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iso4217:USD
xbrli:shares
utr:sqft
BLNK:Integer
iso4217:EUR
xbrli:pure
iso4217:EUR
xbrli:shares
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
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 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
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 | |
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 | |
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 | |
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 | |
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:
SCHEDULE
OF UNREALIZED GAINS, LOSSES ON INVESTMENT
| |
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:
SCHEDULE
OF REVENUE RECOGNITION BY CONTRACT
| |
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 | |
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