8-K
Blink Charging Co. (BLNK)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
WASHINGTON,DC 20549
FORM8-K
CURRENTREPORT
Pursuantto Section 13 or 15(d) of the
SecuritiesExchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2021
| BLINK CHARGING CO. | ||
|---|---|---|
| (Exact<br> name of registrant as specified in its charter) | ||
| Nevada | 001-38392 | 03-0608147 |
| --- | --- | --- |
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (IRS<br> Employer<br><br> <br>Identification<br> No.) |
| 605<br> Lincoln Road, 5^th^ Floor<br><br> <br>Miami<br> Beach, Florida | 33139 | |
| --- | --- | |
| (Address<br> of Principal Executive Offices) | (Zip<br> Code) |
Registrant’s telephone number, including area code: (305) 521-0200
| N/A |
|---|
| (Former<br> name or former address, if changed since last report.) |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of Each Class | Trading<br> Symbol(s) | Name<br> of Each Exchange on Which Registered |
|---|---|---|
| Common<br> Stock | BLNK | The<br> Nasdaq Stock Market LLC |
| Common<br> Stock Purchase Warrants | BLNKW | The<br> Nasdaq Stock Market LLC |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
CURRENT REPORT ON FORM 8-K
Blink Charging Co.
August 11, 2021
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
Blink Charging Co. (Nasdaq: BLNK, BLNKW) (the “Company”), a leading owner and operator of electric vehicle (EV) charging equipment and services, today announced its financial results for the second quarter ended June 30, 2021.
A copy of the press release is furnished with this report as Exhibit 99.1. Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
| (a) | Exhibits.<br> The exhibit listed in the following Exhibit Index is filed as part of this current report. |
|---|
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release issued by Blink Charging Co. on August 11, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLINK CHARGING CO. | ||
|---|---|---|
| Dated:<br> August 11, 2021 | By: | /s/ Michael P. Rama |
| Name: | Michael<br> P. Rama | |
| Title: | Chief<br> Financial Officer |
Exhibit99.1
BLINKCHARGING ANNOUNCES SECOND QUARTER 2021 RESULTS
| - | Second quarter 2021 revenue increased 177% over second quarter 2020 |
|---|
| - | Commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 46% compared to the prior year period |
|---|---|
| - | 572% increase in revenue from charging services over the second quarter of last year |
| --- | --- |
| - | 3,264 commercial and residential EV charging stations were contracted, sold, or deployed during Second Quarter 2021, compared to 380 in the same period last year, an increase of 758% |
| --- | --- |
MiamiBeach, FL – August 11, 2021 – Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the second quarter ended June 30, 2021.
SelectedSecond Quarter 2021 Highlights:
| ● | The Company made continued progress with its owner/operator strategy; the number of commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 46% in the second quarter compared to the prior year period. |
|---|---|
| ● | Total revenue for the second quarter 2021 increased 177% to 4.4 million compared to 1.6 million for the second quarter 2020. |
| ○ | |
| ○ | |
| ○ | |
| ● | Net loss was 13.5 million or a loss of 0.32 per basic and diluted share compared to net loss of 3 million or a loss of 0.11 per basic and diluted share in the second quarter of 2020. Second quarter 2021 net loss is primarily attributable to an increase in compensation expense and general and administrative expenses. |
All values are in US Dollars.
SelectedYear-To-Date 2021 Highlights:
| ● | Total revenue for the first six months of 2021 increased 129% to 6.6 million compared to 2.9 million for the first six months of 2020. |
|---|---|
| ○ | |
| ○ | |
| ○ | |
| ● | Net loss was 20.8 million or a loss of 0.50 per basic and diluted share compared to net loss of 5.99 million or 0.22 per share for<br>the first six months of 2020. Six-month 2021 net loss is primarily attributable to an increase in compensation expense and general and<br>administrative expenses. |
All values are in US Dollars.
On June 30, 2021, cash and marketable securities were $195.6 million compared to $22.3 million at December 31, 2020.
On May 10, 2021, Blink closed its acquisition of European EV charging operator, Blue Corner N.V., and its portfolio of charging ports. As of August 4, 2021 since inception Blue Corner sold or deployed 8,714 independent charge points, comprised of 3,816 Level 2 and 25 DC Fast Charging publicly accessible chargers and 4,873 private residential chargers located across Belgium, Luxembourg, the Netherlands and France. The acquisition is part of Blink’s broader strategic international expansion plans and provides the Company a significant infrastructure footprint on the continent. To facilitate Blink’s European expansion, the Company also announced the creation of Blink Holdings BV, a subsidiary company located in Amsterdam, which is expected to drive the growth of Blink’s European presence.
“Blink experienced extraordinary growth in the quarter as we continue to aggressively scale our business and expand our presence around the world. We saw strong performance both in our hardware sales as well as our service revenues as more EV’s took to the road and utilized Blink’s expanding base of charging stations. This is an exciting and transformative time for Blink, and we believe that we have positioned ourselves to continue to lead the way in the booming global EV infrastructure market,” stated Michael D. Farkas, CEO of Blink Charging.
“Over this past quarter, we have focused on enlisting the best talent available to continue to build a world class company,” Mr. Farkas continued. “As such, we’ve strengthened our management team with several new additions, highlighted by EV charging industry veteran, Harjinder Bhade coming on board as Blink’s new Chief Technology Officer. Harjinder is a top mind in the industry, and I am confident that his proven track record of success as a software engineer and senior executive will be instrumental to the growth of Blink Charging. We’ve also added Miko de Haan as the managing director of our European subsidiary Blink Holdings B.V and Carmen Perez Carlton, a technology and infrastructure leader, to our board of directors.”
Brendan Jones, President of Blink Charging, commented, “We are encouraged by the continued revenue growth and particularly the momentum we are seeing in our owner/operator business model. Over this past quarter we began to see an increase in service revenue as the economy reopens and drivers increasingly utilize Blink owned and operated charging stations. EV infrastructure is becoming a global priority as government entities, businesses, and local communities encourage the adoption of electric vehicles to promote sustainability and a greener, cleaner environment, and Blink is well positioned to be a leader in this transition.
“As we enter into the latter half of 2021, we remain intently focused on scaling our business and continuing to expand our charging footprint both domestically and internationally,” continued Mr. Farkas. “Through our unique owner/operator business model, we target high-density, high-volume locations such as hotels, multi-family residences and healthcare centers. These agreements utilize long-term, renewable contracts with a revenue sharing model in which we receive payment each time a vehicle is charged at a Blink-owned unit, creating the potential to generate a valuable recurring revenue stream as utilization increases.”
BusinessUpdates and Highlights
During the second quarter of 2021, the Company:
| ● | Named<br> seasoned renewables and EV charging executive, Harjinder Bhade, as Chief Technology Officer, who will focus on the aggressive development<br> of the Company’s product line-up and technology infrastructure. |
|---|---|
| ● | Named<br> industry veteran Miko de Haan as Managing Director for European subsidiary Blink Holdings B.V. |
| ● | Announced<br> the first installation of Blink HQ 100 chargers by the municipality of Pedro Aguirre Cerda in Santiago, Chile to support the municipality’s<br> new fleet of Nissan Leaf vehicles. |
| ● | Announced<br> the deployment of 10 IQ 200 Level 2 EV charging stations at three Atlanticare Integrated Healthcare System locations in Southern<br> New Jersey. |
| ● | Announced<br> the deployment of 42 charging ports at ten Four Brothers Pizza Inn locations across New York. The 21 Blink-owned dual port chargers<br> were made possible through the Charge ready program from the NY State Energy research and Development Authority (NYSERDA) and Make<br> Ready incentives offered by New York utilities. |
| ● | Named<br> to the Russell 2000 Index. |
| ● | Upgraded<br> 19 first-generation Blink EV charging stations in Plano, Texas to the Company’s IQ 200 fast Level 2 charging stations. |
| ● | Entered<br> into a reseller agreement with ev Transportation Services (“evTS”) to distribute the Blink IQ 200-M Portable EV charger<br> along with its Firefly ESV essential services vehicle. |
| ● | Deployed<br> IQ 200 charging stations at the Native American Youth & Family Center in Portland, Oregon. The deployment was made possible with<br> funding from the Portland General Electric Drive Change Fund, through the Oregon Clean Fuels Program and an Electric Mobility Grant<br> from Pacific Power Oregon Electric, also through the Oregon Clean Fuels Program. |
| ● | Signed<br> an agreement with General Motors to offer GM EV customers more seamless access to publicly available Blink EV charging sites across<br> the U.S. as part of GM’s Ultium Charge 360. |
| ● | Announced<br> a long-term agreement to deploy Blink EV charging stations at Fattal Hotel Group locations in Israel, Fattal is one of Israel’s<br> leading hotel companies, with luxury hotels in 14 major tourist locations. |
Subsequent to the second quarter of 2021, the Company:
| ● | Entered<br> into an exclusive contract with KU Leuven for Blue Corner to install up to 500 charging stations across Belgium. |
|---|---|
| ● | Named<br> technology and infrastructure leader, Carmen Perez-Carlton, to the Board of Directors. |
| ● | Received<br> $12.5 million grant for the deployment of DC Fast Chargers at 25 locations by the state of Florida. |
| ● | Partnered<br> with Traffic and Parking Control Co., Inc. for the distribution of the Company’s chargers. |
EarningsConference Call:
The Company will host a conference call and webcast to discuss the second quarter 2021 results today, August 11, 2021 at 4:30 P.M. Eastern Time.
To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com , and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link: https://www.webcaster4.com/Webcast/Page/2468/41878
To participate in the call by phone, dial (844) 369-8770 approximately five minutes prior to the scheduled start time. International callers please dial (862) 298-0840.
A replay of the teleconference will be available until September 11, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 41878.
AboutBlink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 30,000 charging ports across 13 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets and transportation hubs. For more information, please visit https://www.blinkcharging.com/.
Forward-LookingStatements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
BlinkMedia Contact
PR@BlinkCharging.com
BlinkInvestor Relations Contact
IR@BlinkCharging.com
855-313-8187
John Nesbett/Jennifer Belodeau
IMS Investor Relations
(203) 972-9200
jnesbett@institutionalms.com
BLINKCHARGING CO. AND SUBSIDIARIES
CondensedConsolidated Balance Sheets
| December 31, 2020 | |||||
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets: | |||||
| Cash | 142,052,894 | $ | 22,341,433 | ||
| Marketable securities | 53,564,600 | - | |||
| Accounts receivable and other receivables, net | 4,423,094 | 347,967 | |||
| Inventory, net | 5,547,312 | 1,816,135 | |||
| Prepaid expenses and other current assets | 2,960,815 | 1,219,488 | |||
| Total Current Assets | 208,548,715 | 25,725,023 | |||
| Restricted cash | 76,588 | 76,399 | |||
| Property and equipment, net | 12,632,851 | 5,636,063 | |||
| Operating lease right-of-use asset | 1,859,301 | 615,825 | |||
| Intangible assets, net | 3,982,198 | 46,035 | |||
| Goodwill | 19,264,670 | 1,500,573 | |||
| Other assets | 251,000 | 387,617 | |||
| Total Assets | 246,615,323 | $ | 33,987,535 | ||
| Liabilities and Stockholders’ Equity | |||||
| Current Liabilities: | |||||
| Accounts payable | 6,091,147 | $ | 3,358,852 | ||
| Accrued expenses and other current liabilities | 2,287,879 | 1,328,834 | |||
| Current portion of notes payable | 570,662 | 574,161 | |||
| Current portion of operating lease liabilities | 630,028 | 403,915 | |||
| Current portion of deferred revenue | 1,189,758 | 479,486 | |||
| Total Current Liabilities | 10,769,474 | 6,145,248 | |||
| Operating lease liabilities, non-current portion | 1,430,497 | 285,501 | |||
| Other liabilities | 90,000 | 90,000 | |||
| Notes payable, non-current portion | 303,371 | 296,535 | |||
| Deferred revenue, non-current portion | 20,603 | 6,654 | |||
| Total Liabilities | 12,613,945 | 6,823,938 | |||
| Series B Convertible Preferred Stock, 10,000 shares designated, 0 issued and outstanding as of June 30,<br> 2021 and December 31, 2020 | - | - | |||
| Commitments and contingencies (Note 8) | |||||
| Stockholders’ Equity: | |||||
| Preferred stock, 0.001 par value, 40,000,000 shares authorized;<br>Series A Convertible Preferred Stock, 20,000,000 shares designated,<br>0 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | - | - | |||
| Series C Convertible Preferred Stock, 250,000 shares designated,<br>0 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | - | - | |||
| Series D Convertible Preferred Stock, 13,000 shares designated,<br> 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | - | - | |||
| Common stock, 0.001 par value, 500,000,000 shares authorized, 42,140,145 and 35,951,097 shares issued<br> and outstanding as of June 30, 2021 and December 31, 2020, respectively | 42,140 | 35,951 | |||
| Additional paid-in capital | 442,565,107 | 214,479,094 | |||
| Accumulated other comprehensive income | (431,341 | ) | - | ||
| Accumulated deficit | (208,174,528 | ) | (187,351,448 | ) | |
| Total Stockholders’ Equity | 234,001,378 | 27,163,597 | |||
| Total Liabilities and Stockholders’ Equity | 246,615,323 | $ | 33,987,535 |
All values are in US Dollars.
BLINKCHARGING CO. AND SUBSIDIARIES
CondensedConsolidated Statements of Operations
(unaudited)
| For The Three Months Ended | For The Six Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Revenues: | ||||||||||||
| Product sales | $ | 3,267,143 | $ | 1,274,354 | $ | 4,937,737 | $ | 2,051,777 | ||||
| Charging service revenue - company-owned charging stations | 586,173 | 87,250 | 767,771 | 406,874 | ||||||||
| Network fees | 105,964 | 71,271 | 215,820 | 126,830 | ||||||||
| Warranty | 18,587 | 8,419 | 31,804 | 16,479 | ||||||||
| Grant and rebate | 74,067 | 3,912 | 224,302 | 8,491 | ||||||||
| Ride-sharing services | 189,219 | - | 234,731 | - | ||||||||
| Other | 113,999 | 127,404 | 175,049 | 261,023 | ||||||||
| Total Revenues | 4,355,152 | 1,572,610 | 6,587,214 | 2,871,474 | ||||||||
| Cost of Revenues: | ||||||||||||
| Cost of product sales | 2,364,952 | 922,808 | 3,482,867 | 1,391,876 | ||||||||
| Cost of charging services - company-owned charging stations | 60,395 | 35,874 | 110,167 | 65,488 | ||||||||
| Host provider fees | 140,286 | 28,086 | 266,707 | 113,515 | ||||||||
| Network costs | 93,748 | 147,290 | 173,141 | 357,622 | ||||||||
| Warranty and repairs and maintenance | 196,118 | 17,734 | 457,269 | 132,643 | ||||||||
| Ride-sharing services | 423,960 | - | 670,077 | - | ||||||||
| Depreciation and amortization | 431,605 | 6,938 | 686,519 | 87,728 | ||||||||
| Total Cost of Revenues | 3,711,064 | 1,158,730 | 5,846,747 | 2,148,872 | ||||||||
| Gross Profit | 644,088 | 413,880 | 740,467 | 722,602 | ||||||||
| Operating Expenses: | ||||||||||||
| Compensation | 9,170,320 | 2,305,735 | 13,918,471 | 4,420,205 | ||||||||
| General and administrative expenses | 2,532,458 | 670,635 | 4,117,445 | 1,316,536 | ||||||||
| Other operating expenses | 1,286,575 | 459,418 | 2,436,281 | 1,026,618 | ||||||||
| Total Operating Expenses | 12,989,353 | 3,435,788 | 20,472,197 | 6,763,359 | ||||||||
| Loss From Operations | (12,345,265 | ) | (3,021,908 | ) | (19,731,730 | ) | (6,040,757 | ) | ||||
| Other Income (Expense): | ||||||||||||
| Interest (expense) income | (5,993 | ) | 5,257 | 9,004 | 21,110 | |||||||
| Loss on settlement | (1,000,000 | ) | - | (1,000,000 | ) | - | ||||||
| Loss on foreign exchange | (107,669 | ) | - | (107,669 | ) | - | ||||||
| Gain on settlement of accounts payable, net | - | 19,086 | - | 19,086 | ||||||||
| Change in fair value of derivative and other accrued liabilities | (289 | ) | (16,560 | ) | 6,704 | (16,039 | ) | |||||
| Other income (loss) | 611 | (15,367 | ) | 611 | 25,987 | |||||||
| Total Other (Expense) Income | (1,113,340 | ) | (7,584 | ) | (1,091,350 | ) | 50,144 | |||||
| Net Loss | $ | (13,458,605 | ) | $ | (3,029,492 | ) | $ | (20,823,080 | ) | $ | (5,990,613 | ) |
| Net Loss Per Share: | ||||||||||||
| Basic | $ | (0.32 | ) | $ | (0.11 | ) | $ | (0.50 | ) | $ | (0.22 | ) |
| Diluted | $ | (0.32 | ) | $ | (0.11 | ) | $ | (0.50 | ) | $ | (0.22 | ) |
| Weighted Average Number of<br><br>Common Shares Outstanding: | ||||||||||||
| Basic | 42,037,492 | 28,327,701 | 41,587,793 | 27,584,918 | ||||||||
| Diluted | 42,037,492 | 28,327,701 | 41,587,793 | 27,584,918 |
BLINKCHARGING CO. AND SUBSIDIARIES
CondensedConsolidated Statements of Cash Flows
(unaudited)
| For The Six Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | ||||||
| 2021 | 2020 | |||||
| Cash Flows From Operating Activities: | ||||||
| Net loss | $ | (20,823,080 | ) | $ | (5,990,613 | ) |
| Adjustments to reconcile net loss to net cash<br><br>used in operating activities: | ||||||
| Depreciation and amortization | 1,944,683 | 195,622 | ||||
| Dividend and interest income | (61,784 | ) | (77,309 | ) | ||
| Change in fair value of derivative and other accrued liabilities | 6,704 | (16,039 | ) | |||
| Provision for bad debt | 253,274 | 33,894 | ||||
| (Benefit) provision for slow moving and obsolete inventory | - | 7,646 | ||||
| Gain on settlement of accounts payable, net | - | 19,086 | ||||
| Stock-based compensation: | ||||||
| Common stock | 1,138,909 | (56,993 | ) | |||
| Options | 2,944,601 | 388,388 | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable and other receivables | (1,802,826 | ) | (195,130 | ) | ||
| Inventory | (3,372,703 | ) | (1,393,376 | ) | ||
| Prepaid expenses and other current assets | (1,219,985 | ) | 177,427 | |||
| Interco | - | - | ||||
| Other assets | 244,522 | - | ||||
| Accounts payable and accrued expenses | (282,107 | ) | 612,840 | |||
| Lease liabilities | (177,328 | ) | (93,225 | ) | ||
| Deferred revenue | 261,885 | (287,800 | ) | |||
| Total Adjustments | (122,155 | ) | (684,969 | ) | ||
| Net Cash Used In Operating Activities | (20,945,235 | ) | (6,675,582 | ) | ||
| Cash Flows From Investing Activities: | ||||||
| Proceeds from sale of marketable securities | 4,553,384 | 2,755,134 | ||||
| Purchase of marketable securities | (58,012,701 | ) | - | |||
| Capitalization of engineering costs paid | (237,127 | ) | - | |||
| Cash acquired in the purchase of Blue Corner | 242,868 | - | ||||
| Purchase consideration of Blue Corner | (24,266,458 | ) | - | |||
| Purchases of property and equipment | (5,019,549 | ) | (445,479 | ) | ||
| Net Cash (Used In) Provided By Investing Activities | (82,739,583 | ) | 2,309,655 | |||
| Cash Flows From Financing Activities: | ||||||
| Proceeds from sale of common stock in public offering [1] | 221,333,095 | 3,195,968 | ||||
| Proceeds from issuance of notes payable | - | 855,666 | ||||
| Proceeds from exercise of warrants | 1,427,647 | - | ||||
| Payment of financing liability in connection with internal use software | (39,318 | ) | (32,821 | ) | ||
| Net Cash Provided By Financing Activities | 222,721,424 | 4,018,813 | ||||
| Effect of Exchange Rate Changes on Cash | 675,044 | - | ||||
| Net Increase (Decrease) In Cash | 119,711,650 | (347,114 | ) | |||
| Cash and Restricted Cash - Beginning of Period | 22,417,832 | 4,168,837 | ||||
| Cash and Restricted Cash - End of Period | $ | 142,129,482 | $ | 3,821,723 | ||
| Cash and restricted cash consisted of the following: | ||||||
| Cash | $ | 142,052,894 | $ | 3,821,723 | ||
| Restricted cash | 76,588 | - | ||||
| $ | 142,129,482 | $ | 3,821,723 |
[1] Includes gross proceeds of $232,060,000, less issuance costs of $10,726,905.