DEI_Document
DEI Document | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'ACORN ENERGY, INC. | ' |
Entity Central Index Key | '0000880984 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 22,189,877 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $12,831 | $17,279 |
Restricted deposits | 281 | 306 |
Accounts receivable, net | 4,325 | 5,710 |
Unbilled revenue | 5,807 | 6,421 |
Inventory, net | 4,985 | 4,540 |
Other current assets | 1,824 | 1,695 |
Total current assets | 30,053 | 35,951 |
Property and equipment, net | 2,598 | 2,432 |
Severance assets | 3,555 | 3,539 |
Restricted deposit | 540 | 0 |
Intangible assets, net | 3,645 | 3,735 |
Goodwill | 4,486 | 4,429 |
Other assets | 766 | 870 |
Total assets | 45,643 | 50,956 |
LIABILITIES AND EQUITY | ' | ' |
Short-term bank credit and current maturities of long-term bank debt | 2,515 | 2,303 |
Accounts payable | 2,544 | 3,086 |
Accrued payroll, payroll taxes and social benefits | 2,284 | 2,527 |
Deferred Revenue | 2,906 | 2,764 |
Other current liabilities | 2,427 | 3,191 |
Total current liabilities | 12,676 | 13,871 |
Long-term liabilities: | ' | ' |
Accrued severance | 4,991 | 4,973 |
Other long-term liabilities | 619 | 600 |
Total long-term liabilities | 5,610 | 5,573 |
Equity: | ' | ' |
Common stock - $0.01 par value per share: Authorized - 30,000,000 shares; Issued -22,957,859 and 22,991,797 shares at December 31, 2013 and March 31, 2014, respectively | 229 | 229 |
Additional paid-in capital | 94,253 | 93,943 |
Warrants | 526 | 526 |
Accumulated deficit | -63,751 | -59,447 |
Treasury stock, at cost - 801,920 shares at December 31, 2013 and March 31, 2014 | 3,036 | 3,036 |
Accumulated other comprehensive income | 264 | 184 |
Total Acorn Energy, Inc. shareholders’ equity | 28,485 | 32,399 |
Non-controlling interests | -1,128 | -887 |
Total equity | 27,357 | 31,512 |
Total liabilities and equity | $45,643 | $50,956 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 22,991,797 | 22,957,859 |
Treasury stock, shares | 801,920 | 801,920 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Projects | $2,792 | $3,582 |
Products | 1,203 | 1,707 |
Services | 459 | 427 |
Total revenues | 4,454 | 5,716 |
Cost of sales: | ' | ' |
Projects | 2,148 | 2,449 |
Products | 951 | 1,039 |
Services | 113 | 103 |
Total cost of sales | 3,212 | 3,591 |
Gross profit | 1,242 | 2,125 |
Operating expenses: | ' | ' |
Research and development expenses, net of credits | 1,650 | 2,001 |
Selling, General and Administrative Expense | 4,142 | 5,256 |
Total Operating Expenses | 5,792 | 7,257 |
Operating Income (Loss) | -4,550 | -5,132 |
Finance income (expense), net | -80 | 14 |
Loss before income taxes | -4,630 | -5,118 |
Income tax benefit (expense), net | 55 | -69 |
Net Loss | 4,575 | 5,187 |
Net Income (Loss) Attributable to Noncontrolling Interest | 271 | 212 |
Net Income (Loss) Attributable to Acorn Energy, Inc. Shareholders | ($4,304) | ($4,975) |
Basic and diluted net loss per share attributable to Acorn Energy, Inc. shareholders | ($0.19) | ($0.28) |
Weighted Average Number of Shares Outstanding attributable to Acorn Energy, Inc. shareholders, Basic and Diluted | 22,171 | 18,077 |
Dividends declared per common share | $0 | $0.04 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Loss Attributable to Acorn Energy, Inc. Shareholders | ($4,304) | ($4,975) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 78 | -48 |
Comprehensive loss | -4,226 | -5,023 |
Comprehensive (income) loss attributable to non-controlling interests | 2 | 10 |
Comprehensive loss attributable to Acorn Energy, Inc. shareholders | ($4,224) | ($5,013) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Warrants [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss)[Member] | Parent [Member] | Non-controlling Interests [Member] | ||
In Thousands, unless otherwise specified | |||||||||||
Balances at Dec. 31, 2013 | $31,512 | $229 | $93,943 | $526 | ($59,447) | ($3,036) | $184 | $32,399 | ($887) | ||
Balances (in shares) at Dec. 31, 2013 | ' | 22,958 | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Value, New Issues | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net loss | -4,575 | 0 | 0 | 0 | -4,304 | 0 | 0 | -4,304 | -271 | ||
Differences from translation of subsidiaries' financial statements | ' | 0 | 0 | 0 | 0 | 0 | 80 | 80 | -2 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Dividends in common stock under Dividend Reinvestment Plan, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock option compensation | 310 | 0 | 310 | 0 | 0 | 0 | 0 | 310 | 0 | ||
Stock Option Compensation of Subsidiaries | 32 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32 | ||
Exercise of options | 0 | 0 | [1] | 0 | [1] | 0 | 0 | 0 | 0 | 0 | 0 |
Exercised (number of options) | ' | 34 | ' | ' | ' | ' | ' | ' | ' | ||
Balances at Mar. 31, 2014 | $27,357 | $229 | $94,253 | $526 | ($63,751) | ($3,036) | $264 | $28,485 | ($1,128) | ||
Balances (in shares) at Mar. 31, 2014 | ' | 22,992 | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Less than $1 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows provided by (used in) operating activities: | ' | ' |
Net Loss | ($4,575) | ($5,187) |
Adjustments to reconcile net income (loss) to net cash used in operating activities (see Schedule A): | 794 | 453 |
Net cash used in operating activities | -3,781 | -4,734 |
Cash flows provided by (used in) investing activities: | ' | ' |
Acquisitions of property and equipment | -340 | -861 |
Restricted deposits | -590 | -53 |
Release of restricted deposits | 74 | 132 |
Amounts funded for severance assets | -33 | -73 |
Net cash provided by (used in) investing activities | -889 | -855 |
Cash flows provided by (used in) financing activities: | ' | ' |
Short-term bank credit, net | 212 | 158 |
Repayments of long-term debt | 0 | -38 |
Dividends paid | 0 | -517 |
Net cash provided by (used in) financing activities | 212 | -397 |
Effect of exchange rate changes on cash and cash equivalents | 10 | 2 |
Net decrease in cash and cash equivalents | -4,448 | -5,984 |
Cash and cash equivalents at the end of the period | 12,831 | 20,163 |
A. Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 275 | 379 |
Inventory Write-down | 80 | 0 |
Increase in accrued severance | 39 | 98 |
Stock-based compensation | 342 | 281 |
Deferred taxes | -57 | -34 |
Other | -3 | 12 |
Change in operating assets and liabilities: | ' | ' |
Decrease (increase) in accounts receivable, unbilled revenue, other current assets and other assets | 2,035 | 1,730 |
Increase in inventory | -518 | -255 |
Decrease in accounts payable, accrued payroll, payroll taxes and social benefits, deferred revenues, other current liabilities and other liabilities | -1,399 | -1,758 |
Adjustments to reconcile net income (loss) to net cash used in operating activities (see Schedule A): | 794 | 453 |
B. Non-cash items: | ' | ' |
Stock Issued During Period, Value, Dividend Reinvestment Plan | ' | $117 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of Acorn Energy, Inc. and its subsidiaries (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. All dollar amounts in the notes to the condensed consolidated financial statements are in thousands except for per share data. | |
Certain reclassifications have been made to the Company's condensed consolidated financial statements for the three month period ended March 31, 2013 to conform to the current period's condensed consolidated financial statement presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. |
RECENT_AUTHORITATIVE_GUIDANCE
RECENT AUTHORITATIVE GUIDANCE | 3 Months Ended |
Mar. 31, 2014 | |
RECENT AUTHORITATIVE GUIDANCE [Abstract] | ' |
Description of New Accounting Pronouncements [Text Block] | ' |
RECENT AUTHORITATIVE GUIDANCE | |
There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2014, that are of material significance, or have potential material significance, to the Company. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2014 | |
US SEISMIC SYSTEMS, INC. [Abstract] | ' |
Investments in and Advances to Affiliates [Text Block] | ' |
INVESTMENTS | |
Investment in US Seismic Systems®, Inc. ("USSI®") | |
The Company currently owns approximately 95.7% of USSI on an as converted basis (which amount would be diluted to approximately 88.4% if all options which could be awarded under USSI's 2012 Stock Purchase Plan were awarded and exercised). Through December 31, 2013, the Company invested $7,584 in USSI common shares (of which $5,355 was in cash and $2,229 was in Acorn common shares) and an additional $16,750 in USSI Preferred Stock. In addition, in 2013, the Company advanced USSI $1,355 in contemplation of a new investment agreement. During the first quarter of 2014, the Company advanced an additional $2,100 to USSI in contemplation of a new investment agreement. |
RESTRUCTURING_AND_RELATED_CHAR
RESTRUCTURING AND RELATED CHARGES (Notes) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||
RESTRUCTURING AND RELATED CHARGES | |||||||||||||
(a) GridSense® | |||||||||||||
During the second quarter of 2013, following a change in its management, the Company's GridSense segment made a decision to restructure operations in both its USA and Australian entities. This action was taken primarily in order to improve efficiency based on GridSense's revenue mix and skills mix. Accordingly, GridSense recorded a restructuring charge of $302 related to employee severance and termination benefits and additional restructuring charges of $292. At December 31, 2013, $63 of the employee severance and termination benefits charge remained unpaid. During the three months ended March 31, 2014, GridSense made no additional payments. The $63 of remaining accrued restructuring charge is expected to be paid in full by December 31, 2014. The balance is included in Other current liabilities in the Company's condensed consolidated balance sheets. | |||||||||||||
(b) OmniMetrixTM | |||||||||||||
During the third quarter of 2013, OmniMetrix restructured its operations to better align expenses with revenues following a change in management. The restructuring involved employee severance and termination benefits ($178) as well as a charge for a significant reduction in the utilization of its leased facility in Buford, Georgia ($202 ), and a write-down of a majority of the remaining book value of leasehold improvements associated with the leased facility ($415). At December 31, 2013, $45 of the employee severance and termination benefits charge and $194 of the lease payments associated with the reduced utilization of the leased facility in Buford, Georgia remained unpaid. | |||||||||||||
The following table presents activity during the three months ended March 31, 2014 related to OmniMetrix's restructuring: | |||||||||||||
Employee severance and termination benefits | Facilities | Total | |||||||||||
Balance at December 31, 2013 | $ | 45 | $ | 194 | $ | 239 | |||||||
Provision | — | — | — | ||||||||||
Cash payments | (39 | ) | (7 | ) | (46 | ) | |||||||
Non-cash settlements | — | — | — | ||||||||||
Balance at March 31, 2014 | $ | 6 | $ | 187 | $ | 193 | |||||||
The total remaining accrued restructuring balance of $193 is expected to be paid in full by December 31, 2019 and is included in Other current liabilities ($35) and Other liabilities ($158) in the Company's condensed consolidated balance sheets. |
NONCONTROLLING_INTERESTS
NON-CONTROLLING INTERESTS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
NON-CONTROLLING INTERESTS [Abstract] | ' | ||||||||
Noncontrolling Interest Disclosure [Text Block] | ' | ||||||||
NON-CONTROLLING INTERESTS | |||||||||
The composition of the net loss attributable to non-controlling interests (“NCI”) is as follows: | |||||||||
Three months ended March 31, | |||||||||
2013 | 2014 | ||||||||
Net income (loss) attributable to NCI in DSIT | $ | 21 | $ | (25 | ) | ||||
Net loss attributable to NCI in USSI | (233 | ) | (246 | ) | |||||
Net loss attributable to NCI | $ | (212 | ) | $ | (271 | ) |
INVENTORY
INVENTORY | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
INVENTORY, NET | |||||||||
The composition of inventory is as follows: | |||||||||
As of December 31, 2013 | As of March 31, 2014 | ||||||||
Raw materials | $ | 2,771 | $ | 3,615 | |||||
Work-in-process | 506 | 223 | |||||||
Finished goods | 1,263 | 1,147 | |||||||
$ | 4,540 | $ | 4,985 | ||||||
At December 31, 2013 and March 31, 2014, the Company's inventory reserve was $1,139 and $1,219, respectively. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||||||||
(a) Goodwill | |||||||||||||||||||||||||||||
The changes in the carrying amounts of goodwill by segment from December 31, 2013 to March 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Energy & Security Sonar Solutions segment | GridSense segment | Oil & Gas Sensor systems segment | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 581 | $ | 2,446 | $ | 1,402 | $ | 4,429 | |||||||||||||||||||||
Translation adjustment | (3 | ) | 60 | — | 57 | ||||||||||||||||||||||||
Balance as of March 31, 2014 | $ | 578 | $ | 2,506 | $ | 1,402 | $ | 4,486 | |||||||||||||||||||||
(b) Intangibles | |||||||||||||||||||||||||||||
The changes in the carrying amounts and accumulated amortization of intangible assets from December 31, 2013 to March 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Energy & | GridSense segment | Oil & Gas Sensor systems segment | |||||||||||||||||||||||||||
Security Sonar | |||||||||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||||
segment | |||||||||||||||||||||||||||||
Cost | A.A.* | Cost | A.A.* | Cost | A.A.* | Total | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 572 | $ | (482 | ) | $ | 2,271 | $ | (811 | ) | $ | 2,715 | $ | (530 | ) | $ | 3,735 | ||||||||||||
Amortization | — | (20 | ) | — | (50 | ) | — | (38 | ) | (108 | ) | ||||||||||||||||||
Translation adjustment | (2 | ) | — | 35 | (15 | ) | — | — | 18 | ||||||||||||||||||||
Balance as of March 31, 2014 | $ | 570 | $ | (502 | ) | $ | 2,306 | $ | (876 | ) | $ | 2,715 | $ | (568 | ) | $ | 3,645 | ||||||||||||
Weighted average estimated useful lives in years | 6 | 11.1 | 20 | ||||||||||||||||||||||||||
* Accumulated amortization | |||||||||||||||||||||||||||||
The composition of intangibles in each of the Company's segments are as follows: | |||||||||||||||||||||||||||||
Segment | Type of Intangible | ||||||||||||||||||||||||||||
Energy & Security Sonar Solutions | Naval technologies | ||||||||||||||||||||||||||||
GridSense | Software, customer relationships and trade name | ||||||||||||||||||||||||||||
USSI | Sensor technologies and license | ||||||||||||||||||||||||||||
Amortization expense for the three months ended March 31, 2013 and 2014 amounted to $261 and $108, respectively. Amortization expense with respect to intangible assets is estimated to be $414, $353, $353, $353 and $347 for each of the years ending March 31, 2015 through 2019. |
EQUITY
EQUITY | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||
EQUITY | ||||||||||||||
(a) | Acorn Stock Options | |||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||
Number | Weighted | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||
of Options | Average | |||||||||||||
(in shares) | Exercise | |||||||||||||
Price Per Share | ||||||||||||||
Outstanding at December 31, 2013 | 1,401,658 | $ | 5.49 | |||||||||||
Granted | 150,988 | $ | 4.03 | |||||||||||
Exercised | (33,938 | ) | $ | 2.51 | ||||||||||
Forfeited or expired | (76,062 | ) | $ | 2.51 | ||||||||||
Outstanding at March 31, 2014 | 1,442,646 | $ | 5.57 | 4.7 years | $ | 52 | ||||||||
Exercisable at March 31, 2014 | 997,873 | $ | 5.41 | 3.7 years | $ | 52 | ||||||||
During 2014, 33,938 options were exercised and 76,062 options were forfeited in connection with the “net exercise” of 110,000 options. In a net exercise of an option, the Company does not require a payment of the exercise price of the option from the optionee, but reduces the number of shares of common stock issued upon the exercise of the option by the smallest number of whole shares that has an aggregate fair market value equal to or in excess of the aggregate exercise price for the option shares covered by the option exercised. The 110,000 options which were exercised under this method had a weighted average exercise price exercise price of $2.51. | ||||||||||||||
The fair value of the options granted ($2.69 during the three months ended March 31, 2014) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
Risk-free interest rate | 2.7 | % | ||||||||||||
Expected term of options | 8.3 years | |||||||||||||
Expected annual volatility | 62 | % | ||||||||||||
Expected dividend yield | — | % | ||||||||||||
(b) | Stock-based Compensation Expense | |||||||||||||
Stock-based compensation expense included in the Company’s Condensed Statements of Operations for the three month period ended March 31, 2013 and 2014 was as follows: | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2013 | 2014 | |||||||||||||
Research and development expenses, net of credits | $ | 10 | $ | 10 | ||||||||||
Selling, general and administrative expenses | 271 | 332 | ||||||||||||
Total stock-based compensation expense | $ | 281 | $ | 342 | ||||||||||
(c) | Warrants | |||||||||||||
The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows: | ||||||||||||||
Number | Weighted | Weighted Average Remaining Contractual Life | ||||||||||||
of Warrants | Average | |||||||||||||
(in shares) | Exercise | |||||||||||||
Price Per Share | ||||||||||||||
Outstanding at December 31, 2013 | 285,281 | $ | 3.18 | |||||||||||
Granted | — | |||||||||||||
Exercised | — | — | ||||||||||||
Forfeited or expired | — | — | ||||||||||||
Outstanding at March 31, 2014 | 285,281 | $ | 3.18 | 4.3 years | ||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Financial items measured at fair value are classified in the table below in accordance with the hierarchy established in applicable accounting principles. | |||||||||||||||||
As at March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 821 | $ | — | $ | — | $ | 821 | |||||||||
Total | $ | 821 | $ | — | $ | — | $ | 821 | |||||||||
As at December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 306 | $ | — | $ | — | $ | 306 | |||||||||
Total | $ | 306 | $ | — | $ | — | $ | 306 | |||||||||
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||
SEGMENT REPORTING | |||||||||||||||||||
The Company currently operates in four reportable operating segments: | |||||||||||||||||||
-1 | The Company's Energy & Security Sonar Solutions segment is focused on sonar and acoustic related solutions for energy, defense and commercial markets and includes other real-time and embedded hardware & software development and production. Energy & Security Sonar Solutions activities are provided through the Company’s DSIT Solutions Ltd. subsidiary. | ||||||||||||||||||
-2 | The Company’s GridSense segment provides Smart Grid Distribution Automation products and services through its GridSense subsidiaries. | ||||||||||||||||||
-3 | The Company’s Oil and Gas Sensor Systems segment's focus is to develop and produce fiber optic sensing systems for the energy and security markets. These activities are performed through the Company's USSI subsidiary. | ||||||||||||||||||
-4 | The Company's Power Generation Monitoring segment provides products and services which deliver critical, real-time machine information to customers, while its Smart Service™ software provides remote diagnostics that give users real control over their equipment. These activities are performed through the Company's OmniMetrix subsidiary. | ||||||||||||||||||
Other operations include certain IT activities (protocol management software for cancer patients and billing software) and outsourced consulting activities performed by the Company's DSIT subsidiary as well as Cathodic Protection activities in the Company's OmniMetrix subsidiary that do not meet the quantitative thresholds under applicable accounting principles. | |||||||||||||||||||
Energy & | GridSense | Oil & Gas Sensor Systems | Power Generation Monitoring | Other | Total | ||||||||||||||
Security | |||||||||||||||||||
Sonar | |||||||||||||||||||
Solutions | |||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||
Revenues from external customers | 2,515 | 963 | — | 508 | 468 | 4,454 | |||||||||||||
Intersegment revenues | — | — | — | — | — | — | |||||||||||||
Segment gross profit (loss) | 686 | 185 | (188 | ) | 312 | 247 | 1,242 | ||||||||||||
Depreciation and amortization | 71 | 65 | 108 | 17 | 14 | 275 | |||||||||||||
Stock compensation expense | — | — | 32 | — | — | 32 | |||||||||||||
Segment net income (loss) before income taxes | (208 | ) | (973 | ) | (1,956 | ) | (403 | ) | (21 | ) | (3,561 | ) | |||||||
Three months ended March 31, 2013 | |||||||||||||||||||
Revenues from external customers | 3,046 | 1,543 | 325 | 396 | 406 | 5,716 | |||||||||||||
Intersegment revenues | — | — | 39 | — | — | 39 | |||||||||||||
Segment gross profit (loss) | 1,222 | 661 | (168 | ) | 236 | 174 | 2,125 | ||||||||||||
Depreciation and amortization | 57 | 104 | 84 | 88 | 40 | 373 | |||||||||||||
Stock compensation expense | — | — | 34 | — | — | 34 | |||||||||||||
Segment net income (loss) before income taxes | 252 | (1,147 | ) | (1,851 | ) | (829 | ) | (151 | ) | (3,726 | ) | ||||||||
Reconciliation of Segment Income (Loss) to Consolidated Net Loss Before Income Taxes | |||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||
2013 | 2014 | ||||||||||||||||||
Total net loss before income taxes for reportable segments | $ | (3,575 | ) | $ | (3,540 | ) | |||||||||||||
Other operational segment net income (loss) before income taxes | (151 | ) | (21 | ) | |||||||||||||||
Total segment net loss before income taxes | (3,726 | ) | (3,561 | ) | |||||||||||||||
Unallocated cost of corporate headquarters* | (1,392 | ) | (1,043 | ) | |||||||||||||||
Unallocated cost of DSIT headquarters | — | (26 | ) | ||||||||||||||||
Consolidated loss before income taxes | $ | (5,118 | ) | $ | (4,630 | ) | |||||||||||||
* Includes stock compensation expense of $247 and $310 for the three month periods ended March 31, 2013 and 2014, respectively. |
SUBSEQUENT_EVENTS_Notes
SUBSEQUENT EVENTS (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
Loan to Channel Partner | |
In April 2014, the Company lent a channel partner (“CP”) active in sourcing trials for USSI’s products $300 under a secured promissory note ("the Note"). The loan bears interest at 8%. Under the Note, CP may request an additional loan of $340 on or after May 1, 2014. On May 1, 2014, the Company lent CP an additional $220. CP granted the Company, as security for the loans made pursuant to the Note, a first, secured lien on all of CP's receivables from customer accounts and all intellectual property used in its business. The loan and any accrued and unpaid interest is due and payable not later than the earlier of (i) the date CP collects customer receivables in the amount of the then-outstanding principal amount, or (ii) June 30, 2014. |
RESTRUCTURING_AND_RELATED_CHAR1
RESTRUCTURING AND RELATED CHARGES (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||
(a) GridSense® | |||||||||||||
During the second quarter of 2013, following a change in its management, the Company's GridSense segment made a decision to restructure operations in both its USA and Australian entities. This action was taken primarily in order to improve efficiency based on GridSense's revenue mix and skills mix. Accordingly, GridSense recorded a restructuring charge of $302 related to employee severance and termination benefits and additional restructuring charges of $292. At December 31, 2013, $63 of the employee severance and termination benefits charge remained unpaid. During the three months ended March 31, 2014, GridSense made no additional payments. The $63 of remaining accrued restructuring charge is expected to be paid in full by December 31, 2014. The balance is included in Other current liabilities in the Company's condensed consolidated balance sheets. | |||||||||||||
(b) OmniMetrixTM | |||||||||||||
During the third quarter of 2013, OmniMetrix restructured its operations to better align expenses with revenues following a change in management. The restructuring involved employee severance and termination benefits ($178) as well as a charge for a significant reduction in the utilization of its leased facility in Buford, Georgia ($202 ), and a write-down of a majority of the remaining book value of leasehold improvements associated with the leased facility ($415). At December 31, 2013, $45 of the employee severance and termination benefits charge and $194 of the lease payments associated with the reduced utilization of the leased facility in Buford, Georgia remained unpaid. | |||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||
The following table presents activity during the three months ended March 31, 2014 related to OmniMetrix's restructuring: | |||||||||||||
Employee severance and termination benefits | Facilities | Total | |||||||||||
Balance at December 31, 2013 | $ | 45 | $ | 194 | $ | 239 | |||||||
Provision | — | — | — | ||||||||||
Cash payments | (39 | ) | (7 | ) | (46 | ) | |||||||
Non-cash settlements | — | — | — | ||||||||||
Balance at March 31, 2014 | $ | 6 | $ | 187 | $ | 193 | |||||||
NONCONTROLLING_INTERESTS_Table
NON-CONTROLLING INTERESTS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
NON-CONTROLLING INTERESTS [Abstract] | ' | ||||||||
Non-controlling interests share in income (loss) [Table Text Block] | ' | ||||||||
The composition of the net loss attributable to non-controlling interests (“NCI”) is as follows: | |||||||||
Three months ended March 31, | |||||||||
2013 | 2014 | ||||||||
Net income (loss) attributable to NCI in DSIT | $ | 21 | $ | (25 | ) | ||||
Net loss attributable to NCI in USSI | (233 | ) | (246 | ) | |||||
Net loss attributable to NCI | $ | (212 | ) | $ | (271 | ) |
INVENTORY_Tables
INVENTORY (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
The composition of inventory is as follows: | |||||||||
As of December 31, 2013 | As of March 31, 2014 | ||||||||
Raw materials | $ | 2,771 | $ | 3,615 | |||||
Work-in-process | 506 | 223 | |||||||
Finished goods | 1,263 | 1,147 | |||||||
$ | 4,540 | $ | 4,985 | ||||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||||||
The changes in the carrying amounts of goodwill by segment from December 31, 2013 to March 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Energy & Security Sonar Solutions segment | GridSense segment | Oil & Gas Sensor systems segment | Total | ||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 581 | $ | 2,446 | $ | 1,402 | $ | 4,429 | |||||||||||||||||||||
Translation adjustment | (3 | ) | 60 | — | 57 | ||||||||||||||||||||||||
Balance as of March 31, 2014 | $ | 578 | $ | 2,506 | $ | 1,402 | $ | 4,486 | |||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||||||||||||||||
The changes in the carrying amounts and accumulated amortization of intangible assets from December 31, 2013 to March 31, 2014 were as follows: | |||||||||||||||||||||||||||||
Energy & | GridSense segment | Oil & Gas Sensor systems segment | |||||||||||||||||||||||||||
Security Sonar | |||||||||||||||||||||||||||||
Solutions | |||||||||||||||||||||||||||||
segment | |||||||||||||||||||||||||||||
Cost | A.A.* | Cost | A.A.* | Cost | A.A.* | Total | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 572 | $ | (482 | ) | $ | 2,271 | $ | (811 | ) | $ | 2,715 | $ | (530 | ) | $ | 3,735 | ||||||||||||
Amortization | — | (20 | ) | — | (50 | ) | — | (38 | ) | (108 | ) | ||||||||||||||||||
Translation adjustment | (2 | ) | — | 35 | (15 | ) | — | — | 18 | ||||||||||||||||||||
Balance as of March 31, 2014 | $ | 570 | $ | (502 | ) | $ | 2,306 | $ | (876 | ) | $ | 2,715 | $ | (568 | ) | $ | 3,645 | ||||||||||||
Weighted average estimated useful lives in years | 6 | 11.1 | 20 | ||||||||||||||||||||||||||
Composition of finite lived intangibles by class [Table Text Block] | ' | ||||||||||||||||||||||||||||
The composition of intangibles in each of the Company's segments are as follows: | |||||||||||||||||||||||||||||
Segment | Type of Intangible | ||||||||||||||||||||||||||||
Energy & Security Sonar Solutions | Naval technologies | ||||||||||||||||||||||||||||
GridSense | Software, customer relationships and trade name | ||||||||||||||||||||||||||||
USSI | Sensor technologies and license | ||||||||||||||||||||||||||||
EQUITY_Tables
EQUITY (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | |||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is as follows: | ||||||||||||||
Number | Weighted | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||
of Options | Average | |||||||||||||
(in shares) | Exercise | |||||||||||||
Price Per Share | ||||||||||||||
Outstanding at December 31, 2013 | 1,401,658 | $ | 5.49 | |||||||||||
Granted | 150,988 | $ | 4.03 | |||||||||||
Exercised | (33,938 | ) | $ | 2.51 | ||||||||||
Forfeited or expired | (76,062 | ) | $ | 2.51 | ||||||||||
Outstanding at March 31, 2014 | 1,442,646 | $ | 5.57 | 4.7 years | $ | 52 | ||||||||
Exercisable at March 31, 2014 | 997,873 | $ | 5.41 | 3.7 years | $ | 52 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||
The fair value of the options granted ($2.69 during the three months ended March 31, 2014) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
Risk-free interest rate | 2.7 | % | ||||||||||||
Expected term of options | 8.3 years | |||||||||||||
Expected annual volatility | 62 | % | ||||||||||||
Expected dividend yield | — | % | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||
Stock-based compensation expense included in the Company’s Condensed Statements of Operations for the three month period ended March 31, 2013 and 2014 was as follows: | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2013 | 2014 | |||||||||||||
Research and development expenses, net of credits | $ | 10 | $ | 10 | ||||||||||
Selling, general and administrative expenses | 271 | 332 | ||||||||||||
Total stock-based compensation expense | $ | 281 | $ | 342 | ||||||||||
Changes in outstanding warrants to purchase common stock [Table Text Block] | ' | |||||||||||||
The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows: | ||||||||||||||
Number | Weighted | Weighted Average Remaining Contractual Life | ||||||||||||
of Warrants | Average | |||||||||||||
(in shares) | Exercise | |||||||||||||
Price Per Share | ||||||||||||||
Outstanding at December 31, 2013 | 285,281 | $ | 3.18 | |||||||||||
Granted | — | |||||||||||||
Exercised | — | — | ||||||||||||
Forfeited or expired | — | — | ||||||||||||
Outstanding at March 31, 2014 | 285,281 | $ | 3.18 | 4.3 years | ||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | ' | ||||||||||||||||
Financial items measured at fair value are classified in the table below in accordance with the hierarchy established in applicable accounting principles. | |||||||||||||||||
As at March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 821 | $ | — | $ | — | $ | 821 | |||||||||
Total | $ | 821 | $ | — | $ | — | $ | 821 | |||||||||
As at December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 306 | $ | — | $ | — | $ | 306 | |||||||||
Total | $ | 306 | $ | — | $ | — | $ | 306 | |||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||
Other operations include certain IT activities (protocol management software for cancer patients and billing software) and outsourced consulting activities performed by the Company's DSIT subsidiary as well as Cathodic Protection activities in the Company's OmniMetrix subsidiary that do not meet the quantitative thresholds under applicable accounting principles. | |||||||||||||||||||
Energy & | GridSense | Oil & Gas Sensor Systems | Power Generation Monitoring | Other | Total | ||||||||||||||
Security | |||||||||||||||||||
Sonar | |||||||||||||||||||
Solutions | |||||||||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||||
Revenues from external customers | 2,515 | 963 | — | 508 | 468 | 4,454 | |||||||||||||
Intersegment revenues | — | — | — | — | — | — | |||||||||||||
Segment gross profit (loss) | 686 | 185 | (188 | ) | 312 | 247 | 1,242 | ||||||||||||
Depreciation and amortization | 71 | 65 | 108 | 17 | 14 | 275 | |||||||||||||
Stock compensation expense | — | — | 32 | — | — | 32 | |||||||||||||
Segment net income (loss) before income taxes | (208 | ) | (973 | ) | (1,956 | ) | (403 | ) | (21 | ) | (3,561 | ) | |||||||
Three months ended March 31, 2013 | |||||||||||||||||||
Revenues from external customers | 3,046 | 1,543 | 325 | 396 | 406 | 5,716 | |||||||||||||
Intersegment revenues | — | — | 39 | — | — | 39 | |||||||||||||
Segment gross profit (loss) | 1,222 | 661 | (168 | ) | 236 | 174 | 2,125 | ||||||||||||
Depreciation and amortization | 57 | 104 | 84 | 88 | 40 | 373 | |||||||||||||
Stock compensation expense | — | — | 34 | — | — | 34 | |||||||||||||
Segment net income (loss) before income taxes | 252 | (1,147 | ) | (1,851 | ) | (829 | ) | (151 | ) | (3,726 | ) | ||||||||
Reconciliation of Segment Income (Loss) from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||||
Reconciliation of Segment Income (Loss) to Consolidated Net Loss Before Income Taxes | |||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||
2013 | 2014 | ||||||||||||||||||
Total net loss before income taxes for reportable segments | $ | (3,575 | ) | $ | (3,540 | ) | |||||||||||||
Other operational segment net income (loss) before income taxes | (151 | ) | (21 | ) | |||||||||||||||
Total segment net loss before income taxes | (3,726 | ) | (3,561 | ) | |||||||||||||||
Unallocated cost of corporate headquarters* | (1,392 | ) | (1,043 | ) | |||||||||||||||
Unallocated cost of DSIT headquarters | — | (26 | ) | ||||||||||||||||
Consolidated loss before income taxes | $ | (5,118 | ) | $ | (4,630 | ) |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Investments [Line Items] | ' | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 95.70% | ' |
Fully diluted ownership | 88.40% | ' |
Total investment in USSI common shares | ' | $7,584 |
Cash investment in USSI common shares | ' | 5,355 |
Value of the common stock used to acquire shares of a subsidiary | ' | 2,229 |
Total investment in USSI Preferred Stock | ' | 16,750 |
Advances in contemplation of new investment agreement | $2,100 | $1,355 |
RESTRUCTURING_AND_RELATED_CHAR2
RESTRUCTURING AND RELATED CHARGES Restructuring Narrative (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 |
OmniMetrix - Legal Entity [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance Costs | $178 | ' |
Other Restructuring Costs | 202 | ' |
Restructuring costs - abandonment of fixed assets | 415 | ' |
Restructuring Reserve | 239 | 193 |
Restructuring Reserve, Noncurrent | ' | 158 |
Restructuring Reserve, Current | ' | 35 |
GridSense - Legal Entity [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance Costs | 302 | ' |
Other Restructuring Costs | 292 | ' |
Restructuring Reserve, Current | 63 | 63 |
Employee Severance [Member] | OmniMetrix - Legal Entity [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | 45 | 6 |
Other Restructuring [Member] | OmniMetrix - Legal Entity [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring Reserve | $194 | $187 |
RESTRUCTURING_AND_RELATED_CHAR3
RESTRUCTURING AND RELATED CHARGES Summary of restructuring charges (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
GridSense - Legal Entity [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Employee severance and termination benefits | $302 |
Facilities costs | 292 |
OmniMetrix - Legal Entity [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Employee severance and termination benefits | 178 |
Facilities costs | 202 |
Restructuring costs - abandonment of fixed assets | $415 |
RESTRUCTURING_AND_RELATED_CHAR4
RESTRUCTURING AND RELATED CHARGES Schedule of Restructuring Reserves by Type (Details) (OmniMetrix - Legal Entity [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Reserve | $239 |
Restructuring, Settlement and Impairment Provisions | 0 |
Restructuring Reserve, Settled with Cash | -46 |
Restructuring Reserve, Settled without Cash | 0 |
Restructuring Reserve | 193 |
Employee Severance [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Reserve | 45 |
Restructuring, Settlement and Impairment Provisions | 0 |
Restructuring Reserve, Settled with Cash | -39 |
Restructuring Reserve, Settled without Cash | 0 |
Restructuring Reserve | 6 |
Other Restructuring [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Restructuring Reserve | 194 |
Restructuring, Settlement and Impairment Provisions | 0 |
Restructuring Reserve, Settled with Cash | -7 |
Restructuring Reserve, Settled without Cash | 0 |
Restructuring Reserve | $187 |
NONCONTROLLING_INTERESTS_Detai
NON-CONTROLLING INTERESTS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NON-CONTROLLING INTERESTS [Abstract] | ' | ' |
Net income (loss) attributable to NCI in DSIT | ($25) | $21 |
Net loss attributable to NCI in USSI | -246 | -233 |
Net Income (Loss) Attributable to Noncontrolling Interest | ($271) | ($212) |
INVENTORY_Details
INVENTORY (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $3,615 | $2,771 |
Work-in-process | 223 | 506 |
Finished goods | 1,147 | 1,263 |
Inventory, Net | $4,985 | $4,540 |
INVENTORY_Inventory_provisions
INVENTORY Inventory provisions (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory provision by company [Line Items] | ' | ' |
Inventory Valuation Reserves | $1,219 | $1,139 |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill [Roll Forward] | ' |
Goodwill | $4,429,000 |
Goodwill, Translation Adjustments | 57,000 |
Goodwill | 4,486,000 |
Energy & Security Sonar Solutions Segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill | 581,000 |
Goodwill, Translation Adjustments | -3,000 |
Goodwill | 578,000 |
GridSense segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill | 2,446,000 |
Goodwill, Translation Adjustments | 60,000 |
Goodwill | 2,506,000 |
USSI segment [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill | 1,402,000 |
Goodwill, Translation Adjustments | 0 |
Goodwill | $1,402,000 |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS Schedule of Intangibles (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | $3,645 | ' | $3,735 |
Amortization | -108 | -261 | ' |
Cumulative Translation Adjustment | 18 | ' | ' |
Energy & Security Sonar Solutions Segment [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Weighted-Average Useful Life | '6 years | ' | ' |
Energy & Security Sonar Solutions Segment [Member] | Gross cost intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 570 | ' | 572 |
Amortization | 0 | ' | ' |
Cumulative Translation Adjustment | -2 | ' | ' |
Energy & Security Sonar Solutions Segment [Member] | Accumulated amortization intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | -502 | ' | -482 |
Amortization | -20 | ' | ' |
Cumulative Translation Adjustment | 0 | ' | ' |
GridSense segment [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Weighted-Average Useful Life | '11 years 1 month 10 days | ' | ' |
GridSense segment [Member] | Gross cost intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 2,306 | ' | 2,271 |
Amortization | 0 | ' | ' |
Cumulative Translation Adjustment | 35 | ' | ' |
GridSense segment [Member] | Accumulated amortization intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | -876 | ' | -811 |
Amortization | -50 | ' | ' |
Cumulative Translation Adjustment | -15 | ' | ' |
USSI segment [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Weighted-Average Useful Life | '20 years | ' | ' |
USSI segment [Member] | Gross cost intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | 2,715 | ' | 2,715 |
Amortization | 0 | ' | ' |
Cumulative Translation Adjustment | 0 | ' | ' |
USSI segment [Member] | Accumulated amortization intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets | -568 | ' | -530 |
Amortization | -38 | ' | ' |
Cumulative Translation Adjustment | $0 | ' | ' |
GOODWILL_AND_INTANGIBLE_ASSETS4
GOODWILL AND INTANGIBLE ASSETS Amortization expense - current period and prior period (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
GOODWILL AND INTANGIBLE ASSETS [Abstract] | ' | ' |
Amortization of Intangible Assets | $108 | $261 |
GOODWILL_AND_INTANGIBLE_ASSETS5
GOODWILL AND INTANGIBLE ASSETS Future year's amortization expense (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Future Amortization Expense, Year One | $414 |
Future Amortization Expense, Year Two | 353 |
Future Amortization Expense, Year Three | 353 |
Future Amortization Expense, Year Four | 353 |
Future Amortization Expense, Year Five | $347 |
EQUITY_Dividends_Details
EQUITY Dividends (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0 | $0.04 |
Dividends paid | $0 | $517 |
Stock Issued During Period, Value, Dividend Reinvestment Plan | ' | $117 |
EQUITY_Stock_option_activity_D
EQUITY Stock option activity (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Shares Issued for Net Exercises in Period | 33,938 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Shares Forfeited in Net Exercise in Period | 76,062 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Net Exercise in Period | 110,000 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Net Exercises in Period, Weighted Average Exercise Price | $2.51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,401,658 | ' |
Granted | 150,988 | ' |
Exercised | 33,938 | ' |
Forfeited or expired | 76,062 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,442,646 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 997,873 | ' |
Weighted Average Exercise Price Per Share - Outstanding | ' | $5.49 |
Weighted average exercise price of options or warrants granted | $4.03 | ' |
Weighted average exercise price exercised options | $2.51 | ' |
Weighted Average Exercise Price Per Share - Forfeited or Expired | $2.51 | ' |
Outstanding, Weighted Average Exercise Price | $5.57 | ' |
Outstanding, Weighted Average Remaining Contractual Term | '4 years 8 months 20 days | ' |
Outstanding, Intrinsic Value | $52 | ' |
Exercisable Options, Weighted Average Exercise Price | $5.41 | ' |
Exercisable Options, Weighted Average Remaining Contractual Term | '3 years 8 months 19 days | ' |
Exercisable, Intrinsic Value | $52 | ' |
Risk-free interest rate | 2.70% | ' |
Expected term of options, in years | '8 years 3 months | ' |
Expected annual volatility | 62.00% | ' |
Expected dividend yield | 0.00% | ' |
EQUITY_Number_of_options_grant
EQUITY Number of options granted (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Net Exercise in Period | 110,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,988 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $2.69 |
EQUITY_Sharebased_compensation
EQUITY Share-based compensation option-pricing model assumptions (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share based compensation - assumptions for fair value [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $2.69 |
Risk-free interest rate | 2.70% |
Expected term of options, in years | '8 years 3 months |
Expected annual volatility | 62.00% |
Expected dividend yield | 0.00% |
EQUITY_Sharebased_compensation1
EQUITY Share-based compensation expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Share based compensation expense in research and development expense | $10 | $10 |
Share based compensation expense in selling, general and administrative expense | 332 | 271 |
Share-based Compensation | $342 | $281 |
EQUITY_Warrants_Details
EQUITY Warrants (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Class of Warrant or Right, Outstanding, Roll Forward [Roll Forward] | ' |
Class of Warrant or Right, Outstanding | 285,281 |
Warrants Issued | 0 |
Exercised | 0 |
Weighted average exercise price of warrants exercised | $0 |
Forfeited or expired | 0 |
Class of Warrant or Right, Outstanding | 285,281 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 3.18 |
Average exercise price warrants expired or forfeited | $0 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 3.18 |
Remaining contractual term warrants | '4 years 3 months 27 days |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Restricted Deposits - current and non-current | $821 | $306 |
Assets, Fair Value Disclosure | 821 | 306 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Restricted Deposits - current and non-current | 821 | 306 |
Assets, Fair Value Disclosure | 821 | 306 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Restricted Deposits - current and non-current | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Restricted Deposits - current and non-current | 0 | 0 |
Assets, Fair Value Disclosure | $0 | $0 |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from External Customers | $4,454 | $5,716 |
Revenue from Related Parties | 0 | 39 |
Segment gross profit (loss) | 1,242 | 2,125 |
Segment depreciation and amortization | 275 | 373 |
Segment share based compensation expense | 32 | 34 |
Segment net income (loss) before income taxes | -3,561 | -3,726 |
Energy & Security Sonar Solutions Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from External Customers | 2,515 | 3,046 |
Revenue from Related Parties | 0 | 0 |
Segment gross profit (loss) | 686 | 1,222 |
Segment depreciation and amortization | 71 | 57 |
Segment share based compensation expense | 0 | 0 |
Segment net income (loss) before income taxes | -208 | 252 |
GridSense segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from External Customers | 963 | 1,543 |
Revenue from Related Parties | 0 | 0 |
Segment gross profit (loss) | 185 | 661 |
Segment depreciation and amortization | 65 | 104 |
Segment share based compensation expense | 0 | 0 |
Segment net income (loss) before income taxes | -973 | -1,147 |
USSI segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from External Customers | 0 | 325 |
Revenue from Related Parties | 0 | 39 |
Segment gross profit (loss) | -188 | -168 |
Segment depreciation and amortization | 108 | 84 |
Segment share based compensation expense | 32 | 34 |
Segment net income (loss) before income taxes | -1,956 | -1,851 |
Power Generation Monitoring segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from External Customers | 508 | 396 |
Revenue from Related Parties | 0 | 0 |
Segment gross profit (loss) | 312 | 236 |
Segment depreciation and amortization | 17 | 88 |
Segment share based compensation expense | 0 | 0 |
Segment net income (loss) before income taxes | -403 | -829 |
All Other Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue from External Customers | 468 | 406 |
Revenue from Related Parties | 0 | 0 |
Segment gross profit (loss) | 247 | 174 |
Segment depreciation and amortization | 14 | 40 |
Segment share based compensation expense | 0 | 0 |
Segment net income (loss) before income taxes | ($21) | ($151) |
SEGMENT_REPORTING_Reconciliati
SEGMENT REPORTING Reconciliation of Segment Income (Loss) to Consolidated Net Income (Loss) Before Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting [Abstract] | ' | ' |
Total net loss before income taxes for reportable segments | ($3,540) | ($3,575) |
Other operational segment net income (loss) before income taxes | -21 | -151 |
Total segment net income (loss) before income taxes | -3,561 | -3,726 |
Unallocated corporate segment costs | -1,043 | -1,392 |
Unallocated DSIT segment costs | -26 | 0 |
Consolidated loss before income taxes | -4,630 | -5,118 |
Share based compensation in unallocated costs | $310 | $247 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | 12-May-14 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Initial loan to channel partner | $300 |
Interest rate on loan to channel partner | 8.00% |
Maximum additional loan to channel partner | 340 |
Additional loan taken by channel partner | $220 |