Blink Charging Co. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

3 Months Ended

Mar. 31, 2021

7.	LEASES

OPERATING LEASES

As of March 31, 2021, the Company had no leases that were classified as a financing lease. As of March 31, 2021, the Company did not have additional operating and financing leases that have not yet commenced.

Total operating lease expenses for the three months ended March 31, 2021 and 2020 were $169,678 and $113,599, respectively, and are recorded in other operating expenses on the condensed consolidated statements of operations.

During the three months ended March 31, 2021, the Company entered into a lease for approximately 27,540 square feet of space in Arizona. The lease commenced on January 1, 2021 and will terminate on May 31, 2028. The lease also includes a build-out allowance of $137,000. Monthly payments under the lease, net of buildout allowance, is $18,235 per month. The lease also includes a security deposit of $22,032.

Supplemental cash flows information related to leases was as follows:

	For The Three Months Ended
	March 31,
	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	169,126		$	52,743

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1,358,408		$	-

Weighted Average Remaining Lease Term
Operating leases		5.96			1.41

Weighted Average Discount Rate
Operating leases		4.9	%		6.0	%

Future minimum payments under non-cancellable leases as of March 31, 2021 were as follows:

For the Years Ending December 31,	Amount

2021	$	385,831
2022		468,138
2023		291,546
2024		218,818
2025		218,818
Thereafter		528,810
Total future minimum lease payments		2,111,961
Less: imputed interest		(139,198	)
Total	$	1,972,763