Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

v3.22.2
Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
[1]
Current assets:    
Cash and cash equivalents $ 17,703 $ 26,452
Restricted cash 309 308
Accounts receivable, net of allowance for doubtful accounts of $3,176 and $2,641 in 2021 and 2022, respectively 33,491 32,094
Inventory, net 23,540 18,243
Deferred costs - current 1,315 1,762
Prepaid expenses and other current assets 9,020 9,051
Total current assets 85,378 87,910
Deferred costs - less current portion 249
Fixed assets, net 8,333 8,988
Goodwill 83,487 83,487
Intangible assets, net 24,022 26,122
Right of use asset 8,463 9,787
Severance payable fund 3,610 4,359
Deferred tax asset 4,395 4,262
Other assets 5,063 4,703
Total assets 222,751 229,867
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 7,794 6,114
Accounts payable and accrued expenses 29,233 29,015
Deferred revenue - current 7,331 6,519
Lease liability - current 2,494 2,640
Total current liabilities 46,852 44,288
Long-term debt, less current maturities 13,408 18,110
Deferred revenue - less current portion 4,139 4,428
Lease liability - less current portion 6,237 7,368
Accrued severance payable 4,118 4,887
Deferred tax liability 5,091 5,220
Other long-term liabilities 647 706
Total liabilities 80,492 85,007
Commitments and Contingencies (note 20)
MEZZANINE EQUITY    
Convertible redeemable preferred stock: Series A – 100 shares authorized, $0.01 par value; 55 and 57 shares issued and outstanding at December 31, 2021 and June 30, 2022 55,074 52,663
Preferred stock; authorized 50,000 shares, $0.01 par value;
Common stock; authorized 75,000 shares, $0.01 par value; 37,263 and 37,546 shares issued at December 31, 2021 and June 30, 2022, respectively; shares outstanding, 35,882 and 36,119 at December 31, 2021 and June 30, 2022, respectively 375 373
Additional paid-in capital 233,756 234,083
Accumulated deficit (137,484) (134,437)
Accumulated other comprehensive gain (loss) (1,062) 391
Treasury stock; 1,381 and 1,427 common shares at cost at December 31, 2021 and June 30, 2022, respectively (8,485) (8,299)
Total PowerFleet, Inc. stockholders’ equity 87,100 92,111
Non-controlling interest 85 86
Total equity 87,185 92,197
Total liabilities and stockholders’ equity $ 222,751 $ 229,867
[1] Derived from audited balance sheet as of December 31, 2021.