Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 12, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Blink Charging Co. | |
Entity Central Index Key | 0001429764 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,241,434 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash | $ 10,123,186 | $ 15,538,849 |
Marketable securities | 3,032,386 | 2,878,664 |
Accounts receivable and other receivables, net | 252,648 | 168,169 |
Inventory, net | 1,649,557 | 1,235,334 |
Prepaid expenses and other current asset | 675,745 | 839,520 |
Total Current Assets | 15,733,522 | 20,660,536 |
Property and equipment, net | 562,649 | 383,567 |
Operating lease right-of-use asset | 413,004 | 439,308 |
Intangible assets, net | 90,553 | 95,852 |
Other assets | 67,077 | 71,198 |
Total Assets | 16,866,805 | 21,650,461 |
Current Liabilities: | ||
Accounts payable | 2,232,517 | 2,582,196 |
Accrued expenses | 963,186 | 1,544,921 |
Accrued issuable equity | 293,514 | 318,493 |
Notes payable | 10,000 | 287,966 |
Current portion of operating lease liabilities | 214,248 | 151,997 |
Current portion of deferred revenue | 259,295 | 357,048 |
Total Current Liabilities | 3,972,760 | 5,242,621 |
Operating lease liabilities, non-current portion | 239,858 | 299,733 |
Deferred revenue, non-current portion | 5,387 | 13,878 |
Total Liabilities | 4,218,005 | 5,556,232 |
Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of June 30, 2019 and December 31, 2018 | ||
Commitments and contingencies (Note 10) | ||
Stockholders' Equity: | ||
Common stock, $0.001 par value, 500,000,000 shares authorized, 26,236,804 and 26,118,075 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 26,237 | 26,118 |
Additional paid-in capital | 176,468,879 | 175,924,587 |
Accumulated other comprehensive income | 141,007 | |
Accumulated deficit | (163,987,328) | (159,856,481) |
Total Stockholders' Equity | 12,648,800 | 16,094,229 |
Total Liabilities and Stockholders' Equity | 16,866,805 | 21,650,461 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized; | ||
Series C Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized; | ||
Series D Convertible Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 40,000,000 shares authorized; | $ 5 | $ 5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 26,236,804 | 26,118,075 |
Common stock, shares outstanding | 26,236,804 | 26,118,075 |
Series B Convertible Preferred Stock [Member] | ||
Temporary equity, shares authorized | 10,000 | 10,000 |
Temporary equity, shares issued | 0 | 0 |
Temporary equity, shares outstanding | 0 | 0 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 13,000 | 13,000 |
Preferred stock, shares issued | 5,125 | 5,141 |
Preferred stock, shares outstanding | 5,125 | 5,141 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Total Revenues | $ 715,828 | $ 624,418 | $ 1,293,218 | $ 1,220,338 |
Cost of Revenues: | ||||
Total Cost of Revenues | 401,284 | 453,643 | 924,716 | 877,742 |
Gross Profit | 314,544 | 170,775 | 368,502 | 342,596 |
Operating Expenses: | ||||
Compensation | 1,674,042 | 1,131,179 | 3,277,527 | 4,819,815 |
General and administrative expenses | 485,055 | 394,048 | 742,191 | 495,217 |
Other operating expenses | 538,768 | 493,037 | 1,047,593 | 676,992 |
Total Operating Expenses | 2,697,865 | 2,018,264 | 5,067,311 | 5,992,024 |
Loss From Operations | (2,383,321) | (1,847,489) | (4,698,809) | (5,649,428) |
Other Income (Expense): | ||||
Interest income (expense), net | 22,081 | (8,533) | 38,153 | (113,516) |
Interest expense - related party share transfer | (785,200) | |||
Amortization of discount on convertible debt | (528,929) | |||
Gain on settlement of debt | 310,000 | |||
Gain on settlement of accounts payable, net | 107,923 | 160,423 | 920,352 | |
Loss on settlement reserve | (127,941) | |||
Change in fair value of derivative and other accrued liabilities | (35,494) | 623,237 | (90,236) | 3,647,835 |
Loss on settlement of liabilities for equity | (2,192,045) | |||
Gain on settlement of liabilities to JMJ for equity | 5,800,175 | |||
Other income | 51,591 | 149,622 | ||
Total Other Income | 146,101 | 614,704 | 567,962 | 6,620,731 |
Net (Loss) Income | (2,237,220) | (1,232,785) | (4,130,847) | 971,303 |
Dividend attributable to Series C shareholders | (607,800) | |||
Deemed dividend | (23,458,931) | |||
Net Loss Attributable to Common Shareholders | $ (2,237,220) | $ (1,232,785) | $ (4,130,847) | $ (23,095,428) |
Net Loss Per Share: | ||||
Basic | $ (0.09) | $ (0.05) | $ (0.16) | $ (1.45) |
Diluted | $ (0.09) | $ (0.05) | $ (0.16) | $ (1.45) |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 26,234,376 | 23,229,166 | 26,202,898 | 15,891,388 |
Diluted | 26,234,376 | 23,229,166 | 26,202,898 | 15,891,388 |
Charging Service Revenue [Member] | ||||
Revenues: | ||||
Total Revenues | $ 294,985 | $ 301,350 | $ 619,880 | $ 607,097 |
Product Sales [Member] | ||||
Revenues: | ||||
Total Revenues | 282,014 | 142,839 | 385,218 | 278,599 |
Network Fees [Member] | ||||
Revenues: | ||||
Total Revenues | 76,359 | 56,034 | 150,829 | 113,285 |
Warranty [Member] | ||||
Revenues: | ||||
Total Revenues | 19,284 | 33,957 | 35,792 | 64,359 |
Grant and Rebate [Member] | ||||
Revenues: | ||||
Total Revenues | 6,525 | 45,107 | 13,239 | 61,338 |
Other [Member] | ||||
Revenues: | ||||
Total Revenues | 36,661 | 45,131 | 88,260 | 95,660 |
Cost of Charging Services [Member] | ||||
Cost of Revenues: | ||||
Total Cost of Revenues | 37,283 | 79,060 | 67,012 | 122,821 |
Host Provider Fees [Member] | ||||
Cost of Revenues: | ||||
Total Cost of Revenues | 81,037 | 97,327 | 163,076 | 205,732 |
Cost of Product Sales [Member] | ||||
Cost of Revenues: | ||||
Total Cost of Revenues | 87,800 | 39,287 | 301,120 | 102,820 |
Network Costs [Member] | ||||
Cost of Revenues: | ||||
Total Cost of Revenues | 86,303 | 77,297 | 163,526 | 144,225 |
Warranty and Repairs and Maintenance [Member] | ||||
Cost of Revenues: | ||||
Total Cost of Revenues | 83,543 | 86,001 | 172,415 | 149,729 |
Depreciation and Amortization [Member] | ||||
Cost of Revenues: | ||||
Total Cost of Revenues | $ 25,318 | $ 74,671 | $ 57,567 | $ 152,415 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (Loss) Income | $ (2,237,220) | $ (1,232,785) | $ (4,130,847) | $ 971,303 |
Other Comprehensive Income: | ||||
Change in fair value of marketable securities | 40,321 | 141,007 | ||
Total Comprehensive (Loss) Income | $ (2,196,899) | $ (1,232,785) | $ (3,989,840) | $ 971,303 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Convertible Preferred Stock - Series D [Member] | Convertible Preferred Stock - Series A [Member] | Convertible Preferred Stock - Series C [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total | |
Balance at Dec. 31, 2017 | $ 11,000 | $ 230 | $ 5,524 | $ 119,499,141 | $ (156,435,278) | $ (36,919,383) | |||
Balance, shares at Dec. 31, 2017 | 11,000,000 | 229,551 | 5,523,673 | ||||||
Stock-based compensation | $ 932 | 2,664,343 | 2,665,275 | ||||||
Stock-based compensation, shares | 932,328 | ||||||||
Common stock and warrants issued in public offering | [1] | $ 4,353 | 14,876,462 | 14,880,815 | |||||
Common stock and warrants issued in public offering, shares | [1] | 4,353,000 | |||||||
Common stock issued upon conversion of Series A convertible preferred stock | $ (11,000) | $ 550 | 10,450 | ||||||
Common stock issued upon conversion of Series A convertible preferred stock, shares | (11,000,000) | 550,000 | |||||||
Common stock issued in satisfaction of Series B convertible preferred stock | $ 223 | 824,777 | 825,000 | ||||||
Common stock issued in satisfaction of Series B convertible preferred stock, shares | 223,235 | ||||||||
Common stock issued upon conversion of Series C convertible preferred stock | $ (255) | $ 9,112 | (8,857) | ||||||
Common stock issued upon conversion of Series C convertible preferred stock, shares | (254,557) | 9,111,644 | |||||||
Series D convertible preferred stock issued in satisfaction of liabilities | $ 12 | 12,004,988 | 12,005,000 | ||||||
Series D convertible preferred stock issued in satisfaction of liabilities, shares | 12,005 | ||||||||
Common stock issued in partial satisfaction of debt and other liabilities | $ 1,488 | 4,282,500 | 4,283,988 | ||||||
Common stock issued in partial satisfaction of debt and other liabilities, shares | 1,488,021 | ||||||||
Warrants reclassified from derivative liabilities | 36,445 | 36,445 | |||||||
Series C convertible preferred stock dividends: Accrual of dividends earned | (607,800) | (607,800) | |||||||
Series C convertible preferred stock dividends: Payment of dividends in kind | $ 25 | 2,500,575 | 2,500,600 | ||||||
Series C convertible preferred stock dividends: Payment of dividends in kind, shares | 25,006 | ||||||||
Beneficial conversion feature of Series B and C convertible preferred stock | 23,458,931 | 23,458,931 | |||||||
Deemed dividend related to immediate accretion of beneficial conversion of Series B and C convertible preferred stock | (23,458,931) | (23,458,931) | |||||||
Contribution of capital - related party share transfer (see Note 8) | 785,200 | 785,200 | |||||||
Net (Loss) Income | 2,204,088 | 2,204,088 | |||||||
Balance at Mar. 31, 2018 | $ 12 | $ 22,182 | 156,868,224 | (154,231,190) | 2,659,228 | ||||
Balance, shares at Mar. 31, 2018 | 12,005 | 22,181,901 | |||||||
Balance at Dec. 31, 2017 | $ 11,000 | $ 230 | $ 5,524 | 119,499,141 | (156,435,278) | (36,919,383) | |||
Balance, shares at Dec. 31, 2017 | 11,000,000 | 229,551 | 5,523,673 | ||||||
Restricted stock issued in satisfaction of accrued issuable equity | |||||||||
Series D convertible preferred stock issued in satisfaction of liabilities | 12,005,000 | ||||||||
Warrants reclassified from derivative liabilities | 36,445 | ||||||||
Proceeds from exercise of warrants | (17,143,056) | ||||||||
Warrants issued in satisfaction of accrued issuable equity | 409,042 | ||||||||
Net (Loss) Income | 971,303 | ||||||||
Balance at Jun. 30, 2018 | $ 8 | $ 24,699 | 174,487,809 | (155,463,975) | 19,048,541 | ||||
Balance, shares at Jun. 30, 2018 | 7,637 | 24,699,131 | |||||||
Balance at Mar. 31, 2018 | $ 12 | $ 22,182 | 156,868,224 | (154,231,190) | 2,659,228 | ||||
Balance, shares at Mar. 31, 2018 | 12,005 | 22,181,901 | |||||||
Common stock issued upon conversion of Series D convertible preferred stock | $ (4) | $ 1,400 | (1,396) | ||||||
Common stock issued upon conversion of Series D convertible preferred stock, shares | (4,368) | 1,400,000 | |||||||
Return and retirement of common stock | $ (2,942) | 2,942 | |||||||
Return and retirement of common stock, shares | (2,942,099) | ||||||||
Common stock issued in partial satisfaction of debt and other liabilities | $ 25 | 69,975 | 70,000 | ||||||
Common stock issued in partial satisfaction of debt and other liabilities, shares | 25,669 | ||||||||
Proceeds from exercise of warrants | $ 4,034 | 17,139,022 | 17,143,056 | ||||||
Proceeds from exercise of warrants, shares | 4,033,660 | ||||||||
Warrants issued in satisfaction of accrued issuable equity | 409,042 | 409,042 | |||||||
Net (Loss) Income | (1,232,785) | (1,232,785) | |||||||
Balance at Jun. 30, 2018 | $ 8 | $ 24,699 | 174,487,809 | (155,463,975) | 19,048,541 | ||||
Balance, shares at Jun. 30, 2018 | 7,637 | 24,699,131 | |||||||
Balance at Dec. 31, 2018 | $ 5 | $ 26,118 | 175,924,587 | (159,856,481) | 16,094,229 | ||||
Balance, shares at Dec. 31, 2018 | 5,141 | 26,118,075 | |||||||
Stock-based compensation | $ 52 | 118,684 | 118,736 | ||||||
Stock-based compensation, shares | 51,724 | ||||||||
Restricted stock issued in satisfaction of accrued issuable equity | $ 57 | 199,831 | 199,888 | ||||||
Restricted stock issued in satisfaction of accrued issuable equity, shares | 56,948 | ||||||||
Common stock issued upon conversion of Series D convertible preferred stock | $ 5 | (5) | |||||||
Common stock issued upon conversion of Series D convertible preferred stock, shares | (16) | 5,128 | |||||||
Return and retirement of common stock | $ (8) | 8 | |||||||
Return and retirement of common stock, shares | (8,066) | ||||||||
Other comprehensive income | 100,686 | 100,686 | |||||||
Net (Loss) Income | (1,893,627) | (1,893,627) | |||||||
Balance at Mar. 31, 2019 | $ 5 | $ 26,224 | 176,243,105 | 100,686 | (161,750,108) | 14,619,912 | |||
Balance, shares at Mar. 31, 2019 | 5,125 | 26,223,809 | |||||||
Balance at Dec. 31, 2018 | $ 5 | $ 26,118 | 175,924,587 | (159,856,481) | 16,094,229 | ||||
Balance, shares at Dec. 31, 2018 | 5,141 | 26,118,075 | |||||||
Restricted stock issued in satisfaction of accrued issuable equity | 240,043 | ||||||||
Series D convertible preferred stock issued in satisfaction of liabilities | |||||||||
Warrants reclassified from derivative liabilities | |||||||||
Proceeds from exercise of warrants | |||||||||
Warrants issued in satisfaction of accrued issuable equity | |||||||||
Net (Loss) Income | (4,130,847) | ||||||||
Balance at Jun. 30, 2019 | $ 5 | $ 26,237 | 176,468,879 | 141,007 | (163,987,328) | 12,648,800 | |||
Balance, shares at Jun. 30, 2019 | 5,125 | 26,236,804 | |||||||
Balance at Mar. 31, 2019 | $ 5 | $ 26,224 | 176,243,105 | 100,686 | (161,750,108) | 14,619,912 | |||
Balance, shares at Mar. 31, 2019 | 5,125 | 26,223,809 | |||||||
Stock-based compensation | 185,632 | 185,632 | |||||||
Stock-based compensation, shares | |||||||||
Restricted stock issued in satisfaction of accrued issuable equity | $ 13 | 40,142 | 40,155 | ||||||
Restricted stock issued in satisfaction of accrued issuable equity, shares | 12,995 | ||||||||
Other comprehensive income | 40,321 | 40,321 | |||||||
Net (Loss) Income | (2,237,220) | (2,237,220) | |||||||
Balance at Jun. 30, 2019 | $ 5 | $ 26,237 | $ 176,468,879 | $ 141,007 | $ (163,987,328) | $ 12,648,800 | |||
Balance, shares at Jun. 30, 2019 | 5,125 | 26,236,804 | |||||||
[1] | Includes gross proceeds of $18,504,320, less issuance costs of $3,623,505. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Proceeds from public offering, gross | $ 18,504,320 |
Issuance costs | $ 3,623,505 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Cash Flows From Operating Activities: | |||
Net (loss) income | $ (4,130,847) | $ 971,303 | |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||
Depreciation and amortization | 115,426 | 169,871 | |
Amortization of discount on convertible debt | 528,929 | ||
Change in fair value of derivative and other accrued liabilities | (90,236) | (3,647,835) | |
Provision for bad debt | 72,180 | 56,981 | |
Gain on settlement of debt | (310,000) | ||
Loss on settlement reserve | 127,941 | ||
Loss on settlement of liabilities for equity | 2,192,045 | ||
Gain on settlement of liabilities to JMJ for equity | (5,800,175) | ||
Interest expense - related party share transfer | 785,200 | ||
Provision for slow moving and obsolete inventory | 197,240 | ||
Loss on disposal of property and equipment | 12,698 | ||
Gain on settlement of accounts payable, net | (160,423) | (920,352) | |
Common stock | 267,997 | 2,838,808 | |
Options | 126,033 | ||
Warrants | 114,069 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable and other receivables | (156,659) | (104,994) | |
Inventory | (671,011) | 93,303 | |
Prepaid expenses and other current assets | 163,775 | (126,343) | |
Other assets | 4,121 | (986,093) | |
Accounts payable and accrued expenses | (533,658) | (4,167,108) | |
Deferred revenue | (106,244) | (33,295) | |
Total Adjustments | (1,081,459) | (8,866,350) | |
Net Cash Used in Operating Activities | (5,212,306) | (7,895,047) | |
Cash Flows From Investing Activities: | |||
Purchases of property and equipment | (203,357) | (34,524) | |
Net Cash Used In Investing Activities | (203,357) | (34,524) | |
Cash Flows From Financing Activities: | |||
Proceeds from sale of common stock in public offering [1] | [1] | 16,243,055 | |
Payment of public offering costs | (1,190,082) | ||
Proceeds from issuance of notes payable to non-related party | 55,000 | ||
Proceeds from exercise of warrants | 17,143,056 | ||
Proceeds from advance from a related party | 250,000 | ||
Repayment of notes and convertible notes payable | (760,000) | ||
Net Cash Provided by Financing Activities | 31,741,029 | ||
Net (Decrease) Increase In Cash | (5,415,663) | 23,811,458 | |
Cash - Beginning of Period | 15,538,849 | 185,151 | |
Cash - End of Period | 10,123,186 | 23,996,609 | |
Supplemental Disclosures of Cash Flow Information: | |||
Interest expense | 14,278 | ||
Non-cash investing and financing activities: | |||
Common stock issued in partial satisfaction of debt and other liabilities | 4,283,988 | ||
Reduction of additional paid-in capital for public offering issuance costs that were previously paid | (172,158) | ||
Common stock issued upon conversion of Series A convertible preferred stock | 11,000 | ||
Common stock issued in satisfaction of Series B convertible preferred stock | 825,000 | ||
Common stock issued upon conversion of Series C convertible preferred stock | 255 | ||
Common stock issued upon conversion of Series D convertible preferred stock | 5 | 4 | |
Return and retirement of common stock | (8) | 2,942 | |
Warrants issued in satisfaction of accrued issuable equity | 409,042 | ||
Restricted stock issued in satisfaction of accrued issuable equity | 240,043 | ||
Change in fair value of marketable securities | 141,007 | ||
Warrants reclassified from derivative liabilities | 36,445 | ||
Accrual of contractual dividends on Series C Convertible Preferred Stock | 607,800 | ||
Issuance of Series C Convertible Preferred Stock in satisfaction of contractual dividends | 2,500,600 | ||
Transfer of inventory to property and equipment | (59,548) | (27,696) | |
Series D convertible preferred stock issued in satisfaction of liabilities | $ 12,005,000 | ||
[1] | Includes gross proceeds of $18,504,320, less issuance costs of $2,261,265 deducted directly from the offering proceeds. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Statement of Cash Flows [Abstract] | |
Proceeds from public offering, gross | $ 18,504,320 |
Issuance costs | $ 2,261,265 |
Business Organization, Nature o
Business Organization, Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization, Nature of Operations and Basis of Presentation | 1. BUSINESS ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION Blink Charging Co., through its wholly-owned subsidiaries (collectively, the “Company” or “Blink”), is a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and networked EV charging services. Blink offers both residential and commercial EV charging equipment, enabling EV drivers to easily recharge at various location types. Blink’s principal line of products and services is its Blink EV charging network (the “Blink Network”) and EV charging equipment, also known as electric vehicle supply equipment (“EVSE”) and EV-related services. The Blink Network is a proprietary cloud-based software that operates, maintains, and tracks the Blink EV charging stations and their associated charging data. The Blink Network provides property owners, managers, and parking companies (“Property Partners”) with cloud-based services that enable the remote monitoring and management of EV charging stations, payment processing, and provides EV drivers with vital station information including station location, availability, and applicable fees. Blink offers its Property Partners a range of business models for EV charging equipment and services that generally fall into one of the three business models below. ● In the Company’s comprehensive Turnkey business model, Blink owns and operates the EV charging equipment, undertakes and manages the installation, maintenance and related services, and Blink keeps substantially all of the EV charging revenue. ● In the Company’s Hybrid business model, the Property Partner incurs the installation costs, while Blink provides the charging equipment. Blink operates and manages the EV charging station and provides connectivity of the charging station to the Blink Network. As a result, Blink shares a greater portion of the EV charging revenue with the Property Partner than under the turnkey model above. ● In the Company’s Host owned business model, the Property Partner purchases, owns and manages the Blink EV charging station, incurs the installation costs of the equipment, while Blink provides site recommendations, connectivity to the Blink Network and optional maintenance services, and the Property Partner keeps substantially all of the EV charging revenue. The Company has strategic partnerships across numerous transit/destination locations, including airports, auto dealers, healthcare/medical, hotels, mixed-use, municipal locations, multifamily residential and condos, parks and recreation areas, parking lots, religious institutions, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations. Through June 30, 2019, the Company has approximately 14,687 charging stations deployed, of which, 4,991 were Level 2 commercial charging units, 97 were DC Fast Charging EV chargers and 1,617 were residential charging units in service on the Blink Network. Additionally, as of June 30, 2019, the Company has approximately 403 Level 2 charging units deployed on other networks and 7,579 non-networked, residential Blink EV charging stations. The non-networked, residential Blink EV charging stations are all Property Partner owned. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed consolidated financial statements of the Company as of June 30, 2019 and for the three and six months then ended. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the operating results for the full year ending December 31, 2019 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures of the Company as of December 31, 2018 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on April 1, 2019 as part of the Company’s Annual Report on Form 10-K. |
Going Concern and Management's
Going Concern and Management's Plans | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern and Management's Plans | 2. GOING CONCERN AND MANAGEMENT’S PLANS As of June 30, 2019, the Company had cash, marketable securities, working capital and an accumulated deficit of $10,123,186, $3,032,386, $11,760,762 and $163,987,328, respectively. During the three and six months ended June 30, 2019, the Company incurred a net loss of $2,237,220 and $4,130,847, respectively. During the six months ended June 30, 2019, the Company used cash in operating activities of $5,212,306. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within a year after the issuance date of these financial statements. The Company expects to have the cash required to fund its operations into the third quarter of 2020 while it continues to apply efforts to raise additional debt and/or equity. Since inception, the Company’s operations have primarily been funded through proceeds received in equity and debt financings. Although management believes that the Company has access to capital resources, there are currently no commitments in place for new financing at this time and there is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. If the Company is unable to obtain additional financing on a timely basis, it may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustment that might become necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Since the Annual Report for the year ended December 31, 2018, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note. CASH The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents in the condensed consolidated financial statements. The Company has cash on deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company reduces its credit risk by placing its cash and cash equivalents with major financial institutions. As of June 30, 2019, the Company had cash balances in excess of FDIC insurance limits of $9,527,976. As of December 31, 2018, the Company had cash balances in excess of FDIC insurance limits of $15,538,849. INVESTMENTS Available-for-sale securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. The following summarizes our investments as of June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 Short-term investments: Available- for-sale investments $ 3,032,386 $ 2,878,664 The following is a summary of the unrealized gains, and fair value by investment type as of June 30, 2019 and December 31, 2018: June 30, 2019 Gross Unrealized Gains Fair Value Fixed income $ 141,007 $ 3,032,386 December 31, 2018 Gross Unrealized Gains Fair Value Fixed income $ - $ 2,878,664 REVENUE RECOGNITION The Company recognizes revenue primarily from four different types of contracts: ● Charging service revenue – company-owned charging stations ● Product sales ● Network fees and other ● Other The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations: For The Three Months Ended For The Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues - Recognized at a Point in Time: Charging service revenue - company-owned charging stations $ 294,985 $ 301,350 $ 619,880 $ 607,097 Product sales 282,014 142,839 385,218 278,599 Other 36,661 45,131 88,260 95,660 Total Revenues - Recognized at a Point in Time 613,660 489,320 1,093,358 981,356 Revenues - Recognized Over a Period of Time: Network fees and other 95,643 89,991 186,621 177,644 Total Revenues - Recognized Over a Period of Time 95,643 89,991 186,621 177,644 Total Revenue Under ASC 606 $ 709,303 $ 579,311 $ 1,279,979 $ 1,159,000 The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related goods or services, the Company records deferred revenue until the performance obligations are satisfied. As of June 30, 2019, the Company had $169,572 related to contract liabilities where performance obligations have not yet been satisfied, which has been included within deferred revenue on the condensed consolidated balance sheet as of June 30, 2019. The Company expects to satisfy its remaining performance obligations for network fees and warranty revenue and recognize the revenue within the next twelve months. During the three and six months ended June 30, 2019, the Company recognized $84,906 and $168,185, respectively of revenues related to network fees and warranty contracts, which were included in deferred revenues as of December 31, 2018. During the three and six months ended June 30, 2019, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Grants, 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. During the three months ended June 30, 2019 and 2018, the Company recorded $6,525 and $45,107 respectively, related to grant, rebate and alternative fuel credits revenue. During the six months ended June 30, 2019 and 2018, the Company recorded $13,239 and $61,338 respectively, related to grant, rebate and alternative fuel credits revenue. At June 30, 2019 and December 31, 2018, there was $92,827 and $106,066, respectively, of deferred grant and rebate revenue to be amortized. CONCENTRATIONS As of June 30, 2019, and December 31, 2018, accounts receivable from a significant customer was 32% and 35% of accounts receivable, respectively. NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the common share equivalents had been issued (computed using the treasury stock or if converted method), if dilutive. The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: For the Three and Six Months Ended June 30, 2019 2018 Convertible preferred stock 1,642,628 2,447,756 Warrants 6,841,049 6,855,224 Options 135,741 106,408 Total potentially dilutive shares 8,619,418 9,409,388 RECLASSIFICATIONS Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share. RECENTLY ISSUED ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. The Company will be required to adopt the provisions of this ASU on January 1, 2020, with early adoption permitted. The Company is currently assessing the impact that this pronouncement will have on its condensed consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”). The new ASU provides narrow-scope amendments to help apply these recent standards. The Company will be required to adopt the provisions of this ASU on January 1, 2020, with early adoption permitted for certain amendments. The Company is currently assessing the impact that this pronouncement will have on its condensed consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS As of June 30, 2019, the Company had remaining purchase commitments to acquire second generation charging stations with an aggregate value of $1,437,400. The Company has a remaining deposit of $175,235 against this commitment, which is included within prepaid expenses and other current assets on the condensed consolidated balance sheet as of June 30, 2019. The remaining commitment of $1,262,165 will become due upon delivery of the charging stations. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. ACCRUED EXPENSES SUMMARY Accrued expenses consist of the following: June 30, 2019 December 31, 2018 (unaudited) Accrued taxes payable $ 611,630 $ 556,211 Accrued host fees 57,011 54,527 Accrued professional, board and other fees 84,500 159,500 Accrued wages 160,172 493,069 Accrued commissions 6,500 22,300 Warranty payable 21,000 9,700 Accrued interest expense - 32,034 Inventory in transit - 195,480 Other accrued expenses 22,373 22,100 Total accrued expenses $ 963,186 $ 1,544,921 WARRANTY PAYABLE The Company provides a limited product warranty against defects in materials and workmanship for its Blink Network residential and commercial chargers, ranging in length from one to two years. The Company accrues for estimated warranty costs at the time of revenue recognition and records the expense of such accrued liabilities as a component of cost of sales. Estimated warranty costs are based on historical product data and anticipated future costs. Should actual cost to repair and failure rates differ significantly from estimates, the impact of these unforeseen costs would be recorded as a change in estimate in the period identified. For the six months ended June 30, 2019, the change in reserve was approximately $11,000. Warranty expenses for the three and six months ended June 30, 2019 and 2018 were $83,543 and $172,415 and $86,001 and $149,729, respectively, which has been included within cost of revenues on the condensed consolidated statements of operations. As of June 30, 2019 and December 31, 2018, the Company recorded a warranty liability of $21,000 and $9,700, respectively representing the estimated cost to repair those chargers under warranty or host owned chargers for which the host has procured a maintenance contract. The Company records maintenance and repairs expenses for chargers it owns deployed at host locations as incurred. The Company estimates an approximate cost of $167,000 to repair those deployed chargers which it owns as of June 30, 2019. |
Accrued Issuable Equity
Accrued Issuable Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accrued Issuable Equity | 6. ACCRUED ISSUABLE EQUITY Accrued issuable equity consists of the following: June 30, 2019 December 31, 2018 (unaudited) Common stock $ 284,808 $ 187,523 Warrants 8,706 5,965 Options - 125,005 Total accrued issuable equity $ 293,514 $ 318,493 See Note 9 – Stockholders’ Equity for additional information. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Notes Payable | 7. NOTES PAYABLE See Note 11 – Commitments and Contingencies – Litigation and Disputes for additional information. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 8. FAIR VALUE MEASUREMENT Assumptions utilized in the valuation of Level 3 liabilities are described as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Risk-free interest rate 1.88%-2.45 % 2.39% - 2.63 % 1.88%-2.45 % 1.62% - 2.63 % Contractual term (years) 1.00-10.00 0.28 - 3.00 1.00-10.00 0.25- 3.25 Expected volatility 106%-139 % 131% - 171 % 106%-140 % 113% - 171 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % The following table sets forth a summary of the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis: Warrants Payable Beginning balance as of January 1, 2019 $ 5,965 Change in fair value of warrants payable 2,741 Ending balance as of June 30, 2019 $ 8,706 See Note 6 - Accrued Issuable Equity for additional information. Assets and liabilities measured at fair value on a recurring or nonrecurring basis are as follows: June 30, 2019 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ 357,366 $ - $ - $ 357,366 Marketable securities 3,032,386 - - 3,032,386 Total assets $ 3,389,752 $ - $ - $ 3,389,752 Liabilities: Warrants payable $ - $ - $ 8,706 $ 8,706 Total liabilities $ - $ - $ 8,706 $ 8,706 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ 331,120 $ - $ - $ 331,120 Marketable securities 2,878,664 - - 2,878,664 Total assets $ 3,209,784 $ - $ - $ 3,209,784 Liabilities: Warrants payable $ - $ - $ 5,965 $ 5,965 Total liabilities $ - $ - $ 5,965 $ 5,965 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY PREFERRED STOCK SERIES D CONVERTIBLE PREFERRED STOCK On February 22, 2019, JMJ elected to convert 16 shares of Series D Convertible Preferred Stock into 5,128 shares of the Company’s common stock at a conversion price of $3.12 per share. COMMON STOCK On February 2, 2019, the Company issued 51,724 shares of common stock to independent board members for services rendered during 2018 and 2019 with a grant date fair value of $114,310. On February 19, 2019, the Company retired 8,066 shares of common stock previously in accordance with a settlement agreement with the former members of 350 Green LLC. See Note 10 – Commitments and Contingencies – Litigation and Disputes for additional details. On February 22, 2019, the Company issued 56,948 shares of common stock to Michael J. Calise, the Company’s former CEO, in connection with his repositioning agreement with a grant date fair value of $199,888. Such amount was previously accrued for as of December 31, 2018. On April 18, 2019, the Company issued 12,995 shares of common stock to executives with a grant date fair value of $40,155. Such amount was previously accrued for as of December 31, 2018. STOCK-BASED COMPENSATION The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three months ended June 30, 2019 and 2018 of $283,394 and $135,563 respectively, which is included within compensation expense on the condensed consolidated statements of operations. The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the six months ended June 30, 2019 and 2018 of $394,030 and $2,952,877, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of June 30, 2019, there was $209,634 of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of 0.6 years. STOCK OPTIONS During the six months ended June 30, 2019, the Company issued ten-year immediately vested options to purchase an aggregate of 4,400 shares of common stock to the Executive Chairman with exercise prices ranging from $2.55 to $3.30 per share. The options had an aggregate grant date fair value of $11,889, which was recognized immediately. During the six months ended June 30, 2019, the Company granted options to purchase an aggregate of 72,000 shares of common stock to an executive with an exercise price of $3.45 per share. The options vest ratably over a six-month period from the date of grant. The options had an aggregate grant date fair value of $220,831, which will be recognized ratably over the vesting period. During the three and six months ended June 30, 2019, the Company recognized $147,221 of expense related to this award. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 10. LEASES OPERATING LEASES On March 5, 2019, the Company entered into a 26-month lease agreement for an additional 1,241 square feet of office space in its current Miami Beach office building, beginning April 1, 2019 and ending May 31, 2021. The tenant and landlord have the option to cancel the contract after the first six months with 90 day’s written notice. The lease does not contain an option to extend past the lease term. As of June 30, 2019, the Company had no leases that were classified as a financing lease. As of June 30, 2019, the Company did not have additional operating and financing leases that have not yet commenced. Total operating lease expenses for the three and six months ended June 30, 2019 were $42,470 and $80,610, respectively, and are recorded in other operating expenses on the condensed consolidated statement of operations. Total rent expense for the three and six months ended June 30, 2018 was $30,751 and $78,153, respectively, and is recorded in other operating expenses on the condensed consolidated statement of operations. Supplemental cash flows information related to leases was as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 80,610 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 266,103 Weighted Average Remaining Lease Term Operating leases 2.03 Weighted Average Discount Rate Operating leases 6.0 % Future minimum payments under non-cancellable leases as of June 30, 2019 were as follows: For the Years Ending June 30, Amount 2020 $ 246,087 2021 240,336 2022 19,875 Total future minimum lease payments 506,298 Less: imputed interest (52,192 ) Total $ 454,106 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES TAXES The Company has not filed its Federal and State corporate income tax returns for the years ended December 31, 2014, 2015, 2016, 2017 and 2018. The Company has sustained losses for the years ended December 31, 2014, 2015, 2016, 2017, and 2018. The Company has determined that no tax liability, other than required minimums and related interest and penalties, has been incurred. LITIGATION AND DISPUTES In July 2017, the Company was served with a complaint by Zwick and Banyai PLLC and Jack Zwick for breach of a written agreement and unjust enrichment for failure to pay invoices in the aggregate amount of $53,069 for services rendered, plus interest and costs. The plaintiffs’ complaint was subsequently amended in February 2018. In June 2018, the court denied the Company’s motion to dismiss the amended complaint, although the plaintiffs voluntarily withdrew certain counts in the amended complaint. In July 2018, the Company filed its answer and affirmative defense to the amended complaint denying liability. As of October 26, 2018, the Company updated its affirmative defenses in its answer and the parties are proceeding with discovery. The Company intends to continue to defend this case vigorously. From time to time, the Company is a defendant or plaintiff in various legal actions that arise in the normal course of business. 350 Green, LLC 350 Green lawsuits relate solely to alleged pre-acquisition unpaid debts of 350 Green. There are other unpaid creditors that claim to be owed certain amounts for pre-acquisition work done on behalf of 350 Green solely, that potentially could file lawsuits at some point in the future. On March 26, 2018, final judgment has been reached relating to the Assignment for the Benefit of the Creditors, whereby all remaining assets of 350 Green are abandoned to their respective property owners where the charging stations have been installed. On March 26, 2018, the assignment proceeding has closed. Concurrent with the closing of the Company’s February 2018 public offering, the Company was to pay the former principals of 350 Green LLC $25,000 in installment debt and $50,000 within 60 days thereafter in settlement of a $360,000 debt (inclusive of imputed interest) and the return of 8,065 shares of the Company’s common stock by the former principals of 350 Green LLC, in accordance with a Settlement Agreement between the parties dated August 21, 2015. On December 31, 2018, the Company entered into a modification of the Settlement Agreement and Mutual Release dated August 21, 2015 with the former members of 350 Green LLC whereby the members would return to the Company 8,064 shares of common stock and would also cancel the outstanding note (“Note”) issued to the members with a balance of $360,000, both, initially issued in conjunction with the acquisition of 350 Green LLC, in exchange for $50,000. The Company paid the $50,000 as of December 31, 2018. The Note and common shares were returned and canceled in January 2019. The Company recorded a gain of approximately $310,000 during the first quarter of 2019 which was included in other income and expense on the condensed consolidated statement of operations. EXECUTIVE COMPENSATION In February 2019, the Company’s Executive Chairman and CEO asserted a claim for an unpaid bonus of $90,000 related to the 2017 fiscal year. The Company is currently evaluating the claim associated with the fiscal 2017 bonus. JOINT VENTURE The Company and a group of three Cyprus entities entered into a shareholders’ agreement on February 11, 2019, pertaining to the parties’ respective shareholdings in a new Joint Venture Entity, Blink Charging Europe Ltd. (the “Entity”) that was formed under the laws of Cyprus on the same date. The Company owns 40% of the Entity while the other three entities owns 60% in total. The entity currently has no operations. There are currently no plans for the Company to make any capital contributions or investments. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS COMMON STOCK ISSUANCES Subsequent to June 30, 2019, the Company issued 4,630 shares of restricted common stock to a consultant for services rendered with an issuance date fair value of $12,316. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Cash | CASH The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents in the condensed consolidated financial statements. The Company has cash on deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company reduces its credit risk by placing its cash and cash equivalents with major financial institutions. As of June 30, 2019, the Company had cash balances in excess of FDIC insurance limits of $9,527,976. As of December 31, 2018, the Company had cash balances in excess of FDIC insurance limits of $15,538,849. |
Investments | INVESTMENTS Available-for-sale securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other-than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value. The following summarizes our investments as of June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 Short-term investments: Available- for-sale investments $ 3,032,386 $ 2,878,664 The following is a summary of the unrealized gains, and fair value by investment type as of June 30, 2019 and December 31, 2018: June 30, 2019 Gross Unrealized Gains Fair Value Fixed income $ 141,007 $ 3,032,386 December 31, 2018 Gross Unrealized Gains Fair Value Fixed income $ - $ 2,878,664 |
Revenue Recognition | REVENUE RECOGNITION The Company recognizes revenue primarily from four different types of contracts: ● Charging service revenue – company-owned charging stations ● Product sales ● Network fees and other ● Other The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations: For The Three Months Ended For The Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues - Recognized at a Point in Time: Charging service revenue - company-owned charging stations $ 294,985 $ 301,350 $ 619,880 $ 607,097 Product sales 282,014 142,839 385,218 278,599 Other 36,661 45,131 88,260 95,660 Total Revenues - Recognized at a Point in Time 613,660 489,320 1,093,358 981,356 Revenues - Recognized Over a Period of Time: Network fees and other 95,643 89,991 186,621 177,644 Total Revenues - Recognized Over a Period of Time 95,643 89,991 186,621 177,644 Total Revenue Under ASC 606 $ 709,303 $ 579,311 $ 1,279,979 $ 1,159,000 The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related goods or services, the Company records deferred revenue until the performance obligations are satisfied. As of June 30, 2019, the Company had $169,572 related to contract liabilities where performance obligations have not yet been satisfied, which has been included within deferred revenue on the condensed consolidated balance sheet as of June 30, 2019. The Company expects to satisfy its remaining performance obligations for network fees and warranty revenue and recognize the revenue within the next twelve months. During the three and six months ended June 30, 2019, the Company recognized $84,906 and $168,185, respectively of revenues related to network fees and warranty contracts, which were included in deferred revenues as of December 31, 2018. During the three and six months ended June 30, 2019, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Grants, 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. During the three months ended June 30, 2019 and 2018, the Company recorded $6,525 and $45,107 respectively, related to grant, rebate and alternative fuel credits revenue. During the six months ended June 30, 2019 and 2018, the Company recorded $13,239 and $61,338 respectively, related to grant, rebate and alternative fuel credits revenue. At June 30, 2019 and December 31, 2018, there was $92,827 and $106,066, respectively, of deferred grant and rebate revenue to be amortized. |
Concentrations | CONCENTRATIONS As of June 30, 2019, and December 31, 2018, accounts receivable from a significant customer was 32% and 35% of accounts receivable, respectively. |
Net Loss Per Common Share | NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding if the common share equivalents had been issued (computed using the treasury stock or if converted method), if dilutive. The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: For the Three and Six Months Ended June 30, 2019 2018 Convertible preferred stock 1,642,628 2,447,756 Warrants 6,841,049 6,855,224 Options 135,741 106,408 Total potentially dilutive shares 8,619,418 9,409,388 |
Reclassifications | RECLASSIFICATIONS Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. The Company will be required to adopt the provisions of this ASU on January 1, 2020, with early adoption permitted. The Company is currently assessing the impact that this pronouncement will have on its condensed consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”). The new ASU provides narrow-scope amendments to help apply these recent standards. The Company will be required to adopt the provisions of this ASU on January 1, 2020, with early adoption permitted for certain amendments. The Company is currently assessing the impact that this pronouncement will have on its condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Investments | The following summarizes our investments as of June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 Short-term investments: Available- for-sale investments $ 3,032,386 $ 2,878,664 |
Schedule of Unrealized Gains on Investment | The following is a summary of the unrealized gains, and fair value by investment type as of June 30, 2019 and December 31, 2018: June 30, 2019 Gross Unrealized Gains Fair Value Fixed income $ 141,007 $ 3,032,386 December 31, 2018 Gross Unrealized Gains Fair Value Fixed income $ - $ 2,878,664 |
Schedule of Revenue Recognition by Contract | The following table summarizes revenue recognized under ASC 606 in the condensed consolidated statements of operations: For The Three Months Ended For The Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues - Recognized at a Point in Time: Charging service revenue - company-owned charging stations $ 294,985 $ 301,350 $ 619,880 $ 607,097 Product sales 282,014 142,839 385,218 278,599 Other 36,661 45,131 88,260 95,660 Total Revenues - Recognized at a Point in Time 613,660 489,320 1,093,358 981,356 Revenues - Recognized Over a Period of Time: Network fees and other 95,643 89,991 186,621 177,644 Total Revenues - Recognized Over a Period of Time 95,643 89,991 186,621 177,644 Total Revenue Under ASC 606 $ 709,303 $ 579,311 $ 1,279,979 $ 1,159,000 |
Schedule of Outstanding Diluted Shares Excluded from Diluted Loss Per Share Computation | The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive: For the Three and Six Months Ended June 30, 2019 2018 Convertible preferred stock 1,642,628 2,447,756 Warrants 6,841,049 6,855,224 Options 135,741 106,408 Total potentially dilutive shares 8,619,418 9,409,388 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: June 30, 2019 December 31, 2018 (unaudited) Accrued taxes payable $ 611,630 $ 556,211 Accrued host fees 57,011 54,527 Accrued professional, board and other fees 84,500 159,500 Accrued wages 160,172 493,069 Accrued commissions 6,500 22,300 Warranty payable 21,000 9,700 Accrued interest expense - 32,034 Inventory in transit - 195,480 Other accrued expenses 22,373 22,100 Total accrued expenses $ 963,186 $ 1,544,921 |
Accrued Issuable Equity (Tables
Accrued Issuable Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accrued Issuable Equity | Accrued issuable equity consists of the following: June 30, 2019 December 31, 2018 (unaudited) Common stock $ 284,808 $ 187,523 Warrants 8,706 5,965 Options - 125,005 Total accrued issuable equity $ 293,514 $ 318,493 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assumptions Used for Valuation of Fair Value Liabilities | Assumptions utilized in the valuation of Level 3 liabilities are described as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Risk-free interest rate 1.88%-2.45 % 2.39% - 2.63 % 1.88%-2.45 % 1.62% - 2.63 % Contractual term (years) 1.00-10.00 0.28 - 3.00 1.00-10.00 0.25- 3.25 Expected volatility 106%-139 % 131% - 171 % 106%-140 % 113% - 171 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % |
Summary of Changes in Fair Value of Level 3 Warrant Liabilities Measured at Recurring Basis | The following table sets forth a summary of the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis: Warrants Payable Beginning balance as of January 1, 2019 $ 5,965 Change in fair value of warrants payable 2,741 Ending balance as of June 30, 2019 $ 8,706 |
Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis | Assets and liabilities measured at fair value on a recurring or nonrecurring basis are as follows: June 30, 2019 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ 357,366 $ - $ - $ 357,366 Marketable securities 3,032,386 - - 3,032,386 Total assets $ 3,389,752 $ - $ - $ 3,389,752 Liabilities: Warrants payable $ - $ - $ 8,706 $ 8,706 Total liabilities $ - $ - $ 8,706 $ 8,706 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Alternative fuel credits $ 331,120 $ - $ - $ 331,120 Marketable securities 2,878,664 - - 2,878,664 Total assets $ 3,209,784 $ - $ - $ 3,209,784 Liabilities: Warrants payable $ - $ - $ 5,965 $ 5,965 Total liabilities $ - $ - $ 5,965 $ 5,965 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Cash Flows Information Related to Leases | Supplemental cash flows information related to leases was as follows: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 80,610 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 266,103 |
Schedule of Weighted Average Operating Leases | Weighted Average Remaining Lease Term Operating leases 2.03 Weighted Average Discount Rate Operating leases 6.0 % |
Schedule of Future Minimum Payments | Future minimum payments under non-cancellable leases as of June 30, 2019 were as follows: For the Years Ending June 30, Amount 2020 $ 246,087 2021 240,336 2022 19,875 Total future minimum lease payments 506,298 Less: imputed interest (52,192 ) Total $ 454,106 |
Going Concern and Management'_2
Going Concern and Management's Plans (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Cash | $ 10,123,186 | $ 10,123,186 | $ 15,538,849 | ||||
Marketable securities | 3,032,386 | 3,032,386 | 2,878,664 | ||||
Working capital | 11,760,762 | 11,760,762 | |||||
Accumulated deficit | 163,987,328 | 163,987,328 | $ 159,856,481 | ||||
Net loss | $ 2,237,220 | $ 1,893,627 | $ 1,232,785 | $ (2,204,088) | 4,130,847 | $ (971,303) | |
Cash used in operating activities | $ (5,212,306) | $ (7,895,047) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Cash balances in excess of FDIC insurance limits | $ 9,527,976 | $ 9,527,976 | $ 15,538,849 | ||
Revenue recognition, contract liabilities | 169,572 | ||||
Revenues related to network fees and warranty contracts | 84,906 | 168,185 | |||
Revenues | 715,828 | $ 624,418 | $ 1,293,218 | $ 1,220,338 | |
Accounts Receivable [Member] | Significant Customer [Member] | |||||
Concentration risk, percentage | 32.00% | 35.00% | |||
Grant, Rebate and Alternative Fuel Credits [Member] | |||||
Revenues | 6,525 | 45,107 | $ 13,239 | 61,338 | |
Grant and Rebate [Member] | |||||
Revenues | $ 6,525 | $ 45,107 | 13,239 | $ 61,338 | |
Deferred revenue amortized | $ 92,827 | $ 106,066 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Investments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Short-term investments: Available- for-sale investments | $ 3,032,386 | $ 2,878,664 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Unrealized Gains on Investment (Details) - Fixed Income [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Gross Unrealized Gains | $ 141,007 | |
Fair Value | $ 3,032,386 | $ 2,878,664 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Revenue Recognition by Contract (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total Revenues | $ 169,572 | |||
Under ASC 606 [Member] | ||||
Total Revenues | $ 709,303 | $ 579,311 | 1,279,979 | $ 1,159,000 |
Recognized at a Point in Time [Member] | ||||
Total Revenues | 613,660 | 489,320 | 1,093,358 | 981,356 |
Recognized Over a Period of Time [Member] | ||||
Total Revenues | 95,643 | 89,991 | 186,621 | 177,644 |
Charging Service Revenue [Member] | ||||
Total Revenues | 294,985 | 301,350 | 619,880 | 607,097 |
Product Sales [Member] | ||||
Total Revenues | 282,014 | 142,839 | 385,218 | 278,599 |
Other [Member] | ||||
Total Revenues | 36,661 | 45,131 | 88,260 | 95,660 |
Network Fees and Other [Member] | ||||
Total Revenues | $ 95,643 | $ 89,991 | $ 186,621 | $ 177,644 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Outstanding Diluted Shares Excluded from Diluted Loss Per Share Computation (Details) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Total potentially dilutive shares | 8,619,418 | 9,409,388 |
Convertible Preferred Stock [Member] | ||
Total potentially dilutive shares | 1,642,628 | 2,447,756 |
Warrants [Member] | ||
Total potentially dilutive shares | 6,841,049 | 6,855,224 |
Options [Member] | ||
Total potentially dilutive shares | 135,741 | 106,408 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Details Narrative) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Payment to acquire assets | $ 1,437,400 |
Purchase Commitment [Member] | |
Deposit amount | 175,235 |
Remaining purchase commitment payable | $ 1,262,165 |
Accrued Expenses (Details Narra
Accrued Expenses (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |||||
Changes in warranty reserve | $ 11,000 | ||||
Warranty expenses | $ 83,543 | $ 86,001 | 172,415 | $ 149,729 | |
Warranty liability | $ 21,000 | 21,000 | $ 9,700 | ||
Repair on deployed chargers | $ 167,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued taxes payable | $ 611,630 | $ 556,211 |
Accrued host fees | 57,011 | 54,527 |
Accrued professional, board and other fees | 84,500 | 159,500 |
Accrued wages | 160,172 | 493,069 |
Accrued commissions | 6,500 | 22,300 |
Warranty payable | 21,000 | 9,700 |
Accrued interest expense | 32,034 | |
Inventory in transit | 195,480 | |
Other accrued expenses | 22,373 | 22,100 |
Total accrued expenses | $ 963,186 | $ 1,544,921 |
Accrued Issuable Equity - Sched
Accrued Issuable Equity - Schedule of Accrued Issuable Equity (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Total accrued issuable equity | $ 293,514 | $ 318,493 |
Common Stock [Member] | ||
Total accrued issuable equity | 284,808 | 187,523 |
Warrants [Member] | ||
Total accrued issuable equity | 8,706 | 5,965 |
Options [Member] | ||
Total accrued issuable equity | $ 125,005 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assumptions Used for Valuation of Fair Value Liabilities (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Risk Free Interest Rate [Member] | Minimum [Member] | ||||
Fair value assumptions, measurement input, percentages | 1.88% | 2.39% | 1.88% | 1.62% |
Risk Free Interest Rate [Member] | Maximum [Member] | ||||
Fair value assumptions, measurement input, percentages | 2.45% | 2.63% | 2.45% | 2.63% |
Contractual Term (Years) [Member] | Minimum [Member] | ||||
Fair value assumptions, measurement input, term | 1 year | 3 months 11 days | 1 year | 2 months 30 days |
Contractual Term (Years) [Member] | Maximum [Member] | ||||
Fair value assumptions, measurement input, term | 10 years | 3 years | 10 years | 3 years 2 months 30 days |
Expected Volatility [Member] | Minimum [Member] | ||||
Fair value assumptions, measurement input, percentages | 106.00% | 131.00% | 106.00% | 113.00% |
Expected Volatility [Member] | Maximum [Member] | ||||
Fair value assumptions, measurement input, percentages | 139.00% | 171.00% | 140.00% | 171.00% |
Expected Dividend Yield [Member] | ||||
Fair value assumptions, measurement input, percentages | 0.00% | 0.00% | 0.00% | 0.00% |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Warrant Liabilities Measured at Recurring Basis (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |
Warrants Payable, Beginning Balance | $ 5,965 |
Change in fair value of warrants payable | 2,741 |
Warrants Payable, Ending Balance | $ 8,706 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Assets and Liabilities Measured at Fair Value Recurring and Nonrecurring Basis (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Alternative fuel credits | $ 357,366 | $ 331,120 |
Marketable securities | 3,032,386 | 2,878,664 |
Total assets | 3,389,752 | 3,209,784 |
Warrants payable | 8,706 | 5,965 |
Total liabilities | 8,706 | 5,965 |
Level 1 [Member] | ||
Alternative fuel credits | 357,366 | 331,120 |
Marketable securities | 3,032,386 | 2,878,664 |
Total assets | 3,389,752 | 3,209,784 |
Warrants payable | ||
Total liabilities | ||
Level 2 [Member] | ||
Alternative fuel credits | ||
Marketable securities | ||
Total assets | ||
Warrants payable | ||
Total liabilities | ||
Level 3 [Member] | ||
Alternative fuel credits | ||
Marketable securities | ||
Total assets | ||
Warrants payable | 8,706 | 5,965 |
Total liabilities | $ 8,706 | $ 5,965 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Apr. 18, 2019 | Feb. 22, 2019 | Feb. 19, 2019 | Feb. 02, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Unrecognized stock based compensation expense | $ 209,634 | $ 209,634 | ||||||
Weighted average remaining vesting period | 7 months 6 days | |||||||
Share based compensation expense for award | 147,221 | 147,221 | ||||||
Executive Chairman [Member] | ||||||||
Weighted average remaining vesting period | 10 years | |||||||
Option to purchase a aggregate shares of common stock, granted | 4,400 | |||||||
Exercise price range lower | $ 2.55 | |||||||
Exercise price range upper | $ 3.30 | |||||||
Options, aggregate grant date fair value | $ 11,889 | |||||||
Executive [Member] | ||||||||
Weighted average remaining vesting period | 6 months | |||||||
Option to purchase a aggregate shares of common stock, granted | 72,000 | |||||||
Exercise price range upper | $ 3.45 | |||||||
Options, aggregate grant date fair value | $ 220,831 | |||||||
Common Stock [Member] | ||||||||
Conversion of stock shares converted | 5,128 | |||||||
Conversion price per share | $ 3.12 | |||||||
Common Stock [Member] | Independent Board Members [Member] | ||||||||
Number of shares issued for services | 51,724 | |||||||
Number of shares issued for services, fair value | $ 114,310 | |||||||
Common Stock [Member] | Former Members [Member] | Settlement Agreement [Member] | 350 Green LLC [Member] | ||||||||
Number of shares retired | 8,066 | |||||||
Common Stock [Member] | Micheal J. Calise [Member] | ||||||||
Number of common shares issued | 56,948 | |||||||
Number of common shares issued, value | $ 199,888 | |||||||
Common Stock [Member] | Executives [Member] | ||||||||
Number of common shares issued | 12,995 | |||||||
Number of common shares issued, value | $ 40,155 | |||||||
Common Stock, Stock Options and Warrants [Member] | ||||||||
Stock-based compensation expense | $ 283,394 | $ 135,563 | $ 394,030 | $ 2,952,877 | ||||
Series D Convertible Preferred Stock [Member] | ||||||||
Conversion of stock shares converted | 16 |
Leases (Details Narrative)
Leases (Details Narrative) | Mar. 05, 2019ft² | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Operating lease expense | $ 42,470 | $ 80,610 | |||
Operating leases, rent expense | $ 30,751 | $ 78,153 | |||
26 month Lease Agreement [Member] | |||||
Area of land | ft² | 1,241 | ||||
Lease agreement, description | The Company entered into a 26-month lease agreement for an additional 1,241 square feet of office space in its current Miami Beach office building, beginning April 1, 2019 and ending May 31, 2021. |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flows Information Related to Leases (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 80,610 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 266,103 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Operating Leases (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted Average Remaining Lease Term Operating leases | 2 years 11 days |
Weighted Average Discount Rate Operating leases | 6.00% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments (Details) | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 246,087 |
2021 | 240,336 |
2022 | 19,875 |
Total future minimum lease payments | 506,298 |
Less: imputed interest | (52,192) |
Total | $ 454,106 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Feb. 11, 2019Integer | Mar. 26, 2018USD ($)shares | Feb. 28, 2019USD ($) | Jul. 31, 2017USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)shares |
Operating Leased Assets [Line Items] | ||||||||||
Gain on settlement of debt | $ 310,000 | |||||||||
Executive Chairman [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Unpaid bonuses | $ 90,000 | |||||||||
Shareholders Agreement [Member] | Corporate Joint Venture [Member] | Cyprus [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Number of entities under the agreement | Integer | 3 | |||||||||
Percentage of ownership in joint venture | 40.00% | |||||||||
Shareholders Agreement [Member] | Three Entites [Member] | Cyprus [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Percentage of ownership in joint venture | 60.00% | |||||||||
Zwick and Banyai PLLC and Jack Zwick [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Aggregate amount for services rendered | $ 53,069 | |||||||||
350 Green LLC [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Payments for installment debt | $ 25,000 | |||||||||
Number of shares repurchased | shares | 8,065 | |||||||||
350 Green LLC [Member] | Settlement Agreement [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Payments for installment debt | $ 50,000 | |||||||||
Number of shares repurchased | shares | 8,064 | |||||||||
Note outstanding balance | $ 360,000 | |||||||||
Debt exchange amount | $ 50,000 | |||||||||
350 Green LLC [Member] | Public Offering [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Payments for installment debt | $ 360,000 | |||||||||
350 Green LLC [Member] | 60 Days Thereafter [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Payments for installment debt | $ 50,000 | |||||||||
350 Green LLC [Member] | First Quarter of 2019 [Member] | Settlement Agreement [Member] | ||||||||||
Operating Leased Assets [Line Items] | ||||||||||
Gain on settlement of debt | $ 310,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Consultants [Member] - Restricted Stock [Member] | Jul. 02, 2019USD ($)shares |
Shares of common stock issued for services | shares | 4,630 |
Shares of common stock issued for services, value | $ | $ 12,316 |