10-K Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001387131-22-004473`
Period End Date	20211231
Filing Date	20220331
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	ppsi-10k_123121_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 34 Cash Flow Statement 85 Stockholders Equity 21

Balance Sheet 75 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
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$9.92M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.77M	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	$5.78M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetCurrent`	-	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	9.64M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.59M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.43M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Insurance receivable	`InsuranceSettlementsReceivable`	-	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Insurance receivable	`InsuranceSettlementsReceivable`	$95.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.16M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.40M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$407.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.07M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$897.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.14M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$516.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$433.00K	USD	Point-in-time
Right-of-use assets	`OtherAssets`	$1.50M	USD	Point-in-time
Right-of-use assets	`OtherAssets`	$2.24M	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetNoncurrent`	-	USD	Point-in-time
Notes receivable	`NotesAndLoansReceivableNetNoncurrent`	$5.35M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$44.00K	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$39.00K	USD	Point-in-time
Total assets	`Assets`	$27.93M	USD	Point-in-time
Total assets	`Assets`	$21.29M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.16M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.03M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$2.42M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$714.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	-	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
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.54M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$633.00K	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.26M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.38M	USD	Point-in-time
Commitments and contingencies (note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	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; 9,640,545 and 8,726,045 shares issued and outstanding on December 31, 2021 and 2020, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 9,640,545 and 8,726,045 shares issued and outstanding on December 31, 2021 and 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.84M	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`	$-12.31M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$19.55M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.86M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$27.93M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$21.29M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$18.31M	USD	Annual
Revenues	`Revenues`	$19.49M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServiceExcludingInventoryWriteDown`	$18.06M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServiceExcludingInventoryWriteDown`	$16.92M	USD	Annual
Write down of inventory	`InventoryWriteDown`	$546.00K	USD	Annual
Write down of inventory	`InventoryWriteDown`	-	USD	Annual
Total cost of goods sold	`CostOfRevenue`	$18.61M	USD	Annual
Total cost of goods sold	`CostOfRevenue`	$16.92M	USD	Annual
Gross profit	`GrossProfit`	$881.00K	USD	Annual
Gross profit	`GrossProfit`	$1.39M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.25M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.17M	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.17M	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.25M	USD	Annual
Loss from continuing operations	`OperatingIncomeLoss`	$-3.86M	USD	Annual
Loss from continuing operations	`OperatingIncomeLoss`	$-4.28M	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$387.00K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$334.00K	USD	Annual
Other income	`OtherIncome`	$1.29M	USD	Annual
Other income	`OtherIncome`	$969.00K	USD	Annual
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.98M	USD	Annual
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.18M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-16.00K	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$5.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.99M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.17M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.34	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.24	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.24	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.34	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.73M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.86M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.86M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.73M	shares	Annual

Cash Flow Statement 85 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.99M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.17M	USD	Annual
Depreciation	`Depreciation`	$153.00K	USD	Annual
Depreciation	`Depreciation`	$203.00K	USD	Annual
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$261.00K	USD	Annual
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$285.00K	USD	Annual
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-428.00K	USD	Annual
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-448.00K	USD	Annual
Interest expense from PPP Loan	`InterestExpenseDebt`	$9.00K	USD	Annual
Interest expense from PPP Loan	`InterestExpenseDebt`	$4.00K	USD	Annual
Gain on forgiveness of PPP Loan	`GainsLossesOnExtinguishmentOfDebt`	$1.42M	USD	Annual
Gain on forgiveness of PPP Loan	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Non-cash cost of operating leases	`NonCashCostOfOperatingLeases`	$580.00K	USD	Annual
Non-cash cost of operating leases	`NonCashCostOfOperatingLeases`	$622.00K	USD	Annual
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$-57.00K	USD	Annual
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$71.00K	USD	Annual
Change in inventory reserves	`InventoryLIFOReserveEffectOnIncomeNet`	$127.00K	USD	Annual
Change in inventory reserves	`InventoryLIFOReserveEffectOnIncomeNet`	$-535.00K	USD	Annual
Write down of inventory	`InventoryWriteDown`	$546.00K	USD	Annual
Write down of inventory	`InventoryWriteDown`	-	USD	Annual
Change in long term payables	`ChangeInLongTermPayables`	-	USD	Annual
Change in long term payables	`ChangeInLongTermPayables`	$-4.00K	USD	Annual
Proceeds from insurance receivable	`ProceedsFromInsuranceReceivable`	$95.00K	USD	Annual
Proceeds from insurance receivable	`ProceedsFromInsuranceReceivable`	$1.71M	USD	Annual
Gain on investments	`GainOnSaleOfInvestments`	-	USD	Annual
Gain on investments	`GainOnSaleOfInvestments`	$968.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$3.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$186.00K	USD	Annual
Other	`OtherNoncashExpense`	$3.00K	USD	Annual
Other	`OtherNoncashExpense`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.16M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-115.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-2.14M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.88M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$692.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$195.00K	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$397.00K	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-501.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.35M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$27.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.71M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-727.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.61M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.34M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$237.00K	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Proceeds from sale of investments	`ProceedsFromSaleOfInvestmentProjects`	-	USD	Annual
Proceeds from sale of investments	`ProceedsFromSaleOfInvestmentProjects`	$2.44M	USD	Annual
Change in notes receivable	`ChangeInNoteReceivable`	-	USD	Annual
Change in notes receivable	`ChangeInNoteReceivable`	$194.00K	USD	Annual
Net cash (used in) / provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-237.00K	USD	Annual
Net cash (used in) / provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.63M	USD	Annual
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	-	USD	Annual
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-374.00K	USD	Annual
Funding from PPP Loan	`ProceedsFromIssuanceOfOtherLongTermDebt`	$1.40M	USD	Annual
Funding from PPP Loan	`ProceedsFromIssuanceOfOtherLongTermDebt`	-	USD	Annual
Payment of deferred purchase price	`PaymentOfDeferredPurchasePrice`	$397.00K	USD	Annual
Payment of deferred purchase price	`PaymentOfDeferredPurchasePrice`	-	USD	Annual
Payment of deferred payroll taxes	`PaymentOfDeferredPayrollTaxes`	$100.00K	USD	Annual
Payment of deferred payroll taxes	`PaymentOfDeferredPayrollTaxes`	-	USD	Annual
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	$58.00K	USD	Annual
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$8.66M	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$8.70M	USD	Point-in-time
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Dividend paid to shareholders	`PaymentsOfDividends`	-	USD	Annual
Dividend paid to shareholders	`PaymentsOfDividends`	$1.05M	USD	Annual
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$296.00K	USD	Annual
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$864.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.71M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$337.00K	USD	Annual
Increase / (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.13M	USD	Annual
Increase / (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-646.00K	USD	Annual
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.21M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.57M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.70M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.21M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.57M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.70M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$28.00K	USD	Annual
Interest paid	`InterestPaidNet`	$3.00K	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$507.00K	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$-395.00K	USD	Annual
Acquisition of right-of-use assets	`AcquisitionOfRightofuseAssets`	$1.60M	USD	Annual
Acquisition of right-of-use assets	`AcquisitionOfRightofuseAssets`	-	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance Beginning	`StockholdersEquity`	$19.55M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$16.84M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$13.86M	USD	Point-in-time
Balance Beginning (in shares)	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Balance Beginning (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-2.99M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.17M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$186.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.00K	USD	Annual
Dividend to shareholders	`Dividends`	$1.05M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$58.00K	USD	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	26,000.00	shares	Annual
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	Annual
Issuance of common stock, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$9.00M	USD	Point-in-time
Issuance of common stock, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$8.66M	USD	Annual
Issuance of common stock, net of transaction costs (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	888,500.00	shares	Point-in-time
Balance Ending	`StockholdersEquity`	$19.55M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$16.84M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$13.86M	USD	Point-in-time
Balance Ending (in shares)	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Balance Ending (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time

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