Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.22.1
Condensed Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 20,559 $ 26,452 [1]
Restricted cash 308 308 [1]
Accounts receivable, net of allowance for doubtful accounts of $3,176 and $3,468 in 2021 and 2022, respectively 31,861 32,094 [1]
Inventory, net 20,313 18,243 [1]
Deferred costs - current 1,416 1,762 [1]
Prepaid expenses and other current assets 10,716 9,051 [1]
Total current assets 85,173 87,910 [1]
Deferred costs - less current portion 224 249 [1]
Fixed assets, net 8,532 8,988 [1]
Goodwill 83,487 83,487 [1]
Intangible assets, net 24,848 26,122 [1]
Right of use asset 9,597 9,787 [1]
Severance payable fund 4,282 4,359 [1]
Deferred tax asset 4,977 4,262 [1]
Other assets 4,778 4,703 [1]
Total assets 225,898 229,867 [1]
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 6,006 6,114 [1]
Accounts payable and accrued expenses 28,777 29,015 [1]
Deferred revenue - current 7,168 6,519 [1]
Lease liability - current 2,718 2,640 [1]
Total current liabilities 44,669 44,288 [1]
Long-term debt, less current maturities 16,258 18,110 [1]
Deferred revenue - less current portion 4,466 4,428 [1]
Lease liability - less current portion 7,128 7,368 [1]
Accrued severance payable 4,857 4,887 [1]
Deferred tax liability 5,305 5,220 [1]
Other long-term liabilities 738 706 [1]
Total liabilities 83,421 85,007 [1]
Commitments and Contingencies (note 20) [1]  
MEZZANINE EQUITY    
Convertible redeemable preferred stock: Series A – 100 shares authorized, $0.01 par value; 55 and 56 shares issued and outstanding at December 31, 2021 and March 31, 2022 53,859 52,663 [1]
Preferred stock; authorized 50,000 shares, $0.01 par value; [1]
Common stock; authorized 75,000 shares, $0.01 par value; 37,263 and 37,570 shares issued at December 31, 2021 and March 31, 2022, respectively; shares outstanding, 35,882 and 36,146 at December 31, 2021 and March 31, 2022, respectively 376 373 [1]
Additional paid-in capital 233,342 234,083 [1]
Accumulated deficit (137,366) (134,437) [1]
Accumulated other comprehensive gain (loss) 644 391 [1]
Treasury stock; 1,381 and 1,424 common shares at cost at December 31, 2021 and March 31, 2022, respectively (8,480) (8,299) [1]
Total PowerFleet, Inc. stockholders’ equity 88,516 92,111 [1]
Non-controlling interest 102 86 [1]
Total equity 88,618 92,197 [1]
Total liabilities and stockholders’ equity $ 225,898 $ 229,867 [1]
[1] Derived from audited balance sheet as of December 31, 2021.