What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2022-03-16 compared with 2021-03-31 · 10 added, 408 removed, 4 unchanged (99% of the section changed)

FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

shares of common stock and warrants to purchase common stock commenced trading on the Nasdaq Capital Market on February 14, 2018

under the symbols “BLNK”

and “BLNKW,”

respectively.

of March 29, 2021, we had approximately 219 stockholders of record of our common stock and approximately 444

beneficial owners of our common stock.

FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

shares of common stock and warrants to purchase common stock are traded on the Nasdaq Capital Market under the symbols “BLNK”

and “BLNKW,” respectively.

of March 10, 2022, we had approximately 293 stockholders of record of our common stock and approximately 547 beneficial

owners of our common stock.

closing price of our common stock on March 10, 2022 was $25.13 per share, as reported by The Nasdaq Capital Market.

Sales of Unregistered Securities

did not sell any unregistered equity securities during the period covered by this Annual Report that have not already been reported

in a quarterly report on Form 10-Q or in a current report on Form 8-K.

Purchases of Equity Securities

made no share repurchases during the quarter ended December 31, 2020.

date, we have not paid any dividends on our common stock and do not anticipate paying any such dividends in the foreseeable future.

The declaration and payment of dividends on the common stock is at the discretion of our Board and will depend on, among other

things, our operating results, financial condition, contractual restrictions, restrictions imposed by applicable law and other

factors the Board may deem relevant.

We currently expect to use all available funds to finance the future development and expansion

of our business and do not anticipate paying dividends on our common stock in the foreseeable future.

FINANCIAL DATA.

required for smaller reporting companies.

MANAGEMENT’S

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

following discussion and analysis of the results of operations and financial condition for the years ended December 31, 2020 and

2019 should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements

that are included elsewhere in this Annual Report.

Our discussion includes forward-looking statements based upon current expectations

that involve risks and uncertainties, such as our plans, objectives, expectations and intentions.

Actual results and the timing

of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors.

See “Forward-Looking Statements.”

Blink Charging, our highest priority remains the safety, health and well-being of our employees, their families and our communities

and we remain committed to serving the needs of our customers.

The Covid-19 pandemic presents uncertain business challenges and

it is not currently possible for us to reasonably estimate the impact it may have on our financial and operating results.

continue to evaluate the impact of the Covid-19 pandemic on our business as we learn more and the impact of Covid-19 on our industry

becomes clearer.

one or more of these uncertainties, risks and other influences, as well as our inability to avail ourselves of the loan forgiveness

provisions of the PPP Loan, could materially affect our results of operations and whether forward-looking statements made by us

ultimately prove to be accurate.

Our actual results, performance and achievements could differ materially from those expressed

or implied in these forward-looking statements.

Except as required by federal securities laws, we undertake no obligation to publicly

update or revise any forward-looking statements, whether from new information, future events or otherwise.

are a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging

Blink offers residential and commercial EV charging equipment, enabling EV drivers to recharge at various location types.

Blink’s principal line of products and services is its Blink EV charging network (the “Blink Network”) and Blink

EV charging equipment, also known as electric vehicle supply equipment (“EVSE”) and other EV-related services.

Blink Network is a proprietary, cloud-based system that operates, maintains, and manages Blink charging stations and handles the

associated charging data, back-end operations, and payment processing.

The Blink Network provides property owners, managers, parking

companies, and state and municipal entities (“Property Partners”) with cloud-based services that enable the remote

monitoring and management of EV charging stations.

The Blink Network also provides EV drivers with vital station information,

including station location, availability, and any fees (if applicable).

offers Property Partners a range of business models for EV charging equipment and services that generally fall into one of the

business models below, differentiated by who bears the costs of installation, equipment, maintenance, and the percentage of revenue

shared (as applicable).

our Blink-owned turnkey business model, Blink incurs the costs of the charging equipment and installation.

We own and operate

the EV charging station and provide connectivity of the charging station to the Blink Network.

In this model, Blink incurs

most costs associated with the EV charging stations;

thus, Blink retains substantially all EV charging revenues after deducting

network connectivity and processing fees.

our Blink-owned hybrid business model, Blink incurs the costs of the charging equipment while the Property Partner incurs

the costs of installation costs.

We own and operate the EV charging station and provide connectivity of the charging station

to the Blink Network.

In this model, the Property Partner incurs the installation costs associated with the EV station;

Blink shares a more generous portion of the EV charging revenues with the Property Partner generated from the EV charging

station after deducting network connectivity and processing fee.

our host-owned business model, the Property Partner purchases, owns and operates the Blink EV charging station and incurs

the installation costs.

Blink works with the Property Partner, providing site recommendations, connectivity to the Blink Network,

payment processing, and optional maintenance services.

In this model, the Property Partner retains and keeps all the EV charging

revenues after deducting network connectivity and processing fees.

our Blink-as-a-service model, Blink owns and operates the EV charging station, while the Property Partner incurs the installation

The Property Partner pays to Blink a fixed monthly fee and keeps all the EV charging revenues after deducting network

connectivity and processing fees.

are dedicated to slowing climate change by reducing greenhouse gas emissions caused by transportation.

We have strategic partnerships

across numerous transit/destination locations, including airports, auto dealers, healthcare/medical, hotels, mixed-use, municipal

sites, multifamily residential and condos, parks and recreation areas, parking lots, religious institutions, restaurants, retailers,

schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations.

of December 31, 2020, we sold or deployed 16,617 charging stations, of which 7,062 were on the Blink Network (4,348 Level 2 publicly

accessible commercial charging units, 1,404 Level 2 private commercial charging units, 120 DC Fast Charging EV publicly accessible

chargers, 14 DC Fast Charging EV private chargers, and 1,176 residential Level 2 Blink EV charging units), and the remainder were

non-networked, on other networks or international sales or deployments (228 Level 2 commercial charging units, 8,773 residential

Level 2 Blink EV charging stations, 521 sold internationally and 33 deployed internationally).

reflected in our consolidated financial statements as of December 31, 2020, we had a cash balance of $22,341,433, working capital

of $19,579,775 and an accumulated deficit of $187,351,448.

During the years ended December 31, 2020 and 2019, we

incurred net losses of $17,846,467 and $9,648,500, respectively.

We have not yet achieved profitability.

2021 Underwritten Public Offering

January 2021, we completed an underwritten registered public offering of 5,660,000 shares of our common stock at a public offering

price of $41.00 per share.

We received approximately $232.1 million in gross proceeds from the public offering, and approximately

$221.5 million in net proceeds after deducting the underwriting discount and offering expenses paid by us.

Our Chief Executive

Officer and one other officer participated in the offering by selling a total of 550,000 shares of our common stock from the exercise

of the underwriter’s option to purchase additional shares.

The public offering was made pursuant to our automatic shelf

registration statement on Form S-3 filed with the SEC on January 6, 2021 and prospectus supplement dated January 7, 2021.

served as the lead book-running manager of the offering.

2020 U-Go Charging Acquisition and DCFC Portfolio

November 2020, we acquired the EV charging operator U- Go Stations, Inc.

(“U-Go”) and its portfolio of 44 DCFC (direct-current

fast charger) charging locations.

The purchase also included multiple grants awarded to U-Go for the deployment of up to an additional

45 new charging stations.

The charging stations are located primarily at hotels, gas stations and auto dealerships, expanding

our DCFC footprint across ten states including Michigan, Pennsylvania, New Jersey and Vermont.

The consideration under the terms

of the acquisition agreement to U- Go’s stockholders consisted of the issuance of shares of our common stock at closing,

a future cash payment based on the fulfillment of pending projects post-closing and the assumption of scheduled liabilities.

2020 BlueLA Carsharing Acquisition

September 2020, in order to expand our market presence in California, we acquired through our wholly-owned subsidiary Blink Mobility,

LLC all of the ownership interests of BlueLA Carsharing, LLC (“BlueLA”), the City of Los Angeles’

for its EV carsharing services program, from Blue Systems USA, Inc.

Pursuant to the terms of an Ownership Interest Purchase Agreement,

we assumed control of BlueLA’s existing infrastructure throughout Los Angeles of EV charging stations, which we have since

upgraded to our own IQ 200 charging stations.

At-the-Market Offering Program

April 2020, we entered into a sales agreement to conduct a $20.0 million “at-the-market”

(ATM) equity offering program,

pursuant to which we sold shares of our common stock at such times as we determined through transactions on the Nasdaq Capital

Market at prevailing market prices.

As of December 31, 2020, we sold 3,587,833 shares of common stock under the ATM program for

aggregate gross proceeds of approximately $20 million.

Covid-19 pandemic has impacted global stock markets and economies.

We continue to closely monitor the impact the impact of the

outbreak of the coronavirus (“Covid-19”).

We have taken precautions to ensure the safety of our employees, customers

and business partners, while assuring business continuity and reliable service and support to our customers.

We continue to receive

orders for our products, although some shipments of equipment have been temporarily delayed.

We have experienced what we expect

is a temporary reduction in the usage of our charging stations, which has resulted in a decrease in our charging service revenue.

As federal, state and local economies begin to reopen and with a vaccine underway we expect demand for charging station usage

to return, but we are unable to predict the ultimate impact that it may have on our business, future results of operations, financial

position, or cash flows.

The extent to which our operations may be impacted by the Covid-19 pandemic will depend largely on future

developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning

the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact.

We intend to continue

to monitor the impact of Covid-19 pandemic on our business closely.

of Operations

Ended December 31, 2020 Compared Year Ended December 31, 2019

revenue for the year ended December 31, 2020 was $6,230,231 compared to $2,759,190 for the year ended December 31, 2019,

an increase of $3,471,041, or 126%.

service revenue for company-owned and operated charging stations was $772,540 for the year ended December 31, 2020 compared

to $1,359,218 for the year ended December 31, 2019, a decrease of $586,678, or 43%.

The decrease was primarily attributable

to the decrease in usage of charging stations as a result of COVID-19.

from product sales was $4,432,423 for the year ended December 31, 2020, compared to $856,243 for the year ended December

31, 2019, an increase of $3,576,180, or 418%.

This increase was attributable to increased sales of Generation 2

chargers, DC fast chargers and residential chargers when compared to the same period in 2019.

fee revenue was $344,819 for the year ended December 31, 2020, compared to $301,627 for the year ended December 31, 2019, an increase

of $43,192, or 14%.

The increase was attributable to an increase in the billings and invoicing to Property Partners in 2020 compared

revenue was $129,109 for the year ended December 31, 2020, compared to $52,996 for the year ended December 31, 2019, an increase

of $76,113, or 144%.

The increase was primarily attributable to a increase in warranty contracts sold for the year ended December

31, 2020 compared to the year ended December 31, 2019.

and rebate revenues were $21,558 for the year ended December 31, 2020, compared to $22,396 for the year ended December 31, 2019,

a decrease of $838, or 4%.

Grant and rebates relating to equipment and the related installation are deferred and amortized in

a manner consistent with the depreciation expense of the related assets over their useful lives.

The ability to secure grant revenue

is typically unpredictable and, therefore, uncertain.

The 2020 revenue was related to the amortization of previous years’

revenue increased by $363,072 to $529,782 for the year ended December 31, 2020, compared to $166,710 for the year ended December

The increase was primarily attributable to higher Low Carbon Fuel Standard (LCFS) credits generated during the year

ended December 31, 2020 compared to the year ended December 31, 2019.

We generate these credits from the electricity utilized

by our electric car charging stations as a byproduct from our charging services in the states of California and Oregon.

of the credits is subject to market conditions and our current policy is to sell the credits generated during the current year.

Furthermore, included in other revenue for the year ended December 31, 2020 was rideshare revenues of $168,824 related to the

2020 acquisition of BlueLA.

of revenues primarily consists of electricity reimbursements, revenue share payments to our Property Partner hosts, the cost of

charging stations sold (including commissions), connectivity charges provided by telco and other networks, warranty, repairs and

maintenance services, and depreciation of our installed charging stations.

of revenues for the year ended December 31, 2020 was $4,713,921, compared to $2,366,779 for the year ended December 31,

2019, an increase of $2,347,142 or 99%.

There is a degree of variability in our costs in relation to our revenues

from period to period, primarily due to:

reimbursements that are unique to those Property Partner host agreements which provide for such reimbursements;

share payments are predicated on the contractual obligation under the property partner agreement and the revenue generated

by the applicable chargers;

of charging stations sold is predicated on the mix of types of charging stations and parts sold during the period;

costs are fixed in nature based on the number of chargers connected to the telco network regardless of whether the charger

generates revenue;

for excess and obsolete inventory;

and repairs and maintenance expenses are based on both the number of service cases completed during the period.

of charging services for company-owned charging stations (electricity reimbursements) increased by $245,898, or 162%, to $397,377

for the year ended December 31, 2020, compared to $151,479 for the year ended December 31, 2019.

The increase in 2020 was attributable

to the mix of charging stations generating charging service revenues subject to electricity reimbursement.

provider fees decreased by $154,803, or 37%, to $265,272 during the year ended December 31, 2020, compared to $420,075 for the

year ended December 31, 2019.

This decrease was a result of the mix of chargers generating revenue and their corresponding revenue

share percentage payments to Property Partner hosts pursuant to their agreements, as well as a reduction in utilization due to

of product sales increased by $1,898,367, or 198%, to $2,859,559 for the year ended December 31, 2020, compared

to $961,192 for the year ended December 31, 2019.

The increase was primarily due to the increase in product sales of Generation

2, DC fast chargers and home residential chargers during the year ended December 31, 2020 compared to the same period in 2019.

Furthermore, full year 2020 included a reduction in the provision for excess and obsolete inventory of $392,191 relating

to the increased sales of residential home charger units.

The year ended December 31, 2019 included a provision for excess and

obsolete inventory of $437,068 relating to non-Generation 2 inventory that was not being sold/utilized.

costs increased by $260,614, or 102%, to $515,953 for the year ended December 31, 2020, compared to $255,339 for the year ended

December 31, 2019.

The increase was a result of the increase in charging stations on our network and costs incurred related to

the upgrading of our network system as compared to the same period in 2019.

and repairs and maintenance costs decreased by $120,023, or 27%, to $330,742 for the year ended December 31, 2020, compared to

$450,765 for the year ended December 31, 2019.

The decrease was attributable to significant efforts expended in previous periods

to reduce the backlog in warranty cases.

and amortization expense increased by $217,089, or 170%, to $345,018 for the year ended December 31, 2020, compared to

$127,929 for the year ended December 31, 2019.

The increase was a result of increased number of EV charging stations

included in property and equipment.

expense increased by $5,967,531, or 88%, from $6,750,753 (consisting of approximately $6.0 million of cash compensation and approximately

$0.7 million of non-cash compensation) for the year ended December 31, 2019, to $12,718,284 (consisting of approximately $11.7

million of cash compensation and approximately $1.0 million of non-cash compensation) for the year ended December 31, 2020.

increase in compensation expense for the year ended December 31, 2020 compared to the year ended December 31, 2019 was

primarily related to increases in personnel and compensation in executive, marketing, sales and operations departments as a result

of the anticipated growth of the Company.

In addition, compensation expense during full year 2020 compared to full year 2019

increased due to additional personnel in conjunction with the acquisitions of BlueLA and U-Go made during 2020.

Also contributing

to the increase in compensation expense was $2.3 million related the gross-up cash payment to our non-employee directors pursuant

to the 2017 Board Plan as a result of the vesting on November 23, 2020 of the annual award to our non-employee directors granted

on December 12, 2019 and March 19, 2020 (see Note 13).

and administrative expenses increased by $2,130,308, or 111%, from $1,916,817 for the year ended December 31, 2019

to $4,047,125 for the year ended December 31, 2020.

The increase was primarily attributable to increases in audit, legal,

investor relations, marketing and consulting expenditures of $1,267,791.

Also contributing to the increase in general and administrative

expenses were expenditures of $379,182 related to the 2020 acquisitions of BlueLA and U-Go.

operating expenses increased by $368,741, or 17%, from $2,196,784 for the year ended December 31, 2019 to $2,565,525 for the year

ended December 31, 2020.

The increase was primarily attributable to increases in insurance, software licensing, rent, and use

tax expenditures of $575,567.

The increase was partially offset by reductions in travel expenses as a result of COVID-19.

Income (Expense)

income decreased by $855,286 from $823,443 for the year ended December 31, 2019 to $(31,843) for the year ended December 31, 2020.

During the year ended December 31, 2019, we settled accounts payable resulting in a gain of $273,667 and $383,158 of notes payable,

inclusive of accrued interest to the former members of 350 Green in exchange for the cancellation of the notes, the return of

8,066 of our common shares and the payment of $73,158, in 2018, to the former members of 350 Green, resulting in a gain of $310,000.

Additionally, we realized net investment income from our cash and marketable securities portfolio of $240,000, and an increase

in market value of Low Carbon Fuel Standard credits of $21,000.

net loss for the year ended December 31, 2020 increased by $8,197,967, or 85%, to $17,846,467 as compared

to $9,648,500 for the year ended December 31, 2019.

The increase was primarily attributable to an increase in compensation expense

and general and administrative expenses.

Comprehensive (Loss) Income

total comprehensive loss for the year ended December 31, 2020 was $18,029,640 whereas our total comprehensive loss for

the year ended December 31, 2019 was $9,465,327.

and Capital Resources

measure our liquidity in a number of ways, including the following:

Working Capital

Notes Payable (Gross)

the years ended December 31, 2020 and 2019, we financed our activities from proceeds derived from debt and equity financings occurring

in prior periods.

A significant portion of the funds raised from the sale of capital stock has been used to cover working capital

needs and personnel, office expenses and various consulting and professional fees.

the years ended December 31, 2020 and 2019, we used cash of $18,069,954 and $10,764,813, respectively, in operations.

used for the year ended December 31, 2020 was primarily attributable to our net loss of $17,846,467, reduced by net non-cash

expenses in the aggregate amount of $1,589,655, and by $1,813,142 of net cash used in changes in the levels of operating

assets and liabilities.

Our cash used for the year ended December 31, 2019 was primarily attributable to our net loss of $9,648,500,

reduced by net non-cash expenses in the aggregate amount of $1,290,308, and by $2,406,621 of net cash used in changes in

the levels of operating assets and liabilities.

the year ended December 31, 2020, net cash provided by investing activities was $260,240, of which $2,773,816 was provided in

connection with the sale of marketable securities and $2,547,220 was used to purchase charging stations and other fixed assets.

$1 was used as purchase consideration in connection with the BlueLA acquisition and, in connection with the business combination,

the Company acquired $3,379 of cash.

Additionally, the Company acquired $30,266 of cash in connection with the U-Go Stations,

Inc acquisition.

During the year ended December 31, 2019, cash used in investing activities was $552,820, which was used to purchase

charging stations and other fixed assets.

the year ended December 31, 2020, net cash provided by financing activities was $36,058,709, of which $855,666 was attributable

to proceeds from our PPP loan, $19,175,546 was attributable to the net proceeds from the sale of common stock under our ATM program

and $16,264,687 was attributable to the net proceeds from warrant exercises, partially offset by $72,190 used to pay down our

liability in connection with internal use software and $165,000 used to repay notes payable.

During the years ended December 31,

2019 cash used in financing activities was $52,379 which was used to pay down our liability in connection with internal use software.

of December 31, 2020, we had cash, working capital and an accumulated deficit of $22,341,433, $19,579,775 and $187,351,448,

respectively.

During the year ended December 31, 2020, we had a net loss of $17,846,467.

January 2021, we completed an underwritten registered public offering of 5,660,000 shares of our common stock at a public offering

price of $41.00 per share.

We received approximately $232.1 million in gross proceeds from the public offering, and approximately

$221.5 million in net proceeds after deducting the underwriting discount and offering expenses paid by us.

The public offering

was made pursuant to our automatic shelf registration statement on Form S-3 filed with the SEC on January 6, 2021 and prospectus

supplement dated January 7, 2021.

are using the net proceeds from the public offering to supplement our operating cash flows to fund EV charging station deployment

and finance the costs of acquiring competitive and complementary businesses, products and technologies as a part of our growth

strategy, and for working capital and general corporate purposes.

have not yet achieved profitability and expect to continue to incur cash outflows from operations.

It is expected that our operating

expenses will continue to increase and, as a result, we will eventually need to generate significant product revenues to achieve

profitability.

Historically, we have been able to raise funds to support our business operations, although there can be no assurance

that we will be successful in raising significant additional funds in the future.

We expect that our cash on hand will fund our

operations for at least 12 months after from the issuance date of the financial statements included in this Annual Report.

inception, our operations have primarily been funded through proceeds received in equity and debt financings.

We believe we have

access to capital resources and continue to evaluate additional financing opportunities.

There is no assurance that we will be

able to obtain funds on commercially acceptable terms, if at all.

There is also no assurance that the amount of funds we might

raise will enable us to complete our development initiatives or attain profitable operations.

operating needs include the planned costs to operate our business, including amounts required to fund working capital and capital

expenditures.

Our future capital requirements and the adequacy of our available funds will depend on many factors, including our

ability to successfully commercialize our 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 our product

and service offerings.

Accounting Policies and Estimates

preparation of financial statements and related disclosures in conformity with U.S.

These accounting principles require

us to make estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the financial

statements as well as the reported amounts of revenue and expense during the periods presented.

We believe that the estimates

and judgments upon which it relies are reasonably based upon information available to us at the time that it makes these estimates

and judgments.

To the extent that there are material differences between these estimates and actual results, our financial results

will be affected.

The accounting policies that reflect our more significant estimates and judgments and which we believe are the

most critical to aid in fully understanding and evaluating our reported financial results are described below.

following is not intended to be a comprehensive list of all of our accounting policies or estimates.

Our accounting policies are

more fully described in Note 2 –

Summary of Significant Accounting Policies, in our financial statements included elsewhere

in this annual report.

recognize revenue primarily from five different types of contracts:

service revenue –

company-owned charging stations - Revenue is recognized at the point when a particular charging

session is completed.

sales –

Revenue is recognized at the point where the customer obtains control of the goods and we satisfy our performance

obligation, which generally is at the time it ships the product to the customer.

fees and other –

Represents a stand-ready obligation whereby we are obligated to perform over a period of time and,

as a result, revenue is recognized on a straight-line basis over the contract term.

Network fees are billed annually.

Primarily related to charging service revenue from non-company-owned charging stations.

Revenue is recognized from non-company-owned

charging stations at the point when a particular charging session is completed in accordance with a contractual relationship

between us and the owner of the station.

Other revenues are also comprised of sales related to alternative fuel credits.

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 services, the Company records deferred revenue until the performance obligations are satisfied.

rebates and alternative fuel credits, 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.

measure the cost of services received in exchange for an award of equity instruments based on the fair value of the award on the

date of grant.

The fair value amount of the shares expected to ultimately vest is then recognized over the period for which services

are required to be provided in exchange for the award, usually the vesting period.

The estimation of stock-based awards that will

ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such

amounts are recorded as a cumulative adjustment in the period that the estimates are revised.

We account for forfeitures as they

assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset

may not be recoverable.

We assess the recoverability of its long-lived assets by monitoring current selling prices of car charging

units in the open market, the adoption rate of various auto manufacturers in the EV market and projected car charging utilization

at various public car charging stations throughout its network in determining fair value.

An impairment loss would be recognized

when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying

account for income taxes pursuant to the asset and liability method of accounting for income taxes pursuant to FASB ASC 740, “Income

Taxes.”

Deferred tax assets and liabilities are recognized for taxable temporary differences and operating loss carry forwards.

Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.

tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion

or all of the deferred tax assets will not be realized.

tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

determine if an arrangement is a lease at inception.

Operating leases are included in operating lease right-of-use (“ROU”)

assets and operating lease liabilities in our consolidated balance sheets.

assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make

lease payments arising from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on

the present value of lease payments over the lease term.

As most of our leases do not provide an implicit rate, we use an incremental

borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments

at commencement date.

The operating lease ROU asset also includes any lease payments made and excludes lease incentives.

terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

expense for lease payments is recognized on a straight-line basis over the lease term.

Sheet Arrangements

do not have any off-balance sheet arrangements, financings or other relationships with unconsolidated entities or other persons,

also known as “special purpose entities”

Issued Accounting Standards

recently issued accounting standards are included in Note 2 - “Summary of Significant Accounting Policies”

Notes to Consolidated Financial Statements included in this Annual Report.

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

are not required to provide the information required by this Item because we are a smaller reporting company.

declaration and payment of dividends on the common stock is at the discretion of our Board and will depend on, among other things, our

operating results, financial condition, contractual restrictions, restrictions imposed by applicable law and other factors the Board

may deem relevant.

We currently expect to use all available funds to finance the future development and expansion of our business and

do not anticipate paying dividends on our common stock in the foreseeable future.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity