Polar Power, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF DISAGGREGATED NET SALES

The following table shows the Company’s disaggregated net sales by product type:

SCHEDULE OF DISAGGREGATED NET SALES


	Three months ended March 31,
	2023		2022
	(Unaudited)		(Unaudited)
DC power systems	$	4,081	$	3,617
Engineering & Tech Support Services		24		44
Accessories		85		48
Total net sales	$	4,190	$	3,709

The following table shows the Company’s disaggregated net sales by customer type:


	Three months ended March 31,
	2023		2022
	(Unaudited)		(Unaudited)
Telecom	$	3,988	$	3,670
Government/Military		193		17
Marine		—		14
Other (backup DC power to various industries)		9		8
Total net sales	$	4,190	$	3,709

The following tables shows the Company’s net sales by the respective geographical regions of our customers (in thousands):


	Three months ended
	March 31,
	2023		2022
	(Unaudited)		(Unaudited)
United States	$	3,065	$	3,670
Canada		—		14
South Pacific Islands		1,120		—
Japan		—		1
Other Asia Pacific		5		24
Total net sales	$	4,190	$	3,709

SCHEDULE OF INVENTORIES NET

As of March 31, 2023 and December 31, 2022, inventories consisted of the following:

SCHEDULE OF INVENTORIES NET

	March 31, 2023		December 31, 2022
	(unaudited)
Raw materials	$	13,870	$	12,277
Finished goods		3,005		3,183
Total Inventories	$	16,875	$	15,460

SCHEDULE OF RECONCILIATION OF THE PRODUCT WARRANT LIABILITY

Changes in estimates for warranties	March 31, 2023			December 31, 2022
	(unaudited)
Balance at beginning of the period	$	600		$	600
Payments		(102	)		(508	)
Provision for warranties		102			508
Balance at end of the period	$	600		$	600

SCHEDULE OF DILUTED EARNINGS PER SHARE

The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive:

SCHEDULE OF DILUTED EARNINGS PER SHARE

	March 31, 2023		March 31, 2022
	(Unaudited)		(Unaudited)
Options		140,000		140,000
Warrants		24,122		24,122
Total		164,122		164,122