Annual report [Section 13 and 15(d), not S-K Item 405]

FAIR VALUE MEASUREMENT

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FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT

10. FAIR VALUE MEASUREMENT

 

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

 

    December 31, 2024  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Marketable securities   $ 13,630     $ -     $ -     $ 13,630  
Money market funds     27,347       -       -       27,347  
Alternative fuel credits     -       51       -       51  
Total assets   $ 40,977     $ 51     $ -     $ 41,028  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 22     $ 22  
Common stock consideration payable     -       -       21,028       21,028  
Total liabilities   $ -     $ -     $ 21,050     $ 21,050  

 

    December 31, 2023  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Marketable securities   $ 22,970     $ -     $ -     $ 22,970  
Money market funds     46,572       -       -       46,572  
Alternative fuel credits     -       32       -       32  
Total assets   $ 69,542     $ 32     $ -     $ 69,574  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 32     $ 32  
Option liability     293       -       -       293  
Common stock liability     743       -       -       743  
Common stock consideration payable     -       -       18,118       18,118  
Total liabilities   $ 1,036     $ -     $ 18,150     $ 19,186  

 

See Note 8 - Notes Payable and Consideration Payable for additional details.

 

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

 

    For the Years Ended  
    December 31,  
    2024     2023     2022  
Risk-free interest rate     3.98%-5.09%       4.64%-5.46%       1.63%-4.73 %
Contractual term (years)     1.00       1.00       1.00  
Expected volatility     84%-92%       67%-80%       74%-85 %
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 fair value measurements on a recurring basis:

 

    2024     2023  
Common Stock Consideration Payable                
Beginning balance as of January 1,   $ 18,118     $ -  
Consideration payable assumed in Envoy acquisition     -       18,118  
Change in fair value of consideration payable     2,910       -  
Ending balance as of December 31,   $ 21,028     $ 18,118  
                 
Warrant Liability                
Beginning balance as of January 1   $ 32     $ 24  
Change in fair value of warrant liability     (10 )     8  
Ending balance as of December 31,   $ 22     $ 32  
                 
Contingent Consideration                
Beginning balance as of January 1   $ -     $ 1,316  
Change in fair value of contingent consideration     -       (1,316 )
Ending balance as of December 31,   $ -     $ -  

 

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)