10-K Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-011850`
Period End Date	20221231
Filing Date	20230411
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 30 Cash Flow Statement 69 Stockholders Equity 17

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$9.92M	USD	Point-in-time
Cash	`Cash`	$10.30M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.77M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes receivable and accrued interest	`NotesAndLoansReceivableNetCurrent`	$5.78M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Notes receivable and accrued interest	`NotesAndLoansReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$11.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.64M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.43M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.64M	shares	Point-in-time
Inventories	`InventoryNet`	$8.75M	USD	Point-in-time
Inventories	`InventoryNet`	$4.16M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.85M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.04M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$516.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.45M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.67M	USD	Point-in-time
Financing lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$565.00K	USD	Point-in-time
Financing lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$727.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$162.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$39.00K	USD	Point-in-time
Total assets	`Assets`	$37.17M	USD	Point-in-time
Total assets	`Assets`	$27.93M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.35M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.24M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$703.00K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$605.00K	USD	Point-in-time
Current portion of financing lease liabilities	`FinanceLeaseLiabilityCurrent`	$355.00K	USD	Point-in-time
Current portion of financing lease liabilities	`FinanceLeaseLiabilityCurrent`	$202.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.66M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.96M	USD	Point-in-time
Operating lease liabilities, non-current portion	`OperatingLeaseLiabilityNoncurrent`	$797.00K	USD	Point-in-time
Operating lease liabilities, non-current portion	`OperatingLeaseLiabilityNoncurrent`	$1.11M	USD	Point-in-time
Financing lease liabilities, non-current portion	`FinanceLeaseLiabilityNoncurrent`	$418.00K	USD	Point-in-time
Financing lease liabilities, non-current portion	`FinanceLeaseLiabilityNoncurrent`	$411.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$65.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$274.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.24M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`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 December 31, 2022 and 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 December 31, 2022 and 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`	$32.86M	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`	$-15.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.31M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.93M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$19.55M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.86M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$37.17M	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	`RevenueFromContractWithCustomerExcludingAssessedTax`	$18.31M	USD	Annual
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$27.00M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$16.92M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$22.39M	USD	Annual
Gross profit	`GrossProfit`	$1.39M	USD	Annual
Gross profit	`GrossProfit`	$4.61M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.64M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.25M	USD	Annual
Total operating expenses	`OperatingExpenses`	$8.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.25M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-3.86M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.03M	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$465.00K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$387.00K	USD	Annual
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$-67.00K	USD	Annual
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$1.29M	USD	Annual
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.18M	USD	Annual
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.63M	USD	Annual
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-16.00K	USD	Annual
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$7.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.64M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.17M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.24	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.37	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.37	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.24	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.86M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.73M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.86M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.73M	shares	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.64M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.17M	USD	Annual
Depreciation	`Depreciation`	$228.00K	USD	Annual
Depreciation	`Depreciation`	$153.00K	USD	Annual
Amortization of right-of-use finance leases	`FinanceLeaseRightOfUseAssetAmortization`	$285.00K	USD	Annual
Amortization of right-of-use finance leases	`FinanceLeaseRightOfUseAssetAmortization`	$238.00K	USD	Annual
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-455.00K	USD	Annual
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-428.00K	USD	Annual
Interest expense from PPP Loan	`InterestExpenseDebt`	-	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
Amortization of right-of-use operating leases	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$580.00K	USD	Annual
Amortization of right-of-use operating leases	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$663.00K	USD	Annual
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$71.00K	USD	Annual
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$-140.00K	USD	Annual
Proceeds from insurance receivable	`ProceedsFromInsuranceReceivable`	$95.00K	USD	Annual
Proceeds from insurance receivable	`ProceedsFromInsuranceReceivable`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.00M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$186.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-115.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.57M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.76M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$4.59M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$195.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.80M	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$28.00K	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$397.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-73.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.67M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.71M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$8.24M	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-752.00K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-653.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.77M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.19M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$237.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.51M	USD	Annual
Collection of notes receivable	`ProceedsFromCollectionOfNotesReceivable`	-	USD	Annual
Collection of notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$6.23M	USD	Annual
Net cash provided by/ (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$4.72M	USD	Annual
Net cash provided by/ (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-237.00K	USD	Annual
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	$17.00K	USD	Annual
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	$58.00K	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$8.66M	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Payment to affiliates	`PaymentsOfDistributionsToAffiliates`	$129.00K	USD	Annual
Payment to affiliates	`PaymentsOfDistributionsToAffiliates`	-	USD	Annual
Dividend paid to shareholders	`PaymentsOfDividends`	-	USD	Annual
Dividend paid to shareholders	`PaymentsOfDividends`	$1.05M	USD	Annual
Dividend paid to shareholders	`PaymentsOfDividends`	$1.00M	USD	Point-in-time
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$112.00K	USD	Annual
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$241.00K	USD	Annual
Net cash (used in)/ provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.56M	USD	Annual
Net cash (used in)/ provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-353.00K	USD	Annual
(Decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.40M	USD	Annual
(Decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.13M	USD	Annual
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.57M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.30M	USD	Point-in-time
Cash, and restricted cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.70M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.57M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.30M	USD	Point-in-time
Cash, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.70M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$3.00K	USD	Annual
Interest paid	`InterestPaidNet`	$4.00K	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$-395.00K	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$-20.00K	USD	Annual
Acquisition of right-of-use assets and lease liabilities	`AcquisitionOfRightOfUseAssetsAndLeaseLiabilities`	$841.00K	USD	Annual
Acquisition of right-of-use assets and lease liabilities	`AcquisitionOfRightOfUseAssetsAndLeaseLiabilities`	$1.60M	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.86M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-3.64M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.17M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$186.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.00M	USD	Annual
Dividend to shareholders	`Dividends`	$1.05M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$17.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$58.00K	USD	Annual
Exercise of stock options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	4,000.00	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, shares	`StockIssuedDuringPeriodSharesNewIssues`	888,500.00	shares	Point-in-time
Balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.86M	USD	Point-in-time

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