Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 18,127 $ 16,395
Restricted cash 308 308
Accounts receivable, net of allowance for doubtful accounts of $2,004 and $2,364 in 2019 and 2020, respectively 24,147 27,016
Inventory, net 12,873 16,381
Deferred costs - current 3,128 3,720
Prepaid expenses and other current assets 6,184 7,370
Total current assets 64,767 71,190
Deferred costs - less current portion 2,233 4,810
Fixed assets, net 8,804 8,240
Goodwill 83,344 89,068
Intangible assets, net 31,276 36,639
Right of use asset 9,700 7,024
Severance payable fund 4,056 3,530
Deferred tax asset 1,506
Other assets 3,115 2,532
Total assets 208,801 223,033
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 5,579 3,373
Convertible note payable 5,000
Accounts payable and accrued expenses 20,225 24,031
Deferred revenue - current 7,339 8,536
Lease liability - current 2,755 2,460
Total current liabilities 35,898 43,400
Long-term debt, less current maturities 23,179 26,515
Deferred revenue - less current portion 6,006 8,793
Lease liability - less current portion 7,050 4,779
Accrued severance payable 4,714 4,062
Deferred tax liability 3,791
Other long-term liabilities 674 120
Total liabilities 77,521 91,460
Commitments and Contingencies (note 21)
MEZZANINE EQUITY    
Convertible redeemable preferred stock: Series A - 100 shares authorized, $0.01 par value; 51 and 55 shares issued and outstanding at December 31, 2019 and December 31, 2020 51,992 47,393
Preferred stock; authorized 50,000 shares, $0.01 par value;
Common stock; authorized 75,000 shares, $0.01 par value; 30,804 and 32,280 shares issued at December 31, 2019 and December 31, 2020, respectively; shares outstanding, 29,743 and 31,101 at December 31, 2019 and December 31, 2020, respectively 323 308
Additional paid-in capital 206,499 201,813
Accumulated deficit (121,150) (112,143)
Accumulated other comprehensive gain (loss) 399 265
Treasury stock; 1,061 and 1,179 common shares at cost at December 31, 2019 and December 31, 2020, respectively (6,858) (6,053)
Total Powerfleet, Inc. stockholders' equity 79,213 84,190
Non-controlling interest 75 (10)
Total equity 79,288 84,180
Total liabilities and stockholders' equity $ 208,801 $ 223,033