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Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
 [1]
Current assets:    
Cash and cash equivalents $ 19,297 $ 17,680
Restricted cash 310 309
Accounts receivable, net of allowance for credit losses of $2,567 and $2,677 in 2022 and 2023, respectively 33,606 32,493
Inventory, net 21,055 22,272
Deferred costs - current 191 762
Prepaid expenses and other current assets 8,721 7,709
Total current assets 83,180 81,225
Fixed assets, net 10,222 9,249
Goodwill 83,487 83,487
Intangible assets, net 21,157 22,908
Right of use asset 6,490 7,820
Severance payable fund 3,427 3,760
Deferred tax asset 1,915 3,225
Other assets 6,228 5,761
Total assets 216,106 217,435
Current liabilities:    
Short-term bank debt and current maturities of long-term debt 12,137 10,312
Accounts payable and accrued expenses 28,109 26,598
Deferred revenue - current 6,101 6,363
Lease liability - current 2,286 2,441
Total current liabilities 48,633 45,714
Long-term debt, less current maturities 9,617 11,403
Deferred revenue - less current portion 4,804 4,390
Lease liability - less current portion 4,415 5,628
Accrued severance payable 4,142 4,365
Deferred tax liability 4,283 4,919
Other long-term liabilities 649 636
Total liabilities 76,543 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 September 30, 2023 59,176 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 38,699 shares issued at December 31, 2022 and September 30, 2023, respectively; shares outstanding, 36,170 and 37,214 at December 31, 2022 and September 30, 2023, respectively 387 376
Additional paid-in capital 233,811 233,521
Accumulated deficit (143,322) (141,440)
Accumulated other comprehensive loss (1,904) (1,210)
Treasury stock; 1,435 and 1,485 common shares at cost at December 31, 2022 and September 30, 2023, respectively (8,648) (8,510)
Total PowerFleet, Inc. stockholders’ equity 80,324 82,737
Non-controlling interest 63 78
Total equity 80,387 82,815
Total liabilities and stockholders’ equity $ 216,106 $ 217,435
[1] Derived from audited balance sheet as of December 31, 2022.