Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.20.2
Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
[1]
ASSETS    
Cash and cash equivalents $ 21,077 $ 16,395
Restricted cash 308 308
Accounts receivable, net of allowance for doubtful accounts of $2,004 and $2,181 in 2019 and 2020, respectively 23,705 27,016
Inventory, net 14,354 16,381
Deferred costs - current 3,292 3,720
Prepaid expenses and other current assets 5,960 7,370
Total current assets 68,696 71,190
Deferred costs - less current portion 2,830 4,810
Fixed assets, net 7,425 8,240
Goodwill 88,872 89,068
Intangible assets, net 32,608 36,639
Right of use asset 7,514 7,024
Severance payable fund 3,618 3,530
Other assets 2,784 2,532
Total assets 214,347 223,033
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 5,150 3,373
Convertible note payable 5,000 5,000
Accounts payable and accrued expenses 19,153 24,880
Deferred revenue - current 7,385 7,687
Lease liability - current 1,558 2,460
Total current liabilities 38,246 43,400
Long-term debt, less current maturities 22,933 26,515
Deferred revenue - less current portion 6,703 8,544
Lease liability - less current portion 6,115 4,779
Accrued severance payable 4,287 4,062
Deferred tax liability 4,992 3,791
Other long-term liabilities 736 369
Total liabilities 84,012 91,460
MEZZANINE EQUITY    
Convertible redeemable Preferred stock: Series A - 100 shares authorized, $0.01 par value; 51 and 54 shares issued and outstanding at December 31, 2019 and September 30, 2020 50,815 47,393
STOCKHOLDERS' EQUITY    
Preferred stock; authorized 50 shares, $0.01 par value;
Common stock; authorized 75,000 shares, $0.01 par value; 30,804 and 32,233 shares issued at December 31, 2019 and September 30, 2020, respectively; shares outstanding, 29,743 and 31,090 at December 31, 2019 and September 30, 2020, respectively 322 308
Additional paid-in capital 206,302 201,813
Accumulated deficit (118,785) (112,143)
Accumulated other comprehensive gain (loss) (1,677) 265
Treasury stock; 1,061 and 1,143 common shares at cost at December 31, 2019 and September 30, 2020, respectively (6,607) (6,053)
Total PowerFleet, Inc. stockholders' equity 79,555 84,190
Non-controlling interest (35) (10)
Total equity 79,520 84,180
Total liabilities and stockholders' equity $ 214,347 $ 223,033
[1] Derived from audited balance sheet as of December 31, 2019.