Quarterly report [Sections 13 or 15(d)]

REVISION OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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REVISION OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2025
Revision Of Previously Issued Condensed Consolidated Financial Statements  
REVISION OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

10. REVISION OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

In connection with the preparation of the Company’s consolidated financial statements for the year ended December 31, 2024, the Company identified a number of misstatements and omitted disclosure items in the Company’s previously issued financial statements as summarized below. The identified misstatements impacted certain components of the balance sheet and statement of cash flows in the consolidated financial statements included in the Form 10-Q for the Quarterly Period ended March 31, 2024. The Company assessed the materiality of the errors, including the presentation on prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin Topics 1.M and 1.N (formerly No. 99, Materiality).

 

Based on this assessment, the Company concluded that these errors and the related impacts did not result in a material misstatement of its previously issued condensed consolidated financial statements as of and for the three months ended March 31, 2024. However, the Company concluded the financial statements should be revised for these errors.

 

Note 2 — Summary of Significant Accounting Policies - Marketable Securities

 

The Company identified a classification misstatement in the Company’s previously issued financial statements related to the classification of marketable securities that were previously included within cash and cash equivalents.

 

A summary of the corrections to the impacted financial statement line items in the Company’s previously issued consolidated balance sheet and consolidated statement of cash flows as of and for the three months ended March 31, 2024.

 

Condensed Consolidated Balance Sheet- Unaudited

(in thousands)

 

    As Previously     Revision     As  
    Reported     Adjustments     Revised  
Assets                        
Current Assets:                        
Cash and cash equivalents   $ 93,458     $ (20,311 )   $ 73,147  
Marketable securities   $ -     $ 20,311     $ 20,311  
Total Current Assets   $ 197,735     $ -     $ 197,735  
Total Assets   $ 404,495     $ -     $ 404,495  

 

Condensed Consolidated Statements of Cash Flows – Unaudited

(in thousands)

 

    As Previously     Revision     As  
    Reported     Adjustments     Revised  
Cash Flows From Investing Activities:                        
Proceeds from sale of marketable securities   $ -     $ 3,000     $ 3,000  
Purchase of marketable securities   $ -     $ (341 )   $ (341 )
Net Cash Used In Investing Activities   $ (2,830 )   $ 2,659     $ (171 )
Net Decrease In Cash and Cash Equivalents and Restricted Cash   $ (28,235 )   $ 2,659     $ (25,576 )
Cash and Cash Equivalents and Restricted Cash - Beginning of Period   $ 121,770     $ (22,970 )   $ 98,800  
Cash and Cash Equivalents and Restricted Cash - End of Period   $ 93,535     $ (20,311 )   $ 73,224  
                         
Cash and cash equivalents and restricted cash consisted of the following:                        
Cash and cash equivalents   $ 93,458     $ (20,311 )   $ 73,147  
Restricted cash   $ 77     $ -     $ 77  
Cash and cash equivalents and restricted cash   $ 93,535     $ (20,311 )   $ 73,224  

 

 

BLINK CHARGING CO.

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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