Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.21.2
Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 39,861 $ 18,127
Restricted cash 308 308
Accounts receivable, net of allowance for doubtful accounts of $2,364 and $2,754 in 2020 and 2021, respectively 29,656 24,147
Inventory, net 13,472 12,873
Deferred costs - current 2,800 3,128
Prepaid expenses and other current assets 6,909 6,184
Total current assets 93,006 64,767
Deferred costs - less current portion 1,163 2,233
Fixed assets, net 8,866 8,804
Goodwill 83,344 83,344
Intangible assets, net 28,678 31,276
Right of use asset 9,451 9,700
Severance payable fund 4,062 4,056
Deferred tax asset 1,005 1,506
Other assets 3,177 3,115
Total assets 232,752 208,801
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 5,918 5,579
Accounts payable and accrued expenses 23,563 20,225
Deferred revenue - current 8,048 7,339
Lease liability - current 2,190 2,755
Total current liabilities 39,719 35,898
Long-term debt, less current maturities 20,015 23,179
Deferred revenue - less current portion 5,421 6,006
Lease liability - less current portion 7,416 7,050
Accrued severance payable 4,672 4,714
Other long-term liabilities 739 674
Total liabilities 77,982 77,521
MEZZANINE EQUITY    
Convertible redeemable preferred stock: Series A – 100 shares authorized, $0.01 par value; 55 and 55 shares issued and outstanding at December 31, 2020 and June 30, 2021 52,327 51,992
Preferred stock; authorized 50,000 shares, $0.01 par value;
Common stock; authorized 75,000 shares, $0.01 par value; 32,280 and 37,278 shares issued at December 31, 2020 and June 30, 2021, respectively; shares outstanding, 31,101 and 35,982 at December 31, 2020 and June 30, 2021, respectively 373 323
Additional paid-in capital 234,165 206,499
Accumulated deficit (124,375) (121,150)
Accumulated other comprehensive gain (loss) 68 399
Treasury stock; 1,179 and 1,296 common shares at cost at December 31, 2020 and June 30, 2021, respectively (7,867) (6,858)
Total Powerfleet, Inc. stockholders’ equity 102,364 79,213
Non-controlling interest 79 75
Total equity 102,443 79,288
Total liabilities and stockholders’ equity $ 232,752 $ 208,801