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Condensed Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
 [1]
Current assets:    
Cash and cash equivalents $ 24,780 $ 17,680
Restricted cash 309 309
Accounts receivable, net of allowance for credit losses of $2,567 and $2,328 in 2022 and 2023, respectively 31,442 32,493
Inventory, net 22,649 22,272
Deferred costs - current 523 762
Prepaid expenses and other current assets 7,959 7,709
Total current assets 87,662 81,225
Fixed assets, net 9,953 9,249
Goodwill 83,487 83,487
Intangible assets, net 22,328 22,908
Right of use asset 7,332 7,820
Severance payable fund 3,684 3,760
Deferred tax asset 2,496 3,225
Other assets 5,984 5,761
Total assets 222,926 217,435
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 9,359 10,312
Accounts payable and accrued expenses 27,682 26,598
Deferred revenue - current 6,327 6,363
Lease liability - current 2,481 2,441
Total current liabilities 45,849 45,714
Long-term debt, less current maturities 10,638 11,403
Deferred revenue - less current portion 4,378 4,390
Lease liability - less current portion 5,065 5,628
Accrued severance payable 4,396 4,365
Deferred tax liability 4,593 4,919
Other long-term liabilities 623 636
Total liabilities 75,542 77,055
Commitments and Contingencies (note 22)
MEZZANINE EQUITY    
Convertible redeemable preferred stock: Series A – 100 shares authorized, $0.01 par value; 59 and 60 shares issued and outstanding at December 31, 2022 and March 31, 2023 58,840 57,565
Preferred stock; authorized 50,000 shares, $0.01 par value;
Common stock; authorized 75,000 shares, $0.01 par value; 37,605 and 37,621 shares issued at December 31, 2022 and March 31, 2023, respectively; shares outstanding, 36,170 and 36,170 at December 31, 2022 and March 31, 2023, respectively 376 376
Additional paid-in capital 234,425 233,521
Accumulated deficit (136,671) (141,440)
Accumulated other comprehensive loss (1,098) (1,210)
Treasury stock; 1,435 and 1,451 common shares at cost at December 31, 2022 and March 31, 2023, respectively (8,554) (8,510)
Total PowerFleet, Inc. stockholders’ equity 88,478 82,737
Non-controlling interest 66 78
Total equity 88,544 82,815
Total liabilities and stockholders’ equity $ 222,926 $ 217,435
[1] Derived from audited balance sheet as of December 31, 2022.