Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENT

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FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT

9. FAIR VALUE MEASUREMENT

 

Assumptions utilized in the valuation of Level 3 liabilities are described as follows:

 

    For the Years Ended  
    December 31,  
    2023     2022     2021  
Risk-free interest rate     4.64%-5.46 %     1.63%-4.73 %     0.07%-0.39 %
Contractual term (years)     1.00       1.00       1.00  
Expected volatility     67%-80 %     74%-85 %     90%-148 %
Expected dividend yield     0.00 %     0.00 %     0.00 %

 

The following table sets forth a summary of the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis:

 

    2023     2022  
Contingent Consideration                
Beginning balance as of January 1,   $ 1,316     $ -  
Contingent consideration assumed in EB acquisition     -       3,814  
Change in fair value of contingent consideration     (1,316 )     (2,498 )
Ending balance as of December 31,   $ -     $ 1,316  
                 
Warrant Liability                
Beginning balance as of January 1   $ 24     $ 90  
Change in fair value of warrant liability     8       (66 )
Ending balance as of December 31,   $ 32     $ 24  

 

Assets and liabilities measured at fair value on a recurring basis are as follows:

 

    December 31, 2023  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 32     $ -     $ 32  
Total assets   $ -     $ 32     $ -     $ 32  
                                 
Liabilities:                                
Option liability   $ 293     $ -     $ -     $ 293  
Contingent consideration     -       -       1,316       1,316  
Warrant liability     -       -       32     32  
Common stock liability     743       -       -       743  
Common stock consideration payable     18,118       -       -       18,118  
Total liabilities   $ 19,154     $ -     $ 32     $ 19,186  

 

    December 31, 2022  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 32     $ -     $ 32  
Total assets   $ -     $ 32     $ -     $ 32  
                                 
Liabilities:                                
Option liability   $ 409     $ -     $ -     $ 409  
Contingent consideration     -       -       1,316       1,316  
Warrant liability     -       -       24       24  
Total liabilities   $ 409     $ -     $ 1,340     $ 1,749  

 

See Note 3 - Business Combinations for additional details.

 

In addition to assets and liabilities that are measured at fair value on a recurring basis, we also measure certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets, operating lease right of use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

 

 

BLINK CHARGING CO.

 

Notes to Consolidated Financial Statements

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