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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Sep. 30, 2021
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | NOTE 18 – RELATED PARTY TRANSACTIONS At September 30, 2021 and September 30, 2020, respectively, the Drawbridge Investments, LLC relationship comprised various loans and advances, common shares, and preferred shares. The Drawbridge loans are currently in default. The Common and Preferred Shares presented are shares in MTI that have been issued by MTI. ​
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Drawbridge Related Transactions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Cumulative) | ​ | September 30, 2021 | ​ | September 30, 2020
Description |  | Loan Principal |  | # of Shares |  | FV of Shares |  | Loan Principal |  | # of Shares |  | FV of Shares
Various Notes | ​ | $ | 23,831,554 |  | — | ​ | $ | — | ​ | $ | 23,831,554 |  | — | ​ | $ | —
Common Shares | ​ |  | — |  | 1,378,274 | ​ |  | 14,730,560 | ​ |  | — |  | 1,378,274 | ​ |  | 14,730,560
Preferred Shares - Series A | ​ |  | — |  | 2,335 | ​ |  | 2,496,000 | ​ |  | — |  | 2,335 | ​ |  | 2,496,000
Preferred Shares - Series B | ​ |  | — |  | 5,567,319 | ​ |  | 59,501,756 | ​ |  | — |  | 5,567,319 | ​ |  | 59,501,756
Total Related Party Transactions | ​ | $ | 23,831,554 |  | 6,947,929 | ​ | $ | 76,728,316 | ​ | $ | 23,831,554 |  | 6,947,929 | ​ | $ | 76,728,316
*Shares are MTI common and preferred shares. The default interest rate on the Drawbridge loans is 28% per annum, and accrued interest is $9,465,094 at September 30, 2021. Chief Executive Officer Loans to MTI From time to time, the Company’s CEO provides loans to the Company. The outstanding balances for these loans at September 30, 2021, and September 30, 2020, are $479,914 and $236,565, respectively. Subsequent to September 30, 2021, the Company repaid their outstanding loan balance. William Miltner William Miltner is a litigation attorney who provides legal services to Mullen Technologies and its subsidiaries. Mr. Miltner also is an elected Director for MAI, beginning his term in August 2021. For the fiscal year ending September 30, 2021, Mr. Miltner received $901,398 for services rendered to us. Net billings were $890,484. Mr. Miltner has been providing legal services to us since 2020. Equity Warrants (EXCHANGE AGREEMENT and EQUITY WARRANTS) During 2020 and 2021, as part of the planned merger with Net Element, we entered into an Exchange Agreement and subsequent amendments with certain holders of convertible debt as an incentive to convert their convertible debt into shares of our series C preferred stock. In connection with this agreement, the Company issued warrants to these investors, which represents a share-based equity incentive (“Series Preferred C Investors”). Series C Preferred Investors also purchased Series Preferred C Stock with detached warrants. The warrants have a fixed and determinable price of $8.84 per common share. The fair value of the MAI warrants is $13.7 million as of September 30, 2021.

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