What changed in this filing

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Item 1. Business

2023-03-31 compared with 2022-03-31 · 182 added, 172 removed, 680 unchanged (34% of the section changed)

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in customer diversity are reported in the financial section.

the various markets we service, our DC power systems provide reliable and low-cost DC power to service applications that do not

have access to the utility grid (i.e., prime power and mobile applications) or have critical power needs and cannot be without

power in the event of utility grid failure (i.e., back-up power applications).

It’s more efficient to build

power systems around the DC generator because it’s simpler to integrate with battery storage and solar photovoltaics which also operate

Many applications in communications, water pumping, lighting, vehicle and vessel propulsion, security systems operate on DC power

the various markets we service, our DC power systems provide reliable and low-cost DC power to service applications that do not have

access to the utility grid (i.e., prime power and mobile applications) or have critical power needs and cannot be without power in the

event of utility grid failure (i.e., back-up power applications).

more efficient to build power systems around the DC generator because it’s simpler to integrate with battery storage and solar

photovoltaics which also operate on DC.

Many applications in communications, water pumping, lighting, vehicle and vessel propulsion,

security systems operate on DC power only.

Many micro-grids and energy storage are DC based and use inverters to convert the DC to AC.

these various markets, we offer the following configurations of our DC power systems, with output power ranging from 5 kW to 50

these various markets, we offer the following configurations of our DC power systems, with output power ranging from 5 kW to 50 kW:

power systems .

These stationary

systems integrate a DC generator and automated controls with remote monitoring, which are typically contained within an environmentally

regulated enclosure.

These stationary systems integrate a DC generator and automated controls with remote monitoring, which are

typically contained within an environmentally regulated enclosure.

power systems .

These systems

incorporate lithium-ion batteries (or other advanced battery chemistries) with our proprietary battery management system into our

standard DC power systems.

These systems incorporate lithium-ion batteries (or other advanced battery chemistries) with our proprietary

battery management system into our standard DC power systems.

solar hybrid power systems .

These stationary systems incorporate photovoltaic and other sources of renewable energy

into our DC hybrid power systems.

Mobile power systems.

These are very light

weight and compact power systems used for EV charging, robotics, communications, security.

These stationary systems incorporate photovoltaic and other sources of renewable energy into

our DC hybrid power systems.

power systems.

These are very light weight and compact power systems used for EV charging, robotics, communications, security.

DC power systems are available in diesel, natural gas, LPG / propane and renewable fuel formats, with diesel, natural gas and propane

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COVID-19 pandemic has negatively impacted business and industries all over the world since March 2020.

a key supplier to critical infrastructure projects, we have worked to maintain ongoing operations.

W e operate our business in

compliance with applicable state and local laws and are observing recommended public health and governmental authority guidelines to

minimize the risk of spreading the COVID-19 virus including implementing, where possible, safe-distancing, work-from-home procedures,

and additional sanitization efforts where facilities remain open to provide necessary services.

This allows us to continue to serve our

pandemic has resulted in temporary stay-at-home mandates, labor shortages, disruptions in the chain of supply, higher material costs,

travel restrictions, and postponement or cancellation of tradeshows and other marketing events.

These disruptions negatively affected

Tier-1 telecommunications customers which, in turn, resulted in a significant reduction in our new equipment orders and slow-down

in shipments in 2020.

2021, public health and governmental authorities have taken progressive action to help control the spread of COVID-19.

Currently, approximately

64% of the U.S.

population is considered fully vaccinated with the COVID-19 vaccine which was initially released to the general public

in December 2020.

In addition, several COVID-related shutdowns and restrictions have been lifted.

We believe these actions

have improved our customers’ ability to deploy new systems which resulted in an increase in our net sales during 2021.

We experienced

an 89% increase in net revenues in 2021 as compared to 2020.

2021, the implementation of 5G networks by Tier-1 telecommunication customers in the U.S.

has also resulted in a significant increase

in shipments of our DC power systems.

Our net sales to telecommunications customers in the U.S.

increased by 93% to $13.8 million in

2021 as compared to $7.1 million in 2020.

the pandemic, we focused on diversifying our sales efforts to increase sales to the U.S.

military, advanced mobility customers in the

U.S, and international telecommunications customers.

During the second half of 2020 and throughout 2021, we experienced measurable success

in our diversification strategy.

During this period, we received a $3.0 million purchase order from a new advanced mobility customer,

which we expect to start shipping in mid-year 2022.

During 2021, our shipments to military customers also increased to $798 as compared to $120 in 2020.

The pandemic has had a significant

negative impact on our overall operations including revenues, productivity, gross margins and liquidity.

The pandemic has resulted in

labor shortages, disruptions in the chain of supply, and higher material costs.

During 2022, supply chain constraints that affected timely

delivery of raw materials required to complete our DC power systems and labor shortages resulted in approximately $3,500 of expected

shipments to be postponed to the first half of 2023.

We believe that Covid-19 will be an ongoing challenge for years to come and to adapt

will require us to further globalize our vendors, engineering, and customers.

April and May of 2022, we received purchase orders totaling $6.2 million from a telecommunications customer in the South Pacific Islands

for our DC power generators for off-grid applications.

This order is part of a growing program to develop broadband services in the South

Pacific region.

During 2022, 59% of the order was shipped and included in net sales in the statements of operation in this Annual Report

on Form 10-K.

The remaining 41% is expected to ship in the first half of 2023.

September 2022, we renewed our master service agreement with our largest customer.

The agreement included price adjustments to our products

which we believe will help offset the effects of inflation and improve our gross margins.

During 2022, 66% of our total net sales were

derived from our largest customer, compared to 67% in 2021.

November 2022, we received purchase orders from another customer in the South Pacific region totaling $1.1 million for our solar hybrid

power systems.

Our solar hybrid power systems, which integrate solar energy storage with natural gas/LPG (propane) powered generators,

are ideal for off-grid (i.e., areas where wireless towers are not connected to an electrical grid) and bad-grid (i.e., areas where wireless

towers are connected to an electrical grid that loses power for more than eight hours) applications.

also continue to work on diversifying our customer base and are selling into non-telecommunication markets and applications at an increasing

In March 2022, we received EPA certification on our 4Y Toyota engine project aimed at expanding the power range to 35 kW on natural

Polar’s EPA certification of 1KS and 4Y Toyota engines brings to the market (non-diesel) engines with very low maintenance

and high fuel efficiency.

In addition to meeting the telecommunications need for larger and more compact generators our larger models

have high interest from micro-grids, peak power shaving, and EV charging.

believe military actions of the Russian Federation and its invasion of Ukraine have added considerable to our shipping costs due to diesel

However, we believe the resulting geopolitical uncertainty should increase our military contracts.

implementation of 5G networks by Tier-1 telecommunication customers in the U.S.

has also resulted in a significant increase in orders

of our DC power systems.

Approximately 72% of our net sales during 2022 were of our DC power systems to support 5G networks and 47% of

our backlog as of December 31, 2022 are purchase orders of our of DC power systems to support 5G networks.

growing backlog and shipments have demonstrated that our customers are viable and moving forward with orders.

The headwind to a more

rapid sales growth is a labor and supply chain issue.

We anticipate that our component suppliers will normalize their backlogs sometime

during the 4 th quarter in 2023.

In the meantime, our strategy will be to maintain large inventories of engines and electronic

components to offset disruptions.

sales backlog as of December 31, 2022, was $12,001, with 47% of that amount being attributable to our largest U.S.

telecommunications

customer, 16% represented purchases from other telecommunications customers in the U.S., 32 % represented

purchases from telecommunications customers outside the U.S., 1 % represented purchase from customers in the marine industry, 1%

represented purchases from customers in the military markets, and 3% represented purchases from customer in other markets.

the three-year period prior to the pandemic, we experienced high double-digit sales growth which resulted in us making strategic investments

to increase our production capacity to $50 million annual revenue through an increase in plant space and the addition of automation equipment.

The unanticipated drop in sales during 2020 caused a disproportionate distribution of fixed and semi-fixed overhead costs across much

lower revenues.

During 2021, the increase in product shipments resulted in a decrease in our cost of sales as a percentage of total net

This was primarily because of improved labor efficiencies and increased absorption of manufacturing overhead resulting from higher

volume in net sales.

We believe our investments in state-of the-art equipment, additions to manufacturing plant space, and employee training

will continue to yield improvements in our gross margins as sales volumes continue to increase and as the economy normalizes from the

impact of the pandemic and other known and unknown factors affecting the global economy.

The unanticipated drop in sales during in the first three years after the pandemic caused a disproportionate distribution of fixed and

semi-fixed overhead costs across much lower revenues.

During 2022, labor shortages and supply chain constrains caused a decrease in product

shipments resulting in an increase in our cost of sales as a percentage of total net sales.

This was primarily because of decreased labor

efficiencies and decreased absorption of manufacturing overhead resulting from lower volume in net sales.

We believe our investments

in state-of the-art equipment, additions to manufacturing plant space, and employee training will yield improvements in our gross margins

as sales volumes increase and as the economy normalizes from the impact of the pandemic and other known and unknown factors affecting

the global economy.

primarily operate within the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle

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storage due to the fuel efficiency of our products.

In the past five years, we have gained approval and certifications from four top

In the past eight years, we have gained approval and certifications from four top

Tier-1 telecommunications operators in the U.S.

With over 90% of the world’s telecommunication towers located in non-U.S.

territories, we decided to establish international sales offices in Poland, Romania, Australia, U.A.E., Dominican Republic and

South Africa to provide long term growth.

In 2017, we began investments into international markets and have recorded a steady increase

in sales every year since.

territories, we decided to establish international sales offices in Poland, Romania, Australia, U.A.E., Dominican Republic and South

Africa to provide long term growth.

In 2017, we began investments into international markets and have recorded a steady increase in sales

every year since.

market, over 95% of the telecommunications towers are connected to a power grid, thereby only requiring backup power generation

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to supplying power to weapon systems.

We are currently in the process of development of next-generation higher output power DC power system.

After conclusion of

the testing of this higher power DC power system, we plan to introduce a configuration of this product to the residential and commercial

microgrid market in emerging markets.

We believe 50 kW standalone DC power system, powered by natural gas or LPG would be ideal for rural

communities in emerging markets such as Africa and Asia.

The capacity of 50 kW is sufficiently large enough to power a small rural hospital,

dairy farm and a cluster of houses in a small village.

The ease of connecting our DC power system with solar, battery packs or any other

source of energy like wind can introduce a sustainable cost-effective solution in emerging markets.

50 kW generator will provide roadside emergency charging services for electric vehicles.

are currently in the process of development of next-generation higher output power DC power system.

After conclusion of the testing of

this higher power DC power system, we plan to introduce a configuration of this product to the residential and commercial microgrid market

in emerging markets.

We believe 50 kW standalone DC power system, powered by natural gas or LPG would be ideal for rural communities

in emerging markets such as Africa and Asia.

The capacity of 50 kW is sufficiently large enough to power a small rural hospital, dairy

farm and a cluster of houses in a small village.

The ease of connecting our DC power system with solar, battery packs or any other source

of energy like wind can introduce a sustainable cost-effective solution in emerging markets.

50 kW generator can also provide roadside emergency charging services for electric vehicles.

Vehicle Charging

to Presedence Research, a market research company, the electric vehicle market is expected to register a compound annual growth rate

(CAGR) of 40.7% during the forecast period 2022 to 2027.

The firm estimates the global electric vehicle market at $7 billion USD in 2021

and is expected to reach $802.81 billion USD by 2027.

The primary growth factors driven by significant number of government incentives

such as tax rebates, subsidies, and grants.

This increase will require approximately 29 million additional charging stations globally

to support the cumulative growth of electric vehicles.

to Precedence Research, a market research company, the global electric vehicle market size accounted for USD 205.58 billion in 2022 and

is expected to reach USD 1,716.83 billion by 2032, growing at a compound annual growth rate (CAGR) of 23.1% during the forecast period

2023 to 2032.

The primary growth factors driven by significant number of government incentives such as tax rebates, subsidies, and grants.

This increase will require more than 29 million additional charging stations globally to support the cumulative growth of electric vehicles.

The global electric vehicle charging station market is poised to grow at a CAGR of 31.5% from 2022 to 2030.

2018 article by McKinsey & Company entitled “ The potential impact of electric vehicles on global energy systems ”

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We believe that the more cost-effective option will be investing into battery storage at the

utility level to manage the peak loads or flexible electricity costs for electric vehicle charging in an effort to discourage peak load

utility level to manage the peak loads or flexible electricity costs for electric vehicle charging to discourage peak load charging.

of how the peak charging issue is resolved, most homes have not been designed to allow for fast charging of electric vehicles.

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to heat the home, heat water for laundry, or heat the pool.

Our electric vehicle charger

was initially designed in 2009 as a diesel-fueled mobile charger for EV manufacturers to aid in testing their vehicles in the

electric vehicle charger was initially designed in 2009 as a diesel-fueled mobile charger for EV manufacturers to aid in testing their

vehicles in the field.

We have supplied these mobile chargers to five of the leading automakers in the USA.

We are presently improving this

product by replacing the diesel engine with a heavy duty 60,000-hour plus lifetime Toyota natural gas or propane engine.

This product targets residential customers that own or are expected to own electric vehicles during the next five years.

We are presently improving

this product by replacing the diesel engine with a heavy duty 60,000-hour plus lifetime Toyota natural gas or propane engine.

targets residential customers that own or are expected to own electric vehicles.

the anticipated stress on utility grids due to an increase in the number of electric vehicles that require charging, combined with the

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frequent blackout and infrastructure failures are commonplace and often not repaired for long periods.

to recent World Bank data, 13% of the world’s population, approximately 950 million, still lack electricity compared to 25% in

to recent World Bank data, approximately 733 million, 9%, of the world’s population still lack electricity compared to 25% in 1994.

While 42% of the world’s population still lives in rural areas, about 12% of those living in rural areas lack electricity.

Globally, 954 million people live without electricity of which 547 million are located in Sub-Saharan Africa, 254 million are located

in South Asia, 71 million are located in East Asia, and 82 million in other areas.

Approximately

69% of the population living without electricity are in sub-Saharan Africa while approximately 29% are located in South Asia and 2% in

the past decade, developments in renewable energy and battery storage have provided an alternate method to resolve this energy inequity

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from 5 kW – 50 kW.

Our DC power systems integrates our proprietary DC alternator with electronic controls to monitor

and control the power being outputted to the equipment, which is then coupled to an engine assembly and cooling systems.

system output voltage can be configured between 12 V – 800 VDC to match the precise application needs (e.g., telecom

equipment, robotic propulsion drives, electric drives for marine vessels, electric vehicle chargers, etc.).

past decades we have developed proprietary charge algorithms for most commercially available batteries and match charge algorithms

to battery model or chemistry prior to initiating a charge cycle.

Unlike AC power systems, our DC power systems are directly connected

to the battery source and therefore optimized for efficiently and safely charging a particular battery chemistry.

systems are indirectly connected to commercially available battery chargers that convert the AC output to DC voltage making

it less efficient, higher in cost, and require considerably more space.

Our DC power systems integrates our proprietary DC alternator with electronic controls to monitor and control

the power being outputted to the equipment, which is then coupled to an engine assembly and cooling systems.

Our DC power system

output voltage can be configured between 12 V – 800 VDC to match the precise application needs (e.g., telecom equipment, robotic

propulsion drives, electric drives for marine vessels, electric vehicle chargers, etc.).

Over the past decades we have developed

proprietary charge algorithms for most commercially available batteries and match charge algorithms to battery model or chemistry

prior to initiating a charge cycle.

Unlike AC power systems, our DC power systems are directly connected to the battery source and

therefore optimized for efficiently and safely charging a particular battery chemistry.

AC power systems are indirectly connected

to commercially available battery chargers that convert the AC output to DC voltage making it less efficient, higher in cost, and

require considerably more space.

Over the past four decades we have strategically constructed a product portfolio that focuses on improving energy

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Being one of the first companies to develop DC generators

for telecommunications, we developed proprietary components ranging from alternators, control systems and charging algorithms

for various battery chemistries.

for telecommunications, we developed proprietary components ranging from alternators, control systems and charging algorithms for

various battery chemistries.

We have focused on providing the lowest cost of ownership with demonstrated long life of our equipment

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provided by aluminum enclosures and customized algorithms matching battery chemistries and operational profiles.

Manufacturing Competitiveness.

We believe that our vertical integration approach to manufacturing lowers our production costs and improves our overall operational

In addition, vertically integrated manufacturing of our proprietary technologies such as DC alternators, charge controls

and battery management systems, provides us with a greater control and protection over our intellectual property.

We believe our

modular approach to manufacturing provides us with the lowest manufacturing costs for our proprietary technologies while giving us

the ability to deliver customized solutions to our Tier-1 wireless telecommunications customers.

Manufacturing

Competitiveness.

We believe that our vertical integration approach to manufacturing lowers our production costs and improves

our overall operational efficiency.

In addition, vertically integrated manufacturing of our proprietary technologies such as DC alternators,

charge controls and battery management systems, provides us with a greater control and protection over our intellectual property.

We believe our modular approach to manufacturing provides us with the lowest manufacturing costs for our proprietary technologies

while giving us the ability to deliver customized solutions to our Tier-1 wireless telecommunications customers.

Customer Base.

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outages and for off grid remote locations.

While our competitors provided and continue to provide legacy AC generators with

DC conversion devices, we elected to invest significant time and capital in the research and development of products with a lowest

cost of ownership.

Certification of our products by Tier-1 telecommunications customers was time intensive and takes upwards

of three years of field trials to receive final product acceptance.

This thorough approach to vendor selection reduces the number

of vendors selected by our telecommunications customers and has dramatically reduced the number of competitors in the U.S.

Currently, a significant percentage of our U.S.

While our competitors provided and continue to provide legacy AC generators with DC conversion

devices, we elected to invest significant time and capital in the research and development of products with a lowest cost of ownership.

Certification of our products by Tier-1 telecommunications customers was time intensive and takes upwards of three years of field

trials to receive final product acceptance.

This thorough approach to vendor selection reduces the number of vendors selected by

our telecommunications customers and has dramatically reduced the number of competitors in the U.S.

Currently, a significant

percentage of our U.S.

sales are to national Tier-1 telecommunications providers with multiple facilities.

Since 2020, we increased our efforts to diversify our sales efforts to include Tier-2 telecommunications customers, off-grid remote

area products and residential charging.

Since 2021, we increased

our efforts to diversify our sales efforts to include Tier-2 telecommunications customers, off-grid remote area products and residential

In the international markets, our customers are regional Tier-1 telecommunications providers.

We have established sales offices in emerging markets like U.A.E., Australia, Poland and the Dominican Republic.

Our sales team directly

markets to Tier-1 telecommunications companies in their regions.

We have established sales

offices in emerging markets like U.A.E., Australia, Poland and the Dominican Republic.

Our sales team directly markets to Tier-1

telecommunications companies in their regions.

Management Team.

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using natural gas fuel powered generators integrated with solar and battery storage offer an ideal solution for this market.

Starting in 1979, Polar began

manufacturing and exporting solar PV vaccine refrigerator/freezers as part of the WHO Cold Chain projects.

We developed solar refrigeration

and air conditioning systems that operated directly with DC batteries, along with solar photovoltaic charge controls.

Our DC power and

refrigeration technologies drew the attention of various military projects.

We manufactured packaged remote home power systems for Arizona

Public Service who in turn provided them to remote customers.

The use of remote home power systems drew our attention to the need for

DC generator sets.

In the early 1990’s,

we began introducing DC generators to provide backup and prime power for off-grid and bad-grid applications.

Our initial products

were predominantly designed for military applications and used as auxiliary power for vehicles, battlefield tanks and radar sites.

In the late 1990s, we introduced our DC power systems for commercial applications like mobile telecommunications towers, solar refrigerators

and oil field applications.

We introduced our 6200 PMHH

alternator, which combines the attributes of homopolar alternator technology with a permanent magnet.

When mounted on an engine and operated

at either a fixed or variable speed, the model 6200 PMHH generates a precise amount of regulated voltage and current.

The DC output can

then be used to power electronics or charge batteries.

We developed our own proprietary

DC alternator to improve system efficiency, reduce costs and lower weight.

Our design replaced a conventional 4-pole, three-phase designs

with a light weight, low cost 12-pole incorporating either 6 or 3 phases.

Another unique aspect of the design of our DC alternators is

the elimination of bearings, internal wiring connections, and an exciter (i.e., a device which supplies the magnetizing current to generate

working flux) to provide a longer life cycle than conventional motor designs in the marketplace.

in 1979, Polar began manufacturing and exporting solar PV vaccine refrigerator/freezers as part of the WHO Cold Chain projects.

solar refrigeration and air conditioning systems that operated directly with DC batteries, along with solar photovoltaic charge controls.

Our DC power and refrigeration technologies drew the attention of various military projects.

We manufactured packaged remote home power

systems for Arizona Public Service who in turn provided them to remote customers.

The use of remote home power systems drew our attention

to the need for DC generator sets.

the early 1990’s, we began introducing DC generators to provide backup and prime power for off-grid and bad-grid applications.

Our initial products were predominantly designed for military applications and used as auxiliary power for vehicles, battlefield tanks

and radar sites.

In the late 1990s, we introduced our DC power systems for commercial applications like mobile telecommunications towers,

solar refrigerators and oil field applications.

introduced our 6200 PMHH alternator, which combines the attributes of homopolar alternator technology with a permanent magnet.

on an engine and operated at either a fixed or variable speed, the model 6200 PMHH generates a precise amount of regulated voltage and

The DC output can then be used to power electronics or charge batteries.

developed our own proprietary DC alternator to improve system efficiency, reduce costs and lower weight.

Our design replaced a conventional

4-pole, three-phase designs with a light weight, low cost 12-pole incorporating either 6 or 3 phases.

Another unique aspect of the design

of our DC alternators is the elimination of bearings, internal wiring connections, and an exciter (i.e., a device which supplies the

magnetizing current to generate working flux) to provide a longer life cycle than conventional motor designs in the marketplace.

2006, we introduced our next generation 8000 Series alternators designed for higher power and voltage applications, which features our

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2018, we introduced our Toyota natural gas / propane engine across our product line.

The Toyota product is a more advanced engine

used in heat pump applications.

The Toyota product is a more advanced engine used

in heat pump applications.

We have negotiated a supply agreement with Toyota for the engine and with Bosch for the ignition control.

In December 2019, we received our certificate of conformity from the EPA.

These new generators provide power outputs between 5 kW

to 15 kW and incorporate a 60,000- to 90,000-hour life engine with our proprietary control system.

We are presently marketing

these stationary generators within the telecommunications, commercial and residential markets.

These new generators provide power outputs between 5 kW to

15 kW and incorporate a 60,000- to 90,000-hour life engine with our proprietary control system.

We are presently marketing these stationary

generators within the telecommunications, commercial and residential markets.

2021, we began development of a higher power natural gas-powered DC backup power system utilizing larger engines and improved emission

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DC power systems as compared to lower efficiency AC power systems.

In March 2022, we received our EPA certification on

our 4Y Toyota engine, which is a larger engine model for used on our 20 to 30 kW DC power systems.

We believe being an approved supplier

for the three largest Tier-1 telecommunication providers in the U.S.

provides us with additional growth opportunities during the current

rapid 5G expansion in the largest urban centers in the U.S.

In March 2022, we received our EPA certification on our 4Y Toyota

engine, which is a larger engine model for used on our 20 to 30 kW DC power systems.

We believe being an approved supplier for the three

largest Tier-1 telecommunication providers in the U.S.

provides us with additional growth opportunities during the current rapid 5G expansion

in the largest urban centers in the U.S.

Base Power Systems

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(natural gas / propane) or 1,500-hour (diesel) maintenance interval.

Standard oil intervals for typical generators range from 200

to 500 hours.

Standard oil intervals for typical generators range from 200 to

Hybrid Power Systems

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and assist in the integration and optimization of our products to specific customer application needs.

During 2021, we have experienced

During 2021 and 2022, we experienced

a modest resumption of sales activity with our U.S.

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None of our employees are represented by labor unions.

We consider our relationships with our

employees to be generally satisfactory.

We consider our relationships with our employees

to be generally satisfactory.

In addition, from time to time, we utilize outside consultants or contractors for specific assignments.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business