Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 16,606 $ 16,395 [1]
Restricted cash 308 308 [1]
Accounts receivable, net of allowance for doubtful accounts of $2,004 and $1,973 in 2019 and 2020, respectively 24,880 27,016 [1]
Inventory, net 15,149 16,381 [1]
Deferred costs - current 3,656 3,720 [1]
Prepaid expenses and other current assets 6,703 7,370 [1]
Total current assets 67,302 71,190 [1]
Deferred costs - less current portion 4,061 4,810 [1]
Fixed assets, net 7,166 8,240 [1]
Goodwill 88,871 89,068 [1]
Intangible assets, net 35,272 36,639 [1]
Right of use asset 7,069 7,024 [1]
Severance payable fund 3,368 3,530 [1]
Other assets 2,652 2,532 [1]
Total assets 215,761 223,033 [1]
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 3,933 3,373 [1]
Convertible note payable 5,000 5,000 [1]
Accounts payable and accrued expenses 23,128 24,880 [1]
Deferred revenue - current 8,437 7,687
Lease liability - current 2,699 868 [1]
Total current liabilities 43,197 41,808 [1]
Long-term debt, less current maturities 24,503 26,515 [1]
Deferred revenue - less current portion 7,438 8,544
Lease liability - less current portion 4,553 6,371 [1]
Accrued severance payable 4,024 4,062 [1]
Deferred tax liability 4,397 3,722 [1]
Other long-term liabilities 751 438 [1]
Total liabilities 88,863 91,460 [1]
Commitments and Contingencies (Note 21) [1]
MEZZANINE EQUITY    
Convertible redeemable Preferred stock: Series A - 100 shares authorized, $0.01 par value; 52 shares issued and outstanding 48,516 47,393 [1]
STOCKHOLDERS' EQUITY    
Preferred stock; authorized 50,000 shares, $0.01 par value; [1]
Common stock; authorized 75,000 shares, $0.01 par value; 30,804 and 31,012 shares issued at December 31, 2019 and March 31, 2020, respectively; shares outstanding, 29,743 and 29,881 at December 31, 2019 and March 31, 2020, respectively 310 308 [1]
Additional paid-in capital 202,288 201,813 [1]
Accumulated deficit (115,569) (112,143) [1]
Accumulated other comprehensive (loss) gain (2,061) 265 [1]
Treasury stock; 1,061 and 1,131 common shares at cost at December 31, 2019 and March 31, 2020, respectively (6,541) (6,053) [1]
Total PowerFleet, Inc. stockholders' equity 78,427 84,190 [1]
Non-controlling interest (45) (10) [1]
Total equity 78,382 84,180 [1]
Total liabilities and stockholders' equity $ 215,761 $ 223,033 [1]
[1] Derived from audited balance sheet as of December 31, 2019.