RELATED PARTY TRANSACTIONS
|6 Months Ended|
Jun. 30, 2021
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
8. RELATED PARTY TRANSACTIONS
The Company and a group of Cyprus entities entered into a shareholders’ agreement on February 11, 2019, pertaining to the parties’ respective shareholdings in a new joint venture entity, Blink Charging Europe Ltd. (the “Entity”), that was formed under the laws of Cyprus on the same date. Pursuant to the agreement, the Company is not required to fund operating losses. The Company owns of the Entity while the other three entities own of the Entity. The Entity currently owns of a Greek subsidiary, Blink Charging Hellas SA (“Hellas”), which started operations in the Greek EV market. There are currently no plans for the Company to make any capital contributions or investments. During the three and six months ended June 30, 2021, the Company recognized sales of $ and $ , respectively, and $ and $ during the three and six months ended June 30, 2020, respectively, to Hellas. As of June 30, 2021, the Company had a receivable from Hellas of approximately $ . The Company determined that the Entity is a variable interest entity, however, the Company does not have a controlling financial interest and, as a result, the Company is not required to consolidate the Entity and instead has applied equity method accounting to its investment in the Entity. From inception through June 30, 2021, the Entity has not generated net income and, as a result, pursuant to ASC 323, the Company has not recorded a gain or loss on its equity method investment in the Entity during the three and six months ended June 30, 2021 and 2020.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef