Annual report pursuant to Section 13 and 15(d)

LEASES

v3.24.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases  
LEASES

14. LEASES

 

OPERATING LEASES

 

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, 2023, 2022, and 2021 were $1,803, $789, and $566, respectively, and is recorded in other operating expenses on the consolidated statements of operations. Operating lease expenses consist of rent expense, common area maintenance adjustments and other expenses.

 

As of December 31, 2023, the Company had $697 of right-of-use assets that were classified as financing leases for vehicles associated with the operations of Blink Mobility and are included as a component of property and equipment on the consolidated balance sheet as of December 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 December 31, 2023, the Company did not have additional operating and financing leases that have not yet commenced.

 

During the years ended December 31, 2023 and 2022, the Company recorded $37 and $38 of interest expense related to finance leases, respectively, which were recorded within interest expense on the consolidated statements of operations. During the years ended December 31, 2023 and 2022, the Company recorded amortization expense of $1,226 and $659 related to finance leases, respectively. There were no finance leases as of December 31, 2021.

 

 

BLINK CHARGING CO.

 

Notes to Consolidated Financial Statements

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

 

14. LEASES – CONTINUED

 

OPERATING LEASES – CONTINUED

 

Supplemental cash flows information related to leases was as follows:

 

    2023     2022     2021  
    For The Years Ended  
    December 31,  
    2023     2022     2021  
Cash paid for amounts included in the measurement of lease liabilities:                  
                   
Operating cash flows from operating leases   $ 3,672     $ 825     $ 1,019  
Financing cash flows from finance leases   $ 2,837     $ 217     $ -  
                         
Right-of-use assets obtained in exchange for lease obligations:                        
Operating leases   $ 7,401     $ 1,787     $ 2,129  
Finance leases   $ 2,798     $ 931     $ -  
                         
Weighted Average Remaining Lease Term                        
Operating leases     2.74       3.66       4.77  
Finance leases     1.71       2.50       -  
                         
Weighted Average Discount Rate                        
Operating leases     7.5 %     4.9 %     4.7 %
Finance leases     6.4 %     6.2 %     0.0 %

 

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

 

For the Years Ending December 31,   Operating Lease     Finance Lease  
2024   $ 3,917     $ 580  
2025     3,031       115  
2026     1,814       30  
2027     1,121       26  
2028     703       15  
Thereafter     1,303       -  
Total future minimum lease payments     11,888       765  
Less: imputed interest     (1,415 )     (90 )
Total   $ 10,473     $ 675  

 

 

BLINK CHARGING CO.

 

Notes to Consolidated Financial Statements

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