5. LEASES

OPERATING LEASES

Total operating lease expenses for the three months ended March 31, 2023 and 2022 were $493 and $168, respectively, and were recorded in other operating expenses on the condensed consolidated statements of operations. Operating lease expenses consist of rent expense, common area maintenance adjustments and other expenses.

As of March 31, 2023, the Company had $652 of right-of-use assets that were classified as financing leases for vehicles associated with the operations of Blink Mobility which are included as a component of property and equipment on the condensed consolidated balance sheet as of March 31, 2023. The duration of the leases are three years and the Company is expected to pay approximately $1,020 throughout the term.

As of March 31, 2023, the Company did not have additional operating and financing leases that have not yet commenced.

During the three months ended March 31, 2023, the Company recorded $10 of interest expense related to finance leases, which were recorded within interest expense on the condensed consolidated statement of operations. During the three months ended March 31, 2023, the Company recorded amortization expense of $169 related to finance leases. There were no expenses incurred related to finance leases during the three months ended March 31, 2022.

BLINK CHARGING CO.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(in thousands except for share and per share amounts)

5. LEASES – CONTINUED

Supplemental cash flows information related to leases was as follows:

SCHEDULE OF SUPPLEMENTAL CASH FLOWS INFORMATION RELATED TO LEASES 

Future minimum payments under non-cancellable leases as of March 31, 2023 were as follows:

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS