Polar Power Inc
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Apr 1, 2024
POLA$0.30-15.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Balance Sheets as at December 31, 2023 and 2022
POLAR POWER, INC.
BALANCE SHEETS
(in thousands, except share and per share data)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $549 | $211 |
| Accounts receivable | 1,676 | 2,230 |
| Inventories | 16,522 | 15,460 |
| Prepaid expenses | 455 | 2,629 |
| Employee retention credit receivable | 2,000 | 2,000 |
| Income taxes receivable | 787 | 787 |
| Total current assets | 21,989 | 23,317 |
| Other assets: | ||
| Operating lease right-of-use assets, net | 2,818 | 240 |
| Property and equipment, net | 344 | 538 |
| Deposits | 108 | 93 |
| Total assets | $25,259 | $24,188 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | $1,762 | $230 |
| Customer deposits | 1,618 | 2,126 |
| Accrued liabilities and other current liabilities | 1,151 | 1,231 |
| Line of credit | 4,238 | 1,884 |
| Notes payable-related party | 257 | — |
| Notes payable, current portion | 64 | 211 |
| Current portion of operating lease liabilities | 1,124 | 268 |
| Total current liabilities | 10,214 | 5,950 |
| Notes payable, net of current portion | — | 57 |
| Operating lease liabilities, net of current portion | 1,856 | — |
| Total liabilities | 12,070 | 6,007 |
| Commitments and Contingencies | - | - |
| Stockholders’ Equity | ||
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding | — | — |
| Common stock, $0.0001 par value, 50,000,000 shares authorized, 17,579,089 shares issued and 17,561,612 shares outstanding on December 31, 2023, and 12,967,027 shares issued and 12,949,550 shares outstanding on December 31, 2022 | 2 | 1 |
| Additional paid-in capital | 38,886 | 37,331 |
| Accumulated deficit | (25,659) | (19,111) |
| Treasury Stock, at cost (17,477 shares) | (40) | (40) |
| Total stockholders’ equity | 13,189 | 18,181 |
| Total liabilities and stockholders’ equity | $25,259 | $24,188 |
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