Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.21.2
LEASES
 9 Months Ended
Sep. 30, 2021
Leases  
LEASES

 

10. LEASES

 

OPERATING LEASES

 

As of September 30, 2021, the Company had no leases that were classified as a financing lease. As of September 30, 2021, the Company did not have additional operating and financing leases that have not yet commenced.

 

Total operating lease expenses for the three and nine months ended September 30, 2021 were $155 and $429, respectively, and for the three and nine months ended September 30, 2020 were $98 and $332, respectively, and are recorded in other operating expenses on the condensed consolidated statements of operations.

 

During the nine months ended September 30, 2021, the Company entered into a lease agreement for approximately 27,540 square feet of space in Arizona. The lease commenced on January 1, 2021 and will terminate on May 31, 2028. The lease includes a build-out allowance of $137. Monthly payments under the lease are $18 per month. The lease also includes a security deposit of $22.

 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(in thousands except for share and per share amounts)

 

(UNAUDITED)

 

10. LEASES – CONTINUED

 

Supplemental cash flows information related to leases was as follows:

 

    For The Nine Months Ended  
    September 30,  
    2021     2020  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 440     $ 160  
                 
Right-of-use assets obtained in exchange for lease obligations:                
Operating leases   $ 1,713     $ 598  
                 
Weighted Average Remaining Lease Term                
Operating leases     4.90       2.24  
                 
Weighted Average Discount Rate                
Operating leases     6.0 %     6.0 %

 

Future minimum payments under non-cancellable leases as of September 30, 2021 were as follows:

 

For the Twelve Months Ending September 30,   Amount  
       
2022   $ 529  
2023     509  
2024     353  
2025     253  
2026     261  
Thereafter     450  
Total future minimum lease payments     2,355  
Less: imputed interest     (211 )
Total   $ 2,144  

 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(in thousands except for share and per share amounts)

 

(UNAUDITED)