10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001387131-21-005667`
Period End Date	20210331
Filing Date	20210514
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ppsi-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 31 Cash Flow Statement 52 Stockholders Equity 16 Comprehensive Income 5

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	`Cash`	$7.57M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$4.73M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.77M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.59M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.06M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Insurance receivable	`InsuranceSettlementsReceivable`	$95.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Inventories, net	`InventoryNet`	$3.18M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.40M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$407.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$407.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$897.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$995.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.15M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$433.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$394.00K	USD	Point-in-time
Other assets	`OtherAssets`	$6.90M	USD	Point-in-time
Other assets	`OtherAssets`	$6.74M	USD	Point-in-time
Total assets	`Assets`	$21.29M	USD	Point-in-time
Total assets	`Assets`	$22.29M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.03M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.30M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$714.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$2.56M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$780.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$17.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.54M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$633.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.26M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.43M	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, 2021 and December 31, 2020	`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, 2021 and December 31, 2020	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$24.01M	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`	$-10.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.79M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.84M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.29M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.29M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$5.00M	USD	1 Quarter
Revenues	`Revenues`	$3.50M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.82M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$177.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$159.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.26M	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`	$1.26M	USD	1 Quarter
Loss from continuing operations	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Loss from continuing operations	`OperatingIncomeLoss`	$-1.75M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$110.00K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$93.00K	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$-1.28M	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$1.34M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$330.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.92M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-21.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$351.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.73M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.73M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.79M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.73M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$351.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Depreciation	`Depreciation`	$58.00K	USD	1 Quarter
Depreciation	`Depreciation`	$37.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$64.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$107.00K	USD	1 Quarter
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-107.00K	USD	1 Quarter
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-111.00K	USD	1 Quarter
Interest expense from PPP Loan	`InterestExpenseDebt`	$4.00K	USD	1 Quarter
Non-cash cost of operating leases	`NonCashCostOfOperatingLeases`	$130.00K	USD	1 Quarter
Non-cash cost of operating leases	`NonCashCostOfOperatingLeases`	$155.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$34.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$29.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReserveEffectOnIncomeNet`	$-231.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReserveEffectOnIncomeNet`	$25.00K	USD	1 Quarter
Change in long term payables	`ChangeInLongTermPayables`	$92.00K	USD	1 Quarter
Change in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-95.00K	USD	1 Quarter
Change in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-1.45M	USD	1 Quarter
Loss on investments	`UnrealizedGainLossOnInvestments`	$-1.14M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$33.00K	USD	1 Quarter
Foreign currency remeasurement gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$-10.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.48M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-276.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-132.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$805.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$94.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-10.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-481.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-820.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$421.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$304.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.85M	USD	1 Quarter
Net cash provided by / (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$590.00K	USD	1 Quarter
Net cash provided by / (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.04M	USD	1 Quarter
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-205.00K	USD	1 Quarter
Gain on forgiveness of PPP Loan	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-1.42M	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$214.00K	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$232.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.65M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-419.00K	USD	1 Quarter
Decrease increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.06M	USD	1 Quarter
Decrease increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.46M	USD	1 Quarter
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.51M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.21M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.76M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.57M	USD	Point-in-time
Cash, and restricted cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.51M	USD	Point-in-time
Cash, and restricted cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.21M	USD	Point-in-time
Cash, and restricted cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.76M	USD	Point-in-time
Cash, and restricted cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.57M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance Beginning	`StockholdersEquity`	$16.84M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$13.86M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$13.92M	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`	$351.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$33.00K	USD	1 Quarter
Balance Ending	`StockholdersEquity`	$16.84M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$13.86M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$13.92M	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 5 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$351.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.92M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$351.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-2.92M	USD	1 Quarter

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