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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended: June 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from __________ to __________
Commission
File Number: 001-39080
POWERFLEET,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
83-4366463 |
(State
or other jurisdiction |
|
(I.R.S.
Employer |
of
incorporation or organization) |
|
Identification
No.) |
123
Tice Boulevard |
|
|
Woodcliff
Lake, New Jersey |
|
07677 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(201)
996-9000
(Registrant’s
telephone number, including area code)
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.01 per share |
|
PWFL |
|
The
Nasdaq Global Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☒ |
|
|
Non-accelerated
filer ☐ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth Company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares of the registrant’s common stock, $0.01 par value per share, outstanding as of the close of business on August
7, 2023, was 36,235,012.
INDEX
PowerFleet,
Inc. and Subsidiaries
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
POWERFLEET,
INC. AND SUBSIDIARIES
Condensed
Balance Sheets
(In
thousands, except per share data)
| |
December 31, 2022 * | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 17,680 | | |
$ | 21,729 | |
Restricted cash | |
| 309 | | |
| 309 | |
Accounts receivable, net of allowance for credit losses of $2,567 and
$2,555 in 2022 and
2023, respectively | |
| 32,493 | | |
| 31,318 | |
Inventory, net | |
| 22,272 | | |
| 22,125 | |
Deferred costs - current | |
| 762 | | |
| 338 | |
Prepaid expenses and other current assets | |
| 7,709 | | |
| 7,298 | |
Total current assets | |
| 81,225 | | |
| 83,117 | |
| |
| | | |
| | |
Fixed assets, net | |
| 9,249 | | |
| 10,226 | |
Goodwill | |
| 83,487 | | |
| 83,487 | |
Intangible assets, net | |
| 22,908 | | |
| 21,871 | |
Right of use asset | |
| 7,820 | | |
| 6,936 | |
Severance payable fund | |
| 3,760 | | |
| 3,566 | |
Deferred tax asset | |
| 3,225 | | |
| 1,942 | |
Other assets | |
| 5,761 | | |
| 6,131 | |
Total assets | |
$ | 217,435 | | |
$ | 217,276 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Short-term bank debt and current maturities of long-term debt | |
| 10,312 | | |
| 11,197 | |
Accounts payable and accrued expenses | |
| 26,598 | | |
| 24,960 | |
Deferred revenue - current | |
| 6,363 | | |
| 6,193 | |
Lease liability - current | |
| 2,441 | | |
| 2,448 | |
Total current liabilities | |
| 45,714 | | |
| 44,798 | |
| |
| | | |
| | |
Long-term debt, less current maturities | |
| 11,403 | | |
| 9,940 | |
Deferred revenue - less current portion | |
| 4,390 | | |
| 4,582 | |
Lease liability - less current portion | |
| 5,628 | | |
| 4,715 | |
Accrued severance payable | |
| 4,365 | | |
| 4,284 | |
Deferred tax liability | |
| 4,919 | | |
| 4,030 | |
Other long-term liabilities | |
| 636 | | |
| 668 | |
| |
| | | |
| | |
Total liabilities | |
| 77,055 | | |
| 73,017 | |
| |
| | | |
| | |
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 June 30, 2023 | |
| 57,565 | | |
| 59,008 | |
| |
| | | |
| | |
Preferred stock; authorized 50,000 shares, $0.01 par value; | |
| - | | |
| - | |
Common stock; authorized 75,000 shares,
$0.01 par value; 37,605
and 37,717 shares issued at December 31,
2022 and June 30, 2023, respectively; shares outstanding, 36,170 and 36,265
at December 31, 2022 and June 30, 2023, respectively | |
| 376 | | |
| 377 | |
Additional paid-in capital | |
| 233,521 | | |
| 234,015 | |
Accumulated deficit | |
| (141,440 | ) | |
| (139,648 | ) |
Accumulated other comprehensive loss | |
| (1,210 | ) | |
| (998 | ) |
Treasury stock; 1,435 and 1,453 common shares at cost at December 31, 2022 and June 30, 2023, respectively | |
| (8,510 | ) | |
| (8,558 | ) |
| |
| | | |
| | |
Total PowerFleet, Inc. stockholders’ equity | |
| 82,737 | | |
| 85,188 | |
Non-controlling interest | |
| 78 | | |
| 63 | |
Total equity | |
| 82,815 | | |
| 85,251 | |
Total liabilities and stockholders’ equity | |
$ | 217,435 | | |
$ | 217,276 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
POWERFLEET,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(In
thousands, except per share data)
(Unaudited)
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Products | |
$ | 14,818 | | |
$ | 11,012 | | |
$ | 29,210 | | |
$ | 23,416 | |
Services | |
| 19,776 | | |
| 21,038 | | |
| 38,545 | | |
| 41,473 | |
Total revenues | |
| 34,594 | | |
| 32,050 | | |
| 67,755 | | |
| 64,889 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Cost of products | |
| 11,336 | | |
| 8,550 | | |
| 23,314 | | |
| 17,552 | |
Cost of services | |
| 7,028 | | |
| 7,467 | | |
| 13,812 | | |
| 14,686 | |
Total cost of revenues | |
| 18,364 | | |
| 16,017 | | |
| 37,126 | | |
| 32,238 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 16,230 | | |
| 16,033 | | |
| 30,629 | | |
| 32,651 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 15,817 | | |
| 16,987 | | |
| 30,729 | | |
| 33,774 | |
Research and development expenses | |
| 2,001 | | |
| 2,179 | | |
| 5,230 | | |
| 3,902 | |
Total operating expenses | |
| 17,818 | | |
| 19,166 | | |
| 35,959 | | |
| 37,676 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,588 | ) | |
| (3,133 | ) | |
| (5,330 | ) | |
| (5,025 | ) |
Interest income | |
| 15 | | |
| 22 | | |
| 28 | | |
| 46 | |
Interest expense, net | |
| 1,493 | | |
| (173 | ) | |
| 1,593 | | |
| (310 | ) |
Bargain purchase - Movingdots | |
| - | | |
| 283 | | |
| - | | |
| 7,517 | |
Other income, net | |
| 3 | | |
| 69 | | |
| 2 | | |
| 3 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit (expense) | |
| (40 | ) | |
| (39 | ) | |
| 663 | | |
| (436 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) before non-controlling interest | |
| (117 | ) | |
| (2,971 | ) | |
| (3,044 | ) | |
| 1,795 | |
Non-controlling interest | |
| (1 | ) | |
| (6 | ) | |
| (2 | ) | |
| (3 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| (118 | ) | |
| (2,977 | ) | |
| (3,046 | ) | |
| 1,792 | |
Accretion of preferred stock | |
| (168 | ) | |
| (168 | ) | |
| (336 | ) | |
| (336 | ) |
Preferred stock dividend | |
| (1,048 | ) | |
| (1,129 | ) | |
| (2,076 | ) | |
| (2,236 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss attributable to common stockholders | |
$ | (1,334 | ) | |
$ | (4,274 | ) | |
$ | (5,458 | ) | |
$ | (780 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share attributable to common stockholders - basic | |
$ | (0.04 | ) | |
$ | (0.12 | ) | |
$ | (0.15 | ) | |
$ | 0.01 | |
Net income (loss) per share attributable to common stockholders - diluted | |
$ | (0.04 | ) | |
$ | (0.12 | ) | |
$ | (0.15 | ) | |
$ | 0.01 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding - basic | |
| 35,386 | | |
| 35,605 | | |
| 35,359 | | |
| 35,577 | |
Weighted average common shares outstanding - diluted | |
| 35,386 | | |
| 35,605 | | |
| 35,359 | | |
| 35,670 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
POWERFLEET,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Comprehensive Loss
(In
thousands, except per share data)
(Unaudited)
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Net loss attributable to common stockholders | |
$ | (1,334 | ) | |
$ | (4,274 | ) | |
$ | (5,458 | ) | |
$ | (780 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive (loss) income, net: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| (1,706 | ) | |
| 100 | | |
| (1,453 | ) | |
| 212 | |
| |
| | | |
| | | |
| | | |
| | |
Total other comprehensive income (loss) | |
| (1,706 | ) | |
| 100 | | |
| (1,453 | ) | |
| 212 | |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive loss | |
$ | (3,040 | ) | |
$ | (4,174 | ) | |
$ | (6,911 | ) | |
$ | (568 | ) |
See
accompanying notes to unaudited condensed consolidated financial statements.
POWERFLEET,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statement of Changes in Stockholders’ Equity
(In
thousands, except per share data)
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
Number
of
Shares | | |
Amount | | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
Other Comprehensive Income
(Loss) | | |
Treasury Stock | | |
Non-controlling Interest | | |
Stockholders’ Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2023 | |
| 37,605 | | |
$ | 376 | | |
$ | 233,521 | | |
$ | (141,440 | ) | |
$ | (1,210 | ) | |
$ | (8,510 | ) | |
$ | 78 | | |
$ | 82,815 | |
Net income (loss) attributable to common stockholders | |
| - | | |
| - | | |
| (1,275 | ) | |
| 4,769 | | |
| - | | |
| - | | |
| - | | |
| 3,494 | |
Net loss attributable to non-controlling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3 | ) | |
| (3 | ) |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 112 | | |
| - | | |
| (9 | ) | |
| 103 | |
Issuance of restricted shares | |
| 75 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeiture of restricted shares | |
| (59 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Shares withheld pursuant to vesting of restricted stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (44 | ) | |
| - | | |
| (44 | ) |
Stock based compensation | |
| - | | |
| - | | |
| 832 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 832 | |
Warrant issuance in connection with acquisition | |
| - | | |
| - | | |
| 1,347 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,347 | |
Balance at March 31, 2023 | |
| 37,621 | | |
$ | 376 | | |
$ | 234,425 | | |
$ | (136,671 | ) | |
$ | (1,098 | ) | |
$ | (8,554 | ) | |
$ | 66 | | |
$ | 88,544 | |
Balance | |
| 37,621 | | |
$ | 376 | | |
$ | 234,425 | | |
$ | (136,671 | ) | |
$ | (1,098 | ) | |
$ | (8,554 | ) | |
$ | 66 | | |
$ | 88,544 | |
Net loss attributable to common stockholders | |
| - | | |
| - | | |
| (1,297 | ) | |
| (2,977 | ) | |
| - | | |
| - | | |
| - | | |
| (4,274 | ) |
Net income attributable to non-controlling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6 | | |
| 6 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 100 | | |
| - | | |
| (9 | ) | |
| 91 | |
Issuance of restricted shares | |
| 162 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeiture of restricted shares | |
| (82 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Exercise of stock options | |
| 16 | | |
| - | | |
| 36 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 36 | |
Shares withheld pursuant to vesting of restricted stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4 | ) | |
| - | | |
| (4 | ) |
Stock based compensation | |
| - | | |
| - | | |
| 852 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 852 | |
Balance at June 30, 2023 | |
| 37,717 | | |
$ | 377 | | |
$ | 234,015 | | |
$ | (139,648 | ) | |
$ | (998 | ) | |
$ | (8,558 | ) | |
$ | 63 | | |
$ | 85,251 | |
Balance
| |
| 37,717 | | |
$ | 377 | | |
$ | 234,015 | | |
$ | (139,648 | ) | |
$ | (998 | ) | |
$ | (8,558 | ) | |
$ | 63 | | |
$ | 85,251 | |
| |
Common Stock | | |
| | |
| | |
Accumulated | | |
| | |
| | |
| |
| |
Number
of
Shares | | |
Amount | | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
Other Comprehensive Income
(Loss) | | |
Treasury Stock | | |
Non-controlling Interest | | |
Stockholders’ Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2022 | |
| 37,263 | | |
$ | 373 | | |
$ | 234,083 | | |
$ | (134,437 | ) | |
$ | 391 | | |
$ | (8,299 | ) | |
$ | 86 | | |
$ | 92,197 | |
Net loss attributable to common stockholders | |
| - | | |
| - | | |
| (1,195 | ) | |
| (2,929 | ) | |
| - | | |
| - | | |
| - | | |
| (4,124 | ) |
Net income attributable to non-controlling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| 1 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 253 | | |
| - | | |
| 15 | | |
| 268 | |
Issuance of restricted shares | |
| 398 | | |
| 4 | | |
| (4 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeiture of restricted shares | |
| (121 | ) | |
| (1 | ) | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Vesting of restricted stock units | |
| 30 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Shares withheld pursuant to vesting of restricted stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (181 | ) | |
| - | | |
| (181 | ) |
Stock based compensation | |
| - | | |
| - | | |
| 457 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 457 | |
Balance at March 31, 2022 | |
| 37,570 | | |
$ | 376 | | |
$ | 233,342 | | |
$ | (137,366 | ) | |
$ | 644 | | |
$ | (8,480 | ) | |
$ | 102 | | |
$ | 88,618 | |
Balance | |
| 37,570 | | |
$ | 376 | | |
$ | 233,342 | | |
$ | (137,366 | ) | |
$ | 644 | | |
$ | (8,480 | ) | |
$ | 102 | | |
$ | 88,618 | |
Net loss attributable to common stockholders | |
| - | | |
| - | | |
| (1,216 | ) | |
| (118 | ) | |
| - | | |
| - | | |
| - | | |
| (1,334 | ) |
Net income attributable to non-controlling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1 | | |
| 1 | |
Foreign currency translation adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,706 | ) | |
| - | | |
| (18 | ) | |
| (1,724 | ) |
Forfeiture of restricted shares | |
| (24 | ) | |
| (1 | ) | |
| 1 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Shares withheld pursuant to vesting of restricted stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5 | ) | |
| - | | |
| (5 | ) |
Stock based compensation | |
| - | | |
| - | | |
| 1,629 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,629 | |
Balance at June 30, 2022 | |
| 37,546 | | |
$ | 375 | | |
$ | 233,756 | | |
$ | (137,484 | ) | |
$ | (1,062 | ) | |
$ | (8,485 | ) | |
$ | 85 | | |
$ | 87,185 | |
Balance | |
| 37,546 | | |
$ | 375 | | |
$ | 233,756 | | |
$ | (137,484 | ) | |
$ | (1,062 | ) | |
$ | (8,485 | ) | |
$ | 85 | | |
$ | 87,185 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
POWERFLEET,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(In
thousands, except per share data)
(Unaudited)
| |
2022 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities | |
| | | |
| | |
Net income (loss) | |
$ | (3,046 | ) | |
$ | 1,792 | |
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | |
| | | |
| | |
Non-controlling interest | |
| 2 | | |
| 3 | |
Gain on bargain purchase | |
| - | | |
| (7,517 | ) |
Inventory reserve | |
| 119 | | |
| 375 | |
Stock based compensation expense | |
| 2,086 | | |
| 1,684 | |
Depreciation and amortization | |
| 4,133 | | |
| 4,498 | |
Right-of-use assets, non-cash lease expense | |
| 1,382 | | |
| 1,318 | |
Bad debt expense | |
| (364 | ) | |
| 826 | |
Deferred income taxes | |
| (663 | ) | |
| 398 | |
Other non-cash items | |
| 604 | | |
| 73 | |
Changes in: | |
| | | |
| | |
Accounts receivable | |
| (2,911 | ) | |
| (37 | ) |
Inventory | |
| (5,410 | ) | |
| 152 | |
Prepaid expenses and other assets | |
| (412 | ) | |
| 500 | |
Deferred costs | |
| 696 | | |
| 424 | |
Deferred revenue | |
| 533 | | |
| (53 | ) |
Accounts payable and accrued expenses | |
| 1,856 | | |
| (1,840 | ) |
Lease liabilities | |
| (1,335 | ) | |
| (1,344 | ) |
Accrued severance payable, net | |
| 30 | | |
| 88 | |
| |
| | | |
| | |
Net cash (used in) provided by operating activities | |
| (2,700 | ) | |
| 1,340 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Acquisitions, net of cash assumed | |
| - | | |
| 8,722 | |
Purchase of investments | |
| - | | |
| (100 | ) |
Capitalized software development costs | |
| - | | |
| (1,677 | ) |
Capital expenditures | |
| (2,013 | ) | |
| (2,108 | ) |
| |
| | | |
| | |
Net cash (used in) provided by investing activities | |
| (2,013 | ) | |
| 4,837 | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repayment of long-term debt | |
| (2,897 | ) | |
| (2,658 | ) |
Short-term bank debt, net | |
| 2,330 | | |
| 2,736 | |
Purchase of treasury stock upon vesting of restricted stock | |
| (186 | ) | |
| (48 | ) |
Payment of preferred stock dividend | |
| | | |
| (1,128 | ) |
Proceeds from exercise of stock options | |
| | | |
| 36 | |
| |
| | | |
| | |
Net cash used in financing activities | |
| (753 | ) | |
| (1,062 | ) |
| |
| | | |
| | |
Effect of foreign exchange rate changes on cash and cash equivalents | |
| (3,282 | ) | |
| (1,066 | ) |
Net (decrease) increase in cash, cash equivalents and restricted cash | |
| (8,748 | ) | |
| 4,049 | |
Cash, cash equivalents and restricted cash - beginning of period | |
| 26,760 | | |
| 17,989 | |
| |
| | | |
| | |
Cash, cash equivalents and restricted cash - end of period | |
$ | 18,012 | | |
$ | 22,038 | |
| |
| | | |
| | |
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period | |
| | | |
| | |
Cash and cash equivalents | |
| 26,452 | | |
| 17,680 | |
Restricted cash | |
| 308 | | |
| 309 | |
Cash, cash equivalents, and restricted cash, beginning of period | |
$ | 26,760 | | |
$ | 17,989 | |
| |
| | | |
| | |
Reconciliation of cash, cash equivalents, and restricted cash, end of period | |
| | | |
| | |
Cash and cash equivalents | |
| 17,703 | | |
| 21,729 | |
Restricted cash | |
| 309 | | |
| 309 | |
Cash, cash equivalents, and restricted cash, end of period | |
$ | 18,012 | | |
$ | 22,038 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Taxes | |
| 48 | | |
| 106 | |
Interest | |
| 639 | | |
| 621 | |
| |
| | | |
| | |
Noncash investing and financing activities: | |
| | | |
| | |
Value of warrant issued in connection with Movingdots acquisition | |
$ | - | | |
$ | 1,347 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
POWERFLEET,
INC. AND SUBSIDIARIES
Notes
to Unaudited Condensed Consolidated Financial Statements
June
30, 2023
In
thousands (except per share data)
NOTE
1 - DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION
Description
of the Company
PowerFleet,
Inc. (the “Company” or “Powerfleet”) is a global leader of Internet-of-Things (“IoT”) solutions providing
valuable business intelligence for managing high-value enterprise assets that improve operational efficiencies.
I.D.
Systems, Inc. (“I.D. Systems”) was incorporated in the State of Delaware in 1993. Powerfleet was incorporated in the State
of Delaware in February 2019 for the purpose of effectuating the transactions (the “Transactions”) pursuant to which the
Company acquired Pointer Telocation Ltd. (“Pointer”) and commenced operations on October 3, 2019. Upon the closing of the
Transactions, Powerfleet became the parent entity of I.D. Systems and Pointer.
Basis
of Presentation
The
unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned
subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include
all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements
include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the consolidated
financial position of the Company as of June 30, 2023, the consolidated results of its operations for the three- and six-month periods
ended June 30, 2022 and 2023, the consolidated change in stockholders’ equity for the three-month periods ended March 31 and June
30, 2022 and 2023, and the consolidated cash flows for the six-month periods ended June 30, 2022 and 2023. The results of operations
for the three- and six- month periods ended June 30, 2023 are not necessarily indicative of the operating results for the full year. These
financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures for the
year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year then ended.
Liquidity
As
of June 30, 2023, the Company had cash (including restricted cash) and cash equivalents of $22,038 and working capital approximately
$38,319. The Company’s primary sources of cash are cash flows from operating activities, its holdings of cash, cash equivalents
and investments from the sale of its capital stock and borrowings under its credit facility. To date, the Company has not generated sufficient
cash flows solely from operating activities to fund its operations.
In
addition, the Company’s subsidiaries, PowerFleet Israel Ltd. (“Powerfleet Israel”) and Pointer Telocation Ltd. (“Pointer”
and, together with Powerfleet Israel, the “Borrowers”) are party to a Credit Agreement (the “Credit Agreement”)
with Bank Hapoalim B.M. (“Hapoalim”), pursuant to which Hapoalim provided Powerfleet Israel with two senior secured term
loan facilities denominated in New Israeli Shekels (NIS) in an initial aggregate principal amount of $30,000
(comprised of two facilities in the aggregate
principal amount of $20,000
and $10,000)
and a five-year
revolving credit facility to Pointer in an initial aggregate principal amount of $10,000.
The proceeds of the term loan facilities were used to finance a portion of the cash consideration payable in the Company’s acquisition
of Pointer. The proceeds of the revolving credit facility may be used by Pointer for general corporate purposes. The Company borrowed
net NIS11,800,
or $3,200,
under the revolving credit facility as of June 30, 2023. See Note 13 for additional information.
On
October 31, 2022, the Borrowers entered into a third amendment to the Credit Agreement (the “Third Amendment”) with Hapoalim.
The Third Amendment provides for, among other things, a new revolving credit facility to Pointer denominated in NIS in an initial aggregate
principal amount of $10,000 (the “New Revolver”). The New Revolver is available for a period of one month that commenced
on October 31, 2022, and will continue to be available for successive one-month periods until and including October 30, 2023, unless
the Borrowers deliver a notice to Hapoalim of their request not to renew the New Revolver. The Company borrowed net NIS19,200, or $5,200, under the New Revolver facility as of June 30, 2023. See
Note 13 for additional information.
The
New Revolver initially bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.59%. Such interest is subject
to monthly changes by Hapoalim, provided that Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable
calendar month.
The
New Revolver is secured by a first ranking fixed pledge and assignment by Pointer over its new bank account, which was opened in connection
with the New Revolver, and all of the rights relating thereunder as well as a cross guarantee by Powerfleet Israel.
Pointer
is required to pay a credit allocation fee equal to 0.5% per annum on undrawn and uncancelled amounts of the New Revolver.
The
Company believes that its available working capital, anticipated level of future revenues, expected cash flows from operations and available
borrowings under its revolving credit facility with Hapoalim will provide sufficient funds to cover capital requirements through at least
August 10, 2024.
NOTE
2 – USE OF ESTIMATES
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. The Company continually evaluates
estimates used in the preparation of the financial statements for reasonableness. The most significant estimates relate to
realization of deferred tax assets, accounting for uncertain tax positions, the impairment of intangible assets, including goodwill,
capitalized software development costs, stock-based compensation costs related to market based awards, warrant assumptions, and standalone selling price related
to multiple element revenue arrangements. Actual results could differ from those estimates.
NOTE
3 – ACQUISITION
On
March 6, 2023, the Company entered into a share purchase and transfer agreement (the “Agreement”) with Swiss Re
Reinsurance Holding Company Ltd (the “Seller”), pursuant to which the Company would acquire all of the outstanding
shares of Movingdots GmbH (“Movingdots”), a wholly owned subsidiary of the Seller, for consideration consisting of
€1
and the issuance by the Company of a ten-year warrant to purchase 800,000
shares of the Company’s common stock at an exercise price of $7.00
per share (the “Common Stock Warrants”) and with fair value of approximately $1,300 at March 31, 2023 and noncash consideration with an immaterial fair value in the form of a
non-exclusive irrevocable, perpetual, fully paid-up, royalty free license agreement between Movingdots and the Seller for certain of
the acquired intellectual property (the “Acquisition”). The Acquisition was consummated on March 31, 2023 (the “Movingdots Closing”).
As
a result of the Acquisition, Movingdots, a German company providing insurance telematics and sustainable mobility solutions, became a
direct, wholly owned subsidiary of Powerfleet. Movingdots end-to-end telematics app solution will enhance Powerfleet’s SaaS-based
fleet intelligence platform, Unity, with additional customization capabilities and insurance risk insights. Movingdots’ expertise
in safety and sustainability aligns with Unity’s focus on data-powered applications. The Acquisition also strengthens Powerfleet’s
global reach, particularly in Europe.
As
part of the Agreement the Seller was also obligated to (i) transfer certain intellectual property rights from the Seller to Movingdots,
(ii) enter into a distribution agreement pursuant to which the Seller is allowed to promote the Movingdots solutions, and (iii) grant
a license agreement between the Seller’s affiliates and Movingdots.
The
warrant was valued using the Black-Scholes Model using the following assumptions at the date of issuance:
SCHEDULE
OF WARRANTS VALUATION ASSUMPTIONS
| |
| | |
Expected volatility | |
| 50 | % |
Expected term (in years) | |
| 10 | |
Risk free interest rate | |
| 3.50 | % |
Dividend yield | |
| 0 | % |
Fair value per share | |
$ | 1.68 | |
Warrants measurement input | |
$ | 1.68 | |
Purchase
Price Allocation
The
Acquisition met the criteria for a business combination to be accounted for using the acquisition method under ASC 805, Business
Combinations (“ASC 805”), with the Company identified as the legal and the accounting acquirer. There was certain
information that was not readily available at the time the financial statements of Movingdots were prepared as the Acquisition
closed on March 31, 2023. For provisional purchase price allocation purposes, the assets acquired and liabilities assumed are stated
at their carrying values which management assumed approximates their fair values given their short-term nature. Also, the Company
recognized approximately $200
and $500
of acquisition-related costs which were expensed in the consolidated statement of operations for the three- and -six-month periods
ending June 30, 2023, respectively.
The
following table details the provisional allocation of the purchase price to the assets acquired and liabilities assumed in connection
with the acquisition of Movingdots:
SCHEDULE
OF PURCHASE PRICE ALLOCATION IN ASSETS ACQUIRED AND LIABILITIES
| |
| | |
Consideration: | |
| | |
Cash | |
$ | - | |
Fair value of Powerfleet warrants on March 31, 2023 | |
| 1,347 | |
Total consideration | |
$ | 1,347 | |
| |
| | |
Assets acquired: | |
| | |
Cash | |
$ | 8,722 | |
Accounts receivable | |
| 247 | |
Prepaid expenses | |
| 103 | |
Other assets | |
| 270 | |
Inventory | |
| 96 | |
Fixed assets | |
| 372 | |
Total assets acquired | |
| 9,810 | |
| |
| | |
Liabilities assumed: | |
| | |
Accounts payable and accrued expenses | |
| 946 | |
Total liabilities assumed | |
| 946 | |
| |
| | |
Total identifiable net assets acquired | |
| 8,864 | |
Gain on bargain purchase | |
| (7,517 | ) |
Purchase price consideration | |
$ | 1,347 | |
The
provisional fair value estimates of the assets acquired and liabilities assumed, including intangibles, income taxes, and the non-cash
consideration, are subject to subsequent adjustments as additional information is obtained during the applicable measurement period.
Determining the fair values of the assets and liabilities of Movingdots required certain assumptions and judgment. During the second
quarter of 2023, the valuation of certain assets acquired and liabilities assumed were revised resulting in an increase in the gain on
bargain purchase of $283.
Consistent
with the requirements of ASC 805, the Company assessed whether all assets acquired and liabilities assumed have been appropriately identified,
measured and recognized, and performed re-measurements to verify that the consideration paid, assets acquired and liabilities assumed
have been properly valued. After applying the requirements of ASC 805-30-25-4, the Company recognized a gain on bargain purchase as the
estimated fair value of the identifiable net assets acquired exceeded the purchase consideration transferred by approximately $7,500.
Management believes that the recognized gain on bargain purchase represents the best estimates of the economic effect of the Acquisition
based on all information that was available and existed as of the dates the financial statements were issued.
The
gain on bargain purchase primarily resulted from the Seller’s motivation to divest its investment in Movingdots and its
telematic business, which was deemed a non-core business of the Seller on a go-forward basis. The sale of Movingdots was not subject
to a competitive bidding process. Under the Agreement, the Seller also agreed to make a cash injection into Movingdots prior to the
Movingdots Closing in a form of additional paid in capital to ensure Movingdots had available cash in the amount of €8,000
to be used to ensure the liquidity of Movingdots and for broader combined business activities.
If
the Company makes an on-sale transfer of any shares of Movingdots that were acquired in connection with the Acquisition at any time between
the signing date of the Agreement and through twelve months after the Movingdots Closing, to any third-party purchaser (an “on-sale
transfer”), for an amount that is in excess of the purchase price consideration transferred, then the Company shall pay the Seller
an amount in cash (“on sale compensation”) equal to (i) €8,000, plus (ii) the difference between such on-sale transfer
price less the purchase price net of the net present value of the Common Stock Warrants. The Company does not currently intend to enter into an on-sale transfer.
Management
views that the insurance telematics and sustainability are important spaces for the Company to have propositions to enable future strategic
value, supporting the more evolved, IOT data-rich mass subscription space. The acquisition of Movingdots and its business will, among
other things:
● |
open
strategic relationships with some key customers such as Mercedes, BMW and Vodafone; |
|
|
● |
provide
greater go-to-market opportunity to the Company with the European beachhead for future regional expansion, customer acquisition tool
to upsell the Company’s portfolio into German and European markets, and maintain a distribution channel and partnership with
the Seller; and |
|
|
● |
provide
the Company with access to a team with technical skillsets across application development and management, cloud platform development,
user experience/user interface design development and technical product management; |
The
following table represents the combined pro forma revenue and earnings for the three-and six-month periods ended June 30, 2022:
SCHEDULE OF PRO FORMA REVENUE AND EARNINGS
| |
| | |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2022 | |
|
Six Months Ended
June 30, 2022 |
|
| |
Historical | | |
Pro forma combined | |
|
Historical |
|
|
Pro forma combined |
|
| |
| | |
| |
|
|
|
|
|
|
|
|
Revenues | |
$ | 34,594 | | |
$ | 36,322 | |
|
$ |
67,755 |
|
|
$ |
71,214 |
|
Operating loss | |
$ | (1,588 | ) | |
$ | (1,277 | ) |
|
$ |
(5,330 |
) |
|
$ |
(5,039 |
) |
Net loss per share – basic and diluted | |
$ | (0.04 | ) | |
$ | (0.03 | ) |
|
$ |
(0.15 |
) |
|
$ |
(0.11 |
) |
The
following table represents the combined pro forma revenue and earnings for the three- and six-month periods ended June 30, 2023:
| |
| | |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2023 | |
|
Six Months Ended
June 30, 2023 |
|
| |
Historical | | |
Pro forma combined | |
|
Historical |
|
|
Pro forma combined |
|
| |
| | |
| |
|
|
|
|
|
|
|
|
Revenues | |
$ | 32,050 | | |
$ | 32,050 | |
|
$ |
64,889 |
|
|
$ |
67,409 |
|
Operating loss | |
$ | (3,133 | ) | |
$ | (3,133 | ) |
|
$ |
(5,025 |
) |
|
$ |
(4,509 |
) |
Net income (loss) per share - basic | |
$ | (0.12 | ) | |
$ | (0.12 | ) |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
Net income (loss) per share - diluted | |
$ | (0.12 | ) | |
$ | (0.12 | ) |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
The
unaudited combined pro forma revenue and earnings for the three and six-month periods ended June 30, 2022 and 2023 were prepared as
though the Acquisition had occurred as of January 1, 2022. This summary is not necessarily indicative of what the results of
operations would have been had the Acquisition occurred as of such date, nor does it purport to represent results of operations for
any future periods.
NOTE
4 – CASH AND CASH EQUIVALENTS
The
Company considers all highly liquid debt instruments with an original maturity of three months or less when purchased to be cash
equivalents unless they are legally or contractually restricted. The Company’s cash and cash equivalent balances exceed
Federal Deposit Insurance Corporation (“FDIC”) and other local jurisdictional limits (in Israel and Germany). Restricted
cash at December 31, 2022 and June 30, 2023 consists of cash held in escrow for purchases from a vendor.
NOTE
5 - REVENUE RECOGNITION
The
Company and its subsidiaries generate revenue from sales of systems and products and from customer SaaS and hosting infrastructure fees.
Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.
Sales, value add, and other taxes the Company collects concurrently with revenue-producing activities are excluded from revenue. Incidental
items that are immaterial in the context of the contract are recognized as expense. The expected costs associated with the Company’s
base warranties continue to be recognized as expense when the products are sold (see Note 14).
Revenue
is recognized when performance obligations under the terms of a contract with our customer are satisfied. Product sales are recognized
at a point in time when title transfers, when the products are shipped, or when control of the system is transferred to the customer,
which usually is upon delivery of the system and when contractual performance obligations have been satisfied. For products which do
not have standalone value to the customer separate from the SaaS services provided, the Company considers both hardware and SaaS services
a bundled performance obligation. Under the applicable accounting guidance, all of the Company’s billings for equipment and the
related cost for these systems are deferred, recorded, and classified as a current and long-term liability and a current and long-term
asset, respectively. The deferred revenue and cost are recognized over the service contract life, ranging from one to five years, beginning
at the time that a customer acknowledges acceptance of the equipment and service.
The
Company recognizes revenue for remotely hosted SaaS agreements and post-contract maintenance and support agreements beyond our standard
warranties over the life of the contract. Revenue is recognized ratably over the service periods and the cost of providing these services
is expensed as incurred. Amounts invoiced to customers which are not recognized as revenue are classified as deferred revenue and classified
as short-term or long-term based upon the terms of future services to be delivered. Deferred revenue also includes prepayment of extended
maintenance, hosting and support contracts.
The
Company earns other service revenues from installation services, training and technical support services which are short-term in nature
and revenue for these services are recognized at the time of performance when the service is provided.
The
Company also derives revenue from leasing arrangements. Such arrangements provide for monthly payments covering product or system sale,
maintenance, support and interest. These arrangements meet the criteria to be accounted for as operating or sales-type leases. Accordingly,
for sales-type leases an asset is established for the “sales-type lease receivable” at the present value of the expected
lease payments and revenue is deferred and recognized over the service contract, as described above. Maintenance revenues and interest
income are recognized monthly over the lease term.
The
Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue
to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices
based on observable prices charged to customers or adjusted market assessment or using expected cost-plus margin when one is available.
Adjusted market assessment price is determined based on overall pricing objectives taking into consideration market conditions and entity
specific factors.
The
Company recognizes an asset for the incremental costs of obtaining the contract arising from the sales commissions to employees because
the Company expects to recover those costs through future fees from the customers. The Company amortizes the asset over one to five years
because the asset relates to the services transferred to the customer during the contract term of one to five years.
The
Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one
year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice
for services performed.
The
following table presents the Company’s revenues disaggregated by revenue source for the three-and six-months ended June 30, 2022
and 2023:
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE SOURCE
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Products | |
$ | 14,818 | | |
$ | 11,012 | | |
$ | 29,210 | | |
$ | 23,416 | |
Services | |
| 19,776 | | |
| 21,038 | | |
| 38,545 | | |
| 41,473 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 34,594 | | |
$ | 32,050 | | |
$ | 67,755 | | |
$ | 64,889 | |
The
balances of contract assets and contract liabilities from contracts with customers are as follows as of December 31, 2022 and June 30,
2023:
SCHEDULE
OF CONTRACT ASSETS AND CONTRACT LIABILITIES FROM CONTRACTS WITH CUSTOMERS
| |
| | |
| |
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Assets: | |
| | | |
| | |
Deferred contract cost | |
$ | 2,740 | | |
$ | 2,680 | |
Deferred cost | |
$ | 762 | | |
$ | 338 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Deferred revenue - services (1) | |
$ | 9,815 | | |
$ | 10,356 | |
Deferred revenue - products (1) | |
| 938 | | |
| 419 | |
| |
| | | |
| | |
Deferred revenue | |
| 10,753 | | |
| 10,775 | |
Less: Deferred revenue and contract liabilities - current portion | |
| (6,363 | ) | |
| (6,193 | ) |
| |
| | | |
| | |
Deferred revenue and contract liabilities - less current portion | |
$ | 4,390 | | |
$ | 4,582 | |
NOTE
6 – ALLOWANCE FOR CREDIT LOSSES
The
Company’s receivables were evaluated to determine an appropriate allowance for credit losses. For trade receivables, the
Company’s historical collections were analyzed by the number of days past due to determine the uncollectible rate in each
range of days past due and considerations of any changes expected in the future. The estimate of the allowance for credit losses is
charged to the allowance for credit losses based on the age of receivables multiplied by the historical uncollectible rate for the
range of days past due or earlier if the account is deemed uncollectible for other reasons. Recoveries of amounts previously charged
as uncollectible are credited to the allowance for credit losses.
An
analysis of the allowance for credit losses for the period ended June 30, 2023 is as follows:
SCHEDULE
OF ALLOWANCE FOR CREDIT LOSSES
| |
| | |
Allowance for credit losses, December 31, 2022
| |
$ | 2,567 | |
Allowance for credit losses, beginning balance | |
$ | 2,567 | |
Current period provision for expected credit losses | |
| 826 | |
Write-offs charged against the allowance | |
| (947 | ) |
Foreign currency translation | |
| 109 | |
Recoveries | |
| - | |
Allowance for credit losses, June 30, 2023 | |
$ | 2,555 | |
Allowance for credit losses, ending balance | |
$ | 2,555 | |
During
the six-months ended June 30, 2023, the change in the allowance for credit losses was due to the change in the age of trade
receivables.
NOTE
7 – PREPAID EXPENSES AND OTHER ASSETS
Prepaid
expenses and other current assets consist of the following:
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Sales-type lease receivables, current | |
$ | 1,161 | | |
$ | 1,175 | |
Prepaid expenses | |
| 4,047 | | |
| 3,896 | |
Contract assets | |
| 1,131 | | |
| 1,115 | |
Other current assets | |
| 1,370 | | |
| 1,112 | |
| |
| | | |
| | |
Prepaid expenses and
other current assets | |
$ | 7,709 | | |
$ | 7,298 | |
NOTE
8 - INVENTORY
Inventory,
which primarily consists of finished goods and components used in the Company’s products, is stated at the lower of cost or net
realizable value using the “moving average” cost method or the first-in first-out (FIFO) method. Inventory is shown net of
a valuation reserve of $453 at December 31, 2022 and $673 at June 30, 2023.
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Components | |
$ | 12,443 | | |
$ | 10,994 | |
Work in process | |
| 462 | | |
| 73 | |
Finished goods, net | |
| 9,367 | | |
| 11,058 | |
| |
| | | |
| | |
Inventory, Net | |
$ | 22,272 | | |
$ | 22,125 | |
NOTE
9 - FIXED ASSETS
Fixed
assets are stated at cost, less accumulated depreciation and amortization, and are summarized as follows:
SCHEDULE
OF FIXED ASSETS
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Installed products | |
$ | 8,586 | | |
$ | 10,224 | |
Computer software | |
| 7,195 | | |
| 8,157 | |
Computer and electronic equipment | |
| 5,658 | | |
| 6,545 | |
Furniture and fixtures | |
| 2,041 | | |
| 2,217 | |
Leasehold improvements | |
| 1,415 | | |
| 1,473 | |
| |
| | | |
| | |
| |
| 24,895 | | |
| 28,616 | |
Accumulated depreciation and amortization | |
| (15,646 | ) | |
| (18,390 | ) |
| |
$ | 9,249 | | |
$ | 10,226 | |
Depreciation
and amortization expense of fixed assets for the three- and six-month periods ended June 30, 2022 was $770 and $1,584, respectively,
and for the three- and six-month periods ended June 30, 2023 was $955 and $1,981, respectively. This includes amortization of costs
associated with computer software for the three- and six-month periods ended June 30, 2022 of $26 and $135, respectively, and for the
three- and six-month periods ended June 30, 2023 of $24 and $59, respectively.
NOTE
10 - INTANGIBLE ASSETS AND GOODWILL
Costs
incurred internally in researching and developing software products are charged to expense until technological feasibility has been established
for the product. Once technological feasibility is established, software costs are capitalized until the product is available for general
release to customers. Judgment is required in determining when technological feasibility of a product is established. The amortization
of these costs will be included in cost of revenue over the estimated life of the products.
The
following table summarizes identifiable intangible assets of the Company as of December 31, 2022 and June 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
June 30, 2023 | |
Useful Lives (In Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Amortized: | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 9-12 | | |
$ | 19,264 | | |
$ | (6,794 | ) | |
$ | 12,470 | |
Trademark and tradename | |
| 3-15 | | |
| 7,553 | | |
| (3,291 | ) | |
| 4,262 | |
Patents | |
| 7-11 | | |
| 628 | | |
| (396 | ) | |
| 232 | |
Technology | |
| 7 | | |
| 10,911 | | |
| (9,515 | ) | |
| 1,396 | |
Favorable contract interest | |
| 4 | | |
| 388 | | |
| (388 | ) | |
| - | |
Covenant not to compete | |
| 5 | | |
| 208 | | |
| (208 | ) | |
| - | |
Software to be sold or leased | |
| 3-6 | | |
| 3,346 | | |
| - | | |
| 3,346 | |
| |
| | | |
| 42,298 | | |
| (20,592 | ) | |
| 21,706 | |
| |
| | | |
| | | |
| | | |
| | |
Unamortized: | |
| | | |
| | | |
| | | |
| | |
Customer list | |
| | | |
| 104 | | |
| - | | |
| 104 | |
Trademark and tradename | |
| | | |
| 61 | | |
| - | | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| 165 | | |
| - | | |
| 165 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| | | |
$ | 42,463 | | |
$ | (20,592 | ) | |
$ | 21,871 | |
December
31, 2022 | |
Useful
Lives (In Years) | | |
Gross
Carrying Amount | | |
Accumulated
Amortization | | |
Net
Carrying Amount | |
Amortized: | |
| | | |
| | | |
| | | |
| | |
Customer
relationships | |
| 9-12 | | |
$ | 20,031 | | |
$ | (6,830 | ) | |
$ | 13,201 | |
Trademark
and tradename | |
| 3-15 | | |
| 7,589 | | |
| (2,990 | ) | |
| 4,599 | |
patents | |
| 7-11 | | |
| 628 | | |
| (351 | ) | |
| 277 | |
Technology | |
| 7 | | |
| 10,667 | | |
| (7,866 | ) | |
| 2,801 | |
Favorable
contract interest | |
| 4 | | |
| 388 | | |
| (388 | ) | |
| - | |
Covenant
not to compete | |
| 5 | | |
| 208 | | |
| (208 | ) | |
| - | |
Software
to be sold or leased | |
| 3-6 | | |
| 1,865 | | |
| - | | |
| 1,865 | |
| |
| | | |
| 41,376 | | |
| (18,633 | ) | |
| 22,743 | |
| |
| | | |
| | | |
| | | |
| | |
Unamortized | |
| | | |
| | | |
| | | |
| | |
Customer
list | |
| | | |
| 104 | | |
| - | | |
| 104 | |
Trademark
and tradename | |
| | | |
| 61 | | |
| - | | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| 165 | | |
| - | | |
| 165 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| | | |
$ | 41,541 | | |
$ | (18,633 | ) | |
$ | 22,908 | |
| |
| | | |
| | | |
| | | |
| | |
Global
uncertainties continue to adversely impact the broader global economy and have caused significant volatility in financial markets. If
there is a lack of recovery or further global softening in certain markets, or a sustained decline in the value of the Company’s
common stock, the Company may conclude that indicators of impairment exist and would then be required to calculate whether or not an
impairment exists for its goodwill, other intangibles, and long-lived assets, the results of which could result in material impairment
charges. The Company tests goodwill and other indefinite lives intangible assets on an annual basis in the fourth quarter and more frequently
if the Company believes indicators of impairment exists. As of December 31, 2022 and June 30, 2023, the Company determined that no impairment
existed to the goodwill, customer list and trademark and trade name of its acquired intangibles.
At
June 30, 2023, the weighted-average amortization period for the intangible assets was 8.6 years. At June 30, 2023, the weighted-average
amortization periods for customer relationships, trademarks and trade names, patents, technology, and capitalized software to be sold
or leased were 11.9, 9.6, 7.0, 4.3, and 3.0 years, respectively.
Amortization
expense for the three- and six-month periods ended June 30, 2022 was $1,275 and $2,549, respectively, and for the three- and six-month
periods ended June 30, 2023 was $1,311 and $2,518, respectively. Estimated future amortization expense for each of the five succeeding
fiscal years for these intangible assets is as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS AMORTIZATION EXPENSE
| |
| | |
2023 (remaining) | |
$ | 3,074 | |
2024 | |
| 3,738 | |
2025 | |
| 3,610 | |
2026 | |
| 2,692 | |
2027 | |
| 2,233 | |
Thereafter | |
| 6,359 | |
Finite-Lived
intangible assets | |
$ | 21,706 | |
There
have been no changes in the carrying amount of goodwill from January 1, 2023 to June 30, 2023.
For
the six-month period ended June 30, 2023, the Company did not identify any indicators of impairment.
NOTE
11 - STOCK-BASED COMPENSATION
During
the first fiscal quarter of 2023, the Company granted 75 shares
of restricted stock to certain executives, which vests in four equal installments over a four year period, provided that the
executive is employed by the Company on each scheduled vesting date.
During
the first fiscal quarter of 2023, the Company granted options to purchase 405 shares of the Company’s common stock to certain executives,
consisting of options to purchase 130 shares of common stock with time-based vesting conditions and options to purchase 275 shares of
common stock with performance-based vesting conditions (which we refer to as “market-based stock options”). The options have
an exercise price of $3.00. The market-based stock options will vest and become exercisable if the volume weighted average price of the
Company’s common stock during a consecutive 60-day trading period (the “60 Day VWAP”) reaches $12.00. The Company valued
the market-based stock option awards using a Monte Carlo simulation model using a daily price forecast over ten years until expiration
utilizing Geometric Brownian Motion that considers a variety of factors including, but not limited to, the Company’s common stock
price, risk-free rate (3.7%), and expected stock price volatility (50%) over the expected life of awards (5.1 years). The weighted average
fair value of market-based stock options granted during the period was $1.38.
During the second fiscal quarter of 2023, the
Company issued 162
shares of restricted stock to certain employees, which vests over four equal installments over a four year period, provided that
the employee is employed by the Company on each scheduled vesting date.
During the second fiscal quarter of 2023,
the Company issued options to purchase 930
shares of the Company’s common stock to certain employees, consisting of options to purchase 340
shares of common stock with time-based vesting conditions and options to purchase 590
shares of common stock with performance-based vesting conditions (which we refer to as “market-based stock options”).
The options have an exercise price of $3.13.
The market-based stock options will vest and become exercisable if the 60 Day VWAP reaches $12.00.
The Company valued the market-based stock option awards using a Monte Carlo simulation model using a daily price forecast over ten
years until expiration utilizing Geometric Brownian Motion that considers a variety of factors including, but not limited to, the
Company’s common stock price, risk-free rate (3.7%),
and expected stock price volatility (50%)
over the expected life of awards (5.1
years). The weighted average fair value of market-based stock options issued during the period was $1.56.
[A]
Stock Options:
The
following table summarizes the activity relating to the Company’s market-based stock options that were granted to certain executives
and employees for the six-month period ended June 30, 2023:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms | | |
Aggregate
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at beginning of year | |
| 5,065 | | |
$ | 14.14 | | |
| | | |
$ | - | |
Granted | |
| 865 | | |
| 3.09 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| (450 | ) | |
| 2.85 | | |
| | | |
| 54 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at end of period | |
| 5,480 | | |
$ | 13.32 | | |
| 8.7 years | | |
$ | 206 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at end of period | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
The
following table summarizes the activity relating to the Company’s stock options, excluding the market-based stock options that
were granted to certain executives and employees, for the six-month period ended June 30, 2023:
| |
Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at beginning of year | |
| 2,727 | | |
$ | 5.29 | | |
| | | |
$ | 795 | |
Granted | |
| 470 | | |
| 3.09 | | |
| | | |
| | |
Exercised | |
| 16 | | |
| 2.33 | | |
| | | |
| 9 | |
Forfeited or expired | |
| (823 | ) | |
| 5.48 | | |
| | | |
| 14 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at end of period | |
| 2,358 | | |
$ | 4.80 | | |
| 7.1 years | | |
$ | 124 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at end of period | |
| 1,176 | | |
$ | 5.53 | | |
| 5.4 years | | |
$ | 22 | |
The
fair value of each option grant on the date of grant is estimated using the Black-Scholes option-pricing model reflecting the following
weighted-average assumptions:
SCHEDULE OF FAIR VALUE STOCK OPTION ASSUMPTIONS
| |
| | |
| |
| |
June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
| |
Expected volatility | |
| 49.4 | % | |
| 55.64 | % |
Expected life of options (in years) | |
| 7 | | |
| 6.10 | |
Risk free interest rate | |
| 1.73 | % | |
| 3.87 | % |
Dividend yield | |
| 0 | % | |
| 0 | % |
Weighted-average fair value of options granted during year | |
$ | 2.04 | | |
$ | 1.66 | |
Expected
volatility is based on historical volatility of the Company’s common stock and the expected life of options is based on historical
data with respect to employee exercise periods.
The
Company recorded stock-based compensation expense of $1,267
and $1,301
for the three- and six-month periods ended June 30, 2022, respectively, and $585 and $1,203 for the three- and six-month periods
ended June 30, 2023, respectively, in connection with awards made under the stock option plans.
The
fair value of options vested during the six-month periods ended June 30, 2022 and 2023 was $376
and $562,
respectively.
As
of June 30, 2023, there was $1,784 of total unrecognized compensation cost related to non-vested options granted under the Company’s
stock option plans excluding the market-based stock options that were granted to certain senior managers, including the Company’s
executive officers. That cost is expected to be recognized over a weighted-average period of 2.71 years.
As
of June 30, 2023, there was $5,781 of total unrecognized compensation cost related to non-vested options granted under the Company’s
stock option plans for the market-based stock options that were granted to certain senior managers, including the Company’s executive
officers. That cost is expected to be recognized over a weighted-average period of 4.21 years.
The
Company estimates forfeitures at the time of valuation and reduces expense ratably over the vesting period. This estimate is adjusted
periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate.
[B]
Restricted Stock Awards:
The
Company grants restricted stock to employees, whereby the employees are contractually restricted from transferring the shares until they
are vested. The stock is unvested at the time of grant and, upon vesting, there are no legal restrictions on the stock. The fair value
of each share is based on the Company’s closing stock price on the date of the grant. A summary of all non-vested restricted stock
for the six-month period ended June 30, 2023 is as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY
| |
Number of Non- Vested Shares | | |
Weighted- Average Grant Date Fair Value | |
| |
| | |
| |
Restricted stock, non-vested, beginning of year | |
| 706 | | |
$ | 4.75 | |
Granted | |
| 237 | | |
| 2.97 | |
Vested | |
| (150 | ) | |
| 5.11 | |
Forfeited | |
| (141 | ) | |
| 5.50 | |
| |
| | | |
| | |
Restricted stock, non-vested, end of period | |
| 652 | | |
$ | 3.86 | |
The
Company recorded stock-based compensation expenses of $335 and
$743
for the three- and six-month periods ended June 30, 2022, respectively, and $267 and
$481 for
the three-and six-month periods ended June 30, 2023, respectively, in connection with restricted stock grants. As of June 30, 2023,
there was $1,758 of
total unrecognized compensation cost related to non-vested shares. That cost is expected to be recognized over a weighted-average
period of 2.62 years.
NOTE
12 - NET INCOME (LOSS) PER SHARE
Net
income (loss) per share for the three- and six-month periods ended June 30, 2022 and 2023 are as follows:
SCHEDULE OF NET LOSS PER SHARE BASIC AND DILUTED
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
Basic and diluted loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
|
$ |
(1,334 |
) |
|
$ |
(4,274 |
) |
|
$ |
(5,458 |
) |
|
$ |
(780 |
) |
Addback: Preferred stock dividend and accretion | |
| - | | |
| - | | |
| - | | |
| 2,572 | |
Less: Preferred stock dividend paid | |
| - | | |
| - | | |
| - | | |
| (1,128 | ) |
Less: Preferred stock dividend accretion | |
| - | | |
| - | | |
| - | | |
| (336 | ) |
Allocation of earning to participating securities | |
| - | | |
| - | | |
| - | | |
| (62 | ) |
Numerator for basic EPS – income available to common stockholders | |
| (1,334 | ) | |
| (4,274 | ) | |
| (5,458 | ) | |
| 266 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common share outstanding - basic |
|
|
35,386 |
|
|
|
35,605 |
|
|
|
35,359 |
|
|
|
35,577 |
|
Effect of dilutive securities | |
| - | | |
| - | | |
| - | | |
| 93 | |
Weighted-average common share outstanding - diluted | |
| 35,386 | | |
| 35,605 | | |
| 35,359 | | |
| 35,670 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to common stockholders - basic | |
$ | (0.04 | ) | |
$ | (0.12 | ) | |
$ | (0.15 | ) | |
$ | 0.01 | |
Net income (loss) attributable to common stockholders - diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.01 |
|
Basic
loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares
outstanding during the period. Diluted loss per share reflects the potential dilution assuming common shares were issued upon the exercise
of outstanding options and the proceeds thereof were used to purchase outstanding common shares. Dilutive potential common shares include
outstanding stock options, warrants and restricted stock and performance share awards. We include participating securities (unvested
share-based payment awards and equivalents that contain non-forfeitable rights to dividends or dividend equivalents) in the computation
of earnings per share pursuant to the two-class method. Our participating securities consist solely of preferred stock, which have contractual
participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per
share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net
loss, no effect is given to the participating securities because they do not share in the losses of the Company. For the six-month period
ended June 30, 2022, the basic and diluted weighted-average shares outstanding are the same, since the effect from the potential exercise
of outstanding stock options, conversion of preferred stock, and vesting of restricted stock and restricted stock units totaling 16,438 would have been anti-dilutive due to the loss. For the six-month period ended June 30, 2023, the two-class method of computing earnings per share was anti-dilutive.
As a result, the weighted-average number of shares outstanding used in the computation of diluted earnings per share does not include
9,484 shares from the conversion of preferred stock, warrants, stock options and restricted stock awards because the effect would have
been anti-dilutive.
NOTE
13 - SHORT-TERM BANK DEBT AND LONG-TERM DEBT
SCHEDULE OF LONG TERM DEBT
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | | |
| (Unaudited) | |
Short-term bank debt | |
$ | 5,709 | | |
$ | 8,445 | |
Current maturities of long-term debt | |
$ | 4,603 | | |
$ | 2,752 | |
Long term debt - less current maturities | |
$ | 11,403 | | |
$ | 9,940 | |
Long-Term
debt
In
connection with the Transactions, Powerfleet Israel incurred NIS denominated debt in term loan borrowings on October 3, 2019 which
was the closing date of the Transactions (the “Closing Date”), under the Credit Agreement, pursuant to
which Hapoalim agreed to provide Powerfleet Israel with two senior secured term loan facilities in an initial aggregate principal
amount of $30,000 (comprised
of two facilities in the aggregate principal amount of $20,000 and
$10,000,
respectively (the “Term A Facility” and “Term B Facility”, respectively, and collectively, the “Term
Facilities”)) and a five-year revolving credit facility (the “Revolving Facility”) to Pointer denominated in NIS
in an initial aggregate principal amount of $10,000 (collectively,
the “Credit Facilities”). As of June 30, 2023, the Company borrowed NIS11,800,
or $3,200,
under the Revolving Facility.
The
Credit Facilities will mature on the date that is five years from the Closing Date, or October 3, 2024. The indicative interest rate
provided for the Term Facilities in the original Credit Agreement was approximately 4.73%
for the Term A Facility and 5.89%
for the Term B Facility. The
interest rate for the Revolving Facility is, with respect to NIS-denominated loans, Hapoalim’s prime rate + 2.5%, and with
respect to US dollar-denominated loans, LIBOR + 4.6% (amended to SOFR + 2.15%). In addition, the Company agreed to pay a 1%
commitment fee on the unutilized and uncancelled availability under the Revolving Facility. The Credit Facilities are secured
by the shares held by Powerfleet Israel in Pointer and by Pointer over all of its assets. The original Credit Agreement includes
customary representations, warranties, affirmative covenants, negative covenants (including the following financial covenants,
tested quarterly: Pointer’s net debt to EBITDA; Pointer’s net debt to working capital; minimum equity of Powerfleet
Israel; Powerfleet Israel equity to total assets; Powerfleet Israel net debt to EBITDA; and Pointer EBITDA to current payments and
events of default).
On
August 23, 2021, the Borrowers entered into an amendment (the “Amendment”), effective as of August 1, 2021, to the Credit
Agreement with Hapoalim. The Amendment memorializes the agreements between the Borrowers and Hapoalim regarding a reduction in the interest
rates of the two Term Facilities. Pursuant to the Amendment, commencing as of November 12, 2020, the interest rate with respect to the
Term A Facility was reduced to a fixed rate of 3.65% per annum and the interest rate with respect to the Term B Facility was reduced
to a fixed rate of 4.5% per annum. The Amendment also provides, among other things, for (i) a reduction in the credit allocation fee
on undrawn and uncancelled amounts of the Revolving Facility from 1% to 0.5% per annum, (ii) removal of the requirement that Powerfleet
Israel maintain $3,000 on deposit in a separate reserve fund, and (iii) modifications to certain of the affirmative and negative covenants,
including a financial covenant regarding the ratio of the Borrowers’ debt levels to Pointer’s EBITDA. The Company is in compliance
with all covenants as of June 30, 2023.
In
connection with the Credit Facilities, the Company incurred debt issuance costs of $742. For the three-month periods ended June 30,
2022 and 2023, the Company recorded $55 and $35, respectively, of amortization of the debt issuance costs. For the six-month periods ended June 30, 2022 and 2023, the Company recorded
$119 and $78, respectively, of amortization of the debt issuance costs. The Company recorded charges
of $200 and $152 to interest expense on its consolidated statements of operations for the three-month periods ended June 30, 2022 and
2023, respectively, related to interest expense associated with the Credit Facilities. The Company recorded charges of $436 and $312 to interest expense on its consolidated statements of operations for
the six-month periods ended June 30, 2022 and 2023, respectively, related to interest expense associated with the Credit Facilities.
On
October 31, 2022, the Borrowers entered into the Third Amendment with Hapoalim. The Third Amendment provides for, among other things,
the New Revolver. The New Revolver will be available for a period of one month, commencing on October 31, 2022, and will continue to
be available for successive one-month periods until and including October 30, 2023, unless the Borrowers deliver a notice to Hapoalim
of their request not to renew the New Revolver. As of June 30, 2023, the Company borrowed NIS19,200, or $5,200, under the
New Revolver.
The
New Revolver will initially bear interest at the SOFR + 2.59%. Such interest is subject to monthly changes by Hapoalim, provided that
Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable calendar month.
The
New Revolver is secured by a first ranking fixed pledge and assignment by Pointer over its new bank account, which was opened in connection
with the New Revolver, and all of the rights relating thereunder as well as a cross guarantee by Powerfleet Israel.
Pointer
is required to pay a credit allocation fee equal to 0.5% per annum on undrawn and uncancelled amounts of the New Revolver.
Scheduled
maturities of the long-term debt as of June 30, 2023 are as follows:
SCHEDULE OF MATURITIES OF LONG TERM DEBT
| |
| |
July 2023 – June 2024 | |
$ | 2,752 | |
July 2024 – October 2024 | |
| 9,940 | |
Long Term debt | |
| 12,692 | |
Less: Current Portion through June 30, 2024 | |
| 2,752 | |
Total | |
$ | 9,940 | |
The
Term B Facility is not subject to amortization over the life of the loan and instead the original principal amount is due in one installment
on the fifth anniversary of the Closing Date.
NOTE
14 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consist of the following:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(unaudited) | |
Accounts payable | |
$ | 14,751 | | |
$ | 13,705 | |
Accrued warranty | |
| 1,897 | | |
| 2,337 | |
Accrued compensation | |
| 7,153 | | |
| 6,209 | |
Government authorities | |
| 1,992 | | |
| 2,183 | |
Other current liabilities | |
| 805 | | |
| 526 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 26,598 | | |
$ | 24,960 | |
The
Company’s products are warranted against defects in materials and workmanship for a period of one to eight years from the date
of acceptance of the product by the customer. The customers may purchase an extended warranty providing coverage up to a maximum of 60
months. A provision for estimated future warranty costs is recorded for expected or historical warranty matters related to equipment
shipped and is included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of December 31, 2022
and June 30, 2023.
The
following table summarizes warranty activity for the six-month periods ended June 30, 2022 and 2023:
SCHEDULE
OF PRODUCT WARRANTY LIABILITY
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
(unaudited) | |
Accrued warranty reserve, beginning of year | |
$ | 1,333 | | |
$ | 2,054 | |
Accrual for product warranties issued | |
| 718 | | |
| 817 | |
Product replacements and other warranty expenditures | |
| (270 | ) | |
| (270 | ) |
Expiration of warranties | |
| (69 | ) | |
| (96 | ) |
| |
| | | |
| | |
Accrued warranty reserve, end of period (a) | |
$ | 1,712 | | |
$ | 2,505 | |
NOTE
15 - STOCKHOLDERS’ EQUITY
[A]
Redeemable Preferred Stock
The
Company is authorized to issue 150 shares of preferred stock, par value $0.01 per share of which 100 shares are designated Series A Convertible
Preferred Stock (“Series A Preferred Stock”) and 50 shares are undesignated.
Series
A Preferred Stock
In
connection with the completion of the Transactions, on October 3, 2019, the Company issued 50
shares of Series A Preferred Stock to ABRY Senior Equity V, L.P., ABRY Senior Equity Co-Investment Fund V, L.P and ABRY Investment
Partnership, L.P. (the “Investors”). For the six-month periods ended June 30, 2022 and 2023, the Company issued 2
and 1
additional shares of Series A Preferred Stock, respectively.
Liquidation
The
Series A Preferred Stock has a liquidation preference equal to the greater of (i) the original issuance price of $1,000.00 per share,
subject to certain adjustments (the “Series A Issue Price”), plus all accrued and unpaid dividends thereon (except in the
case of a deemed liquidation event, then 150% of such amount), and (ii) the amount such holder would have received if the Series A Preferred
Stock had converted into common stock immediately prior to such liquidation.
Dividends
Holders
of Series A Preferred Stock are entitled to receive cumulative dividends at a minimum rate of 7.5%
per annum (calculated on the basis of the Series A Issue Price), quarterly in arrears. The dividends are payable at the
Company’s election, in kind, through the issuance of additional shares of Series A Preferred Stock, or in cash, provided no
dividend payment failure has occurred and is continuing and that there has not previously occurred two or more dividend payment
failures. Commencing on the 66-month anniversary of the date on which any shares of Series A Preferred Stock are first issued (the
“Original Issuance Date”), and on each monthly anniversary thereafter, the dividend rate will increase by 100 basis
points, until the dividend rate reaches 17.5%
per annum, subject to the Company’s right to defer the increase for up to three consecutive months on terms set forth in the
Company’s Amended and Restated Certificate of Incorporation (the “Charter”). During the three-and six-month periods
ended June 30, 2022, the Company paid dividends in shares in amounts equal to $1,048 and
$2,076 respectively,
to the holders of the Series A Preferred Stock. During the three-and six-month periods ended June 30, 2023, the Company paid
dividends in shares in amounts equal to $0 and $1,107, respectively, to the holders of the Series A Preferred Stock. The dividend
payment for the three-month period ended June 30, 2023 totaled $1,128 and was paid in cash. As of June 30, 2023, dividends in
arrears were $-0-.
Voting;
Consent Rights
The
holders of Series A Preferred Stock will be given notice by the Company of any meeting of stockholders or action to be taken by written
consent in lieu of a meeting of stockholders as to which the holders of common stock are given notice at the same time as provided in,
and in accordance with, the Company’s Amended and Restated Bylaws. Except as required by applicable law or as otherwise specifically
set forth in the Charter, the holders of Series A Preferred Stock are not entitled to vote on any matter presented to the Company’s
stockholders unless and until any holder of Series A Preferred Stock provides written notification to the Company that such holder is
electing, on behalf of all holders of Series A Preferred Stock, to activate their voting rights and in doing so rendering the Series
A Preferred Stock voting capital stock of the Company (such notice, a “Series A Voting Activation Notice”). From and after
the delivery of a Series A Voting Activation Notice, all holders of the Series A Preferred Stock will be entitled to vote with the holders
of common stock as a single class on an as-converted basis (provided, however, that any holder of Series A Preferred Stock shall not
be entitled to cast votes for the number of shares of common stock issuable upon conversion of such shares of Series A Preferred Stock
held by such holder that exceeds the quotient of (1) the aggregate Series A Issue Price for such shares of Series A Preferred Stock divided
by (2) $5.57 (subject to adjustment for stock splits, stock dividends, combinations, reclassifications and similar events, as applicable)).
So long as shares of Series A Preferred Stock are outstanding and convertible into shares of common stock that represent at least 10%
of the voting power of the common stock, or the Investors or their affiliates continue to hold at least 33% of the aggregate amount of
Series A Preferred Stock issued to the Investors on the Original Issuance Date, the consent of the holders of at least a majority of
the outstanding shares of Series A Preferred Stock will be necessary for the Company to, among other things, (i) liquidate the Company
or any operating subsidiary or effect any deemed liquidation event (as such term is defined in the Charter), except for a deemed liquidation
event in which the holders of Series A Preferred Stock receive an amount in cash not less than the Redemption Price (as defined below),
(ii) amend the Company’s organizational documents in a manner that adversely affects the Series A Preferred Stock, (iii) issue
any securities that are senior to, or equal in priority with, the Series A Preferred Stock or issue additional shares of Series A Preferred
Stock to any person other than the Investors or their affiliates, (iv) incur indebtedness above the agreed-upon threshold, (v) change
the size of the Company’s board of directors to a number other than seven, or (vi) enter into certain affiliated arrangements or
transactions.
Redemption
At
any time, each holder of Series A Preferred Stock may elect to convert each share of such holder’s then-outstanding Series A Preferred
Stock into the number of shares of the Company’s common stock equal to the quotient of (x) the Series A Issue Price, plus any accrued
and unpaid dividends, divided by (y) the Series A Conversion Price in effect at the time of conversion. The Series A Conversion Price
is initially equal to $7.319, subject to certain adjustments as set forth in the Charter.
At
any time after the third anniversary of the Original Issuance Date, subject to certain conditions, the Company may redeem the Series
A Preferred Stock for an amount per share, equal to the greater of (i) the product of (x) 1.5 multiplied by (y) the sum of the Series
A Issue Price, plus all accrued and unpaid dividends and (ii) the product of (x) the number of shares of common stock issuable upon conversion
of such Series A Preferred Stock multiplied by (y) the volume weighted average price of the common stock during the 30 consecutive trading
day period ending on the trading date immediately prior to the date of such redemption notice or, if calculated in connection with a
deemed liquidation event, the value ascribed to a share of common stock in such deemed liquidation event (the “Redemption Price”).
Further,
at any time (i) after the 66-month anniversary of the Original Issuance Date, (ii) following delivery of a mandatory conversion notice
by us, or (iii) upon a deemed liquidation event, subject to Delaware law governing distributions to stockholders, the holders of the
Series A Preferred Stock may elect to require us to redeem all or any portion of the outstanding shares of Series A Preferred Stock for
an amount per share equal to the Redemption Price.
NOTE
16 - ACCUMULATED OTHER COMPREHENSIVE LOSS
Comprehensive loss includes net loss and foreign currency translation gains and losses.
The
accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2023 are
as follows:
SCHEDULE
OF ACCUMULATED OTHER COMPREHENSIVE LOSS
| |
Foreign currency translation adjustment | | |
Accumulated other comprehensive
income (loss) | |
| |
| | |
| |
Balance at January 1, 2023 | |
$ | (1,210 | ) | |
$ | (1,210 | ) |
Net current period change | |
| 212 | | |
| 212 | |
| |
| | | |
| | |
Balance at June 30, 2023 | |
$ | (998 | ) | |
$ | (998 | ) |
The
accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2022 are
as follows:
| |
Foreign currency translation adjustment | | |
Accumulated other comprehensive
income (loss) | |
| |
| | |
| |
Balance at January 1, 2022 | |
$ | 391 | | |
$ | 391 | |
Net current period change | |
| (1,453 | ) | |
| (1,453 | ) |
| |
| | | |
| | |
Balance at June 30, 2022 | |
$ | (1,062 | ) | |
$ | (1,062 | ) |
The
Company’s reporting currency is the U.S. dollar (“USD”). For businesses where the majority of the revenues are generated in USD or
linked to the USD and a substantial portion of the costs are incurred in USD, the Company’s management believes that the USD is
the primary currency of the economic environment and thus their functional currency. Due to the fact that Argentina has been determined
to be highly inflationary, the financial statements of our subsidiary in Argentina have been remeasured as if its functional currency
was the USD. The Company also has foreign operations where the functional currency is the local currency. For these operations, assets
and liabilities are translated using the end-of-period exchange rates and revenues, expenses and cash flows are translated using average
rates of exchange for the period. Equity is translated at the rate of exchange at the date of the equity transaction. Translation adjustments
are recognized in stockholders’ equity as a component of accumulated other comprehensive income (loss). Net translation gains (losses)
from the translation of foreign currency financial statements of $(1,453) and $212 at June 30, 2022 and 2023, respectively, are included
in comprehensive income (loss) in the Consolidated Statement of Changes in Stockholders’ Equity.
Foreign
currency transaction gains and losses related to operational expenses denominated in a currency other than the functional currency
are included in determining net income or loss. Foreign currency transaction gains (losses) for the three- and six-month periods
ended June 30, 2022 of $(719)
and $(922),
respectively, and for the three-and six-month periods ended June 30, 2023 of $56
and $232,
respectively, are included in selling, general and administrative expenses in the Consolidated Statement of Operations.
Foreign currency transaction gains related to long-term debt for the three- and six-month periods ended June 30, 2022 of $2,068
and $2,612
respectively, and for the three-and-six month periods ended June 30, 2023 of $306
and $710
respectively, are included in interest expense in the Consolidated Statement of Operations.
NOTE
17 – SEGMENT INFORMATION
The
Company operates in one reportable segment, wireless IoT asset management. The following table summarizes revenues by geographic region.
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS BY GEOGRAPHICAL REGION
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
United States | |
$ | 15,064 | | |
$ | 12,921 | | |
$ | 28,122 | | |
$ | 27,359 | |
Israel | |
| 10,902 | | |
| 10,896 | | |
| 23,082 | | |
| 21,576 | |
Other | |
| 8,628 | | |
| 8,233 | | |
| 16,551 | | |
| 15,954 | |
| |
| | | |
| | | |
| | | |
| | |
Total revenues | |
$ | 34,594 | | |
$ | 32,050 | | |
$ | 67,755 | | |
$ | 64,889 | |
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Long lived assets by geographic region: | |
| | | |
| | |
| |
| | | |
| | |
United States | |
$ | 941 | | |
$ | 1,071 | |
Israel | |
| 3,545 | | |
| 3,774 | |
Other | |
| 4,763 | | |
| 5,381 | |
| |
| | | |
| | |
Long lived assets | |
$ | 9,249 | | |
$ | 10,226 | |
NOTE
18 - INCOME TAXES
The
Company records its interim tax provision based upon a projection of the Company’s annual effective tax rate (“AETR”).
This AETR is applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete
items. The Company updates the AETR on a quarterly basis as the pre-tax income projections are revised and tax laws are enacted. The
effective tax rate (“ETR”) each period is impacted by a number of factors, including the relative mix of domestic and foreign
earnings and adjustments to recorded valuation allowances. The currently forecasted ETR may vary from the actual year-end due to the
changes in these factors.
SCHEDULE OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
663 |
|
|
|
(436 |
) |
Total income (loss) after taxes |
|
|
(117 |
) |
|
|
(2,971 |
) |
|
$ |
(3,044 |
) |
|
$ |
1,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
$ |
51.75 |
% |
|
$ |
1.33 |
% |
|
$ |
17.88 |
% |
|
$ |
19.54 |
% |
For
the three- and six-month periods ended June 30, 2022 and 2023, the effective tax rate differed from the statutory tax rates primarily due
to the mix of domestic and foreign earnings amongst taxable jurisdictions, recorded valuation allowances to fully reserve against
deferred tax assets in non-Israel jurisdictions and certain discrete items.
On
August 16, 2022, the President of the United States signed into law H.R. 5376, commonly referred to as the Inflation Reduction Act of
2022 (the “IRA”). The IRA is federal legislation designed to raise revenue from, among other things, the imposition of certain
corporate tax measures, while authorizing spending on energy and climate change initiatives and subsidizing the Affordable Care Act.
The IRA also introduced a 1% excise tax on certain corporate stock buybacks, which would impose a nondeductible 1% excise tax on the
fair market value of certain stock that is “repurchased” during the taxable year by a publicly traded U.S. corporation or
acquired by certain of its subsidiaries. The passage of the IRA did not have a material impact to the Company nor its calculated AETR
as of June 30, 2023.
On
August 9, 2022, the President of the United States signed into law H.R. 4346, “The CHIPS and Science Act of 2022.” CHIPS
is a federal statue providing funding for research and domestic production of semiconductors. Additional funding can be provided through
CHIPS to various federal agencies as well as towards climate science research. Tax measures include a 25% advanced investment tax credit
for certain investments in semiconductor manufacturing. The passage of the CHIPS and Science Act did not have a material impact to the
Company nor its calculated AETR as of June 30, 2023.
NOTE
19 - LEASES
The
Company has operating leases for office space and office equipment. The Company’s leases have remaining lease terms of one year
to three years, some of which include options to extend the lease term for up to five years.
The
Company has lease arrangements which are classified as short-term in nature. These leases meet the criteria for operating lease classification.
Lease costs associated with the short-term leases are included in selling, general and administrative expenses on the Company’s
condensed consolidated statements of operations during the three- and six-months ended June 30, 2022 and 2023.
Components
of lease expense are as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
| |
Three Months Ended June 30, | |
|
Six Months Ended June 30, |
| |
2022 | | |
2023 | |
|
2022 |
|
|
2023 |
|
| |
| | |
| |
|
|
|
|
|
|
Short term lease cost: | |
$ | 113 | | |
$ | 119 | |
|
$ |
244 |
|
|
$ |
207 |
|
Supplemental
cash flow information and non-cash activity related to our operating leases are as follows:
SCHEDULE
OF CASH FLOW INFORMATION AND NON CASH ACTIVITY OF OPERATING LEASES
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | | |
| | |
Non-cash activity: | |
$ | 777 | | |
$ | 685 | |
Weighted-average
remaining lease term and discount rate for our operating leases are as follows:
SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
| |
June 30, 2023 | |
| |
| |
Weighted-average remaining lease term (in years) | |
| 2.74 | |
Weighted-average discount rate | |
| 6.18 | % |
Scheduled
maturities of operating lease liabilities outstanding as of June 30, 2023 are as follows:
SCHEDULED
MATURITIES OF OPERATING LEASE LIABILITIES
| |
| | |
July - December 2023 | |
$ | 1,793 | |
2024 | |
| 2,105 | |
2025 | |
| 1,857 | |
2026 | |
| 780 | |
2027 | |
| 101 | |
Thereafter | |
| 1,213 | |
Total lease payments | |
| 7,849 | |
Less: Imputed interest | |
| (686 | ) |
Present value of lease liabilities | |
$ | 7,163 | |
NOTE
20 - FAIR VALUE OF FINANCIAL INSTRUMENTS
The
Company’s cash and cash equivalents are carried at fair value. The carrying value of financing receivables approximates fair value
due to the interest rate implicit in the instruments approximating current market rates. The carrying value of accounts receivables,
accounts payable and accrued liabilities and short term bank debt approximates their fair values due to the short period to maturity
of these instruments. The fair value of the Company’s long term debt is based on observable relevant market information and future
cash flows discounted at current rates, which are Level 2 measurements.
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS
| |
June 30, 2023 | |
| |
Carrying Amount | | |
Fair Value | |
Long term debt | |
$ | 21,137 | | |
$ | 20,719 | |
NOTE
21 - CONCENTRATION OF CUSTOMERS
For
the three-and six-month periods ended June 30, 2022 and 2023, there were no customers who generated revenues greater than 10%
of the Company’s consolidated total revenues or generated greater than 10%
of the Company’s consolidated accounts receivable.
NOTE
22 - COMMITMENTS AND CONTINGENCIES
Except
for normal operating leases, the Company is not currently subject to any material commitments.
From
time to time, the Company is involved in various litigation matters involving claims incidental to its business and acquisitions, including
employment matters, acquisition related claims, patent infringement and contractual matters, among other issues. While the outcome of
any such litigation matters cannot be predicted with certainty, management currently believes that the outcome of these proceedings,
including the matters described below, either individually or in the aggregate, will not have a material adverse effect on its business,
results of operations or financial condition. The Company records reserves related to legal matters when losses related to such litigation
or contingencies are both probable and reasonably estimable.
In
August 2014, Pointer do Brasil Comercial Ltda. (“Pointer Brazil”) received a notification of lack of payment of VAT tax (Brazilian
ICMS tax) in the amount of $219 plus $1,155 of interest and penalty, totaling $1,374 as of June 30, 2023. The Company is vigorously
defending this tax assessment before the administrative court in Brazil, but in light of the administrative and judicial processes in
Brazil, it could take up to 14 years before the dispute is finally resolved. In case the administrative court rules against the Company,
the Company could claim before the judicial court, an appellate court in Brazil, a substantial reduction of interest charged, potentially
reducing the Company’s total exposure. The Company’s legal counsel is of the opinion that the chance of loss is not probable
and for this reason the Company has not made any provision.
In
July 2015, Pointer Brazil received a tax deficiency notice alleging that the services provided by Pointer Brazil should be classified
as “telecommunication services” and therefore Pointer Brazil should be subject to the state value-added tax. The aggregate
amount claimed to be owed under the notice was approximately $13,148 as of June 30, 2023. On August 14, 2018, the lower chamber of the
State Tax Administrative Court in São Paulo rendered a decision that was favorable to Pointer Brazil in relation to the ICMS demands,
but adverse in regards to the clerical obligation of keeping in good order a set of ICMS books and related tax receipts. The remaining
claim after this administrative decision is $227. The state has the opportunity to appeal to the higher chamber of the State Tax Administrative
Court. The Company’s legal counsel is of the opinion that the chance of loss is not probable and that no material costs will arise
in respect to these claims. For this reason, the Company has not made any provision.
On
February 24, 2022, Pointer Mexico received a notification for 2016 and 2017 tax assessment in the amounts of $268 and $476, respectively,
regarding the underpayment of VAT and government fees from the Mexican Tax Service (“MTS”). Under the statute and case law,
Pointer Mexico was entitled to appeal before the MTS or file a lawsuit before the Federal Court of Administrative Justice. On April 19,
2022, Pointer Mexico filed an appeal for revocation of the assessment. On May 2, 2022, Pointer Mexico filed additional evidence before
the MTS. As of June 30, 2023, the MTS has not resolved the administrative revocation appeal. The Company’s legal counsel is of
the opinion that the chance of loss is not probable and for this reason the Company has not made any provision.
NOTE
23 - RECENT ACCOUNTING PRONOUNCEMENTS
In
June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on
Financial Instruments,” which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment
is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity’s ability
to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to
be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. The Company adopted ASU
No. 2016-13 on January 1, 2023. The adoption of the standard did not result in a material impact on the consolidated financial statements.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion and analysis of the consolidated financial condition and results of operations of PowerFleet, Inc. and its
subsidiaries (“Powerfleet”, the “Company” “we”, “our” or “us”) should be
read in conjunction with the consolidated financial statements and notes thereto appearing in Part I, Item 1 of this report. In the
following discussions, most percentages and dollar amounts have been rounded to aid presentation, and, accordingly, all amounts are
approximations.
Cautionary
Note Regarding Forward-Looking Statements
This
report contains “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
which may include information concerning the Company’s beliefs, plans, objectives, goals, expectations, strategies, anticipations,
assumptions, estimates, intentions, future events, future revenues or performance, capital expenditures and other information that is
not historical information. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be
beyond the Company’s control, and which may cause the Company’s actual results, performance or achievements to be materially
different from future results, performance or achievements expressed or implied by such forward-looking statements. When used in this
report, the words “seek,” “estimate,” “expect,” “anticipate,” “project,”
“plan,” “contemplate,” “plan,” “continue,” “intend,” “believe”
and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements
are based upon the Company’s current expectations and various assumptions. The Company believes there is a reasonable basis for
its expectations and beliefs, but there can be no assurance that the Company will realize its expectations or that its beliefs will prove
to be correct.
There
are a number of risks and uncertainties that could cause the Company’s actual results to differ materially from the forward-looking
statements contained in this report. Important factors that could cause the Company’s actual results to differ materially from
those expressed as forward-looking statements herein include, but are not limited, to: future economic and business conditions; the ability
to recognize the anticipated benefit of the acquisition of Movingdots GmbH (“Movingdots”); the loss of any of the Company’s
key customers or reduction in the purchase of the Company’s products by any such customers; the failure of the markets for the
Company’s products to continue to develop; the possibility that the Company may not be able to integrate successfully the business,
operations and employees of Movingdots; the Company’s inability to adequately protect its intellectual property; the Company’s
inability to manage growth; the effects of competition from a wide variety of local, regional, national and other providers of wireless
solutions; changes in laws and regulations or changes in generally accepted accounting policies, rules and practices; changes in technology
or products, which may be more difficult or costly, or less effective, than anticipated; the effects of outbreaks of pandemics or contagious
diseases, including the length and severity of the recent global outbreak of the novel coronavirus, COVID-19, and its impact on the Company’s
business; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission (the
“SEC”), including the Company’s annual report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual
Report”).
There
may be other factors of which the Company is currently unaware or which it currently deems immaterial that may cause its actual results
to differ materially from the forward-looking statements. All forward-looking statements attributable to the Company or persons acting
on the Company’s behalf apply only as of the date they are made and are expressly qualified in their entirety by the cautionary
statements included in this report. Except as may be required by law, the Company undertakes no obligation to publicly update or revise
any forward-looking statement to reflect events or circumstances occurring after the date they were made or to reflect the occurrence
of unanticipated events, or otherwise.
The
Company makes available through its Internet website, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and amendments to such reports and other filings made by the Company with the SEC, as soon as practicable
after the Company electronically files such reports and filings with the SEC. The Company’s website address is www.powerfleet.com.
The information contained in the Company’s website is not incorporated by reference into this report.
Overview
PowerFleet
is a global leader of Internet-of-Things (“IoT”) solutions providing valuable business intelligence for managing high-value
enterprise assets that improve operational efficiencies.
We
are headquartered in Woodcliff Lake, New Jersey, with offices located around the globe.
Our
Powerfleet for Industrial solutions are designed to provide on-premise or in-facility asset and operator management, monitoring, and
visibility for industrial trucks such as forklifts, man-lifts, tuggers and ground support equipment at airports. These solutions utilize
a variety of communications capabilities such as Bluetooth®, WiFi, and proprietary radio frequency.
Our
Powerfleet for Logistics solutions are designed to provide bumper-to-bumper asset management, monitoring, and visibility for over-the-road
based assets such as heavy trucks, dry-van trailers, refrigerated trailers and shipping containers and their associated cargo. These
systems provide mobile-asset tracking and condition-monitoring solutions to meet the transportation market’s desire for greater
visibility, safety, security, and productivity throughout global supply chains.
Our
Powerfleet for Vehicles solutions are designed both to enhance the vehicle fleet management process, whether it’s a rental car,
a private fleet, or automotive original equipment manufacturer (OEM) partners. We achieve this by providing critical information that
can be used to increase revenues, reduce costs and improve customer service.
Our
patented technologies are a proven solution for organizations that must monitor and analyze their assets to improve safety, increase
efficiency, reduce costs, and drive profitability. Our offerings are sold under the global brands Powerfleet, Pointer, and Cellocator.
We
have an established history of IoT device development and innovation creating devices that can withstand harsh and rugged environments.
With 46 patents and patent applications and over 25 years’ experience, we believe we are well positioned to evolve our offerings
for even greater value to customers through our cloud-based applications for unified operations.
We
deliver advanced data solutions that connect mobile assets to increase visibility, operational efficiency and profitability. Across our
spectrum of vertical markets, we differentiate ourselves by developing mobility platforms that collect data from unique sensors. Further,
because we are original equipment manufacturer (OEM) agnostic, we help organizations view and manage their mixed assets homogeneously.
All of our solutions are paired with software as a service (SaaS) and analytics platforms to provide an even deeper level of insights
and understanding of how assets are utilized and how drivers and operators operate those assets. These insights include a full set of
Key Performance Indicators (KPIs) to drive operational and strategic decisions. Our customers typically get a return on their investment
in less than 12 months from deployment.
Our
enterprise software applications have machine learning capabilities and are built to integrate with our customers’ management systems
to provide a single, integrated view of asset and operator activity across multiple locations while providing real-time enterprise-wide
benchmarks and peer-industry comparisons. We look for analytics, as well as the data contained therein, to differentiate us from our
competitors, adding significant value to customers’ business operations, and helping to contribute to their bottom line. Our solutions
also feature open application programming interfaces (APIs) for additional integrations and development to boost other enterprise management
systems and third-party applications.
We
market and sell our connected IoT data solutions to a wide range of customers in the commercial and government sectors. Our customers
operate in diverse markets, such as manufacturing, automotive manufacturing, wholesale and retail, food and grocery distribution, pharmaceutical
and medical distribution, construction, mining, utilities, aerospace, vehicle rental, as well as logistics, shipping, transportation,
and field services. Traditionally, these businesses have relied on manual, often paper-based, processes or on-premise legacy software
to operate their high-value assets, manage workforce resources, and distributed sites; and face environmental, safety, and other regulatory
requirements. In today’s landscape, it is crucial for these businesses to invest in solutions that enable easy analysis and sharing
of real-time information.
Our
Solutions
We
provide critical actionable information that powers unified operations throughout organizations. We are solving the challenge of inefficient
data collection, real-time visibility, and analysis that leads to transformative business operations. Our SaaS cloud-based applications
take data from our IoT devices and ecosystem of third-party and partner applications to present actionable information for customers
to increase efficiencies, improve safety and security, and increase their profitability in easy-to-understand reports, dashboards, and
real-time alerts.
Our
objective is to become a leading global provider of IoT SaaS solutions for high-value enterprise assets to drive optimized operations
and create safer environments. In the first quarter of 2023 we began to consolidate and augment many of our existing capabilities on
a single customer software platform branded as “Unity.” We have designed our Unity platform to enable rapid and deep integration
with IoT devices and third-party business systems to a highly scalable data pipeline that powers artificial intelligence-driven insights
to help companies save lives, time, and money. Unity is an increasingly important initiative to meet our objective of becoming a leading
global provider of IoT SaaS solutions for high-value enterprise assets to drive optimized operations and create safer environments. To
achieve this goal, we intend to prove value, retain and grow business with existing customers and pursue opportunities with new customers
by:
|
● |
focusing
our business solutions by vertical markets and go to market strategies to each market; |
|
|
|
|
● |
positioning
ourselves as an innovative thought leader; |
|
|
|
|
● |
maintaining
a world class sales and marketing team; |
|
|
|
|
● |
identifying,
seizing, and managing revenue opportunities; |
|
|
|
|
● |
expanding
our customer base, achieving wider market penetration and educating customers with mixed assets in their organization about our other
applications; |
|
|
|
|
● |
implementing
improved marketing, sales and support strategies; |
|
|
|
|
● |
shortening
our initial sales cycles by helping our customers through: |
|
○ |
identifying
and quantifying benefits expected from our solutions; |
|
|
|
|
○ |
accelerating
transitions from implementation to roll-out; and |
|
|
|
|
○ |
building
service revenue through long-term SaaS contracts; |
|
● |
differentiating
our product offering through analytics, machine learning, unique sensors, and value-added services; |
|
|
|
|
● |
producing
incremental revenue at a high profit margin; and |
|
|
|
|
● |
expanding
our partnerships and integrations. |
We
also plan to expand into new applications and markets by:
|
● |
pursuing
opportunities to integrate our system with computer hardware and software vendors, including: |
|
○ |
OEMs; |
|
|
|
|
○ |
transportation
management systems; |
|
|
|
|
○ |
warehouse
management systems; |
|
|
|
|
○ |
labor
and timecard systems; |
|
|
|
|
○ |
enterprise
resource planning; and |
|
|
|
|
○ |
yard
management systems; |
|
● |
establishing
relationships with global distributors; and |
|
|
|
|
● |
evaluating
and pursuing strategically sound acquisitions of companies. |
Key
Applications of our IoT Solutions
We
provide real-time intelligence for organizations with high-value assets allowing them to make informed decisions and ultimately improve
their operations, safety, and bottom line. Our applications enable organizations to capture IoT data from various types of assets with
devices and sensors creating a holistic view for analysis and action.
The
core applications that our IoT solutions address include:
End-to-end
Visibility: Organizations with expensive assets such as vehicles, machinery, or equipment need to keep track of where the assets
are located, monitor for misuse, and understand how and when assets are being used. By having complete visibility of their assets, customers
can improve security, utilization and customer service. In addition, our visibility solutions help with personnel workflows and resource
management, freight visibility through load status, equipment availability status, dwell and idle time, geofencing, two-way temperature
control and management, multizone temperature monitoring, arrival and departure times, and supply chain allocation.
Regulatory
Compliance: Businesses must comply with government regulations and provide proof of compliance, which is commonly an onerous
process to enforce and maintain. Our solutions provide critical data points and reports to help customers stay within compliance, avoid
fines for non-compliance, and automate the reporting process. We deliver real-time position reports, hours-of-service, temperature monitoring
and control, electronic safety checklists, workflow management, controlling vehicle access to only authorized operators, inspection reports,
and history logs of use.
Improve
Safety: Our applications are designed to provide asset and operator management, monitoring, and visibility for safer environments.
Our solutions allow our customers to monitor their fleet of vehicles on various parameters, including but not limited to, vehicle location,
speed, engine fault codes, driver behavior, eco-driving, and ancillary sensors and can receive reports and alerts, either automatically
or upon request wirelessly via the internet, email, mobile phone or an SMS. In addition, our dash camera provides critical video capture
that can be used to help exonerate drivers when in accidents or help bolster training and coaching programs of employees. We also offer
preventative solutions such as safety warning products to alert vehicle operators of objects or pedestrians in their pathway to prevent
accidents, injuries, and damage. Our analytics platform features dashboards with KPIs and can help managers identify patterns, trends
and outliers that can be used as flags for interventions.
Drive
Operational Efficiency & Productivity: To increase utilization of mobile assets, our solutions enable the identification
of a change in status, real-time location, geo-fencing alerts when an asset is approaching or leaving its destination, cargo status,
and on-board intelligence utilizing a motion sensor and proprietary logic that identifies the beginning of a drive and the end of a drive.
Having this information enables customers to increase capacity, speed of service, right-size their fleets, and improve communication
internally and with customers. In addition, customers can increase revenue per mile, reduce claims and claims processing times, and reduce
the number of assets needed. This is achieved through proving such things as two-way integrated workflows for drivers, control assignments
and work change, Electronic Driver Logging (ELD) and automated record keeping for regulatory compliance, monitoring of asset pools and
geofence violations, and various reporting insights that flag under-utilized assets, the closest assets, and alerts on dwell time and
exceeding the allotted time for loading and unloading.
We
help customers to automate processes and increase productivity of their employees. Our applications enable customers to determine where
operators are assigned and can temporarily reassign them based on peak needs, evaluate any disparity in the amount employees are paid
compared to the time they actually spend operating a vehicle. Our applications help answer the question of why does it take some employees
longer than others to do specific tasks, where to focus labor resources, and how to forecast vehicles and operators needed for future
workflow.
In
addition, for our rental car vertical, our applications automatically upload vehicle identification number, mileage and fuel data as
a vehicle enters and exits the rental lot, which can significantly expedite the rental and return processes for travelers, and provide
the rental company with more timely inventory status, more accurate billing data that can generate higher fuel-related revenue, and an
opportunity to utilize customer service personnel for more productive activities, such as inspecting vehicles for damage and helping
customers with luggage.
Our
solution for “car sharing” permits a rental car company to remotely control, track and monitor their rental vehicles wherever
they are parked. Whether for traditional “pod-based” rental or for the emerging rent-anywhere model, the system, through
APIs integrated into any rental company’s fleet management system, (i) manages member reservations by smart phone or Internet,
and (ii) charges members for vehicle use by the hour.
For
our customers with a variety of make-model-years in their fleet, we have developed an unmatched library of certified vehicle code interfaces
through our second-generation On-Board Diagnostics (“OBD-II”), industry standard. Our patented fleet management system helps
fleet owners improve asset utilization, reduce capital costs, and cut operating expenses, such as vehicle maintenance or service and
support.
Increase
Security: Our solutions allow our customers to reduce theft and improve inventory management. Customers can lockdown their assets
with automated e-mail or text message alerts, emergency tracking of assets (higher frequency of reports) if theft is expected, geo-fencing
alerts when an asset enters a prohibited geography or location, and near real-time sensors that alert based on changes in temperature
and shock, among other things. We also provide stolen vehicle retrieval (“SVR”) services. Most of the SVR products used to
provide our SVR services are mainly sold to (i) local car dealers and importers that in turn sell the products equipped in the vehicle
to the end users who purchase the SVR services directly from us, or (ii) leasing companies which purchase our SVR services in order to
secure their own vehicles.
Reduce
Costs
We
enable our customers to improve asset utilization, reduce capital costs, and cut operating expenses, such as vehicle maintenance or service
and support. Our solutions provide engine performance, machine diagnostics, fuel consumption, and battery life to improve preventative
maintenance scheduling, increase uptime, and gain a longer service life of equipment. Through our software applications, customers can
optimize capacity, analyze resource allocation, and improve utilization of assets to reduce capital expenses such as purchasing new or
leasing additional equipment. Our applications provide root cause analysis for any cargo claims and helps with exoneration of drivers
in accidents via dash camera visibility.
Analytics
and Machine Learning
Our
analytics platforms provide our customers with a holistic view of their asset activity across their enterprise. For example, our image
machine learning system allows us to process images from our freight camera and other sources and identify key aspects of operations
and geospatial information such as location, work being accomplished, type of cargo, how cargo is loaded and if there are any visible
issues such as damage.
Key
Performance Indicators & Benchmarks
Our
cloud-based software applications provide a single, integrated view of asset activity across multiple locations, generating enterprise-wide
benchmarks, peer-industry comparisons, and deeper insights into asset operations. In addition, our customers can set real-time alerts
for exception-based reporting or critical activity that needs immediate attention. This enables management teams to make more informed,
effective decisions, raise asset performance standards, increase productivity, reduce costs, and enhance safety.
Specifically,
our analytics platforms allow users to quantify best-practice enterprise benchmarks for asset utilization and safety, reveal variations
and inefficiencies in asset activity across both sites and geographic regions, or identify opportunities to eliminate or reallocate assets,
to reduce capital and operating costs. We provide an extensive set of decision-making tools and a variety of standard and customized
reports to help businesses improve overall operations.
We
look for analytics and machine learning to make a growing contribution to drive platform and SaaS revenue, further differentiate our
offerings and add value to our solutions. We also use our analytics platform for our own internal platform quality control.
Services
Hosting
Services: We provide the use of our systems as a remotely hosted service, with the system server and application software residing
in our colocation center or on a cloud platform provider’s infrastructure (e.g., Azure, AWS). This approach helps us reduce support
costs and improve quality control. It separates the system from the restrictions of the customers’ local IT networks, which helps
reduce their system support efforts and makes it easier for them to receive the benefits of system enhancements and upgrades. Our hosting
services are typically offered with extended maintenance and support services over a multi-year term of service, with automatic renewals
following the end of the initial term.
Software
as a Service: We provide system monitoring, help desk technical support, escalation procedure development, routine diagnostic
data analysis and software updates services as part of the ongoing contract term. These services ensure deployed systems remain in optimal
performance condition throughout the contract term and provide access to newly developed features and functions on an annual basis.
Maintenance
Services: We provide a warranty on the hardware components of our system. During the warranty period, we either replace or repair
defective hardware. We also make extended maintenance contracts available to customers and offer ongoing maintenance and support on a
time and materials basis.
Customer
Support and Consulting Services for Ease of Use, Adoption, and Added Value: We have developed a framework for the various phases
of system training and support that offer our customers both structure and flexibility. Major training phases include hardware installation
and troubleshooting, software installation and troubleshooting, “train-the-trainer” training on asset hardware operation,
preliminary software user training, system administrator training, information technology issue training, ad hoc training during system
launch and advanced software user training.
Increasingly,
training services are provided through scalable online interactive training tools. Support and consulting services are priced based on
the extent of training that the customer requests. To help our customers derive the most benefit from our system, we supply a broad range
of documentation and support including videos, interactive online tools, hardware user guides, software manuals, vehicle installation
overviews, troubleshooting guides, and issue escalation procedures.
We
provide our consulting services both as a standalone service to study the potential benefits of implementing an IoT business intelligence
solution and as part of the system implementation itself. In some instances, customers prepay us for extended maintenance, support and
consulting services. In those instances, the payment amount is recorded as deferred revenue and revenue is recognized over the service
period.
Recent
Developments
Higher
interest rates and inflation, fluctuations in currency values, supply chain disruptions and the conflict between Russia and
Ukraine have resulted in significant economic disruption and adversely impacted the broader global economy, including our customers
and suppliers. Given the dynamic and uncertain nature of the current macroeconomic environment, we cannot reasonably estimate the
impact of such developments on our financial condition, results of operations or cash flows into the foreseeable future. The
ultimate extent of the effects of these developments remain highly uncertain, and such effects could exist for an extended period of
time.
Risks
to Our Business
We
expect that many customers who utilize our solutions will do so as part of a large-scale deployment of these solutions across multiple
or all divisions of their organizations. A customer’s decision to deploy our solutions throughout its organization will involve
a significant commitment of its resources. Accordingly, initial implementations may precede any decision to deploy our solutions enterprise-wide.
Throughout this sales cycle, we may spend considerable time and expense educating and providing information to prospective customers
about the benefits of our solutions, and there can be no assurance that our solutions will be deployed on a wider scale by the customer.
The
timing of the deployment of our solutions may vary widely and will depend on the specific deployment plan of each customer, the complexity
of the customer’s organization and the difficulty of such deployment. Customers with substantial or complex organizations may deploy
our solutions in large increments on a periodic basis. Accordingly, we may receive purchase orders for significant dollar amounts on
an irregular and unpredictable basis. Because of our limited operating history and the nature of our business, we cannot predict the
timing or size of these sales and deployment cycles. Long sales cycles, as well as our expectation that customers will tend to place
large orders sporadically with short lead times, may cause our revenue and results of operations to vary significantly and unexpectedly
from quarter to quarter. These variations could materially and adversely affect the market price of our common stock.
Our
ability to increase our revenues and generate net income will depend on a number of factors, including, for example, our ability to:
● |
increase
sales of products and services to our existing customers; |
|
|
● |
convert
our initial programs into larger or enterprise-wide purchases by our customers; |
|
|
● |
increase
market acceptance and penetration of our products; and |
|
|
● |
develop
and commercialize new products and technologies. |
As
of June 30, 2023, we had cash (including restricted cash) and cash equivalents of $22.0 million and working capital of $38.3 million.
Our primary sources of cash are cash flows from operating activities, our holdings of cash, cash equivalents and investments from the
sale of our capital stock and borrowings under our credit facility. To date, we have not generated sufficient cash flow solely from operating
activities to fund our operations.
We
believe that our available working capital, anticipated level of future revenues, expected cash flows from operations and available
borrowings under the revolving credit facility with Bank Hapoalim B.M. will provide sufficient funds to cover capital requirements
through August 10, 2024.
Additional
risks and uncertainties to which we are subject are described under the heading “Risk Factors” in Part II, Item 1A of this
report and in our 2022 Annual Report.
Critical
Accounting Policies
For
the three-and six-month periods ended June 30, 2023, there were no significant changes to our critical accounting policies as identified in our
2022 Annual Report.
Results
of Operations
The
following table sets forth, for the periods indicated, certain operating information expressed as a percentage of revenue:
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Products | |
| 42.8 | % | |
| 34.4 | % | |
| 43.1 | % | |
| 36.1 | % |
Services | |
| 57.2 | % | |
| 65.6 | % | |
| 56.9 | % | |
| 63.9 | % |
Total revenues | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Cost of products | |
| 32.8 | % | |
| 26.7 | % | |
| 34.4 | % | |
| 27.0 | % |
Cost of services | |
| 20.3 | % | |
| 23.3 | % | |
| 20.4 | % | |
| 22.6 | % |
| |
| 53.1 | % | |
| 50.0 | % | |
| 54.8 | % | |
| 49.7 | % |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 46.9 | % | |
| 50.0 | % | |
| 45.2 | % | |
| 50.3 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 45.7 | % | |
| 53.0 | % | |
| 45.4 | % | |
| 52.0 | % |
Research and development expenses | |
| 5.8 | % | |
| 6.8 | % | |
| 7.7 | % | |
| 6.0 | % |
Total operating expenses | |
| 51.5 | % | |
| 59.8 | % | |
| 53.1 | % | |
| 58.1 | % |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| -4.6 | % | |
| -9.8 | % | |
| -7.9 | % | |
| -7.7 | % |
Interest income | |
| 0.0 | % | |
| 0.1 | % | |
| 0.0 | % | |
| 0.1 | % |
Interest expense, net | |
| 4.3 | % | |
| -0.5 | % | |
| 2.4 | % | |
| -0.5 | % |
Bargain purchase - Movingdots | |
| 0.0 | % | |
| 0.9 | % | |
| 0.0 | % | |
| 11.6 | % |
Other income, net | |
| 0.0 | % | |
| 0.2 | % | |
| 0.0 | % | |
| 0.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) before income taxes | |
| -0.2 | % | |
| -9.1 | % | |
| -5.5 | % | |
| 3.4 | % |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit (expense) | |
| -0.1 | % | |
| -0.1 | % | |
| 1.0 | % | |
| -0.7 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) before non-controlling interest | |
| -0.3 | % | |
| -9.3 | % | |
| -4.5 | % | |
| 2.8 | % |
Non-controlling interest | |
| 0.0 | % | |
| 0.0 | % | |
| 0.0 | % | |
| 0.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| -0.3 | % | |
| -9.3 | % | |
| -4.5 | % | |
| 2.8 | % |
Accretion of preferred stock | |
| -0.5 | % | |
| -0.5 | % | |
| -0.5 | % | |
| -0.5 | % |
Preferred stock dividend | |
| -3.0 | % | |
| -3.5 | % | |
| -3.1 | % | |
| -3.4 | % |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to common stockholders | |
| -3.9 | % | |
| -13.3 | % | |
| -8.1 | % | |
| -1.2 | % |
Three
Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022
REVENUES.
Revenues decreased by approximately $2.5 million, or 7%, to $32.1 million in the three months ended June 30, 2023, from $34.6 million
in the same period in 2022.
Revenues
from products decreased approximately $3.8 million, or 25.7%, to $11.0 million in the three months ended June 30, 2023, from $14.8
million in the same period in 2022. The decrease in product revenue was principally due to decreased product sales in Germany, where we are actively shutting down sales from low margin contracts, negatively impacted sales due to large logistics companies recalibrating demand following aggressive builds
during the pandemic, and lower product sales in and out of Israel reflecting geopolitical headwinds and a proactive decision to
shutter our hardware only line of business.
Revenues
from services increased approximately $1.3 million, or 6.4%, to $21.0 million in the three months ended June 30, 2023, from $19.8 million
in the same period in 2022. The increase in services revenues was principally due to an increase in our installed base that generates
service revenue offset in part by the impact of negative foreign currency shifts in our international business.
COST
OF REVENUES. Cost of revenues decreased by approximately $2.3 million, or 12.8%, to $16.0 million in the three months ended June
30, 2023, from $18.4 million for the same period in 2022. Gross profit was $16.0 million in the three months ended June 30, 2023,
compared to $16.2 million for the same period in 2022. As a percentage of revenues, gross profit increased to 50.0% in 2023 from
46.9% in 2022. The increase in gross profit as a percentage of revenues was principally due to high margin service revenue
increasing to 67% of total revenue in 2023 from 57% in 2022.
Cost
of products decreased by approximately $2.8 million, or 24.6%, to $8.5 million in the three months ended June 30, 2023, from $11.3
million in the same period in 2022. Gross profit for products was $2.5 million in the three months ended June 30, 2023, compared to
$3.5 million in the same period in 2022. As a percentage of product revenues, gross profit decreased to 22.4% in 2023 from 23.5% in
2022. The decrease in gross profit as a percentage of revenue was impacted by product mix and inflation.
Cost
of services increased by approximately $0.4 million, or 6.3%, to $7.5 million in the three months ended June 30, 2023, from $7.0 million
in the same period in 2022. Gross profit for services was $13.6 million in the three months ended June 30, 2023, compared to $12.7 million
in the same period in 2022. As a percentage of service revenues, gross profit remained at 64.5% for both periods.
SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative (“SG&A”) expenses increased by approximately
$1.1 million, or 7.4%, to approximately $16.9 million in the three months ended June 30, 2023, compared to $15.8 million in the same
period in 2022, principally due to the acquisition of Movingdots, which added $0.7 million to expense, and $0.5 million in transaction, severance, and
restructuring costs in the quarter. As a percentage of revenues, SG&A expenses increased to 53.0% in the three months ended June
30, 2023, from 45.7% in the same period in 2022.
RESEARCH
AND DEVELOPMENT EXPENSES. Research and development (“R&D”) expenses increased by approximately $0.2 million, or
8.9%, to approximately $2.2 million in the three months ended June 30, 2023, compared to $2.0 million in the same period in 2022,
principally due to higher levels of capitalized software associated with the build out of our Unity platform and new device firmware
and the acquisition of Movingdots, which added $0.7 million to expense. As a percentage of revenues, R&D expenses increased to 5.8% in the three months ended June 30, 2023, from 5.8% in the same
period in 2022.
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS. Net loss was $4.3 million, or $(0.12) per basic and diluted share, for the three
months ended June 30, 2023, as compared to net loss of $1.3 million, or $(0.04) per basic and diluted share, for the same period in 2022.
The increase in net loss was primarily the result of the decreased product revenues and increased SG&A
expenses.
Six Months Ended June
30, 2023 Compared to Six Months Ended June 30, 2022
REVENUES. Revenues
decreased by approximately $2.9 million, or 4.2%, to $64.9 million in the six months ended June 30, 2023, from $67.8 million in the same
period in 2022.
Revenues from products
decreased by approximately $5.8 million, or 19.8%, to $23.4 million in the six months ended June 30, 2023, from $29.2 million in the
same period in 2022. The decrease in product revenues was due to decreased product sales in Germany, where
we are actively shutting down sales from low margin contracts, negatively
impacted sales due to large logistics companies recalibrating demand following aggressive builds during the pandemic, and lower product sales
in and out of Israel reflecting geopolitical headwinds and a proactive decision to shutter our hardware only line of business.
Revenues from services increased
by approximately $0.9 million, or 6.3%, to $41.5 million in the six months ended June 30, 2023, from $38.5 million in the same period in
2022. The increase in services revenues is principally due to an increase in our install base that generates service revenue offset in part by the impact of negative foreign currency shifts in our international business.
COST OF REVENUES. Cost of revenues decreased
by approximately $4.9 million, or 13.1%, to $32.2 million in the six months ended June 30, 2023, from $37.1 million for the same period
in 2022. Gross profit was $32.6 million in the six months ended June 30, 2023, compared to $30.6 million for the same period in 2022.
As a percentage of revenues, gross profit increased to 50.3% in 2023 from 45.2% in 2022. The increase in gross profit as a percentage
of revenues was principally due to decisions to stop fulfilling low margin orders and the decrease in raw materials costs related to the
global supply chain issues, which were more prevalent in 2022 than 2023.
Cost of products decreased
by approximately $5.8 million, or 24.7%, to $17.6 million in the six months ended June 30, 2023, from $23.3 million in the same period
in 2022. Gross profit for products was $5.9 million in the six months ended June 30, 2023, compared to $5.9 million in the same period
in 2022. As a percentage of product revenues, gross profit increased to 25.0% in 2023 from 20.2% in 2022. The increase in gross profit
as a percentage of revenues was principally due to high margin service revenue increasing to 64% of total
revenue in 2023 from 57% in 2022.
Cost of services increased
by approximately $0.9 million, or 6.3%, to $14.7 million in the six months ended June 30, 2023, from $13.8 million in the same period
in 2022. Gross profit for services was $13.6 million in the six months ended June 30, 2023, compared to $12.7 million in the same period
in 2022. As a percentage of service revenues, gross profit was 64.5% for both periods.
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES. SG&A expenses increased by approximately $3.0 million, or 9.9%, to approximately $33.8 million in
the six months ended June 30, 2023, compared to $30.7 million in the same period in 2022, principally due to
the acquisition of Movingdots which added $0.7 million to expense and $0.7 million in transaction, severance, and restructuring
costs in the six months, and increased salaries, investments in marketing programs and increased professional services fees,
including costs associated with our acquisition of Movingdots. As a percentage of revenues, SG&A expenses increased to 52.0% in
the six months ended June 30, 2023, from 45.4% in the same period in 2022, primarily due to the reasons described above.
RESEARCH AND
DEVELOPMENT EXPENSES. R&D expenses decreased by approximately $1.3 million, or 25.3%, to approximately $3.9 million in the
six months ended June 30, 2023, compared to $5.2 million in the same period in 2022, principally due to the capitalization of
software development expenses for new product development and reduction in salaries and wages offset in part by the acquisition of Movingdots which added $0.7 million to expense. As a percentage of revenues, R&D
expenses decreased to 6.0% in the six months ended June 30, 2023, from 7.7% in the same period in 2022, primarily due to the reason
described above.
INTEREST EXPENSE.
Interest expense decreased by approximately $1.9 million, or 119.4%, to approximately $(0.3) million in the three months ended June 30,
2023, compared to $1.6 million in the same period in 2022, principally due to foreign currency translation gains from our two senior secured term loan facilities with Bank Hapoalim B.M. (“Hapoalim”).
NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS. Net loss was $5.5 million, or $(0.15) per basic and diluted share, for the six months ended June 30, 2023, as
compared to net loss of $0.8 million, or $(0.02) per basic and diluted share, for the same period in 2022. The decrease in net
loss was due primarily to the bargain purchase for Movingdots.
Liquidity
and Capital Resources
Historically,
our capital requirements have been funded primarily from the net proceeds from the issuance of our securities, including any issuances
of our common stock upon the exercise of options. As of June 30, 2023, we had cash (including restricted cash) and cash equivalents
of $22.0 million and working capital of $38.3 million.
On
October 3, 2019, in connection with our acquisition of Pointer, we issued and sold 50,000 shares of Series A Convertible Preferred Stock,
par value $0.01 per share (the “Series A Preferred Stock”), to ABRY Senior Equity V, L.P., ABRY Senior Equity Co-Investment
Fund V, L.P and ABRY Investment Partnership, L.P. (the “Investors”), pursuant to the terms of an Investment and Transaction
Agreement, dated as of March 13, 2019 (as such agreement has been amended from time to time, the “Investment Agreement”),
for an aggregate purchase price of $50.0 million. The proceeds received from such sale were used to finance a portion of the cash consideration
payable in our acquisition of Pointer.
In
addition, our wholly owned subsidiaries, Powerfleet Israel and Pointer (collectively, the “Borrowers”) are party to a
Credit Agreement (the “Credit Agreement”) with Hapoalim, effective as of October 3, 2019, pursuant to which Hapoalim
agreed to provide Powerfleet Israel with two senior secured term loan facilities denominated in NIS in an initial aggregate
principal amount of $30 million (comprised of the two facilities in the aggregate principal amount of $20 million (the “Term A
Facility”) and $10 million (the “Term B Facility”)) and a five-year revolving credit facility to Pointer
denominated in NIS in an initial aggregate principal amount of $10 million (the “Revolving Facility”) all of which
matures on October 3, 2024. The outstanding amount under the term loan facilities was approximately NIS46,500, or $12,600, as of June
30, 2023. The proceeds of the term loan facilities were used to finance a portion of the cash consideration payable in our
acquisition of Pointer. The proceeds of the revolving credit facility may be used by Pointer for general corporate
purposes.
On
August 23, 2021, the Borrowers entered into an amendment (the “Amendment”), effective as of August 1, 2021, to the Credit
Agreement with Hapoalim. The Amendment memorializes the agreements between the Borrowers and Hapoalim regarding a reduction in the interest
rates of the Term A Facility and the Term B Facility. Pursuant to the Amendment, commencing as of November 12, 2020, the interest rate
with respect to the Term A Facility was reduced to a fixed rate of 3.65% per annum and the interest rate with respect to the Term B Facility
was reduced to a fixed rate of 4.5% per annum. The Amendment also provides, among other things, for (i) a reduction in the credit allocation
fee on undrawn and uncancelled amounts of the Revolving Facility from 1% to 0.5% per annum, (ii) removal of the requirement that Powerfleet
Israel maintain $3,000 on deposit in a separate reserve fund, and (iii) modifications to certain of the affirmative and negative covenants,
including a financial covenant regarding the ratio of the Borrowers’ debt levels to Pointer’s EBITDA. As of June 30, 2023, the we borrowed approximately NIS11,800, or $3,200, under the revolving credit
facilities.
On
October 31, 2022, the Borrowers entered into a third amendment to the Credit Agreement (the “Third Amendment”) with
Hapoalim. The Third Amendment provides for, among other things, a new revolving credit facility to Pointer denominated in NIS in an
initial aggregate principal amount of $10 million (the “New Revolver”). The New Revolver is available for a period of
one month that commenced on October 31, 2022, and will continue to be available for successive one-month periods until and including
October 30, 2023, unless the Borrowers deliver a notice to Hapoalim of their request not to renew the New Revolver. As of June 30,
2023, we borrowed approximately NIS19,200, or $5,200, under the New Revolver.
The
New Revolver will initially bear interest at the Secured Overnight Financing Rate plus 2.59%. Such interest is subject to monthly changes
by Hapoalim, provided that Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable calendar month.
The
New Revolver is secured by a first ranking fixed pledge and assignment by Pointer over its new bank account, which was opened in connection
with the New Revolver, and all of the rights relating thereunder as well as a cross guarantee by Powerfleet Israel.
Pointer
is required to pay a credit allocation fee equal to 0.5% per annum on undrawn and uncancelled amounts of the New Revolver.
As
a result of global supply chain disruptions, the conflict between Russia and Ukraine, higher interest rates, fluctuations in currency
values, inflation and other cost increases, there remains uncertainty surrounding the potential impact of such events on our results
of operations and cash flows. We are proactively taking steps to increase available cash on hand including, but not limited to, targeted
reductions in discretionary operating expenses and capital expenditures and borrowing under our revolving credit facilities.
On
March 31, 2023, we completed our acquisition of Movingdots. We believe this acquisition will provide significant additional liquidity,
with net cash proceeds of $8.7 million expected to exceed the associated transaction, integration, and rationalization costs. See “Business
Acquisitions” below for more information regarding the acquisition of Movingdots.
Capital
Requirements
As
of June 30, 2023, we had cash (including restricted cash) and cash equivalents of $22.0 million and working capital of $38.3 million.
Our primary sources of cash are cash flows from operating activities, our holdings of cash, cash equivalents and investments from the
sale of our capital stock and borrowings under our credit facility. To date, we have not generated sufficient cash flow solely from operating
activities to fund our operations.
We
believe our available working capital, anticipated level of future revenues and expected cash flows from operations will provide sufficient
funds to cover capital requirements through at least August 10, 2024.
Our
capital requirements depend on a variety of factors, including, but not limited to, the length of the sales cycle, the rate of increase
or decrease in our existing business base, the success, timing, and amount of investment required to bring new products to market, revenue
growth or decline and potential acquisitions. Failure to generate positive cash flow from operations will have a material adverse effect
on our business, financial condition and results of operations.
Operating
Activities
During
the six months ended June 30, 2023, net cash provided by operating activities was $1.3 million, compared to net cash used in
operating activities of $2.7 million for the same period in 2022. The net cash provided by operating activities for the six-months
of 2023 primarily included a non-operating cash benefit of $7.5 million for gain on bargain purchase relating to the acquisition of Movingdots, non-cash charges of $1.7
million for stock-based compensation, $4.5 million for depreciation and amortization expense, and $1.3 million for right-of-use
asset amortization. Changes in working capital items included a decrease in inventory of $0.7 million, an increase in prepaid
expenses and other assets of $0.5 million, a decrease in accounts payable of $1.8 million, and a decrease in lease liabilities of
$1.3 million.
Investing
Activities
Net
cash provided by investing activities for the six months ended June 30, 2023 was $4.8 million, compared to net cash used in
investing activities of $2.0 million for the same period in 2022. The increase in net cash provided by investing activities was
primarily due to $8.7 million in net proceeds from the acquisition of Movingdots, partially offset by $2.1 million for the purchase of
fixed assets and $1.7 million for capitalized software development costs. In contrast, the net cash used in investing activities of
$2.0 million in the same period in 2022 was primarily for the purchase of fixed assets.
Financing
Activities
During
the six months ended June 30, 2023, net cash used in financing activities was $1.1 million, compared to $0.8 million for the same
period in 2022. The increase in net cash used in financing activities was primarily due to the repayment of preferred stock dividends in cash for the quarter ended June 30, 2023.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial
condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Contractual
Obligations
As
of June 30, 2023, there have been no material charges in contractual obligations as disclosed under the caption “Contractual Obligations
and Commitments” in Item 7 of our 2022 Annual Report.
Inflation
Inflation and other macroeconomic conditions in the U.S. have resulted in higher costs of raw materials, freight, and labor, which has
impacted our operating costs. In addition, we operate in several emerging market economies that are particularly vulnerable to the impact
of inflationary pressures that could materially and adversely impact our operations in the foreseeable future.
Business
Acquisitions
In
addition to focusing on our core applications, we adapt our systems to meet our customers’ broader asset management needs and seek
opportunities to expand our solution offerings through strategic acquisitions.
On
March 6, 2023, we entered into a definitive share purchase and transfer agreement (the “SPA”) with Swiss Re Reinsurance Holding
Company Ltd (“Swiss Re”) to acquire all of the outstanding shares of Movingdots for consideration consisting of €1 and
the issuance by us of a ten-year warrant to purchase 800,000 shares of our common stock at an exercise price of $7.00 per share. Under
the SPA, Swiss Re was required to ensure that Movingdots had available cash and cash equivalents of at least €8,000,000 as of the
closing date. The transaction closed on March 31, 2023.
Impact
of Recently Issued Accounting Pronouncements
The
Company is subject to recently issued accounting standards, accounting guidance and disclosure requirements. For a description of these
new accounting standards, see Note 23 to our consolidated financial statements contained in Item 1 of Part I of this Quarterly Report
on Form 10-Q, which is incorporated herein by reference.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
applicable.
Item
4. Controls and Procedures
a.
Disclosure controls and procedures.
Disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) are controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
rules and forms of the Securities and Exchange Commission (the “SEC”). Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that we file under the
Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial
officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls
and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable
assurance of achieving the desired control objectives. Due to the inherent limitations of control systems, not all misstatements may
be detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can
occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion
of two or more people, or by management override of the control. Controls and procedures can only provide reasonable, not absolute, assurance
that the above objectives have been met.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Under the supervision and with the participation of our management, including
our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness, as of December 31,
2022, of our internal control over financial reporting based on the framework in 2013 Internal Control - Integrated Framework issued
by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under this framework, the Chief Executive
Officer and the Chief Financial Officer concluded that our internal control over financial reporting was not effective as of December
31, 2022, as disclosed under the caption “Management’s Report on Internal Control over Financial Report” in Item 9A
of our 2022 Annual Report, due to material weaknesses in our internal control over financial reporting described below, which have not
been remediated as of June 30, 2023.
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented
or detected on a timely basis. Management has concluded that material weaknesses existed as of December 31, 2022 with respect to the
following:
|
● |
Controls
were not designed or operating effectively to ensure that the standalone selling prices (SSP), used to determine the appropriate
allocation of revenue in multiple element arrangements, was appropriate. Determining SSP involves management judgment, considering
among other factors the adjusted market assessment or the expected cost-plus margin, and management did not review timely the analysis
of SSP or the underlying data supporting the analysis. |
|
|
|
|
● |
Controls
were not designed or operating effectively to ensure that the costs capitalized for internal use software were appropriate. Specifically,
these controls did not provide for adequate review or documentation of the amounts capitalized and the related phase of the project.
Furthermore, controls were not designed or operating effectively to ensure that the costs for software to be sold, leased or marketed
were appropriate. Specifically, these controls did not provide for adequate review or documentation of the amounts capitalized and
when projects met technological feasibility. |
|
|
|
|
● |
Controls
over the financial statement close process were not designed or operating effectively to ensure the appropriate level of management
review, including the appropriate level of precision, adequate evidence of management’s review, and the completeness and accuracy
of key reports. |
The
material weaknesses did not result in any restatements of consolidated financial statements previously reported by us, there were no
changes in previously released financial results and management concluded that the consolidated financial statements included in this
report present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods presented,
in conformity with accounting principles generally accepted in the United States.
We
will take certain steps to remediate the material weaknesses described above and otherwise improve the overall design and operation of
our control environment. These steps include:
|
● |
Implementing
of a new enterprise resource planning (ERP) system |
|
|
|
|
● |
Utilizing
external resources to support its efforts to rework certain control gaps across the various processes in Israel and the U.S. with
identified deficiencies |
|
|
|
|
● |
Implementing
enhanced documentation associated with management review controls and validation of the completeness and accuracy of key reports
in Israel and the U.S. |
|
|
|
|
● |
Training
of relevant personnel reinforcing existing policies and enhanced policies with regards to the appropriate steps and procedures required
to be performed related to the execution and documentation of internal controls |
Ernst
& Young LLP, our independent registered public accounting firm that audited the consolidated financial statements included in our
2022 Annual Report, issued an attestation report on the effectiveness of our internal control over financial reporting which appeared
in Part II, Item 8, “Financial Statements and Supplementary Data” of our 2022 Annual Report.
b.
Changes in internal control over financial reporting.
There
was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during
the quarter ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over
financial reporting.
On
March 31, 2023, we completed the acquisition of Movingdots. We are currently integrating policies, processes, people, technology and
operations for the combined companies. Management will continue to evaluate our internal control over financial reporting as we execute
integration activities.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
In
the ordinary course of its business, the Company is at times subject to various legal proceedings. For a description of our material
pending legal proceedings, see Note 22 to our consolidated financial statements contained in Item 1 of Part I of this Quarterly Report
on Form 10-Q, which is incorporated herein by reference.
Item
1A. Risk Factors
In
addition to the other information set forth under the heading “Risks to Our Business” in Part I, Item 2 of this report, you
should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors,” in the Company’s 2022 Annual Report
as such factors could materially affect the Company’s business, financial condition, and future results. The risks described in
the 2022 Annual Report are not the only risks that the Company faces. Additional risks and uncertainties not currently known to the Company,
or that the Company currently deems to be immaterial, also may have a material adverse impact on the Company’s business, financial
condition, or results of operations.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases
of Equity Securities by the Issuer
The
following table provides information regarding our shares withheld activity for each month of the quarterly period ended June 30, 2023
(in thousands). These shares were withheld to satisfy minimum tax withholding obligations in connection with the vesting of restricted
stock.
Period | |
Total Number of Shares Purchased | | |
Average Price Paid per Share | | |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |
| |
| | |
| | |
| | |
| |
April 1, 2023 - April 30, 2023 | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
May 1, 2023 - May 31, 2023 | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | |
June 1, 2023 - June 30, 2023 | |
| 2 | (1) | |
$ | 3.13 | | |
$ | - | | |
$ | - | |
Total | |
| 2 | | |
$ | 3.13 | | |
$ | - | | |
$ | - | |
|
(1) |
Represents
shares of common stock withheld to satisfy minimum tax withholding obligations in connection with the vesting of restricted stock. |
Item
6. Exhibits
The
following exhibits are filed with this Quarterly Report on Form 10-Q:
Exhibits:
Exhibit
Number |
|
Description |
|
|
|
31.1 |
|
Certification
of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
|
|
|
31.2 |
|
Certification
of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
|
|
|
32 |
|
Certification
of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. § 1350 As Adopted Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.* |
|
|
|
101 |
|
The
following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted
in Inline XBRL: (i) Condensed Consolidated Balance Sheets as of December 31, 2022 and June 30, 2023; (ii) Condensed Consolidated Statements
of Operations for the three and six months ended June 30, 2022 and 2023; (iii) Condensed Consolidated Statements of Comprehensive Loss
for the three and six months ended June 30, 2022 and 2023; (iv) Condensed Consolidated Statement of Changes in Stockholders’ Equity
for the periods January 1, 2022 through June 30, 2022 and January 1, 2023 through June 30, 2023; (v) Condensed Consolidated Statements
of Cash Flows for the six months ended June 30, 2022 and 2023; and (vi) Notes to Unaudited Condensed Consolidated Financial Statements. |
|
|
|
104 |
|
The
cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in Inline XBRL
(included as Exhibit 101). |
*
Furnished herewith.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
POWERFLEET,
INC. |
|
|
|
Date:
August 10, 2023 |
By: |
/s/
Steve Towe |
|
|
Steve
Towe |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
August 10, 2023 |
By: |
/s/
David Wilson |
|
|
David
Wilson |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATION
I, Steve Towe, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Powerfleet, Inc.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: August 10, 2023 |
/s/ Steve Towe |
|
Steve Towe |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, David Wilson, certify that:
1. I have reviewed this quarterly
report on Form 10-Q of Powerfleet, Inc.;
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: August 10, 2023 |
/s/ David Wilson |
|
David Wilson |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
Exhibit 32
CERTIFICATION
PURSUANT TO 18 U.S.C. § 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Steve Towe, certify, pursuant to 18 U.S.C. §
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Powerfleet, Inc.
for the quarter ended June 30, 2023, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934 and that the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial
condition and results of operations of Powerfleet, Inc. at the dates and for the periods indicated.
I, David Wilson, certify, pursuant to 18 U.S.C. §
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Powerfleet, Inc.
for the quarter ended June 30, 2023, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934 and that the information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial
condition and results of operations of Powerfleet, Inc. at the dates and for the periods indicated.
|
By: |
/s/ Steve Towe |
|
|
Steve Towe |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
Date: August 10, 2023 |
|
By: |
/s/ David Wilson |
|
|
David Wilson |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
|
|
Date: August 10, 2023 |
The foregoing certification is being furnished solely
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States
Code) and is not being filed as part of the Quarterly Report on Form 10-Q of Powerfleet, Inc. for the quarter ended June 30, 2023 or as
a separate disclosure document.
A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within
the electronic version of this written statement required by Section 906, has been provided to Powerfleet, Inc. and will be retained by
Powerfleet, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 07, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-39080
|
|
Entity Registrant Name |
POWERFLEET,
INC.
|
|
Entity Central Index Key |
0001774170
|
|
Entity Tax Identification Number |
83-4366463
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
123
Tice Boulevard
|
|
Entity Address, City or Town |
Woodcliff
Lake
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
07677
|
|
City Area Code |
(201)
|
|
Local Phone Number |
996-9000
|
|
Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
|
Trading Symbol |
PWFL
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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v3.23.2
Condensed Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
[1] |
Current assets: |
|
|
Cash and cash equivalents |
$ 21,729
|
$ 17,680
|
Restricted cash |
309
|
309
|
Accounts receivable, net of allowance for credit losses of $2,567 and $2,555 in 2022 and 2023, respectively |
31,318
|
32,493
|
Inventory, net |
22,125
|
22,272
|
Deferred costs - current |
338
|
762
|
Prepaid expenses and other current assets |
7,298
|
7,709
|
Total current assets |
83,117
|
81,225
|
Fixed assets, net |
10,226
|
9,249
|
Goodwill |
83,487
|
83,487
|
Intangible assets, net |
21,871
|
22,908
|
Right of use asset |
6,936
|
7,820
|
Severance payable fund |
3,566
|
3,760
|
Deferred tax asset |
1,942
|
3,225
|
Other assets |
6,131
|
5,761
|
Total assets |
217,276
|
217,435
|
Current liabilities: |
|
|
Short-term bank debt and current maturities of long-term debt |
11,197
|
10,312
|
Accounts payable and accrued expenses |
24,960
|
26,598
|
Deferred revenue - current |
6,193
|
6,363
|
Lease liability - current |
2,448
|
2,441
|
Total current liabilities |
44,798
|
45,714
|
Long-term debt, less current maturities |
9,940
|
11,403
|
Deferred revenue - less current portion |
4,582
|
4,390
|
Lease liability - less current portion |
4,715
|
5,628
|
Accrued severance payable |
4,284
|
4,365
|
Deferred tax liability |
4,030
|
4,919
|
Other long-term liabilities |
668
|
636
|
Total liabilities |
73,017
|
77,055
|
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 June 30, 2023 |
59,008
|
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 37,717 shares issued at December 31, 2022 and June 30, 2023, respectively; shares outstanding, 36,170 and 36,265 at December 31, 2022 and June 30, 2023, respectively |
377
|
376
|
Additional paid-in capital |
234,015
|
233,521
|
Accumulated deficit |
(139,648)
|
(141,440)
|
Accumulated other comprehensive loss |
(998)
|
(1,210)
|
Treasury stock; 1,435 and 1,453 common shares at cost at December 31, 2022 and June 30, 2023, respectively |
(8,558)
|
(8,510)
|
Total PowerFleet, Inc. stockholders’ equity |
85,188
|
82,737
|
Non-controlling interest |
63
|
78
|
Total equity |
85,251
|
82,815
|
Total liabilities and stockholders’ equity |
$ 217,276
|
$ 217,435
|
|
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v3.23.2
Condensed Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Allowance for credit losses |
$ 2,555
|
$ 2,567
|
Temporary equity, shares authorized |
100
|
100
|
Temporary equity, par value |
$ 0.01
|
$ 0.01
|
Temporary equity, shares issued |
60
|
59
|
Temporary equity, shares outstanding |
60
|
59
|
Preferred stock, shares authorized |
50,000
|
50,000
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
75,000
|
75,000
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares issued |
37,717
|
37,605
|
Common stock, shares outstanding |
36,265
|
36,170
|
Treasury stock, shares |
1,453
|
1,435
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues: |
|
|
|
|
Total revenues |
$ 32,050
|
$ 34,594
|
$ 64,889
|
$ 67,755
|
Cost of revenues: |
|
|
|
|
Total cost of revenues |
16,017
|
18,364
|
32,238
|
37,126
|
Gross profit |
16,033
|
16,230
|
32,651
|
30,629
|
Operating expenses: |
|
|
|
|
Selling, general and administrative expenses |
16,987
|
15,817
|
33,774
|
30,729
|
Research and development expenses |
2,179
|
2,001
|
3,902
|
5,230
|
Total operating expenses |
19,166
|
17,818
|
37,676
|
35,959
|
Loss from operations |
(3,133)
|
(1,588)
|
(5,025)
|
(5,330)
|
Interest income |
22
|
15
|
46
|
28
|
Interest expense, net |
(173)
|
1,493
|
(310)
|
1,593
|
Bargain purchase - Movingdots |
283
|
|
7,517
|
|
Other income, net |
69
|
3
|
3
|
2
|
Net income (loss) before income taxes |
(2,932)
|
(77)
|
2,231
|
(3,707)
|
Income tax benefit (expense) |
(39)
|
(40)
|
(436)
|
663
|
Net income (loss) before non-controlling interest |
(2,971)
|
(117)
|
1,795
|
(3,044)
|
Non-controlling interest |
(6)
|
(1)
|
(3)
|
(2)
|
Net income (loss) |
(2,977)
|
(118)
|
1,792
|
(3,046)
|
Accretion of preferred stock |
(168)
|
(168)
|
(336)
|
(336)
|
Preferred stock dividend |
(1,129)
|
(1,048)
|
(2,236)
|
(2,076)
|
Net loss attributable to common stockholders |
$ (4,274)
|
$ (1,334)
|
$ (780)
|
$ (5,458)
|
Net income (loss) per share attributable to common stockholders - basic |
$ (0.12)
|
$ (0.04)
|
$ 0.01
|
$ (0.15)
|
Net income (loss) per share attributable to common stockholders - diluted |
$ (0.12)
|
$ (0.04)
|
$ 0.01
|
$ (0.15)
|
Weighted average common shares outstanding - basic |
35,605,000
|
35,386,000
|
35,577,000
|
35,359,000
|
Weighted average common shares outstanding - diluted |
35,605
|
35,386
|
35,670
|
35,359
|
Product [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 11,012
|
$ 14,818
|
$ 23,416
|
$ 29,210
|
Cost of revenues: |
|
|
|
|
Total cost of revenues |
8,550
|
11,336
|
17,552
|
23,314
|
Service [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
21,038
|
19,776
|
41,473
|
38,545
|
Cost of revenues: |
|
|
|
|
Total cost of revenues |
$ 7,467
|
$ 7,028
|
$ 14,686
|
$ 13,812
|
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v3.23.2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net loss attributable to common stockholders |
$ (4,274)
|
$ (1,334)
|
$ (780)
|
$ (5,458)
|
Other comprehensive (loss) income, net: |
|
|
|
|
Foreign currency translation adjustment |
100
|
(1,706)
|
212
|
(1,453)
|
Total other comprehensive income (loss) |
100
|
(1,706)
|
212
|
(1,453)
|
Comprehensive loss |
$ (4,174)
|
$ (3,040)
|
$ (568)
|
$ (6,911)
|
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- DefinitionOther comprehensive income loss foreign currencies transaction and translation adjustment net of tax.
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v3.23.2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Treasury Stock, Common [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 373
|
$ 234,083
|
$ (134,437)
|
$ 391
|
$ (8,299)
|
$ 86
|
$ 92,197
|
|
Balance, shares at Dec. 31, 2021 |
37,263
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
(1,195)
|
(2,929)
|
|
|
|
(4,124)
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
1
|
1
|
|
Foreign currency translation adjustment |
|
|
|
253
|
|
15
|
268
|
|
Issuance of restricted shares |
$ 4
|
(4)
|
|
|
|
|
|
|
Issuance of restricted shares, shares |
398
|
|
|
|
|
|
|
|
Forfeiture of restricted shares |
$ (1)
|
1
|
|
|
|
|
|
|
Forfeiture of restricted shares, shares |
(121)
|
|
|
|
|
|
|
|
Shares withheld pursuant to vesting of restricted stock |
|
|
|
|
(181)
|
|
(181)
|
|
Stock based compensation |
|
457
|
|
|
|
|
457
|
|
Vesting of restricted stock units |
|
|
|
|
|
|
|
|
Vesting of restricted stock units, shares |
30
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 376
|
233,342
|
(137,366)
|
644
|
(8,480)
|
102
|
88,618
|
|
Balance, shares at Mar. 31, 2022 |
37,570
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2021 |
$ 373
|
234,083
|
(134,437)
|
391
|
(8,299)
|
86
|
92,197
|
|
Balance, shares at Dec. 31, 2021 |
37,263
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
|
|
|
|
|
(5,458)
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
2
|
|
Balance at Jun. 30, 2022 |
$ 375
|
233,756
|
(137,484)
|
(1,062)
|
(8,485)
|
85
|
87,185
|
|
Balance, shares at Jun. 30, 2022 |
37,546
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 376
|
233,342
|
(137,366)
|
644
|
(8,480)
|
102
|
88,618
|
|
Balance, shares at Mar. 31, 2022 |
37,570
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
(1,216)
|
(118)
|
|
|
|
(1,334)
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
1
|
1
|
|
Foreign currency translation adjustment |
|
|
|
(1,706)
|
|
(18)
|
(1,724)
|
|
Forfeiture of restricted shares |
$ (1)
|
1
|
|
|
|
|
|
|
Forfeiture of restricted shares, shares |
(24)
|
|
|
|
|
|
|
|
Shares withheld pursuant to vesting of restricted stock |
|
|
|
|
(5)
|
|
(5)
|
|
Stock based compensation |
|
1,629
|
|
|
|
|
1,629
|
|
Balance at Jun. 30, 2022 |
$ 375
|
233,756
|
(137,484)
|
(1,062)
|
(8,485)
|
85
|
87,185
|
|
Balance, shares at Jun. 30, 2022 |
37,546
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 376
|
233,521
|
(141,440)
|
(1,210)
|
(8,510)
|
78
|
82,815
|
[1] |
Balance, shares at Dec. 31, 2022 |
37,605
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
(1,275)
|
4,769
|
|
|
|
3,494
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
(3)
|
(3)
|
|
Foreign currency translation adjustment |
|
|
|
112
|
|
(9)
|
103
|
|
Issuance of restricted shares |
|
|
|
|
|
|
|
|
Issuance of restricted shares, shares |
75
|
|
|
|
|
|
|
|
Forfeiture of restricted shares |
|
|
|
|
|
|
|
|
Forfeiture of restricted shares, shares |
(59)
|
|
|
|
|
|
|
|
Shares withheld pursuant to vesting of restricted stock |
|
|
|
|
(44)
|
|
(44)
|
|
Stock based compensation |
|
832
|
|
|
|
|
832
|
|
Warrant issuance in connection with acquisition |
|
1,347
|
|
|
|
|
1,347
|
|
Balance at Mar. 31, 2023 |
$ 376
|
234,425
|
(136,671)
|
(1,098)
|
(8,554)
|
66
|
88,544
|
|
Balance, shares at Mar. 31, 2023 |
37,621
|
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 376
|
233,521
|
(141,440)
|
(1,210)
|
(8,510)
|
78
|
82,815
|
[1] |
Balance, shares at Dec. 31, 2022 |
37,605
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
|
|
|
|
|
(780)
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
|
3
|
|
Balance at Jun. 30, 2023 |
$ 377
|
234,015
|
(139,648)
|
(998)
|
(8,558)
|
63
|
85,251
|
|
Balance, shares at Jun. 30, 2023 |
37,717
|
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 376
|
234,425
|
(136,671)
|
(1,098)
|
(8,554)
|
66
|
88,544
|
|
Balance, shares at Mar. 31, 2023 |
37,621
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
(1,297)
|
(2,977)
|
|
|
|
(4,274)
|
|
Net income attributable to non-controlling interest |
|
|
|
|
|
6
|
6
|
|
Foreign currency translation adjustment |
|
|
|
100
|
|
(9)
|
91
|
|
Issuance of restricted shares |
$ 1
|
(1)
|
|
|
|
|
|
|
Issuance of restricted shares, shares |
162
|
|
|
|
|
|
|
|
Forfeiture of restricted shares |
|
|
|
|
|
|
|
|
Forfeiture of restricted shares, shares |
(82)
|
|
|
|
|
|
|
|
Shares withheld pursuant to vesting of restricted stock |
|
|
|
|
(4)
|
|
(4)
|
|
Stock based compensation |
|
852
|
|
|
|
|
852
|
|
Exercise of stock options |
|
36
|
|
|
|
|
36
|
|
Exercise of stock options, shares |
16
|
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 377
|
$ 234,015
|
$ (139,648)
|
$ (998)
|
$ (8,558)
|
$ 63
|
$ 85,251
|
|
Balance, shares at Jun. 30, 2023 |
37,717
|
|
|
|
|
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities |
|
|
|
Net income (loss) |
$ 1,792
|
|
$ (3,046)
|
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: |
|
|
|
Non-controlling interest |
3
|
|
2
|
Gain on bargain purchase |
(7,517)
|
|
|
Inventory reserve |
375
|
|
119
|
Stock based compensation expense |
1,684
|
|
2,086
|
Depreciation and amortization |
4,498
|
|
4,133
|
Right-of-use assets, non-cash lease expense |
1,318
|
|
1,382
|
Bad debt expense |
826
|
|
(364)
|
Deferred income taxes |
398
|
|
(663)
|
Other non-cash items |
73
|
|
604
|
Changes in: |
|
|
|
Accounts receivable |
(37)
|
|
(2,911)
|
Inventory |
152
|
|
(5,410)
|
Prepaid expenses and other assets |
500
|
|
(412)
|
Deferred costs |
424
|
|
696
|
Deferred revenue |
(53)
|
|
533
|
Accounts payable and accrued expenses |
(1,840)
|
|
1,856
|
Lease liabilities |
(1,344)
|
|
(1,335)
|
Accrued severance payable, net |
88
|
|
30
|
Net cash (used in) provided by operating activities |
1,340
|
|
(2,700)
|
Cash flows from investing activities: |
|
|
|
Acquisitions, net of cash assumed |
8,722
|
|
|
Purchase of investments |
(100)
|
|
|
Capitalized software development costs |
(1,677)
|
|
|
Capital expenditures |
(2,108)
|
|
(2,013)
|
Net cash (used in) provided by investing activities |
4,837
|
|
(2,013)
|
Cash flows from financing activities: |
|
|
|
Repayment of long-term debt |
(2,658)
|
|
(2,897)
|
Short-term bank debt, net |
2,736
|
|
2,330
|
Purchase of treasury stock upon vesting of restricted stock |
(48)
|
|
(186)
|
Payment of preferred stock dividend |
(1,128)
|
|
|
Proceeds from exercise of stock options |
36
|
|
|
Net cash used in financing activities |
(1,062)
|
|
(753)
|
Effect of foreign exchange rate changes on cash and cash equivalents |
(1,066)
|
|
(3,282)
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
4,049
|
|
(8,748)
|
Cash, cash equivalents, and restricted cash, beginning of period |
17,989
|
|
26,760
|
Cash, cash equivalents, and restricted cash, end of period |
22,038
|
|
18,012
|
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period |
|
|
|
Cash and cash equivalents |
17,680
|
[1] |
26,452
|
Restricted cash |
309
|
[1] |
308
|
Reconciliation of cash, cash equivalents, and restricted cash, end of period |
|
|
|
Cash and cash equivalents |
21,729
|
|
17,703
|
Restricted cash |
309
|
|
309
|
Cash paid for: |
|
|
|
Taxes |
106
|
|
48
|
Interest |
621
|
|
639
|
Noncash investing and financing activities: |
|
|
|
Value of warrant issued in connection with Movingdots acquisition |
$ 1,347
|
|
|
|
|
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v3.23.2
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION |
NOTE
1 - DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION
Description
of the Company
PowerFleet,
Inc. (the “Company” or “Powerfleet”) is a global leader of Internet-of-Things (“IoT”) solutions providing
valuable business intelligence for managing high-value enterprise assets that improve operational efficiencies.
I.D.
Systems, Inc. (“I.D. Systems”) was incorporated in the State of Delaware in 1993. Powerfleet was incorporated in the State
of Delaware in February 2019 for the purpose of effectuating the transactions (the “Transactions”) pursuant to which the
Company acquired Pointer Telocation Ltd. (“Pointer”) and commenced operations on October 3, 2019. Upon the closing of the
Transactions, Powerfleet became the parent entity of I.D. Systems and Pointer.
Basis
of Presentation
The
unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned
subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include
all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements
include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the consolidated
financial position of the Company as of June 30, 2023, the consolidated results of its operations for the three- and six-month periods
ended June 30, 2022 and 2023, the consolidated change in stockholders’ equity for the three-month periods ended March 31 and June
30, 2022 and 2023, and the consolidated cash flows for the six-month periods ended June 30, 2022 and 2023. The results of operations
for the three- and six- month periods ended June 30, 2023 are not necessarily indicative of the operating results for the full year. These
financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures for the
year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year then ended.
Liquidity
As
of June 30, 2023, the Company had cash (including restricted cash) and cash equivalents of $22,038 and working capital approximately
$38,319. The Company’s primary sources of cash are cash flows from operating activities, its holdings of cash, cash equivalents
and investments from the sale of its capital stock and borrowings under its credit facility. To date, the Company has not generated sufficient
cash flows solely from operating activities to fund its operations.
In
addition, the Company’s subsidiaries, PowerFleet Israel Ltd. (“Powerfleet Israel”) and Pointer Telocation Ltd. (“Pointer”
and, together with Powerfleet Israel, the “Borrowers”) are party to a Credit Agreement (the “Credit Agreement”)
with Bank Hapoalim B.M. (“Hapoalim”), pursuant to which Hapoalim provided Powerfleet Israel with two senior secured term
loan facilities denominated in New Israeli Shekels (NIS) in an initial aggregate principal amount of $30,000
(comprised of two facilities in the aggregate
principal amount of $20,000
and $10,000)
and a five-year
revolving credit facility to Pointer in an initial aggregate principal amount of $10,000.
The proceeds of the term loan facilities were used to finance a portion of the cash consideration payable in the Company’s acquisition
of Pointer. The proceeds of the revolving credit facility may be used by Pointer for general corporate purposes. The Company borrowed
net NIS11,800,
or $3,200,
under the revolving credit facility as of June 30, 2023. See Note 13 for additional information.
On
October 31, 2022, the Borrowers entered into a third amendment to the Credit Agreement (the “Third Amendment”) with Hapoalim.
The Third Amendment provides for, among other things, a new revolving credit facility to Pointer denominated in NIS in an initial aggregate
principal amount of $10,000 (the “New Revolver”). The New Revolver is available for a period of one month that commenced
on October 31, 2022, and will continue to be available for successive one-month periods until and including October 30, 2023, unless
the Borrowers deliver a notice to Hapoalim of their request not to renew the New Revolver. The Company borrowed net NIS19,200, or $5,200, under the New Revolver facility as of June 30, 2023. See
Note 13 for additional information.
The
New Revolver initially bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.59%. Such interest is subject
to monthly changes by Hapoalim, provided that Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable
calendar month.
The
New Revolver is secured by a first ranking fixed pledge and assignment by Pointer over its new bank account, which was opened in connection
with the New Revolver, and all of the rights relating thereunder as well as a cross guarantee by Powerfleet Israel.
Pointer
is required to pay a credit allocation fee equal to 0.5% per annum on undrawn and uncancelled amounts of the New Revolver.
The
Company believes that its available working capital, anticipated level of future revenues, expected cash flows from operations and available
borrowings under its revolving credit facility with Hapoalim will provide sufficient funds to cover capital requirements through at least
August 10, 2024.
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v3.23.2
USE OF ESTIMATES
|
6 Months Ended |
Jun. 30, 2023 |
Use Of Estimates |
|
USE OF ESTIMATES |
NOTE
2 – USE OF ESTIMATES
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. The Company continually evaluates
estimates used in the preparation of the financial statements for reasonableness. The most significant estimates relate to
realization of deferred tax assets, accounting for uncertain tax positions, the impairment of intangible assets, including goodwill,
capitalized software development costs, stock-based compensation costs related to market based awards, warrant assumptions, and standalone selling price related
to multiple element revenue arrangements. Actual results could differ from those estimates.
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v3.23.2
ACQUISITION
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION |
NOTE
3 – ACQUISITION
On
March 6, 2023, the Company entered into a share purchase and transfer agreement (the “Agreement”) with Swiss Re
Reinsurance Holding Company Ltd (the “Seller”), pursuant to which the Company would acquire all of the outstanding
shares of Movingdots GmbH (“Movingdots”), a wholly owned subsidiary of the Seller, for consideration consisting of
€1
and the issuance by the Company of a ten-year warrant to purchase 800,000
shares of the Company’s common stock at an exercise price of $7.00
per share (the “Common Stock Warrants”) and with fair value of approximately $1,300 at March 31, 2023 and noncash consideration with an immaterial fair value in the form of a
non-exclusive irrevocable, perpetual, fully paid-up, royalty free license agreement between Movingdots and the Seller for certain of
the acquired intellectual property (the “Acquisition”). The Acquisition was consummated on March 31, 2023 (the “Movingdots Closing”).
As
a result of the Acquisition, Movingdots, a German company providing insurance telematics and sustainable mobility solutions, became a
direct, wholly owned subsidiary of Powerfleet. Movingdots end-to-end telematics app solution will enhance Powerfleet’s SaaS-based
fleet intelligence platform, Unity, with additional customization capabilities and insurance risk insights. Movingdots’ expertise
in safety and sustainability aligns with Unity’s focus on data-powered applications. The Acquisition also strengthens Powerfleet’s
global reach, particularly in Europe.
As
part of the Agreement the Seller was also obligated to (i) transfer certain intellectual property rights from the Seller to Movingdots,
(ii) enter into a distribution agreement pursuant to which the Seller is allowed to promote the Movingdots solutions, and (iii) grant
a license agreement between the Seller’s affiliates and Movingdots.
The
warrant was valued using the Black-Scholes Model using the following assumptions at the date of issuance:
SCHEDULE
OF WARRANTS VALUATION ASSUMPTIONS
| |
| | |
Expected volatility | |
| 50 | % |
Expected term (in years) | |
| 10 | |
Risk free interest rate | |
| 3.50 | % |
Dividend yield | |
| 0 | % |
Fair value per share | |
$ | 1.68 | |
Warrants measurement input | |
$ | 1.68 | |
Purchase
Price Allocation
The
Acquisition met the criteria for a business combination to be accounted for using the acquisition method under ASC 805, Business
Combinations (“ASC 805”), with the Company identified as the legal and the accounting acquirer. There was certain
information that was not readily available at the time the financial statements of Movingdots were prepared as the Acquisition
closed on March 31, 2023. For provisional purchase price allocation purposes, the assets acquired and liabilities assumed are stated
at their carrying values which management assumed approximates their fair values given their short-term nature. Also, the Company
recognized approximately $200
and $500
of acquisition-related costs which were expensed in the consolidated statement of operations for the three- and -six-month periods
ending June 30, 2023, respectively.
The
following table details the provisional allocation of the purchase price to the assets acquired and liabilities assumed in connection
with the acquisition of Movingdots:
SCHEDULE
OF PURCHASE PRICE ALLOCATION IN ASSETS ACQUIRED AND LIABILITIES
| |
| | |
Consideration: | |
| | |
Cash | |
$ | - | |
Fair value of Powerfleet warrants on March 31, 2023 | |
| 1,347 | |
Total consideration | |
$ | 1,347 | |
| |
| | |
Assets acquired: | |
| | |
Cash | |
$ | 8,722 | |
Accounts receivable | |
| 247 | |
Prepaid expenses | |
| 103 | |
Other assets | |
| 270 | |
Inventory | |
| 96 | |
Fixed assets | |
| 372 | |
Total assets acquired | |
| 9,810 | |
| |
| | |
Liabilities assumed: | |
| | |
Accounts payable and accrued expenses | |
| 946 | |
Total liabilities assumed | |
| 946 | |
| |
| | |
Total identifiable net assets acquired | |
| 8,864 | |
Gain on bargain purchase | |
| (7,517 | ) |
Purchase price consideration | |
$ | 1,347 | |
The
provisional fair value estimates of the assets acquired and liabilities assumed, including intangibles, income taxes, and the non-cash
consideration, are subject to subsequent adjustments as additional information is obtained during the applicable measurement period.
Determining the fair values of the assets and liabilities of Movingdots required certain assumptions and judgment. During the second
quarter of 2023, the valuation of certain assets acquired and liabilities assumed were revised resulting in an increase in the gain on
bargain purchase of $283.
Consistent
with the requirements of ASC 805, the Company assessed whether all assets acquired and liabilities assumed have been appropriately identified,
measured and recognized, and performed re-measurements to verify that the consideration paid, assets acquired and liabilities assumed
have been properly valued. After applying the requirements of ASC 805-30-25-4, the Company recognized a gain on bargain purchase as the
estimated fair value of the identifiable net assets acquired exceeded the purchase consideration transferred by approximately $7,500.
Management believes that the recognized gain on bargain purchase represents the best estimates of the economic effect of the Acquisition
based on all information that was available and existed as of the dates the financial statements were issued.
The
gain on bargain purchase primarily resulted from the Seller’s motivation to divest its investment in Movingdots and its
telematic business, which was deemed a non-core business of the Seller on a go-forward basis. The sale of Movingdots was not subject
to a competitive bidding process. Under the Agreement, the Seller also agreed to make a cash injection into Movingdots prior to the
Movingdots Closing in a form of additional paid in capital to ensure Movingdots had available cash in the amount of €8,000
to be used to ensure the liquidity of Movingdots and for broader combined business activities.
If
the Company makes an on-sale transfer of any shares of Movingdots that were acquired in connection with the Acquisition at any time between
the signing date of the Agreement and through twelve months after the Movingdots Closing, to any third-party purchaser (an “on-sale
transfer”), for an amount that is in excess of the purchase price consideration transferred, then the Company shall pay the Seller
an amount in cash (“on sale compensation”) equal to (i) €8,000, plus (ii) the difference between such on-sale transfer
price less the purchase price net of the net present value of the Common Stock Warrants. The Company does not currently intend to enter into an on-sale transfer.
Management
views that the insurance telematics and sustainability are important spaces for the Company to have propositions to enable future strategic
value, supporting the more evolved, IOT data-rich mass subscription space. The acquisition of Movingdots and its business will, among
other things:
● |
open
strategic relationships with some key customers such as Mercedes, BMW and Vodafone; |
|
|
● |
provide
greater go-to-market opportunity to the Company with the European beachhead for future regional expansion, customer acquisition tool
to upsell the Company’s portfolio into German and European markets, and maintain a distribution channel and partnership with
the Seller; and |
|
|
● |
provide
the Company with access to a team with technical skillsets across application development and management, cloud platform development,
user experience/user interface design development and technical product management; |
The
following table represents the combined pro forma revenue and earnings for the three-and six-month periods ended June 30, 2022:
SCHEDULE OF PRO FORMA REVENUE AND EARNINGS
| |
| | |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2022 | |
|
Six Months Ended
June 30, 2022 |
|
| |
Historical | | |
Pro forma combined | |
|
Historical |
|
|
Pro forma combined |
|
| |
| | |
| |
|
|
|
|
|
|
|
|
Revenues | |
$ | 34,594 | | |
$ | 36,322 | |
|
$ |
67,755 |
|
|
$ |
71,214 |
|
Operating loss | |
$ | (1,588 | ) | |
$ | (1,277 | ) |
|
$ |
(5,330 |
) |
|
$ |
(5,039 |
) |
Net loss per share – basic and diluted | |
$ | (0.04 | ) | |
$ | (0.03 | ) |
|
$ |
(0.15 |
) |
|
$ |
(0.11 |
) |
The
following table represents the combined pro forma revenue and earnings for the three- and six-month periods ended June 30, 2023:
| |
| | |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2023 | |
|
Six Months Ended
June 30, 2023 |
|
| |
Historical | | |
Pro forma combined | |
|
Historical |
|
|
Pro forma combined |
|
| |
| | |
| |
|
|
|
|
|
|
|
|
Revenues | |
$ | 32,050 | | |
$ | 32,050 | |
|
$ |
64,889 |
|
|
$ |
67,409 |
|
Operating loss | |
$ | (3,133 | ) | |
$ | (3,133 | ) |
|
$ |
(5,025 |
) |
|
$ |
(4,509 |
) |
Net income (loss) per share - basic | |
$ | (0.12 | ) | |
$ | (0.12 | ) |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
Net income (loss) per share - diluted | |
$ | (0.12 | ) | |
$ | (0.12 | ) |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
The
unaudited combined pro forma revenue and earnings for the three and six-month periods ended June 30, 2022 and 2023 were prepared as
though the Acquisition had occurred as of January 1, 2022. This summary is not necessarily indicative of what the results of
operations would have been had the Acquisition occurred as of such date, nor does it purport to represent results of operations for
any future periods.
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v3.23.2
CASH AND CASH EQUIVALENTS
|
6 Months Ended |
Jun. 30, 2023 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENTS |
NOTE
4 – CASH AND CASH EQUIVALENTS
The
Company considers all highly liquid debt instruments with an original maturity of three months or less when purchased to be cash
equivalents unless they are legally or contractually restricted. The Company’s cash and cash equivalent balances exceed
Federal Deposit Insurance Corporation (“FDIC”) and other local jurisdictional limits (in Israel and Germany). Restricted
cash at December 31, 2022 and June 30, 2023 consists of cash held in escrow for purchases from a vendor.
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v3.23.2
REVENUE RECOGNITION
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE RECOGNITION |
NOTE
5 - REVENUE RECOGNITION
The
Company and its subsidiaries generate revenue from sales of systems and products and from customer SaaS and hosting infrastructure fees.
Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.
Sales, value add, and other taxes the Company collects concurrently with revenue-producing activities are excluded from revenue. Incidental
items that are immaterial in the context of the contract are recognized as expense. The expected costs associated with the Company’s
base warranties continue to be recognized as expense when the products are sold (see Note 14).
Revenue
is recognized when performance obligations under the terms of a contract with our customer are satisfied. Product sales are recognized
at a point in time when title transfers, when the products are shipped, or when control of the system is transferred to the customer,
which usually is upon delivery of the system and when contractual performance obligations have been satisfied. For products which do
not have standalone value to the customer separate from the SaaS services provided, the Company considers both hardware and SaaS services
a bundled performance obligation. Under the applicable accounting guidance, all of the Company’s billings for equipment and the
related cost for these systems are deferred, recorded, and classified as a current and long-term liability and a current and long-term
asset, respectively. The deferred revenue and cost are recognized over the service contract life, ranging from one to five years, beginning
at the time that a customer acknowledges acceptance of the equipment and service.
The
Company recognizes revenue for remotely hosted SaaS agreements and post-contract maintenance and support agreements beyond our standard
warranties over the life of the contract. Revenue is recognized ratably over the service periods and the cost of providing these services
is expensed as incurred. Amounts invoiced to customers which are not recognized as revenue are classified as deferred revenue and classified
as short-term or long-term based upon the terms of future services to be delivered. Deferred revenue also includes prepayment of extended
maintenance, hosting and support contracts.
The
Company earns other service revenues from installation services, training and technical support services which are short-term in nature
and revenue for these services are recognized at the time of performance when the service is provided.
The
Company also derives revenue from leasing arrangements. Such arrangements provide for monthly payments covering product or system sale,
maintenance, support and interest. These arrangements meet the criteria to be accounted for as operating or sales-type leases. Accordingly,
for sales-type leases an asset is established for the “sales-type lease receivable” at the present value of the expected
lease payments and revenue is deferred and recognized over the service contract, as described above. Maintenance revenues and interest
income are recognized monthly over the lease term.
The
Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue
to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices
based on observable prices charged to customers or adjusted market assessment or using expected cost-plus margin when one is available.
Adjusted market assessment price is determined based on overall pricing objectives taking into consideration market conditions and entity
specific factors.
The
Company recognizes an asset for the incremental costs of obtaining the contract arising from the sales commissions to employees because
the Company expects to recover those costs through future fees from the customers. The Company amortizes the asset over one to five years
because the asset relates to the services transferred to the customer during the contract term of one to five years.
The
Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one
year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice
for services performed.
The
following table presents the Company’s revenues disaggregated by revenue source for the three-and six-months ended June 30, 2022
and 2023:
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE SOURCE
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Products | |
$ | 14,818 | | |
$ | 11,012 | | |
$ | 29,210 | | |
$ | 23,416 | |
Services | |
| 19,776 | | |
| 21,038 | | |
| 38,545 | | |
| 41,473 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 34,594 | | |
$ | 32,050 | | |
$ | 67,755 | | |
$ | 64,889 | |
The
balances of contract assets and contract liabilities from contracts with customers are as follows as of December 31, 2022 and June 30,
2023:
SCHEDULE
OF CONTRACT ASSETS AND CONTRACT LIABILITIES FROM CONTRACTS WITH CUSTOMERS
| |
| | |
| |
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Assets: | |
| | | |
| | |
Deferred contract cost | |
$ | 2,740 | | |
$ | 2,680 | |
Deferred cost | |
$ | 762 | | |
$ | 338 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Deferred revenue - services (1) | |
$ | 9,815 | | |
$ | 10,356 | |
Deferred revenue - products (1) | |
| 938 | | |
| 419 | |
| |
| | | |
| | |
Deferred revenue | |
| 10,753 | | |
| 10,775 | |
Less: Deferred revenue and contract liabilities - current portion | |
| (6,363 | ) | |
| (6,193 | ) |
| |
| | | |
| | |
Deferred revenue and contract liabilities - less current portion | |
$ | 4,390 | | |
$ | 4,582 | |
(1) |
The
Company records deferred revenues when cash payments are received or due in advance of the Company’s performance. For the three-month
periods ended June 30, 2022 and 2023, the Company recognized revenue of $1,719 and $1,766, respectively, which was included in the
deferred revenue balance at the beginning of each reporting period. For the six-month periods ended June 30, 2022 and 2023, the Company
recognized revenue of $3,892 and $4,007, respectively, which was included in the deferred revenue balance at the beginning of each
reporting period. The Company expects to recognize as revenue these deferred revenue balances before the year 2028, when the services
are performed and, therefore, satisfies its performance obligation to the customers. |
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v3.23.2
ALLOWANCE FOR CREDIT LOSSES
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
ALLOWANCE FOR CREDIT LOSSES |
NOTE
6 – ALLOWANCE FOR CREDIT LOSSES
The
Company’s receivables were evaluated to determine an appropriate allowance for credit losses. For trade receivables, the
Company’s historical collections were analyzed by the number of days past due to determine the uncollectible rate in each
range of days past due and considerations of any changes expected in the future. The estimate of the allowance for credit losses is
charged to the allowance for credit losses based on the age of receivables multiplied by the historical uncollectible rate for the
range of days past due or earlier if the account is deemed uncollectible for other reasons. Recoveries of amounts previously charged
as uncollectible are credited to the allowance for credit losses.
An
analysis of the allowance for credit losses for the period ended June 30, 2023 is as follows:
SCHEDULE
OF ALLOWANCE FOR CREDIT LOSSES
| |
| | |
Allowance for credit losses, December 31, 2022
| |
$ | 2,567 | |
Allowance for credit losses, beginning balance | |
$ | 2,567 | |
Current period provision for expected credit losses | |
| 826 | |
Write-offs charged against the allowance | |
| (947 | ) |
Foreign currency translation | |
| 109 | |
Recoveries | |
| - | |
Allowance for credit losses, June 30, 2023 | |
$ | 2,555 | |
Allowance for credit losses, ending balance | |
$ | 2,555 | |
During
the six-months ended June 30, 2023, the change in the allowance for credit losses was due to the change in the age of trade
receivables.
|
X |
- DefinitionThe entire disclosure for allowance for credit losses.
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v3.23.2
PREPAID EXPENSES AND OTHER ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
PREPAID EXPENSES AND OTHER ASSETS |
NOTE
7 – PREPAID EXPENSES AND OTHER ASSETS
Prepaid
expenses and other current assets consist of the following:
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Sales-type lease receivables, current | |
$ | 1,161 | | |
$ | 1,175 | |
Prepaid expenses | |
| 4,047 | | |
| 3,896 | |
Contract assets | |
| 1,131 | | |
| 1,115 | |
Other current assets | |
| 1,370 | | |
| 1,112 | |
| |
| | | |
| | |
Prepaid expenses and
other current assets | |
$ | 7,709 | | |
$ | 7,298 | |
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v3.23.2
INVENTORY
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
8 - INVENTORY
Inventory,
which primarily consists of finished goods and components used in the Company’s products, is stated at the lower of cost or net
realizable value using the “moving average” cost method or the first-in first-out (FIFO) method. Inventory is shown net of
a valuation reserve of $453 at December 31, 2022 and $673 at June 30, 2023.
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Components | |
$ | 12,443 | | |
$ | 10,994 | |
Work in process | |
| 462 | | |
| 73 | |
Finished goods, net | |
| 9,367 | | |
| 11,058 | |
| |
| | | |
| | |
Inventory, Net | |
$ | 22,272 | | |
$ | 22,125 | |
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v3.23.2
FIXED ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
FIXED ASSETS |
NOTE
9 - FIXED ASSETS
Fixed
assets are stated at cost, less accumulated depreciation and amortization, and are summarized as follows:
SCHEDULE
OF FIXED ASSETS
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Installed products | |
$ | 8,586 | | |
$ | 10,224 | |
Computer software | |
| 7,195 | | |
| 8,157 | |
Computer and electronic equipment | |
| 5,658 | | |
| 6,545 | |
Furniture and fixtures | |
| 2,041 | | |
| 2,217 | |
Leasehold improvements | |
| 1,415 | | |
| 1,473 | |
| |
| | | |
| | |
| |
| 24,895 | | |
| 28,616 | |
Accumulated depreciation and amortization | |
| (15,646 | ) | |
| (18,390 | ) |
| |
$ | 9,249 | | |
$ | 10,226 | |
Depreciation
and amortization expense of fixed assets for the three- and six-month periods ended June 30, 2022 was $770 and $1,584, respectively,
and for the three- and six-month periods ended June 30, 2023 was $955 and $1,981, respectively. This includes amortization of costs
associated with computer software for the three- and six-month periods ended June 30, 2022 of $26 and $135, respectively, and for the
three- and six-month periods ended June 30, 2023 of $24 and $59, respectively.
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS AND GOODWILL |
NOTE
10 - INTANGIBLE ASSETS AND GOODWILL
Costs
incurred internally in researching and developing software products are charged to expense until technological feasibility has been established
for the product. Once technological feasibility is established, software costs are capitalized until the product is available for general
release to customers. Judgment is required in determining when technological feasibility of a product is established. The amortization
of these costs will be included in cost of revenue over the estimated life of the products.
The
following table summarizes identifiable intangible assets of the Company as of December 31, 2022 and June 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
June 30, 2023 | |
Useful Lives (In Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Amortized: | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 9-12 | | |
$ | 19,264 | | |
$ | (6,794 | ) | |
$ | 12,470 | |
Trademark and tradename | |
| 3-15 | | |
| 7,553 | | |
| (3,291 | ) | |
| 4,262 | |
Patents | |
| 7-11 | | |
| 628 | | |
| (396 | ) | |
| 232 | |
Technology | |
| 7 | | |
| 10,911 | | |
| (9,515 | ) | |
| 1,396 | |
Favorable contract interest | |
| 4 | | |
| 388 | | |
| (388 | ) | |
| - | |
Covenant not to compete | |
| 5 | | |
| 208 | | |
| (208 | ) | |
| - | |
Software to be sold or leased | |
| 3-6 | | |
| 3,346 | | |
| - | | |
| 3,346 | |
| |
| | | |
| 42,298 | | |
| (20,592 | ) | |
| 21,706 | |
| |
| | | |
| | | |
| | | |
| | |
Unamortized: | |
| | | |
| | | |
| | | |
| | |
Customer list | |
| | | |
| 104 | | |
| - | | |
| 104 | |
Trademark and tradename | |
| | | |
| 61 | | |
| - | | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| 165 | | |
| - | | |
| 165 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| | | |
$ | 42,463 | | |
$ | (20,592 | ) | |
$ | 21,871 | |
December
31, 2022 | |
Useful
Lives (In Years) | | |
Gross
Carrying Amount | | |
Accumulated
Amortization | | |
Net
Carrying Amount | |
Amortized: | |
| | | |
| | | |
| | | |
| | |
Customer
relationships | |
| 9-12 | | |
$ | 20,031 | | |
$ | (6,830 | ) | |
$ | 13,201 | |
Trademark
and tradename | |
| 3-15 | | |
| 7,589 | | |
| (2,990 | ) | |
| 4,599 | |
patents | |
| 7-11 | | |
| 628 | | |
| (351 | ) | |
| 277 | |
Technology | |
| 7 | | |
| 10,667 | | |
| (7,866 | ) | |
| 2,801 | |
Favorable
contract interest | |
| 4 | | |
| 388 | | |
| (388 | ) | |
| - | |
Covenant
not to compete | |
| 5 | | |
| 208 | | |
| (208 | ) | |
| - | |
Software
to be sold or leased | |
| 3-6 | | |
| 1,865 | | |
| - | | |
| 1,865 | |
| |
| | | |
| 41,376 | | |
| (18,633 | ) | |
| 22,743 | |
| |
| | | |
| | | |
| | | |
| | |
Unamortized | |
| | | |
| | | |
| | | |
| | |
Customer
list | |
| | | |
| 104 | | |
| - | | |
| 104 | |
Trademark
and tradename | |
| | | |
| 61 | | |
| - | | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| 165 | | |
| - | | |
| 165 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| | | |
$ | 41,541 | | |
$ | (18,633 | ) | |
$ | 22,908 | |
| |
| | | |
| | | |
| | | |
| | |
Global
uncertainties continue to adversely impact the broader global economy and have caused significant volatility in financial markets. If
there is a lack of recovery or further global softening in certain markets, or a sustained decline in the value of the Company’s
common stock, the Company may conclude that indicators of impairment exist and would then be required to calculate whether or not an
impairment exists for its goodwill, other intangibles, and long-lived assets, the results of which could result in material impairment
charges. The Company tests goodwill and other indefinite lives intangible assets on an annual basis in the fourth quarter and more frequently
if the Company believes indicators of impairment exists. As of December 31, 2022 and June 30, 2023, the Company determined that no impairment
existed to the goodwill, customer list and trademark and trade name of its acquired intangibles.
At
June 30, 2023, the weighted-average amortization period for the intangible assets was 8.6 years. At June 30, 2023, the weighted-average
amortization periods for customer relationships, trademarks and trade names, patents, technology, and capitalized software to be sold
or leased were 11.9, 9.6, 7.0, 4.3, and 3.0 years, respectively.
Amortization
expense for the three- and six-month periods ended June 30, 2022 was $1,275 and $2,549, respectively, and for the three- and six-month
periods ended June 30, 2023 was $1,311 and $2,518, respectively. Estimated future amortization expense for each of the five succeeding
fiscal years for these intangible assets is as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS AMORTIZATION EXPENSE
| |
| | |
2023 (remaining) | |
$ | 3,074 | |
2024 | |
| 3,738 | |
2025 | |
| 3,610 | |
2026 | |
| 2,692 | |
2027 | |
| 2,233 | |
Thereafter | |
| 6,359 | |
Finite-Lived
intangible assets | |
$ | 21,706 | |
There
have been no changes in the carrying amount of goodwill from January 1, 2023 to June 30, 2023.
For
the six-month period ended June 30, 2023, the Company did not identify any indicators of impairment.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
11 - STOCK-BASED COMPENSATION
During
the first fiscal quarter of 2023, the Company granted 75 shares
of restricted stock to certain executives, which vests in four equal installments over a four year period, provided that the
executive is employed by the Company on each scheduled vesting date.
During
the first fiscal quarter of 2023, the Company granted options to purchase 405 shares of the Company’s common stock to certain executives,
consisting of options to purchase 130 shares of common stock with time-based vesting conditions and options to purchase 275 shares of
common stock with performance-based vesting conditions (which we refer to as “market-based stock options”). The options have
an exercise price of $3.00. The market-based stock options will vest and become exercisable if the volume weighted average price of the
Company’s common stock during a consecutive 60-day trading period (the “60 Day VWAP”) reaches $12.00. The Company valued
the market-based stock option awards using a Monte Carlo simulation model using a daily price forecast over ten years until expiration
utilizing Geometric Brownian Motion that considers a variety of factors including, but not limited to, the Company’s common stock
price, risk-free rate (3.7%), and expected stock price volatility (50%) over the expected life of awards (5.1 years). The weighted average
fair value of market-based stock options granted during the period was $1.38.
During the second fiscal quarter of 2023, the
Company issued 162
shares of restricted stock to certain employees, which vests over four equal installments over a four year period, provided that
the employee is employed by the Company on each scheduled vesting date.
During the second fiscal quarter of 2023,
the Company issued options to purchase 930
shares of the Company’s common stock to certain employees, consisting of options to purchase 340
shares of common stock with time-based vesting conditions and options to purchase 590
shares of common stock with performance-based vesting conditions (which we refer to as “market-based stock options”).
The options have an exercise price of $3.13.
The market-based stock options will vest and become exercisable if the 60 Day VWAP reaches $12.00.
The Company valued the market-based stock option awards using a Monte Carlo simulation model using a daily price forecast over ten
years until expiration utilizing Geometric Brownian Motion that considers a variety of factors including, but not limited to, the
Company’s common stock price, risk-free rate (3.7%),
and expected stock price volatility (50%)
over the expected life of awards (5.1
years). The weighted average fair value of market-based stock options issued during the period was $1.56.
[A]
Stock Options:
The
following table summarizes the activity relating to the Company’s market-based stock options that were granted to certain executives
and employees for the six-month period ended June 30, 2023:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms | | |
Aggregate
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at beginning of year | |
| 5,065 | | |
$ | 14.14 | | |
| | | |
$ | - | |
Granted | |
| 865 | | |
| 3.09 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| (450 | ) | |
| 2.85 | | |
| | | |
| 54 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at end of period | |
| 5,480 | | |
$ | 13.32 | | |
| 8.7 years | | |
$ | 206 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at end of period | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
The
following table summarizes the activity relating to the Company’s stock options, excluding the market-based stock options that
were granted to certain executives and employees, for the six-month period ended June 30, 2023:
| |
Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at beginning of year | |
| 2,727 | | |
$ | 5.29 | | |
| | | |
$ | 795 | |
Granted | |
| 470 | | |
| 3.09 | | |
| | | |
| | |
Exercised | |
| 16 | | |
| 2.33 | | |
| | | |
| 9 | |
Forfeited or expired | |
| (823 | ) | |
| 5.48 | | |
| | | |
| 14 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at end of period | |
| 2,358 | | |
$ | 4.80 | | |
| 7.1 years | | |
$ | 124 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at end of period | |
| 1,176 | | |
$ | 5.53 | | |
| 5.4 years | | |
$ | 22 | |
The
fair value of each option grant on the date of grant is estimated using the Black-Scholes option-pricing model reflecting the following
weighted-average assumptions:
SCHEDULE OF FAIR VALUE STOCK OPTION ASSUMPTIONS
| |
| | |
| |
| |
June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
| |
Expected volatility | |
| 49.4 | % | |
| 55.64 | % |
Expected life of options (in years) | |
| 7 | | |
| 6.10 | |
Risk free interest rate | |
| 1.73 | % | |
| 3.87 | % |
Dividend yield | |
| 0 | % | |
| 0 | % |
Weighted-average fair value of options granted during year | |
$ | 2.04 | | |
$ | 1.66 | |
Expected
volatility is based on historical volatility of the Company’s common stock and the expected life of options is based on historical
data with respect to employee exercise periods.
The
Company recorded stock-based compensation expense of $1,267
and $1,301
for the three- and six-month periods ended June 30, 2022, respectively, and $585 and $1,203 for the three- and six-month periods
ended June 30, 2023, respectively, in connection with awards made under the stock option plans.
The
fair value of options vested during the six-month periods ended June 30, 2022 and 2023 was $376
and $562,
respectively.
As
of June 30, 2023, there was $1,784 of total unrecognized compensation cost related to non-vested options granted under the Company’s
stock option plans excluding the market-based stock options that were granted to certain senior managers, including the Company’s
executive officers. That cost is expected to be recognized over a weighted-average period of 2.71 years.
As
of June 30, 2023, there was $5,781 of total unrecognized compensation cost related to non-vested options granted under the Company’s
stock option plans for the market-based stock options that were granted to certain senior managers, including the Company’s executive
officers. That cost is expected to be recognized over a weighted-average period of 4.21 years.
The
Company estimates forfeitures at the time of valuation and reduces expense ratably over the vesting period. This estimate is adjusted
periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate.
[B]
Restricted Stock Awards:
The
Company grants restricted stock to employees, whereby the employees are contractually restricted from transferring the shares until they
are vested. The stock is unvested at the time of grant and, upon vesting, there are no legal restrictions on the stock. The fair value
of each share is based on the Company’s closing stock price on the date of the grant. A summary of all non-vested restricted stock
for the six-month period ended June 30, 2023 is as follows:
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY
| |
Number of Non- Vested Shares | | |
Weighted- Average Grant Date Fair Value | |
| |
| | |
| |
Restricted stock, non-vested, beginning of year | |
| 706 | | |
$ | 4.75 | |
Granted | |
| 237 | | |
| 2.97 | |
Vested | |
| (150 | ) | |
| 5.11 | |
Forfeited | |
| (141 | ) | |
| 5.50 | |
| |
| | | |
| | |
Restricted stock, non-vested, end of period | |
| 652 | | |
$ | 3.86 | |
The
Company recorded stock-based compensation expenses of $335 and
$743
for the three- and six-month periods ended June 30, 2022, respectively, and $267 and
$481 for
the three-and six-month periods ended June 30, 2023, respectively, in connection with restricted stock grants. As of June 30, 2023,
there was $1,758 of
total unrecognized compensation cost related to non-vested shares. That cost is expected to be recognized over a weighted-average
period of 2.62 years.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
NET INCOME (LOSS) PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET INCOME (LOSS) PER SHARE |
NOTE
12 - NET INCOME (LOSS) PER SHARE
Net
income (loss) per share for the three- and six-month periods ended June 30, 2022 and 2023 are as follows:
SCHEDULE OF NET LOSS PER SHARE BASIC AND DILUTED
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
Basic and diluted loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
|
$ |
(1,334 |
) |
|
$ |
(4,274 |
) |
|
$ |
(5,458 |
) |
|
$ |
(780 |
) |
Addback: Preferred stock dividend and accretion | |
| - | | |
| - | | |
| - | | |
| 2,572 | |
Less: Preferred stock dividend paid | |
| - | | |
| - | | |
| - | | |
| (1,128 | ) |
Less: Preferred stock dividend accretion | |
| - | | |
| - | | |
| - | | |
| (336 | ) |
Allocation of earning to participating securities | |
| - | | |
| - | | |
| - | | |
| (62 | ) |
Numerator for basic EPS – income available to common stockholders | |
| (1,334 | ) | |
| (4,274 | ) | |
| (5,458 | ) | |
| 266 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common share outstanding - basic |
|
|
35,386 |
|
|
|
35,605 |
|
|
|
35,359 |
|
|
|
35,577 |
|
Effect of dilutive securities | |
| - | | |
| - | | |
| - | | |
| 93 | |
Weighted-average common share outstanding - diluted | |
| 35,386 | | |
| 35,605 | | |
| 35,359 | | |
| 35,670 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to common stockholders - basic | |
$ | (0.04 | ) | |
$ | (0.12 | ) | |
$ | (0.15 | ) | |
$ | 0.01 | |
Net income (loss) attributable to common stockholders - diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.01 |
|
Basic
loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares
outstanding during the period. Diluted loss per share reflects the potential dilution assuming common shares were issued upon the exercise
of outstanding options and the proceeds thereof were used to purchase outstanding common shares. Dilutive potential common shares include
outstanding stock options, warrants and restricted stock and performance share awards. We include participating securities (unvested
share-based payment awards and equivalents that contain non-forfeitable rights to dividends or dividend equivalents) in the computation
of earnings per share pursuant to the two-class method. Our participating securities consist solely of preferred stock, which have contractual
participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per
share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net
loss, no effect is given to the participating securities because they do not share in the losses of the Company. For the six-month period
ended June 30, 2022, the basic and diluted weighted-average shares outstanding are the same, since the effect from the potential exercise
of outstanding stock options, conversion of preferred stock, and vesting of restricted stock and restricted stock units totaling 16,438 would have been anti-dilutive due to the loss. For the six-month period ended June 30, 2023, the two-class method of computing earnings per share was anti-dilutive.
As a result, the weighted-average number of shares outstanding used in the computation of diluted earnings per share does not include
9,484 shares from the conversion of preferred stock, warrants, stock options and restricted stock awards because the effect would have
been anti-dilutive.
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v3.23.2
SHORT-TERM BANK DEBT AND LONG-TERM DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SHORT-TERM BANK DEBT AND LONG-TERM DEBT |
NOTE
13 - SHORT-TERM BANK DEBT AND LONG-TERM DEBT
SCHEDULE OF LONG TERM DEBT
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | | |
| (Unaudited) | |
Short-term bank debt | |
$ | 5,709 | | |
$ | 8,445 | |
Current maturities of long-term debt | |
$ | 4,603 | | |
$ | 2,752 | |
Long term debt - less current maturities | |
$ | 11,403 | | |
$ | 9,940 | |
Long-Term
debt
In
connection with the Transactions, Powerfleet Israel incurred NIS denominated debt in term loan borrowings on October 3, 2019 which
was the closing date of the Transactions (the “Closing Date”), under the Credit Agreement, pursuant to
which Hapoalim agreed to provide Powerfleet Israel with two senior secured term loan facilities in an initial aggregate principal
amount of $30,000 (comprised
of two facilities in the aggregate principal amount of $20,000 and
$10,000,
respectively (the “Term A Facility” and “Term B Facility”, respectively, and collectively, the “Term
Facilities”)) and a five-year revolving credit facility (the “Revolving Facility”) to Pointer denominated in NIS
in an initial aggregate principal amount of $10,000 (collectively,
the “Credit Facilities”). As of June 30, 2023, the Company borrowed NIS11,800,
or $3,200,
under the Revolving Facility.
The
Credit Facilities will mature on the date that is five years from the Closing Date, or October 3, 2024. The indicative interest rate
provided for the Term Facilities in the original Credit Agreement was approximately 4.73%
for the Term A Facility and 5.89%
for the Term B Facility. The
interest rate for the Revolving Facility is, with respect to NIS-denominated loans, Hapoalim’s prime rate + 2.5%, and with
respect to US dollar-denominated loans, LIBOR + 4.6% (amended to SOFR + 2.15%). In addition, the Company agreed to pay a 1%
commitment fee on the unutilized and uncancelled availability under the Revolving Facility. The Credit Facilities are secured
by the shares held by Powerfleet Israel in Pointer and by Pointer over all of its assets. The original Credit Agreement includes
customary representations, warranties, affirmative covenants, negative covenants (including the following financial covenants,
tested quarterly: Pointer’s net debt to EBITDA; Pointer’s net debt to working capital; minimum equity of Powerfleet
Israel; Powerfleet Israel equity to total assets; Powerfleet Israel net debt to EBITDA; and Pointer EBITDA to current payments and
events of default).
On
August 23, 2021, the Borrowers entered into an amendment (the “Amendment”), effective as of August 1, 2021, to the Credit
Agreement with Hapoalim. The Amendment memorializes the agreements between the Borrowers and Hapoalim regarding a reduction in the interest
rates of the two Term Facilities. Pursuant to the Amendment, commencing as of November 12, 2020, the interest rate with respect to the
Term A Facility was reduced to a fixed rate of 3.65% per annum and the interest rate with respect to the Term B Facility was reduced
to a fixed rate of 4.5% per annum. The Amendment also provides, among other things, for (i) a reduction in the credit allocation fee
on undrawn and uncancelled amounts of the Revolving Facility from 1% to 0.5% per annum, (ii) removal of the requirement that Powerfleet
Israel maintain $3,000 on deposit in a separate reserve fund, and (iii) modifications to certain of the affirmative and negative covenants,
including a financial covenant regarding the ratio of the Borrowers’ debt levels to Pointer’s EBITDA. The Company is in compliance
with all covenants as of June 30, 2023.
In
connection with the Credit Facilities, the Company incurred debt issuance costs of $742. For the three-month periods ended June 30,
2022 and 2023, the Company recorded $55 and $35, respectively, of amortization of the debt issuance costs. For the six-month periods ended June 30, 2022 and 2023, the Company recorded
$119 and $78, respectively, of amortization of the debt issuance costs. The Company recorded charges
of $200 and $152 to interest expense on its consolidated statements of operations for the three-month periods ended June 30, 2022 and
2023, respectively, related to interest expense associated with the Credit Facilities. The Company recorded charges of $436 and $312 to interest expense on its consolidated statements of operations for
the six-month periods ended June 30, 2022 and 2023, respectively, related to interest expense associated with the Credit Facilities.
On
October 31, 2022, the Borrowers entered into the Third Amendment with Hapoalim. The Third Amendment provides for, among other things,
the New Revolver. The New Revolver will be available for a period of one month, commencing on October 31, 2022, and will continue to
be available for successive one-month periods until and including October 30, 2023, unless the Borrowers deliver a notice to Hapoalim
of their request not to renew the New Revolver. As of June 30, 2023, the Company borrowed NIS19,200, or $5,200, under the
New Revolver.
The
New Revolver will initially bear interest at the SOFR + 2.59%. Such interest is subject to monthly changes by Hapoalim, provided that
Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable calendar month.
The
New Revolver is secured by a first ranking fixed pledge and assignment by Pointer over its new bank account, which was opened in connection
with the New Revolver, and all of the rights relating thereunder as well as a cross guarantee by Powerfleet Israel.
Pointer
is required to pay a credit allocation fee equal to 0.5% per annum on undrawn and uncancelled amounts of the New Revolver.
Scheduled
maturities of the long-term debt as of June 30, 2023 are as follows:
SCHEDULE OF MATURITIES OF LONG TERM DEBT
| |
| |
July 2023 – June 2024 | |
$ | 2,752 | |
July 2024 – October 2024 | |
| 9,940 | |
Long Term debt | |
| 12,692 | |
Less: Current Portion through June 30, 2024 | |
| 2,752 | |
Total | |
$ | 9,940 | |
The
Term B Facility is not subject to amortization over the life of the loan and instead the original principal amount is due in one installment
on the fifth anniversary of the Closing Date.
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
14 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts
payable and accrued expenses consist of the following:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(unaudited) | |
Accounts payable | |
$ | 14,751 | | |
$ | 13,705 | |
Accrued warranty | |
| 1,897 | | |
| 2,337 | |
Accrued compensation | |
| 7,153 | | |
| 6,209 | |
Government authorities | |
| 1,992 | | |
| 2,183 | |
Other current liabilities | |
| 805 | | |
| 526 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 26,598 | | |
$ | 24,960 | |
The
Company’s products are warranted against defects in materials and workmanship for a period of one to eight years from the date
of acceptance of the product by the customer. The customers may purchase an extended warranty providing coverage up to a maximum of 60
months. A provision for estimated future warranty costs is recorded for expected or historical warranty matters related to equipment
shipped and is included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of December 31, 2022
and June 30, 2023.
The
following table summarizes warranty activity for the six-month periods ended June 30, 2022 and 2023:
SCHEDULE
OF PRODUCT WARRANTY LIABILITY
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
(unaudited) | |
Accrued warranty reserve, beginning of year | |
$ | 1,333 | | |
$ | 2,054 | |
Accrual for product warranties issued | |
| 718 | | |
| 817 | |
Product replacements and other warranty expenditures | |
| (270 | ) | |
| (270 | ) |
Expiration of warranties | |
| (69 | ) | |
| (96 | ) |
| |
| | | |
| | |
Accrued warranty reserve, end of period (a) | |
$ | 1,712 | | |
$ | 2,505 | |
(a) |
Includes
non-current accrued warranty included in other long-term liabilities at June 30, 2022 and June 30, 2023 of $173 and $168, respectively. |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
15 - STOCKHOLDERS’ EQUITY
[A]
Redeemable Preferred Stock
The
Company is authorized to issue 150 shares of preferred stock, par value $0.01 per share of which 100 shares are designated Series A Convertible
Preferred Stock (“Series A Preferred Stock”) and 50 shares are undesignated.
Series
A Preferred Stock
In
connection with the completion of the Transactions, on October 3, 2019, the Company issued 50
shares of Series A Preferred Stock to ABRY Senior Equity V, L.P., ABRY Senior Equity Co-Investment Fund V, L.P and ABRY Investment
Partnership, L.P. (the “Investors”). For the six-month periods ended June 30, 2022 and 2023, the Company issued 2
and 1
additional shares of Series A Preferred Stock, respectively.
Liquidation
The
Series A Preferred Stock has a liquidation preference equal to the greater of (i) the original issuance price of $1,000.00 per share,
subject to certain adjustments (the “Series A Issue Price”), plus all accrued and unpaid dividends thereon (except in the
case of a deemed liquidation event, then 150% of such amount), and (ii) the amount such holder would have received if the Series A Preferred
Stock had converted into common stock immediately prior to such liquidation.
Dividends
Holders
of Series A Preferred Stock are entitled to receive cumulative dividends at a minimum rate of 7.5%
per annum (calculated on the basis of the Series A Issue Price), quarterly in arrears. The dividends are payable at the
Company’s election, in kind, through the issuance of additional shares of Series A Preferred Stock, or in cash, provided no
dividend payment failure has occurred and is continuing and that there has not previously occurred two or more dividend payment
failures. Commencing on the 66-month anniversary of the date on which any shares of Series A Preferred Stock are first issued (the
“Original Issuance Date”), and on each monthly anniversary thereafter, the dividend rate will increase by 100 basis
points, until the dividend rate reaches 17.5%
per annum, subject to the Company’s right to defer the increase for up to three consecutive months on terms set forth in the
Company’s Amended and Restated Certificate of Incorporation (the “Charter”). During the three-and six-month periods
ended June 30, 2022, the Company paid dividends in shares in amounts equal to $1,048 and
$2,076 respectively,
to the holders of the Series A Preferred Stock. During the three-and six-month periods ended June 30, 2023, the Company paid
dividends in shares in amounts equal to $0 and $1,107, respectively, to the holders of the Series A Preferred Stock. The dividend
payment for the three-month period ended June 30, 2023 totaled $1,128 and was paid in cash. As of June 30, 2023, dividends in
arrears were $-0-.
Voting;
Consent Rights
The
holders of Series A Preferred Stock will be given notice by the Company of any meeting of stockholders or action to be taken by written
consent in lieu of a meeting of stockholders as to which the holders of common stock are given notice at the same time as provided in,
and in accordance with, the Company’s Amended and Restated Bylaws. Except as required by applicable law or as otherwise specifically
set forth in the Charter, the holders of Series A Preferred Stock are not entitled to vote on any matter presented to the Company’s
stockholders unless and until any holder of Series A Preferred Stock provides written notification to the Company that such holder is
electing, on behalf of all holders of Series A Preferred Stock, to activate their voting rights and in doing so rendering the Series
A Preferred Stock voting capital stock of the Company (such notice, a “Series A Voting Activation Notice”). From and after
the delivery of a Series A Voting Activation Notice, all holders of the Series A Preferred Stock will be entitled to vote with the holders
of common stock as a single class on an as-converted basis (provided, however, that any holder of Series A Preferred Stock shall not
be entitled to cast votes for the number of shares of common stock issuable upon conversion of such shares of Series A Preferred Stock
held by such holder that exceeds the quotient of (1) the aggregate Series A Issue Price for such shares of Series A Preferred Stock divided
by (2) $5.57 (subject to adjustment for stock splits, stock dividends, combinations, reclassifications and similar events, as applicable)).
So long as shares of Series A Preferred Stock are outstanding and convertible into shares of common stock that represent at least 10%
of the voting power of the common stock, or the Investors or their affiliates continue to hold at least 33% of the aggregate amount of
Series A Preferred Stock issued to the Investors on the Original Issuance Date, the consent of the holders of at least a majority of
the outstanding shares of Series A Preferred Stock will be necessary for the Company to, among other things, (i) liquidate the Company
or any operating subsidiary or effect any deemed liquidation event (as such term is defined in the Charter), except for a deemed liquidation
event in which the holders of Series A Preferred Stock receive an amount in cash not less than the Redemption Price (as defined below),
(ii) amend the Company’s organizational documents in a manner that adversely affects the Series A Preferred Stock, (iii) issue
any securities that are senior to, or equal in priority with, the Series A Preferred Stock or issue additional shares of Series A Preferred
Stock to any person other than the Investors or their affiliates, (iv) incur indebtedness above the agreed-upon threshold, (v) change
the size of the Company’s board of directors to a number other than seven, or (vi) enter into certain affiliated arrangements or
transactions.
Redemption
At
any time, each holder of Series A Preferred Stock may elect to convert each share of such holder’s then-outstanding Series A Preferred
Stock into the number of shares of the Company’s common stock equal to the quotient of (x) the Series A Issue Price, plus any accrued
and unpaid dividends, divided by (y) the Series A Conversion Price in effect at the time of conversion. The Series A Conversion Price
is initially equal to $7.319, subject to certain adjustments as set forth in the Charter.
At
any time after the third anniversary of the Original Issuance Date, subject to certain conditions, the Company may redeem the Series
A Preferred Stock for an amount per share, equal to the greater of (i) the product of (x) 1.5 multiplied by (y) the sum of the Series
A Issue Price, plus all accrued and unpaid dividends and (ii) the product of (x) the number of shares of common stock issuable upon conversion
of such Series A Preferred Stock multiplied by (y) the volume weighted average price of the common stock during the 30 consecutive trading
day period ending on the trading date immediately prior to the date of such redemption notice or, if calculated in connection with a
deemed liquidation event, the value ascribed to a share of common stock in such deemed liquidation event (the “Redemption Price”).
Further,
at any time (i) after the 66-month anniversary of the Original Issuance Date, (ii) following delivery of a mandatory conversion notice
by us, or (iii) upon a deemed liquidation event, subject to Delaware law governing distributions to stockholders, the holders of the
Series A Preferred Stock may elect to require us to redeem all or any portion of the outstanding shares of Series A Preferred Stock for
an amount per share equal to the Redemption Price.
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v3.23.2
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
ACCUMULATED OTHER COMPREHENSIVE LOSS |
NOTE
16 - ACCUMULATED OTHER COMPREHENSIVE LOSS
Comprehensive loss includes net loss and foreign currency translation gains and losses.
The
accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2023 are
as follows:
SCHEDULE
OF ACCUMULATED OTHER COMPREHENSIVE LOSS
| |
Foreign currency translation adjustment | | |
Accumulated other comprehensive
income (loss) | |
| |
| | |
| |
Balance at January 1, 2023 | |
$ | (1,210 | ) | |
$ | (1,210 | ) |
Net current period change | |
| 212 | | |
| 212 | |
| |
| | | |
| | |
Balance at June 30, 2023 | |
$ | (998 | ) | |
$ | (998 | ) |
The
accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2022 are
as follows:
| |
Foreign currency translation adjustment | | |
Accumulated other comprehensive
income (loss) | |
| |
| | |
| |
Balance at January 1, 2022 | |
$ | 391 | | |
$ | 391 | |
Net current period change | |
| (1,453 | ) | |
| (1,453 | ) |
| |
| | | |
| | |
Balance at June 30, 2022 | |
$ | (1,062 | ) | |
$ | (1,062 | ) |
The
Company’s reporting currency is the U.S. dollar (“USD”). For businesses where the majority of the revenues are generated in USD or
linked to the USD and a substantial portion of the costs are incurred in USD, the Company’s management believes that the USD is
the primary currency of the economic environment and thus their functional currency. Due to the fact that Argentina has been determined
to be highly inflationary, the financial statements of our subsidiary in Argentina have been remeasured as if its functional currency
was the USD. The Company also has foreign operations where the functional currency is the local currency. For these operations, assets
and liabilities are translated using the end-of-period exchange rates and revenues, expenses and cash flows are translated using average
rates of exchange for the period. Equity is translated at the rate of exchange at the date of the equity transaction. Translation adjustments
are recognized in stockholders’ equity as a component of accumulated other comprehensive income (loss). Net translation gains (losses)
from the translation of foreign currency financial statements of $(1,453) and $212 at June 30, 2022 and 2023, respectively, are included
in comprehensive income (loss) in the Consolidated Statement of Changes in Stockholders’ Equity.
Foreign
currency transaction gains and losses related to operational expenses denominated in a currency other than the functional currency
are included in determining net income or loss. Foreign currency transaction gains (losses) for the three- and six-month periods
ended June 30, 2022 of $(719)
and $(922),
respectively, and for the three-and six-month periods ended June 30, 2023 of $56
and $232,
respectively, are included in selling, general and administrative expenses in the Consolidated Statement of Operations.
Foreign currency transaction gains related to long-term debt for the three- and six-month periods ended June 30, 2022 of $2,068
and $2,612
respectively, and for the three-and-six month periods ended June 30, 2023 of $306
and $710
respectively, are included in interest expense in the Consolidated Statement of Operations.
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v3.23.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
NOTE
17 – SEGMENT INFORMATION
The
Company operates in one reportable segment, wireless IoT asset management. The following table summarizes revenues by geographic region.
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS BY GEOGRAPHICAL REGION
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
United States | |
$ | 15,064 | | |
$ | 12,921 | | |
$ | 28,122 | | |
$ | 27,359 | |
Israel | |
| 10,902 | | |
| 10,896 | | |
| 23,082 | | |
| 21,576 | |
Other | |
| 8,628 | | |
| 8,233 | | |
| 16,551 | | |
| 15,954 | |
| |
| | | |
| | | |
| | | |
| | |
Total revenues | |
$ | 34,594 | | |
$ | 32,050 | | |
$ | 67,755 | | |
$ | 64,889 | |
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Long lived assets by geographic region: | |
| | | |
| | |
| |
| | | |
| | |
United States | |
$ | 941 | | |
$ | 1,071 | |
Israel | |
| 3,545 | | |
| 3,774 | |
Other | |
| 4,763 | | |
| 5,381 | |
| |
| | | |
| | |
Long lived assets | |
$ | 9,249 | | |
$ | 10,226 | |
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
18 - INCOME TAXES
The
Company records its interim tax provision based upon a projection of the Company’s annual effective tax rate (“AETR”).
This AETR is applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete
items. The Company updates the AETR on a quarterly basis as the pre-tax income projections are revised and tax laws are enacted. The
effective tax rate (“ETR”) each period is impacted by a number of factors, including the relative mix of domestic and foreign
earnings and adjustments to recorded valuation allowances. The currently forecasted ETR may vary from the actual year-end due to the
changes in these factors.
SCHEDULE OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
663 |
|
|
|
(436 |
) |
Total income (loss) after taxes |
|
|
(117 |
) |
|
|
(2,971 |
) |
|
$ |
(3,044 |
) |
|
$ |
1,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
$ |
51.75 |
% |
|
$ |
1.33 |
% |
|
$ |
17.88 |
% |
|
$ |
19.54 |
% |
For
the three- and six-month periods ended June 30, 2022 and 2023, the effective tax rate differed from the statutory tax rates primarily due
to the mix of domestic and foreign earnings amongst taxable jurisdictions, recorded valuation allowances to fully reserve against
deferred tax assets in non-Israel jurisdictions and certain discrete items.
On
August 16, 2022, the President of the United States signed into law H.R. 5376, commonly referred to as the Inflation Reduction Act of
2022 (the “IRA”). The IRA is federal legislation designed to raise revenue from, among other things, the imposition of certain
corporate tax measures, while authorizing spending on energy and climate change initiatives and subsidizing the Affordable Care Act.
The IRA also introduced a 1% excise tax on certain corporate stock buybacks, which would impose a nondeductible 1% excise tax on the
fair market value of certain stock that is “repurchased” during the taxable year by a publicly traded U.S. corporation or
acquired by certain of its subsidiaries. The passage of the IRA did not have a material impact to the Company nor its calculated AETR
as of June 30, 2023.
On
August 9, 2022, the President of the United States signed into law H.R. 4346, “The CHIPS and Science Act of 2022.” CHIPS
is a federal statue providing funding for research and domestic production of semiconductors. Additional funding can be provided through
CHIPS to various federal agencies as well as towards climate science research. Tax measures include a 25% advanced investment tax credit
for certain investments in semiconductor manufacturing. The passage of the CHIPS and Science Act did not have a material impact to the
Company nor its calculated AETR as of June 30, 2023.
|
X |
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE
19 - LEASES
The
Company has operating leases for office space and office equipment. The Company’s leases have remaining lease terms of one year
to three years, some of which include options to extend the lease term for up to five years.
The
Company has lease arrangements which are classified as short-term in nature. These leases meet the criteria for operating lease classification.
Lease costs associated with the short-term leases are included in selling, general and administrative expenses on the Company’s
condensed consolidated statements of operations during the three- and six-months ended June 30, 2022 and 2023.
Components
of lease expense are as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
| |
Three Months Ended June 30, | |
|
Six Months Ended June 30, |
| |
2022 | | |
2023 | |
|
2022 |
|
|
2023 |
|
| |
| | |
| |
|
|
|
|
|
|
Short term lease cost: | |
$ | 113 | | |
$ | 119 | |
|
$ |
244 |
|
|
$ |
207 |
|
Supplemental
cash flow information and non-cash activity related to our operating leases are as follows:
SCHEDULE
OF CASH FLOW INFORMATION AND NON CASH ACTIVITY OF OPERATING LEASES
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | | |
| | |
Non-cash activity: | |
$ | 777 | | |
$ | 685 | |
Weighted-average
remaining lease term and discount rate for our operating leases are as follows:
SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
| |
June 30, 2023 | |
| |
| |
Weighted-average remaining lease term (in years) | |
| 2.74 | |
Weighted-average discount rate | |
| 6.18 | % |
Scheduled
maturities of operating lease liabilities outstanding as of June 30, 2023 are as follows:
SCHEDULED
MATURITIES OF OPERATING LEASE LIABILITIES
| |
| | |
July - December 2023 | |
$ | 1,793 | |
2024 | |
| 2,105 | |
2025 | |
| 1,857 | |
2026 | |
| 780 | |
2027 | |
| 101 | |
Thereafter | |
| 1,213 | |
Total lease payments | |
| 7,849 | |
Less: Imputed interest | |
| (686 | ) |
Present value of lease liabilities | |
$ | 7,163 | |
|
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
NOTE
20 - FAIR VALUE OF FINANCIAL INSTRUMENTS
The
Company’s cash and cash equivalents are carried at fair value. The carrying value of financing receivables approximates fair value
due to the interest rate implicit in the instruments approximating current market rates. The carrying value of accounts receivables,
accounts payable and accrued liabilities and short term bank debt approximates their fair values due to the short period to maturity
of these instruments. The fair value of the Company’s long term debt is based on observable relevant market information and future
cash flows discounted at current rates, which are Level 2 measurements.
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS
| |
June 30, 2023 | |
| |
Carrying Amount | | |
Fair Value | |
Long term debt | |
$ | 21,137 | | |
$ | 20,719 | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
CONCENTRATION OF CUSTOMERS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATION OF CUSTOMERS |
NOTE
21 - CONCENTRATION OF CUSTOMERS
For
the three-and six-month periods ended June 30, 2022 and 2023, there were no customers who generated revenues greater than 10%
of the Company’s consolidated total revenues or generated greater than 10%
of the Company’s consolidated accounts receivable.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
22 - COMMITMENTS AND CONTINGENCIES
Except
for normal operating leases, the Company is not currently subject to any material commitments.
From
time to time, the Company is involved in various litigation matters involving claims incidental to its business and acquisitions, including
employment matters, acquisition related claims, patent infringement and contractual matters, among other issues. While the outcome of
any such litigation matters cannot be predicted with certainty, management currently believes that the outcome of these proceedings,
including the matters described below, either individually or in the aggregate, will not have a material adverse effect on its business,
results of operations or financial condition. The Company records reserves related to legal matters when losses related to such litigation
or contingencies are both probable and reasonably estimable.
In
August 2014, Pointer do Brasil Comercial Ltda. (“Pointer Brazil”) received a notification of lack of payment of VAT tax (Brazilian
ICMS tax) in the amount of $219 plus $1,155 of interest and penalty, totaling $1,374 as of June 30, 2023. The Company is vigorously
defending this tax assessment before the administrative court in Brazil, but in light of the administrative and judicial processes in
Brazil, it could take up to 14 years before the dispute is finally resolved. In case the administrative court rules against the Company,
the Company could claim before the judicial court, an appellate court in Brazil, a substantial reduction of interest charged, potentially
reducing the Company’s total exposure. The Company’s legal counsel is of the opinion that the chance of loss is not probable
and for this reason the Company has not made any provision.
In
July 2015, Pointer Brazil received a tax deficiency notice alleging that the services provided by Pointer Brazil should be classified
as “telecommunication services” and therefore Pointer Brazil should be subject to the state value-added tax. The aggregate
amount claimed to be owed under the notice was approximately $13,148 as of June 30, 2023. On August 14, 2018, the lower chamber of the
State Tax Administrative Court in São Paulo rendered a decision that was favorable to Pointer Brazil in relation to the ICMS demands,
but adverse in regards to the clerical obligation of keeping in good order a set of ICMS books and related tax receipts. The remaining
claim after this administrative decision is $227. The state has the opportunity to appeal to the higher chamber of the State Tax Administrative
Court. The Company’s legal counsel is of the opinion that the chance of loss is not probable and that no material costs will arise
in respect to these claims. For this reason, the Company has not made any provision.
On
February 24, 2022, Pointer Mexico received a notification for 2016 and 2017 tax assessment in the amounts of $268 and $476, respectively,
regarding the underpayment of VAT and government fees from the Mexican Tax Service (“MTS”). Under the statute and case law,
Pointer Mexico was entitled to appeal before the MTS or file a lawsuit before the Federal Court of Administrative Justice. On April 19,
2022, Pointer Mexico filed an appeal for revocation of the assessment. On May 2, 2022, Pointer Mexico filed additional evidence before
the MTS. As of June 30, 2023, the MTS has not resolved the administrative revocation appeal. The Company’s legal counsel is of
the opinion that the chance of loss is not probable and for this reason the Company has not made any provision.
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v3.23.2
RECENT ACCOUNTING PRONOUNCEMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
RECENT ACCOUNTING PRONOUNCEMENTS |
NOTE
23 - RECENT ACCOUNTING PRONOUNCEMENTS
In
June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on
Financial Instruments,” which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment
is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity’s ability
to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to
be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. The Company adopted ASU
No. 2016-13 on January 1, 2023. The adoption of the standard did not result in a material impact on the consolidated financial statements.
|
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v3.23.2
ACQUISITION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS |
The
warrant was valued using the Black-Scholes Model using the following assumptions at the date of issuance:
SCHEDULE
OF WARRANTS VALUATION ASSUMPTIONS
| |
| | |
Expected volatility | |
| 50 | % |
Expected term (in years) | |
| 10 | |
Risk free interest rate | |
| 3.50 | % |
Dividend yield | |
| 0 | % |
Fair value per share | |
$ | 1.68 | |
Warrants measurement input | |
$ | 1.68 | |
|
SCHEDULE OF PURCHASE PRICE ALLOCATION IN ASSETS ACQUIRED AND LIABILITIES |
The
following table details the provisional allocation of the purchase price to the assets acquired and liabilities assumed in connection
with the acquisition of Movingdots:
SCHEDULE
OF PURCHASE PRICE ALLOCATION IN ASSETS ACQUIRED AND LIABILITIES
| |
| | |
Consideration: | |
| | |
Cash | |
$ | - | |
Fair value of Powerfleet warrants on March 31, 2023 | |
| 1,347 | |
Total consideration | |
$ | 1,347 | |
| |
| | |
Assets acquired: | |
| | |
Cash | |
$ | 8,722 | |
Accounts receivable | |
| 247 | |
Prepaid expenses | |
| 103 | |
Other assets | |
| 270 | |
Inventory | |
| 96 | |
Fixed assets | |
| 372 | |
Total assets acquired | |
| 9,810 | |
| |
| | |
Liabilities assumed: | |
| | |
Accounts payable and accrued expenses | |
| 946 | |
Total liabilities assumed | |
| 946 | |
| |
| | |
Total identifiable net assets acquired | |
| 8,864 | |
Gain on bargain purchase | |
| (7,517 | ) |
Purchase price consideration | |
$ | 1,347 | |
|
SCHEDULE OF PRO FORMA REVENUE AND EARNINGS |
The
following table represents the combined pro forma revenue and earnings for the three-and six-month periods ended June 30, 2022:
SCHEDULE OF PRO FORMA REVENUE AND EARNINGS
| |
| | |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2022 | |
|
Six Months Ended
June 30, 2022 |
|
| |
Historical | | |
Pro forma combined | |
|
Historical |
|
|
Pro forma combined |
|
| |
| | |
| |
|
|
|
|
|
|
|
|
Revenues | |
$ | 34,594 | | |
$ | 36,322 | |
|
$ |
67,755 |
|
|
$ |
71,214 |
|
Operating loss | |
$ | (1,588 | ) | |
$ | (1,277 | ) |
|
$ |
(5,330 |
) |
|
$ |
(5,039 |
) |
Net loss per share – basic and diluted | |
$ | (0.04 | ) | |
$ | (0.03 | ) |
|
$ |
(0.15 |
) |
|
$ |
(0.11 |
) |
The
following table represents the combined pro forma revenue and earnings for the three- and six-month periods ended June 30, 2023:
| |
| | |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2023 | |
|
Six Months Ended
June 30, 2023 |
|
| |
Historical | | |
Pro forma combined | |
|
Historical |
|
|
Pro forma combined |
|
| |
| | |
| |
|
|
|
|
|
|
|
|
Revenues | |
$ | 32,050 | | |
$ | 32,050 | |
|
$ |
64,889 |
|
|
$ |
67,409 |
|
Operating loss | |
$ | (3,133 | ) | |
$ | (3,133 | ) |
|
$ |
(5,025 |
) |
|
$ |
(4,509 |
) |
Net income (loss) per share - basic | |
$ | (0.12 | ) | |
$ | (0.12 | ) |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
Net income (loss) per share - diluted | |
$ | (0.12 | ) | |
$ | (0.12 | ) |
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
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v3.23.2
REVENUE RECOGNITION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF REVENUE DISAGGREGATED BY REVENUE SOURCE |
The
following table presents the Company’s revenues disaggregated by revenue source for the three-and six-months ended June 30, 2022
and 2023:
SCHEDULE
OF REVENUE DISAGGREGATED BY REVENUE SOURCE
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Products | |
$ | 14,818 | | |
$ | 11,012 | | |
$ | 29,210 | | |
$ | 23,416 | |
Services | |
| 19,776 | | |
| 21,038 | | |
| 38,545 | | |
| 41,473 | |
| |
| | | |
| | | |
| | | |
| | |
| |
$ | 34,594 | | |
$ | 32,050 | | |
$ | 67,755 | | |
$ | 64,889 | |
|
SCHEDULE OF CONTRACT ASSETS AND CONTRACT LIABILITIES FROM CONTRACTS WITH CUSTOMERS |
The
balances of contract assets and contract liabilities from contracts with customers are as follows as of December 31, 2022 and June 30,
2023:
SCHEDULE
OF CONTRACT ASSETS AND CONTRACT LIABILITIES FROM CONTRACTS WITH CUSTOMERS
| |
| | |
| |
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Assets: | |
| | | |
| | |
Deferred contract cost | |
$ | 2,740 | | |
$ | 2,680 | |
Deferred cost | |
$ | 762 | | |
$ | 338 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Deferred revenue - services (1) | |
$ | 9,815 | | |
$ | 10,356 | |
Deferred revenue - products (1) | |
| 938 | | |
| 419 | |
| |
| | | |
| | |
Deferred revenue | |
| 10,753 | | |
| 10,775 | |
Less: Deferred revenue and contract liabilities - current portion | |
| (6,363 | ) | |
| (6,193 | ) |
| |
| | | |
| | |
Deferred revenue and contract liabilities - less current portion | |
$ | 4,390 | | |
$ | 4,582 | |
(1) |
The
Company records deferred revenues when cash payments are received or due in advance of the Company’s performance. For the three-month
periods ended June 30, 2022 and 2023, the Company recognized revenue of $1,719 and $1,766, respectively, which was included in the
deferred revenue balance at the beginning of each reporting period. For the six-month periods ended June 30, 2022 and 2023, the Company
recognized revenue of $3,892 and $4,007, respectively, which was included in the deferred revenue balance at the beginning of each
reporting period. The Company expects to recognize as revenue these deferred revenue balances before the year 2028, when the services
are performed and, therefore, satisfies its performance obligation to the customers. |
|
X |
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v3.23.2
ALLOWANCE FOR CREDIT LOSSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES |
An
analysis of the allowance for credit losses for the period ended June 30, 2023 is as follows:
SCHEDULE
OF ALLOWANCE FOR CREDIT LOSSES
| |
| | |
Allowance for credit losses, December 31, 2022
| |
$ | 2,567 | |
Allowance for credit losses, beginning balance | |
$ | 2,567 | |
Current period provision for expected credit losses | |
| 826 | |
Write-offs charged against the allowance | |
| (947 | ) |
Foreign currency translation | |
| 109 | |
Recoveries | |
| - | |
Allowance for credit losses, June 30, 2023 | |
$ | 2,555 | |
Allowance for credit losses, ending balance | |
$ | 2,555 | |
|
X |
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v3.23.2
PREPAID EXPENSES AND OTHER ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS |
Prepaid
expenses and other current assets consist of the following:
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Sales-type lease receivables, current | |
$ | 1,161 | | |
$ | 1,175 | |
Prepaid expenses | |
| 4,047 | | |
| 3,896 | |
Contract assets | |
| 1,131 | | |
| 1,115 | |
Other current assets | |
| 1,370 | | |
| 1,112 | |
| |
| | | |
| | |
Prepaid expenses and
other current assets | |
$ | 7,709 | | |
$ | 7,298 | |
|
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v3.23.2
INVENTORY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
consist of the following:
SCHEDULE
OF INVENTORIES
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Components | |
$ | 12,443 | | |
$ | 10,994 | |
Work in process | |
| 462 | | |
| 73 | |
Finished goods, net | |
| 9,367 | | |
| 11,058 | |
| |
| | | |
| | |
Inventory, Net | |
$ | 22,272 | | |
$ | 22,125 | |
|
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v3.23.2
FIXED ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF FIXED ASSETS |
SCHEDULE
OF FIXED ASSETS
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Installed products | |
$ | 8,586 | | |
$ | 10,224 | |
Computer software | |
| 7,195 | | |
| 8,157 | |
Computer and electronic equipment | |
| 5,658 | | |
| 6,545 | |
Furniture and fixtures | |
| 2,041 | | |
| 2,217 | |
Leasehold improvements | |
| 1,415 | | |
| 1,473 | |
| |
| | | |
| | |
| |
| 24,895 | | |
| 28,616 | |
Accumulated depreciation and amortization | |
| (15,646 | ) | |
| (18,390 | ) |
| |
$ | 9,249 | | |
$ | 10,226 | |
|
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v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
The
following table summarizes identifiable intangible assets of the Company as of December 31, 2022 and June 30, 2023:
SCHEDULE OF INTANGIBLE ASSETS
June 30, 2023 | |
Useful Lives (In Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Amortized: | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 9-12 | | |
$ | 19,264 | | |
$ | (6,794 | ) | |
$ | 12,470 | |
Trademark and tradename | |
| 3-15 | | |
| 7,553 | | |
| (3,291 | ) | |
| 4,262 | |
Patents | |
| 7-11 | | |
| 628 | | |
| (396 | ) | |
| 232 | |
Technology | |
| 7 | | |
| 10,911 | | |
| (9,515 | ) | |
| 1,396 | |
Favorable contract interest | |
| 4 | | |
| 388 | | |
| (388 | ) | |
| - | |
Covenant not to compete | |
| 5 | | |
| 208 | | |
| (208 | ) | |
| - | |
Software to be sold or leased | |
| 3-6 | | |
| 3,346 | | |
| - | | |
| 3,346 | |
| |
| | | |
| 42,298 | | |
| (20,592 | ) | |
| 21,706 | |
| |
| | | |
| | | |
| | | |
| | |
Unamortized: | |
| | | |
| | | |
| | | |
| | |
Customer list | |
| | | |
| 104 | | |
| - | | |
| 104 | |
Trademark and tradename | |
| | | |
| 61 | | |
| - | | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| 165 | | |
| - | | |
| 165 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| | | |
$ | 42,463 | | |
$ | (20,592 | ) | |
$ | 21,871 | |
December
31, 2022 | |
Useful
Lives (In Years) | | |
Gross
Carrying Amount | | |
Accumulated
Amortization | | |
Net
Carrying Amount | |
Amortized: | |
| | | |
| | | |
| | | |
| | |
Customer
relationships | |
| 9-12 | | |
$ | 20,031 | | |
$ | (6,830 | ) | |
$ | 13,201 | |
Trademark
and tradename | |
| 3-15 | | |
| 7,589 | | |
| (2,990 | ) | |
| 4,599 | |
patents | |
| 7-11 | | |
| 628 | | |
| (351 | ) | |
| 277 | |
Technology | |
| 7 | | |
| 10,667 | | |
| (7,866 | ) | |
| 2,801 | |
Favorable
contract interest | |
| 4 | | |
| 388 | | |
| (388 | ) | |
| - | |
Covenant
not to compete | |
| 5 | | |
| 208 | | |
| (208 | ) | |
| - | |
Software
to be sold or leased | |
| 3-6 | | |
| 1,865 | | |
| - | | |
| 1,865 | |
| |
| | | |
| 41,376 | | |
| (18,633 | ) | |
| 22,743 | |
| |
| | | |
| | | |
| | | |
| | |
Unamortized | |
| | | |
| | | |
| | | |
| | |
Customer
list | |
| | | |
| 104 | | |
| - | | |
| 104 | |
Trademark
and tradename | |
| | | |
| 61 | | |
| - | | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| 165 | | |
| - | | |
| 165 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| | | |
$ | 41,541 | | |
$ | (18,633 | ) | |
$ | 22,908 | |
| |
| | | |
| | | |
| | | |
| | |
|
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS AMORTIZATION EXPENSE |
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS AMORTIZATION EXPENSE
| |
| | |
2023 (remaining) | |
$ | 3,074 | |
2024 | |
| 3,738 | |
2025 | |
| 3,610 | |
2026 | |
| 2,692 | |
2027 | |
| 2,233 | |
Thereafter | |
| 6,359 | |
Finite-Lived
intangible assets | |
$ | 21,706 | |
|
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
SCHEDULE OF STOCK OPTIONS ACTIVITY |
The
following table summarizes the activity relating to the Company’s market-based stock options that were granted to certain executives
and employees for the six-month period ended June 30, 2023:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms | | |
Aggregate
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at beginning of year | |
| 5,065 | | |
$ | 14.14 | | |
| | | |
$ | - | |
Granted | |
| 865 | | |
| 3.09 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Forfeited or expired | |
| (450 | ) | |
| 2.85 | | |
| | | |
| 54 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at end of period | |
| 5,480 | | |
$ | 13.32 | | |
| 8.7 years | | |
$ | 206 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at end of period | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
The
following table summarizes the activity relating to the Company’s stock options, excluding the market-based stock options that
were granted to certain executives and employees, for the six-month period ended June 30, 2023:
| |
Options | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at beginning of year | |
| 2,727 | | |
$ | 5.29 | | |
| | | |
$ | 795 | |
Granted | |
| 470 | | |
| 3.09 | | |
| | | |
| | |
Exercised | |
| 16 | | |
| 2.33 | | |
| | | |
| 9 | |
Forfeited or expired | |
| (823 | ) | |
| 5.48 | | |
| | | |
| 14 | |
| |
| | | |
| | | |
| | | |
| | |
Outstanding at end of period | |
| 2,358 | | |
$ | 4.80 | | |
| 7.1 years | | |
$ | 124 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at end of period | |
| 1,176 | | |
$ | 5.53 | | |
| 5.4 years | | |
$ | 22 | |
|
SCHEDULE OF FAIR VALUE STOCK OPTION ASSUMPTIONS |
The
fair value of each option grant on the date of grant is estimated using the Black-Scholes option-pricing model reflecting the following
weighted-average assumptions:
SCHEDULE OF FAIR VALUE STOCK OPTION ASSUMPTIONS
| |
| | |
| |
| |
June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
| |
Expected volatility | |
| 49.4 | % | |
| 55.64 | % |
Expected life of options (in years) | |
| 7 | | |
| 6.10 | |
Risk free interest rate | |
| 1.73 | % | |
| 3.87 | % |
Dividend yield | |
| 0 | % | |
| 0 | % |
Weighted-average fair value of options granted during year | |
$ | 2.04 | | |
$ | 1.66 | |
|
Restricted Stock [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY |
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY
| |
Number of Non- Vested Shares | | |
Weighted- Average Grant Date Fair Value | |
| |
| | |
| |
Restricted stock, non-vested, beginning of year | |
| 706 | | |
$ | 4.75 | |
Granted | |
| 237 | | |
| 2.97 | |
Vested | |
| (150 | ) | |
| 5.11 | |
Forfeited | |
| (141 | ) | |
| 5.50 | |
| |
| | | |
| | |
Restricted stock, non-vested, end of period | |
| 652 | | |
$ | 3.86 | |
|
X |
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v3.23.2
NET INCOME (LOSS) PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF NET LOSS PER SHARE BASIC AND DILUTED |
SCHEDULE OF NET LOSS PER SHARE BASIC AND DILUTED
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
Basic and diluted loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
|
$ |
(1,334 |
) |
|
$ |
(4,274 |
) |
|
$ |
(5,458 |
) |
|
$ |
(780 |
) |
Addback: Preferred stock dividend and accretion | |
| - | | |
| - | | |
| - | | |
| 2,572 | |
Less: Preferred stock dividend paid | |
| - | | |
| - | | |
| - | | |
| (1,128 | ) |
Less: Preferred stock dividend accretion | |
| - | | |
| - | | |
| - | | |
| (336 | ) |
Allocation of earning to participating securities | |
| - | | |
| - | | |
| - | | |
| (62 | ) |
Numerator for basic EPS – income available to common stockholders | |
| (1,334 | ) | |
| (4,274 | ) | |
| (5,458 | ) | |
| 266 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common share outstanding - basic |
|
|
35,386 |
|
|
|
35,605 |
|
|
|
35,359 |
|
|
|
35,577 |
|
Effect of dilutive securities | |
| - | | |
| - | | |
| - | | |
| 93 | |
Weighted-average common share outstanding - diluted | |
| 35,386 | | |
| 35,605 | | |
| 35,359 | | |
| 35,670 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to common stockholders - basic | |
$ | (0.04 | ) | |
$ | (0.12 | ) | |
$ | (0.15 | ) | |
$ | 0.01 | |
Net income (loss) attributable to common stockholders - diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.01 |
|
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v3.23.2
SHORT-TERM BANK DEBT AND LONG-TERM DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LONG TERM DEBT |
SCHEDULE OF LONG TERM DEBT
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | | |
| (Unaudited) | |
Short-term bank debt | |
$ | 5,709 | | |
$ | 8,445 | |
Current maturities of long-term debt | |
$ | 4,603 | | |
$ | 2,752 | |
Long term debt - less current maturities | |
$ | 11,403 | | |
$ | 9,940 | |
|
SCHEDULE OF MATURITIES OF LONG TERM DEBT |
Scheduled
maturities of the long-term debt as of June 30, 2023 are as follows:
SCHEDULE OF MATURITIES OF LONG TERM DEBT
| |
| |
July 2023 – June 2024 | |
$ | 2,752 | |
July 2024 – October 2024 | |
| 9,940 | |
Long Term debt | |
| 12,692 | |
Less: Current Portion through June 30, 2024 | |
| 2,752 | |
Total | |
$ | 9,940 | |
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Accounts
payable and accrued expenses consist of the following:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(unaudited) | |
Accounts payable | |
$ | 14,751 | | |
$ | 13,705 | |
Accrued warranty | |
| 1,897 | | |
| 2,337 | |
Accrued compensation | |
| 7,153 | | |
| 6,209 | |
Government authorities | |
| 1,992 | | |
| 2,183 | |
Other current liabilities | |
| 805 | | |
| 526 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 26,598 | | |
$ | 24,960 | |
|
SCHEDULE OF PRODUCT WARRANTY LIABILITY |
The
following table summarizes warranty activity for the six-month periods ended June 30, 2022 and 2023:
SCHEDULE
OF PRODUCT WARRANTY LIABILITY
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | |
(unaudited) | |
Accrued warranty reserve, beginning of year | |
$ | 1,333 | | |
$ | 2,054 | |
Accrual for product warranties issued | |
| 718 | | |
| 817 | |
Product replacements and other warranty expenditures | |
| (270 | ) | |
| (270 | ) |
Expiration of warranties | |
| (69 | ) | |
| (96 | ) |
| |
| | | |
| | |
Accrued warranty reserve, end of period (a) | |
$ | 1,712 | | |
$ | 2,505 | |
(a) |
Includes
non-current accrued warranty included in other long-term liabilities at June 30, 2022 and June 30, 2023 of $173 and $168, respectively. |
|
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v3.23.2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE LOSS |
The
accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2023 are
as follows:
SCHEDULE
OF ACCUMULATED OTHER COMPREHENSIVE LOSS
| |
Foreign currency translation adjustment | | |
Accumulated other comprehensive
income (loss) | |
| |
| | |
| |
Balance at January 1, 2023 | |
$ | (1,210 | ) | |
$ | (1,210 | ) |
Net current period change | |
| 212 | | |
| 212 | |
| |
| | | |
| | |
Balance at June 30, 2023 | |
$ | (998 | ) | |
$ | (998 | ) |
The
accumulated balances for each classification of other comprehensive loss for the six-month period ended June 30, 2022 are
as follows:
| |
Foreign currency translation adjustment | | |
Accumulated other comprehensive
income (loss) | |
| |
| | |
| |
Balance at January 1, 2022 | |
$ | 391 | | |
$ | 391 | |
Net current period change | |
| (1,453 | ) | |
| (1,453 | ) |
| |
| | | |
| | |
Balance at June 30, 2022 | |
$ | (1,062 | ) | |
$ | (1,062 | ) |
|
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v3.23.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF REVENUES AND LONG LIVED ASSETS BY GEOGRAPHICAL REGION |
The
Company operates in one reportable segment, wireless IoT asset management. The following table summarizes revenues by geographic region.
SCHEDULE
OF REVENUES AND LONG LIVED ASSETS BY GEOGRAPHICAL REGION
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| |
| | |
| | |
| | |
| |
United States | |
$ | 15,064 | | |
$ | 12,921 | | |
$ | 28,122 | | |
$ | 27,359 | |
Israel | |
| 10,902 | | |
| 10,896 | | |
| 23,082 | | |
| 21,576 | |
Other | |
| 8,628 | | |
| 8,233 | | |
| 16,551 | | |
| 15,954 | |
| |
| | | |
| | | |
| | | |
| | |
Total revenues | |
$ | 34,594 | | |
$ | 32,050 | | |
$ | 67,755 | | |
$ | 64,889 | |
| |
December 31, 2022 | | |
June 30, 2023 | |
| |
| | |
(Unaudited) | |
Long lived assets by geographic region: | |
| | | |
| | |
| |
| | | |
| | |
United States | |
$ | 941 | | |
$ | 1,071 | |
Israel | |
| 3,545 | | |
| 3,774 | |
Other | |
| 4,763 | | |
| 5,381 | |
| |
| | | |
| | |
Long lived assets | |
$ | 9,249 | | |
$ | 10,226 | |
|
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v3.23.2
INCOME TAXES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN |
SCHEDULE OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
|
(40 |
) |
|
|
(39 |
) |
|
|
663 |
|
|
|
(436 |
) |
Total income (loss) after taxes |
|
|
(117 |
) |
|
|
(2,971 |
) |
|
$ |
(3,044 |
) |
|
$ |
1,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
$ |
51.75 |
% |
|
$ |
1.33 |
% |
|
$ |
17.88 |
% |
|
$ |
19.54 |
% |
|
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
Components
of lease expense are as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
| |
Three Months Ended June 30, | |
|
Six Months Ended June 30, |
| |
2022 | | |
2023 | |
|
2022 |
|
|
2023 |
|
| |
| | |
| |
|
|
|
|
|
|
Short term lease cost: | |
$ | 113 | | |
$ | 119 | |
|
$ |
244 |
|
|
$ |
207 |
|
|
SCHEDULE OF CASH FLOW INFORMATION AND NON CASH ACTIVITY OF OPERATING LEASES |
Supplemental
cash flow information and non-cash activity related to our operating leases are as follows:
SCHEDULE
OF CASH FLOW INFORMATION AND NON CASH ACTIVITY OF OPERATING LEASES
| |
Six Months Ended June 30, | |
| |
2022 | | |
2023 | |
| |
| | | |
| | |
Non-cash activity: | |
$ | 777 | | |
$ | 685 | |
|
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE |
Weighted-average
remaining lease term and discount rate for our operating leases are as follows:
SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERM AND DISCOUNT RATE
| |
June 30, 2023 | |
| |
| |
Weighted-average remaining lease term (in years) | |
| 2.74 | |
Weighted-average discount rate | |
| 6.18 | % |
|
SCHEDULED MATURITIES OF OPERATING LEASE LIABILITIES |
Scheduled
maturities of operating lease liabilities outstanding as of June 30, 2023 are as follows:
SCHEDULED
MATURITIES OF OPERATING LEASE LIABILITIES
| |
| | |
July - December 2023 | |
$ | 1,793 | |
2024 | |
| 2,105 | |
2025 | |
| 1,857 | |
2026 | |
| 780 | |
2027 | |
| 101 | |
Thereafter | |
| 1,213 | |
Total lease payments | |
| 7,849 | |
Less: Imputed interest | |
| (686 | ) |
Present value of lease liabilities | |
$ | 7,163 | |
|
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v3.23.2
DESCRIPTION OF THE COMPANY AND BASIS OF PRESENTATION (Details Narrative)
|
|
6 Months Ended |
|
Oct. 31, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
ILS (₪)
|
Short-Term Debt [Line Items] |
|
|
|
Cash and cash equivalents including restricted cash |
|
$ 22,038,000
|
|
Working capital |
|
$ 38,319,000
|
|
Debt instrument stated percentage |
0.50%
|
|
|
Revolving Credit Facility [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Line of Credit Facility, Description |
|
five-year
revolving credit facility to Pointer in an initial aggregate principal amount of $
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 10,000,000
|
|
Revolving credit facility |
|
3,200
|
₪ 11,800
|
Revolving Credit Facility [Member] | Credit Agreement [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
10,000,000
|
|
Two Senior Secured Term Loan [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument face amount |
|
30,000,000
|
|
Two Senior Secured Term Loan [Member] | Credit Agreement [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument face amount |
|
30,000,000
|
|
Facilities One [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument face amount |
|
20,000,000
|
|
Facilities Two [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument face amount |
|
10,000,000
|
|
New Revolver [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument interest rate terms |
The
New Revolver will initially bear interest at the SOFR + 2.59%. Such interest is subject to monthly changes by Hapoalim, provided that
Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable calendar month
|
|
|
New Revolver [Member] | Credit Agreement [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument face amount |
$ 10,000,000
|
|
|
Revolving credit facility |
|
$ 5,200
|
₪ 19,200
|
Debt instrument interest rate terms |
The
New Revolver initially bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.59%. Such interest is subject
to monthly changes by Hapoalim, provided that Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable
calendar month
|
|
|
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v3.23.2
SCHEDULE OF PURCHASE PRICE ALLOCATION IN ASSETS ACQUIRED AND LIABILITIES (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Liabilities assumed: |
|
|
Gain on bargain purchase |
$ 7,517
|
|
Movingdots GmbH [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Cash |
|
|
Fair value of Powerfleet warrants on March 31, 2023 |
1,347
|
|
Purchase price consideration |
1,347
|
|
Assets acquired: |
|
|
Cash |
8,722
|
|
Accounts receivable |
247
|
|
Prepaid expenses |
103
|
|
Other assets |
270
|
|
Inventory |
96
|
|
Fixed assets |
372
|
|
Total assets acquired |
9,810
|
|
Liabilities assumed: |
|
|
Accounts payable and accrued expenses |
946
|
|
Total liabilities assumed |
946
|
|
Total identifiable net assets acquired |
8,864
|
|
Gain on bargain purchase |
$ (7,517)
|
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v3.23.2
SCHEDULE OF PRO FORMA REVENUE AND EARNINGS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Historical [Member] |
|
|
|
|
Revenues |
$ 32,050
|
$ 34,594
|
$ 64,889
|
$ 67,755
|
Operating loss |
$ (3,133)
|
$ (1,588)
|
$ (5,025)
|
$ (5,330)
|
Net income (loss) per share - basic |
$ (0.12)
|
$ (0.04)
|
$ 0.01
|
$ (0.15)
|
Net income (loss) per share - diluted |
$ (0.12)
|
|
$ 0.01
|
|
Pro Forma [Member] |
|
|
|
|
Revenues |
$ 32,050
|
$ 36,322
|
$ 67,409
|
$ 71,214
|
Operating loss |
$ (3,133)
|
$ (1,277)
|
$ (4,509)
|
$ (5,039)
|
Net income (loss) per share - basic |
$ (0.12)
|
$ (0.03)
|
$ 0.02
|
$ (0.11)
|
Net income (loss) per share - diluted |
$ (0.12)
|
|
$ 0.02
|
|
X |
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ACQUISITION (Details Narrative) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
|
|
Mar. 06, 2023
$ / shares
|
Mar. 06, 2023
EUR (€)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Mar. 06, 2023
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shares
|
Dec. 31, 2022
USD ($)
|
[1] |
Dec. 31, 2021
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Gain on bargain purchase amount |
|
|
$ 283
|
|
|
$ 7,517
|
|
|
|
|
Gain on bargain purchase |
|
|
|
|
|
(7,517)
|
|
|
|
|
Cash and cash equivalents |
|
|
21,729
|
|
$ 17,703
|
21,729
|
$ 17,703
|
|
$ 17,680
|
$ 26,452
|
Movingdots GmbH [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Acquisition fair value |
|
|
|
|
|
1,347
|
|
|
|
|
Acquisition related costs |
|
|
$ 200
|
|
|
500,000
|
|
|
|
|
Gain on bargain purchase |
|
|
|
|
|
$ 7,517
|
|
|
|
|
Cash and cash equivalents | € |
|
|
|
|
|
|
|
€ 8,000,000
|
|
|
Business acquisition, description |
(i) €8,000, plus (ii) the difference between such on-sale transfer
price less the purchase price net of the net present value of the Common Stock Warrants. The Company does not currently intend to enter into an on-sale transfer
|
|
|
|
|
|
|
|
|
|
Share Purchase and Transfer Agreement [Member] | Movingdots GmbH [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
Consideration issuance value of warrant | € |
|
€ 1
|
|
|
|
|
|
|
|
|
Class of warrant or right | shares |
|
|
|
|
|
|
|
800,000
|
|
|
Warrant exercise price | $ / shares |
$ 7.00
|
|
|
|
|
|
|
|
|
|
Acquisition fair value |
|
|
|
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v3.23.2
SCHEDULE OF REVENUE DISAGGREGATED BY REVENUE SOURCE (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 32,050
|
$ 34,594
|
$ 64,889
|
$ 67,755
|
Product [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
11,012
|
14,818
|
23,416
|
29,210
|
Service [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 21,038
|
$ 19,776
|
$ 41,473
|
$ 38,545
|
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v3.23.2
SCHEDULE OF CONTRACT ASSETS AND CONTRACT LIABILITIES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Assets: |
|
|
|
|
Deferred cost |
|
$ 338
|
$ 762
|
|
Liabilities |
|
|
|
|
Deferred revenue |
|
10,775
|
10,753
|
|
Less: Deferred revenue and contract liabilities - current portion |
|
(6,193)
|
(6,363)
|
[1] |
Deferred revenue and contract liabilities - less current portion |
|
4,582
|
4,390
|
[1] |
Service [Member] |
|
|
|
|
Liabilities |
|
|
|
|
Deferred revenue |
[2] |
10,356
|
9,815
|
|
Product [Member] |
|
|
|
|
Liabilities |
|
|
|
|
Deferred revenue |
[2] |
419
|
938
|
|
Deferred Contract Costs [Member] |
|
|
|
|
Assets: |
|
|
|
|
Deferred cost |
|
$ 2,680
|
$ 2,740
|
|
|
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SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
|
Sales-type lease receivables, current |
$ 1,175
|
$ 1,161
|
|
Prepaid expenses |
3,896
|
4,047
|
|
Contract assets |
1,115
|
1,131
|
|
Other current assets |
1,112
|
1,370
|
|
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$ 7,298
|
$ 7,709
|
[1] |
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|
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v3.23.2
SCHEDULE OF INVENTORIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
|
Components |
$ 10,994
|
$ 12,443
|
|
Work in process |
73
|
462
|
|
Finished goods, net |
11,058
|
9,367
|
|
Inventory, Net |
$ 22,125
|
$ 22,272
|
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v3.23.2
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Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
Property, plant and equipment, gross |
$ 28,616
|
$ 24,895
|
|
Property, plant and equipment, gross |
(18,390)
|
(15,646)
|
|
Property, plant and equipment, gross |
10,226
|
9,249
|
[1] |
Installed Products [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property, plant and equipment, gross |
10,224
|
8,586
|
|
Computer Software [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property, plant and equipment, gross |
8,157
|
7,195
|
|
Computer Equipment [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property, plant and equipment, gross |
6,545
|
5,658
|
|
Furniture and Fixtures [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property, plant and equipment, gross |
2,217
|
2,041
|
|
Leasehold Improvements [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property, plant and equipment, gross |
$ 1,473
|
$ 1,415
|
|
|
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, gross |
$ 42,298
|
$ 41,376
|
|
Finite-lived intangible asset, accumulated amortization |
(20,592)
|
(18,633)
|
|
Finite-lived intangible asset, net |
21,706
|
22,743
|
|
Finite-lived intangible asset (excluding goodwill), gross |
165
|
165
|
|
Finite-lived intangible asset (excluding goodwill), net |
165
|
165
|
|
Finite-lived intangible asset, gross |
42,463
|
41,541
|
|
Finite-lived intangible asset, accumulated amortization |
(20,592)
|
(18,633)
|
|
Finite-lived intangible asset, net |
21,871
|
22,908
|
[1] |
Trademarks and Trade Names [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, gross |
7,553
|
7,589
|
|
Finite-lived intangible asset, accumulated amortization |
(3,291)
|
(2,990)
|
|
Finite-lived intangible asset, net |
4,262
|
4,599
|
|
Finite-lived intangible asset (excluding goodwill), gross |
61
|
61
|
|
Finite-lived intangible asset (excluding goodwill), net |
61
|
61
|
|
Customer Lists [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset (excluding goodwill), gross |
104
|
104
|
|
Finite-lived intangible asset (excluding goodwill), net |
$ 104
|
$ 104
|
|
Minimum [Member] | Trademarks and Trade Names [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
3 years
|
3 years
|
|
Maximum [Member] | Trademarks and Trade Names [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
15 years
|
15 years
|
|
Customer Relationships [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, gross |
$ 19,264
|
$ 20,031
|
|
Finite-lived intangible asset, accumulated amortization |
(6,794)
|
(6,830)
|
|
Finite-lived intangible asset, net |
$ 12,470
|
$ 13,201
|
|
Customer Relationships [Member] | Minimum [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
9 years
|
9 years
|
|
Customer Relationships [Member] | Maximum [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
12 years
|
12 years
|
|
Patents [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, gross |
$ 628
|
$ 628
|
|
Finite-lived intangible asset, accumulated amortization |
(396)
|
(351)
|
|
Finite-lived intangible asset, net |
$ 232
|
$ 277
|
|
Patents [Member] | Minimum [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
7 years
|
7 years
|
|
Patents [Member] | Maximum [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
11 years
|
11 years
|
|
Technology [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
7 years
|
7 years
|
|
Finite-lived intangible asset, gross |
$ 10,911
|
$ 10,667
|
|
Finite-lived intangible asset, accumulated amortization |
(9,515)
|
(7,866)
|
|
Finite-lived intangible asset, net |
$ 1,396
|
$ 2,801
|
|
Favorable Contract Interest [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
4 years
|
4 years
|
|
Finite-lived intangible asset, gross |
$ 388
|
$ 388
|
|
Finite-lived intangible asset, accumulated amortization |
(388)
|
(388)
|
|
Finite-lived intangible asset, net |
|
|
|
Noncompete Agreements [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
5 years
|
5 years
|
|
Finite-lived intangible asset, gross |
$ 208
|
$ 208
|
|
Finite-lived intangible asset, accumulated amortization |
(208)
|
(208)
|
|
Finite-lived intangible asset, net |
|
|
|
Software [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, gross |
3,346
|
1,865
|
|
Finite-lived intangible asset, accumulated amortization |
|
|
|
Finite-lived intangible asset, net |
$ 3,346
|
$ 1,865
|
|
Software [Member] | Minimum [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
3 years
|
3 years
|
|
Software [Member] | Maximum [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Finite-lived intangible asset, useful life |
6 years
|
6 years
|
|
|
|
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v3.23.2
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS AMORTIZATION EXPENSE (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2023 (remaining) |
$ 3,074
|
|
2024 |
3,738
|
|
2025 |
3,610
|
|
2026 |
2,692
|
|
2027 |
2,233
|
|
Thereafter |
6,359
|
|
Finite-Lived intangible assets |
$ 21,706
|
$ 22,743
|
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v3.23.2
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Options, granted |
405,000
|
930
|
Performance Stock Option [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Options, outstanding at beginning of year |
5,065,000
|
5,065,000
|
Weighted-average exercise Price, outstanding at beginning of year | $ / shares |
$ 14.14
|
$ 14.14
|
Aggregate intrinsic value, beginning | $ |
|
|
Options, granted |
|
865,000
|
Weighted-average exercise price, granted | $ / shares |
|
$ 3.09
|
Options, exercised |
|
|
Weighted-average exercise price, exercised | $ / shares |
|
|
Options, forfeited or expired |
|
(450,000)
|
Weighted-average exercise price, forfeited or expired | $ / shares |
|
$ 2.85
|
Aggregate intrinsic value, ending | $ |
|
$ 54
|
Options, outstanding at end of period |
|
5,480,000
|
Weighted-average exercise price, outstanding at end of period | $ / shares |
|
$ 13.32
|
Weighted-average remaining contractual terms, outstanding |
|
8 years 8 months 12 days
|
Aggregate intrinsic value, ending | $ |
|
$ 206
|
Options, exercisable at end of period |
|
|
Weighted-average exercise price, exercisable at end of period | $ / shares |
|
|
Aggregate intrinsic value, exercisable | $ |
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Options, outstanding at beginning of year |
2,727,000
|
2,727,000
|
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$ 5.29
|
$ 5.29
|
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$ 795
|
$ 795
|
Options, granted |
|
470,000
|
Weighted-average exercise price, granted | $ / shares |
|
$ 3.09
|
Options, exercised |
|
16,000
|
Weighted-average exercise price, exercised | $ / shares |
|
$ 2.33
|
Options, forfeited or expired |
|
(823,000)
|
Weighted-average exercise price, forfeited or expired | $ / shares |
|
$ 5.48
|
Aggregate intrinsic value, ending | $ |
|
$ 14
|
Options, outstanding at end of period |
|
2,358,000
|
Weighted-average exercise price, outstanding at end of period | $ / shares |
|
$ 4.80
|
Weighted-average remaining contractual terms, outstanding |
|
5 years 4 months 24 days
|
Aggregate intrinsic value, ending | $ |
|
$ 124
|
Options, exercisable at end of period |
|
1,176,000
|
Weighted-average exercise price, exercisable at end of period | $ / shares |
|
$ 5.53
|
Aggregate intrinsic value, exercisable | $ |
|
$ 22
|
Aggregate intrinsic value, ending | $ |
|
$ 9
|
Weighted-average remaining contractual terms, exercisable |
|
7 years 1 month 6 days
|
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v3.23.2
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY (Details) - Restricted Stock [Member] shares in Thousands |
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of Non-vested Shares, beginning | shares |
706
|
Weighted- Average Grant Date Fair Value, beginning | $ / shares |
$ 4.75
|
Number of Non-vested Shares, Granted | shares |
237
|
Weighted- Average Grant Date Fair Value, Granted | $ / shares |
$ 2.97
|
Number of Non-vested Shares, Vested | shares |
(150)
|
Weighted- Average Grant Date Fair Value, Vested | $ / shares |
$ 5.11
|
Number of Non-vested Shares, Forfeited or expired | shares |
(141)
|
Weighted- Average Grant Date Fair Value, Forfeited or expired | $ / shares |
$ 5.50
|
Number of Non-vested Shares, ending | shares |
652
|
Weighted- Average Grant Date Fair Value, ending | $ / shares |
$ 3.86
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.23.2
STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of shares available for grant |
590
|
275,000
|
|
590
|
|
Options available for granted |
|
405,000
|
|
930
|
|
Number of shares options vested |
|
130,000
|
|
340
|
|
Risk free interest rate |
|
|
|
3.87%
|
1.73%
|
Expected volatility |
|
|
|
55.64%
|
49.40%
|
Expected life (Years) |
|
|
|
6 years 1 month 6 days
|
7 years
|
Restricted Stock [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Number of shares available for grant |
162
|
75,000
|
|
162
|
|
Stock based compensation expenses |
$ 267
|
|
$ 335
|
$ 481
|
$ 743
|
Unrecognized compensation costs |
$ 1,758
|
|
|
$ 1,758
|
|
Weighted average period for recognition |
|
|
|
2 years 7 months 13 days
|
|
2018 Incentive Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Options exercise price |
$ 3.13
|
$ 3.00
|
|
$ 3.13
|
|
Weighted average granted fair value option |
|
$ 12.00
|
|
$ 12.00
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Options available for granted |
|
|
|
470,000
|
|
Stock based compensation expenses |
$ 585
|
|
$ 1,267
|
$ 1,203
|
1,301
|
Fair value of options vested |
|
|
|
562
|
$ 376
|
Unrecognized compensation costs |
1,784
|
|
|
$ 1,784
|
|
Weighted average period for recognition |
|
|
|
2 years 8 months 15 days
|
|
Share-Based Payment Arrangement, Option [Member] | Common Stock [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Risk free interest rate |
|
3.70%
|
|
3.70%
|
|
Expected volatility |
|
50.00%
|
|
50.00%
|
|
Expected life (Years) |
|
5 years 1 month 6 days
|
|
5 years 1 month 6 days
|
|
Weighted average granted fair value option |
|
$ 1.38
|
|
$ 1.56
|
|
Employee Stock Option [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Unrecognized compensation costs |
$ 5,781
|
|
|
$ 5,781
|
|
Weighted average period for recognition |
|
|
|
4 years 2 months 15 days
|
|
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v3.23.2
SCHEDULE OF NET LOSS PER SHARE BASIC AND DILUTED (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
$ (4,274)
|
$ 3,494
|
$ (1,334)
|
$ (4,124)
|
$ (780)
|
$ (5,458)
|
Addback: Preferred stock dividend and accretion |
|
|
|
|
2,572
|
|
Less: Preferred stock dividend paid |
|
|
|
|
(1,128)
|
|
Less: Preferred stock dividend accretion |
|
|
|
|
(336)
|
|
Allocation of earning to participating securities |
|
|
|
|
(62)
|
|
Numerator for basic EPS – income available to common stockholders |
$ (4,274)
|
|
$ (1,334)
|
|
$ 266
|
$ (5,458)
|
Weighted-average common share outstanding - basic |
35,605,000
|
|
35,386,000
|
|
35,577,000
|
35,359,000
|
Weighted-average common share outstanding - diluted |
35,605
|
|
35,386
|
|
35,670
|
35,359
|
Net income (loss) attributable to common stockholders - basic |
$ (0.12)
|
|
$ (0.04)
|
|
$ 0.01
|
$ (0.15)
|
Net income (loss) attributable to common stockholders - diluted |
$ (0.12)
|
|
$ (0.04)
|
|
$ 0.01
|
$ (0.15)
|
X |
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v3.23.2
SCHEDULE OF MATURITIES OF LONG TERM DEBT (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
|
July 2023 – June 2024 |
$ 2,752
|
|
|
July 2024 – October 2024 |
9,940
|
|
|
Long Term debt |
12,692
|
|
|
Less: Current Portion through June 30, 2024 |
2,752
|
$ 4,603
|
|
Total |
$ 9,940
|
$ 11,403
|
[1] |
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v3.23.2
SHORT-TERM BANK DEBT AND LONG-TERM DEBT (Details Narrative)
|
|
3 Months Ended |
6 Months Ended |
|
|
Oct. 31, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
ILS (₪)
|
Nov. 12, 2020 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument stated percentage |
0.50%
|
|
|
|
|
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 10,000,000
|
|
$ 10,000,000
|
|
|
|
Line of credit facility current borrowing capacity |
|
3,200
|
|
3,200
|
|
₪ 11,800
|
|
Revolving Credit Facility [Member] | Hapoalim [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Line of credit facility current borrowing capacity |
|
5,200
|
|
5,200
|
|
₪ 19,200
|
|
Two Senior Secured Term Loan [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
30,000,000
|
|
30,000,000
|
|
|
|
New Revolver [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument interest rate terms |
The
New Revolver will initially bear interest at the SOFR + 2.59%. Such interest is subject to monthly changes by Hapoalim, provided that
Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable calendar month
|
|
|
|
|
|
|
Credit Agreement [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Deposits |
|
3,000
|
|
3,000
|
|
|
|
Debt issuance costs |
|
742,000
|
$ 742,000
|
742,000
|
$ 742,000
|
|
|
Amortization of debt issuance costs |
|
35,000
|
55,000
|
78,000
|
119,000
|
|
|
Interest expense |
|
152,000
|
$ 200,000
|
312,000
|
$ 436,000
|
|
|
Credit Agreement [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
10,000,000
|
|
10,000,000
|
|
|
|
Credit Agreement [Member] | Two Senior Secured Term Loan [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
30,000,000
|
|
30,000,000
|
|
|
|
Credit Agreement [Member] | Term A Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 20,000,000
|
|
$ 20,000,000
|
|
|
|
Debt instrument stated percentage |
|
4.73%
|
|
4.73%
|
|
4.73%
|
|
Credit Agreement [Member] | Term B Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 10,000,000
|
|
$ 10,000,000
|
|
|
|
Debt instrument stated percentage |
|
5.89%
|
|
5.89%
|
|
5.89%
|
|
Credit Agreement [Member] | Revolving Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument interest rate terms |
|
|
|
The
interest rate for the Revolving Facility is, with respect to NIS-denominated loans, Hapoalim’s prime rate + 2.5%, and with
respect to US dollar-denominated loans, LIBOR + 4.6% (amended to SOFR + 2.15%). In addition, the Company agreed to pay a 1%
commitment fee on the unutilized and uncancelled availability under the Revolving Facility
|
|
|
|
Credit Agreement [Member] | New Revolver [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 10,000,000
|
|
|
|
|
|
|
Line of credit facility current borrowing capacity |
|
$ 5,200
|
|
$ 5,200
|
|
₪ 19,200
|
|
Debt instrument interest rate terms |
The
New Revolver initially bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 2.59%. Such interest is subject
to monthly changes by Hapoalim, provided that Hapoalim gives Pointer advance notice regarding such change prior to the end of the applicable
calendar month
|
|
|
|
|
|
|
Amended Credit Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
|
|
|
1.00%
|
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|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
|
|
|
0.50%
|
Amended Credit Agreement [Member] | Term A Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
|
|
|
3.65%
|
Amended Credit Agreement [Member] | Term B Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt instrument stated percentage |
|
|
|
|
|
|
4.50%
|
X |
- DefinitionAmount of amortization expense attributable to debt issuance costs.
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v3.23.2
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
|
Accounts payable |
$ 13,705
|
$ 14,751
|
|
Accrued warranty |
2,337
|
1,897
|
|
Accrued compensation |
6,209
|
7,153
|
|
Government authorities |
2,183
|
1,992
|
|
Other current liabilities |
526
|
805
|
|
Accounts payable and accrued expenses |
$ 24,960
|
$ 26,598
|
[1] |
|
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v3.23.2
SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity [Abstract] |
|
|
|
|
|
Foreign currency translation adjustment, balance at beginning |
|
|
$ (1,210)
|
|
$ 391
|
Accumulated other comprehensive income, balance at beginning |
|
|
(1,210)
|
[1] |
391
|
Foreign currency translation adjustment, net current period change |
|
|
212
|
|
(1,453)
|
Accumulated other comprehensive income, net current period change |
$ 100
|
$ (1,706)
|
212
|
|
(1,453)
|
Foreign currency translation adjustment, balance at end |
(998)
|
(1,062)
|
(998)
|
|
(1,062)
|
Accumulated other comprehensive income, balance at end |
$ (998)
|
$ (1,062)
|
$ (998)
|
|
$ (1,062)
|
|
|
X |
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Oct. 03, 2019 |
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, shares authorized to issue |
150,000
|
|
150,000
|
|
|
|
Preferred stock, par value |
$ 0.01
|
|
$ 0.01
|
|
$ 0.01
|
|
Preferred stock, shares authorized |
50,000,000
|
|
50,000,000
|
|
50,000,000
|
|
Dividends Payable |
$ 0
|
|
$ 0
|
|
|
|
Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, shares authorized |
50
|
|
50
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred stock, shares authorized |
100
|
|
100
|
|
|
|
Preferred Stock, Shares Issued |
|
|
|
|
|
50
|
Number of common stock issued |
|
|
1
|
2
|
|
|
Preferred stock, liquidation preference description |
|
|
The
Series A Preferred Stock has a liquidation preference equal to the greater of (i) the original issuance price of $1,000.00 per share,
subject to certain adjustments (the “Series A Issue Price”), plus all accrued and unpaid dividends thereon (except in the
case of a deemed liquidation event, then 150% of such amount), and (ii) the amount such holder would have received if the Series A Preferred
Stock had converted into common stock immediately prior to such liquidation
|
|
|
|
Preferred stock, liquidation price per share |
$ 1,000.00
|
|
$ 1,000.00
|
|
|
|
Payments of Dividends |
$ 0
|
$ 1,048
|
$ 1,107
|
$ 2,076
|
|
|
Dividend, Share-Based Payment Arrangement |
$ 1,128
|
|
|
|
|
|
Preferred stock voting rights |
|
|
From and after
the delivery of a Series A Voting Activation Notice, all holders of the Series A Preferred Stock will be entitled to vote with the holders
of common stock as a single class on an as-converted basis (provided, however, that any holder of Series A Preferred Stock shall not
be entitled to cast votes for the number of shares of common stock issuable upon conversion of such shares of Series A Preferred Stock
held by such holder that exceeds the quotient of (1) the aggregate Series A Issue Price for such shares of Series A Preferred Stock divided
by (2) $5.57 (subject to adjustment for stock splits, stock dividends, combinations, reclassifications and similar events, as applicable)).
So long as shares of Series A Preferred Stock are outstanding and convertible into shares of common stock that represent at least 10%
of the voting power of the common stock, or the Investors or their affiliates continue to hold at least 33% of the aggregate amount of
Series A Preferred Stock issued to the Investors on the Original Issuance Date, the consent of the holders of at least a majority of
the outstanding shares of Series A Preferred Stock will be necessary for the Company to, among other things, (i) liquidate the Company
or any operating subsidiary or effect any deemed liquidation event (as such term is defined in the Charter), except for a deemed liquidation
event in which the holders of Series A Preferred Stock receive an amount in cash not less than the Redemption Price (as defined below),
(ii) amend the Company’s organizational documents in a manner that adversely affects the Series A Preferred Stock, (iii) issue
any securities that are senior to, or equal in priority with, the Series A Preferred Stock or issue additional shares of Series A Preferred
Stock to any person other than the Investors or their affiliates, (iv) incur indebtedness above the agreed-upon threshold, (v) change
the size of the Company’s board of directors to a number other than seven, or (vi) enter into certain affiliated arrangements or
transactions
|
|
|
|
Conversion price per share |
$ 7.319
|
|
$ 7.319
|
|
|
|
Preferred stock, redemption, description |
|
|
At
any time after the third anniversary of the Original Issuance Date, subject to certain conditions, the Company may redeem the Series
A Preferred Stock for an amount per share, equal to the greater of (i) the product of (x) 1.5 multiplied by (y) the sum of the Series
A Issue Price, plus all accrued and unpaid dividends and (ii) the product of (x) the number of shares of common stock issuable upon conversion
of such Series A Preferred Stock multiplied by (y) the volume weighted average price of the common stock during the 30 consecutive trading
day period ending on the trading date immediately prior to the date of such redemption notice or, if calculated in connection with a
deemed liquidation event, the value ascribed to a share of common stock in such deemed liquidation event (the “Redemption Price”)
|
|
|
|
Series A Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred Stock, Dividend Rate, Percentage |
|
|
7.50%
|
|
|
|
Series A Preferred Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred Stock, Dividend Rate, Percentage |
|
|
17.50%
|
|
|
|
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v3.23.2
SCHEDULE OF REVENUES AND LONG LIVED ASSETS BY GEOGRAPHICAL REGION (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
|
|
Total revenues |
$ 32,050
|
$ 34,594
|
$ 64,889
|
$ 67,755
|
|
|
Long lived assets |
10,226
|
|
10,226
|
|
$ 9,249
|
[1] |
UNITED STATES |
|
|
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
|
|
Total revenues |
12,921
|
15,064
|
27,359
|
28,122
|
|
|
Long lived assets |
1,071
|
|
1,071
|
|
941
|
|
ISRAEL |
|
|
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
|
|
Total revenues |
10,896
|
10,902
|
21,576
|
23,082
|
|
|
Long lived assets |
3,774
|
|
3,774
|
|
3,545
|
|
Other [Member] |
|
|
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
|
|
Total revenues |
8,233
|
$ 8,628
|
15,954
|
$ 16,551
|
|
|
Long lived assets |
$ 5,381
|
|
$ 5,381
|
|
$ 4,763
|
|
|
|
X |
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v3.23.2
SCHEDULE OF INCOME BEFORE INCOME TAX DOMESTIC AND FOREIGN (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Domestic pre-tax book loss |
$ (10,133)
|
$ (3,930)
|
$ (6,991)
|
$ (8,344)
|
Foreign pre-tax book income |
7,201
|
3,853
|
9,222
|
4,637
|
Total income before income (loss) taxes |
(2,932)
|
(77)
|
2,231
|
(3,707)
|
Income tax benefit (expense) |
(39)
|
(40)
|
(436)
|
663
|
Total income (loss) after taxes |
$ (2,971)
|
$ (117)
|
$ 1,795
|
$ (3,044)
|
Effective tax rate |
1.33%
|
51.75%
|
19.54%
|
17.88%
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
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6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands |
|
1 Months Ended |
6 Months Ended |
|
Aug. 14, 2018 |
Aug. 31, 2014 |
Jun. 30, 2023 |
Feb. 24, 2022 |
Loss Contingencies [Line Items] |
|
|
|
|
Damages sought value |
$ 227
|
|
|
|
2016 Tax Assessment [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Government fees |
|
|
|
$ 268
|
2017 Tax Assessment [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Government fees |
|
|
|
$ 476
|
Pointer do Brasil Comercial Ltda. [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Loss contingency damages sought value |
|
|
$ 13,148
|
|
Brazilian ICMS tax [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Income tax examination, interest expense |
|
$ 219
|
|
|
Income tax examination, penalties expense |
|
$ 1,155
|
|
|
Income tax examination, penalties and interest expense |
|
|
$ 1,374
|
|
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PowerFleet (NASDAQ:PWFL)
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