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
 9 Months Ended
Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
REVISION OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12. 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 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.

 

The identified misstatements impacted certain components of the balance sheet and statement of cash flows in the condensed consolidated financial statements included in the Form 10-Q for the quarterly period ended September 30, 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 nine months ended September 30, 2024. However, the Company concluded the financial statements should be revised for these errors.

 

A summary of the corrections to the impacted financial statement line items in the Company’s previously issued condensed consolidated balance sheet and condensed consolidated statement of cash flows as of and for the nine months ended September 30, 2024 are as follows:

 

Condensed Consolidated Balance Sheets

(In thousands)

 

As of September 30, 2024                  
    As Previously     Revision     As  
    Reported     Adjustments     Revised  
Assets                        
Current Assets:                        
Cash and cash equivalents   $ 64,584     $ (17,178 )   $ 47,406  
Marketable securities   $ -     $ 17,178     $ 17,178  
Total Current Assets   $ 160,259     $ -     $ 160,259  
Total Assets   $ 303,023     $ -     $ 303,023  

 

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

For the Nine Months Ended September 30, 2024                  
    As Previously     Revision     As  
    Reported     Adjustments     Revised  
Cash Flows From Investing Activities:                        
Proceeds from sale of marketable securities   $ -     $ 6,750     $ 6,750  
Purchase of marketable securities   $ -     $ (958 )   $ (958 )
Net Cash Used In Investing Activities   $ (9,738 )   $ 5,792     $ (3,946 )
Net Decrease In Cash and Cash Equivalents and Restricted Cash   $ (57,109 )   $ 5,792     $ (51,317 )
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   $ 64,661     $ (17,178 )   $ 47,483  
                         
Cash and cash equivalents and restricted cash consisted of the following:                        
Cash and cash equivalents   $ 64,584     $ (17,178 )   $ 47,406  
Restricted cash   $ 77     $ -     $ 77  
Cash and cash equivalents and restricted cash   $ 64,661     $ (17,178 )   $ 47,483  

 

 

BLINK CHARGING CO.

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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