Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENT

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FAIR VALUE MEASUREMENT
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT

11. FAIR VALUE MEASUREMENT

 

Assumptions utilized in the valuation of Level 3 liabilities are described as follows:

  

    For the Years Ended  
    December 31,  
    2022     2021     2020  
Risk-free interest rate     1.63%-4.73 %     0.07%-0.39 %      0.16%-1.69 %
Contractual term (years)     1.00       1.00       1.00-8.00  
Expected volatility     74%-85 %     90%-148 %      78%-143.8 %
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 warrant liabilities that are measured at fair value on a recurring basis:

  

    2022     2021  
Contingent Consideration                
Beginning balance - January 1,   $ -     $ -  
Contingent consideration assumed in BlueLA acquisition     3,814       -  
Change in fair value of contingent consideration     (2,498 )     -  
Ending balance - December 31,   $ 1,316     $ -  
                 
Warrant Liability                
Beginning balance - January 1   $ 90     $ 159  
Change in fair value of warrant liability     (66 )     (69 )
Ending balance - December 31,   $ 24     $ 90  

 

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

  

    December 31, 2022  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Alternative fuel credits   $ -     $ 32     $ -     $ 32  
Total assets   $         -     $     32     $        -     $ 32  
                                 
Liabilities:                                
Option liability   $ 409     $ -     $ -     $ 409  
Contingent consideration     -       -       1,316       1,316  
Warrant liability     -       -       24       24  
Total liabilities   $ 409     $ -     $ 1,340     $ 1,749  

 

    December 31, 2021  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Alternative fuel credits   $ -     $ 58     $ -     $ 58  
Total assets   $ -     $ 58     $ -     $ 58  
                                 
Liabilities:                                
Common stock liability   $ 364     $ -     $ -     $ 364  
Warrant liability     -       -       90       90  
Total liabilities   $ 364     $ -     $ 90     $ 454  

 

See Note 3 - Business Combinations for additional details.

 

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)