-Acquisition Milestones
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					3%
CEO Award Incentive Plans | Mr. Michery | 2023 PSA Agreement | Accelerated development milestone
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					2%
CEO Award Incentive Plans | Common stock
SHARE- BASED COMPENSATION
Additional shares authorized | shares					293,861
CEO Award Incentive Plan 2022
SHARE- BASED COMPENSATION
Percentage of common stock equal to issued and outstanding shares					1%
Accrual for future awards amount					$ 2,600,000
Accrual for future awards milestone amount					1,700,000
Outstanding common stock					100,000,000
CEO Award Incentive Plan 2023
SHARE- BASED COMPENSATION
Accrual for future awards amount					8,700,000
Accrual for future awards milestone amount					2,200,000
Recognized within non-current liabilities					$ 1,800,000

SHARE-BASED COMPENSATION - Awar

SHARE-BASED COMPENSATION - Awards granted to employees, management and consultant (Details)	12 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of shares
Nonvested at the beginning of the year	100
Employee
Number of shares
Nonvested at the beginning of the year	35
Granted during the year	1,021
Vested during the year	(30)
Forfeited during the year	(61)
Nonvested at the end of the year	965
Weighted average grant date fair value of shares
Nonvested at the beginning of the year | $ / shares	$ 42,416
Granted during the year | $ / shares	376
Vested during the year | $ / shares	43,287
Forfeited during the year | $ / shares	2,081
Nonvested at the end of the year | $ / shares	$ 456
Managements | Board and Executive Officer
Number of shares
Nonvested at the beginning of the year	100
Granted during the year	100
Vested during the year	(100)
Forfeited during the year	(13)
Nonvested at the end of the year	87
Weighted average grant date fair value of shares
Nonvested at the beginning of the year | $ / shares	$ 79,616
Granted during the year | $ / shares	79,616
Vested during the year | $ / shares	79,616
Forfeited during the year | $ / shares	159,525
Nonvested at the end of the year | $ / shares	$ 67,353
Consultants | Awards classified as equity
Number of shares
Nonvested at the beginning of the year	38
Granted during the year	6,982
Vested during the year	(8,019)
Nonvested at the end of the year	1,000
Prepaid in vested stock but not amortized by the end of the year	5,275
Weighted average grant date fair value of shares
Nonvested at the beginning of the year | $ / shares	$ 14,400
Granted during the year | $ / shares	862
Vested during the year | $ / shares	761
Nonvested at the end of the year | $ / shares	56
Prepaid in vested stock but not amortized by the end of the year | $ / shares	$ 128
Consultants | Awards Classified As Liability
Number of shares
Prepaid in vested stock but not amortized by the end of the year	51,002
Weighted average grant date fair value of shares
Prepaid in vested stock but not amortized by the end of the year | $ / shares	$ 87
Number of shares
Nonvested at the beginning of the year
Granted during the year	102,928
Vested during the year	(102,928)
Nonvested at the end of the year
Weighted average grant date fair value of shares
Nonvested at the beginning of the year | $ / shares
Granted during the year | $ / shares	208
Vested during the year | $ / shares	208
Nonvested at the end of the year | $ / shares

SHARE-BASED COMPENSATION - CEO

SHARE-BASED COMPENSATION - CEO performance award (Details) - CEO Performance Award	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
SHARE- BASED COMPENSATION
Shares issued during the period	103,692
Stock Compensation | $	$ 46,700,924
Russell Index Tranche
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	21,386
Shares issued during the period	428
Stock Price | $ / shares	$ 9,225
Stock Compensation | $	$ 3,945,799
Feature Milestone
SHARE- BASED COMPENSATION
Percentage of O/S Shares	5%
Shares O/S	39,897
Shares issued during the period	1,995
Stock Price | $ / shares	$ 5,625
Stock Compensation | $	$ 11,221,088
Non-USA Distribution
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	54,718
Shares issued during the period	1,094
Stock Price | $ / shares	$ 6,075
Stock Compensation | $	$ 6,648,217
Capital Benchmark
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	63,923
Shares issued during the period	1,278
Stock Price | $ / shares	$ 4,500
Stock Compensation | $	$ 5,753,090
USA Distribution
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	75,274
Shares issued during the period	1,505
Stock Price | $ / shares	$ 6,750
Stock Compensation | $	$ 10,161,979
Vehicle Delivery - Pilot
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	37,079
Shares issued during the period	742
Stock Price | $ / shares	$ 7,650
Stock Compensation | $	$ 5,673,024
Capital Benchmark
SHARE- BASED COMPENSATION
Percentage of O/S Shares	1%
Shares O/S	292,533
Shares issued during the period	2,925
Stock Price | $ / shares	$ 207
Stock Compensation | $	$ 605,542
Capital Benchmark
SHARE- BASED COMPENSATION
Percentage of O/S Shares	1%
Shares O/S	714,863
Shares issued during the period	7,149
Stock Price | $ / shares	$ 53
Stock Compensation | $	$ 378,877
Vehicle Delivery
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	1,844,064
Shares issued during the period	36,881
Stock Price | $ / shares	$ 27
Stock Compensation | $	$ 985,468
Accelerated development milestone
SHARE- BASED COMPENSATION
Percentage of O/S Shares	2%
Shares O/S	2,484,730
Shares issued during the period	49,695
Stock Price | $ / shares	$ 27
Stock Compensation | $	$ 1,327,840

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expense - other	$ 34,397,209	$ 3,529,384
IRS Tax Liability	2,849,346	1,744,707
Accrued payroll	2,406,650	534,782
Accrued interest	1,548,724	1,377,008
Total	$ 41,201,929	$ 7,185,881

LIABILITY TO ISSUE STOCK (Detai

LIABILITY TO ISSUE STOCK (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Schedule of Liability to Issue Stock [Line items]
Liability to issue shares	$ 9,935,950	$ 10,710,000
Liability to issue shares, net of current portion	1,827,889
CEO
Schedule of Liability to Issue Stock [Line items]
Liability to issue shares	9,900,000
Liability to issue shares, net of current portion	$ 1,800,000

PROPERTY, PLANT, AND EQUIPMEN_3

PROPERTY, PLANT, AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Total cost of assets excluding accumulated impairment	$ 86,988,028	$ 17,703,144
Less: Accumulated Depreciation	(4,955,243)	(2,899,428)
Property, Plant, and Equipment, Net	82,032,785	14,803,716
Depreciation	8,023,596	379,256
Impairment loss	14,770,000
Accumulated depreciation	5,969,367
Mullen/ELMS
Property, Plant and Equipment [Line Items]
Impairment loss	13,519,492
Buildings
Property, Plant and Equipment [Line Items]
Total cost of assets excluding accumulated impairment	48,081,466	7,659,121
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total cost of assets excluding accumulated impairment	27,861,452	7,383,612
Land
Property, Plant and Equipment [Line Items]
Total cost of assets excluding accumulated impairment	3,040,303	647,576
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total cost of assets excluding accumulated impairment	5,180,642	269,778
Other fixed assets
Property, Plant and Equipment [Line Items]
Total cost of assets excluding accumulated impairment	$ 2,824,165	$ 1,743,057

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OTHER NON-CURRENT ASSETS
Impairment of other assets	$ 1,250,508
Depreciation of other assets	1,762,415	$ 587,684
Other assets		81,589
Show room vehicles		2,982,986
Security deposits	960,502	281,056
Total Other Assets	$ 960,502	$ 3,345,631

OPERATING EXPENSES (Details)

OPERATING EXPENSES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING EXPENSES
Professional fees	$ 36,374,957	$ 46,224,690
Compensation to employees	94,140,300	13,714,669
Depreciation	9,786,011	966,940
Amortization	6,602,288	888,774
Lease	1,429,110	2,145,648
Settlements and penalties	36,196,538	1,134,707
Employee benefits	4,014,915	2,107,793
Utilities and office expense	4,620,425	511,899
Advertising and promotions	8,443,311	4,407,764
Taxes and licenses	442,279	(284,854)
Repairs and maintenance	1,128,266	392,679
Executive expenses and directors' fees	699,133	482,455
Listing and regulatory fees	6,042,474	1,546,810
Outside labor		352,201
Other	5,926,125	746,081
Total	$ 215,846,132	$ 75,338,256

OPERATING EXPENSES - Research a

OPERATING EXPENSES - Research and development (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Research & Development
Research and development	$ 77,387,336	$ 21,650,840

LEASES - Lease assets and liabi

LEASES - Lease assets and liabilities (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Assets:
Operating lease right-of-use assets	$ 5,249,417	$ 4,597,052
Liabilities:
Operating lease liabilities, current	(2,134,494)	(1,428,474)
Operating lease liabilities, non-current	(3,566,922)	(3,359,354)
Total lease liabilities	$ (5,701,416)	$ (4,787,828)
Weighted average remaining lease terms: Operating leases	3 years 11 months 23 days	2 years 7 months 17 days
Weighted average discount rate: Operating leases	28%	28%
Cash paid for amounts included in the measurement of lease liabilities for the fiscal year ended September 30, 2023, and 2022	$ 3,168,567	$ 1,751,680

LEASES - Operating lease costs

LEASES - Operating lease costs (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating lease costs:
Fixed lease cost	$ 3,318,326	$ 1,718,424
Variable lease cost	250,499	496,914
Short-term lease cost		164,690
Sublease income	(362,126)	(293,511)
Total operating lease costs	$ 3,206,699	$ 2,086,517

LEASES - Maturities of operatin

LEASES - Maturities of operating lease liabilities (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Year ending December 31,
2024	$ 3,135,400
2025	2,639,884
2026	803,759
2027	584,468
2028	206,919
Thereafter	1,579,534
Total lease payments	8,949,964
Less: imputed interest	(3,248,548)
Present value of lease liabilities	$ 5,701,416	$ 4,787,828

LEASES - Additional Information

LEASES - Additional Information (Details)	12 Months Ended
	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Option to extend	true
Option to terminate	true
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	1 year
Renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	3 years
Renewal term	5 years

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Loss Carryforwards [Line Items]
Loss before income taxes	$ (1,017,647,310)	$ (740,323,152)
Income tax NOL carryforwards	$ 118,886,728	$ 78,791,906
Federal statutory tax rate	21%	21%
Federal
Operating Loss Carryforwards [Line Items]
Income tax NOL carryforwards	$ 480,891,280	$ 341,364,602
California
Operating Loss Carryforwards [Line Items]
Income tax NOL carryforwards	$ 473,427,974	$ 318,862,714

INCOME TAXES - Total provision

INCOME TAXES - Total provision (benefit) for income taxes (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Current
State	$ 2,400	$ 1,600
Total	2,400	1,600
Deferred
Federal	(10,990,882)	(280,552)
Total	(10,990,882)	(280,552)
Total provision (benefit) for income taxes	$ (10,988,482)	$ (278,952)

INCOME TAXES - Summary of Incom

INCOME TAXES - Summary of Income Tax NOL carryforwards (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 118,886,728	$ 78,791,906
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	480,891,280	341,364,602
Federal | 2034-2037
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	29,838,716	29,838,716
Federal | Indefinite
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	451,052,564	311,525,886
California
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	473,427,974	318,862,714
California | 2034-2040
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 473,427,974	$ 318,862,714

INCOME TAXES - Summary of Recon

INCOME TAXES - Summary of Reconciliation of Our Effective Tax Rate To Statutory Federal Tax Rate (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Amount
Income tax benefit at statutory rate	$ (213,705,935)	$ (155,466,389)
State income taxes	2,400	1,600
Permanent differences	155,268,652	995,227
Valuation allowance	49,635,916	154,180,328
Federal Return to Provision True up	(2,269,617)
Other	80,102	10,282
Total provision (benefit) for income taxes	$ (10,988,482)	$ (278,952)
Effective Income Tax Rate Reconciliation, Percent
Income tax benefit at statutory rate	21%	21%
State income taxes	0%	0%
Permanent Differences	(15.00%)	(0.13%)
Valuation Allowance	(5.00%)	(20.83%)
Federal Return to Provision True up	0%	0%
Other	0%	0%
Total (benefit) provision for income taxes	1%	0.04%

INCOME TAXES - Summary of Signi

INCOME TAXES - Summary of Significant Component of Net Deferred Tax Assets (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Deferred tax assets:
Stock compensation	$ 10,327,117	$ 8,442
Net operating loss carryforwards	118,886,728	78,791,906
Charitable contributions	2,680	1,219
Accrued expenses	414,745	86,926
Other assets	413,579	426,099
Intangibles		48,382,778
163(j) limitation	15,971,671	14,522,536
Research expenditures	16,077,633
Mark-to-market warrants		121,545,414
Total gross deferred tax assets	162,094,153	263,765,320
R&D tax credits	7,353,043	578,842
Less valuation allowance	(155,435,630)	(258,903,457)
Total net deferred tax assets	14,011,566	5,440,705
Deferred tax liabilities:
Intangibles	(16,358,329)	(19,428,527)
Fixed assets	(1,545,473)	(969,201)
Other	336	(336)
Total deferred tax liabilities	(17,903,466)	(20,398,064)
Net deferred tax assets	$ (3,891,900)	$ (14,957,359)

CONTINGENCIES AND CLAIMS (Detai

CONTINGENCIES AND CLAIMS (Details) - USD ($)	Dec. 15, 2023	Sep. 30, 2023	Aug. 03, 2023
GEM Group
CONTINGENCIES AND CLAIMS
Loss contingencies accrued		$ 7,000,000
GEM Group | Pending Litigation
CONTINGENCIES AND CLAIMS
Escrow deposit			$ 7,000,000
GEM Group | Pending Litigation | Subsequent event
CONTINGENCIES AND CLAIMS
Escrow deposit	$ 29,114,921
Trinon Coleman v. David Michery et al
CONTINGENCIES AND CLAIMS
Loss contingencies accrued		0
Jeff Witt v. Mullen Automotive, Inc.
CONTINGENCIES AND CLAIMS
Loss contingencies accrued		0
Margaret Schaub v. Mullen Automotive, Inc.
CONTINGENCIES AND CLAIMS
Loss contingencies accrued		0
Chosten Caris V David Michery
CONTINGENCIES AND CLAIMS
Loss contingencies accrued		$ 0

CONTINGENCIES AND CLAIMS - Qian

CONTINGENCIES AND CLAIMS - Qiantu Motor (Suzhou) Ltd. (Details)	Mar. 14, 2023 USD ($) item shares	Sep. 30, 2023 USD ($)
Qiantu Warrants
Other Commitments [Line Items]
Number of intellectual property agreement | item	2
Period to use the license under intellectual property agreement	5 years
Market price of the Company's common shares	110%
Qiantu Motor (Suzhou) Ltd.
Other Commitments [Line Items]
Litigation owed	$ 6,000,000
Period for assessment of feasibility and profitability	150 days
Amount payable for deliverable items	$ 2,000,000
Amount of royalty fee payable	$ 1,200
Loss contingencies accrued		$ 0
Qiantu Motor (Suzhou) Ltd. | Qiantu Warrants
Other Commitments [Line Items]
Warrants to acquire shares of common stock | shares	3,334
Market price of the Company's common shares	110%

CONTINGENCIES AND CLAIMS - Inte

CONTINGENCIES AND CLAIMS - International Business Machines (Details) - Lawsuit with IBM - USD ($)			12 Months Ended
	Feb. 02, 2022	Dec. 01, 2021	Sep. 30, 2022
CONTINGENCIES AND CLAIMS
Amount of judgment		$ 5,617,192
Cash transferred to surety bonds to cover legal liability	$ 5,900,000
Losses on settlement			$ (5,900,000)

CONTINGENCIES AND CLAIMS - TOA

CONTINGENCIES AND CLAIMS - TOA Trading LLC Litigation (Details) - TOA Trading LLC Litigation - USD ($) $ in Millions	Sep. 30, 2023	Apr. 11, 2022
Loss Contingencies [Line Items]
Estimate of damages		$ 15
Loss contingencies accrued	$ 0

CONTINGENCIES AND CLAIMS - DBI

CONTINGENCIES AND CLAIMS - DBI Lease Buyback Servicing LLC, Drawbridge Investments LLC (Details)		1 Months Ended	12 Months Ended
	Mar. 02, 2023 USD ($) claim shares	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Jan. 25, 2023 shares	Jan. 24, 2023 shares	Sep. 30, 2022 USD ($) shares
CONTINGENCIES AND CLAIMS
Debt discount			$ 270,189			$ 932,235
Common Stock, shares authorized | shares			5,000,000,000	5,000,000,000	1,750,000,000	1,750,000,000
DBI Lease Buyback Servicing LLC, Drawbridge Investments LLC
CONTINGENCIES AND CLAIMS
Number of Claims | claim	3
Debt discount	$ 3,500,000
Damages in Drawbridge assets	$ 100,000,000
Litigation settlement, amount			$ 1,950,000
Minimum | DBI Lease Buyback Servicing LLC, Drawbridge Investments LLC
CONTINGENCIES AND CLAIMS
Common Stock, shares authorized | shares	500,000,000
Series E Preferred Stock Purchase Option | Series E Preferred Stock | DBI Lease Buyback Servicing LLC, Drawbridge Investments LLC
CONTINGENCIES AND CLAIMS
Option to purchase maximum value of stock and warrants.		$ 25,000,000

RELATED PARTY TRANSACTIONS - Co

RELATED PARTY TRANSACTIONS - Correction of Related Party Disclosures (Details)		12 Months Ended
	Nov. 05, 2021 employee	Sep. 30, 2022 USD ($) employee	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Balance of advance receivable		$ 1,232,387	$ 2,250,489
Mullen Technologies, Inc.
Related Party Transaction [Line Items]
Balance of advance receivable		1,232,387	$ 2,250,489
Related Party | Transition Services Agreement | Mullen Technologies, Inc.
Related Party Transaction [Line Items]
Balance of advance receivable		$ 1,200,000
Number of employees that provided services only to related party | employee	11	11
Interest on the unpaid receivable balance		$ 100,000
Related Party | Transition Services Agreement | Mullen Technologies, Inc. | Prime rate
Related Party Transaction [Line Items]
Spread on variable rate of advance receivable (as a percent)	1%	1%

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Note Receivable (Details)				12 Months Ended
	Mar. 31, 2023 USD ($)	Jan. 16, 2023 USD ($)	Nov. 05, 2021 employee	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) employee
Related Party Transaction [Line Items]
Amounts collected for the funds advanced		$ 2,700,000
Mullen Technologies, Inc.
Related Party Transaction [Line Items]
Increase in principal amount of notes receivable				$ 839,045	$ 1,232,387
Related Party | Transition Services Agreement | Mullen Technologies, Inc.
Related Party Transaction [Line Items]
Number of employees that provided services only to related party | employee			11		11
Disbursements on behalf of related party				900,000	$ 1,200,000
Amounts collected for the funds advanced				$ 0
Conversion of accounts receivable to note receivable	$ 1,400,000
Related party transaction rate	10%
Default rate (as a percent)	15%
Increase in principal amount of notes receivable	$ 400,000
Related Party | Transition Services Agreement | Mullen Technologies, Inc. | Prime rate
Related Party Transaction [Line Items]
Spread on variable rate of advance receivable (as a percent)			1%		1%

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Advances Receivable from Related Party (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Related party transactions
Beginning balance	$ 1,232,387
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Ending balance	$ 2,250,489	$ 1,232,387
Mullen Technologies, Inc.
Related party transactions
Beginning balance	$ 1,232,387
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party	Related Party	Related Party
Additions	$ 839,045	$ 1,232,387
Accrued interest	179,057
Ending balance	2,250,489	1,232,387
Mullen Technologies, Inc. | Advances
Related party transactions
Beginning balance	1,232,387
Additions	392,954	1,232,387
Conversion	(1,388,405)
Ending balance	236,936	$ 1,232,387
Mullen Technologies, Inc. | Interest on advances
Related party transactions
Accrued interest	91,030
Ending balance	91,030
Mullen Technologies, Inc. | Note
Related party transactions
Additions	446,091
Conversion	1,388,405
Ending balance	1,834,496
Mullen Technologies, Inc. | Interest on note
Related party transactions
Accrued interest	88,027
Ending balance	$ 88,027

RELATED PARTY TRANSACTION - Dir

RELATED PARTY TRANSACTION - Director Provided Services (Details) - Non-employee director	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Compensation service on board of directors in cash	$ 287,000
Compensation service on board of directors in shares of common Stock	$ 487,500

RELATED PARTY TRANSACTIONS - Wi

RELATED PARTY TRANSACTIONS - William Miltner (Details)	12 Months Ended
	Sep. 30, 2023 USD ($)
Related Party | William Miltner
Related Party Transaction [Line Items]
Amount paid for legal services	$ 1,058,105

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Mary Winter (Details) - USD ($)		12 Months Ended
	Oct. 26, 2021	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Consulting payments		$ 36,374,957	$ 46,224,690
Consulting agreements | Mary Winters, Corporate Secretary and Director
Related Party Transaction [Line Items]
Annual salary under agreement	$ 60,000
Monthly salary under agreement	$ 5,000
Consulting payments		$ 60,000

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details) - segment	12 Months Ended
	Sep. 30, 2023	Sep. 07, 2022
SEGMENT INFORMATION
Number of operating segment	2
Bollinger Motors, Inc
SEGMENT INFORMATION
Business acquisition, percentage of voting interests acquired		60%

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)		12 Months Ended
	Sep. 01, 2023	Sep. 30, 2023	Sep. 30, 2022
SEGMENT INFORMATION
Revenues		$ 366,000
Interest expenses		(4,993,140)	$ (26,949,081)
Depreciation and amortization expense		(16,388,299)	(3,282,285)
Impairment of goodwill	$ (63,988,000)	(63,988,000)
Impairment of intangible assets		(5,873,000)
Income tax benefit/(expense)		10,988,482	278,952
Other significant noncash items:
Stock-based compensation		(85,441,869)	(43,715,242)
Revaluation of derivative liabilities		(116,256,212)	(122,803,715)
Initial recognition of derivative liabilities		(506,238,038)	(484,421,258)
Non-cash interest and other operating activities		199,998	13,883,637
Non-cash financing loss on over-exercise of warrants		(8,934,892)
Loss on extinguishment of debt		(6,246,089)	33,413
Amortization of debt discount		(662,047)	(19,595,915)
Net loss		(1,006,658,828)	(740,324,752)
Total segment assets		421,705,730	302,594,479
Operating Segments
SEGMENT INFORMATION
Revenues		366,000
Interest gains		2,269,743
Interest expenses		(4,993,140)	(26,949,081)
Depreciation and amortization expense		(16,388,299)	(3,282,285)
Impairment of property, plant, and equipment		(14,770,000)
Impairment of goodwill		(63,988,000)
Impairment of intangible assets		(5,873,000)
Income tax benefit/(expense)		10,988,482
Other significant noncash items:
Stock-based compensation		(85,441,869)	(43,715,242)
Revaluation of derivative liabilities		(116,256,212)	(122,803,715)
Initial recognition of derivative liabilities		(513,052,038)	(484,421,258)
Non-cash interest and other operating activities			(13,883,637)
Non-cash financing loss on over-exercise of warrants		(8,934,892)
Loss on extinguishment of debt		(6,246,089)
Amortization of debt discount			(19,595,915)
Net loss		(1,006,658,828)	(740,324,752)
Total segment assets		421,705,730	302,594,478
Expenditures for segment's long-lived assets (property, plant, and equipment, and intangible assets)		(107,923,309)	(47,154,109)
Operating Segments | Dealer
SEGMENT INFORMATION
Revenues		308,000
Operating Segments | Bollinger
SEGMENT INFORMATION
Interest gains		1,585,376
Interest expenses		(88,580)
Depreciation and amortization expense		(3,808,877)	(605,216)
Impairment of goodwill		(63,988,000)
Income tax benefit/(expense)		10,990,882
Other significant noncash items:
Net loss		(83,285,117)	(1,979,865)
Total segment assets		169,410,298	230,498,634
Expenditures for segment's long-lived assets (property, plant, and equipment, and intangible assets)		(4,677,421)
Operating Segments | Mullen/ELMS
SEGMENT INFORMATION
Revenues		366,000
Interest gains		684,367
Interest expenses		(4,904,560)	(26,949,081)
Depreciation and amortization expense		(12,579,422)	(2,677,069)
Impairment of property, plant, and equipment		(14,770,000)
Impairment of intangible assets		(5,873,000)
Income tax benefit/(expense)		(2,400)
Other significant noncash items:
Stock-based compensation		(85,441,869)	(43,715,242)
Revaluation of derivative liabilities		(116,256,212)	(122,803,715)
Initial recognition of derivative liabilities		(513,052,038)	(484,421,258)
Non-cash interest and other operating activities			(13,883,637)
Non-cash financing loss on over-exercise of warrants		(8,934,892)
Loss on extinguishment of debt		(6,246,089)
Amortization of debt discount			(19,595,915)
Net loss		(923,373,711)	(738,344,887)
Total segment assets		252,295,433	72,095,844
Expenditures for segment's long-lived assets (property, plant, and equipment, and intangible assets)		$ (103,245,888)	$ (47,154,109)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)

1 Months Ended

12 Months Ended

Jan. 22, 2024 $ / shares

Dec. 21, 2023 shares

Dec. 18, 2023 USD ($)

Nov. 30, 2023

Nov. 01, 2023 USD ($) ft² shares

Aug. 11, 2023

May 04, 2023

Jan. 16, 2023 USD ($)

Dec. 31, 2023

Aug. 31, 2023

Jan. 31, 2023

Sep. 30, 2022 $ / shares shares

Sep. 30, 2023 USD ($) $ / shares shares

Sep. 30, 2022 USD ($) $ / shares

Oct. 01, 2023 shares

SUBSEQUENT EVENTS

Property operating expense per year

$ 1,429,110

$ 2,145,648

Common Stock, par value | $ / shares

$ 0.001

$ 0.001

$ 0.001

Reverse stock ratio

0.11

0.04

0.01

0.04

Fractional shares | shares

0

Amounts collected for the funds advanced

$ 2,700,000

Series D Preferred Stock

SUBSEQUENT EVENTS

Number of shares issued (in shares) | shares

79,926,925

Minimum

SUBSEQUENT EVENTS

Operating lease term

1 year

Maximum

SUBSEQUENT EVENTS

Operating lease term

3 years

Subsequent event

SUBSEQUENT EVENTS

Reverse stock ratio

0.01

0.01

0.01

Fractional shares | shares

0

Additional shares issued for benefit of shareholders | shares

321,036

Number of shares registration of common stock related to warrants issued shares | shares

1,030,097

Capital market closing bid price | $ / shares

$ 1

Capital market consecutive trading days

20 days

Subsequent event | Non-convertible secured promissory note

SUBSEQUENT EVENTS

Principal amount

$ 50,000,000

Proceeds from financing

32,000,000

Original Issue Discount

$ 18,000,000

Interest rate (as a percent)

10%

Default interest rate

18%

Maturity term

3 months

Subsequent event | Series D Preferred Stock

SUBSEQUENT EVENTS

Shares issuable upon conversion of Series D Preferred Stock | shares

3,012,986

Shares issuable upon exercise of outstanding warrants | shares

279,404

Subsequent event | Minimum

SUBSEQUENT EVENTS

Reverse stock ratio

0.5

0.5

Incorporating earlier amendments, make significant changes to stockholder nomination procedures

90 days

Subsequent event | Maximum

SUBSEQUENT EVENTS

Reverse stock ratio

0.01

0.01

Incorporating earlier amendments, make significant changes to stockholder nomination procedures

120 days

Subsequent event | Fullerton, California Premises [Member]

SUBSEQUENT EVENTS

Operating lease term

5 years

Area of land given on lease (sq. ft) | ft²

122,000

Annual base rent for first year

$ 2,992,000

Annual rent increase (as a percent)

4%

Property operating expense per year

$ 715,000

Security deposit

$ 1,000,000