Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.4
LEASES
 12 Months Ended
Dec. 31, 2022
Leases  
LEASES

15. LEASES

 

OPERATING LEASES

 

See Note 3 – Business Combination regarding details associated with lease agreements for (i) certain parking locations in connection with the City of Los Angeles Agreement.

 

During the year ended December 31, 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.

 

Total operating lease expenses for the year ended December 31, 2022, 2021, and 2020 was $789, $566, and $220, respectively, and is recorded in other operating expenses on the consolidated statements of operations. Operating lease expenses consist of rent expense, CAM adjustments and other expenses.

 

As of December 31, 2022, the Company had $931 of right-of-use assets that were classified as financing leases for vehicles associated with the operations of Blink Mobility are included as a component of property and equipment on the consolidated balance sheet as of December 31, 2022. The duration of the leases are three years and the Company is expected to pay approximately $1,020 throughout the term.

 

As of December 31, 2022, the Company did not have additional operating and financing leases that have not yet commenced.

 

During the year ended December 31, 2022, the Company recorded $38 of interest expense related to finance leases, which were recorded within interest expense on the consolidated statements of operations. During the year ended December 31, 2022, the Company recorded amortization expense of $659 related to finance leases. There were no finance leases as of December 31, 2021 and 2020.

 

 

BLINK CHARGING CO.

 

Notes to Consolidated Financial Statements

(in thousands except for share and per share amounts)

 

15. LEASES – CONTINUED

 

OPERATING LEASES – CONTINUED

 

Supplemental cash flows information related to leases was as follows:

  

    For The Years Ended  
    December 31,  
    2022     2021     2020  
Cash paid for amounts included in the measurement of lease liabilities:                        
                         
Operating cash flows from operating leases   $ 825     $ 1,019     $ 207  
Financing cash flows from finance leases   $ 217     $ -     $ -  
                         
Right-of-use assets obtained in exchange for lease obligations:                        
Operating leases   $ 1,787     $ 2,129     $ 598  
Finance leases   $ 931     $ -     $ -  
                         
Weighted Average Remaining Lease Term                        
Operating leases     3.66       4.77       2.10  
Finance leases     2.50       -       -  
                         
Weighted Average Discount Rate                        
Operating leases     4.9 %     4.7 %     6.0 %
Finance leases     6.2 %     0.0 %     0.0 %

 

Future minimum payments under non-cancellable leases as of December 31, 2022 were as follows:

  

For the Years Ending December 31,   Operating Lease     Finance Lease  
2023   $ 1,835     $ 340  
2024     1,163       340  
2025     955       85  
2026     760       -  
2027     501       -  
Total future minimum lease payments     5,214       765  
Less: imputed interest     (446 )     (51 )
Total   $ 4,768     $ 714  

 

 

BLINK CHARGING CO.

 

Notes to Consolidated Financial Statements

(in thousands except for share and per share amounts)