SHORT-TERM BANK DEBT AND LONG-TERM DEBT (Details Narrative)
$ in Thousands, ₪ in Millions |
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3 Months Ended |
12 Months Ended |
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Mar. 18, 2024
USD ($)
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Mar. 13, 2024
USD ($)
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Mar. 07, 2024
USD ($)
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Mar. 31, 2024
USD ($)
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Mar. 31, 2024
ILS (₪)
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Mar. 31, 2023
USD ($)
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Dec. 31, 2023
USD ($)
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Dec. 31, 2022
USD ($)
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| Short-Term Debt [Line Items] |
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| Debt issuance costs |
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$ 988
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| Two Senior Secured Term Loan [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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$ 30,000
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| Revolving Credit Facility [Member] |
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| Short-Term Debt [Line Items] |
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| Debt instrument, interest rate terms, description |
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The interest rate for borrowings under Facility C
is, with respect to NIS-denominated loans, Hapoalim’s prime rate + 2.5%, and with respect to U.S. dollar-denominated loans, SOFR
+ 2.15%
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The interest rate for borrowings under Facility C
is, with respect to NIS-denominated loans, Hapoalim’s prime rate + 2.5%, and with respect to U.S. dollar-denominated loans, SOFR
+ 2.15%
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| Credit Agreement [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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$ 20,000,000
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| Amortization of Debt Issuance Costs |
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110
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$ 44
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$ 133
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$ 215
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| Interest expense |
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111
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$ 160
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$ 572
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$ 824
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| Credit Agreement [Member] | Pointer Telocation Ltd [Member] | Revolving Credit Facility [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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10,000
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| Credit Agreement [Member] | Two Senior Secured Term Loan [Member] | Power Fleet Israel Ltd [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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30,000
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| Credit Agreement [Member] | Term A Facility [Member] | Power Fleet Israel Ltd [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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20,000
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| Credit Agreement [Member] | Term B Facility [Member] | Power Fleet Israel Ltd [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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10,000
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| Amended And Restated Credit Agreement [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
$ 30,000
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$ 18,800
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| Cash |
30,000
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| Proceeds to prepay of debt |
$ 11,200
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| Debt instrument, interest rate terms, description |
Hapoalim’s prime rate + 2.2% per annum, and Hapoalim’s prime rate + 2.3% per annum, respectively. Hapoalim’s
prime rate at March 31, 2024 was 6%
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| Commitment fee percentage |
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0.50%
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0.50%
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| Line of credit facility maximum increments | ₪ |
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₪ 1
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| Debt Instrument, Interest Rate, Effective Percentage |
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10.00%
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| Payments for Loans |
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$ 11,200
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| Amended And Restated Credit Agreement [Member] | Pointer [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
$ 20,000
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| Amended And Restated Credit Agreement [Member] | New Term A Facility [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
20,000
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| Amended And Restated Credit Agreement [Member] | New Term B Facility [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
10,000
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| Amended And Restated Credit Agreement [Member] | Revolving Credit Facilities One [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
10,000
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| Amended And Restated Credit Agreement [Member] | Revolving Credit Facilities Two [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
$ 10,000
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| Amended And Restated Credit Agreement [Member] | First Installment [Member] |
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| Short-Term Debt [Line Items] |
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| Debt Instrument, Interest Rate, Stated Percentage |
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10.00%
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| Amended And Restated Credit Agreement [Member] | Second Installment [Member] |
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| Short-Term Debt [Line Items] |
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| Debt Instrument, Interest Rate, Stated Percentage |
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25.00%
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| Amended And Restated Credit Agreement [Member] | Third Installment [Member] |
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| Short-Term Debt [Line Items] |
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| Debt Instrument, Interest Rate, Stated Percentage |
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27.50%
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| Amended And Restated Credit Agreement [Member] | Fourth Installment [Member] |
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| Short-Term Debt [Line Items] |
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| Debt Instrument, Interest Rate, Stated Percentage |
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27.50%
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| Amended And Restated Credit Agreement [Member] | Fifth Installment [Member] |
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| Short-Term Debt [Line Items] |
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| Debt Instrument, Interest Rate, Stated Percentage |
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10.00%
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| Revolving Credit Facility [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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$ 0
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| Amended and Restated Credit Agreement [Member] |
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| Short-Term Debt [Line Items] |
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| Debt description |
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The
A&R Credit Agreement contains certain customary affirmative and negative covenants, including financial covenants with respect
to Pointer’s net debt levels which must be less than 100% of Working Capital (as defined in the A&R Credit Agreement), the ratio of each
Borrower’s net debt to Pointer’s EBITDA must not exceed 4.75, Powerfleet Israel’s minimum equity which must not
be less than $60,000, the ratio of Powerfleet Israel’s equity to its total assets which must be greater than 35% and the
ratio of Pointer’s net debt to EBITDA ratio must not exceed 2.
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The
A&R Credit Agreement contains certain customary affirmative and negative covenants, including financial covenants with respect
to Pointer’s net debt levels which must be less than 100% of Working Capital (as defined in the A&R Credit Agreement), the ratio of each
Borrower’s net debt to Pointer’s EBITDA must not exceed 4.75, Powerfleet Israel’s minimum equity which must not
be less than $60,000, the ratio of Powerfleet Israel’s equity to its total assets which must be greater than 35% and the
ratio of Pointer’s net debt to EBITDA ratio must not exceed 2.
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| Proceeds from Issuance of Debt |
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$ 30,000
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| Facilities Agreement [Member] |
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| Short-Term Debt [Line Items] |
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| Cash |
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$ 85,000
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| Facilities Agreement [Member] | First Rand Bank Limited [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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85,000
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| Proceeds from Issuance of Debt |
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$ 85,000
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| Interest expense |
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400
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| Minimum reduction |
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5,000
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| Debt subject to reduction multiples |
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1,000
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| Debt issuance costs |
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$ 1,000
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| Facilities Agreement B [Member] | First Rand Bank Limited [Member] |
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| Short-Term Debt [Line Items] |
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| Aggregate principal amount |
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$ 42,500
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| Debt Instrument, Interest Rate, Stated Percentage |
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8.979%
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| Prepayment derivative asset |
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$ 1,616
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| Facilities Agreement A [Member] | First Rand Bank Limited [Member] |
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| Short-Term Debt [Line Items] |
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| Debt Instrument, Interest Rate, Stated Percentage |
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8.699%
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| Prepayment derivative asset |
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$ 610
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| Facility A [Member] |
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| Short-Term Debt [Line Items] |
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| Decrease in derivative asset |
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190
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| Increase in derivative asset |
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158
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| Facility B [Member] |
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| Short-Term Debt [Line Items] |
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| Decrease in derivative asset |
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465
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| Increase in derivative asset |
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$ 416
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