Related Party Transactions
|6 Months Ended|
Jun. 30, 2020
|Related Party Transactions [Abstract]|
|Related Party Transactions||
TRANSACTIONS WITH PALISADES CAPITAL MANAGEMENT LLC
Mr. Engel is currently a consultant to Palisades Capital Management LLC which serves as an investment advisor with regard to the Company’s marketable securities portfolio. During the three and six months ended June 30, 2020, the Company paid Palisades Capital Management LLC fees of $4,930 and $12,827, respectively. No fees were paid during the three and six months ended June 30, 2019.
The Company and a group of three Cyprus entities entered into a shareholders’ agreement on February 11, 2019, pertaining to the parties’ respective shareholdings in a new joint venture entity, Blink Charging Europe Ltd. (the “Entity”), that was formed under the laws of Cyprus on the same date. The Company owns 40% of the Entity while the other three entities own 60% of the Entity. The Entity currently owns 100% of a Greek subsidiary, Blink Charging Hellas SA (“Hellas”), which started operations in the Greek EV market. There are currently no plans for the Company to make any capital contributions or investments. During the three and six months ended June 30, 2020, the Company recognized sales of approximately $174,799 and $272,964, respectively, to Hellas. No sales were recognized during the three and six months ended June 30, 2019. As of June 30, 2020 and December 31, 2019, the Company had a receivable from Hellas of approximately $174,000 and $42,000, respectively.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef