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 September 30, 2021

☐ 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 November 9, 2021, the registrant had 42,200,051 shares of common stock outstanding.

BLINK CHARGING CO. AND SUBSIDIARIES

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS

	Page

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020	1

Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020	2

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2021 and 2020	3

Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021	4

Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020	5

Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020	6

Notes to Unaudited Condensed Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	23

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	33

Item 4. Controls and Procedures.	33

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.	34

Item 1A. Risk Factors.	34

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	35

Item 3. Defaults Upon Senior Securities.	35

Item 4. Mine Safety Disclosures.	35

Item 5. Other Information.	35

Item 6. Exhibits.	35

SIGNATURES	36

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

BLINK CHARGING CO. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands except for share amounts)

	September 30, 2021			December 31, 2020
	(unaudited)
Assets

Current Assets:
Cash	$	133,153		$	22,341
Marketable securities		53,577			-
Accounts receivable and other receivables, net		5,054			348
Inventory, net		4,686			1,816
Prepaid expenses and other current assets		3,498			1,220

Total Current Assets		199,968			25,725
Restricted cash		77			76
Property and equipment, net		13,662			5,636
Operating lease right-of-use asset		1,883			616
Intangible assets, net		3,694			46
Goodwill		19,255			1,501
Other assets		233			388

Total Assets	$	238,772		$	33,988

Liabilities and Stockholders’ Equity

Current Liabilities:
Accounts payable	$	6,092		$	3,359
Accrued expenses and other current liabilities		3,798			1,329
Current portion of notes payable		493			574
Current portion of operating lease liabilities		696			404
Current portion of deferred revenue		1,720			479

Total Current Liabilities		12,799			6,145
Operating lease liabilities, non-current portion		1,448			285
Other liabilities		129			90
Notes payable, non-current portion		-			297
Deferred revenue, non-current portion		30			7

Total Liabilities		14,406			6,824

Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of September 30, 2021 and December 31, 2020		-			-

Commitments and contingencies (Note 11)		-			-

Stockholders’ Equity:
Preferred stock, $0.001 par value, 40,000,000 shares authorized;
Series A Convertible Preferred Stock, 20,000,000 shares designated, 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020		-			-
Series C Convertible Preferred Stock, 250,000 shares designated, 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020		-			-
Series D Convertible Preferred Stock, 13,000 shares designated, 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020		-			-
Preferred stock, $0.001 par value, 40,000,000 shares authorized;
Common stock, $0.001 par value, 500,000,000 shares authorized, 42,199,744 and 35,951,097 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		42			36
Additional paid-in capital		448,807			214,479
Accumulated other comprehensive loss		(987	)		-
Accumulated deficit		(223,496	)		(187,351	)

Total Stockholders’ Equity		224,366			27,164

Total Liabilities and Stockholders’ Equity	$	238,772		$	33,988

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)

	2021			2020			2021			2020
	For The Three Months Ended						For The Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020

Revenues:
Product sales	$	4,824		$	557		$	9,762		$	2,609
Charging service revenue - company-owned charging stations		908			163			1,676			570
Network fees		205			100			421			227
Warranty		87			14			119			30
Grant and rebate		56			3			280			11
Ride-sharing services		269			-			504			-
Other		53			69			228			330

Total Revenues		6,402			906			12,990			3,777

Cost of Revenues:
Cost of product sales		3,632			35			7,115			1,427
Cost of charging services - company-owned charging stations		200			120			310			186
Host provider fees		463			37			842			150
Network costs		115			106			307			464
Warranty and repairs and maintenance		258			105			743			237
Ride-sharing services		422			-			1,092			-
Depreciation and amortization		420			136			1,118			224

Total Cost of Revenues		5,510			539			11,527			2,688

Gross Profit		892			367			1,463			1,089

Operating Expenses:
Compensation		11,745			2,544			25,663			6,964
General and administrative expenses		3,067			1,144			7,110			2,460
Other operating expenses		1,903			592			4,246			1,619

Total Operating Expenses		16,715			4,280			37,019			11,043

Loss From Operations		(15,823	)		(3,913	)		(35,556	)		(9,954	)

Other (Expense) Income:
Interest (expense) income		(3	)		(3	)		6			18
Loss on settlement		-			-			(1,000	)		-
Dividend and interest income		100			-			162			-
Loss on foreign exchange		(16	)		-			(124	)		-
Gain on forgiveness of PPP loan		379			-			379			-
Gain on settlement of accounts payable, net		-			4			-			23
Change in fair value of derivative and other accrued liabilities		53			(52	)		60			(68	)
Other (expense) income, net		(11	)		50			(72	)		76

Total Other Income (Expense)		502			(1	)		(589	)		49

Net Loss	$	(15,321	)	$	(3,914	)	$	(36,145	)	$	(9,905	)
Net Loss Per Share:
Basic	$	(0.36	)	$	(0.12	)	$	(0.87	)	$	(0.34	)
Diluted	$	(0.36	)	$	(0.12	)	$	(0.87	)	$	(0.34	)

Weighted Average Number of
Common Shares Outstanding:
Basic		42,162,228			31,379,636			41,780,669			28,859,057
Diluted		42,162,228			31,379,636			41,780,669			28,859,057

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)

	2021			2020			2021			2020
	For The Three Months Ended						For The Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020

Net Loss	$	(15,321	)	$	(3,914	)	$	(36,145	)	$	(9,905	)
Other Comprehensive Income (Loss):
Reclassification adjustments of gain on sale of marketable securities included in net loss		-			(85	)		-			(183	)
Cumulative translation adjustments		(527	)		-			(915	)		-
Change in fair value of marketable securities		(29	)		20			(72	)		-

Total Comprehensive Loss	$	(15,877	)	$	(3,979	)	$	(37,132	)	$	(10,088	)

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 Nine Months Ended September 30, 2021

(in thousands except for share amounts)

(unaudited)

	Shares	Amount	Shares		Amount		Capital			Income			Deficit			Equity
										Accumulated
	Convertible Preferred Stock						Additional			Other						Total
	Series D		Common Stock				Paid-In			Comprehensive			Accumulated			Stockholders’
	Shares	Amount	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

Issuance costs related to common stock issued in public offering
Common stock issued pursuant to cashless option exercise
Common stock issued pursuant to cashless option exercise, shares
Common stock issued upon exercise of warrants				239,202		-		999			-			-			999
Common stock issued as purchase consideration of Blue Corner
Common stock issued as purchase consideration of Blue Corner, shares

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
Common stock issued upon conversion of Series D convertible preferred stock
Common stock issued upon conversion of Series D convertible preferred stock, shares

Options issued in satisfaction of accrued issuable equity
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

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

Common stock issued upon exercise of warrants				46,215		-		192			-			-			192

Stock-based compensation				13,384		-		6,050			-			-			6,050

Other comprehensive loss				-		-		-			(556	)		-			(556	)

Net loss	-	-		-		-		-			-			(15,321	)		(15,321	)

Balance - September 30, 2021	-	-		42,199,744	$	42	$	448,807		$	(987	)	$	(223,496	)	$	224,366

[1]	Includes gross proceeds of $232,060, less issuance costs of $10,654.

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 Nine Months Ended September 30, 2020

(in thousands except for share amounts)

(unaudited)

	Shares			Amount		Shares		Amount		Capital			Income			Deficit			Equity
	Convertible Preferred Stock									Additional			Accumulated Other						Total
	Series D					Common Stock				Paid-In			Comprehensive			Accumulated			Stockholders’
	Shares			Amount		Shares		Amount		Capital			Income			Deficit			Equity

Balance - January 1, 2020		5,125		$	-		26,322,583	$	26	$	176,730		$	183		$	(169,505	)	$	7,434

Stock-based compensation		-			-		-		-		277			-			-			277

Common stock issued upon conversion of Series D convertible preferred stock		(5,125	)		-		1,642,628		2		(2	)		-			-			-

Other comprehensive loss		-			-		-		-		-			(181	)		-			(181	)

Net loss		-			-		-		-		-			-			(2,961	)		(2,961	)

Balance - March 31, 2020		-		$	-		27,965,211	$	28	$	177,005		$	2		$	(172,466	)	$	4,569

Common stock issued in public offering [1]		-			-		1,660,884		2		3,756			-			-			3,758

Stock-based compensation		-			-		57,542		-		72			-			-			72

Other comprehensive income		-			-		-		-		-			63			-			63

Net loss		-			-		-		-		-			-			(3,030	)		(3,030	)

Balance - June 30, 2020		-		$	-		29,683,637	$	30	$	180,833		$	65		$	(175,496	)	$	5,432
Balance June 30, 2020		-		$	-		29,683,637	$	30	$	180,833		$	65		$	(175,496	)	$	5,432

Common stock issued in public offering [2]		-			-		1,861,087		2		14,456			-			-			14,458

Common stock issued upon exercise of warrants		-			-		195,529		-		144			-			-			144

Stock-based compensation		-			-		6,847		-		165			-			-			165

Options issued in satisfaction of accrued issuable equity		-			-		-		-		16			-			-			16

Other comprehensive loss		-			-		-		-		-			(65	)		-			(65	)

Net loss		-			-		-		-		-			-			(3,914	)		(3,914	)

Balance - September 30, 2020		-		$	-		31,747,100	$	32	$	195,614		$	-		$	(179,410	)	$	16,236
Balance September 30, 2020		-		$	-		31,747,100	$	32	$	195,614		$	-		$	(179,410	)	$	16,236

[1]	Includes gross proceeds of $3,999, less issuance costs of $241.
[2]	Includes gross proceeds of $14,954, less issuance costs of $496. As of September 30, 2020, $419 of net proceeds had not been received by the Company and was included as a subscription receivable.

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)

	2021			2020
	For The Nine Months Ended
	September 30
	2021			2020
Cash Flows From Operating Activities:
Net loss	$	(36,145	)	$	(9,905	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,686			300
Non-cash lease expense		690			137
Dividend and interest income		(162	)		-
Change in fair value of derivative and other accrued liabilities		60			(68	)
Provision for bad debt		730			98
Loss on disposal of fixed assets		-			98
Accrued interest converted to notes payable		-			3
Provision for slow moving and obsolete inventory		149			(276	)
Gain on settlement of debt		(379	)		-
Gain on settlement of accounts payable, net		-			(23	)
Stock-based compensation:
Common stock		1,532			182
Options		8,776			298
Changes in operating assets and liabilities:
Accounts receivable and other receivables		(2,986	)		(57	)
Inventory		(3,575	)		(1,713	)
Prepaid expenses and other current assets		(2,240	)		125
Other assets		240			(54	)
Accounts payable and accrued expenses		1,151			1,042
Other liabilities		39			-
Lease liabilities		(505	)		(141	)
Deferred revenue		986			(203	)

Total Adjustments		6,192			(252	)

Net Cash Used In Operating Activities		(29,953	)		(10,157	)

Cash Flows From Investing Activities:
Proceeds from sale of marketable securities		6,804			2,774
Purchase of marketable securities		(60,267	)		-
Capitalization of engineering costs paid		(237	)		-
Cash acquired in the purchase of Blue Corner		243			-
Purchase consideration of Blue Corner		(22,985	)		-
Cash acquired in the purchase of BlueLA Carsharing, LLC		-			4
Purchases of property and equipment		(5,540	)		(681	)

Net Cash (Used In) Provided By Investing Activities		(81,982	)		2,097

Cash Flows From Financing Activities:
Proceeds from sale of common stock in public offering [1]		221,333			17,836
Proceeds from issuance of notes payable		-			856
Proceeds from exercise of warrants		1,619			144
Payment of financing liability in connection with internal use software		(39	)		(53	)

Net Cash Provided By Financing Activities		222,913			18,783

Effect of Exchange Rate Changes on Cash		(165	)		-

Net Increase In Cash		110,813			10,723

Cash and Restricted Cash - Beginning of Period		22,417			4,169

Cash and Restricted Cash - End of Period	$	133,230		$	14,892

Cash and restricted cash consisted of the following:
Cash	$	133,153		$	14,863
Restricted cash		77			28
	$	133,230		$	14,891

[1]	For the nine months ended September 30, 2021, includes gross proceeds of $232,060, less issuance costs of $10,727. For the nine months ended September 30, 2020, includes gross proceeds of $18,521, less issuance costs of $685.

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 Nine Months Ended
	September 30
	2021			2020
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	-		$	-
Non-cash investing and financing activities:
Reduction of additional pain-in capital for public offering issuance costs for public offering issuance costs that were previously paid	$	-		$	(39	)
Common stock issued as consideration for property and equipment	$	600		$	-
Common stock issued as purchase consideration of Blue Corner	$	790		$	-
Options issued in satisfaction of accrued issuable equity	$	-		$	16
Interest expense converted into principal	$	2		$	-
Net assets (excluding cash) acquired in the acquisition of BlueLA Carsharing, LLC	$	-		$	84
Right-of-use assets obtained in exchange for lease obligations	$	1,713		$	598
Change in fair value of marketable securities	$	(49	)	$	-
Subscription receivable, net of issuance costs of $19	$	-		$	419
Transfer of inventory to property and equipment	$	1,839		$	(1,324	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BLINK CHARGING CO. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands except for share and per share amounts)

(UNAUDITED)

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.

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 September 30, 2021 and for the three and nine months then ended. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year ending December 31, 2021 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, 2020 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021 as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Risks and Uncertainties

The Covid-19 pandemic has impacted global stock markets and economies. The Company continues to closely monitor the impact of the ongoing presence of Covid-19 and multiple Covid-19 variants. The Company has taken 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 disruptions has caused some delays in the delivery of equipment orders from the Company’s contract manufacturer. As federal, state and local economies begin to return to pre-pandemic levels and with vaccines being administered, 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 in certain areas. As a result, the Company is unable to predict the ultimate impact that equipment order delays, chip shortages and the ongoing 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 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands except for share and per share amounts)

(UNAUDITED)

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Since the period covered by the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this Note 2.

INVESTMENTS

Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value.

The following is a summary of the unrealized gains, losses, and fair value by investment type as of September 30, 2021:

	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Fixed income	$	53,694		95	$	(213	)	$	53,577

FOREIGN CURRENCY TRANSLATION

The Company’s reporting currency is the United States dollar. The functional currency of certain subsidiaries is the Euro. Assets and liabilities are translated based on the exchange rates at the balance sheet date (1.1589) as of September 30, 2021, while expense accounts are translated at the weighted average exchange rate for the period of (1.1801) and (1.1898) for the three and nine months ended September 30, 2021, respectively. 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 $16 and $124 during the three and nine months ended September 30, 2021, respectively.

BLINK CHARGING CO. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands except for share and per share amounts)

(UNAUDITED)

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REVENUE RECOGNITION

The Company recognizes revenue primarily from five different types of contracts:

●	Charging service revenue – company-owned charging stations - Revenue is recognized at the point when a particular charging session is completed.
●	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.
●	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.
●	Ride-sharing services – Primarily related to ride-sharing services agreement between the Company’s wholly-owned subsidiary, BlueLA Rideshare, LLC and the City of Los Angeles which allows customers the ability to rent electric vehicles through a subscription service. The Company recognizes revenue over the contractual period of performance of the subscription.
●	Other – Primarily related to charging service revenue from non-company-owned charging stations. Revenue is recognized from non-company-owned charging stations at the point when a particular charging session is completed in accordance with a contractual relationship between the Company and the owner of the station. Other revenues also comprise revenues generated from alternative fuel credits.

The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations:

	2021		2020		2021		2020
	For The Three Months Ended				For The Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020

Revenues - Recognized at a Point in Time:
Product sales	$	4,824	$	557	$	9,762	$	2,609
Charging service revenue - company-owned charging stations		908		163		1,676		570
Other		53		69		228		330
Total Revenues - Recognized at a Point in Time		5,785		789		11,666		3,509

Revenues - Recognized Over a Period of Time:
Ride-sharing services		269		-		504		-
Network and other fees