Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 21,469 $ 16,395 [1]
Restricted cash 308 308 [1]
Accounts receivable, net of allowance for doubtful accounts of $2,004 and $2,044 in 2019 and 2020, respectively 22,842 27,016 [1]
Inventory, net 15,337 16,381 [1]
Deferred costs - current 3,568 3,720 [1]
Prepaid expenses and other current assets 5,717 7,370 [1]
Total current assets 69,241 71,190 [1]
Deferred costs - less current portion 3,337 4,810 [1]
Fixed assets, net 6,984 8,240 [1]
Goodwill 88,872 89,068 [1]
Intangible assets, net 33,941 36,639 [1]
Right of use asset 8,490 7,024 [1]
Severance payable fund 3,510 3,530 [1]
Other assets 2,573 2,532 [1]
Total assets 216,948 223,033 [1]
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 4,328 3,373 [1]
Note payable 5,000 5,000
Accounts payable and accrued expenses 20,962 24,880 [1]
Deferred revenue - current 8,036 7,687
Lease liability - current 2,012 2,460 [1]
Total current liabilities 40,338 43,400 [1]
Long-term debt, less current maturities 24,001 43,400
Deferred revenue - less current portion 6,534 8,544
Lease liability - less current portion 6,676 4,779 [1]
Accrued severance payable 4,200 4,062 [1]
Deferred tax liability 4,506 3,791 [1]
Other long-term liabilities 761 369 [1]
Total liabilities 87,016 91,460 [1]
Commitments and Contingencies (note 21) [1]
MEZZANINE EQUITY    
Convertible redeemable Preferred stock: Series A - 100 shares authorized, $0.01 par value; 53 shares issued and outstanding 49,656 47,393 [1]
STOCKHOLDERS' EQUITY    
Preferred stock; authorized 50 shares, $0.01 par value; [1]  
Common stock; authorized 75,000 shares, $0.01 par value; 30,804 and 32,153 shares issued at December 31, 2019 and June 30, 2020, respectively; shares outstanding, 29,743 and 31,019 at December 31, 2019 and June 30, 2020, respectively 322 308 [1]
Additional paid-in capital 206,405 201,813 [1]
Accumulated deficit (118,195) (112,143) [1]
Accumulated other comprehensive gain (loss) (1,655) 265 [1]
Treasury stock; 1,061 and 1,134 common shares at cost at December 31, 2019 and June 30, 2020, respectively (6,557) (6,053) [1]
Total PowerFleet, Inc. stockholders' equity 80,320 84,190 [1]
Non-controlling interest (44) (10) [1]
Total equity 80,276 84,180
Total liabilities and stockholders' equity $ 216,948 $ 223,033 [1]
[1] Derived from audited balance sheet as of December 31, 2019.