our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties , such as our plans , objectives , expectations and intentions . actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors . see “ forward-looking statements . ” overview we are a leading owner , operator and provider of electric vehicle ( “ ev ” ) charging equipment and networked ev charging services . we offer both residential and commercial ev charging equipment , enabling ev drivers to easily recharge at various location types . our principal line of products and services is our blink ev charging network ( the “ blink network ” ) and ev charging equipment ( also known as electric vehicle supply equipment ) and ev related services . our blink network consists of proprietary cloud-based software that operates , maintain , and tracks all of the blink ev charging stations and the associated charging data . the blink network provides property owners , managers and parking companies , who we refer to as our “ property partners ” , with cloud-based services that enable the remote monitoring and management of ev charging stations payment processing , and provide ev drivers with vital station information including station location , availability and applicable fees . 15 we offer our 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 our comprehensive turnkey business model , we own and operate the ev charging equipment , undertake and manage the installation , maintenance and related services , and we keep substantially all of the ev charging revenue . ● in our hybrid business model , the property partner incurs the installation costs , while we provide the charging equipment . we operate and manage the ev charging station and provide connectivity of the charging station to the blink network . as a result , we share a greater portion of the ev charging revenue with the property partner than under the turnkey mode above . ● in our host owned business model , the property partner purchases , owns and manages the blink ev charging station , incurs the installation costs of the equipment , while we provide site recommendations , connectivity to the blink network and optional maintenance services , and the property partner keeps substantially all of the ev charging revenue . we have 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 . as of march 25 , 2019 , we had approximately 14,583 charging stations deployed , of which , 5,072 are level 2 commercial charging units , 107 are dc fast charging ev chargers and 1,675 are residential charging units in service on the blink network . additionally , as of march 25 , 2019 , we had approximately 394 level 2 commercial charging units on other networks and there were also approximately 7,335 non-networked , residential blink ev charging stations . the non-networked , residential blink ev charging stations are all property partner owned . as reflected in our consolidated financial statements as of december 31 , 2018 , we had a cash balance of $ 18,417,513 , working capital of $ 15,586,510 and an accumulated deficit of $ 159,856,481. during the years ended december 31 , 2018 and 2017 , we incurred net losses of $ 3,421,203 and $ 75,363,496 , respectively . we have not yet achieved profitability . results of operations year ended december 31 , 2018 compared year ended december 31 , 2017 revenues total revenue for the year ended december 31 , 2018 was $ 2,686,237 compared to $ 2,500,357 for the year ended december 31 , 2017 , an increase of $ 185,880 , or 7 % . charging service revenue for company-owned charging stations was $ 1,264,719 for the year ended december 31 , 2018 compared to $ 1,186,710 for the year ended december 31 , 2017 , an increase of $ 78,009 , or 7 % . the increase was attributable to a greater number of charging stations in the network as compared to the same 2017 period . revenue from product sales was $ 476,930 for the year ended december 31 , 2018 , compared to $ 495,086 for the year ended december 31 , 2017 , a decrease of $ 18,156 , or 4 % . this decrease was attributable to a lower volume of commercial units sold as compared to the same period in 2017 network fee revenue was $ 241,826 for the year ended december 31 , 2018 , compared to $ 225,349 for the year ended december 31 , 2017 , an increase of $ 16,477 , or 7 % . the increase was commensurate with the increase in the number of charging stations in the network as compared to last year . warranty revenue was $ 109,614 for the year ended december 31 , 2018 , compared to $ 133,867 for the year ended december 31 , 2017 , a decrease of $ 24,253 , or 18 % . the decrease was primarily attributable to property partners of host owned chargers not renewing their warranty contracts . story_separator_special_tag furthermore , $ 4,468,365 of the compensation expense increase was due to stock-based compensation , inclusive of payroll tax gross-ups , granted to officers and directors of our company during the year ended december 31 , 2018. recruiting fees related to the hiring of additional senior management and it personnel in 2018 resulted in $ 213,214 of fees in 2018. general and administrative expenses increased by $ 94,642 , or 7 % , from $ 1,282,728 for the year ended december 31 , 2017 to $ 1,377,370 for the year ended december 31 , 2018. investor relations fees increased by $ 254,890 for the year ended december 31 , 2018 as investor relations professionals were initially retained in 2018. furthermore , our annual shareholders meeting was held on september 7 , 2018 resulting in incremental expenses specific to the period totaling $ 107,930. this was offset by a decrease in legal fees of $ 486,834 during the year ended december 31 , 2018 compared to the year ended december 31 , 2017 , as result of settlement and discontinuance of litigation matters . 17 other operating expenses increased by $ 509,200 , or 56 % , from $ 904,830 for the year ended december 31 , 2017 to $ 1,414,030 for the year ended december 31 , 2018. the increase was primarily attributable to an increase in rent expense of $ 123,921 related to our move to a larger office space in miami beach , florida and our leasing of additional adjacent space to our existing phoenix , arizona location for the year ended december 31 , 2018 offset by a decrease in storage facility rentals of $ 37,706. additionally , there was an increase in second generation electric charger product development expense of $ 140,092. past due sales , payroll taxes and related penalties resulted in an increased expense of $ 113,358. other income ( expense ) other income ( expense ) increased by $ 76,130,554 from an expense of $ 67,940,048 for the year ended december 31 , 2017 to income of $ 8,190,506 for the year ended december31 , 2018. during the year ended december 31 , 2018 , we settled approximately $ 17,800,000 of obligations to jmj with the issuance of series d convertible preferred stock , which resulted in a gain of approximately $ 5,800,000. additionally , we realized a decrease in the change in fair value of derivative and other accrued liabilities of $ 49,102,863 to $ 5,093,024 during the year ended december 31 , 2018 , compared to $ 44,009,839 of expense during the year ended december 31 , 2017 , as a result of warrant holders exchanging their warrants for equity . during the year ended december 31 , 2018 , we recorded a gain on the settlement of accounts payable of $ 972,637 , which increased by $ 949,723 from a gain of $ 22,914 for the year ended december 31 , 2017 period . this increase was due to liabilities being settled pursuant to agreements contingent upon the closing of our public offering on february 16 , 2018. these items were offset by a loss on settlement of liabilities for equity of approximately $ 2,136,860 , a reduction in amortization of debt discount of $ 1,756,244 , and a charge of $ 785,200 related to a contribution of capital by our chairman and ceo during the year ended december 31 , 2018. during the year ended december 31 , 2018 , we recorded a loss on settlement reserve of $ 127,941 from $ 12,980,588 during the year ended december 31 , 2017 , a decrease of $ 12,852,647. this was a result of our default on obligations to jmj of approximately $ 12,500,000. our net loss for the year ended december 31 , 2018 decreased by $ 71,942,293 , or 95 % , to $ 3,421,203 as compared to $ 75,363,496 for the year ended december 31 , 2017. the decrease was primarily attributable to an increase in other income ( expenses ) of $ 76,130,554. our net loss attributable to common shareholders for the year ended december 31 , 2018 decreased by $ 52,750,462 or 66 % , from $ 79,630,596 to $ 26,880,134 for the aforementioned reasons and due to a decrease in the dividend attributable to series c convertible preferred stockholders of $ 4,267,100 , as well as the deemed dividend attributable to the immediate accretion of the beneficial conversion feature related to the series b and c convertible preferred stock of $ 23,458,931. story_separator_special_tag ● approximately $ 1.0 million to expand our product offerings including but not limited to completing the research and development , as well as the launch , of our next generation of ev charging equipment ; ● approximately $ 3.0 million to add additional staff in the areas of finance , sales , customer support , and engineering ; and ( 4 ) the remainder for working capital and other general corporate purposes . we believe our current cash on hand is sufficient to meet our obligations , operating and capital requirements for at least the next 12 months from the date of this filing . thereafter , we may need to raise further capital , through the sale of additional equity or debt securities , or other debt instruments to support our future operations . our operating needs include the planned costs to operate our business , including amounts required to fund working capital and capital expenditures . our future capital requirements and the adequacy of our available funds will depend on many factors , including our ability to successfully commercialize our 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 our product and service offerings . there is also no assurance that the amount of funds we might raise will enable us to complete our development initiatives or attain

liquidity and capital resources on february 16 , 2018 , we closed our underwritten public offering of an aggregate 4,353,000 shares of common stock and warrants to purchase an aggregate of 8,706,000 shares of common stock at a combined public offering price of $ 4.25 per unit comprised of one share and two warrants . the public offering resulted in $ 18,504,320 and $ 14,880,815 of gross and net proceeds , respectively , reflecting underwriting discounts , commissions and other offering expenses of $ 3,623,505 , which was recorded as a reduction of additional paid-in capital . furthermore , during the year ended december 31 , 2018 , we issued an aggregate of 4,033,660 shares of common stock pursuant to the exercise of warrants at an exercise price of $ 4.25 per share for aggregate gross proceeds of $ 17,143,056. we measure our liquidity in a number of ways , including the following : replace_table_token_0_th during the year ended december 31 , 2018 , we financed our activities from proceeds derived from debt and equity financings . a significant portion of the funds raised from the sale of capital stock has been used to cover working capital needs and personnel , office expenses and various consulting and professional fees . for the years ended december 31 , 2018 and 2017 , we used cash of $ 13,420,955 and $ 2,548,661 , respectively , in operations .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources on february 16 , 2018 , we closed our underwritten public offering of an aggregate 4,353,000 shares of common stock and warrants to purchase an aggregate of 8,706,000 shares of common stock at a combined public offering price of $ 4.25 per unit comprised of one share and two warrants . the public offering resulted in $ 18,504,320 and $ 14,880,815 of gross and net proceeds , respectively , reflecting underwriting discounts , commissions and other offering expenses of $ 3,623,505 , which was recorded as a reduction of additional paid-in capital . furthermore , during the year ended december 31 , 2018 , we issued an aggregate of 4,033,660 shares of common stock pursuant to the exercise of warrants at an exercise price of $ 4.25 per share for aggregate gross proceeds of $ 17,143,056. we measure our liquidity in a number of ways , including the following : replace_table_token_0_th during the year ended december 31 , 2018 , we financed our activities from proceeds derived from debt and equity financings . a significant portion of the funds raised from the sale of capital stock has been used to cover working capital needs and personnel , office expenses and various consulting and professional fees . for the years ended december 31 , 2018 and 2017 , we used cash of $ 13,420,955 and $ 2,548,661 , respectively , in operations .
```    
 Suspicious Activity Report : our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties , such as our plans , objectives , expectations and intentions . actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors . see “ forward-looking statements . ” overview we are a leading owner , operator and provider of electric vehicle ( “ ev ” ) charging equipment and networked ev charging services . we offer both residential and commercial ev charging equipment , enabling ev drivers to easily recharge at various location types . our principal line of products and services is our blink ev charging network ( the “ blink network ” ) and ev charging equipment ( also known as electric vehicle supply equipment ) and ev related services . our blink network consists of proprietary cloud-based software that operates , maintain , and tracks all of the blink ev charging stations and the associated charging data . the blink network provides property owners , managers and parking companies , who we refer to as our “ property partners ” , with cloud-based services that enable the remote monitoring and management of ev charging stations payment processing , and provide ev drivers with vital station information including station location , availability and applicable fees . 15 we offer our 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 our comprehensive turnkey business model , we own and operate the ev charging equipment , undertake and manage the installation , maintenance and related services , and we keep substantially all of the ev charging revenue . ● in our hybrid business model , the property partner incurs the installation costs , while we provide the charging equipment . we operate and manage the ev charging station and provide connectivity of the charging station to the blink network . as a result , we share a greater portion of the ev charging revenue with the property partner than under the turnkey mode above . ● in our host owned business model , the property partner purchases , owns and manages the blink ev charging station , incurs the installation costs of the equipment , while we provide site recommendations , connectivity to the blink network and optional maintenance services , and the property partner keeps substantially all of the ev charging revenue . we have 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 . as of march 25 , 2019 , we had approximately 14,583 charging stations deployed , of which , 5,072 are level 2 commercial charging units , 107 are dc fast charging ev chargers and 1,675 are residential charging units in service on the blink network . additionally , as of march 25 , 2019 , we had approximately 394 level 2 commercial charging units on other networks and there were also approximately 7,335 non-networked , residential blink ev charging stations . the non-networked , residential blink ev charging stations are all property partner owned . as reflected in our consolidated financial statements as of december 31 , 2018 , we had a cash balance of $ 18,417,513 , working capital of $ 15,586,510 and an accumulated deficit of $ 159,856,481. during the years ended december 31 , 2018 and 2017 , we incurred net losses of $ 3,421,203 and $ 75,363,496 , respectively . we have not yet achieved profitability . results of operations year ended december 31 , 2018 compared year ended december 31 , 2017 revenues total revenue for the year ended december 31 , 2018 was $ 2,686,237 compared to $ 2,500,357 for the year ended december 31 , 2017 , an increase of $ 185,880 , or 7 % . charging service revenue for company-owned charging stations was $ 1,264,719 for the year ended december 31 , 2018 compared to $ 1,186,710 for the year ended december 31 , 2017 , an increase of $ 78,009 , or 7 % . the increase was attributable to a greater number of charging stations in the network as compared to the same 2017 period . revenue from product sales was $ 476,930 for the year ended december 31 , 2018 , compared to $ 495,086 for the year ended december 31 , 2017 , a decrease of $ 18,156 , or 4 % . this decrease was attributable to a lower volume of commercial units sold as compared to the same period in 2017 network fee revenue was $ 241,826 for the year ended december 31 , 2018 , compared to $ 225,349 for the year ended december 31 , 2017 , an increase of $ 16,477 , or 7 % . the increase was commensurate with the increase in the number of charging stations in the network as compared to last year . warranty revenue was $ 109,614 for the year ended december 31 , 2018 , compared to $ 133,867 for the year ended december 31 , 2017 , a decrease of $ 24,253 , or 18 % . the decrease was primarily attributable to property partners of host owned chargers not renewing their warranty contracts . story_separator_special_tag furthermore , $ 4,468,365 of the compensation expense increase was due to stock-based compensation , inclusive of payroll tax gross-ups , granted to officers and directors of our company during the year ended december 31 , 2018. recruiting fees related to the hiring of additional senior management and it personnel in 2018 resulted in $ 213,214 of fees in 2018. general and administrative expenses increased by $ 94,642 , or 7 % , from $ 1,282,728 for the year ended december 31 , 2017 to $ 1,377,370 for the year ended december 31 , 2018. investor relations fees increased by $ 254,890 for the year ended december 31 , 2018 as investor relations professionals were initially retained in 2018. furthermore , our annual shareholders meeting was held on september 7 , 2018 resulting in incremental expenses specific to the period totaling $ 107,930. this was offset by a decrease in legal fees of $ 486,834 during the year ended december 31 , 2018 compared to the year ended december 31 , 2017 , as result of settlement and discontinuance of litigation matters . 17 other operating expenses increased by $ 509,200 , or 56 % , from $ 904,830 for the year ended december 31 , 2017 to $ 1,414,030 for the year ended december 31 , 2018. the increase was primarily attributable to an increase in rent expense of $ 123,921 related to our move to a larger office space in miami beach , florida and our leasing of additional adjacent space to our existing phoenix , arizona location for the year ended december 31 , 2018 offset by a decrease in storage facility rentals of $ 37,706. additionally , there was an increase in second generation electric charger product development expense of $ 140,092. past due sales , payroll taxes and related penalties resulted in an increased expense of $ 113,358. other income ( expense ) other income ( expense ) increased by $ 76,130,554 from an expense of $ 67,940,048 for the year ended december 31 , 2017 to income of $ 8,190,506 for the year ended december31 , 2018. during the year ended december 31 , 2018 , we settled approximately $ 17,800,000 of obligations to jmj with the issuance of series d convertible preferred stock , which resulted in a gain of approximately $ 5,800,000. additionally , we realized a decrease in the change in fair value of derivative and other accrued liabilities of $ 49,102,863 to $ 5,093,024 during the year ended december 31 , 2018 , compared to $ 44,009,839 of expense during the year ended december 31 , 2017 , as a result of warrant holders exchanging their warrants for equity . during the year ended december 31 , 2018 , we recorded a gain on the settlement of accounts payable of $ 972,637 , which increased by $ 949,723 from a gain of $ 22,914 for the year ended december 31 , 2017 period . this increase was due to liabilities being settled pursuant to agreements contingent upon the closing of our public offering on february 16 , 2018. these items were offset by a loss on settlement of liabilities for equity of approximately $ 2,136,860 , a reduction in amortization of debt discount of $ 1,756,244 , and a charge of $ 785,200 related to a contribution of capital by our chairman and ceo during the year ended december 31 , 2018. during the year ended december 31 , 2018 , we recorded a loss on settlement reserve of $ 127,941 from $ 12,980,588 during the year ended december 31 , 2017 , a decrease of $ 12,852,647. this was a result of our default on obligations to jmj of approximately $ 12,500,000. our net loss for the year ended december 31 , 2018 decreased by $ 71,942,293 , or 95 % , to $ 3,421,203 as compared to $ 75,363,496 for the year ended december 31 , 2017. the decrease was primarily attributable to an increase in other income ( expenses ) of $ 76,130,554. our net loss attributable to common shareholders for the year ended december 31 , 2018 decreased by $ 52,750,462 or 66 % , from $ 79,630,596 to $ 26,880,134 for the aforementioned reasons and due to a decrease in the dividend attributable to series c convertible preferred stockholders of $ 4,267,100 , as well as the deemed dividend attributable to the immediate accretion of the beneficial conversion feature related to the series b and c convertible preferred stock of $ 23,458,931. story_separator_special_tag ● approximately $ 1.0 million to expand our product offerings including but not limited to completing the research and development , as well as the launch , of our next generation of ev charging equipment ; ● approximately $ 3.0 million to add additional staff in the areas of finance , sales , customer support , and engineering ; and ( 4 ) the remainder for working capital and other general corporate purposes . we believe our current cash on hand is sufficient to meet our obligations , operating and capital requirements for at least the next 12 months from the date of this filing . thereafter , we may need to raise further capital , through the sale of additional equity or debt securities , or other debt instruments to support our future operations . our operating needs include the planned costs to operate our business , including amounts required to fund working capital and capital expenditures . our future capital requirements and the adequacy of our available funds will depend on many factors , including our ability to successfully commercialize our 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 our product and service offerings . there is also no assurance that the amount of funds we might raise will enable us to complete our development initiatives or attain

