NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 2022 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE |
9. NOTES PAYABLE
PAYCHECK PROTECTION PROGRAM
On May 7, 2020, the Company received $856 in connection with a loan (the “PPP Loan”) under the CARES Act Paycheck Protection Program (the “PPP”). The PPP provides for loans to qualifying businesses for amounts of up to 2.5 times their average monthly payroll expenses. The loan principal and accrued interest are forgivable, as long as the borrower uses loan proceeds for eligible purposes during the covered period following disbursement, such as payroll, benefits, rent, and utilities, and maintains its payroll levels. The amount of loan forgiveness is reduced if the borrower terminates employees or reduces salaries during the covered period, subject to certain qualifications and exclusions. As of December 31, 2020, the Company had utilized all $856 of the proceeds of the PPP Loan.
During the year ended December 31, 2021, the Company obtained forgiveness for its PPP Loans in the amount of $856 and recorded a gain on settlement of debt on the consolidated statement of operations for the year ended December 31, 2021.
OTHER NOTES PAYABLE
In connection with the U-Go acquisition, the Company had also assumed $165 in notes payable, however, these notes were subsequently repaid during the year ended December 31, 2020. See Note 3 – Business Combination – U-GO Stations, Inc. Acquisition for details.
In connection with the SemaConnect and EB acquisitions, the Company had also assumed certain notes payable, however, $681 of principal were subsequently repaid during the year ended December 31, 2022. See Note 3 – Business Combination for details.
As of December 31, 2022 and 2021, the Company had an outstanding note payable in the principal amount of $10.
BLINK CHARGING CO.
Notes to Consolidated Financial Statements (in thousands except for share and per share amounts)
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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