0001429764
false
--12-31
Q2
3
0001429764
2022-01-01
2022-06-30
0001429764
us-gaap:CommonStockMember
2022-01-01
2022-06-30
0001429764
BLNK:CommonStockPurchaseWarrantsMember
2022-01-01
2022-06-30
0001429764
2022-08-05
0001429764
2022-06-30
0001429764
2021-12-31
0001429764
2022-04-01
2022-06-30
0001429764
2021-04-01
2021-06-30
0001429764
2021-01-01
2021-06-30
0001429764
BLNK:ProductSalesMember
2022-04-01
2022-06-30
0001429764
BLNK:ProductSalesMember
2021-04-01
2021-06-30
0001429764
BLNK:ProductSalesMember
2022-01-01
2022-06-30
0001429764
BLNK:ProductSalesMember
2021-01-01
2021-06-30
0001429764
BLNK:ChargingServiceRevenueMember
2022-04-01
2022-06-30
0001429764
BLNK:ChargingServiceRevenueMember
2021-04-01
2021-06-30
0001429764
BLNK:ChargingServiceRevenueMember
2022-01-01
2022-06-30
0001429764
BLNK:ChargingServiceRevenueMember
2021-01-01
2021-06-30
0001429764
BLNK:NetworkFeesMember
2022-04-01
2022-06-30
0001429764
BLNK:NetworkFeesMember
2021-04-01
2021-06-30
0001429764
BLNK:NetworkFeesMember
2022-01-01
2022-06-30
0001429764
BLNK:NetworkFeesMember
2021-01-01
2021-06-30
0001429764
BLNK:WarrantyMember
2022-04-01
2022-06-30
0001429764
BLNK:WarrantyMember
2021-04-01
2021-06-30
0001429764
BLNK:WarrantyMember
2022-01-01
2022-06-30
0001429764
BLNK:WarrantyMember
2021-01-01
2021-06-30
0001429764
BLNK:GrantAndRebateMember
2022-04-01
2022-06-30
0001429764
BLNK:GrantAndRebateMember
2021-04-01
2021-06-30
0001429764
BLNK:GrantAndRebateMember
2022-01-01
2022-06-30
0001429764
BLNK:GrantAndRebateMember
2021-01-01
2021-06-30
0001429764
BLNK:RideSharingServiesMember
2022-04-01
2022-06-30
0001429764
BLNK:RideSharingServiesMember
2021-04-01
2021-06-30
0001429764
BLNK:RideSharingServiesMember
2022-01-01
2022-06-30
0001429764
BLNK:RideSharingServiesMember
2021-01-01
2021-06-30
0001429764
BLNK:OtherMember
2022-04-01
2022-06-30
0001429764
BLNK:OtherMember
2021-04-01
2021-06-30
0001429764
BLNK:OtherMember
2022-01-01
2022-06-30
0001429764
BLNK:OtherMember
2021-01-01
2021-06-30
0001429764
BLNK:CostOfProductSalesMember
2022-04-01
2022-06-30
0001429764
BLNK:CostOfProductSalesMember
2021-04-01
2021-06-30
0001429764
BLNK:CostOfProductSalesMember
2022-01-01
2022-06-30
0001429764
BLNK:CostOfProductSalesMember
2021-01-01
2021-06-30
0001429764
BLNK:CostOfChargingServicesMember
2022-04-01
2022-06-30
0001429764
BLNK:CostOfChargingServicesMember
2021-04-01
2021-06-30
0001429764
BLNK:CostOfChargingServicesMember
2022-01-01
2022-06-30
0001429764
BLNK:CostOfChargingServicesMember
2021-01-01
2021-06-30
0001429764
BLNK:HostProviderFeesMember
2022-04-01
2022-06-30
0001429764
BLNK:HostProviderFeesMember
2021-04-01
2021-06-30
0001429764
BLNK:HostProviderFeesMember
2022-01-01
2022-06-30
0001429764
BLNK:HostProviderFeesMember
2021-01-01
2021-06-30
0001429764
BLNK:NetworkCostsMember
2022-04-01
2022-06-30
0001429764
BLNK:NetworkCostsMember
2021-04-01
2021-06-30
0001429764
BLNK:NetworkCostsMember
2022-01-01
2022-06-30
0001429764
BLNK:NetworkCostsMember
2021-01-01
2021-06-30
0001429764
BLNK:WarrantyAndRepairsAndMaintenanceMember
2022-04-01
2022-06-30
0001429764
BLNK:WarrantyAndRepairsAndMaintenanceMember
2021-04-01
2021-06-30
0001429764
BLNK:WarrantyAndRepairsAndMaintenanceMember
2022-01-01
2022-06-30
0001429764
BLNK:WarrantyAndRepairsAndMaintenanceMember
2021-01-01
2021-06-30
0001429764
BLNK:DepreciationAndAmortizationMember
2022-04-01
2022-06-30
0001429764
BLNK:DepreciationAndAmortizationMember
2021-04-01
2021-06-30
0001429764
BLNK:DepreciationAndAmortizationMember
2022-01-01
2022-06-30
0001429764
BLNK:DepreciationAndAmortizationMember
2021-01-01
2021-06-30
0001429764
us-gaap:CommonStockMember
2021-12-31
0001429764
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0001429764
us-gaap:RetainedEarningsMember
2021-12-31
0001429764
us-gaap:CommonStockMember
2022-03-31
0001429764
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0001429764
us-gaap:RetainedEarningsMember
2022-03-31
0001429764
2022-03-31
0001429764
us-gaap:CommonStockMember
2020-12-31
0001429764
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-12-31
0001429764
us-gaap:RetainedEarningsMember
2020-12-31
0001429764
2020-12-31
0001429764
us-gaap:CommonStockMember
2021-03-31
0001429764
us-gaap:AdditionalPaidInCapitalMember
2021-03-31
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-03-31
0001429764
us-gaap:RetainedEarningsMember
2021-03-31
0001429764
2021-03-31
0001429764
us-gaap:CommonStockMember
2022-01-01
2022-03-31
0001429764
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-03-31
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0001429764
us-gaap:RetainedEarningsMember
2022-01-01
2022-03-31
0001429764
2022-01-01
2022-03-31
0001429764
us-gaap:CommonStockMember
2022-04-01
2022-06-30
0001429764
us-gaap:AdditionalPaidInCapitalMember
2022-04-01
2022-06-30
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-04-01
2022-06-30
0001429764
us-gaap:RetainedEarningsMember
2022-04-01
2022-06-30
0001429764
us-gaap:CommonStockMember
2021-01-01
2021-03-31
0001429764
us-gaap:AdditionalPaidInCapitalMember
2021-01-01
2021-03-31
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0001429764
us-gaap:RetainedEarningsMember
2021-01-01
2021-03-31
0001429764
2021-01-01
2021-03-31
0001429764
us-gaap:CommonStockMember
2021-04-01
2021-06-30
0001429764
us-gaap:AdditionalPaidInCapitalMember
2021-04-01
2021-06-30
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-04-01
2021-06-30
0001429764
us-gaap:RetainedEarningsMember
2021-04-01
2021-06-30
0001429764
us-gaap:CommonStockMember
2022-06-30
0001429764
us-gaap:AdditionalPaidInCapitalMember
2022-06-30
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-06-30
0001429764
us-gaap:RetainedEarningsMember
2022-06-30
0001429764
us-gaap:CommonStockMember
2021-06-30
0001429764
us-gaap:AdditionalPaidInCapitalMember
2021-06-30
0001429764
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-06-30
0001429764
us-gaap:RetainedEarningsMember
2021-06-30
0001429764
2021-06-30
0001429764
BLNK:EuroMember
2022-06-30
0001429764
BLNK:IndianRupeeMember
2022-06-30
0001429764
BLNK:PoundSterlingMember
2022-06-30
0001429764
BLNK:GrantAndRebateMember
2022-06-30
0001429764
BLNK:GrantAndRebateMember
2021-12-31
0001429764
us-gaap:AccountsReceivableMember
us-gaap:CustomerConcentrationRiskMember
BLNK:CustomerMember
2021-01-01
2021-12-31
0001429764
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
BLNK:CustomerMember
2022-04-01
2022-06-30
0001429764
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
BLNK:CustomerMember
2021-01-01
2021-06-30
0001429764
us-gaap:SalesRevenueNetMember
us-gaap:SupplierConcentrationRiskMember
BLNK:SupplierMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ProductSalesMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ProductSalesMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ProductSalesMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ProductSalesMember
2021-01-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ChargingServiceRevenueMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ChargingServiceRevenueMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ChargingServiceRevenueMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:ChargingServiceRevenueMember
2021-01-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:OthersMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:OthersMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:OthersMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
BLNK:OthersMember
2021-01-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedAtAPointInTimeMember
2021-01-01
2021-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:RideSharingServicesMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:RideSharingServicesMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:RideSharingServicesMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:RideSharingServicesMember
2021-01-01
2021-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:NetworkAndOtherFeesMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:NetworkAndOtherFeesMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:NetworkAndOtherFeesMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
BLNK:NetworkAndOtherFeesMember
2021-01-01
2021-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
2022-04-01
2022-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
2021-04-01
2021-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
2022-01-01
2022-06-30
0001429764
BLNK:RecognizedOverAPeriodOfTimeMember
2021-01-01
2021-06-30
0001429764
country:US
2022-04-01
2022-06-30
0001429764
country:US
2021-04-01
2021-06-30
0001429764
country:US
2022-01-01
2022-06-30
0001429764
country:US
2021-01-01
2021-06-30
0001429764
us-gaap:NonUsMember
2022-04-01
2022-06-30
0001429764
us-gaap:NonUsMember
2021-04-01
2021-06-30
0001429764
us-gaap:NonUsMember
2022-01-01
2022-06-30
0001429764
us-gaap:NonUsMember
2021-01-01
2021-06-30
0001429764
us-gaap:WarrantMember
2022-01-01
2022-06-30
0001429764
us-gaap:WarrantMember
2021-01-01
2021-06-30
0001429764
us-gaap:EmployeeStockOptionMember
2022-01-01
2022-06-30
0001429764
us-gaap:EmployeeStockOptionMember
2021-01-01
2021-06-30
0001429764
BLNK:UnvestedRestrictedCommonStockMember
2022-01-01
2022-06-30
0001429764
BLNK:UnvestedRestrictedCommonStockMember
2021-01-01
2021-06-30
0001429764
BLNK:SixPercentageSecuredConvertiblePromissoryNoteMember
BLNK:TargetMember
2022-04-19
0001429764
BLNK:SixPercentageSecuredConvertiblePromissoryNoteMember
BLNK:TargetMember
2022-04-01
2022-06-30
0001429764
BLNK:SixPercentageSecuredConvertiblePromissoryNoteMember
BLNK:TargetMember
us-gaap:SubsequentEventMember
2022-07-01
2022-07-31
0001429764
BLNK:ElectricBlueLimitedMember
us-gaap:CommonStockMember
2022-04-22
0001429764
BLNK:ElectricBlueLimitedMember
us-gaap:CommonStockMember
2022-04-21
2022-04-22
0001429764
BLNK:ElectricBlueLimitedMember
2022-04-22
0001429764
BLNK:ElectricBlueLimitedMember
2022-04-21
2022-06-30
0001429764
BLNK:ElectricBlueLimitedMember
2022-04-01
2022-06-30
0001429764
BLNK:ElectricBlueLimitedMember
2022-01-01
2022-06-30
0001429764
BLNK:SemaconnectMember
2022-06-14
2022-06-15
0001429764
BLNK:SemaconnectMember
2022-06-15
0001429764
BLNK:SemaconnectMember
2022-06-30
0001429764
BLNK:SemaconnectMember
2022-06-14
2022-06-30
0001429764
BLNK:SemaconnectMember
2022-04-01
2022-06-30
0001429764
BLNK:SemaconnectMember
2022-01-01
2022-06-30
0001429764
BLNK:SemaconnectMember
2020-11-19
0001429764
BLNK:ElectricBlueLimitedMember
2021-04-01
2021-06-30
0001429764
BLNK:ElectricBlueLimitedMember
2021-01-01
2021-06-30
0001429764
BLNK:SemaconnectMember
2021-04-01
2021-06-30
0001429764
BLNK:SemaconnectMember
2021-01-01
2021-06-30
0001429764
BLNK:InternalUseSoftwareMember
2022-06-30
0001429764
BLNK:InternalUseSoftwareMember
2021-12-31
0001429764
BLNK:InternalUseSoftwareMember
2022-01-01
2022-06-30
0001429764
BLNK:CapitalizedEngineeringCostsMember
2022-06-30
0001429764
BLNK:CapitalizedEngineeringCostsMember
2021-12-31
0001429764
BLNK:CapitalizedEngineeringCostsMember
2022-01-01
2022-06-30
0001429764
us-gaap:TradeNamesMember
2022-06-30
0001429764
us-gaap:TradeNamesMember
2021-12-31
0001429764
us-gaap:TradeNamesMember
2022-01-01
2022-06-30
0001429764
us-gaap:CustomerRelationshipsMember
2022-06-30
0001429764
us-gaap:CustomerRelationshipsMember
2021-12-31
0001429764
us-gaap:CustomerRelationshipsMember
2022-01-01
2022-06-30
0001429764
BLNK:FavorableLeasesMember
2022-06-30
0001429764
BLNK:FavorableLeasesMember
2021-12-31
0001429764
BLNK:FavorableLeasesMember
2022-01-01
2022-06-30
0001429764
BLNK:InternallyDevelopedTechnologyMember
2022-06-30
0001429764
BLNK:InternallyDevelopedTechnologyMember
2021-12-31
0001429764
BLNK:InternallyDevelopedTechnologyMember
2022-01-01
2022-06-30
0001429764
us-gaap:NoncompeteAgreementsMember
2022-06-30
0001429764
us-gaap:NoncompeteAgreementsMember
2021-12-31
0001429764
us-gaap:NoncompeteAgreementsMember
2022-01-01
2022-06-30
0001429764
us-gaap:WarrantMember
2022-06-30
0001429764
us-gaap:WarrantMember
2022-01-01
2022-06-30
0001429764
BLNK:WarrantOneMember
2022-06-30
0001429764
BLNK:WarrantOneMember
2022-01-01
2022-06-30
0001429764
us-gaap:CommonStockMember
BLNK:EmployeesAndConsultantsMember
2022-01-01
2022-06-30
0001429764
BLNK:StockOptionsAndWarrantsMember
2022-04-01
2022-06-30
0001429764
BLNK:StockOptionsAndWarrantsMember
2022-01-01
2022-06-30
0001429764
BLNK:StockOptionsAndWarrantsMember
2021-04-01
2021-06-30
0001429764
BLNK:StockOptionsAndWarrantsMember
2021-01-01
2021-06-30
0001429764
BLNK:ShareholdersAgreementMember
us-gaap:CorporateJointVentureMember
country:CY
2019-02-10
2019-02-11
0001429764
BLNK:ShareholdersAgreementMember
us-gaap:CorporateJointVentureMember
country:CY
BLNK:BlinkChargingHellasSAMember
2019-02-11
0001429764
BLNK:ShareholdersAgreementMember
BLNK:ThreeEntitiesMember
country:CY
BLNK:BlinkChargingHellasSAMember
2019-02-11
0001429764
country:GR
BLNK:BlinkChargingHellasSAMember
2019-02-11
0001429764
BLNK:BlinkChargingHellasSAMember
2022-04-01
2022-06-30
0001429764
BLNK:BlinkChargingHellasSAMember
2022-01-01
2022-06-30
0001429764
BLNK:BlinkChargingHellasSAMember
2021-04-01
2021-06-30
0001429764
BLNK:BlinkChargingHellasSAMember
2021-01-01
2021-06-30
0001429764
BLNK:BlinkChargingHellasSAMember
2022-06-30
0001429764
BLNK:BlinkChargingHellasSAMember
2021-12-31
0001429764
BLNK:BlueCornerMember
2022-01-01
2022-06-30
0001429764
BLNK:BlueCornerMember
2021-01-01
2021-12-31
0001429764
us-gaap:FairValueInputsLevel1Member
2022-06-30
0001429764
us-gaap:FairValueInputsLevel2Member
2022-06-30
0001429764
us-gaap:FairValueInputsLevel3Member
2022-06-30
0001429764
us-gaap:FairValueInputsLevel1Member
2021-12-31
0001429764
us-gaap:FairValueInputsLevel2Member
2021-12-31
0001429764
us-gaap:FairValueInputsLevel3Member
2021-12-31
0001429764
2022-04-16
2022-04-18
0001429764
2021-01-01
2021-12-31
0001429764
BLNK:EmploymentAgreementMember
BLNK:MahiReddyMember
2022-06-14
2022-06-15
0001429764
BLNK:MichaelDFarkasMember
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2022-07-28
2022-07-29
0001429764
BLNK:MessrsFarkasMember
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2022-07-28
2022-07-29
0001429764
BLNK:BrendanSJonesMember
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2022-07-28
2022-07-29
0001429764
BLNK:MichaelPRamaMember
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2022-07-28
2022-07-29
0001429764
BLNK:AvivHilloMember
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2022-07-28
2022-07-29
0001429764
BLNK:HarjinderBhadeMember
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2022-07-28
2022-07-29
0001429764
us-gaap:SubsequentEventMember
BLNK:SemaconnectMember
2022-07-28
2022-07-29
0001429764
us-gaap:SubsequentEventMember
BLNK:SemaconnectMember
2022-07-29
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
iso4217:EUR
xbrli:pure
iso4217:EUR
xbrli:shares
iso4217:GBP
BLNK:Integer
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☒ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2022
or
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____________ to _____________
Commission
File No. 001-38392
BLINK
CHARGING CO.
(Exact
name of registrant as specified in its charter)
Nevada |
|
03-0608147 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
605
Lincoln Road, 5th
Floor |
|
|
Miami
Beach, Florida |
|
33139-3024 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (305) 521-0200
Not
Applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
Common
Stock |
|
BLNK |
|
The
NASDAQ Stock Market LLC |
Common
Stock Purchase Warrants |
|
BLNKW |
|
The
NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☒ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☐ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of August 5, 2022, the registrant had 50,843,466 shares of common stock outstanding.
BLINK
CHARGING CO. AND SUBSIDIARIES
FORM
10-Q
FOR
THE QUARTERLY PERIOD ENDED JUNE 30, 2022
TABLE
OF CONTENTS
PART
1 – FINANCIAL INFORMATION
ITEM
1. | FINANCIAL
STATEMENTS. |
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(in
thousands, except for share amounts)
| |
| | | |
| | |
| |
June
30, 2022 | | |
December
31, 2021 | |
| |
| (unaudited) | | |
| | |
| |
| | | |
| | |
Assets | |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 85,136 | | |
$ | 174,795 | |
Current
portion of restricted cash | |
| 4,058 | | |
| - | |
Accounts
receivable, net | |
| 14,894 | | |
| 6,346 | |
Inventory,
net | |
| 17,527 | | |
| 10,369 | |
Prepaid
expenses and other current assets | |
| 2,560 | | |
| 1,020 | |
| |
| | | |
| | |
Total
Current Assets | |
| 124,175 | | |
| 192,530 | |
Restricted
cash, non-current portion | |
| 72 | | |
| 81 | |
Property
and equipment, net | |
| 22,950 | | |
| 14,563 | |
Operating
lease right-of-use asset | |
| 2,809 | | |
| 1,664 | |
Intangible
assets, net | |
| 75,412 | | |
| 3,455 | |
Goodwill | |
| 156,092 | | |
| 19,390 | |
Other
assets | |
| 1,997 | | |
| 230 | |
Total
Assets | |
$ | 383,507 | | |
$ | 231,913 | |
| |
| | | |
| | |
Liabilities
and Stockholders’ Equity | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 16,364 | | |
$ | 7,134 | |
Accrued
expenses and other current liabilities | |
| 8,953 | | |
| 5,678 | |
Current
portion of consideration payable | |
| 4,058 | | |
| - | |
Current
portion of operating lease liabilities | |
| 1,430 | | |
| 547 | |
Current
portion of deferred revenue | |
| 7,794 | | |
| 2,858 | |
Notes
payable | |
| 775 | | |
| 10 | |
| |
| | | |
| | |
Total
Current Liabilities | |
| 39,374 | | |
| 16,227 | |
Contingent
consideration | |
| 3,514 | | |
| - | |
Consideration
payable, non-current portion | |
| 40,600 | | |
| - | |
Operating
lease liabilities, non-current portion | |
| 1,875 | | |
| 1,531 | |
Deferred
revenue, non-current portion | |
| 4,236 | | |
| 128 | |
Other
liabilities | |
| 1,316 | | |
| 193 | |
| |
| | | |
| | |
Total
Liabilities | |
| 90,915 | | |
| 18,079 | |
| |
| | | |
| | |
Commitments
and contingencies (Note 11) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’
Equity: | |
| | | |
| | |
Common
stock, $0.001 par value, 500,000,000 shares authorized, 50,201,686 and 42,423,514 | |
| | | |
| | |
shares
issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | |
| 50 | | |
| 42 | |
Common
stock, $0.001 par
value, 500,000,000 shares
authorized, 50,201,686 and
42,423,514 shares issued and outstanding
as of June 30, 2022 and December 31, 2021, respectively | |
| 50 | | |
| 42 | |
Additional
paid-in capital | |
| 577,438 | | |
| 458,046 | |
Accumulated
other comprehensive loss | |
| (4,662 | ) | |
| (1,784 | ) |
Accumulated
deficit | |
| (280,234 | ) | |
| (242,470 | ) |
| |
| | | |
| | |
Total
Stockholders’ Equity | |
| 292,592 | | |
| 213,834 | |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Equity | |
$ | 383,507 | | |
$ | 231,913 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(in
thousands, except for share and per share amounts)
(unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
For
The Three Months Ended | | |
For
The Six Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Product
sales | |
$ | 8,828 | | |
$ | 3,267 | | |
$ | 16,880 | | |
$ | 4,938 | |
Charging
service revenue - company-owned charging stations | |
| 1,494 | | |
| 586 | | |
| 2,601 | | |
| 768 | |
Network
fees | |
| 472 | | |
| 106 | | |
| 633 | | |
| 216 | |
Warranty | |
| 99 | | |
| 19 | | |
| 166 | | |
| 31 | |
Grant
and rebate | |
| 125 | | |
| 74 | | |
| 200 | | |
| 224 | |
Ride-sharing
services | |
| 279 | | |
| 189 | | |
| 518 | | |
| 235 | |
Other | |
| 189 | | |
| 114 | | |
| 288 | | |
| 175 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Revenues | |
| 11,486 | | |
| 4,355 | | |
| 21,286 | | |
| 6,587 | |
| |
| | | |
| | | |
| | | |
| | |
Cost
of Revenues: | |
| | | |
| | | |
| | | |
| | |
Cost
of product sales | |
| 6,369 | | |
| 2,365 | | |
| 12,471 | | |
| 3,483 | |
Cost
of charging services - company-owned charging stations | |
| 351 | | |
| 60 | | |
| 534 | | |
| 110 | |
Host
provider fees | |
| 821 | | |
| 140 | | |
| 1,372 | | |
| 267 | |
Network
costs | |
| 182 | | |
| 94 | | |
| 416 | | |
| 173 | |
Warranty
and repairs and maintenance | |
| 523 | | |
| 196 | | |
| 634 | | |
| 457 | |
Ride-sharing
services | |
| 659 | | |
| 424 | | |
| 1,085 | | |
| 670 | |
Depreciation
and amortization | |
| 624 | | |
| 432 | | |
| 1,231 | | |
| 687 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Cost of Revenues | |
| 9,529 | | |
| 3,711 | | |
| 17,743 | | |
| 5,847 | |
| |
| | | |
| | | |
| | | |
| | |
Gross
Profit | |
| 1,957 | | |
| 644 | | |
| 3,543 | | |
| 740 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
Expenses: | |
| | | |
| | | |
| | | |
| | |
Compensation | |
| 10,779 | | |
| 9,170 | | |
| 20,038 | | |
| 13,918 | |
General
and administrative expenses | |
| 9,002 | | |
| 2,532 | | |
| 13,429 | | |
| 4,117 | |
Other
operating expenses | |
| 4,138 | | |
| 1,287 | | |
| 7,080 | | |
| 2,437 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Operating Expenses | |
| 23,919 | | |
| 12,989 | | |
| 40,547 | | |
| 20,472 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
From Operations | |
| (21,962 | ) | |
| (12,345 | ) | |
| (37,004 | ) | |
| (19,732 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
(Expense) Income: | |
| | | |
| | | |
| | | |
| | |
Interest
(expense) income | |
| (139 | ) | |
| (6 | ) | |
| (139 | ) | |
| 9 | |
Loss
on settlement | |
| - | | |
| (1,000 | ) | |
| - | | |
| (1,000 | ) |
Loss
on foreign exchange | |
| (244 | ) | |
| (108 | ) | |
| (241 | ) | |
| (108 | ) |
Change
in fair value of derivative and other liabilities | |
| (73 | ) | |
| (1 | ) | |
| (73 | ) | |
| 7 | |
Other
(expense) income | |
| (203 | ) | |
| 1 | | |
| (307 | ) | |
| 1 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Other Expense | |
| (659 | ) | |
| (1,114 | ) | |
| (760 | ) | |
| (1,091 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
Loss | |
$ | (22,621 | ) | |
$ | (13,459 | ) | |
$ | (37,764 | ) | |
$ | (20,823 | ) |
Net
Loss Per Share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.52 | ) | |
$ | (0.32 | ) | |
$ | (0.88 | ) | |
$ | (0.50 | ) |
Diluted | |
$ | (0.52 | ) | |
$ | (0.32 | ) | |
$ | (0.88 | ) | |
$ | (0.50 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
Average Number of | |
| | | |
| | | |
| | | |
| | |
Common
Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 43,509,693 | | |
| 42,037,492 | | |
| 42,973,758 | | |
| 41,587,793 | |
Diluted | |
| 43,509,693 | | |
| 42,037,492 | | |
| 42,973,758 | | |
| 41,587,793 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Statements of Comprehensive Loss
(in
thousands)
(unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
For
the Three Months Ended | | |
For
the Six Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Net
Loss | |
$ | (22,621 | ) | |
$ | (13,459 | ) | |
$ | (37,764 | ) | |
$ | (20,823 | ) |
Other
Comprehensive (Loss) Income: | |
| | | |
| | | |
| | | |
| | |
Cumulative
translation adjustments | |
| (2,272 | ) | |
| (388 | ) | |
| (2,878 | ) | |
| (388 | ) |
Change
in fair value of marketable securities | |
| - | | |
| 13 | | |
| - | | |
| (43 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total
Comprehensive Loss | |
$ | (24,893 | ) | |
$ | (13,834 | ) | |
$ | (40,642 | ) | |
$ | (21,254 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Statement of Changes in Stockholders’ Equity
For
the Three and Six Months Ended June 30, 2022
(in
thousands, except for share amounts)
(unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
| | |
| | |
Additional | | |
Other | | |
| | |
Total | |
| |
Common
Stock | | |
Paid-In | | |
Comprehensive | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance
- January 1, 2022 | |
| 42,423,514 | | |
$ | 42 | | |
$ | 458,046 | | |
$ | (1,784 | ) | |
$ | (242,470 | ) | |
$ | 213,834 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon exercises of warrants | |
| 16,811 | | |
| - | | |
| 69 | | |
| - | | |
| - | | |
| 69 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based
compensation | |
| 144,497 | | |
| 1 | | |
| 1,932 | | |
| - | | |
| - | | |
| 1,933 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (606 | ) | |
| - | | |
| (606 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (15,143 | ) | |
| (15,143 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- March 31, 2022 | |
| 42,584,822 | | |
| 43 | | |
| 460,047 | | |
| (2,390 | ) | |
| (257,613 | ) | |
| 200,087 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based
compensation | |
| - | | |
| - | | |
| 686 | | |
| - | | |
| - | | |
| 686 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued as purchase consideration of SemaConnect | |
| 7,454,975 | | |
| 7 | | |
| 113,830 | | |
| - | | |
| - | | |
| 113,837 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued as purchase consideration of Electric Blue | |
| 152,803 | | |
| - | | |
| 2,852 | | |
| - | | |
| - | | |
| 2,852 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon exercise of warrants | |
| 3,131 | | |
| - | | |
| 13 | | |
| - | | |
| - | | |
| 13 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon exercise of options | |
| 5,955 | | |
| - | | |
| 10 | | |
| - | | |
| - | | |
| 10 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (2,272 | ) | |
| - | | |
| (2,272 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (22,621 | ) | |
| (22,621 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- June 30, 2022 | |
| 50,201,686 | | |
$ | 50 | | |
$ | 577,438 | | |
$ | (4,662 | ) | |
$ | (280,234 | ) | |
$ | 292,592 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Statement of Changes in Stockholders’ Equity
For
the Three and Six Months Ended June 30, 2021
(in
thousands, except for share amounts)
(unaudited)
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
| | |
| | |
Additional | | |
Other | | |
| | |
Total | |
| |
Common
Stock | | |
Paid-In | | |
Comprehensive | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance
- January 1, 2021 | |
| 35,951,097 | | |
$ | 36 | | |
$ | 214,479 | | |
$ | - | | |
$ | (187,351 | ) | |
$ | 27,164 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued in public offering, net of issuance costs [1] | |
| 5,660,000 | | |
| 6 | | |
| 221,400 | | |
| - | | |
| - | | |
| 221,406 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon exercise of warrants | |
| 239,202 | | |
| - | | |
| 999 | | |
| - | | |
| - | | |
| 999 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon cashless option exercise | |
| 15,522 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon cashless warrant exercise | |
| 66,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued as consideration for property and equipment | |
| 13,123 | | |
| - | | |
| 600 | | |
| - | | |
| - | | |
| 600 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based
compensation | |
| 470 | | |
| - | | |
| 419 | | |
| - | | |
| - | | |
| 419 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (56 | ) | |
| - | | |
| (56 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,365 | ) | |
| (7,365 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- March 31, 2021 | |
| 41,945,414 | | |
$ | 42 | | |
$ | 437,897 | | |
$ | (56 | ) | |
$ | (194,716 | ) | |
$ | 243,167 | |
Beginning balance | |
| 41,945,414 | | |
$ | 42 | | |
$ | 437,897 | | |
$ | (56 | ) | |
$ | (194,716 | ) | |
$ | 243,167 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
costs related to common stock issued in public offering | |
| - | | |
| - | | |
| (73 | ) | |
| - | | |
| - | | |
| (73 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued pursuant to cashless option exercise | |
| 22,974 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued upon exercise of warrants | |
| 102,684 | | |
| - | | |
| 428 | | |
| - | | |
| - | | |
| 428 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued as purchase consideration of Blue Corner | |
| 32,382 | | |
| - | | |
| 790 | | |
| - | | |
| - | | |
| 790 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based
compensation | |
| 36,691 | | |
| - | | |
| 3,523 | | |
| - | | |
| - | | |
| 3,523 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (375 | ) | |
| - | | |
| (375 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (13,459 | ) | |
| (13,459 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- June 30, 2021 | |
| 42,140,145 | | |
$ | 42 | | |
$ | 442,565 | | |
$ | (431 | ) | |
$ | (208,175 | ) | |
$ | 234,001 | |
Ending balance | |
| 42,140,145 | | |
$ | 42 | | |
$ | 442,565 | | |
$ | (431 | ) | |
$ | (208,175 | ) | |
$ | 234,001 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
(unaudited)
| |
| | | |
| | |
| |
For
The Six Months Ended | |
| |
June
30, | |
| |
2022 | | |
2021 | |
Cash
Flows From Operating Activities: | |
| | | |
| | |
Net
loss | |
$ | (37,764 | ) | |
$ | (20,823 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 3,393 | | |
| 1,945 | |
Non-cash
lease expense | |
| 215 | | |
| - | |
Dividend
and interest income | |
| - | | |
| (62 | ) |
Change
in fair value of derivative and other liabilities | |
| 73 | | |
| 7 | |
Provision
for bad debt | |
| 798 | | |
| 253 | |
Provision
for slow moving and obsolete inventory | |
| 161 | | |
| - | |
Stock-based
compensation: | |
| | | |
| | |
Common
stock | |
| 962 | | |
| 1,139 | |
Options | |
| 2,027 | | |
| 2,945 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (2,728 | ) | |
| (1,803 | ) |
Inventory | |
| (8,105 | ) | |
| (3,373 | ) |
Prepaid
expenses and other current assets | |
| 4,270 | | |
| (1,220 | ) |
Other
assets | |
| (1,339 | ) | |
| 245 | |
Accounts
payable, accrued expenses and other current liabilities | |
| 4,491 | | |
| (283 | ) |
Other
liabilities | |
| 50 | | |
| - | |
Lease
liabilities | |
| (146 | ) | |
| (177 | ) |
Deferred
revenue | |
| 2,656 | | |
| 262 | |
| |
| | | |
| | |
Total
Adjustments | |
| 6,778 | | |
| (122 | ) |
| |
| | | |
| | |
Net
Cash Used In Operating Activities | |
| (30,986 | ) | |
| (20,945 | ) |
| |
| | | |
| | |
Cash
Flows From Investing Activities: | |
| | | |
| | |
Proceeds
from sale of marketable securities | |
| - | | |
| 4,553 | |
Purchase
consideration of SemaConnect, net of cash and restricted cash acquired | |
| (38,338 | ) | |
| - | |
Purchase
consideration of Electric Blue, net of cash acquired | |
| (11,360 | ) | |
| - | |
Capitalization
of engineering costs paid | |
| (288 | ) | |
| (237 | ) |
Cash
acquired in the purchase of Blue Corner | |
| - | | |
| 243 | |
Purchase
consideration of Blue Corner | |
| - | | |
| (22,985 | ) |
Purchases
of property and equipment | |
| (2,247 | ) | |
| (5,019 | ) |
| |
| | | |
| | |
Net
Cash Used In Investing Activities | |
| (52,233 | ) | |
| (81,458 | ) |
| |
| | | |
| | |
Cash
Flows From Financing Activities: | |
| | | |
| | |
Proceeds
from sale of common stock in public offering [1] | |
| - | | |
| 221,333 | |
Proceeds
from exercise of options and warrants | |
| 92 | | |
| 1,427 | |
Repayment
of financing liability in connection with finance lease | |
| (71 | ) | |
| - | |
Repayment
of financing liability in connection with internal use software | |
| (235 | ) | |
| (39 | ) |
| |
| | | |
| | |
Net
Cash (Used In) Provided By Financing Activities | |
| (214 | ) | |
| 222,721 | |
| |
| | | |
| | |
Effect
of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | |
| (2,350 | ) | |
| (606 | ) |
| |
| | | |
| | |
Net
(Decrease) Increase In Cash and Cash Equivalents and Restricted Cash | |
| (85,783 | ) | |
| 119,712 | |
| |
| | | |
| | |
Cash
and Cash Equivalents and Restricted Cash - Beginning of Period | |
| 175,049 | | |
| 22,418 | |
| |
| | | |
| | |
Cash
and Cash Equivalents and Restricted Cash - End of Period | |
$ | 89,266 | | |
$ | 142,130 | |
| |
| | | |
| | |
Cash
and cash equivalents and restricted cash consisted of the following: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 85,136 | | |
$ | 142,053 | |
Restricted
cash | |
| 4,130 | | |
| 77 | |
Total
Cash and cash equivalents and restricted cash | |
$ | 89,266 | | |
$ | 142,130 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows — Continued
(in
thousands)
(unaudited)
| |
For
The Six Months Ended | |
| |
June
30, | |
| |
2022 | | |
2021 | |
Supplemental
Disclosures of Cash Flow Information: | |
| | |
| |
Cash
paid during the period for: | |
| | |
| |
Interest | |
$ |
- | | |
$ |
- | |
Income
taxes | |
$ | 20 | | |
$ | - | |
Non-cash
investing and financing activities: | |
| | | |
| | |
Common
stock issued as consideration for property and equipment | |
$ | - | | |
$ | 600 | |
Common
stock issued as purchase consideration of SemaConnect | |
$ | 113,837 | | |
$ | - | |
Common
stock issued as purchase consideration of Electric Blue | |
$ | 2,852 | | |
$ | - | |
Common
stock issued as purchase consideration of Blue Corner | |
$ | - | | |
$ | 790 | |
Interest
expense converted into principal | |
$ | - | | |
$ | 2 | |
Right of use assets obtained in exchange for operating lease liabilities | |
$ | 258 | | |
$ | 1,358 | |
Assets
obtained in exchange for lease obligations | |
$ | 931 | | |
$ | - | |
Change
in fair value of marketable securities | |
$ | - | | |
$ | (43 | ) |
Intangible
assets obtained in exchange for financing liability | |
$ | 660 | | |
$ | - | |
Transfer
of inventory to property and equipment | |
$ | (2,024 | ) | |
$ | (868 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
BLINK
CHARGING CO. AND SUBSIDIARIES
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except for share and per share amounts)
1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RISKS AND UNCERTAINTIES
Organization
and Operations
Blink
Charging Co., through its wholly-owned subsidiaries (collectively, the “Company” or “Blink”), is a leading owner,
operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services. Blink offers residential
and commercial EV charging equipment, enabling EV drivers to recharge at various location types. Blink’s principal line of products
and services is its Blink EV charging network (the “Blink Network”) and Blink EV charging equipment, also known as electric
vehicle supply equipment (“EVSE”) and other EV-related services. The Blink Network provides property owners, managers, parking
companies, and state and municipal entities (“Property Partners”) with cloud-based services that enable the remote monitoring
and management of EV charging stations. The Blink Network also provides EV drivers with vital station information, including station
location, availability and fees. Blink also operates a ride-sharing program through the Company’s wholly owned subsidiary, BlueLA
Rideshare, LLC and the City of Los Angeles which allows customers the ability to rent EVs through a subscription service.
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form
10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for
complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring
items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of
June 30, 2022 and for the six months then ended. The results of operations for the three and six months ended June 30, 2022 are not necessarily
indicative of the operating results for the full year ending December 31, 2022 or any other period. These unaudited condensed consolidated
financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the
Company as of December 31, 2021 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”)
on March 16, 2022 as part of the Company’s Annual Report on Form 10-K.
Risks
and Uncertainties
The
Covid-19 pandemic has impacted global stock markets and economies. The Company closely monitors the impact of the continuing presence
of Covid-19 and multiple Covid-19 variants. The Company has taken and continues to take precautions to ensure the safety of its employees,
customers and business partners, while assuring business continuity and reliable service and support to its customers. The Company continues
to receive orders for its products, although some shipments of equipment have been temporarily delayed. The global chip shortage and
supply chain disruption has caused some delays in equipment orders from its contract manufacturer. As federal, state and local economies
begin to return to pre-pandemic levels, the Company expects demand for charging station usage to increase, however, the Company is unable
to predict the extent of such recovery due to the uncertainty of Covid-19. As a result, the Company is unable to predict the ultimate
impact of equipment order delays, chip shortage and continuous presence of Covid-19 will have on its business, future results of operations,
financial position, or cash flows.
BLINK
CHARGING CO. AND SUBSIDIARIES
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except for share and per share amounts)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Since
the Annual Report for the year ended December 31, 2021, there have been no material changes to the Company’s significant accounting
policies, except as disclosed in this note.
FOREIGN
CURRENCY TRANSLATION
The
Company’s reporting currency is the United States dollar. The functional currency of certain subsidiaries is the Euro and the Indian
Rupee. Assets and liabilities are translated based on the exchange rates at the balance sheet date (1.043 for the Euro, 0.0127 for the
Indian Rupee, and 1.214 for the Pound Sterling as of June 30, 2022), while expense accounts are translated at the weighted average exchange
rate for the period (1.0554 for the Euro, 0.0127 for the Indian Rupee, and 1.2281 for the Pound Sterling for the six months ended June
30, 2022). Equity accounts are translated at historical exchange rates. The resulting translation adjustments are recognized in stockholders’
equity as a component of accumulated other comprehensive income. Comprehensive income (loss) is defined as the change in equity of an
entity from all sources other than investments by owners or distributions to owners and includes foreign currency translation adjustments
as described above. Transaction gains and losses are charged to the statement of operations as incurred. Transaction losses attributable
to foreign exchange were $244 and $241 during the three and six months ended June 30, 2022, respectively. Transaction losses attributable
to foreign exchange were $108 during the three and six months ended June 30, 2021.
REVENUE
RECOGNITION
The
Company recognizes revenue primarily from five different types of contracts:
● |
Product
sales – Revenue is recognized at the point where the customer obtains control of the goods and the Company satisfies its performance obligation, which generally is at the time it ships the product to the customer or upon installation of chargers for which the Company is contracted to perform. |
● |
Charging
service revenue – company-owned charging stations - Revenue is recognized at the point when a particular charging session
is completed. |
● |
Network
fees and other – Represents a stand-ready obligation whereby the Company is obligated to perform over a period of time
and, as a result, revenue is recognized on a straight-line basis over the contract term. Network fees are billed annually. |
● |
|