Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | ACORN ENERGY, INC. | |
Entity Central Index Key | 880984 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 26,475,591 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $2,099 | $4,821 |
Restricted deposit | 457 | 467 |
Accounts receivable, net of provisions for doubtful accounts of $143 at December 31, 2014 and March 31, 2015 | 5,335 | 4,902 |
Unbilled revenue | 7,685 | 7,890 |
Inventory | 1,330 | 1,374 |
Other current assets | 1,877 | 1,813 |
Current assets - discontinued operations | 141 | 143 |
Total current assets | 18,924 | 21,410 |
Property and equipment, net | 1,101 | 1,080 |
Severance assets | 3,261 | 3,256 |
Restricted deposits | 656 | 650 |
Intangible assets, net | 1,127 | 1,211 |
Goodwill | 1,019 | 1,031 |
Other assets | 811 | 905 |
Total assets | 26,899 | 29,543 |
Current liabilities: | ||
Short-term bank credit and current maturities of long-term debt | 4,528 | 4,419 |
Accounts payable | 2,511 | 2,187 |
Accrued payroll, payroll taxes and social benefits | 1,642 | 1,584 |
Deferred revenue | 1,177 | 1,634 |
Other current liabilities | 3,518 | 3,028 |
Current liabilities - discontinued operations | 4,372 | 4,693 |
Total current liabilities | 17,748 | 17,545 |
Long-term liabilities: | ||
Accrued severance | 4,590 | 4,594 |
Other long-term liabilities | 956 | 1,011 |
Total long-term liabilities | 5,546 | 5,605 |
Commitments and contingencies | ||
Equity: | ||
Acorn Energy, Inc. shareholders Common stock - $0.01 par value per share: Authorized - 30,000,000 shares; Issued -27,277,511 shares at December 31, 2014 and March 31, 2015 | 272 | 272 |
Additional paid-in capital | 97,815 | 97,607 |
Warrants | 1,641 | 1,641 |
Accumulated deficit | -89,361 | -86,592 |
Treasury stock, at cost - 801,920 shares at December 31, 2014 and March 31, 2015 | -3,036 | -3,036 |
Accumulated other comprehensive loss | -282 | -212 |
Total Acorn Energy, Inc. shareholders' equity | 7,049 | 9,680 |
Non-controlling interests | -3,444 | -3,287 |
Total equity | 3,605 | 6,393 |
Total liabilities and equity | $26,899 | $29,543 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of provisions for doubtful accounts | $143 | $143 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 27,277,511 | 27,277,511 |
Treasury stock, shares | 801,920 | 801,920 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Projects | $2,966 | $2,792 |
Products | 1,133 | 1,203 |
Services | 519 | 459 |
Total revenues | 4,618 | 4,454 |
Cost of sales: | ||
Projects | 2,179 | 1,960 |
Products | 800 | 951 |
Services | 120 | 113 |
Total cost of sales | 3,099 | 3,024 |
Gross profit | 1,519 | 1,430 |
Operating expenses: | ||
Research and development expenses, net of credits | 565 | 727 |
Selling, general and administrative expenses | 2,781 | 3,318 |
Total operating expenses | 3,346 | 4,045 |
Operating loss | -1,827 | -2,615 |
Finance income (expense), net | 12 | -59 |
Loss before income taxes | -1,815 | -2,674 |
Income tax benefit | 33 | 55 |
Net loss from continuing operations | -1,782 | -2,619 |
Loss from discontinued operations, net of income taxes | -1,152 | -1,956 |
Net loss | -2,934 | -4,575 |
Non-controlling interest share of net loss - continuing operations | 20 | 25 |
Non-controlling interest share of net loss - discontinued operations | 145 | 246 |
Net loss attributable to Acorn Energy, Inc. shareholders | ($2,769) | ($4,304) |
Basic and diluted net loss per share attributable to Acorn Energy, Inc. shareholders: | ||
Continuing operations | ($0.07) | ($0.11) |
Discontinued operations | ($0.04) | ($0.08) |
Total attributable to Acorn Energy, Inc. shareholders | ($0.11) | ($0.19) |
Weighted average number of shares outstanding attributable to Acorn Energy, Inc. shareholders - basic and diluted | 26,476 | 22,171 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements Of Comprehensive Loss | ||
Net loss attributable to Acorn Energy, Inc. shareholders | ($2,769) | ($4,304) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | -68 | 78 |
Comprehensive loss | -2,837 | -4,226 |
Comprehensive income attributable to non-controlling interests | -2 | 2 |
Comprehensive loss attributable to Acorn Energy, Inc. shareholders | ($2,839) | ($4,224) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Changes in Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Warrants [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Acorn Energy, Inc. Shareholders' Equity [Member] | Non-controlling Interests [Member] | Total Equity [Member] |
In Thousands, except Share data | |||||||||
Balances at Dec. 31, 2014 | $272 | $97,607 | $1,641 | ($86,592) | ($3,036) | ($212) | $9,680 | ($3,287) | $6,393 |
Balances, shares at Dec. 31, 2014 | 27,278 | ||||||||
Net loss | -2,769 | -2,769 | -165 | -2,934 | |||||
Differences from translation of subsidiaries' financial statements | -70 | -70 | 2 | -68 | |||||
Stock option compensation | 208 | 208 | 208 | ||||||
Stock option compensation of subsidiaries | 6 | 6 | |||||||
Balances at Mar. 31, 2015 | $272 | $97,815 | $1,641 | ($89,361) | ($3,036) | ($282) | $7,049 | ($3,444) | $3,605 |
Balances, shares at Mar. 31, 2015 | 27,278 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows used in operating activities: | ||
Net loss | ($2,934) | ($4,575) |
Adjustments to reconcile net loss to net cash used in operating activities (see Schedule A) | 1,826 | 3,398 |
Net cash used in operating activities - continuing operations | -1,108 | -1,177 |
Net cash used in operating activities - discontinued operations | -1,430 | -2,604 |
Net cash used in operating activities | -2,538 | -3,781 |
Cash flows provided by (used in) investing activities: | ||
Acquisitions of property and equipment | -80 | -206 |
Restricted deposits | -98 | -590 |
Release of restricted deposits | 99 | 74 |
Amounts funded for severance assets | -91 | -33 |
Net cash used in investing activities - continuing operations | -170 | -755 |
Net cash used in investing activities - discontinued operations | -134 | |
Net cash used in investing activities | -170 | -889 |
Cash flows provided by (used in) financing activities: | ||
Short-term bank credit, net | 112 | 342 |
Repayments of long-term debt | -32 | |
Net cash provided by financing activities - continuing operations | 80 | 342 |
Net cash used in financing activities - discontinued operations | -130 | |
Net cash provided by financing activities | 80 | 212 |
Effect of exchange rate changes on cash and cash equivalents | -59 | 10 |
Net decrease in cash and cash equivalents | -2,687 | -4,448 |
Cash and cash equivalents at the beginning of the year - discontinued operations | 52 | 748 |
Cash and cash equivalents at the beginning of the year - continuing operations | 4,821 | 16,531 |
Cash and cash equivalents at the end of the period - discontinued operations | 87 | 9 |
Cash and cash equivalents at the end of the period - continuing operations | 2,099 | 12,822 |
A. Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Loss from discontinued operations | 1,152 | 1,956 |
Depreciation and amortization | 132 | 195 |
Increase in accrued severance | 109 | 39 |
Stock-based compensation | 208 | 310 |
Deferred taxes | -33 | -57 |
Other | 10 | -3 |
Change in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable, unbilled revenue, other current and other assets | -184 | 2,021 |
Decrease in inventory | 36 | 37 |
Increase (decrease) in accounts payable, accrued payroll, payroll taxes and social benefits, deferred revenues, other current liabilities and other liabilities | 396 | -1,100 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities, total | $1,826 | $3,398 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1—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 8 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, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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, 2014 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, 2014. |
Recent_Authoritative_Guidance
Recent Authoritative Guidance | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Authoritative Guidance | NOTE 2—RECENT AUTHORITATIVE GUIDANCE |
There have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2015, that are of material significance, or have potential material significance, to the Company. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2015 | |
Liquidity | |
Liquidity | NOTE 3—LIQUIDITY |
The Company believes that it will have sufficient liquidity to finance its activities and the activities of GridSense and OmniMetrix over at least the next 12 months based upon its current cash balance and the support expected to be provided by DSIT. If the support expected to be provided by DSIT (up to $5,000 in 2015) is not available in sufficient amounts, Acorn may not be able to fund its own corporate activities and Acorn may not be able to fund GridSense and OmniMetrix as it has historically which could materially impact the carrying value of these subsidiaries and their ability to continue operations. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Discontinued Operations | NOTE 4—Discontinued Operations | ||||||||
The Company’s Board of Directors recently decided that it would no longer continue to fund USSI’s activities following the recent significant decline in oil prices which led to significantly reduced demand for USSI’s products. USSI has suspended operations and terminated substantially all employees. The Company intends to sell its USSI assets and is exploring ways to maximize value for creditors and other stakeholders, expecting that most of the proceeds from any sale of its assets will be used to pay creditors. It is uncertain whether there will be any proceeds available to Acorn Energy or other USSI shareholders. | |||||||||
Assets and liabilities related to the discontinued operations of USSI are as follows: | |||||||||
As of | |||||||||
31-Dec-14 | 31-Mar-15 | ||||||||
Cash and cash equivalents | $ | 52 | $ | 87 | |||||
Other current assets | 91 | 54 | |||||||
Total assets | $ | 143 | $ | 141 | |||||
Short-term bank credit | $ | 1,460 | $ | 1,460 | |||||
Accounts payable | 1,006 | 1,001 | |||||||
Accrued payroll, payroll taxes and social benefits | 346 | 90 | |||||||
Other current liabilities | 1,881 | 1,821 | |||||||
Total liabilities | $ | 4,693 | $ | 4,372 | |||||
USSI has granted a lien to its bank on substantially all of its assets including intellectual property. The debt due to the bank under USSI’s line-of-credit ($1,460) has matured, is currently due and is bearing interest at the default rate of 11.5% per annum. The Company has not guaranteed the line-of-credit. | |||||||||
USSI’s losses for the three months ended March 31, 2014 and 2015 are included in “Loss from discontinued operations, net of income taxes” in the Company’s Condensed Consolidated Statements of Operations. Summarized financial information for USSI’s operations for the three months ended March 31, 2014 and 2015 are presented below: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
Revenues | $ | — | $ | — | |||||
Gross profit | $ | (188 | ) | $ | (90 | ) | |||
Net loss | $ | (1,956 | ) | $ | (1,152 | ) | |||
Net loss attributable to non-controlling interests | 246 | 145 | |||||||
Net loss attributable to Acorn Energy Inc. | $ | (1,710 | ) | $ | (1,007 | ) |
Restructuring_and_Related_Char
Restructuring and Related Charges | 3 Months Ended |
Mar. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Charges | NOTE 5—RESTRUCTURING AND RELATED CHARGES |
(a) GridSense® | |
In 2013 and 2014, the Company’s GridSense segment restructured operations in both its U.S. and Australian entities. This action was taken primarily in order to improve efficiency based on GridSense’s revenue mix and skills mix. The restructurings included terminations of employees in both the United States and Australia and a shut-down of GridSense’s Australian offices in an effort to further reduce costs and streamline operations. GridSense continues to sell its current products in Australia and the surrounding areas through a network of distributors. | |
At December 31, 2014, $38 of the costs associated with employee severance and termination benefits charge remained unpaid. During the three months ended March 31, 2015, GridSense made no additional payments. The $38 of remaining accrued restructuring charge is expected to be paid in full by March 31, 2016. The balance is included in Other current liabilities in the Company’s condensed consolidated balance sheets. | |
(b) OmniMetrixTM | |
In 2013, OmniMetrix restructured its operations to better align expenses with revenues following a change in management. The restructuring involved employee severance and termination benefits as well as a charge for a significant reduction in the utilization of its leased facility in Buford and a write-down of a majority of the remaining book value of leasehold improvements associated with the leased facility. At December 31, 2014, $248 of lease payments associated with the reduced utilization of leased facilities remained unpaid. During the three months ended March 31, 2015, OmniMetrix paid $11 of this liability. The total remaining accrued restructuring balance of $237 is expected to be paid in full by December 31, 2019 and is included in Other current liabilities ($44) and Other liabilities ($193) in the Company’s condensed consolidated balance sheets. |
Inventory_Net
Inventory, Net | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory, Net | NOTE 6—INVENTORY, NET | ||||||||
The composition of inventory is as follows: | |||||||||
As of | As of | ||||||||
31-Dec-14 | 31-Mar-15 | ||||||||
Raw materials | $ | 682 | $ | 660 | |||||
Work-in-process | 275 | 406 | |||||||
Finished goods | 417 | 264 | |||||||
$ | 1,374 | $ | 1,330 | ||||||
At December 31, 2014 and March 31, 2015, the Company’s inventory reserve was $319 and $302, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Intangible Assets | NOTE 7—GOODWILL AND INTANGIBLE ASSETS | ||||||||||||
(a) Goodwill | |||||||||||||
The changes in the carrying amounts of goodwill by segment from December 31, 2014 to March 31, 2015 were as follows: | |||||||||||||
Energy & Security Sonar Solutions segment | GridSense segment | Total | |||||||||||
Balance at December 31, 2014 | $ | 518 | $ | 513 | $ | 1,031 | |||||||
Translation adjustment | (12 | ) | — | (12 | ) | ||||||||
Balance at March 31, 2015 | $ | 506 | $ | 513 | $ | 1,019 | |||||||
(b) Intangibles | |||||||||||||
The changes in the carrying amounts and accumulated amortization of intangible assets from December 31, 2014 to March 31, 2015 were as follows: | |||||||||||||
Cost | Accumulated amortization | Total | |||||||||||
Balance as of December 31, 2014 | $ | 2,175 | $ | (964 | ) | $ | 1,211 | ||||||
Amortization | — | (47 | ) | (47 | ) | ||||||||
Cumulative translation adjustment | (74 | ) | 37 | (37 | ) | ||||||||
Balance as of March 31, 2015 | $ | 2,101 | $ | (974 | ) | $ | 1,127 | ||||||
The Company’s intangibles are in its GridSense segment and include software, customer relationships and trade name. The weighted average estimated useful life of the intangibles is 11.1 years. Amortization expense for the three months ended March 31, 2014 and 2015 amounted to $70 and $47, respectively. Amortization expense with respect to intangible assets is estimated to be $185 for each of the years ending March 31, 2016 through 2020. |
Equity
Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Equity | NOTE 8—EQUITY | ||||||||||||||||
(a) Acorn Stock Options | |||||||||||||||||
A summary of stock option activity for the three months ended March 31, 2015 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, 2014 | 1,812,428 | $ | 4.51 | ||||||||||||||
Granted | 662,654 | $ | 0.77 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited or expired | (86,830 | ) | $ | 3.12 | |||||||||||||
Outstanding at March 31, 2015 | 2,388,252 | $ | 3.52 | 5.8 years | $ | — | |||||||||||
Exercisable at March 31, 2015 | 1,198,570 | $ | 5.28 | 3.8 years | $ | — | |||||||||||
The fair value of the options granted ($0.52 per option during the three months ended March 31, 2015) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
Risk-free interest rate | 2.1 | % | |||||||||||||||
Expected term of options | 8.7 years | ||||||||||||||||
Expected annual volatility | 63 | % | |||||||||||||||
Expected dividend yield | — | % | |||||||||||||||
(b) Stock-based Compensation Expense | |||||||||||||||||
Stock-based compensation expense included in Selling, general and administrative expenses in the Company’s Condensed Statements of Operations for the three month periods ended March 31, 2014 and 2015 was $310 and $208, respectively. In addition, $32 and $6 was recorded in the Company’s USSI subsidiary included in Discontinued Operations for the three month periods ended March 31, 2014 and 2015, respectively. See Note 4. | |||||||||||||||||
(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 Average Exercise Price Per Share | Weighted Average Remaining Contractual Life | |||||||||||||||
of Warrants | |||||||||||||||||
(in shares) | |||||||||||||||||
Outstanding at December 31, 2014 | 2,642,423 | $ | 1.5 | ||||||||||||||
Granted | — | ||||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited or expired | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 2,642,423 | $ | 1.5 | 4.9 years | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | NOTE 9—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, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 1,113 | $ | — | $ | — | $ | 1,113 | |||||||||
Derivative assets (liabilities) | 2 | — | (78 | ) | (76 | ) | |||||||||||
Total | $ | 1,115 | $ | — | $ | (78 | ) | $ | 1,037 | ||||||||
As at December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 1,117 | $ | — | $ | — | $ | 1,117 | |||||||||
Derivative assets (liabilities) | 5 | — | (50 | ) | (45 | ) | |||||||||||
Total | $ | 1,122 | $ | — | $ | (50 | ) | $ | 1,072 |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting | NOTE 10—SEGMENT REPORTING | ||||||||||||||||||||
The Company currently operates in three reportable operating segments: | |||||||||||||||||||||
● | Energy & Security Sonar Solutions. The Company provides sonar and acoustic related solutions for energy, defense and commercial markets with a focus on underwater site security for strategic energy installations and other advanced acoustic systems and real-time embedded hardware and software development and production through its DSIT Solutions Ltd. (“DSIT”) subsidiary. | ||||||||||||||||||||
● | Smart Grid Distribution Automation. These products and services are provided by the Company’s GridSenseTM subsidiaries (GridSense Inc. in the United States and GridSense Pty Ltd. and CHK GridSense Pty Ltd. in Australia - collectively “GridSense”) which develop, market and sell remote monitoring and control systems to electric utilities and industrial facilities worldwide. | ||||||||||||||||||||
● | Machine-to-Machine Critical Asset Monitoring & Control (“M2M”). The M2M segment provides wireless remote monitoring and control systems and services for critical assets as well as Internet of Things applications. 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 pipeline monitoring activities in the Company’s OmniMetrix subsidiary (for remote monitoring of cathodic protection systems on gas pipelines for gas utilities and pipeline companies) that do not meet the quantitative thresholds under applicable accounting principles. | |||||||||||||||||||||
Energy& Security Sonar Solutions | GridSense | M2M | Other | Total | |||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||
Revenues from external customers | $ | 2,660 | $ | 908 | $ | 553 | $ | 497 | $ | 4,618 | |||||||||||
Intersegment revenues | — | — | — | — | — | ||||||||||||||||
Segment gross profit | 605 | 277 | 340 | 297 | 1,519 | ||||||||||||||||
Depreciation and amortization | 45 | 57 | 18 | 11 | 131 | ||||||||||||||||
Segment net income (loss) before income taxes | (294 | ) | (325 | ) | (278 | ) | 105 | (792 | ) | ||||||||||||
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 | 312 | 247 | 1,430 | ||||||||||||||||
Depreciation and amortization | 71 | 65 | 17 | 14 | 167 | ||||||||||||||||
Segment net loss before income taxes | (208 | ) | (973 | ) | (403 | ) | (21 | ) | (1,605 | ) | |||||||||||
Reconciliation of Segment Income (Loss) to Consolidated Net Loss Before Income Taxes | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2015 | ||||||||||||||||||||
Total net loss before income taxes for reportable segments | $ | (1,584 | ) | $ | (897 | ) | |||||||||||||||
Other operational segment net income (loss) before income taxes | (21 | ) | 105 | ||||||||||||||||||
Total segment net loss before income taxes | (1,605 | ) | (792 | ) | |||||||||||||||||
Unallocated cost of corporate headquarters* | (1,043 | ) | (1,033 | ) | |||||||||||||||||
Unallocated benefit (cost) of DSIT headquarters | (26 | ) | 10 | ||||||||||||||||||
Consolidated loss before income taxes | $ | (2,674 | ) | $ | (1,815 | ) | |||||||||||||||
* Includes stock compensation expense of $310 and $208 for the three month periods ended March 31, 2014 and 2015, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11—SUBSEQUENT EVENTS |
Repayment of GridSense loan | |
The Company’s GridSense subsidiary is a party to a Loan and Security Agreement with Square 1 Bank (the “Bank”) dated as of November 2, 2012, as amended from time to time (the “Loan Agreement”) and a related Financing Agreement (the “Financing Agreement”). The obligations of GridSense to the Bank under the Loan Agreement are guaranteed by the Company. | |
As previously disclosed in the Form 8-K filed on April 13, 2015, the Company received notice stating that the Company had failed to maintain compliance with covenants thereby creating an event of default under the Loan Agreement and under the Financing Agreement and declaring all obligations of GridSense owing under the Loan Agreement and the Financing Agreement to be immediately due and payable. As of the date of the notice, GridSense owed approximately $1,480 and $158 under the Loan Agreement and the Financing Agreement, respectively. | |
Effective as of April 30, 2015, GridSense and the Bank entered into an amendment to the Loan Agreement pursuant to which (i) the Bank waived events of default under the Loan Agreement and Financing Agreement, (ii) GridSense paid $500 to the Bank in reduction of its obligations under the Loan Agreement, (iii) the Company deposited $250 on May 4, 2015 into a restricted account (the “Restricted Account”) at the Bank to secure the Company’s guaranty of GridSense’s obligations under the Loan Agreement and agreed to make additional deposits into the Restricted Account of $250 by May 14, 2015 (see below) and $250 by July 31, 2015, (iv) GridSense agreed to the repayment, commencing September 1, 2015, of an aggregate of $250 of advances under the Loan Agreement in equal monthly installments through May 1, 2016, and (v) the Company is required to have an unrestricted cash balance equal to no less than the amount of all obligations of GridSense to the Bank which are not secured by the Restricted Account. The Company is currently in compliance with this requirement. | |
With respect to the deposit noted above that was due by May 14, 2015, the Bank subsequently agreed to allow the Company to deposit by such date $50 of the $250 that was due, with the remaining $200 of that tranche being deposited by May 31, 2015. The Company made the $50 deposit on May 13, 2015. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Schedule of Assets and Liabilities Related to Discontinued Operations | Assets and liabilities related to the discontinued operations of USSI are as follows: | ||||||||
As of | |||||||||
31-Dec-14 | 31-Mar-15 | ||||||||
Cash and cash equivalents | $ | 52 | $ | 87 | |||||
Other current assets | 91 | 54 | |||||||
Total assets | $ | 143 | $ | 141 | |||||
Short-term bank credit | $ | 1,460 | $ | 1,460 | |||||
Accounts payable | 1,006 | 1,001 | |||||||
Accrued payroll, payroll taxes and social benefits | 346 | 90 | |||||||
Other current liabilities | 1,881 | 1,821 | |||||||
Total liabilities | $ | 4,693 | $ | 4,372 | |||||
Schedule of Financial Information | Summarized financial information for USSI’s operations for the three months ended March 31, 2014 and 2015 are presented below: | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2015 | ||||||||
Revenues | $ | — | $ | — | |||||
Gross profit | $ | (188 | ) | $ | (90 | ) | |||
Net loss | $ | (1,956 | ) | $ | (1,152 | ) | |||
Net loss attributable to non-controlling interests | 246 | 145 | |||||||
Net loss attributable to Acorn Energy Inc. | $ | (1,710 | ) | $ | (1,007 | ) |
Inventory_Net_Tables
Inventory, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory | The composition of inventory is as follows: | ||||||||
As of | As of | ||||||||
31-Dec-14 | 31-Mar-15 | ||||||||
Raw materials | $ | 682 | $ | 660 | |||||
Work-in-process | 275 | 406 | |||||||
Finished goods | 417 | 264 | |||||||
$ | 1,374 | $ | 1,330 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Changes in Carrying Amounts of Goodwill by Segment | The changes in the carrying amounts of goodwill by segment from December 31, 2014 to March 31, 2015 were as follows: | ||||||||||||
Energy & Security Sonar Solutions segment | GridSense segment | Total | |||||||||||
Balance at December 31, 2014 | $ | 518 | $ | 513 | $ | 1,031 | |||||||
Translation adjustment | (12 | ) | — | (12 | ) | ||||||||
Balance at March 31, 2015 | $ | 506 | $ | 513 | $ | 1,019 | |||||||
Changes in Carrying Amounts and Accumulated Amortization of Intangible Assets | The changes in the carrying amounts and accumulated amortization of intangible assets from December 31, 2014 to March 31, 2015 were as follows: | ||||||||||||
Cost | Accumulated amortization | Total | |||||||||||
Balance as of December 31, 2014 | $ | 2,175 | $ | (964 | ) | $ | 1,211 | ||||||
Amortization | — | (47 | ) | (47 | ) | ||||||||
Cumulative translation adjustment | (74 | ) | 37 | (37 | ) | ||||||||
Balance as of March 31, 2015 | $ | 2,101 | $ | (974 | ) | $ | 1,127 |
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2015 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, 2014 | 1,812,428 | $ | 4.51 | ||||||||||||||
Granted | 662,654 | $ | 0.77 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited or expired | (86,830 | ) | $ | 3.12 | |||||||||||||
Outstanding at March 31, 2015 | 2,388,252 | $ | 3.52 | 5.8 years | $ | — | |||||||||||
Exercisable at March 31, 2015 | 1,198,570 | $ | 5.28 | 3.8 years | $ | — | |||||||||||
Schedule of Fair Value Assumptions Estimated Using Black-Scholes Pricing Model | Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||||
Risk-free interest rate | 2.1 | % | |||||||||||||||
Expected term of options | 8.7 years | ||||||||||||||||
Expected annual volatility | 63 | % | |||||||||||||||
Expected dividend yield | — | % | |||||||||||||||
Summary of Warrant Activity | 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 Average Exercise Price Per Share | Weighted Average Remaining Contractual Life | |||||||||||||||
of Warrants | |||||||||||||||||
(in shares) | |||||||||||||||||
Outstanding at December 31, 2014 | 2,642,423 | $ | 1.5 | ||||||||||||||
Granted | — | ||||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited or expired | — | — | |||||||||||||||
Outstanding at March 31, 2015 | 2,642,423 | $ | 1.5 | 4.9 years |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of 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, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 1,113 | $ | — | $ | — | $ | 1,113 | |||||||||
Derivative assets (liabilities) | 2 | — | (78 | ) | (76 | ) | |||||||||||
Total | $ | 1,115 | $ | — | $ | (78 | ) | $ | 1,037 | ||||||||
As at December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Restricted deposits – current and non-current | $ | 1,117 | $ | — | $ | — | $ | 1,117 | |||||||||
Derivative assets (liabilities) | 5 | — | (50 | ) | (45 | ) | |||||||||||
Total | $ | 1,122 | $ | — | $ | (50 | ) | $ | 1,072 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Summary of Segmented Data | Energy& Security Sonar Solutions | GridSense | M2M | Other | Total | ||||||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||
Revenues from external customers | $ | 2,660 | $ | 908 | $ | 553 | $ | 497 | $ | 4,618 | |||||||||||
Intersegment revenues | — | — | — | — | — | ||||||||||||||||
Segment gross profit | 605 | 277 | 340 | 297 | 1,519 | ||||||||||||||||
Depreciation and amortization | 45 | 57 | 18 | 11 | 131 | ||||||||||||||||
Segment net income (loss) before income taxes | (294 | ) | (325 | ) | (278 | ) | 105 | (792 | ) | ||||||||||||
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 | 312 | 247 | 1,430 | ||||||||||||||||
Depreciation and amortization | 71 | 65 | 17 | 14 | 167 | ||||||||||||||||
Segment net loss before income taxes | (208 | ) | (973 | ) | (403 | ) | (21 | ) | (1,605 | ) | |||||||||||
Reconciliation of Segment Data to Consolidated Statement of Operations | Reconciliation of Segment Income (Loss) to Consolidated Net Loss Before Income Taxes | ||||||||||||||||||||
Three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2015 | ||||||||||||||||||||
Total net loss before income taxes for reportable segments | $ | (1,584 | ) | $ | (897 | ) | |||||||||||||||
Other operational segment net income (loss) before income taxes | (21 | ) | 105 | ||||||||||||||||||
Total segment net loss before income taxes | (1,605 | ) | (792 | ) | |||||||||||||||||
Unallocated cost of corporate headquarters* | (1,043 | ) | (1,033 | ) | |||||||||||||||||
Unallocated benefit (cost) of DSIT headquarters | (26 | ) | 10 | ||||||||||||||||||
Consolidated loss before income taxes | $ | (2,674 | ) | $ | (1,815 | ) | |||||||||||||||
* Includes stock compensation expense of $310 and $208 for the three month periods ended March 31, 2014 and 2015, respectively. |
Liquidity_Details_Narrative
Liquidity (Details Narrative) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cash current | $2,099 | $4,821 |
DSIT Solutions, Ltd. [Member] | Maximum [Member] | ||
Cash current | $5,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details Narrative) (U.S. Seismic Systems, Inc [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
U.S. Seismic Systems, Inc [Member] | |
Debt due to bank | ($1,460) |
Debt interest rate | 11.50% |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Assets and Liabilities Related to Discontinued Operations (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $2,099 | $4,821 |
Other current assets | 1,877 | 1,813 |
Total assets | 26,899 | 29,543 |
Accounts payable | 2,511 | 2,187 |
Other current liabilities | 3,518 | 3,028 |
USSI [Member] | Discontinued Operations [Member] | ||
Cash and cash equivalents | 87 | 52 |
Other current assets | 54 | 91 |
Total assets | 141 | 143 |
Short-term bank credit | 1,460 | 1,460 |
Accounts payable | 1,001 | 1,006 |
Accrued payroll, payroll taxes and social benefits | 90 | 346 |
Other current liabilities | 1,821 | 1,881 |
Total liabilities | $4,372 | $4,693 |
Discontinued_Operations_Schedu1
Discontinued Operations - Schedule of Financial Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $4,618 | $4,454 |
Gross profit | 1,519 | 1,430 |
Net loss | -2,934 | -4,575 |
Net loss attributable to Acorn Energy Inc. | -2,769 | -4,304 |
U.S. Seismic Systems, Inc [Member] | Discontinued Operations [Member] | ||
Revenues | ||
Gross profit | -90 | -188 |
Net loss | -1,152 | -1,956 |
Net loss attributable to non-controlling interests | 145 | 246 |
Net loss attributable to Acorn Energy Inc. | ($1,007) | ($1,710) |
Restructing_and_Related_Charge
Restructing and Related Charges (Details Narrative) (USD $) | 12 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2013 |
GridSense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | $38 | ||
Restructuring charges payable | 38 | ||
OmniMetrix [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges payable | 237 | 248 | |
Payment of lease cost | 11 | ||
Expected to be paid restructuring cost date | 31-Dec-19 | ||
Restructuring charges included in other current liabilities | -44 | ||
Restructuring charges included in other liabilities | ($193) |
Inventory_Net_Details_Narrativ
Inventory, Net (Details Narrative) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $302 | $319 |
Inventory_Net_Schedule_of_Inve
Inventory, Net - Schedule of Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $660 | $682 |
Work-in-process | 406 | 275 |
Finished goods | 264 | 417 |
Inventory, net | $1,330 | $1,374 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details Narrative) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted average estimated useful lives in years | 11 years 1 month 6 days | |
Amortization Expense | $47 | $70 |
Amortization expense of intangible assets, 2016 | 185 | |
Amortization expense of intangible assets, 2017 | 185 | |
Amortization expense of intangible assets, 2018 | 185 | |
Amortization expense of intangible assets, 2019 | 185 | |
Amortization expense of intangible assets, 2020 | $185 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill by Segment (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill, Beginning balance | $1,031 |
Translation Adjustments | -12 |
Goodwill, Ending balance | 1,019 |
Energy & Security Sonar Solutions [Member] | |
Goodwill, Beginning balance | 518 |
Translation Adjustments | -12 |
Goodwill, Ending balance | 506 |
GridSense [Member] | |
Goodwill, Beginning balance | 513 |
Translation Adjustments | |
Goodwill, Ending balance | $513 |
Goodwill_and_Intagible_Assets_
Goodwill and Intagible Assets - Changes in Carrying Amounts and Accumulated Amortization of Intangible Assets (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Intangible assets, Beginning balance | $1,211 |
Amortization | -47 |
Cumulative translation adjustment | -37 |
Intangible assets, Ending balance | 1,127 |
Energy & Security Sonar Solutions [Member] | Accumulated Amortization [Member] | |
Intangible assets, Beginning balance | -964 |
Amortization | -47 |
Cumulative translation adjustment | 37 |
Intangible assets, Ending balance | -974 |
Energy & Security Sonar Solutions [Member] | Cost [Member] | |
Intangible assets, Beginning balance | 2,175 |
Amortization | |
Cumulative translation adjustment | -74 |
Intangible assets, Ending balance | $2,101 |
Equity_Details_Narrative
Equity (Details Narrative) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair value of option granted per share price | $0.52 | |
Stock based compensation expense | $208 | $310 |
USSI Stock Option Plan [Member] | Selling General and Administrative Expenses [Member] | ||
Stock based compensation expense | $6 | $32 |
Equity_Summary_of_Stock_Option
Equity - Summary of Stock Option Activity (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Number of Options, Outstanding at beginning balance | 1,812,428 |
Number of Options, Granted | 662,654 |
Number of Options, Exercised | |
Number of Options, Forfeited or expired | -86,830 |
Number of Options, Outstanding at end balance | 2,388,252 |
Number of Options, Exercisable at end of period | 1,198,570 |
Weighted Average Exercise Price, Outstanding at beginning | $4.51 |
Weighted Average Exercise Price, Granted | $0.77 |
Weighted Average Exercise Price, Exercised | |
Weighted Average Exercise Price, Forfeited or expired | $3.12 |
Weighted Average Exercise Price, Outstanding at end | $3.52 |
Weighted Average Exercise Price, Exercisable at end of Period | $5.28 |
Weighted Average Remaining Contractual Terms, Outstanding | 5 years 9 months 18 days |
Weighted Average Remaining Contractual Terms, Exercisable | 3 years 9 months 18 days |
Equity_Schedule_of_Fair_Value_
Equity - Schedule of Fair Value Assumptions Estimated Using Black-Scholes Pricing Model (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Risk-free interest rate | 2.10% |
Expected term of options, in years | 8 years 8 months 12 days |
Expected annual volatility | 63.00% |
Expected dividend yield |
Equity_Summary_of_Warrant_Acti
Equity - Summary of Warrant Activity (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Number of shares underlying warrants, Outstanding at beginning | 2,642,423 |
Number of shares underlying warrants, Granted | |
Number of shares underlying warrants, Exercised | |
Number of shares underlying warrants, Forfeited Or Expired | |
Number of shares underlying warrants, Outstanding and exercisable at end | 2,642,423 |
Weighted Average Exercise Price, Outstanding at beginning | $1.50 |
Weighted Average Exercise Price, Exercised | |
Weighted Average Exercise Price, Forfeited Or Expired | |
Weighted Average Exercise Price, Outstanding and exercisable at end | $1.50 |
Weighted Average Remaining Contractual Life, Outstanding | 4 years 10 months 24 days |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted deposits - current and non-current | $1,113 | $1,117 |
Derivative assets (liabilities) | -76 | -45 |
Total | 1,037 | 1,072 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted deposits - current and non-current | 1,113 | 1,117 |
Derivative assets (liabilities) | 2 | 5 |
Total | 1,115 | 1,122 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted deposits - current and non-current | ||
Derivative assets (liabilities) | ||
Total | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted deposits - current and non-current | ||
Derivative assets (liabilities) | -78 | -50 |
Total | ($78) | ($50) |
Segment_Reporting_Summary_of_S
Segment Reporting - Summary of Segmented Data (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | $4,618 | $4,454 | ||
Intersegment revenues | ||||
Segment gross profit | 1,519 | 1,430 | ||
Depreciation and amortization | 131 | 167 | ||
Segment net income (loss) before income taxes | -792 | -1,605 | ||
Energy & Security Sonar Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 2,660 | 2,515 | ||
Intersegment revenues | ||||
Segment gross profit | 605 | 686 | ||
Depreciation and amortization | 45 | 71 | ||
Segment net income (loss) before income taxes | -294 | -208 | ||
GridSense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 908 | 963 | ||
Intersegment revenues | ||||
Segment gross profit | 277 | 185 | ||
Depreciation and amortization | 57 | 65 | ||
Segment net income (loss) before income taxes | -325 | -973 | ||
M2M [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 553 | 508 | ||
Intersegment revenues | ||||
Segment gross profit | 340 | 312 | ||
Depreciation and amortization | 18 | 17 | ||
Segment net income (loss) before income taxes | -278 | -403 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from external customers | 497 | 468 | ||
Intersegment revenues | ||||
Segment gross profit | 297 | 247 | ||
Depreciation and amortization | 11 | 14 | ||
Segment net income (loss) before income taxes | $105 | ($21) |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Segment Data to Consolidated Statement of Operations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting [Abstract] | ||||
Total net loss before income taxes for reportable segments | ($897) | ($1,584) | ||
Other operational segment net income (loss) before income taxes | 105 | -21 | ||
Total segment net loss before income taxes | -792 | -1,605 | ||
Unallocated cost of corporate headquarters* | -1,033 | [1] | -1,043 | [1] |
Unallocated benefit (cost) of DSIT headquarters | 10 | -26 | ||
Consolidated loss before income taxes | ($1,815) | ($2,674) | ||
[1] | Includes stock compensation expense of $310 and $208 for the three month periods ended March 31, 2014 and 2015, respectively. |
Segment_Reporting_Reconciliati1
Segment Reporting - Reconciliation of Segment Data to Consolidated Statement of Operations (Details) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting [Abstract] | ||
Stock compensation expense | $208 | $310 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event [Member], USD $) | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 01, 2015 | Apr. 30, 2015 | 14-May-15 | 13-May-15 | Jul. 31, 2015 | 4-May-15 | Apr. 13, 2015 |
Company deposit to restricted account | $50 | ||||||
Subsequent agreement by the Bank to change May 14, 2015 require deposit to restricted account | 50 | ||||||
May 31, 2015 [Member] | |||||||
Subsequent agreement by the Bank to change May 14, 2015 require deposit to restricted account | 200 | ||||||
GridSense [Member] | |||||||
Repayment of debt | 500 | ||||||
Schedule of Company deposit to restricted account | 250 | 250 | 250 | ||||
Company deposit to restricted account | 250 | ||||||
Remaining debt to be repaid in equal monthly installments | 250 | ||||||
Loan Agreement [Member] | |||||||
Value owed by GridSense | 1,480 | ||||||
Financing Agreement [Member] | |||||||
Value owed by GridSense | $158 |