Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 12, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Blink Charging Co. | |
Entity Central Index Key | 0001429764 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,100,258 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 1,343,978 | $ 3,975,494 |
Marketable securities | 1,952,510 | 3,150,332 |
Accounts receivable and other receivables, net | 293,625 | 206,770 |
Inventory, net | 1,702,204 | 2,157,295 |
Prepaid expenses and other current assets | 2,027,076 | 671,033 |
Total Current Assets | 7,319,393 | 10,160,924 |
Property and equipment, net | 2,104,989 | 1,347,309 |
Operating lease right-of-use asset | 212,554 | 258,102 |
Intangible assets, net | 92,070 | 107,415 |
Other assets | 73,743 | 73,743 |
Total Assets | 9,802,749 | 11,947,493 |
Current Liabilities: | ||
Accounts payable | 2,972,306 | 2,372,212 |
Accrued expenses | 916,965 | 897,548 |
Accrued issuable equity | 207,850 | 257,686 |
Notes payable | 10,000 | 10,000 |
Current portion of operating lease liabilities | 195,254 | 190,823 |
Other current liabilities | 74,708 | 73,598 |
Current portion of deferred revenue | 783,720 | 567,613 |
Total Current Liabilities | 5,160,803 | 4,369,480 |
Operating lease liabilities, non-current portion | 34,328 | 84,838 |
Other liabilities | 39,065 | 58,164 |
Deferred revenue, non-current portion | 565 | |
Total Liabilities | 5,234,196 | 4,513,047 |
Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of March 31, 2020 and December 31, 2019 | ||
Commitments and contingencies (Note 10) | ||
Stockholders' Equity: | ||
Common stock, $0.001 par value, 500,000,000 shares authorized, 27,965,211 and 26,322,583 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 27,965 | 26,323 |
Additional paid-in capital | 177,004,964 | 176,729,926 |
Accumulated other comprehensive income | 1,705 | 183,173 |
Accumulated deficit | (172,466,081) | (169,504,981) |
Total Stockholders' Equity | 4,568,553 | 7,434,446 |
Total Liabilities and Stockholders' Equity | 9,802,749 | 11,947,493 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized; | ||
Series C Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized; | ||
Series D Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized; | $ 5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 27,965,211 | 26,322,583 |
Common stock, shares outstanding | 27,965,211 | 26,322,583 |
Series B Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized | 10,000 | 10,000 |
Temporary equity, shares issued | 0 | 0 |
Temporary equity, shares outstanding | 0 | 0 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 13,000 | 13,000 |
Preferred stock, shares issued | 0 | 5,125 |
Preferred stock, shares outstanding | 0 | 5,125 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Total Revenues | $ 1,298,864 | $ 577,390 |
Cost of Revenues: | ||
Total Cost of Revenues | 990,142 | 523,432 |
Gross Profit | 308,722 | 53,958 |
Operating Expenses: | ||
Compensation | 2,114,467 | 1,603,485 |
General and administrative expenses | 645,883 | 257,136 |
Other operating expenses | 567,200 | 508,825 |
Total Operating Expenses | 3,327,550 | 2,369,446 |
Loss From Operations | (3,018,828) | (2,315,488) |
Other Income (Expense): | ||
Interest income, net | 15,853 | 16,072 |
Gain on settlement of debt | 310,000 | |
Gain on settlement of accounts payable, net | 52,500 | |
Change in fair value of derivative and other accrued liabilities | 521 | (54,742) |
Other income | 41,354 | 98,031 |
Total Other Income | 57,728 | 421,861 |
Net Loss | $ (2,961,100) | $ (1,893,627) |
Net Loss Per Share: | ||
Basic | $ (0.11) | $ (0.07) |
Diluted | $ (0.11) | $ (0.07) |
Weighted Average Number of Common Shares Outstanding: | ||
Basic | 26,842,136 | 26,171,070 |
Diluted | 26,842,136 | 26,171,070 |
Charging Service Revenue [Member] | ||
Revenues: | ||
Total Revenues | $ 319,624 | $ 324,895 |
Product Sales [Member] | ||
Revenues: | ||
Total Revenues | 777,423 | 103,204 |
Network Fees [Member] | ||
Revenues: | ||
Total Revenues | 55,559 | 74,470 |
Warranty [Member] | ||
Revenues: | ||
Total Revenues | 8,060 | 16,508 |
Grant and Rebate [Member] | ||
Revenues: | ||
Total Revenues | 4,579 | 6,714 |
Other [Member] | ||
Revenues: | ||
Total Revenues | 133,619 | 51,599 |
Cost of Charging Services [Member] | ||
Cost of Revenues: | ||
Total Cost of Revenues | 29,614 | 29,729 |
Host Provider Fees [Member] | ||
Cost of Revenues: | ||
Total Cost of Revenues | 85,429 | 82,039 |
Cost of Product Sales [Member] | ||
Cost of Revenues: | ||
Total Cost of Revenues | 603,998 | 213,320 |
Network Costs [Member] | ||
Cost of Revenues: | ||
Total Cost of Revenues | 75,402 | 77,223 |
Warranty and Repairs and Maintenance [Member] | ||
Cost of Revenues: | ||
Total Cost of Revenues | 114,909 | 88,872 |
Depreciation and Amortization [Member] | ||
Cost of Revenues: | ||
Total Cost of Revenues | $ 80,790 | $ 32,249 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Loss | $ (2,961,100) | $ (1,893,627) |
Other Comprehensive (Loss) Income: | ||
Reclassification adjustments of gain on sale of marketable securities included in net loss | (113,526) | |
Change in fair value of marketable securities | (67,942) | 100,686 |
Total Comprehensive Loss | $ (3,142,568) | $ (1,792,941) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Series D Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 5 | $ 26,118 | $ 175,924,587 | $ (159,856,481) | $ 16,094,229 | |
Balance, shares at Dec. 31, 2018 | 5,141 | 26,118,075 | ||||
Stock-based compensation | $ 52 | 118,684 | 118,736 | |||
Stock-based compensation, shares | 51,724 | |||||
Common stock issued upon conversion of Series D convertible preferred stock | $ 5 | (5) | ||||
Common stock issued upon conversion of Series D convertible preferred stock, shares | (16) | 5,128 | ||||
Other comprehensive income loss | 100,686 | 100,686 | ||||
Restricted stock issued in satisfaction of accrued issuable equity | $ 57 | 199,831 | 199,888 | |||
Restricted stock issued in satisfaction of accrued issuable equity, shares | 56,948 | |||||
Return and retirement of common stock | $ (8) | 8 | ||||
Return and retirement of common stock, shares | (8,066) | |||||
Net loss | (1,893,627) | (1,893,627) | ||||
Balance at Mar. 31, 2019 | $ 5 | $ 26,224 | 176,243,105 | 100,686 | (161,750,108) | 14,619,912 |
Balance, shares at Mar. 31, 2019 | 5,125 | 26,223,809 | ||||
Balance at Dec. 31, 2019 | $ 5 | $ 26,323 | 176,729,926 | 183,173 | (169,504,981) | 7,434,446 |
Balance, shares at Dec. 31, 2019 | 5,125 | 26,322,583 | ||||
Stock-based compensation | 276,675 | 276,675 | ||||
Stock-based compensation, shares | ||||||
Common stock issued upon conversion of Series D convertible preferred stock | $ (5) | $ 1,642 | (1,637) | |||
Common stock issued upon conversion of Series D convertible preferred stock, shares | (5,125) | 1,642,628 | ||||
Other comprehensive income loss | (181,468) | (181,468) | ||||
Restricted stock issued in satisfaction of accrued issuable equity | ||||||
Net loss | (2,961,100) | (2,961,100) | ||||
Balance at Mar. 31, 2020 | $ 27,965 | $ 177,004,964 | $ 1,705 | $ (172,466,081) | $ 4,568,553 | |
Balance, shares at Mar. 31, 2020 | 27,965,211 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (2,961,100) | $ (1,893,627) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 146,351 | 69,235 |
Dividend and interest income | (84,162) | |
Change in fair value of derivative and other accrued liabilities | 521 | (54,742) |
(Benefit)/provision for bad debt | (59,170) | 9,777 |
Gain on settlement of debt | (310,000) | |
(Benefit)/provision for slow moving and obsolete inventory | (10,878) | 123,808 |
Gain on settlement of accounts payable, net | (52,500) | |
Non-cash compensation: | ||
Common stock | (84,959) | 184,295 |
Options | 312,319 | (39,290) |
Changes in operating assets and liabilities: | ||
Accounts receivable and other receivables | (27,685) | (39,119) |
Inventory | (76,267) | (805,220) |
Prepaid expenses and other current assets | (1,356,043) | 102,370 |
Other assets | (879) | |
Accounts payable and accrued expenses | 618,469 | (181,790) |
Lease liabilities | (46,079) | |
Deferred revenue | 215,542 | (24,175) |
Total Adjustments | (452,041) | (1,018,230) |
Net Cash Used In Operating Activities | (3,413,141) | (2,911,857) |
Cash Flows From Investing Activities: | ||
Proceeds from sale of marketable securities | 1,100,516 | |
Purchases of property and equipment | (300,902) | (27,392) |
Net Cash Provided By (Used In) Investing Activities | 799,614 | (27,392) |
Cash Flows From Financing Activities: | ||
Payment of financing liability in connection with internal use software | (17,989) | |
Net Cash Used In Financing Activities | (17,989) | |
Net Decrease In Cash | (2,631,516) | (2,939,249) |
Cash - Beginning of Period | 3,975,494 | 15,538,849 |
Cash - End of Period | 1,343,978 | 12,599,600 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest expense | ||
Non-cash investing and financing activities: | ||
Common stock issued upon conversion of Series D convertible preferred stock | 5 | 5 |
Return and retirement of common stock | (8) | |
Restricted stock issued in satisfaction of accrued issuable equity | 199,888 | |
Change in fair value of marketable securities | (181,468) | 100,686 |
Transfer of inventory to property and equipment | $ (542,236) | $ (44,079) |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization, Nature of Operations and Basis of Presentation | 1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION Blink Charging Co., through its wholly-owned subsidiaries (collectively, the “Company” or “Blink”), is a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services. Blink offers both residential and commercial EV charging equipment, enabling EV drivers to easily recharge at various location types. Blink’s principal line of products and services is its Blink EV charging network (the “Blink Network”) and EV charging equipment, also known as electric vehicle supply equipment (“EVSE”) and EV-related services. The Blink Network is a proprietary cloud-based software that operates, maintains, and tracks the Blink EV charging stations and their associated charging data. The Blink Network provides property owners, managers, and parking companies (“Property Partners”) with cloud-based services that enable the remote monitoring and management of EV charging stations, and payment processing, and provides EV drivers with vital station information including station location, availability, and applicable fees. Blink offers its Property Partners a range of business models for EV charging equipment and services that generally fall into one of the three business models below. ● In the Company’s comprehensive Turnkey business model, Blink owns and operates the EV charging equipment, undertakes and manages the installation, maintenance and related services, and Blink retains substantially all of the EV charging revenue. ● In the Company’s Hybrid business model, the Property Partner incurs the installation costs, while Blink provides the charging equipment. Blink operates and manages the EV charging station and provides connectivity of the charging station to the Blink Network. As a result, Blink shares a greater portion of the EV charging revenue with the Property Partner than under the turnkey model above. ● In the Company’s Host owned business model, the Property Partner purchases, owns and manages the Blink EV charging station, and incurs the installation costs of the equipment, while Blink provides site recommendations, connectivity to the Blink Network and optional maintenance services, and the Property Partner retains substantially all of the EV charging revenue. The Company has strategic partnerships across numerous transit/destination locations, including airports, auto dealers, healthcare/medical, hotels, mixed-use, municipal locations, multifamily residential and condos, parks and recreation areas, parking lots, religious institutions, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations. As of March 31, 2020, the Company had 14,643 charging stations deployed, of which, 5,283 were Level 2 commercial charging units, 103 were DC Fast Charging EV chargers and 1,070 were residential charging units. Additionally, as of March 31, 2020, we had 342 Level 2 commercial charging units on other networks and there were also 7,845 non-networked, residential Blink EV charging stations. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of March 31, 2020 and for the three months then ended. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full year ending December 31, 2020 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2019 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on April 2, 2020 as part of the Company’s Annual Report on Form 10-K. The Company is closely monitoring the impact on our business of the current outbreak of a novel strain of coronavirus (“COVID-19”). The Company is taking precautions to ensure the safety of its employees, customers and business partners, while assuring business continuity and reliable service and support to its customers. The Company believes the COVID-19 global pandemic had minimal impact on its first quarter 2020 financial results. If the pandemic continues to cause significant negative impacts to economic conditions, the Company’s results of operations, financial condition and liquidity could be adversely impacted. |
Going Concern and Management's
Going Concern and Management's Plans | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern and Management's Plans | 2. GOING CONCERN AND MANAGEMENT’S PLANS As of March 31, 2020, the Company had cash, marketable securities, working capital and an accumulated deficit of $1,343,978, $1,952,510, $2,158,590, and $172,466,081, respectively. During the three months ended March 31, 2020, the Company incurred a net loss of $2,961,100. During the three months ended March 31, 2020, the Company used cash in operating activities of $3,413,141. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within a year after the issuance date of these financial statements. The Company is currently funding its operations on a month-to-month basis. Since April 17, 2020 and through May 12, 2020, the Company sold 87,505 shares of common stock under an “at-the-market” equity offering program for aggregate gross proceeds of approximately $150,000 and received loan proceeds under the Paycheck Protection Program of approximately $856,000. See Note 12 – Subsequent Events for details. Since inception, the Company’s operations have primarily been funded through proceeds received in equity and debt financings. Although management believes that the Company generally has access to capital resources, the Company continues to evaluate financing opportunities. There is no assurance that the Company will be able to obtain funds due to current economic uncertainty or on commercially acceptable terms. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. If the Company is unable to obtain additional financing on a timely basis, it may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustment that might become necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Since the Annual Report for the year ended December 31, 2019, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note. CASH The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents in the condensed consolidated financial statements. The Company has cash on deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company reduces its credit risk by placing its cash and cash equivalents with major financial institutions. As of March 31, 2020, the Company had cash balances in excess of FDIC insurance limits of $1,039,663. INVESTMENTS Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. The following summarizes our investments as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Short-term investments: Available- for-sale investments $ 1,952,510 $ 3,150,332 The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2020 and December 31, 2019: March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income $ 2,053,252 $ 8,005 $ (108,747 ) $ 1,952,510 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income $ 2,967,159 $ 183,173 $ - $ 3,150,332 REVENUE RECOGNITION The Company recognizes revenue primarily from four different types of contracts: ● Charging service revenue – company-owned charging stations ● Product sales ● Network fees and other ● Other The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations: For The Three Months Ended March 31, 2020 2019 Revenues - Recognized at a Point in Time: Charging service revenue - company-owned charging stations $ 319,624 $ 324,895 Product sales 777,423 103,204 Other 133,619 51,599 Total Revenues - Recognized at a Point in Time 1,230,666 479,698 Revenues - Recognized Over a Period of Time: Network and other fees 63,619 90,978 Total Revenues - Recognized Over a Period of Time 63,619 90,978 Total Revenue Under ASC 606 $ 1,294,285 $ 570,676 The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related goods or services, the Company records deferred revenue until the performance obligations are satisfied. As of March 31, 2020, the Company had $132,671 related to contract liabilities where performance obligations have not yet been satisfied, which has been included within deferred revenue on the condensed consolidated balance sheet as of March 31, 2020. The Company expects to satisfy its remaining performance obligations for network fees and warranty revenue and recognize the revenue within the next twelve months. During the three months ended March 31, 2020, the Company recognized $63,621 of revenues related to network fees and warranty contracts, which were included in deferred revenues as of December 31, 2019. During the three months ended March 31, 2020, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Grants and rebates which are not within the scope of ASC 606, pertaining to revenues and periodic expenses are recognized as income when the related revenue and/or periodic expense are recorded. Grants and rebates related to EV charging stations and their installation are deferred and amortized in a manner consistent with the related depreciation expense of the related asset over their useful lives over the useful life of the charging station. During the three months ended March 31, 2020 and 2019, the Company recorded $4,579 and $6,714, respectively, related to grant and rebate revenue. At March 31, 2020 and December 31, 2019, there was $79,091 and $83,670, respectively, of deferred grant and rebate revenue to be amortized. CONCENTRATIONS As of March 31, 2020 and December 31, 2019, accounts receivable from a significant customer was 11% and 10% of accounts receivable, respectively. During the three months ended March 31, 2019, sales to a significant customer represented 12% of the Company’s total revenues. During the three months ended March 31, 2020, sales to another significant customer represented 33% of total revenues. NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the common share equivalents had been issued (computed using the treasury stock or if converted method), if dilutive. The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: For the Three Months Ended March 31, 2020 2019 Convertible preferred stock - 1,642,628 Warrants 6,840,049 6,837,061 Options 382,844 105,308 Unvested restricted common stock 110,160 - Total potentially dilutive shares 7,333,053 8,584,997 INCOME TAXES On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act, amongst other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under ASC 740, the effects of new legislation are recognized upon enactment. Accordingly, the CARES Act is effective beginning in the quarter ended March 31, 2020. The Company is currently evaluating how provisions in the CARES Act will impact its condensed consolidated financial statements, however, it does not currently believe that such provisions will have a material impact on the Company’s condensed consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS As of March 31, 2020, prepaid expenses and other current assets primarily consisted of alternative fuel credits of $553,177. As of December 31, 2019, alternative fuel credits was $476,992. As of March 31, 2020, the Company had a remaining purchase commitment of $437,808, which will become payable upon the supplier’s delivery of the charging stations. The purchase commitments were made primarily for future sales and deployments of these charging stations. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. ACCRUED EXPENSES SUMMARY Accrued expenses consist of the following: March 31, 2020 December 31, 2019 (unaudited) Accrued host fees $ 111,597 $ 108,683 Accrued professional, board and other fees 89,276 40,518 Accrued wages 258,100 295,250 Warranty payable 23,000 12,000 Accrued income, property and sales taxes payable 423,761 417,669 Other accrued expenses 11,231 23,428 Total accrued expenses $ 916,965 $ 897,548 WARRANTY PAYABLE The Company provides a limited product warranty against defects in materials and workmanship for its Blink Network residential and commercial chargers, ranging in length from one to two years. The Company accrues for estimated warranty costs at the time of revenue recognition and records the expense of such accrued liabilities as a component of cost of sales. Estimated warranty costs are based on historical product data and anticipated future costs. Should actual cost to repair and failure rates differ significantly from estimates, the impact of these unforeseen costs would be recorded as a change in estimate in the period identified. For the three months ended March 31, 2020, the change in reserve was approximately $11,000. Warranty expenses for the three months ended March 31, 2020 and 2019 were $114,909 and $88,872, respectively, which has been included within cost of revenues on the condensed consolidated statements of operations. As of March 31, 2020 and December 31, 2019, the Company recorded a warranty liability of $23,000 and $12,000, respectively, which represents the estimated cost to repair those chargers under warranty or host owned chargers for which the host has procured a maintenance contract. The Company records maintenance and repairs expenses as incurred for chargers it owns and deploys at host locations. The Company estimates an approximate cost of $254,000 to repair those deployed chargers which it owns as of March 31, 2020. |
Accrued Issuable Equity
Accrued Issuable Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accrued Issuable Equity | 6. ACCRUED ISSUABLE EQUITY Accrued issuable equity consists of the following: March 31, 2020 December 31, 2019 (unaudited) Common stock $ 203,269 $ 252,584 Warrants 4,581 5,102 Total accrued issuable equity $ 207,850 $ 257,686 See Note 8 – Stockholders’ Equity for additional information. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Risk-free interest rate 0.17 % 2.40 % Contractual term (years) 1.00 1.00 Expected volatility 78 % 140 % 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: Warrants Payable Beginning balance as of January 1, 2020 $ 5,102 Change in fair value of warrants payable (521 ) Ending balance as of March 31, 2020 $ 4,581 Assets and liabilities measured at fair value on a recurring or nonrecurring basis are as follows: March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ - $ 553,177 $ - $ 553,177 Marketable securities 1,952,510 - - 1,952,510 Total assets $ 1,952,510 $ 553,177 $ - $ 2,505,687 Liabilities: Warrants payable $ - $ - $ 4,581 $ 4,581 Total liabilities $ - $ - $ 4,581 $ 4,581 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ - $ 476,992 $ - $ 476,992 Marketable securities 3,150,332 - - 3,150,332 Total assets $ 3,150,332 $ 476,992 $ - $ 3,627,324 Liabilities: Warrants payable $ - $ - $ 5,102 $ 5,102 Total liabilities $ - $ - $ 5,102 $ 5,102 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 8. STOCKHOLDERS’ EQUITY PREFERRED STOCK During the three months ended March 31, 2020, the holder elected to convert 5,125 shares of Series D Convertible Preferred Stock into 1,642,628 shares of the Company’s common stock at a conversion price of $3.12 per share. The Company determined that the Series D Convertible Preferred Stock did not include a beneficial conversion feature. STOCK-BASED COMPENSATION The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three months ended March 31, 2020 and 2019 of $227,361 and $145,005, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of March 31, 2020, there was $264,959 of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of 0.63 years. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS TRANSACTIONS WITH PAISADES CAPITAL MANAGEMENT LLC Mr. Engel is currently a consultant to Palisades Capital Management LLC which serves as an investment advisor with regard to our marketable securities portfolio. For the three months ended March 31, 2020 and 2019, the Company paid Palisades Capital Management LLC fees of $7,897 and $0, respectively. JOINT VENTURE The Company and a group of three 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. The Company owns 40% of the Entity while the other three entities own 60% of the Entity. The Entity currently owns 100% 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 months ended March 31, 2020 and 2019, the Company recognized sales of approximately $98,000 and $0, respectively, to Hellas and as of March 31, 2020, the Company had a receivable from Hellas of approximately $72,000. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 10. LEASES OPERATING LEASES As of March 31, 2020, the Company had no leases that were classified as a financing lease. As of March 31, 2020, 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, 2020 and 2019 were $113,599 and $69,941, respectively, and are recorded in other operating expenses on the condensed consolidated statement of operations. Supplemental cash flows information related to leases was as follows: For The Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52,743 $ 30,400 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Weighted Average Remaining Lease Term Operating leases 1.41 2.32 Weighted Average Discount Rate Operating leases 6.0 % 6.0 % Future minimum payments under non-cancellable leases as of March 31, 2020 were as follows: For the Years Ending December 31, Amount 2020 $ 156,274 2021 86,819 Total future minimum lease payments 243,092 Less: imputed interest (13,510 ) Total $ 229,582 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES JAMES CHRISTODOULOU TERMINATION Effective March 13, 2020, the Company terminated the employment of the Company’s President and Chief Operating Officer, James Christodoulou. No amounts are owed to Mr. Christodoulou pursuant to the terms of his employment letter. LITIGATION AND DISPUTES In July 2017, the Company was sued by Zwick and Banyai PLLC and Jack Zwick. The case alleges a breach of contract and unjust enrichment for failure to pay invoices in the aggregate amount of $53,069 for services rendered, plus interest and costs. The Company is one of six defendants in the case. On October 26, 2018, the Company filed amended affirmative defenses. Following that, there was no record activity in the case and on September 20, 2019, the Court entered its Notice of Lack of Prosecution and Order to Appear for Hearing on November 19, 2019. When Plaintiffs failed to appear for the hearing, the Court dismissed the case. A couple of weeks later, Plaintiffs filed a motion to vacate the dismissal, asserting that they had moved offices in June of 2019, and were never provided notice of the hearing at their new address. At the January 23, 2020 hearing on Plaintiffs’ motion to vacate, the Court vacated the dismissal over the objections of counsel and the case is once again pending. On January 31, 2020, the Company’s new attorney for this matter filed a notice of appearance and took over as defense counsel. On February 11, 2020, Jack Zwick and Zwick & Banyai PLLC each served a Request for Production of Documents on the Company, and Zwick & Banyai PLLC served a set of 14 Interrogatories. The Company’s responses to the discovery requests are due on May 18, 2020. On March 26, 2020, James Christodoulou, the former President and Chief Operating Officer of the Company, filed a Complaint in the Miami-Dade County Court, State of Florida, James Christodoulou vs. Blink Charging Co. et al. The Complaint asserts claims against the Company, as well as Michael Farkas, Aviv Hilo and Yechiel Baron. Mr. Farkas is Chairman of the Board and Chief Executive Officer. Messrs. Hilo and Baron are the Company’s General Counsel and Assistant General Counsel, respectively. The Complaint asserts claims for breach of contract in connection with Mr. Christodoulou’s termination by the Company in March 2020, as well as claims under Florida state law for alleged retaliatory termination and slander. Among other things, Mr. Christodoulou asserts that the Company terminated his employment without cause and in retaliation for his alleged plan to disclose that Company executives had engaged in alleged “questionable business practices”. The Complaint seeks unspecified monetary damages but alleges that such damages exceed $1 million. The Company intends to defend the claims vigorously. EMPLOYMENT AGREEMENTS DONALD ENGEL EMPLOYMENT AGREEMENT Effective January 9, 2020, Donald Engel, a current member of the Company’s Board of Directors, entered into an employment agreement with the Company. The employment agreement with Mr. Engel extends for a term expiring on January 9, 2021, subject to automatic renewal for two additional one-year periods if not otherwise previously terminated by either party. Pursuant to the employment agreement. The employment agreement provides that Mr. Engel will receive a base salary at an annual rate of $175,000 for services rendered in such position. In addition, he will be eligible to earn stock options to purchase up to 700,000 shares of our common stock, in increments of 140,000 options on each occasion that the Company executes an agreement for the sale or deployment of electric vehicle charging stations or ancillary eco-friendly energy products with a customer he has introduced to the Company. The stock options will have an exercise price equal to the closing market price of our common stock immediately prior to the issuance date, expire five years after the issuance date and be subject to the terms of the Company’s 2018 Incentive Compensation Plan. On January 20, 2020, the Company granted immediately vested options to purchase an aggregate of 140,000 shares of common stock at an exercise price of $2.05 per share to the employee with a grant date fair value of $252,309 which was recognized during the three months ended March 31, 2020. The employment agreement provides for termination by the Company for cause upon conviction of a felony, misconduct resulting in significant economic or reputational harm to the Company, any act of fraud or a material breach of his obligations to us. Upon a change of control of the Company, Mr. Engel’s employment will terminate and he will be entitled to all unpaid and outstanding salary and expenses due through the termination date. The employment agreement also contains covenants restricting Mr. Engel from engaging in any activities competitive with the Company’s business during the term of the employment agreement and two years thereafter, and prohibiting him from disclosure of confidential information regarding us at any time. Mr. Engel will continue to be a member of the Company’s Board but will no longer qualify as an “independent director” under Nasdaq rules. MICHAEL P. RAMA EMPLOYMENT AGREEMENT In February 2020, the Company entered into an Employment Offer Letter with Mr. Rama. Pursuant to the Offer Letter, Mr. Rama agreed to devote his full business efforts and time to the Company as its Chief Financial Officer. The Offer Letter extends for a term expiring on February 10, 2022 and is automatically renewable for an additional one-year period. The Offer Letter provides that Mr. Rama is entitled to receive an annual base salary of $300,000, payable in regular installments in accordance with the Company’s general payroll practices. Mr. Rama will be eligible for an annual performance cash bonus of 25% of his base salary based on the satisfaction of certain key performance indicators set with the Board’s Compensation Committee. Mr. Rama will be entitled to receive equity awards under the Company’s 2018 Incentive Compensation Plan with an aggregate annual award value equal to 50% of his base salary in the form of restricted stock and stock options. Mr. Rama has also received a $50,000 cash signing bonus. If Mr. Rama’s employment is terminated by the Company other than for Cause (which includes willful material misconduct and willful failure to materially perform his responsibilities to the Company), he is entitled to receive severance equal to up to 12 months of his base salary. If there is a buy-out or a “change of control,” Mr. Rama will also be entitled to obtain his base salary for a period of 12 months as a severance payment. Mr. Rama is entitled to vacation and other employee benefits in accordance with the Company’s policies. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS The Company has evaluated events that have occurred after the balance sheet and through the date the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed below. BRENDAN S. JONES EMPLOYMENT AGREEMENT In April 2020, the Company entered into an employment offer letter with Mr. Jones (the “Offer Letter”). Pursuant to the Offer Letter, Mr. Jones agreed to devote his full business efforts and time to the Company as its Chief Operating Officer. The Offer Letter extends for a two-year term expiring on April 20, 2022 and is automatically renewable for an additional one-year period unless the Company provides notice of non-renewable prior to the initial termination date. The Offer Letter provides that Mr. Jones is entitled to receive an annual base salary of $350,000, payable in regular installments in accordance with the Company’s general payroll practices. Mr. Jones will be eligible for an annual performance cash bonus of 40% of his base salary based on the satisfaction of certain key performance indicators set with the Board’s Compensation Committee. Mr. Jones will also receive a cash signing bonus of $55,000 and an equity signing bonus of $70,000 worth of the Company’s common stock, which shares will be granted and vested on April 20, 2021 (provided he is not terminated for Cause). If Mr. Jones’s employment is terminated by the Company other than for Cause (which includes willful material misconduct and willful failure to materially perform his responsibilities to the Company), he is entitled to receive severance equal to 12 months of his base salary or such lesser number of months actually worked. If there is a buy-out or a “change of control,” Mr. Jones will be entitled to obtain his base salary for a period of 12 months as a severance payment. Mr. Jones is also entitled to relocation assistance in an amount of up to $35,000, a car allowance of up to $1,000 per month, inclusive of insurance, and other employee benefits in accordance with the Company’s policies. AT-THE-MARKET OFFERING On April 17, 2020, the Company entered into a sales agreement (“Sales Agreement”) with Roth Capital Partners, LLC (the “Agent”) to conduct an “at-the-market” equity offering program (the “ATM”), pursuant to which the Company may issue and sell from time to time shares of its common stock, having an aggregate offering price of up to $20,000,000 (the “Shares”) through the Agent. Subject to the terms and conditions of the Sales Agreement, the Agent will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions. The Company has no obligation to sell any of the Shares and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement in accordance with its terms. The Company has provided the Agent with customary indemnification rights, and the Agent will be entitled to an aggregate fixed commission of 3.0% of the gross proceeds from Shares sold. Sales of the Shares under the Sales Agreement will be made in transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers’ transactions, including on the Nasdaq Capital Market, at market prices or as otherwise agreed to with the Agent. A “shelf” registration statement on Form S-3 for the Shares was filed with the SEC, which became effective on September 16, 2019, and a prospectus supplement thereto was filed with the SEC on April 17, 2020. Since April 17, 2020 and through May 12, 2020, the Company sold 87,505 shares of common stock under an “at-the-market” equity offering program for aggregate gross proceeds of approximately $150,000 under the ATM. COMMON STOCK ISSUANCES During April 2020, the Company issued 47,542 shares of common stock with an aggregate issuance date fair value of $87,000 as compensation to certain officers of the Company. STOCK OPTION ISSUANCES During April 2020, the Company granted options to purchase an aggregate of 110,832 shares of common stock with an exercise price of $2.01 per share as compensation to an officer of the Company of the Company. During April 2020, the Company granted options to purchase an aggregate of 49,585 shares of common stock with an exercise price of $1.83 per share as compensation to an officer of the Company of the Company. PAYCHECK PROTECTION PLAN LOAN On May 7, 2020, the Company received loan proceeds in the amount of approximately $856,000 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company intends to use the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan, there can be no assurance that the Company will not take actions that could cause the Company to be ineligible for forgiveness of the loan, in whole or in part. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Cash | CASH The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents in the condensed consolidated financial statements. The Company has cash on deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company reduces its credit risk by placing its cash and cash equivalents with major financial institutions. As of March 31, 2020, the Company had cash balances in excess of FDIC insurance limits of $1,039,663. |
Investments | INVESTMENTS Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. The following summarizes our investments as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Short-term investments: Available- for-sale investments $ 1,952,510 $ 3,150,332 The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2020 and December 31, 2019: March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income $ 2,053,252 $ 8,005 $ (108,747 ) $ 1,952,510 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income $ 2,967,159 $ 183,173 $ - $ 3,150,332 |
Revenue Recognition | REVENUE RECOGNITION The Company recognizes revenue primarily from four different types of contracts: ● Charging service revenue – company-owned charging stations ● Product sales ● Network fees and other ● Other The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations: For The Three Months Ended March 31, 2020 2019 Revenues - Recognized at a Point in Time: Charging service revenue - company-owned charging stations $ 319,624 $ 324,895 Product sales 777,423 103,204 Other 133,619 51,599 Total Revenues - Recognized at a Point in Time 1,230,666 479,698 Revenues - Recognized Over a Period of Time: Network and other fees 63,619 90,978 Total Revenues - Recognized Over a Period of Time 63,619 90,978 Total Revenue Under ASC 606 $ 1,294,285 $ 570,676 The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related goods or services, the Company records deferred revenue until the performance obligations are satisfied. As of March 31, 2020, the Company had $132,671 related to contract liabilities where performance obligations have not yet been satisfied, which has been included within deferred revenue on the condensed consolidated balance sheet as of March 31, 2020. The Company expects to satisfy its remaining performance obligations for network fees and warranty revenue and recognize the revenue within the next twelve months. During the three months ended March 31, 2020, the Company recognized $63,621 of revenues related to network fees and warranty contracts, which were included in deferred revenues as of December 31, 2019. During the three months ended March 31, 2020, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Grants and rebates which are not within the scope of ASC 606, pertaining to revenues and periodic expenses are recognized as income when the related revenue and/or periodic expense are recorded. Grants and rebates related to EV charging stations and their installation are deferred and amortized in a manner consistent with the related depreciation expense of the related asset over their useful lives over the useful life of the charging station. During the three months ended March 31, 2020 and 2019, the Company recorded $4,579 and $6,714, respectively, related to grant and rebate revenue. At March 31, 2020 and December 31, 2019, there was $79,091 and $83,670, respectively, of deferred grant and rebate revenue to be amortized. |
Concentrations | CONCENTRATIONS As of March 31, 2020 and December 31, 2019, accounts receivable from a significant customer was 11% and 10% of accounts receivable, respectively. During the three months ended March 31, 2019, sales to a significant customer represented 12% of the Company’s total revenues. During the three months ended March 31, 2020, sales to another significant customer represented 33% of total revenues. |
Net Loss Per Common Share | NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the common share equivalents had been issued (computed using the treasury stock or if converted method), if dilutive. The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: For the Three Months Ended March 31, 2020 2019 Convertible preferred stock - 1,642,628 Warrants 6,840,049 6,837,061 Options 382,844 105,308 Unvested restricted common stock 110,160 - Total potentially dilutive shares 7,333,053 8,584,997 |
Income Taxes | INCOME TAXES On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act, amongst other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. Under ASC 740, the effects of new legislation are recognized upon enactment. Accordingly, the CARES Act is effective beginning in the quarter ended March 31, 2020. The Company is currently evaluating how provisions in the CARES Act will impact its condensed consolidated financial statements, however, it does not currently believe that such provisions will have a material impact on the Company’s condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Investments | The following summarizes our investments as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Short-term investments: Available- for-sale investments $ 1,952,510 $ 3,150,332 |
Schedule of Unrealized Gains on Investment | The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2020 and December 31, 2019: March 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income $ 2,053,252 $ 8,005 $ (108,747 ) $ 1,952,510 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed income $ 2,967,159 $ 183,173 $ - $ 3,150,332 |
Schedule of Revenue Recognition by Contract | The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations: For The Three Months Ended March 31, 2020 2019 Revenues - Recognized at a Point in Time: Charging service revenue - company-owned charging stations $ 319,624 $ 324,895 Product sales 777,423 103,204 Other 133,619 51,599 Total Revenues - Recognized at a Point in Time 1,230,666 479,698 Revenues - Recognized Over a Period of Time: Network and other fees 63,619 90,978 Total Revenues - Recognized Over a Period of Time 63,619 90,978 Total Revenue Under ASC 606 $ 1,294,285 $ 570,676 |
Schedule of Outstanding Diluted Shares Excluded from Diluted Loss Per Share Computation | The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: For the Three Months Ended March 31, 2020 2019 Convertible preferred stock - 1,642,628 Warrants 6,840,049 6,837,061 Options 382,844 105,308 Unvested restricted common stock 110,160 - Total potentially dilutive shares 7,333,053 8,584,997 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: March 31, 2020 December 31, 2019 (unaudited) Accrued host fees $ 111,597 $ 108,683 Accrued professional, board and other fees 89,276 40,518 Accrued wages 258,100 295,250 Warranty payable 23,000 12,000 Accrued income, property and sales taxes payable 423,761 417,669 Other accrued expenses 11,231 23,428 Total accrued expenses $ 916,965 $ 897,548 |
Accrued Issuable Equity (Tables
Accrued Issuable Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accrued Issuable Equity | Accrued issuable equity consists of the following: March 31, 2020 December 31, 2019 (unaudited) Common stock $ 203,269 $ 252,584 Warrants 4,581 5,102 Total accrued issuable equity $ 207,850 $ 257,686 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assumptions Used for Valuation of Fair Value Liabilities | Assumptions utilized in the valuation of Level 3 liabilities are described as follows: For the Three Months Ended March 31, 2020 2019 Risk-free interest rate 0.17 % 2.40 % Contractual term (years) 1.00 1.00 Expected volatility 78 % 140 % Expected dividend yield 0.00 % 0.00 % |
Summary of Changes in Fair Value of Level 3 Warrant Liabilities Measured at Recurring Basis | 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: Warrants Payable Beginning balance as of January 1, 2020 $ 5,102 Change in fair value of warrants payable (521 ) Ending balance as of March 31, 2020 $ 4,581 |
Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis | Assets and liabilities measured at fair value on a recurring or nonrecurring basis are as follows: March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ - $ 553,177 $ - $ 553,177 Marketable securities 1,952,510 - - 1,952,510 Total assets $ 1,952,510 $ 553,177 $ - $ 2,505,687 Liabilities: Warrants payable $ - $ - $ 4,581 $ 4,581 Total liabilities $ - $ - $ 4,581 $ 4,581 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ - $ 476,992 $ - $ 476,992 Marketable securities 3,150,332 - - 3,150,332 Total assets $ 3,150,332 $ 476,992 $ - $ 3,627,324 Liabilities: Warrants payable $ - $ - $ 5,102 $ 5,102 Total liabilities $ - $ - $ 5,102 $ 5,102 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flows Information Related to Leases | Supplemental cash flows information related to leases was as follows: For The Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52,743 $ 30,400 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - |
Schedule of Weighted Average Operating Leases | Weighted Average Remaining Lease Term Operating leases 1.41 2.32 Weighted Average Discount Rate Operating leases 6.0 % 6.0 % |
Schedule of Future Minimum Lease Payments | Future minimum payments under non-cancellable leases as of March 31, 2020 were as follows: For the Years Ending December 31, Amount 2020 $ 156,274 2021 86,819 Total future minimum lease payments 243,092 Less: imputed interest (13,510 ) Total $ 229,582 |
Going Concern and Management'_2
Going Concern and Management's Plans (Details Narrative) - USD ($) | May 07, 2020 | May 12, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Cash | $ 1,343,978 | $ 3,975,494 | |||
Marketable securities | 1,952,510 | 3,150,332 | |||
Working capital | 2,158,590 | ||||
Accumulated deficit | (172,466,081) | $ (169,504,981) | |||
Net loss | (2,961,100) | $ (1,893,627) | |||
Cash used in operating activities | $ (3,413,141) | $ (2,911,857) | |||
Subsequent Event [Member] | Paycheck Protection Program [Member] | |||||
Proceeds from loans | $ 856,000 | ||||
Subsequent Event [Member] | At the Market Offering [Member] | |||||
Number of common stock shares sold | 87,505 | ||||
Proceeds from sale of stock | $ 150,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Cash balances in excess of FDIC insurance limits | $ 1,039,663 | ||
Revenue recognition, contract liabilities | 132,671 | ||
Revenues related to network fees and warranty contracts | 63,621 | ||
Revenue recognized from performance obligations | |||
Revenues | $ 1,298,864 | $ 577,390 | |
Accounts Receivable [Member] | Significant Customer [Member] | |||
Concentration risk, percentage | 11.00% | 10.00% | |
Revenues [Member] | Significant Customer [Member] | |||
Concentration risk, percentage | 33.00% | 12.00% | |
Grant and Rebate [Member] | |||
Revenues | $ 4,579 | $ 6,714 | |
Deferred revenue amortized | $ 79,091 | $ 83,670 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Investments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Short-term investments: Available- for-sale investments | $ 1,952,510 | $ 3,150,332 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Unrealized Gains on Investment (Details) - Fixed Income [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Amortized Cost | $ 2,053,252 | $ 2,967,159 |
Gross Unrealized Gains | 8,005 | 183,173 |
Gross Unrealized Losses | (108,747) | |
Fair Value | $ 1,952,510 | $ 3,150,332 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Revenue Recognition by Contract (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total Revenues | $ 132,671 | |
Under ASC 606 [Member] | ||
Total Revenues | 1,294,285 | $ 570,676 |
Recognized at a Point in Time [Member] | ||
Total Revenues | 1,230,666 | 479,698 |
Recognized Over a Period of Time [Member] | ||
Total Revenues | 63,619 | 90,978 |
Charging Service Revenue [Member] | ||
Total Revenues | 319,624 | 324,895 |
Product Sales [Member] | ||
Total Revenues | 777,423 | 103,204 |
Other [Member] | ||
Total Revenues | 133,619 | 51,599 |
Network and Other Fees [Member] | ||
Total Revenues | $ 63,619 | $ 90,978 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Outstanding Diluted Shares Excluded from Diluted Loss Per Share Computation (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total potentially dilutive shares | 7,333,053 | 8,584,997 |
Convertible Preferred Stock [Member] | ||
Total potentially dilutive shares | 1,642,628 | |
Warrants [Member] | ||
Total potentially dilutive shares | 6,840,049 | 6,837,061 |
Options [Member] | ||
Total potentially dilutive shares | 382,844 | 105,308 |
Unvested Restricted Common Stock [Member] | ||
Total potentially dilutive shares | 110,160 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Alternative fuel credits | $ 553,177 | $ 476,992 |
Purchase Commitment [Member] | ||
Remaining purchase commitment payable | $ 437,808 |
Accrued Expenses (Details Narra
Accrued Expenses (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |||
Changes in warranty reserve | $ 11,000 | ||
Warranty expenses | 114,909 | $ 88,872 | |
Warranty liability | 23,000 | $ 12,000 | |
Repair on deployed chargers | $ 254,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued host fees | $ 111,597 | $ 108,683 |
Accrued professional, board and other fees | 89,276 | 40,518 |
Accrued wages | 258,100 | 295,250 |
Warranty payable | 23,000 | 12,000 |
Accrued income, property and sales taxes payable | 423,761 | 417,669 |
Other accrued expenses | 11,231 | 23,428 |
Total accrued expenses | $ 916,965 | $ 897,548 |
Accrued Issuable Equity - Sched
Accrued Issuable Equity - Schedule of Accrued Issuable Equity (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Total accrued issuable equity | $ 207,850 | $ 257,686 |
Common Stock [Member] | ||
Total accrued issuable equity | 203,269 | 252,584 |
Warrants [Member] | ||
Total accrued issuable equity | $ 4,581 | $ 5,102 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assumptions Used for Valuation of Fair Value Liabilities (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Risk Free Interest Rate [Member] | ||
Fair value assumptions, measurement input, percentages | 0.17% | 2.40% |
Contractual Term (Years) [Member] | ||
Fair value assumptions, measurement input, term | 1 year | 1 year |
Expected Volatility [Member] | ||
Fair value assumptions, measurement input, percentages | 78.00% | 140.00% |
Expected Dividend Yield [Member] | ||
Fair value assumptions, measurement input, percentages | 0.00% | 0.00% |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Warrant Liabilities Measured at Recurring Basis (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Warrants payable, beginning balance | $ 5,102 |
Change in fair value of warrants payable | (521) |
Warrants payable, ending balance | $ 4,581 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Alternative fuel credits | $ 553,177 | $ 476,992 |
Marketable securities | 1,952,510 | 3,150,332 |
Total assets | 2,505,687 | 3,627,324 |
Warrants payable | 4,581 | 5,102 |
Total liabilities | 4,581 | 5,102 |
Level 1 [Member] | ||
Alternative fuel credits | ||
Marketable securities | 1,952,510 | 3,150,332 |
Total assets | 1,952,510 | 3,150,332 |
Warrants payable | ||
Total liabilities | ||
Level 2 [Member] | ||
Alternative fuel credits | 553,177 | 476,992 |
Marketable securities | ||
Total assets | 553,177 | 476,992 |
Warrants payable | ||
Total liabilities | ||
Level 3 [Member] | ||
Alternative fuel credits | ||
Marketable securities | ||
Total assets | ||
Warrants payable | 4,581 | 5,102 |
Total liabilities | $ 4,581 | $ 5,102 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unrecognized stock based compensation expense | $ 264,959 | |
Weighted average remaining vesting period | 7 months 17 days | |
Common Stock [Member] | ||
Conversion of stock shares converted | 1,642,628 | |
Conversion price per share | $ 3.12 | |
Common Stock, Stock Options and Warrants [Member] | ||
Stock-based compensation expense | $ 227,361 | $ 145,005 |
Series D Convertible Preferred Stock [Member] | ||
Conversion of stock shares converted | 5,125 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Feb. 11, 2019Integer | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Blink Charging Hellas SA [Member] | ||||
Recognized sale of related party | $ 98,000 | $ 0 | ||
Receivable from related party | 72,000 | |||
Greece [Member] | Blink Charging Hellas SA [Member] | ||||
Percentage of ownership in joint venture | 100.00% | |||
Palisades Capital Management LLC [Member] | ||||
Due to related party | $ 7,897 | $ 0 | ||
Shareholders Agreement [Member] | Corporate Joint Venture [Member] | Cyprus [Member] | ||||
Number of entities under the agreement | Integer | 3 | |||
Percentage of ownership in joint venture | 40.00% | |||
Shareholders Agreement [Member] | Three Entities [Member] | Cyprus [Member] | ||||
Percentage of ownership in joint venture | 60.00% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 113,599 | $ 69,941 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flows Information Related to Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 52,743 | $ 30,400 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Operating Leases (Details) | Mar. 31, 2020 | Mar. 31, 2019 |
Leases [Abstract] | ||
Weighted Average Remaining Lease Term, Operating leases | 1 year 4 months 28 days | 2 years 3 months 26 days |
Weighted Average Discount Rate, Operating leases | 6.00% | 6.00% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 156,274 |
2021 | 86,819 |
Total future minimum lease payments | 243,092 |
Less: imputed interest | (13,510) |
Total | $ 229,582 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Mar. 26, 2020 | Jan. 20, 2020 | Jan. 09, 2020 | Feb. 29, 2020 | Jul. 31, 2017 |
2018 Incentive Compensation Plan [Member] | |||||
Number of stock options to purchase of common stock | 140,000 | ||||
Stock option expiration, description | The stock options will have an exercise price equal to the closing market price of our common stock immediately prior to the issuance date, expire five years after the issuance date | ||||
James Christodoulou [Member] | Minimum [Member] | |||||
Damages sought value | $ 1,000,000 | ||||
Employee [Member] | |||||
Number of stock options to purchase of common stock | 140,000 | ||||
Exercise price, per share | $ 2.05 | ||||
Fair value of options vested | $ 252,309 | ||||
Donald Engel Employment Agreement [Member] | |||||
Agreement term | The employment agreement with Mr. Engel extends for a term expiring on January 9, 2021, subject to automatic renewal for two additional one-year periods if not otherwise previously terminated by either party. | ||||
Donald Engel Employment Agreement [Member] | Mr. Engel [Member] | |||||
Base salary | $ 175,000 | ||||
Number of stock options to purchase of common stock | 700,000 | ||||
Increment in stock options | 140,000 | ||||
Employment Agreement [Member] | |||||
Agreement term | The Offer Letter extends for a term expiring on February 10, 2022 and is automatically renewable for an additional one-year period. | ||||
Employment Agreement [Member] | Michael P. Rama [Member] | |||||
Agreement term | If Mr. Rama's employment is terminated by the Company other than for Cause (which includes willful material misconduct and willful failure to materially perform his responsibilities to the Company), he is entitled to receive severance equal to up to 12 months of his base salary. If there is a buy-out or a "change of control," Mr. Rama will also be entitled to obtain his base salary for a period of 12 months as a severance payment. Mr. Rama is entitled to vacation and other employee benefits in accordance with the Company's policies. | ||||
Base salary | $ 300,000 | ||||
Cash bonus, percentage | 25.00% | ||||
Cash signing bonus | $ 50,000 | ||||
Employment Agreement [Member] | Michael P. Rama [Member] | 2018 Incentive Compensation Plan [Member] | |||||
Cash bonus, percentage | 50.00% | ||||
Zwick and Banyai PLLC and Jack Zwick [Member] | |||||
Aggregate amount for services rendered | $ 53,069 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | May 07, 2020 | Apr. 17, 2020 | May 12, 2020 | Apr. 30, 2020 | Feb. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | May 09, 2020 |
Value of common stock shares issued as compensation | $ 276,675 | $ 118,736 | ||||||
Common Stock [Member] | ||||||||
Number of common stock shares issued as compensation | 51,724 | |||||||
Value of common stock shares issued as compensation | $ 52 | |||||||
Employment Agreement [Member] | ||||||||
Agreement term | The Offer Letter extends for a term expiring on February 10, 2022 and is automatically renewable for an additional one-year period. | |||||||
Subsequent Event [Member] | At the Market Offering [Member] | ||||||||
Number of common stock shares sold | 87,505 | |||||||
Proceeds from sale of stock | $ 150,000 | |||||||
Subsequent Event [Member] | Mr. Brendan S. Jones [Member] | ||||||||
Agreement term | If Mr. Jones's employment is terminated by the Company other than for Cause (which includes willful material misconduct and willful failure to materially perform his responsibilities to the Company), he is entitled to receive severance equal to 12 months of his base salary or such lesser number of months actually worked. If there is a buy-out or a "change of control," Mr. Jones will be entitled to obtain his base salary for a period of 12 months as a severance payment. | |||||||
Subsequent Event [Member] | Mr. Brendan S. Jones [Member] | Maximum [Member] | ||||||||
Relocation assistance amount | $ 35,000 | |||||||
Car allowance per month | $ 1,000 | |||||||
Subsequent Event [Member] | Officers [Member] | ||||||||
Number of common stock shares issued as compensation | 47,542 | |||||||
Value of common stock shares issued as compensation | $ 87,000 | |||||||
Subsequent Event [Member] | Officer [Member] | Stock Options One [Member] | ||||||||
Number of stock options to purchase of common stock | 110,832 | |||||||
Exercise price, per share | $ 2.01 | |||||||
Subsequent Event [Member] | Officer [Member] | Stock Options Two [Member] | ||||||||
Number of stock options to purchase of common stock | 49,585 | |||||||
Exercise price, per share | $ 1.83 | |||||||
Subsequent Event [Member] | Employment Agreement [Member] | Mr. Brendan S. Jones [Member] | ||||||||
Agreement term | The Company entered into an employment offer letter with Mr. Jones (the "Offer Letter"). Pursuant to the Offer Letter, Mr. Jones agreed to devote his full business efforts and time to the Company as its Chief Operating Officer. The Offer Letter extends for a two-year term expiring on April 20, 2022 and is automatically renewable for an additional one-year period unless the Company provides notice of non-renewable prior to the initial termination date. | |||||||
Base salary | $ 350,000 | |||||||
Cash bonus, percantage | 40.00% | |||||||
Cash signing bonus | $ 55,000 | |||||||
Subsequent Event [Member] | Employment Agreement [Member] | Mr. Brendan S. Jones [Member] | Common Stock [Member] | ||||||||
Cash signing bonus | $ 70,000 | |||||||
Subsequent Event [Member] | Sales Agreement [Member] | Roth Capital Partners, LLC [Member] | ||||||||
Fixed commission percentage | 3.00% | |||||||
Subsequent Event [Member] | Sales Agreement [Member] | Maximum [Member] | Roth Capital Partners, LLC [Member] | ||||||||
Aggregate offering price of shares | $ 20,000,000 | |||||||
Subsequent Event [Member] | Paycheck Protection Program [Member] | ||||||||
Proceeds from loans | $ 856,000 | |||||||
Loans payable description | The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. | |||||||
Loans payable term | 2 years | |||||||
Loan interest rate | 1.00% |