Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 16,395 $ 10,159
Restricted cash 308 307
Investments - short term 394
Accounts receivable, net of allowance for doubtful accounts of $67 and $2,004 in 2018 and 2019, respectively 27,016 9,247
Inventory, net 16,381 4,649
Deferred costs - current 3,720 3,660
Prepaid expenses and other current assets 7,370 4,244
Total current assets 71,190 32,660
Investments - long term 4,131
Deferred costs - less current portion 4,810 5,409
Fixed assets, net 8,240 2,149
Goodwill 89,068 7,318
Intangible assets, net 36,639 4,705
Right of use asset 7,024
Severance payable fund 3,530
Other assets 2,532 1,431
Total assets 223,033 57,803
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 3,373
Convertible note payable 5,000
Accounts payable and accrued expenses 24,880 8,027
Deferred revenue - current 7,687 7,902
Lease liability - current 868
Acquisition related contingent consideration and payable - current 946
Total current liabilities 41,808 16,875
Long-term debt, less current maturities 26,515
Deferred revenue - less current portion 8,544 9,186
Lease liability - less current portion 6,371
Accrued severance payable 4,062
Deferred tax liability 3,722
Other long-term liabilities 438 208
Total Liabilities 91,460 26,269
Commitments and Contingencies (Note 19)
MEZZANINE EQUITY    
Convertible redeemable Preferred stock: Series A - 100 shares authorized, $0.01 par value; 51 shares issued and outstanding 47,393
STOCKHOLDERS' EQUITY    
Preferred stock; authorized 50,000 shares, $0.01 par value;
Common stock; authorized 75,000 shares, $0.01 par value; 19,178 and 30,804 shares issued at December 31, 2018 and 2019, respectively; shares outstanding, 18,166 and 29,743 at December 31, 2018 and 2019, respectively 308 192
Additional paid-in capital 201,813 138,693
Accumulated deficit (112,143) (101,180)
Accumulated other comprehensive (loss) gain 265 (435)
Treasury stock; 1,012 and 1,061 common shares at cost at December 31, 2018 and 2019, respectively (6,053) (5,736)
Total PowerFleet, Inc. stockholders' equity 84,190 31,534
Non-controlling interest (10)
Total equity 84,180 31,534
Total liabilities and stockholders' equity $ 223,033 $ 57,803