BOLLINGER INNOVATIONS, INC. — Director's Dealing 2016

Jul 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Net Element, Inc. (NETE)
CIK: 0001499961
Period of Report: 2016-06-28

Reporting Person: Rakishev Kenges (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-06-28	Common Stock	A	1500	$0.00	Acquired	1952247	Direct

Footnotes

F1: The number of Shares (as defined below) has been adjusted to reflect a 10-1 reverse stock split on May 25, 2016. "Shares" are shares of common stock of the Issuer, par value $0.0001 per share.

F2: As disclosed on Amendment No. 6 to Schedule 13D filed by Mr. Rakishev with the Securities and Exchange Commission on April 14, 2016, on April 8, 2016 Novatus Holding PTE. Ltd., a private limited company organized under the laws of Singapore (of which Mr. Rakishev is the sole shareholder), transferred 7,320,751 Shares held directly by Novatus to Mr. Rakishev for no consideration. Such transfer effected only a change in form of beneficial ownership pursuant to Rule 16a-3 promulgated under the Securities Exchange Act of 1934, as amended, and, as a result, all Shares previously reported to be held by Mr. Rakishev indirectly through Novatus are now held directly by Mr. Rakishev.

F3: Mr. Rakishev disclaims beneficial ownership of these Shares except to the extent of his pecuniary interest therein.