That's Purplor and Big Bat from Remco's short-lived MOTU knock-off Lords of the Galaxy from 1983. It is rare to find Purplor with his Mystical Helmet of Awesome and Big Bat is often found with no right arm because it was actually a giant rubber tentacle. Most degraded over time. I don't know why a bat would have tentacles.
Yes, I am making this up. Sorry I couldn't help and please forgive my juvenile effort at a joke. Best of luck!