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Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 16,703 $ 26,452 [1]
Restricted cash 309 308 [1]
Accounts receivable, net of allowance for doubtful accounts of $3,176 and $2,835 in 2021 and 2022, respectively 33,352 32,094 [1]
Inventory, net 23,572 18,243 [1]
Deferred costs - current 1,025 1,762 [1]
Prepaid expenses and other current assets 8,868 9,051 [1]
Total current assets 83,829 87,910 [1]
Deferred costs - less current portion 249 [1]
Fixed assets, net 8,994 8,988 [1]
Goodwill 83,487 83,487 [1]
Intangible assets, net 23,312 26,122 [1]
Right of use asset 7,999 9,787 [1]
Severance payable fund 3,614 4,359 [1]
Deferred tax asset 3,740 4,262 [1]
Other assets 5,086 4,703 [1]
Total assets 220,061 229,867 [1]
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 9,366 6,114 [1]
Accounts payable and accrued expenses 28,818 29,015 [1]
Deferred revenue - current 6,523 6,519 [1]
Lease liability - current 2,464 2,640 [1]
Total current liabilities 47,171 44,288 [1]
Long-term debt, less current maturities 11,914 18,110 [1]
Deferred revenue - less current portion 4,208 4,428 [1]
Lease liability - less current portion 5,793 7,368 [1]
Accrued severance payable 4,148 4,887 [1]
Deferred tax liability 5,182 5,220 [1]
Other long-term liabilities 628 706 [1]
Total liabilities 79,044 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 58 shares issued and outstanding at December 31, 2021 and September 30, 2022 56,309 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 37,584 shares issued at December 31, 2021 and September 30, 2022, respectively; shares outstanding, 35,882 and 36,156 at December 31, 2021 and September 30, 2022, respectively 376 373 [1]
Additional paid-in capital 233,590 234,083 [1]
Accumulated deficit (139,784) (134,437) [1]
Accumulated other comprehensive gain (loss) (1,050) 391 [1]
Treasury stock; 1,381 and 1,429 common shares at cost at December 31, 2021 and September 30, 2022, respectively (8,492) (8,299) [1]
Total Powerfleet, Inc. stockholders’ equity 84,640 92,111 [1]
Non-controlling interest 68 86 [1]
Total equity 84,708 92,197 [1]
Total liabilities and stockholders’ equity $ 220,061 $ 229,867 [1]
[1] Derived from audited balance sheet as of December 31, 2021.