Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.21.2
Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 33,821 $ 18,127
Restricted cash 308 308
Accounts receivable, net of allowance for doubtful accounts of $2,364 and $2,968 in 2020 and 2021, respectively 30,151 24,147
Inventory, net 16,197 12,873
Deferred costs - current 1,298 3,128
Prepaid expenses and other current assets 7,256 6,184
Total current assets 89,031 64,767
Deferred costs - less current portion 1,174 2,233
Fixed assets, net 8,852 8,804
Goodwill 83,344 83,344
Intangible assets, net 27,397 31,276
Right of use asset 9,850 9,700
Severance payable fund 4,095 4,056
Deferred tax asset 893 1,506
Other assets 3,656 3,115
Total assets 228,292 208,801
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 6,225 5,579
Accounts payable and accrued expenses 24,655 20,225
Deferred revenue - current 6,274 7,339
Lease liability - current 2,508 2,755
Total current liabilities 39,662 35,898
Long-term debt, less current maturities 19,025 23,179
Deferred revenue - less current portion 5,328 6,006
Lease liability - less current portion 7,530 7,050
Accrued severance payable 4,740 4,714
Other long-term liabilities 711 674
Total liabilities 76,996 77,521
Commitments and Contingencies (note 21)  
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 September 30, 2021 52,495 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 37,257 shares issued at December 31, 2020 and September 30, 2021, respectively; shares outstanding, 31,101 and 35,957 at December 31, 2020 and September 30, 2021, respectively 373 323
Additional paid-in capital 233,965 206,499
Accumulated deficit (127,720) (121,150)
Accumulated other comprehensive gain (loss) (24) 399
Treasury stock; 1,179 and 1,300 common shares at cost at December 31, 2020 and September 30, 2021, respectively (7,887) (6,858)
Total Powerfleet, Inc. stockholders’ equity 98,707 79,213
Non-controlling interest 94 75
Total equity 98,801 79,288
Total liabilities and stockholders’ equity $ 228,292 $ 208,801