10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001387131-22-006202`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	ppsi-10q_033122_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 30 Cash Flow Statement 58 Stockholders Equity 18

Balance Sheet 63 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
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$13.14M	USD	Point-in-time
Cash	`Cash`	$9.92M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$505.00K	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Notes receivable and accrued interest	`NotesAndLoansReceivableNetCurrent`	$5.78M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Notes receivable and accrued interest	`NotesAndLoansReceivableNetCurrent`	$5.89M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.14M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.43M	USD	Point-in-time
Inventories	`InventoryNet`	$6.96M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	9.64M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	9.64M	shares	Point-in-time
Inventories	`InventoryNet`	$4.16M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.07M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.52M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.16M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$516.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$592.00K	USD	Point-in-time
Right-of-use assets	`OtherAssets`	$2.18M	USD	Point-in-time
Right-of-use assets	`OtherAssets`	$2.24M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$49.00K	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$39.00K	USD	Point-in-time
Total assets	`Assets`	$34.98M	USD	Point-in-time
Total assets	`Assets`	$27.93M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.16M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.40M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$2.42M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$7.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.58M	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`	$8.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.14M	USD	Point-in-time
Commitments	`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; 9,644,545 and 9,640,545 shares issued and outstanding on March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 9,644,545 and 9,640,545 shares issued and outstanding on March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.84M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$31.91M	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`	$-12.31M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.10M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.86M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$19.55M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.24M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$34.98M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$27.93M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$6.04M	USD	1 Quarter
Revenues	`Revenues`	$3.50M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.34M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$875.00K	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`	$1.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.26M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.75M	USD	1 Quarter
Loss from continuing operations	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Loss from continuing operations	`OperatingIncomeLoss`	$-871.00K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$101.00K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$93.00K	USD	1 Quarter
Other expense (income)	`OtherNonoperatingIncomeExpense`	$-11.00K	USD	1 Quarter
Other expense (income)	`OtherNonoperatingIncomeExpense`	$1.34M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$330.00K	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-781.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$7.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-21.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-788.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$351.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.64M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.73M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.64M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.79M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-788.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$351.00K	USD	1 Quarter
Depreciation	`Depreciation`	$36.00K	USD	1 Quarter
Depreciation	`Depreciation`	$37.00K	USD	1 Quarter
Amortization of right-of-use finance leases	`FinanceLeaseRightOfUseAssetAmortization`	$51.00K	USD	1 Quarter
Amortization of right-of-use finance leases	`FinanceLeaseRightOfUseAssetAmortization`	$107.00K	USD	1 Quarter
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-107.00K	USD	1 Quarter
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-107.00K	USD	1 Quarter
Interest expense from PPP Loan	`InterestExpenseDebt`	-	USD	1 Quarter
Interest expense from PPP Loan	`InterestExpenseDebt`	$4.00K	USD	1 Quarter
Gain on forgiveness of PPP Loan	`GainsLossesOnExtinguishmentOfDebt`	$1.42M	USD	1 Quarter
Gain on forgiveness of PPP Loan	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Amortization of right-of-use operating leases	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$163.00K	USD	1 Quarter
Amortization of right-of-use operating leases	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$130.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$28.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$34.00K	USD	1 Quarter
Proceeds from insurance receivable	`ProceedsFromInsuranceReceivable`	-	USD	1 Quarter
Proceeds from insurance receivable	`ProceedsFromInsuranceReceivable`	$95.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$33.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$57.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.48M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.74M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.81M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$780.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$478.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$94.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-10.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$19.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.92M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$421.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.85M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$4.89M	USD	1 Quarter
Principal repayments of operating leases	`IncreaseDecreaseInOperatingLeaseLiability`	$-161.00K	USD	1 Quarter
Principal repayments of operating leases	`IncreaseDecreaseInOperatingLeaseLiability`	$-114.00K	USD	1 Quarter
Net cash provided by / (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-941.00K	USD	1 Quarter
Net cash provided by / (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.09M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$112.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-112.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	$17.00K	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$48.00K	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$118.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-118.00K	USD	1 Quarter
Increase / (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.94M	USD	1 Quarter
Increase / (decrease) in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.06M	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`	$11.70M	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`	$13.64M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.51M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.70M	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`	$13.64M	USD	Point-in-time
Acquisition of right-of-use assets and lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$156.00K	USD	1 Quarter
Acquisition of right-of-use assets and lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance Beginning	`StockholdersEquity`	$13.86M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$18.84M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$19.55M	USD	Point-in-time
Balance Beginning	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance Beginning (in shares)	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Balance Beginning (in shares)	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-788.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$351.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$57.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$33.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$17.00K	USD	1 Quarter
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	4,000.00	shares	1 Quarter
Balance Ending	`StockholdersEquity`	$13.86M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$18.84M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$19.55M	USD	Point-in-time
Balance Ending	`StockholdersEquity`	$14.24M	USD	Point-in-time
Balance Ending (in shares)	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Balance Ending (in shares)	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time

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