Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT

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FAIR VALUE MEASUREMENT
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT

7. FAIR VALUE MEASUREMENT

 

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

    For the Three Months Ended  
    March 31,  
    2024     2023  
Risk-free interest rate     5.03 %     4.64 %
Contractual term (years)     1.00       1.00  
Expected volatility     88 %     77 %
Expected dividend yield     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:

    2024  
Consideration payable        
Beginning balance as of January 1,   $ 18,118  
Change in fair value of consideration payable     1,700  
Ending balance as of March 31,   $ 19,818  
         
Warrant Liability        
Beginning balance as of January 1   $ 32  
Change in fair value of warrant liability     2  
Ending balance as of March 31,   $ 34  

 

The common stock consideration payable is recorded at fair value of $19,818 and $18,118 as of March 31, 2024 and December 31, 2023, respectively, and is included within consideration payable on the condensed consolidated balance sheets. The Company uses a probability-weighted discounted cash flow approach as a valuation technique to determine the fair value of the common stock consideration payable on the acquisition date and at each reporting period. The significant unobservable inputs used in the fair value measurements are the probability outcome percentages that are assigned to each scenario. Significant increases or decreases to either of these inputs in isolation could result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the common stock consideration liability.

 

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

    March 31, 2024  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Alternative fuel credits   $ -     $ 26     $ -     $ 26  
Total assets   $ -     $ 26     $ -     $ 26  
                                 
Liabilities:                                
Option liability   $ 293     $ -     $ -     $ 293  
Warrant liability     -       -       34       34  
Common stock liability     775       -       -       775  
Consideration payable     19,818       -       -       19,818  
Total liabilities   $ 20,886     $ -     $ 34     $ 20,920  

 

    December 31, 2023  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Alternative fuel credits   $ -     $ 32     $ -     $ 32  
Total assets   $ -     $ 32     $ -     $ 32  
                                 
Liabilities:                                
Option liability   $ 293     $ -     $ -     $ 293  
Warrant liability     -       -       32       32  
Common stock liability     743       -       -       743  
Consideration payable     18,118       -       -       18,118  
Total liabilities   $ 19,154     $ -     $ 32     $ 19,186  

 

 

BLINK CHARGING CO.

 

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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