SEC Comment Letter for Blink Charging Co. (BLNK) (CIK 0001429764) (BLNK) — Oct 19, 2010
Blink Charging Co. (BLNK) (CIK 0001429764)
Date: Oct. 19, 2010 · CIK: 0001429764 · Accession: 0000000000-10-061528
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 333-149784
Referenced dates: September 20, 2010, September 20, 2010
Letter
October 19, 2010 Via U.S. Mail and Facsimile to 305-521-0201 Michael D. Farkas Chief Executive Officer Car Charging Group, Inc. 1691 Michigan Avenue, Suite 425 Miami Beach, FL 33139 Re: Car Charging Group, Inc. Form 10-K for the fiscal ye ar ended Decem ber 31, 2009 Filed April 15, 2010, as amended by Amendment No. 1 Filed October 12, 2010 Form 10-Q for the quarterly period ended June 30, 2010 Filed August 23, 2010, as amended by Amendment No. 1 Filed October 12, 2010 File No. 333-149784
Dear Mr. Farkas: We have reviewed your letter dated Oc tober 11, 2010, and we have the following comments. Please respond to our comments within 10 business days or tell us by that time when you will provide us with a response. We we lcome any questions you may have about our comments or any other as pect of our review.
Form 10-K/A filed on October 12, 2010
Item 1. Description of Business, page 1 1. We note your response to comment two from our letter dated September 20, 2010. We also note that the revised disclosure at the bottom of page 4 states no governmental regulations or approvals are necessary to conduct your business. However, your revision is not fully responsive to the di sclosure required by Item 101(h)(4)(ix) of Regulation S-K. This Item requires a discussion of the effect of existing or probable regulations on your business to the extent it is material to an understanding of your company. In this regard, we note your response states that permitting is required for the installation of some of your charging stations and state regulation co uld affect the billi ng of your services. Please revise your Government/Regulatory Approval section to account for permitting, state regulation of billing, a nd other ways in which governme ntal regulation affects your business.
Michael D. Farkas Car Charging Group, Inc. October 19, 2010 Page 2
Item 1A. Risk Factors, page 4 2. We note your responses to comments three and four from our letter dated September 20, 2010. Expand your risk factor at the top of page 7 that is en titled “If we fail to establish and maintain an effective system of internal controls…” to address your lack of an audit committee and audit committee financial expert. For example, we note that your code of ethics requires reporting certain vi olations to the audit committee.
Form 10-Q/A filed on October 12, 2010
Item 2. Management’s Discussion and Analysis, page 1
3. We note your response to comments nine and 10 from our letter dated September 20, 2010. However, please note that co nfidential treatment is not gr anted for material terms. Refer to Staff Legal Bulletin No. 1, Section II.B.2 which can be found on the Internet at http://www.sec.gov/interps/legal/slbcf1r.htm. Therefore, please revise to discuss the material terms of your purchasing agreemen t with Coulomb Technologies and tell us whether you will seek confidential treatment for this agreement and by when you will file an application for confidential treatment. Sim ilarly, revise to disclose the three locations where you will be installing car charging devices, the material terms of these agreements, and tell us whether you will seek confiden tial treatment for these agreements and by when you will file such an application. Liquidity and Capital Resources, page 2
4. We note your response to comment 14 from our letter dated September 20, 2010. Please revise to disclose specifically the costs related to being a reporting company and how you intend to pay for these costs. 5. We note your response to comment 15 from our letter dated September 20, 2010. Your response references your response to comme nt 12. However, that response does not answer comment 15. We reissue this commen t. Please revise to discuss how much additional capital you will need to operate for the next 12 months and from where you will obtain these funds.
Exhibits
6. We note your response to comment 16 from our letter dated September 20, 2010. Please amend your filing to file these exhibits or tell us by when you w ill file a confidential treatment request for the exhibits.
Michael D. Farkas Car Charging Group, Inc. October 19, 2010 Page 3
You may contact Ajay Koduri, Staff Attorney, at 202-551-3310 or me at 202-551-3810 with any questions. Sincerely, /s/ Larry Spirgel Larry Spirgel Assistant Director
Show Raw Text
October 19, 2010
Via U.S. Mail and Facsimile to 305-521-0201
Michael D. Farkas Chief Executive Officer
Car Charging Group, Inc.
1691 Michigan Avenue, Suite 425 Miami Beach, FL 33139
Re: Car Charging Group, Inc.
Form 10-K for the fiscal ye ar ended Decem ber 31, 2009
Filed April 15, 2010, as amended by Amendment No. 1
Filed October 12, 2010 Form 10-Q for the quarterly period ended June 30, 2010
Filed August 23, 2010, as amended by Amendment No. 1
Filed October 12, 2010
File No. 333-149784
Dear Mr. Farkas:
We have reviewed your letter dated Oc tober 11, 2010, and we have the following
comments. Please respond to our comments within 10 business days or tell us by that time when
you will provide us with a response. We we lcome any questions you may have about our
comments or any other as pect of our review.
Form 10-K/A filed on October 12, 2010
Item 1. Description of Business, page 1
1. We note your response to comment two from our letter dated September 20, 2010. We also note that the revised disclosure at the bottom of page 4 states no governmental
regulations or approvals are necessary to conduct your business. However, your revision
is not fully responsive to the di sclosure required by Item 101(h)(4)(ix) of Regulation S-K.
This Item requires a discussion of the effect of existing or probable regulations on your business to the extent it is material to an understanding of your company. In this regard,
we note your response states that permitting is required for the installation of some of
your charging stations and state regulation co uld affect the billi ng of your services.
Please revise your Government/Regulatory Approval section to account for permitting, state regulation of billing, a nd other ways in which governme ntal regulation affects your
business.
Michael D. Farkas
Car Charging Group, Inc. October 19, 2010
Page 2
Item 1A. Risk Factors, page 4
2. We note your responses to comments three and four from our letter dated September 20,
2010. Expand your risk factor at the top of page 7 that is en titled “If we fail to establish
and maintain an effective system of internal controls…” to address your lack of an audit
committee and audit committee financial expert. For example, we note that your code of ethics requires reporting certain vi olations to the audit committee.
Form 10-Q/A filed on October 12, 2010
Item 2. Management’s Discussion and Analysis, page 1
3. We note your response to comments nine and 10 from our letter dated September 20,
2010. However, please note that co nfidential treatment is not gr anted for material terms.
Refer to Staff Legal Bulletin No. 1, Section II.B.2 which can be found on the Internet at
http://www.sec.gov/interps/legal/slbcf1r.htm. Therefore, please revise to discuss the
material terms of your purchasing agreemen t with Coulomb Technologies and tell us
whether you will seek confidential treatment for this agreement and by when you will file an application for confidential treatment. Sim ilarly, revise to disclose the three locations
where you will be installing car charging devices, the material terms of these agreements,
and tell us whether you will seek confiden tial treatment for these agreements and by
when you will file such an application.
Liquidity and Capital Resources, page 2
4. We note your response to comment 14 from our letter dated September 20, 2010. Please revise to disclose specifically the costs related to being a reporting company and how you intend to pay for these costs.
5. We note your response to comment 15 from our letter dated September 20, 2010. Your response references your response to comme nt 12. However, that response does not
answer comment 15. We reissue this commen t. Please revise to discuss how much
additional capital you will need to operate for the next 12 months and from where you will obtain these funds.
Exhibits
6. We note your response to comment 16 from our letter dated September 20, 2010. Please amend your filing to file these exhibits or tell us by when you w ill file a confidential
treatment request for the exhibits.
Michael D. Farkas
Car Charging Group, Inc. October 19, 2010 Page 3
You may contact Ajay Koduri, Staff Attorney, at 202-551-3310 or me at 202-551-3810
with any questions.
Sincerely,
/s/ Larry Spirgel Larry Spirgel Assistant Director