10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001387131-20-004918`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ppsi-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 43 Cash Flow Statement 63 Stockholders Equity 18 Comprehensive Income 7

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.76M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$936.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$207.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.72M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.41M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Insurance receivable	`InsuranceSettlementsReceivable`	$1.80M	USD	Point-in-time
Insurance receivable	`InsuranceSettlementsReceivable`	$351.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Inventories, net	`InventoryNet`	$4.65M	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.55M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$795.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$794.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.17M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$640.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$582.00K	USD	Point-in-time
Other assets	`OtherAssets`	$7.46M	USD	Point-in-time
Other assets	`OtherAssets`	$6.93M	USD	Point-in-time
Total assets	`Assets`	$28.12M	USD	Point-in-time
Total assets	`Assets`	$23.69M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$374.00K	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$169.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.53M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.77M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.75M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.44M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$61.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$543.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.89M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.43M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.68M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.17M	USD	Point-in-time
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,726,045 shares issued and outstanding on March 31, 2020 and December 31, 2019	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,726,045 shares issued and outstanding on March 31, 2020 and December 31, 2019	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.98M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$14.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$14.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.38M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.12M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.69M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$5.00M	USD	1 Quarter
Revenues	`Revenues`	$3.02M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.76M	USD	1 Quarter
Gross profit	`GrossProfit`	$256.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$177.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.70M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.93M	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$10.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.92M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.70M	USD	1 Quarter
Loss from continuing operations	`OperatingIncomeLoss`	$-1.75M	USD	1 Quarter
Loss from continuing operations	`OperatingIncomeLoss`	$-1.44M	USD	1 Quarter
Interest (income) expense	`InterestIncomeExpenseNet`	$-224.00K	USD	1 Quarter
Interest (income) expense	`InterestIncomeExpenseNet`	$110.00K	USD	1 Quarter
Gain on sale of subsidiaries	`DisposalGroupNotDiscontinuedOperationGainLossOnDisposal`	$4.21M	USD	1 Quarter
Other expense (income)	`OtherNonoperatingIncomeExpense`	$3.34M	USD	1 Quarter
Other expense (income)	`OtherNonoperatingIncomeExpense`	$-1.28M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.88M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.92M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.55M	USD	1 Quarter
Net (loss) income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-2.92M	USD	1 Quarter
Net (loss) income from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$4.33M	USD	1 Quarter
Income from operations of discontinued business units	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax`	$1.71M	USD	1 Quarter
Income tax expense	`DiscontinuedOperationTaxEffectOfDiscontinuedOperation`	$402.00K	USD	1 Quarter
Income from discontinued operations, net of income taxes	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$1.31M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
(Loss) income from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.50	USD	1 Quarter
(Loss) income from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.33	USD	1 Quarter
Income from discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$0.15	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareBasic`	$0.65	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
(Loss) income from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.33	USD	1 Quarter
(Loss) income from continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.50	USD	1 Quarter
Income from discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	$0.15	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Net (loss) income (in dollars per share)	`EarningsPerShareDiluted`	$0.65	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8,726.00	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8,726.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8,726.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8,730.00	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Depreciation	`Depreciation`	$205.00K	USD	1 Quarter
Depreciation	`Depreciation`	$58.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$54.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$219.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$213.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$8.00K	USD	1 Quarter
Interest income on notes receivable	`InterestincomeReceivedOnNotesReceivable`	$111.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.58M	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$29.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$-74.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReserveEffectOnIncomeNet`	$-231.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReserveEffectOnIncomeNet`	$32.00K	USD	1 Quarter
Gain on sale of subsidiaries	`GainLossOnSaleOfProject`	$4.21M	USD	1 Quarter
Change in long term payables	`ChangeInLongTermPayables`	$92.00K	USD	1 Quarter
Change in insurance receivable	`ChangeInInsuranceReceivable`	$1.45M	USD	1 Quarter
Unrealized loss (gain) on investments	`UnrealizedGainLossOnInvestments`	$3.34M	USD	1 Quarter
Unrealized loss (gain) on investments	`UnrealizedGainLossOnInvestments`	$-1.14M	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-30.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.00K	USD	1 Quarter
Foreign currency remeasurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-10.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$885.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-276.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$238.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-132.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$120.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-481.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$12.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-820.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$968.00K	USD	1 Quarter
Customer deposits and deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$304.00K	USD	1 Quarter
Customer deposits and deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$1.04M	USD	1 Quarter
Net cash (used in)/provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.04M	USD	1 Quarter
Net cash (used in)/provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$871.00K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.00K	USD	1 Quarter
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-1.29M	USD	1 Quarter
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-205.00K	USD	1 Quarter
Short term borrowings	`ProceedsFromShortTermDebt`	$1.78M	USD	1 Quarter
Borrowing under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$5.26M	USD	1 Quarter
Repayment of debt	`RepaymentsOfShortTermDebt`	$6.40M	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$128.00K	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$214.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-781.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-419.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$34.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.46M	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-70.00K	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$211.00K	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.21M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.00K	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.76M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$211.00K	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.21M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.00K	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.76M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$2.60M	USD	1 Quarter
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$477.00K	USD	1 Quarter
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$587.00K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance Beginning	`StockholdersEquity`	$13.52M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$11.95M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$16.43M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$17.38M	USD	Point-in-time
Balance Beginning (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Balance Beginning (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Net income (loss)	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-312.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-90.00K	USD	1 Quarter
Balance Ending	`StockholdersEquity`	$13.52M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$11.95M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$16.43M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$17.38M	USD	Point-in-time
Balance Ending (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Balance Ending (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time

Comprehensive Income 7 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-312.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-90.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-222.00K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-2.92M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$5.42M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.