What changed in this filing

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Item 2. Management’s Discussion and Analysis

2022-05-10 compared with 2021-11-12 · 371 added, 426 removed, 173 unchanged (82% of the section changed)

3 unchanged sentences

(together with its subsidiaries,

“Blink” and the “Company”) as of September 30, 2021 and for the three and nine months ended September 30, 2021

and 2020 should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere

in this Quarterly Report on Form 10-Q.

References in this Management’s Discussion and Analysis of Financial Condition and Results

of Operations to “us”, “we”, “our” and similar terms refer to Blink.

This Quarterly Report contains

forward-looking statements as that term is defined in the federal securities laws.

The events described in forward-looking statements

contained in this Quarterly Report may not occur.

Generally, these statements relate to business plans or strategies, projected or anticipated

benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections

“Blink” and the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 should

be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this

Quarterly Report on Form 10-Q.

References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations

to “us”, “we”, “our” and similar terms refer to Blink.

This Quarterly Report contains forward-looking

statements as that term is defined in the federal securities laws.

The events described in forward-looking statements contained in this

Quarterly Report may not occur.

Generally, these statements relate to business plans or strategies, projected or anticipated benefits

or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections

involving anticipated revenues, earnings or other aspects of our operating results.

35 unchanged sentences

other types of commercial customers, 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 fees.

The Blink Network also provides EV drivers with vital station information, including station location, availability, and fees (if applicable).

order to capture more revenues derived from providing EV charging equipment to commercial customers and to help differentiate Blink in

2 unchanged sentences

and the percentage of revenue shared.

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, which favors recurring revenues,

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.

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;

thus, 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 fees.

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

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 costs.

The Property Partner pays to Blink a fixed

monthly fee and keeps all the EV charging revenues after deducting network connectivity and

processing fees.

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, which favors recurring

revenues, 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;

thus, 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.

part of Blink’s mission to facilitate the adoption of EVs through the deployment and operation of EV charging infrastructure globally,

6 unchanged sentences

hubs, and workplace locations.

of September 30, 2021, since our inception and excluding Blue Corner, we sold, deployed or acquired through

acquisitions 18,730 chargers, of which, 7,243 were on the Blink Network (4,430 Level 2 publicly accessible commercial

chargers, 1,594 Level 2 private commercial chargers, 103 DC Fast Charging EV publicly accessible chargers, 21 DC Fast Charging EV

private chargers, and 1,095 residential Level 2 Blink EV chargers), and the remainder were non-networked, on other networks or

international sales or deployments (164 Level 2 commercial chargers, 6 DC Fast Charging chargers, 9,993 residential Level 2 Blink EV

chargers, 305 sold to other US networks, 955 sold internationally and 64 deployed internationally).

The charger units herein are net

of swap-out or replacement units.

addition, as of September 30, 2021, since its inception, our recently acquired Blue Corner sold or deployed 9,561independent

charge points which all were on Blue Corner’s network which comprised of 4,060 Level 2 publicly accessible commercial independent

charge points, 25 DC Fast Charging publicly assessable commercial independent charge points and 5,476 private L2, private DC Fast Charging

and private residential independent charge points.

reflected in our unaudited condensed consolidated financial statements as of September 30, 2021, we had a cash balance of $133,153, working

of March 31, 2022, we sold or deployed 20,569 chargers , of which 7,727 were on the Blink Network (5,067 Level 2 publicly accessible

commercial chargers, 1,613 Level 2 private commercial chargers, 83 DC Fast Charging EV publicly accessible chargers, 28 DC Fast Charging

EV private chargers, and 936 residential Level 2 Blink EV chargers), and the remaining 12,842 were non-networked, on other networks

or international sales or deployments (159 Level 2 commercial chargers, 6 DC Fast Charging chargers, 10,134 residential Level 2 Blink

EV chargers, 1,677 sold to other US Networks, 802 sold internationally and 64 deployed internationally).

addition, as of March 31, 2022, since its inception, our recently acquired subsidiary, Blue Corner, sold or deployed 15,768 independent

charge points, all of which were on Blue Corner’s network, which was comprised of 7,477 Level 2 publicly accessible commercial

independent charge points, 23 DC Fast Charging publicly assessable commercial independent charge points and 6,816 private L2, private

DC Fast Charging and private residential independent charge points.

The charger units reported herein are net of swap-out or replacement

reflected in our unaudited condensed consolidated financial statements as of March 31, 2022, we had a cash balance of $161,984, working

capital of $161,417, and an accumulated deficit of $257,613.

During the three and nine months ended September 30, 2021,

we incurred net losses of $15,321 and $36,145, respectively.

During the three months ended March 31, 2022 and 2021, we incurred

net losses of $15,143 and $7,365, respectively.

We have not yet achieved profitability.

2021 Acquisition of Blue Corner

May 10, 2021, pursuant to a Share Purchase Agreement dated April 21, 2021, the Company through its wholly owned subsidiary in the Netherlands,

Blink Holdings, B.V.

closed on the acquisition from the shareholders of Blue Corner NV, a Belgian company (“Blue Corner”),

of all of the outstanding capital stock of Blue Corner.

Headquartered in Belgium, with sales representative offices in several other

European cities, Blue Corner owns and operates an EV charging network across Europe.

The acquisition of Blue Corner was made to enter

the European market and provide an opportunity to expand the Company’s footprint in this region.

The purchase price for the acquisition

of all of Blue Corner’s outstanding capital stock was approximately $23,775 (or € 20,000),

consisting of approximately $22,985 (or € 19,000) in cash and approximately $790 ( € 700)

represented by 32,382 shares of the Company’s common stock (the “Consideration Shares”).

The fair value of the Consideration

Shares was calculated based on the average price of the Company’s common stock during the 30 consecutive trading days immediately

preceding the closing date of the Share Purchase Agreement, which equaled $37.66 (or € 30.88)

per share, reduced by a discount for illiquidity due to the 12 month lockup that exists on any sales or transfers.

The Company executed

management agreements with key Blue Corner personnel, including equity incentive packages consisting of additional shares of the Company’s

common stock which is compensatory and not included in the purchase price for this acquisition.

The Company entered into an escrow agreement

pursuant to the Share Purchase Agreement, under which the Company paid approximately $2,100 ( € 1,725)

of the purchase price into an escrow account for a period of up to 18 months following the closing to cover any losses or damages the

Company may incur by reason of any misrepresentation or breach of warranty by Blue Corner under the Share Purchase Agreement.

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 $232,100 in gross proceeds from the public offering, and approximately $221,4000 in net

proceeds after deducting the underwriting discount and offering expenses paid by us.

We are using the net proceeds to supplement our

operating cash flows to fund EV charging station deployment and to finance the costs of acquiring or investing in competitive and complementary

businesses, products and technologies as a part of our growth strategy.

We are also using proceeds for working capital and other corporate

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

Barclays Capital Inc.

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

has established a full-time dedicated team to identify and process federal and state funding opportunities for EV charging

infrastructure development.

Blink is committed to pursuing EV charging development grant opportunities in all 50 states.

funding include funding from the United States Department of Energy, the United States Department of Transportation, the VW

mitigation settlement trust fund, and funding initiatives from utility service providers.

During the nine months ended September 30,

2021, we have been awarded approximately $24,000 in grants from federal and state agencies.

Such awards are expected to be

recognized as revenue in future periods based on the grant contract or service life of the chargers.

April 22, 2022, pursuant to a Sale and Purchase Agreement, dated April 22, 2022, we acquired through our Dutch subsidiary, Blink Holdings

B.V., all of the outstanding capital stock of Electric Blue Limited, a private company limited by shares and registered in England and

Wales (“EB”), from its shareholders.

Headquartered in St.

Albans, United Kingdom, EB is a leading, independently owned provider

of electric vehicle charging and sustainable energy solutions and technologies.

EB works with local authorities and businesses to create

the infrastructure the United Kingdom needs to meet the 2050 net zero emissions target and prepare for the 2030 ban on the sale of new

petrol and diesel cars and vans.

purchase price for the acquisition of all of EB’s outstanding capital stock was up to 18,000 British Pounds (“GBP”)

(approximately $23,400), consisting of 10,000 GBP (approximately $13,000) in cash, and 3,000 GBP (approximately $3,900) represented by

152,803 shares of our common stock (the “Consideration Shares”).

The number of Consideration Shares was calculated based

on the volume weighted average price of our common stock during the 30 consecutive trading days ending on the closing date of the Sale

and Purchase Agreement, which equalled $25.17 per share.

also agreed in the Sale and Purchase Agreement, provided EB reaches specified gross revenue or new EV charger installation targets over

the three years post-closing, to issue up to 5,000 GBP (approximately $6,500) in additional shares of our common stock to EB shareholders

(the “Earn-Out”)

Product and Service Offerings

January 2022, we announced the next generation of Level 2 chargers to enhance our offering for the residential and the Fleet multifamily

residential markets.

The HQ 200 Basic is a non-networked residential product and the HQ 200 Smart is a networked residential product.

The MQ 200 product is an ideal product for the Fleet and multifamily residential markets.

Furthermore , in January 2022, Blink

announced the Fleet Management Portal targeted at commercial, municipal and federal fleets that are interested in electrifying their

fleets for planning, managing, optimizing their fleets for departure and energy costs.

April 19, 2022, the Company signed a non-binding letter of intent with a U.S.

privately-held company (the “Target”) providing

for the possible purchase by the Company of all of the outstanding shares of the Target from its shareholders in consideration for cash,

a note and, under certain circumstances, shares of common stock of a subsidiary of the Company or, if such subsidiary’s shares

are not publicly-traded, common stock of the Company.

In addition, in the letter of intent, the Company agreed to extend a loan of $1,000 to the Target (the “Loan”), which was subsequently made by the Company pursuant to a 6% Secured Convertible Promissory

Note signed by the Target.

Under the terms of the Loan, if the Company proceeds with the possible stock purchase of the Target, the principal

and accrued interest amount under the Loan will be deducted from the cash consideration paid to the Target’s shareholders at closing.

If, however, the Company determines not to proceed with the possible stock purchase of the Target, the Loan will continue to accrue 6%

interest per annum, and mature on the earliest of (i) a “Change of Control” (as defined);

(ii) the closing of the next investment

round by the Target;

(iii) an Event of Default (as defined);

or (iv) May 1, 2027.

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

We closely monitor the impact of the continuing presence of

Covid-19 and multiple Covid-19 variants We have taken and continue to take precautions to ensure the safety of our employees,

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

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

The global chip shortage and

supply chain disruption has caused some delays in equipment orders from our contract manufacturer.

As federal, state and local

economies begin to return to pre-pandemic levels and with a vaccine underway the Company expects demand for charging station usage

to increase, however the Company is unable to predict the extent of such recovery due to the uncertainty of Covid-19.

As a result we

are unable to predict the ultimate impact equipment order delays, chip shortage and continuous presence of Covid-19 will 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 the Covid-19 pandemic on our business

We closely monitor the impact of the continuing presence of Covid-19

and recently identified variants of Covid-19 which appear to be more transmissible and contagious than previous Covid-19 variants and

have caused an increase in the number of Covid-19 cases globally.

We have taken and continue to take 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.

The global chip shortage

and supply chain disruption has caused some delays in equipment orders from our contract manufacturer.

As federal, state and local economies

begin to return to pre-pandemic levels, we expect demand for charging station usage to increase, however, we are unable to predict the

extent of such recovery due to the uncertainty of Covid-19.

As a result, we are unable to predict the ultimate impact of equipment order

delays, chip shortage and continuous presence of Covid-19 will have on our business, future results of operations, financial position,

or cash flows.

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

For a further discussion

of the risks, uncertainties and actions taken in response to the COVID-19 pandemic, refer to Item 1A “Risk Factors”.

Factors Affecting Operating Results

believe our performance and future success depend on several factors, including those discussed below:

- The EV charging equipment and service market is highly competitive, and we expect the market to become increasingly competitive

as new entrants enter this growing market.

Our products and services compete on product performance and features, the total cost of ownership,

sales capabilities, financial stability, brand recognition, product reliability, and the installed base’s size.

Existing competitors

may expand their product offerings and sales strategies, and new competitors may enter the market.

If our market share decreases due

to increased competition, its revenue and ability to generate profits in the future may be impacted.

- Our growth is highly dependent upon the adoption by consumers of EVs, and we are subject to a risk of any reduced demand for EVs.

The market for alternative fuel vehicles is relatively new, rapidly evolving, characterized by rapidly changing technologies, price competition,

additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements, long development cycles

for EV original equipment manufacturers, and changing consumer demands and behaviors.

Factors that may influence the purchase and use

of alternative fuel vehicles, and specifically EVs, include perceptions about EV quality, safety (in particular with respect to lithium-ion

battery packs), design, performance and cost;

the limited range over which EVs may be driven on a single battery charge and concerns

about running out of power while in use;

improvements in the fuel economy of the internal combustion engine;

consumers’ desire

and ability to purchase a luxury automobile or one that is perceived as exclusive;

the environmental consciousness of consumers;

in the cost of oil and gasoline;

consumers’ perceptions of the dependency of the United States on oil from unstable or hostile

countries and the impact of international conflicts;

government regulations and economic incentives promoting fuel efficiency and alternate

forms of energy;

access to charging stations, standardization of EV charging systems and consumers’ perceptions about convenience

and cost to charge an EV;

and the availability of tax and other governmental incentives to purchase and operate EVs or future regulation

requiring increased use of nonpolluting vehicles.

If the market for EVs does not gain broad market acceptance or develops slower than

we expect, our business, prospects, financial condition and operating results may be adversely affected.

- Our business is subject to a variety of federal, state and international laws and regulations, including those with respect government

incentives promoting fuel efficiency and alternate forms of energy, electric vehicles and others.

These laws and regulations, and the

interpretation or application of these laws and regulations, could change.

Any reduction, elimination or discriminatory application of

government subsidies and economic incentives because of policy changes, fiscal tightening or other reasons may result in diminished revenues

from government sources and diminished demand for our products.

In addition, new laws or regulations affecting our business could be

These laws and regulations are frequently costly to comply with and may divert a significant portion of management’s attention.

Changes to these applicable laws or regulations could affect business and/or harm our customers, thereby adversely affect our business,

financial condition and results of operations.

through Acquisitions - We may pursue strategic domestic and international acquisitions to expand our operations.

Risks in acquisition

transactions include difficulties in the integration of acquired businesses into our operations and control environment, difficulties

in assimilating and retaining employees and intermediaries, difficulties in retaining the existing clients of the acquired entities,

assumed or unforeseen liabilities that arise in connection with the acquired businesses, the failure of counterparties to satisfy any

obligations to indemnify us against liabilities arising from the acquired businesses, and unfavorable market conditions that could negatively

impact our growth expectations for the acquired businesses.

Fully integrating an acquired company or business into our operations may

take a significant amount of time.

If we are unable to integrate or pursue strategic acquisitions, our financial condition and results

of operations would be negatively impacted.

Results of Operations

Three Months Ended September 30, 2021 Compared With Three Months Ended September 30, 2020

revenue for the three months ended September 30, 2021 increased by $5,496, or 607%, to $6,402 compared to $906 during the

three months ended September 30, 2020.

service revenue from Company-owned charging stations was $908 for the three months ended September 30, 2021 as compared to $163 for the

three months ended September 30, 2020, an increase of $745, or 457%.

The increase is due to the increase in utilization of chargers,

an increased number of chargers on the Blink network as well as charging service revenues of $591 from Blue Corner which we acquired

from product sales was $4,824 for the three months ended September 30, 2021 compared to $557 during the three months ended September

30, 2020, an increase of $4,267, or 766%.

This increase was attributable to increased sales of commercial chargers, DC fast chargers

and residential chargers when compared to the same period in 2020 as well as product sales of $1,698 from Blue Corner which we acquired

fee revenues were $205 for the three months ended September 30, 2021 compared to $100 for the three months ended September 30, 2020,

For the Three Months Ended

Product sales

Charging service revenue - company-owned charging stations

Grant and rebate

Ride-sharing services

Total Revenues

Cost of Revenues:

Cost of product sales

Cost of charging services - company-owned charging stations

Host provider fees

Network costs

Warranty and repairs and maintenance

Ride-sharing services

Depreciation and amortization

Total Cost of Revenues

Operating Expenses:

General and administrative expenses

Other operating expenses

Total Operating Expenses

Loss From Operations

Other Income (Expense):

Interest income

Foreign transaction gain

Change in fair value of derivative and other accrued liabilities

Other expense, net

Total Other (Expense) Income

revenue for the three months ended March 31, 2022 increased by $7,568, or 339%, to $9,800 compared to $2,232 during the three

months ended March 31, 2021.

service revenue from Company-owned charging stations was $1,107 for the three months ended March 31, 2022 as compared to $182 for the

three months ended March 31, 2021, an increase of $925, or 508%.

The increase is due to the increase in utilization of chargers, an increased

number of chargers on the Blink network as well as charging service revenues of $715 from Blue Corner which we acquired in May 2021.

from product sales was $8,052 for the three months ended March 31, 2022 compared to $1,671 during the three months ended March 31, 2021,

an increase of $6,381, or 382%.

The increase was attributable to increases in host owned units as well as billings and invoicing to Property

Partners during the three months ended September 30, 2021 compared to the three months ended September 30, 2020.

revenues were $87 for the three months ended September 30, 2021 compared to $14 for the three months ended September 30, 2020, an increase

This increase was attributable to increased sales of commercial chargers, DC fast chargers and residential

chargers when compared to the same period in 2021 as well as product sales of $2,423 from Blue Corner which we acquired in May 2021.

fee revenues were $161 for the three months ended March 31, 2021 compared to $110 for the three months ended March 31, 2021, an increase

of $51, or 46%.

The increase was primarily attributable to an increase in warranty contracts sold for the three months ended September

30, 2021 compared to the three months ended September 30, 2021.

and rebate revenues were $56 during the three months ended September 30, 2021, compared to $3 during the three months ended September

30, 2020, an increase of $53.

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 2021 revenue was related to the recognition

of grants/rebates of $56 from Blue Corner which we acquired in May 2021.

services revenues were $269 during the three months ended September 30, 2021 derived from ride-sharing subscription services through

a program with the City of Los Angeles, which was associated with the acquisition of BlueLA in September 2020.

revenue decreased by $16 to $53 for the three months ended September 30, 2021 as compared to $69 for the three months ended

September 30, 2020.

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

months ended September 30, 2021 compared to the same period in 2020.

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

stations sold, connectivity charges provided by Telco and other network providers, warranty, repairs and maintenance services, and depreciation

of our installed charging stations.

Cost of revenues for the three months ended September 30, 2021 were $5,510 as compared to

$539 for the three months ended September 30, 2020, an increase of $4,971, or 922%, of which, $2,113 is from Blue Corner

which we acquired in May 2021.

is a degree of variability in our costs in relationship to our revenues from period to period, primarily due to:

● electricity

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-company-owned charging stations (electricity reimbursements) increased by $80 to $200 for the three months ended

September 30, 2021 as compared to $120 for the three months ended September 30, 2020.

The increase in 2021 was attributable to the mix

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

Partner host fees increased by $426, or 1,151%, to $463 during the three months ended September 30, 2021 as compared to $37 during the

three months ended September 30, 2020.

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

share percentage payments to Property Partner hosts per their agreements as well as an increase in the usage of charging stations as

a result of the reopening of the economy from the COVID-19 pandemic.

of product sales increased by $3,597 from $35 for the three months ended September 30, 2020 as compared to $3,632 for the

three months ended September 30, 2021.

The increase was primarily due to the increase in product sales of Generation 2, DC fast chargers

and home residential chargers during the three months ended September 30, 2021 compared to the same period in 2020 as well as product

sales of $1,441 from Blue Corner which we acquired in May 2021.

Furthermore, the three months ended September 30, 2021 included

a reduction in the provision for excess and obsolete inventory of $220 relating to the increased sales of residential home charger

The three months ended September 30, 2020 included an decrease in the provision for excess and obsolete inventory of $291.

costs increased by $9, or 8%, to $115 during the three months ended September 30, 2021 as compared to $106 during the three months ended

September 30, 2020.

The increase was primarily a result of increased connectivity costs of members on the network.

and repairs and maintenance costs increased by $153, or 146%, to $258 during the three months ended September 30, 2021 from $105 during

the three months ended September 30, 2020.

The increase in 2021 was attributable to significant efforts expended to reduce the backlog

in warranty and repairs and maintenance cases.

As of September 30, 2021, we recorded a liability of $12 which represents the estimated

cost of existing backlog of known warranty cases.

of ride-sharing services was $422 during the three months ended September 30, 2021 derived from ride-sharing subscription services program

with the City of Los Angeles which was associated with the acquisition of BlueLA in September 2020.

and amortization expense increased by $284 to $420 for the three months ended September 30, 2021 as compared to $136 for the three months

ended September 30, 2020.

The increase in depreciation expense was attributable to an increase in the number of EV charging stations

including those from the Blue Corner acquisition which we acquired in May 2021 and vehicles purchased in December 2020 for the

acquired BlueLA operations.

expense increased by $9,201, or 362%, to $11,745 (consisting of approximately $5,448 of cash compensation and benefits and approximately

$6,297 of non-cash compensation) for the three months ended September 30, 2021.

Compensation expense was $2,544 (consisting of approximately

$2,400 of cash compensation and benefits and approximately $144 of non-cash compensation) for the three months ended September 30, 2020.

The increase in compensation expense for the three months ended September 30, 2021 compared to the same period in 2020 was primarily

associated with the investment in new personnel and compensation in executive, marketing, sales and operations departments as a result

of the anticipated domestic and global growth of the Company.

In addition, compensation expense during the three months ended September

30, 2021 compared the same period in 2020 increased due to additional personnel in conjunction with the acquisitions of BlueLA and U-Go

made during 2020 and the acquisition of Blue Corner which occurred in May 2021.

Also contributing to the increase in compensation expense

for the three months ended September 30, 2021 is the new employment agreement with our CEO which included increases in cash and equity

compensation.

Included in non-cash share-based compensation for the three months ended September 30, 2021 was $5,329 related to the special

four-year performance stock option for the CEO of the Company which is expected to be fully expensed by January 2022.

and administrative expenses increased by $1,923, or 168%, to $3,067 for the three months ended September 30, 2021.

General and administrative

expenses were $1,144 for the three months ended September 30, 2020.

The increase was primarily attributable to increases in accounting,

legal, investor relations, marketing, consulting and other professional service expenditures of $1,210.

Furthermore, general and administrative

expenses increased due to increase in amortization expense of $439 related primarily to the Blue Corner acquisition.

Also contributing

to the increase in general and administrative expenses were operating expenditures related to the 2020 acquisitions of BlueLA and U-Go

and the acquisition of Blue Corner which occurred in May 2021.

operating expenses increased by $1,311, or 221%, to $1,903 for the three months ended September 30, 2021 from $592 for the three months

ended September 30, 2020.

The increase was primarily attributable to increases in insurance, software licensing, annual shareholder meeting,

rent and property/use tax expenditures of $889.

Furthermore, increases in travel and vehicle expenses of $178 and $227, respectively,

contributed to the increase in other operating expenses for the three months ended September 30, 2021 compared to the same period in

Also contributing to the increase in other operating expenses were operating expenditures related to the 2020 acquisitions of BlueLA

and U-Go and the acquisition of Blue Corner which occurred in May 2021.

Income (Expense)

income for the three months ended September 30, 2021 was $502 compared to other expense of $1 for the three months ended

September 30, 2020.

Other income for the three months ended September 30, 2021 was primarily related to the gain from the

forgiveness of the PPP Loan.

net loss for the three months ended September 30, 2021 increased by $11,407, or 291%, to $15,321 as compared to

$3,914 for the three months ended September 30, 2020.

The increase was primarily attributable to an increase in compensation expense

and general and administrative expenses in conjunction with current and anticipated growth of the Company.

Months Ended September 30, 2021 Compared With Nine Months Ended September 30, 2020

revenue for the nine months ended September 30, 2021 increased by $9,213, or 244%, to $12,990 compared to $3,777 during

the nine months ended September 30, 2020.

service revenue from Company-owned charging stations was $1,676 for the nine months ended September 30, 2021 as compared to $570 for

the nine months ended September 30, 2020, an increase of $1,106, or 194%.

The increase is due to the increase in utilization of chargers,

an increased number of chargers on the Blink network as well as charging service revenues of $806 from Blue Corner which we acquired

from product sales was $9,762 for the nine months ended September 30, 2021 compared to $2,609 during the nine months ended September

The increase was attributable to increases in host owned units as well as billings and invoicing to Property Partners

during the three months ended March 31, 2022 compared to the months ended March 31, 2021.

revenues were $67 for the three months ended March 31, 2022 compared to $13 for the three months ended March 31, 2021, an increase of

$54, or 415%.

The increase was primarily attributable to an increase in warranty contracts sold for the three months ended March

31, 2022 compared to the three months ended March 31, 2021.

As of March 31, 2022, we recorded a

liability of $8 which represents the estimated cost of existing backlog of known warranty cases.

and rebate revenues were $75 during the three months ended March 31, 2022, compared to $150 during the three months ended March 31, 2021,

a decrease of $75, or 50%.

The 2022 revenue was primarily related to the amortization of previous

years’ grants and grants/rebates of $75 from Blue Corner which we acquired in May 2021.

The 2021 revenue was primarily related

to recognition of $150 in various state grants associated with the installation of chargers during the three months ended March 31, 2021.

services revenues were $239 during the three months ended March 31, 2022 compared to $46 during the three months ended March 31, 2021,

an increase of $193 or 420%.

This increase was attributable to increased sales of commercial chargers, DC fast chargers

and residential chargers when compared to the same period in 2020 as well as product sales of $3,180 from Blue Corner which we acquired

fee revenues were $421 for the nine months ended September 30, 2021 compared to $227 for the nine months ended September 30, 2020, an

increase of $194, or 85%.

The increase was attributable to increase in host owned units as well as billings and invoicing to Property

Partners during the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020.

revenues were $119 for the nine months ended September 30, 2021 compared to $30 for the nine months ended September 30, 2020, an increase

of $89, or 297%.

The increase was primarily attributable to an increase in warranty contracts sold for the nine months ended September

30, 2021 compared to the nine months ended September 30, 2020.

As of September 30, 2021, we recorded a liability of $12 which

represents the estimated cost of existing backlog of known warranty cases.

and rebate revenues were $280 during the nine months ended September 30, 2020, compared to $11 during the nine months ended September

30, 2020, an increase of $269.

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 2021 revenue was primarily related recognition

of $167 in various state grants associated with the installation of chargers during the nine months ended September 30, 2021,

the amortization of previous years’ grants and grants/rebates of $100 from Blue Corner which we acquired in May 2021.

services revenues were $504 during the nine months ended September 30, 2021 derived from ride-sharing subscription services program

with the City of Los Angeles which was associated with the acquisition of BlueLA in September 2020.

revenue decreased by $102 to $228 for the nine months ended September 30, 2021 as compared to $330 for the nine months

ended September 30, 2020.

The decrease was primarily attributable to lower Low Carbon Fuel Standard (LCFS) credits generated during the

nine months ended September 30, 2021 compared to the same period in 2020.

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.

These revenues are derived from ride-sharing subscription services through a program with the City of Los

Angeles, which was associated with the acquisition of BlueLA in September 2020.

revenue increased by $39 to $99 for the three months ended March 31, 2022 as compared to $60 for the three months ended March 31, 2021.

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

March 31, 2022 compared to the same period in 2021.

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

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of our installed charging stations.

Cost of revenues for the nine months ended September 30, 2021 were $11,527 as compared to

$2,688 for the nine months ended September 30, 2020, an increase of $8,839, or 329%.

There is a degree of variability in

our costs in relationship to our revenues from period to period, primarily due to:

● electricity

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;

Cost of revenues for the three months ended March 31, 2022 were $8,214 as compared to $2,136 for

the three months ended March 31, 2021, an increase of $6,078 or 285%.

There is a degree of variability in our costs in relationship 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

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-company-owned charging stations (electricity reimbursements) increased by $124 to $310 for the nine months ended

September 30, 2021 as compared to $186 for the nine months ended September 30, 2020.

The increase in 2021 was attributable to the mix

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

Partner host fees increased by $692, or 461%, to $842 during the nine months ended September 30, 2021 as compared to $150 during the

nine months ended September 30, 2020.

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

share percentage payments to Property Partner hosts per their agreements.

of product sales increased by $5,688, or 399%, from $1,427 for the nine months ended September 30, 2020 as compared to

$7,115 for the nine months ended September 30, 2021.

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

2, DC fast chargers and home residential chargers during the nine months ended September 30, 2021 compared to the same period in 2020

as well as product sales from Blue Corner which we acquired in May 2021.

Furthermore, the nine months ended September 30, 2021 included

a reduction in the provision for excess and obsolete inventory of $29 relating to the increased sales of residential home charger units.

The nine months ended September 30, 2020 included a decrease in the provision for excess and obsolete inventory of $283.

costs decreased by $157, or 34%, to $307 during the nine months ended September 30, 2021 as compared to $464 during the nine months ended

September 30, 2020.

The decrease was primarily a result of non-capitalizable costs incurred during the 2020 period related to upgrades

of our network systems.

and repairs and maintenance costs increased by $506, or 214%, to $743 during the nine months ended September 30, 2021 from $237 during

the nine months ended September 30, 2020.

The increase was attributable to significant efforts expended in previous periods to reduce

the backlog in warranty cases.

As of September 30, 2021, we recorded a liability of $12 which represents the estimated cost of

existing backlog of known warranty cases.

of ride-sharing services was $1,092 during the nine months ended September 30, 2021 derived from ride-sharing subscription services program

with the City of Los Angeles which was associated with the acquisition of BlueLA in September 2020.

and amortization expense increased by $894, or 399%, to $1,118 for the nine months ended September 30, 2021 as compared to $224 for the

nine months ended September 30, 2020.

The increase in depreciation expense was attributable to an increase in the number of EV charging

stations including those from the Blue Corner acquisition which we acquired in May 2021 and vehicles purchased in December 2020 for the

acquired BlueLA operations.

expense increased by $18,699, or 269%, to $25,663 (consisting of approximately $15,355 of cash compensation and benefits and approximately

$10,308 of non-cash compensation) for the nine months ended September 30, 2021.

Compensation expense was $6,964

(consisting of approximately $6,484 of cash compensation and approximately $480 of non-cash compensation) for the nine months ended September

The increase in compensation expense for the nine months ended September 30, 2021 compared to the same period in 2020 was primarily

associated with the investment in new personnel and compensation in executive, marketing, sales and operations departments as a result

of the anticipated domestic and global growth of the Company.

In addition, compensation expense during the nine months ended September

30, 2021 compared the same period in 2020 increased due to additional personnel in conjunction with the acquisitions of BlueLA and U-Go

made during 2020 and the acquisition of Blue Corner which occurred in May 2021.

Also contributing to the increase in compensation expense

for the nine months ended September 30, 2021 is the new employment agreement with our CEO which included increases in cash and equity

compensation as well as one-time awards and payments in satisfaction of his 2020 bonuses of $1,280, restricted stock grant of 19,504

shares of common stock, grant of 23,862 in stock options, and a salary catch-up since the expiration of his prior agreement in June 2020

Included in non-cash share-based compensation for the nine months ended September 30, 2021 was $7,241 related to the

special four-year performance stock option for the CEO of the Company which is expected to be fully expensed by January 2022.

and administrative expenses increased by $4,650, or 189%, to $7,110 for the nine months ended September 30, 2021.

General and administrative

expenses were $2,460 for the nine months ended September 30, 2020.

The increase was primarily attributable to increases in accounting,

legal, investor relations, marketing, consulting and other professional service expenditures of $2,895.

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

of charging services-company-owned charging stations (electricity reimbursements) increased by $473, or 946%, to $523 for the three

months ended March 31, 2022 as compared to $50 for the three months ended March 31, 2021.

The increase in 2022 was attributable to the

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

provider fees increased by $425, or 337%, to $551 during the three months ended March 31, 2022 as compared to $126

during the three months ended March 31, 2021.

This increase 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 $4,926, or 441%, from $1,118 for the three months ended March 31, 2021 as compared to $6,044

for the three months ended March 31, 2022.

The increase is primarily due to the increase in product sales during the three months

ended March 31, 2022 compared to the same period in 2021.

The increase was primarily due to the

increase in product sales of commercial chargers, DC fast chargers and home residential chargers during the three months ended March

31, 2022 compared to the same period in 2021 as well as cost of product sales of $2,263 from Blue Corner which we acquired in

Furthermore, three months ended March 31, 2022 included an increase in the provision for excess and obsolete inventory of $129

relating primarily to the increased sales of residential home charger units.

The three months ended March 31, 2021 included a decrease

in the provision for excess and obsolete inventory of $82.

costs increased by $155 or 196%, to $234 during the three months ended March 31, 2022 as compared to $79 during

the three months ended March 31, 2021.

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 2021.

and repairs and maintenance costs decreased by $151, or 58%, to $111 during the three months ended March 31, 2022 from $262 during

the three months ended March 31, 2021.

The increase in 2022 was attributable to significant efforts

expended to reduce the backlog in warranty and repairs and maintenance cases.

As of March 31, 2022, we recorded a liability of $8 which

represents the estimated cost of existing backlog of known warranty cases.

of ride-sharing services was $426 during the three months ended March 31, 2022 compared to $246 during the 2021 period, the increase

was due to increase in operating expenses as a result of an increase in vehicles used in this operation.

These costs are from ride-sharing

subscription services through a program with the City of Los Angeles, which was associated with the acquisition of BlueLA in September

and amortization expense increased by $70, or 27%, to $325 for the three months ended March 31, 2022 as compared to $255 for the three

months ended March 31, 2021.

The increase in depreciation expense was attributable to an increase

in the number of EV charging stations including those from the Blue Corner acquisition which we acquired in May 2021.

expense increased by $4,511, or 95%, to $9,259 (consisting of approximately $7.3 million of cash compensation and benefits and

approximately $2.0 million of non-cash compensation) for the three months ended March 31, 2022.

Compensation expense was $4,748 (consisting

of approximately $4.3 million of cash compensation and benefits and approximately $0.4 million of non-cash compensation) for the three

months ended March 31, 2021.

The increase in compensation expense for the three months ended March 31, 2022 compared to the same period

in 2021 was primarily related to increases in personnel and compensation in executive, marketing, sales and operations departments as

a result of the anticipated domestic and international growth of the Company.

In addition, compensation expense during the three months

ended March 31, 2022, compared the same period in 2021 increased due to additional personnel in conjunction with the acquisition of Blue

Corner in May 2021.

and administrative expenses increased by $2,842 or 179%, to $4,427 for the three months ended March 31, 2022 as compared to

$1,585 for the three months ended March 31, 2021.

The increase was primarily attributable to increases in accounting, investor

relations, marketing, consulting and other professional service expenditures of $2,182.

Furthermore, general and administrative

expenses increased due to increases in amortization expense and acquisition related expenses of $598 and $320, respectively, related

to the Blue Corner acquisition.

Also contributing to the increase in general and administrative expenses were operating expenditures

related to the 2020 acquisitions of BlueLA and U-Go and the acquisition of Blue Corner which occurred in May 2021.

operating expenses increased by $2,627, or 162%, to $4,246 for the nine months ended September 30, 2021 from $1,619 for the nine months

ended September 30, 2020.

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

development costs, rent, annual shareholder meeting and property/use tax expenditures of $1,944.

Furthermore, increases in travel and

vehicle expenses of $174 and $199, respectively, contributed to the increase in other operating expenses for the nine months ended September

30, 2021 compared to the same period in 2020.

Also contributing to the increase in other operating expenses were operating expenditures

related to the 2020 acquisitions of BlueLA and U-Go and the acquisition of Blue Corner which occurred in May 2021.

Income (Expense)

expenses increased by $638 from other income of $49 for the nine months ended September 30, 2020 to $589 for the nine months ended September

The increase was primarily related settlement and payment of $1,000 by the Company to our CEO regarding the transfer of 260,000

shares of the Company’s common stock to a prior institutional investor partially offset by a gain of $379 related to the forgiveness

of a PPP Loan.

net loss for the nine months ended September 30, 2021 increased by $26,240, or 265%, to $36,145 as compared to $9,905

for the nine months ended September 30, 2020.

The increase was primarily attributable to an increase in compensation expense and general

and administrative expenses in conjunction with current and anticipated growth of the Company.

expenses increased due to increases in amortization expense of $312 related to the Blue Corner acquisition.

Also contributing to the

increase in general and administrative expenses were operating expenditures related to the 2021 acquisitions of Blue Corner which

occurred in May 2021.

operating expenses increased by $1,793, or 156%, to $2,942 for the three months ended March 31, 2022 from $1,149 for the three months

ended March 31, 2021.

The increase was primarily attributable to increases in insurance, software licensing, hardware and software development

costs and property/use tax expenditures of $1,092.

Furthermore, increases in travel and vehicle expenses of $240, contributed to the

increase in other operating expenses for the three months ended March 31, 2022 compared to the same period in 2021.

Also contributing

to the increase in other operating expenses were operating expenditures related to the 2021 acquisitions of Blue Corner which occurred

During the three months ended March 31, 2022, we incurred expenses of $341 related to the network upgrade to certain of

the Company’s EV charging stations.

(Expense) Income

(expense) income decreased by $122, or 581%, to $(101) for the three months ended March 31, 2022 as compared to $21 for the

three months ended March 31, 2021.

net loss for the three months ended March 31, 2022 increased by $7,778 or 106%, to $15,143 as compared to $7,365 for the three months

ended March 31, 2021.

The increase was primarily attributable to an increase in compensation expense and general and administrative expenses.

Comprehensive Loss

total comprehensive loss for the three months ended March 31, 2022 was $15,749 whereas our total comprehensive loss for the three months

ended March 31, 2021 was $7,421.

and Capital Resources

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

September 30, 2021

March 31, 2022

December 31, 2021

Cash and cash equivalents

Working capital

Notes payable (gross)

the nine months ended September 30, 2021, we financed our activities from proceeds derived from debt and equity financings occurring

in prior periods.

the three months ended March 31, 2022, 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 nine months ended September 30, 2021 and 2020, we used cash of $29,953 and $10,157, respectively, in operations.

use for the nine months ended September 30, 2021 was primarily attributable to our net loss of $36,145, adjusted for net non-cash

expenses in the aggregate amount of $13,082, and $6,890 of net cash used in changes in the levels of operating assets and

Our cash use for the nine months ended September 30, 2020 was primarily attributable

to our net loss of $9,905, adjusted for net non-cash expenses in the aggregate amount of $750, and $1,002 of net cash used in changes

in the levels of operating assets and liabilities.

the nine months ended September 30, 2021, net cash used in investing activities was $81,982, of which, $60,267 was used

in connection with the purchase of marketable securities, $6,804 was provided by the sale of marketable securities, $22,985 was used

as cash consideration for the acquisition of Blue Corner, $243 was provided by the net cash acquired from Blue Corner and $5,540

was used to purchase charging stations and other fixed assets.

$237 was related to the payment of engineering costs that were capitalized.

During the nine months ended September 30, 2020, net cash provided by investing activities was

$2,097, of which, $2,774 was provided in connection with the sale of marketable securities and $681 was used to purchase charging stations

the three months ended March 31, 2022 and 2021, we used cash of $11,383 and $8,500, respectively, in operations.

for the three months ended March 31, 2022 was primarily attributable to our net loss of $15,143, adjusted for net non-cash expenses in

the aggregate amount of $3,572, partially offset by $188 of net cash provided by changes in the levels of operating assets and

Our cash used for the three months ended March 31, 2021 was primarily attributable to our net loss of $7,365, adjusted for

net non-cash expenses in the aggregate amount of $1,055, and $2,190 of net cash used in changes in the levels of operating assets and

the three months ended March 31, 2022, net cash used in investing activities was $1,368 which was used to purchase charging stations

and other fixed assets.

the nine months ended September 30, 2021, cash provided in financing activities was $222,913 of which, $221,333 was provided by the sale

of common stock in a public offering and $1,619 was provided upon the exercise of warrants, this was offset by $39 used to pay down our

liability in connection with internal use software.

During the nine months ended September 30,

2020, net cash provided financing activities was $18,783, of which $856 was attributable to proceeds from our PPP loan, $17,836 was attributable

to the net proceeds from the sale of common stock under the ATM, partially offset by $53 used to pay down our liability in connection

with internal use software.

of September 30, 2021, we had cash, working capital and an accumulated deficit of $133,153, $187,169 and $223,496, respectively.

During the three and nine months ended September 30, 2021, we had a net loss of $15,321 and $36,145, respectively.

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

We received approximately $232,100 in gross proceeds from the public offering, and approximately $221,400 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.

During the three months ended March 31, 2021, net cash used in investing activities was $40,583, of which, $36,562

was provided in connection with the purchase of marketable securities and $4,021 was used to purchase charging stations and other fixed

the three months ended March.

31, 2022, cash used in financing activities was $77, of which, $69 was provided by the exercise of warrants,

offset by $146 used to pay down our liability in connection with internal use software.

During the three months ended March.

cash provided in financing activities was $222,386, of which, $221,406 was provided by the sale of common stock in a public offering,

$1,000 was provided by the exercise of warrants, which was partially offset by $20 used to pay down our liability in connection with

internal use software.

of March 31, 2022, we had cash, working capital and an accumulated deficit of $161,984, $161,417 and $257,613, respectively.

the three months ended March 31, 2022, we had a net loss of $15,143.

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

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We expect that our cash on hand will fund our operations for at least

12 months from the issuance date of the financial statements included in this Quarterly Report.

12 months after from the issuance date of the financial statements included in this quarterly report.

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

9 unchanged sentences

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 must be 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.

extent that there are material differences between these estimates and actual results, our financial results will be affected.

EV charging requirements and technologies change, driven by federal, state or local regulatory authorities or by EV manufacturers or

other technology or services providers for the charging station industry, in particular cellular connectivity technology, we may need

to upgrade or adapt our charging station products or introduce new products in order to serve new vehicles, conform to new standards,

or adapt new technologies to serve existing customers or new customers at substantial research, development, and network upgrades costs.

During 2021, many cellular technology providers announced they will require the upgrade from 2G/3G connectivity to 4G LTE during 2022

(the “Upgrade”).

The Upgrade is expected to cost approximately $1,785 to upgrade certain of our owned and operated

EV charging stations.

Obligations and Commitments

entered into purchase commitments that include purchase orders and agreements in the normal course of business with contract manufacturers,

parts manufacturers, vendors for research and development services and outsourced services.

As of March 31, 2022, we had purchase commitment

of approximately $35,000 of which approximately $13,000 is with a related party, which will become payable upon the suppliers’

delivery of the charging stations, services and other related items.

The purchase commitments were made primarily for future sales, deployments

of charging stations, inventory management planning and other related items, all of which are expected to be received during the next

12-24 months.

the Company has operating lease obligations over the next five years of approximately $2,009.

These operating lease obligations are primarily

related to corporate office space, warehousing, and parking spaces related to our ride-sharing services.

Accounting 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

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quarterly report.

For a comprehensive list of our critical accounting estimates, refer to Part II, Item 7, Critical Accounting Estimates

in our Annual Report on Form 10-K for the year ended December 31, 2021.

There have been no material changes to our critical accounting

policies and estimates since our Annual Report on Form 10-K for the year ended December 31, 2021.

recognize revenue primarily from five different types of contracts:

14 unchanged sentences

the Company and the owner of the station.

Other revenues also comprise of revenues generated from alternative fuel credits.

Other revenues also comprises of revenues generated from alternative fuel credits.

timing of the Company’s revenue recognition may differ from the timing of payment by its customers.

17 unchanged sentences

be recoverable.

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

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 our network in determining fair value.

car charging stations throughout its network in determining fair value.

An impairment loss would be recognized when estimated future

21 unchanged sentences

recognized on a straight-line basis over the lease term.

is the excess of consideration paid for an acquired entity over the amounts assigned to assets acquired, including other identifiable

intangible assets, and liabilities assumed in a business combination.

To determine the amount of goodwill resulting from a business combination,

the Company performs an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable

intangible assets and liabilities.

is the excess of consideration paid for an acquired entity over the fair value of the amounts assigned to assets acquired, including

other identifiable intangible assets, and liabilities assumed in a business combination.

To determine the amount of goodwill resulting

from a business combination, the Company performs an assessment to determine the acquisition date fair value of the acquired company’s

tangible and identifiable intangible assets and liabilities.

is required to be evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the asset may be

14 unchanged sentences

a description of our recently issued accounting standards, see Note 2 – Summary of Significant Accounting Policies in Part 1, Item

1 of this Quarterly Report.

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” (SPEs).

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

1 of this Quarterly Report on Form 10-Q.

AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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-Q

Item 2. Management’s Discussion and Analysis