| SCHEDULE OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS |
A
summary of the corrections to the impacted financial statement line items in the Company’s previously issued consolidated financial
statements as of and for the year ended December 31, 2024 are as follows:
SCHEDULE OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated
Balance Sheet
(in
thousands)
As
of December 31, 2024
| |
|
As Previously Reported |
|
|
Revision Adjustments |
|
|
Notes |
|
|
As Revised |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
$ |
43,201 |
|
|
$ |
(1,129 |
) |
|
|
(f) |
|
|
$ |
42,072 |
|
| Inventory, net |
|
|
38,280 |
|
|
|
(1,672 |
) |
|
|
(c) |
|
|
|
36,608 |
|
| Prepaid expenses and other current assets |
|
|
4,267 |
|
|
|
1,129 |
|
|
|
(f) |
|
|
|
5,396 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Current Assets |
|
|
141,152 |
|
|
|
(1,672 |
) |
|
|
|
|
|
|
139,480 |
|
| Property and equipment, net |
|
|
38,671 |
|
|
|
(1,290 |
) |
|
|
(d) |
|
|
|
37,381 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
217,988 |
|
|
$ |
(2,962 |
) |
|
|
|
|
|
$ |
215,026 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable, accrued expenses and other current liabilities |
|
$ |
38,370 |
|
|
$ |
505 |
|
|
|
(b), (e), (f) |
|
|
$ |
38,875 |
|
| Current portion of deferred revenue |
|
|
17,359 |
|
|
|
(281 |
) |
|
|
(f) |
|
|
|
17,078 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Current Liabilities |
|
|
59,244 |
|
|
|
224 |
|
|
|
|
|
|
|
59,468 |
|
| Deferred revenue, non-current portion |
|
|
10,603 |
|
|
|
(5,543 |
) |
|
|
(f) |
|
|
|
5,060 |
|
| Other liabilities |
|
|
1,152 |
|
|
|
5,543 |
|
|
|
(f) |
|
|
|
6,695 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
|
99,286 |
|
|
|
224 |
|
|
|
|
|
|
|
99,510 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
|
(735,855 |
) |
|
|
(3,186 |
) |
|
|
(a)-(g) |
|
|
|
(739,041 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stockholders’ Equity |
|
|
118,702 |
|
|
|
(3,186 |
) |
|
|
|
|
|
|
115,516 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders’ Equity |
|
$ |
217,988 |
|
|
$ |
(2,962 |
) |
|
|
|
|
|
$ |
215,026 |
|
BLINK CHARGING CO.
Notes to Consolidated Financial Statements
(dollars in
thousands, except for share and per share amounts)
19.
REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Consolidated
Statement of Operations-For the Year Ended December 31, 2024
(in
thousands)
| |
|
As Previously Reported |
|
|
Revision Adjustments |
|
|
Notes |
|
|
As Revised |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Network fees |
|
$ |
8,716 |
|
|
$ |
(764 |
) |
|
|
(b) |
|
|
$ |
7,952 |
|
| Warranty |
|
|
6,427 |
|
|
|
(740 |
) |
|
|
(b) |
|
|
|
5,687 |
|
| Grant and fees rebate |
|
|
1,704 |
|
|
|
(656 |
) |
|
|
(a) |
|
|
|
1,048 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
|
126,197 |
|
|
|
(2,160 |
) |
|
|
|
|
|
|
124,037 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of product sales |
|
|
54,164 |
|
|
|
1,632 |
|
|
|
(b), (c), (d), (e) |
|
|
|
55,796 |
|
| Depreciation and amortization |
|
|
6,299 |
|
|
|
(656 |
) |
|
|
(a) |
|
|
|
5,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Cost of Revenues |
|
|
85,416 |
|
|
|
976 |
|
|
|
|
|
|
|
86,392 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Profit |
|
|
40,781 |
|
|
|
(3,136 |
) |
|
|
|
|
|
|
37,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative
expenses |
|
|
31,779 |
|
|
|
108 |
|
|
|
(d) |
|
|
|
31,887 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Operating Expenses |
|
|
240,729 |
|
|
|
108 |
|
|
|
|
|
|
|
240,837 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss From Operations |
|
|
(199,948 |
) |
|
|
(3,244 |
) |
|
|
|
|
|
|
(203,192 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
|
(714 |
) |
|
|
58 |
|
|
|
(g) |
|
|
|
(656 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(198,132 |
) |
|
$ |
(3,186 |
) |
|
|
|
|
|
$ |
(201,318 |
) |
| Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(1.96 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
$ |
(2.00 |
) |
| Diluted |
|
$ |
(1.96 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
$ |
(2.00 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
100,844,970 |
|
|
|
100,844,970 |
|
|
|
|
|
|
|
100,844,970 |
|
| Diluted |
|
|
100,844,970 |
|
|
|
100,844,970 |
|
|
|
|
|
|
|
100,844,970 |
|
Consolidated
Statement of Comprehensive Loss- For the Year Ended December 31, 2024
(in
thousands)
| |
|
As Previously Reported |
|
|
Revision Adjustments |
|
|
As Revised |
|
| |
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(198,132 |
) |
|
$ |
(3,186 |
) |
|
$ |
(201,318 |
) |
| Other Comprehensive Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
| Cumulative translation adjustments |
|
|
(3,309 |
) |
|
|
- |
|
|
|
(3,309 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Comprehensive Loss |
|
$ |
(201,441 |
) |
|
$ |
(3,186 |
) |
|
$ |
(204,627 |
) |
BLINK CHARGING CO.
Notes to Consolidated Financial Statements
(dollars in
thousands, except for share and per share amounts)
19.
REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Consolidated
Statement of Changes in Stockholder’s Equity
(in
thousands)
As
of December 31, 2024
| |
|
As Previously Reported |
|
|
Revision Adjustments |
|
|
As Revised |
|
| |
|
|
|
|
|
|
|
|
|
| Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
|
(735,855 |
) |
|
|
(3,186 |
) |
|
|
(739,041 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stockholders’ Equity |
|
$ |
118,702 |
|
|
$ |
(3,186 |
) |
|
$ |
115,516 |
|
Consolidated
Statement of Cash Flows- For the Year Ended December 31, 2024
(in
thousands)
| |
|
As Previously Reported |
|
|
Revision Adjustments |
|
|
Notes |
|
|
As Revised |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(198,132 |
) |
|
$ |
(3,186 |
) |
|
|
(a)-(g) |
|
|
$ |
(201,318 |
) |
| Adjustments to reconcile net loss to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
13,407 |
|
|
|
(656 |
) |
|
|
(a) |
|
|
|
12,751 |
|
| Loss on disposal of property and equipment |
|
|
679 |
|
|
|
1,290 |
|
|
|
(d) |
|
|
|
1,969 |
|
| Provision for slow moving and obsolete inventory |
|
|
2,352 |
|
|
|
1,672 |
|
|
|
(c) |
|
|
|
4,024 |
|
| Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
| Accounts
receivable |
|
|
(2,036 |
) |
|
|
1,130 |
|
|
|
(f) |
|
|
|
(906 |
) |
| Prepaid
expenses and other current assets |
|
|
2,231 |
|
|
|
(2,260 |
) |
|
|
(f) |
|
|
|
(29 |
) |
| Accounts payable, accrued expenses, and other current liabilities |
|
|
(4,930 |
) |
|
|
1,162 |
|
|
|
(b), (e), (f) |
|
|
|
(3,768 |
) |
| Other liabilities |
|
|
815 |
|
|
|
5,543 |
|
|
|
(f) |
|
|
|
6,358 |
|
| Deferred revenue |
|
|
2,327 |
|
|
|
(5,824 |
) |
|
|
(f) |
|
|
|
(3,497 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Adjustments |
|
|
150,970 |
|
|
|
2,057 |
|
|
|
|
|
|
|
153,027 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Cash Used In Operating Activities |
|
|
(47,162 |
) |
|
|
(1,129 |
) |
|
|
|
|
|
|
(48,291 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from government grants |
|
|
- |
|
|
|
1,129 |
|
|
|
(f) |
|
|
|
1,129 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Cash Provided By Investing Activities |
|
|
4,148 |
|
|
|
1,129 |
|
|
|
|
|
|
|
5,277 |
|
|