Blink Charging Co (BLNK)

[Stock_Barber]

There is this:

On September 30, 2014, the Company had assigned its 100% membership interest in 350 Green to Green 350 Mortgage Trust LLC, an independent third party, of which the trustee of 350 Green is a member, for $100. Green 350 Mortgage Trust accepted the assignment so that if necessary, it could undertake an assignment for the benefit of creditors of 350 Green or if necessary, commence a bankruptcy action. The Company entered into an agreement on September 8, 2014, among the trustee of 350 Green, an attorney, 350 Green and the Company whereby the Company would pay the legal fees incurred in connection with an action brought by 350 Green against a third party. In the event 350 Green prevailed in its action, the charging stations restored to 350 Green would become the property of the Company to the extent of the amount of the legal fees incurred by the Company. In the event 350 Green did not prevail in its action, the Company would have the right to offset the amounts expended against the secured note payable. The matter has been heard however no ruling has been received as of June 16, 2015.

The Company has determined that it is the primary beneficiary of 350 Green due to the subordinated financing arrangements as well as being the primary beneficiary in the outcome of the action against JNS, and as such, 350 Green’s assets, liabilities and results of operations are included in our condensed consolidated financial statements.