Quarterly report pursuant to Section 13 or 15(d)

BUSINESS COMBINATONS (Tables)

v3.22.2.2
BUSINESS COMBINATONS (Tables)
 9 Months Ended
Sep. 30, 2022
Electric Blue Limited [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date of EB:

 

    Purchase Price Allocation (Preliminary)     Measurement Period Adjustments     Purchase Price Allocation
(As Revised)		  
Purchase Consideration:                        
Cash   $ 12,651     $ -     $ 12,651  
Common stock     2,852       -       2,852  
Contingent consideration     3,400       414       3,814  
                         
Total Purchase Consideration   $ 18,903     $ 414     $ 19,317  
                         
Less:                        
Trade name   $ 486     $ 14     $ 500  
Customer relationships     3,075       1,781       4,856  
Internally developed technology     504       11       515  
Non-compete agreements     1,908       84       1,992  
Property and equipment     4,162       163       4,325  
Deferred revenue- non current portion     (730 )     (1,959 )     (2,689 )
Debt-free net working capital deficit     (1,047 )     422       (625 )
                         
Fair Value of Identified Net Assets   $ 8,358     $ 516     $ 8,874  
                         
Remaining Unidentified Goodwill Value   $ 10,545     $ (102 )   $ 10,443  

 

Changes in the balance of identified intangible assets and goodwill reflected on the balance sheet are the result of the impact of the change in foreign currency exchange rates.

 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Notes to Unaudited Condensed Consolidated Financial Statements

(in thousands, except for share and per share amounts)

 

4. BUSINESS COMBINATONS – CONTINUED

 

ELECTRIC BLUE LIMITED ACQUISITION – CONTINUED

 

The components of debt free net working capital deficit are as follows:

 

    Purchase Price Allocation (Preliminary)     Measurement Period Adjustments     Purchase Price Allocation
(As Revised)		  
Current assets:                        
Cash   $ 1,291     $ -     $ 1,291  
Accounts receivable     1,618       -       1,618  
Prepaid expenses and other current assets     508       -       508  
                         
Total current assets   $ 3,417     $ -     $ 3,417  
                         
Less current liabilities:                        
Accounts payable   $ 647     $ -     $ 647  
Current portion of lease liabilities     22       -       22  
Current portion of notes payable     611       -       611  
Accrued expenses and other current liabilities     3,184       (422 )     2,762  
                         
Total current liabilities   $ 4,464     $ (422 )   $ 4,042  
                         
Debt free net working capital deficit   $ (1,047 )   $ 422     $ (625 )
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    For the Three Months Ended
September 30,		     For the Nine Months Ended
September 30,		  
    2022     2021     2022     2021  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Revenues   $ 17,247     $ 7,606     $ 40,530     $ 15,258  
Net loss   $ (25,647 )   $ (16,546 )   $ (65,224 )   $ (40,632 )
SemaConnect, Inc [Member]  
Business Acquisition [Line Items]  
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date of SemaConnect:

 

 

    Purchase Price Allocation (Preliminary)     Measurement Period Adjustments     Purchase Price Allocation
(As Revised)		  
Purchase Consideration:                        
Cash   $ 46,136     $ -     $ 46,136  
Deferred cash consideration     40,600       -       40,600  
Common stock     113,837       -       113,837  
                         
Total Purchase Consideration   $ 200,573     $ -     $ 200,573  
                         
Less:                        
Trade name   $ 4,097     $ (2,266 )   $ 1,831  
Customer relationships     40,973       (25,918 )     15,055  
Internally developed technology     2,049       1,558       3,607  
Non-compete agreements     20,487       (20,246 )     241  
Property and equipment     614       -       614  
Right of use asset     1,092       -       1,092  
Other assets     449       -       449  
Deferred revenue- non current portion     (702 )     -       (702 )
Lease liability- non current portion     (611 )     -       (611 )
Debt-free net working capital     4,558       -       4,558  
                         
Fair Value of Identified Net Assets   $ 73,006     $ (46,872 )   $ 26,134  
                         
Remaining Unidentified Goodwill Value   $ 127,567     $ 46,872     $ 174,439  

 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Notes to Unaudited Condensed Consolidated Financial Statements

(in thousands, except for share and per share amounts)

 

4. BUSINESS COMBINATONS – CONTINUED

 

SEMACONNECT ACQUISITION - CONTINUED

 

The components of debt free net working capital are as follows:

 

Current assets:        
Cash   $ 3,753  
Restricted cash     8,103  
Accounts receivable     5,515  
Inventory     5,472  
Prepaid expenses and other current assets     1,309  
         
Total current assets   $ 24,152  
         
Less current liabilities:        
Accounts payable   $ 2,305  
Merger consideration payable     8,103  
Current portion of lease liability     481  
Current portion of notes payable     186  
Deferred revenue     2,677  
Accrued expenses and other current liabilities     5,842  
         
Total current liabilities   $ 19,594  
         
Debt free net working capital   $ 4,558  
SCHEDULE OF PROFORMA INFORMATION OF OPERATIONS

 

    For the Three Months Ended
September 30,		     For the Nine Months Ended
September 30,		  
    2022     2021     2022     2021  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Revenues   $ 17,247     $ 9,244     $ 47,472     $ 21,532  
Net loss   $ (25,647 )   $ (19,698 )   $ (74,295 )   $ (45,473 )