10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-017462`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 14

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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$11.56M	USD	Point-in-time
Cash	`Cash`	$10.30M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$11.14M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.86M	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
Inventories	`InventoryNet`	$8.75M	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
Inventories	`InventoryNet`	$9.59M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.64M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.85M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.77M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.91M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.77M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$31.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.04M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.64M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.86M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.45M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.28M	USD	Point-in-time
Financing lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$655.00K	USD	Point-in-time
Financing lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$727.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$150.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$162.00K	USD	Point-in-time
Total assets	`Assets`	$34.70M	USD	Point-in-time
Total assets	`Assets`	$37.17M	USD	Point-in-time
Total assets	`Assets`	$35.86M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.24M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.49M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$718.00K	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$703.00K	USD	Point-in-time
Current portion of financing lease liabilities	`FinanceLeaseLiabilityCurrent`	$355.00K	USD	Point-in-time
Current portion of financing lease liabilities	`FinanceLeaseLiabilityCurrent`	$316.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.10M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$10.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.61M	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`	$612.00K	USD	Point-in-time
Financing lease liabilities, non-current portion	`FinanceLeaseLiabilityNoncurrent`	$418.00K	USD	Point-in-time
Financing lease liabilities, non-current portion	`FinanceLeaseLiabilityNoncurrent`	$386.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$65.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$61.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$15.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.24M	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; 9,769,545 and 9,644,545 shares issued and outstanding on March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 9,769,545 and 9,644,545 shares issued and outstanding on March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$32.86M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$33.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	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`	$-13.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.83M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$18.89M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$17.18M	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 liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$35.86M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$37.17M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.51M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.36M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.29M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$923.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.16M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-823.00K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$55.00K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$54.00K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$101.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$13.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-11.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$122.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-733.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-740.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$122.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.77M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.64M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.64M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.77M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-740.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$122.00K	USD	1 Quarter
Depreciation	`Depreciation`	$36.00K	USD	1 Quarter
Depreciation	`Depreciation`	$130.00K	USD	1 Quarter
Amortization of right-of-use financing leases	`FinanceLeaseRightOfUseAssetAmortization`	$73.00K	USD	1 Quarter
Amortization of right-of-use financing leases	`FinanceLeaseRightOfUseAssetAmortization`	$51.00K	USD	1 Quarter
Amortization of imputed interest	`AmortizationOfImputedInterest`	-	USD	1 Quarter
Amortization of imputed interest	`AmortizationOfImputedInterest`	$-107.00K	USD	1 Quarter
Amortization of right-of-use operating leases	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$169.00K	USD	1 Quarter
Amortization of right-of-use operating leases	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$163.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$13.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$28.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$143.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$57.00K	USD	1 Quarter
Other	`OtherNoncashIncome`	-	USD	1 Quarter
Other	`OtherNoncashIncome`	$14.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.74M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.27M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$841.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.53M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$57.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$478.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$19.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-750.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.92M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$4.57M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-570.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-161.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-170.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.52M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.09M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$112.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$194.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-112.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-194.00K	USD	1 Quarter
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	$17.00K	USD	1 Quarter
Net proceeds from the exercise of options for common stock	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$48.00K	USD	1 Quarter
Principal repayments of financing leases	`FinanceLeasePrincipalPayments`	$71.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-71.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.00K	USD	1 Quarter
Increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.26M	USD	1 Quarter
Increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.94M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.70M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.30M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.64M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.56M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.70M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.30M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.64M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.56M	USD	Point-in-time
Acquisition of right-of-use assets and lease liabilities	`AcquisitionOfRightOfUseAssetsAndLeaseLiabilities`	$156.00K	USD	1 Quarter
Acquisition of right-of-use assets and lease liabilities	`AcquisitionOfRightOfUseAssetsAndLeaseLiabilities`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$18.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.18M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.55M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-740.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$122.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$57.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$143.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$17.00K	USD	1 Quarter
Other	`StockIssuedDuringPeriodValueOther`	$-14.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$18.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.18M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$19.55M	USD	Point-in-time

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