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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

or

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from____________to____________

 

Commission file number: 333-253073

 

 

CHARGE ENTERPRISES, INC.

 
 

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

90-0471969

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

   

125 Park Avenue, 25th Floor

New York, NY

 

10017

(Address of principal executive offices)

 

(Zip Code)

 

(212) 921-2100

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Ticker symbol

 

Name of each exchange on which registered

Common Stock, par value $.0001 per share

 

CRGE

 

Nasdaq Global Market

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

  

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.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes    No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of October 31, 2023, a total of 215,039,868 shares of common stock, par value $0.0001 per share, were issued and outstanding.

 



 

 

 

 

CHARGE ENTERPRISES, INC.

TABLE OF CONTENTS

 

Part I  Financial Information

 

Page

 
       
 

Item 1

Financial Statements

 

4

 
           
 

Item 2

Managements Discussion and Analysis of Financial Condition and Results of Operations

 

37

 
           
 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

45

 
           
 

Item 4

Controls and Procedures

 

46

 
           

Part II  Other Information

     
       
 

Item 1

Legal Proceedings

 

48

 
           
 

Item 1A

Risk Factors

 

48

 
           
 

Item 2

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

50

 
           
 

Item 3

Defaults Upon Senior Securities

 

50

 
           
 

Item 4

Mine Safety Disclosures

 

50

 
           
 

Item 5

Other Information

 

50

 
           
 

Item 6

Exhibits

 

51

 
           
   

Signatures

 

53

 
 

 

2

 

 

Special Note Regarding Forward-Looking Statements

 

You should read this Quarterly Report on Form 10-Q, our Current Report on Form 8-K filed May 10, 2023 (our May 10, 2023 Form 8-K) and our Annual Report on Form 10-K for the year ending December 31, 2022 (our 2022 Form 10-K) completely and with the understanding that our actual future results, levels of activity, performance and achievements may be different from what we expect and that these differences may be material. We qualify all of our forward-looking statements by these cautionary statements.

 

Certain statements contained in this Form 10-Q, which reflect our current views with respect to future events and financial performance, and any other statements of a future or forward-looking nature, constitute forward-looking statements for the purpose of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our managements expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words anticipate, believe, continue, could, estimate, expect, intends, may, might, plan, possible, potential, predict, project, should, will, would and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements relate to future events, our future operational or financial performance or future liquidity, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, include the ability to achieve the expected benefits of the Greenspeed acquisition, including the risks that the Companys synergy estimates are inaccurate or that the Company faces higher than anticipated integration or other costs in connection with the acquisition, the business plans and strategies of Charge, Charges ability to satisfy its debt payment obligations or extend the maturity or refinance outstanding debt at or prior to maturity, Charges future business development, market acceptance of electric vehicles and continued auto maker investment in electric vehicles, the success of Charges retail dealership initiative and the size, scope and success of the related initial installation projects, Charges ability to generate profits and positive cash flow, changes in government regulations and government incentives, subsidies, or other favorable government policies, rising interest rates, macroeconomic and geopolitical conditions, and the ongoing automotive industry labor dispute and the impact on investments by our customers, as well as those listed under the section titled Risk Factors. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

 

Any forward-looking statement in this Form 10-Q reflects our current view with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our business, results of operations, industry, and future growth. Given these uncertainties, you should not place undue reliance on these forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this Form 10-Q in conjunction with our May 10, 2023 Form 8-K, our 2022 Form 10-K, and the documents that we reference herein and therein and have filed as exhibits hereto and thereto completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

 

This Quarterly Report on Form 10-Q also contains or may contain estimates, projections and other information concerning our industry, our business, and the markets for our products, including data regarding the estimated size of those markets and their projected growth rates. We obtained the industry and market data in this report from our own research as well as from industry and general publications, surveys and studies conducted by third parties. This data involves a number of assumptions and limitations and contains projections and estimates of the future performance of the industries in which we operate that are subject to a high degree of uncertainty, including those discussed in Risk Factors. We caution you not to give undue weight to such projections, assumptions, and estimates. Further, industry and general publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that these publications, studies, and surveys are reliable, we have not independently verified the data contained in them. In addition, while we believe that the results and estimates from our internal research are reliable, such results and estimates have not been verified by any independent source.

 

In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements as predictions of future results. Our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

3

 

 

PART I

FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Charge Enterprises, Inc.

Consolidated Balance Sheets

(Unaudited)

 

In thousands, except share and per share data

 

September 30, 2023

  

December 31, 2022 (As Adjusted)

 

Assets

        

Current assets

        

Cash and cash equivalents

 $51,359  $26,837 

Restricted cash

  886   886 

Accounts receivable net of allowances of $68 in 2023 and $322 in 2022

  55,768   72,405 

Inventory

  317   111 

Deposits, prepaids and other current assets

  3,430   3,187 

Investments in marketable securities

  5,868   6,757 

Investments in non-marketable securities

  279   236 

Contract assets

  8,128   6,090 

Total current assets

  126,035   116,509 
         

Property, plant and equipment, net

  485   732 

Finance lease right-of-use assets

  888   341 

Operating lease right-of-use assets

  3,123   4,028 

Non-current assets

  248   240 

Goodwill

  25,906   12,672 

Intangible assets, net

  30,832   33,932 

Total Assets

  187,517   168,454 
         

Liabilities and Stockholders' Equity

        

Current liabilities

        

Accounts payable

 $73,105  $61,644 

Accrued liabilities

  7,922   11,121 

Contract liabilities

  25,201   13,741 

Derivative liability

  2   6,521 

Finance lease liabilities

  242   112 

Operating lease liabilities

  1,183   1,579 

Current portion of long-term debt

  27,126   29,180 

Total current liabilities

  134,781   123,898 
         

Non-current liabilities

        

Finance lease liabilities, non-current

  530   146 

Operating lease liabilities, non-current

  1,808   2,199 

Contingent consideration liability

  5,758   - 

Net deferred tax liability

  1,072   1,410 

Total Liabilities

  143,949   127,653 
         

Mezzanine Equity

        

Series C preferred stock (6,226,370 shares issued and outstanding at September 30, 2023, and December 31, 2022)

  19,458   16,572 

Total Mezzanine Equity

  19,458   16,572 
         

Commitments, contingencies and concentration risk

          
         

Stockholders' Equity

        

Preferred stock, $0.0001 par value, 20,000,000 shares authorized;

        

Series D: 1,177,023 shares issued and outstanding at September 30, 2023, and December 31, 2022

  -   - 

Series E: 3,200,000 shares issued and outstanding at September 30, 2023, and 0 shares outstanding at December 31, 2022

  -   - 

Common stock, $0.0001 par value; 750,000,000 shares authorized, 215,039,868 and 206,844,580 issued and outstanding at September 30, 2023 and December 31, 2022, respectively

  21   20 

Additional paid in capital

  208,564   179,723 

Accumulated deficit

  (184,475)  (155,514)

Total Stockholders' Equity

  24,110   24,229 

Total Liabilities and Stockholders' Equity

 $187,517  $168,454 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4

 

 

Charge Enterprises, Inc.

Consolidated Statement of Operations

(Unaudited)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

In thousands, except per share data

 

2023

   

2022 (As Adjusted)

   

2023

   

2022 (As Adjusted)

 

Revenues

  $ 132,277     $ 185,857     $ 473,412     $ 529,876  

Cost of sales

    123,255       179,760       450,353       512,143  

Gross profit

    9,022       6,097       23,059       17,733  
                                 

Operating expenses

                               

General and administrative

    4,315       5,141       14,854       17,200  

Salaries and related benefits

    8,890       7,850       27,173       23,597  

Professional fees

    1,006       666       1,918       2,578  

Depreciation and amortization expense

    1,172       433       3,574       1,745  

Total operating expenses

    15,383       14,090       47,519       45,120  
                                 

(Loss) from operations

    (6,361 )     (7,993 )     (24,460 )     (27,387 )
                                 

Other income (expenses):

                               

Income (loss) from investments, net

    675       (200 )     1,637       (1,343 )

Change in fair value of derivative liabilities

    57       28,669       1,713       28,669  

Interest expense

    (1,489 )     (1,015 )     (4,515 )     (9,939 )

Loss on impairment

    (56 )     -       (114 )     -  

Other income (expense), net

    848       (3,289 )     1,876       (2,255 )

Foreign exchange gain (loss)

    116       1       (53 )     (86 )

Total other income (expenses), net

    151       24,166       544       15,046  
                                 

Income (loss) before income taxes

    (6,210 )     16,173       (23,916 )     (12,341 )
                                 

Income tax (expense) benefit

    (741 )     8       (1,093 )     1,336  
                                 

Net income (loss)

  $ (6,951 )   $ 16,181     $ (25,009 )   $ (11,005 )

Less: Deemed dividend

    (2,885 )     -       (2,885 )     (36,697 )

Less: Preferred dividends

    (362 )     (302 )     (1,086 )     (922 )

Net income (loss) available to common stockholders

  $ (10,198 )   $ 15,879     $ (28,980 )   $ (48,624 )
                                 

Basic income (loss) per share available to common stockholders

  $ (0.05 )   $ 0.07     $ (0.14 )   $ (0.25 )

Diluted income (loss) per share available to common stockholders

  $ (0.05 )   $ 0.06     $ (0.14 )   $ (0.25 )
                                 

Weighted average number of shares outstanding, basic

    214,273       206,225       211,423       196,126  

Weighted average number of shares outstanding, diluted

    214,273       231,388       211,423       196,126  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5

 

 

Charge Enterprises, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

In thousands

 

2023

   

2022 (As Adjusted)

   

2023

   

2022 (As Adjusted)

 

Net income (loss)

  $ (6,951 )   $ 16,181     $ (25,009 )   $ (11,005 )

Other comprehensive income (loss), net of tax

                               

Components of comprehensive income (loss)

    -       -       -       -  

Other comprehensive income (loss), net of tax

    -       -       -       -  

Comprehensive income (loss)

  $ (6,951 )   $ 16,181     $ (25,009 )   $ (11,005 )

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6

 

 

Charge Enterprises, Inc.

Consolidated Statements of Stockholders' Equity

(Unaudited)

  

   

Preferred Stock

   

Common Stock

   

Common Stock to be Issued

   

Additional Paid-In Capital (As

   

Accumulated Other Comprehensive

   

Accumulated Deficit (As

   

Total (As

 

In thousands, except share data

 

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Adjusted)

   

Income

   

Adjusted)

   

Adjusted)

 

Balance, December 31, 2021 (As Adjusted)

    2,370,370     $ -       184,266,934     $ 18       6,587,897     $ 1     $ 117,727     $ (32 )   $ (103,366 )   $ 14,348  

Modified retrospective application of stock-based compensation accounting as of January 1, 2022

    -       -       -       -       -       -       (3,320 )     -       3,115       (205 )

Stock-based compensation expense

    -       -       -       -       -       -       10,744       -       -       10,744  

Declaration of preferred dividends

    -       -       -       -       -       -       -       -       (267 )     (267 )

Series C preferred stock

    3,856,000       -       -       -       -       -       12,050       -       -       12,050  

Beneficial conversion feature arising from preferred stock

    -       -       -       -       -       -       2,651       -       -       2,651  

Deemed dividend in connection with Series C preferred stock

    -       -       -       -       -       -       -       -       (3,856 )     (3,856 )

Common stock issued for acquisition

    -       -       5,201,863       1       -       -       17,530       -       -       17,531  

Conversion of debt into common stock

    -       -       319,950       -       -       -       80       -       -       80  

Net loss

    -       -       -       -       -       -       -       -       (13,141 )     (13,141 )

Balance, March 31, 2022 (As Adjusted)

    6,226,370     $ -       189,788,747     $ 19       6,587,897     $ 1     $ 157,462     $ (32 )   $ (117,515 )   $ 39,935  

Stock-based compensation expense

    -       -       -       -       -       -       9,343       -       -       9,343  

Declaration of preferred dividends

    -       -       -       -       -       -       -       -       (353 )     (353 )

Series D preferred stock

    1,177,023       -       -       -       -       -       12,499       -       -       12,499  

Common stock issued for private placement

    -       -       1,428,575       -       -       -       4,696       -       -       4,696  

Issuance of warrants for private placement

    -       -       -       -       -       -       5,304       -       -       5,304  

Issuance of shares committed in prior period

    -       -       1,862,146       -       (1,862,146 )     -       -       -       -       -  

Settlement of holdback shares for acquisition

    -       -       4,725,748       -       (4,725,748 )     (1 )     -       -       -       (1 )

Exercise of warrants

    -       -       5,973,515       1       -       -       1,072       -       -       1,073  

Exercise of stock options

    -       -       10,000       -       -       -       20       -       -       20  

Vesting of restricted stock units

    -       -       138,327       -       -       -       -       -       -       -  

Conversion of Series B Preferred into common stock

    -       -       2,155,594       -       -       -       6,165       -       -       6,165  

Classification of Preferred C to Mezzanine Equity

    (6,226,370 )     -       -       -       -       -       (18,940 )     -       6,256       (12,684 )

Deemed dividend in connection with reclass of warrants to Derivative liability

    -       -       -       -       -       -       (7,601 )     -       (32,841 )     (40,442 )

Other

    -       -       -       -       (3 )     -       -       -       -       -  

Net loss

    -       -       -       -       -       -       -       -       (19,642 )     (19,642 )

Modified retrospective application of stock-based compensation accounting

    -       -       -       -       -       -       (2,538 )     -       2,482       (56 )

Balance, June 30, 2022 (As Adjusted)

    1,177,023     $ -       206,082,652     $ 20       -     $ -     $ 167,482     $ (32 )   $ (161,613 )   $ 5,857  

Stock-based compensation expense

    -       -       -       -       -       -       7,825       -       -       7,825  

Restricted stock units expense

    -       -       -       -       -       -       23       -       -       23  

Exercise of warrants

    -       -       137,803       -       -       -       50       -       -       50  

Exercise of stock options

    -       -       261,959       -       -       -       144       -       -       144  

Declaration of dividends

    -       -       -       -       -       -       -       -       (302 )     (302 )

Other

    -       -       -       -       -       -       -       -       (58 )     (58 )

Net income (loss)

    -       -       -       -       -       -       -       32       14,375       14,407  

Modified retrospective application of stock-based compensation accounting

    -       -       -       -       -       -       (1,981 )     -       1,806       (175 )

Balance, September 30, 2022 (As Adjusted)

    1,177,023     $ -       206,482,414     $ 20       -     $ -     $ 173,543     $ -     $ (145,792 )   $ 27,771  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

7

 

Charge Enterprises, Inc.

Consolidated Statements of Stockholders' Equity

(Unaudited)

 

   

Preferred Stock

   

Common Stock

   

Common Stock to be Issued

   

Additional Paid-In

   

Accumulated Other Comprehensive

   

Accumulated

         

In thousands, except share data

 

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Income

   

Deficit

   

Total

 

Balance, December 31, 2022 (As Adjusted)

    1,177,023     $ -       206,844,580     $ 20       -     $ -     $ 179,723     $ -     $ (155,514 )   $ 24,229  

Stock-based compensation expense

    -       -       (444 )     -       -       -       5,902       -       -       5,902  

Declaration of preferred dividends

    -       -       -       -       -       -       -       -       (362 )     (362 )

Exercise of warrants

    3,200,000       -       4,400,000       1       -       -       3,799       -       -       3,800  

Derivative liability impact to exercise of warrants

    -       -       -       -       -       -       4,806       -       -       4,806  

Exercise of stock options

    -       -       75,000       -       -       -       43       -       -       43  

Common stock issued for acquisition

    -       -       1,530,145       -       -       -       2,752       -       -       2,752  

Net loss

    -       -       -       -       -       -       -       -       (9,212 )     (9,212 )

Balance, March 31, 2023

    4,377,023     $ -       212,849,281     $ 21       -     $ -     $ 197,025     $ -     $ (165,088 )   $ 31,958  

Stock-based compensation expense

    -       -       50,000       -       -       -       4,964       -       -       4,964  

Declaration of preferred dividends

    -       -       -       -       -       -       -       -       (362 )     (362 )

Other

    -       -       -       -       -       -       -       -       19       19  

Net loss

    -       -       -       -       -       -       -       -       (8,846 )     (8,846 )

Balance, June 30, 2023

    4,377,023     $ -       212,899,281     $ 21       -     $ -     $ 201,989     $ -     $ (174,277 )   $ 27,733  

Stock-based compensation expense

    -       -       -       -       -       -       4,583       -       -       4,583  

Restricted stock units vesting

    -       -       55,323       -       -       -       (8 )     -       -       (8 )

Declaration of preferred dividends

    -       -       -       -       -       -       -       -       (362 )     (362 )

Series C preferred deemed dividend

    -       -       -       -       -       -       -       -       (2,885 )     (2,885 )

Common stock issued for acquisition

    -       -       2,085,264       -       -       -       2,000       -       -       2,000  

Net loss

    -       -       -       -       -       -       -       -       (6,951 )     (6,951 )

Balance, September 30, 2023

    4,377,023     $ -       215,039,868     $ 21       -     $ -     $ 208,564     $ -     $ (184,475 )   $ 24,110  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

8

 

 

Charge Enterprises, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

 

   

Nine Months Ended September 30,

 
   

2023

   

2022 (As Adjusted)

 

In thousands

               
                 

Cash flows from Operating Activities:

               

Net loss

  $ (25,009 )   $ (11,005 )

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

               

Amortization

    3,100       1,060  

Depreciation

    474       685  

Stock-based compensation

    15,449       20,514  

Change in fair value of derivative liabilities

    (1,713 )     (28,669 )

Amortization of debt discount

    2,970       7,938  

Loss on foreign currency exchange

    53       86  

Loss on impairment

    114       -  

Net loss (gain) from investments

    (1,637 )     1,343  

Other expense, net

    (1,308 )     2,287  

Change in deferred income taxes

    (316 )     (1,338 )

Changes in working capital requirements:

               

Accounts receivable

    17,934       (1,900 )

Inventory

    (1 )     (73 )

Deposits, prepaids and other current assets

    (1,007 )     (1,761 )

Other assets / liabilities

    195       (43 )

Contract assets

    (1,294 )     (3,041 )

Accounts payable

    11,277       10,148  

Other current liabilities

    229       (1,196 )

Contract liabilities

    7,719       2,048  

Net cash provided by (used in) operating activities

    27,229       (2,917 )
                 

Cash flows from Investing Activities:

               

Acquisition of property, plant and equipment

    (143 )     (205 )

Sale of intellectual property

    1,308       179  

Purchase of marketable securities

    (27,766 )     (45,430 )

Sale of marketable securities

    30,210       47,429  

Acquisition of ANS

    -       (363 )

Acquisition of EV Depot

    1       (1,231 )

Acquisition of Greenspeed

    (5,289 )     -  

Cash acquired in acquisitions

    1,845       105  

Net cash provided by investing activities

    166       484  
                 

Cash flows from Financing Activities:

               

Proceeds from sale of common stock

    -       10,000  

Proceeds from sale of Series C preferred stock

    -       10,845  

Proceeds from sale of Series E preferred stock

    1,600       -  

Proceeds from exercise of warrants

    2,200       1,122  

Proceeds from exercise of stock options

    41       164  

Draws from revolving line of credit

    4,717       18,802  

Payments on revolving line of credit

    (9,741 )     (18,548 )

Tax withholding payments for vested stock-based compensation

    (9 )     (418 )

Payment on financing lease

    (252 )     (78 )

Payment of dividends on preferred stock

    (1,086 )     (818 )

Redemption of Series B preferred stock

    -       (685 )

Net cash (used in) provided by financing activities

    (2,530 )     20,386  
                 

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

    (343 )     45  
                 

Net Increase in Cash and Cash Equivalents

    24,522       17,998  

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period

    27,723       18,238  

Cash, Cash Equivalents, and Restricted Cash, End of Period

  $ 52,245     $ 36,236  
                 

Cash paid for interest expense

  $ 1,454     $ 2,138  

Cash paid for income taxes

  $ 1,538     $ 485  

Non-cash investing and financing activities:

               

Issuance of common stock for acquisition

  $ 2,000     $ 17,530  

 

The accompanying notes are an integral part of these consolidated financial statements.

 

9

 

CHARGE ENTERPRISES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

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