Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 12, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | ACORN ENERGY, INC. | |
Entity Central Index Key | 880,984 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 29,322,574 | |
Trading Symbol | ACFN | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 623 | $ 124 |
Restricted deposits | 2,172 | |
Escrow deposit | 100 | |
Accounts receivable, net of provisions for doubtful accounts of $20 and $34 at December 31, 2015 and June 30, 2016, respectively | 432 | 6,389 |
Unbilled revenue | 3,849 | |
Inventory, net | 230 | 506 |
Other current assets | 837 | 1,633 |
Current assets – discontinued operations | 51 | 1,079 |
Total current assets | 2,173 | 15,852 |
Investment in DSIT | 5,416 | |
Property and equipment, net | 253 | 954 |
Escrow deposit | 579 | |
Severance assets | 3,558 | |
Restricted deposits | 2,951 | |
Goodwill | 516 | |
Other assets | 211 | 470 |
Non-current assets – discontinued operations | 29 | |
Total assets | 8,632 | 24,330 |
Current liabilities: | ||
Short-term debt and current maturities of long-term debt | 123 | 1,916 |
Leap Tide loan payable, net of discount | 1,900 | |
Accounts payable | 587 | 2,346 |
Accrued payroll, payroll taxes and social benefits | 540 | 1,320 |
Deferred revenue | 1,853 | 5,251 |
Other current liabilities | 609 | 2,260 |
Current liabilities – discontinued operations | 1,729 | 1,827 |
Total current liabilities | 5,441 | 16,820 |
Long-term liabilities: | ||
Accrued severance | 4,984 | |
Other long-term liabilities | 668 | 849 |
Due to DSIT | 978 | |
Non-current liabilities – discontinued operations | 16 | 19 |
Total long-term liabilities | 1,662 | 5,852 |
Commitments and contingencies | ||
Equity: | ||
Acorn Energy, Inc. shareholders Common stock - $0.01 par value per share: Authorized – 42,000,000 shares; Issued –28,127,511 and 30,124,494 shares at December 31, 2015 and June 30, 2016, respectively | 301 | 281 |
Additional paid-in capital | 99,912 | 98,977 |
Warrants | 1,600 | 1,597 |
Accumulated deficit | (97,730) | (97,191) |
Treasury stock, at cost – 801,920 shares at December 31, 2015 and June 30, 2016 | (3,036) | (3,036) |
Accumulated other comprehensive loss | (242) | (262) |
Total Acorn Energy, Inc. shareholders' equity | 805 | 366 |
Non-controlling interests | 724 | 1,292 |
Total equity | 1,529 | 1,658 |
Total liabilities and equity | $ 8,632 | $ 24,330 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 34 | $ 20 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 42,000,000 | 42,000,000 |
Common stock, shares issued | 30,124,494 | 28,127,511 |
Treasury stock, shares | 801,920 | 801,920 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,915 | $ 4,105 | $ 6,676 | $ 7,815 |
Cost of sales | 1,133 | 2,436 | 4,263 | 4,904 |
Gross profit | 782 | 1,669 | 2,413 | 2,911 |
Operating expenses: | ||||
Research and development expenses, net of credits | 293 | 492 | 658 | 902 |
Selling, general and administrative expenses | 1,205 | 2,471 | 3,830 | 4,793 |
Total operating expenses | 1,498 | 2,963 | 4,488 | 5,695 |
Operating loss | (716) | (1,294) | (2,075) | (2,784) |
Finance expense, net | (275) | (64) | (548) | (64) |
Loss before income taxes | (991) | (1,358) | (2,623) | (2,848) |
Income tax benefit (expense) | (11) | (20) | (19) | 13 |
Net loss after income taxes | (1,002) | (1,378) | (2,642) | (2,835) |
Gain on sale of interest in DSIT, net of income taxes and transaction costs | 3,543 | 3,543 | ||
Share of income in DSIT | 25 | 25 | ||
Income (loss) before discontinued operations | 2,566 | (1,378) | 926 | (2,835) |
Loss from discontinued operations, net of income taxes | (224) | (1,798) | (1,610) | (3,275) |
Net income (loss) | 2,342 | (3,176) | (684) | (6,110) |
Non-controlling interest share of net (income) loss – continuing operations | 94 | (4) | 145 | 16 |
Non-controlling interest share of net loss – discontinued operations | 31 | 176 | ||
Net income (loss) attributable to Acorn Energy, Inc. shareholders | $ 2,436 | $ (3,149) | $ (539) | $ (5,918) |
Basic net income (loss) per share attributable to Acorn Energy, Inc. shareholders: | ||||
Continuing operations | $ 0.10 | $ (0.05) | $ 0.04 | $ (0.11) |
Discontinued operations | (0.01) | (0.07) | (0.06) | (0.11) |
Total attributable to Acorn Energy, Inc. shareholders | $ 0.09 | $ (0.12) | $ (0.02) | $ (0.22) |
Weighted average number of shares outstanding attributable to Acorn Energy, Inc. shareholders – basic | 27,963 | 26,476 | 27,644 | 26,476 |
Diluted net income (loss) per share attributable to Acorn Energy, Inc. shareholders: | ||||
Continuing operations | $ 0.10 | $ (0.05) | $ 0.04 | $ (0.11) |
Discontinued operations | (0.01) | (0.07) | (0.06) | (0.11) |
Total attributable to Acorn Energy, Inc. shareholders | $ 0.09 | $ (0.12) | $ (0.02) | $ (0.22) |
Weighted average number of shares outstanding attributable to Acorn Energy, Inc. shareholders –diluted | 27,968 | 26,476 | 27,651 | 26,476 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Loss | ||||
Net income (loss) attributable to Acorn Energy, Inc. shareholders | $ 2,436 | $ (3,149) | $ (539) | $ (5,918) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (1) | 86 | 18 | 18 |
Comprehensive income (loss) | 2,435 | (3,063) | (521) | (5,900) |
Comprehensive income (loss) attributable to non-controlling interests | 3 | (11) | 2 | (13) |
Comprehensive income (loss) attributable to Acorn Energy, Inc. shareholders | $ 2,438 | $ (3,074) | $ (519) | $ (5,913) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes In Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | 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 Interest [Member] | Total |
Balances at Dec. 31, 2015 | $ 281 | $ 98,977 | $ 1,597 | $ (97,191) | $ (3,036) | $ (262) | $ 366 | $ 1,292 | $ 1,658 |
Balances, shares at Dec. 31, 2015 | 28,128 | ||||||||
Net loss | (539) | (539) | (145) | (684) | |||||
Differences from translation of subsidiaries' financial statements | 20 | 20 | (2) | 18 | |||||
Conversion of loan to Common Stock | $ 5 | 110 | 115 | 115 | |||||
Conversion of loan to Common Stock, shares | 466 | ||||||||
Shares issued in connection with loan from Leap Tide | $ 15 | 352 | 367 | 367 | |||||
Shares issued in connection with loan from Leap Tide, shares | 1,531 | ||||||||
Deconsolidation of DSIT | 242 | 242 | (371) | (129) | |||||
Accrued dividend in OmniMetrix preferred shares | (50) | (50) | |||||||
Warrants issued | (3) | 3 | |||||||
Stock option compensation | 234 | 234 | 234 | ||||||
Balances at Jun. 30, 2016 | $ 301 | $ 99,912 | $ 1,600 | $ (97,730) | $ (3,036) | $ (242) | $ 805 | $ 724 | $ 1,529 |
Balances, shares at Jun. 30, 2016 | 30,125 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows used in operating activities: | ||
Net loss | $ (684) | $ (6,110) |
Adjustments to reconcile net loss to net cash used in operating activities (see Schedule A) | (1,679) | 12,182 |
Net cash provided by (used in) operating activities - continuing operations | (2,363) | 6,072 |
Net cash used in operating activities - discontinued operations | (548) | (2,032) |
Net cash provided by (used in) operating activities | (2,911) | 4,040 |
Cash flows provided by (used in) investing activities: | ||
Acquisitions of property and equipment | (33) | (101) |
Proceeds from the sale of interests in DSIT, net of transaction costs and cash divested | 3,947 | |
Escrow deposits | (579) | |
Release of escrow deposits | 100 | |
Restricted deposits | (75) | (6,950) |
Release of restricted deposits | 868 | 126 |
Amounts funded for severance assets | (69) | (188) |
Net cash provided by (used in) investing activities – continuing operations | 4,159 | (7,113) |
Net cash used in operating activities – discontinued operations | ||
Net cash provided by (used in) investing activities | 4,159 | (7,113) |
Cash flows provided by (used in) financing activities: | ||
Short-term credit, net | 903 | (50) |
Proceeds from the exercise of DSIT options | 391 | |
Repayment of Leap Tide | (2,000) | |
Proceeds from director loans | 375 | |
Repayments of director loans | (275) | |
Repayments of long-term debt | (43) | (64) |
Net cash used in financing activities – continuing operations | (649) | (114) |
Net cash used in financing activities – discontinued operations | (138) | (731) |
Net cash used in financing activities | (787) | (845) |
Effect of exchange rate changes on cash and cash equivalents – continuing operations | (5) | 4 |
Effect of exchange rate changes on cash and cash equivalents – discontinued operations | 18 | (59) |
Net increase (decrease) in cash and cash equivalents | 474 | (3,973) |
Cash and cash equivalents at the beginning of the year – discontinued operations | 48 | 192 |
Cash and cash equivalents at the beginning of the year - continuing operations | 124 | 4,681 |
Cash and cash equivalents at the end of the period – discontinued operations | 23 | 59 |
Cash and cash equivalents at the end of the period – continuing operations | 623 | 841 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Loss from discontinued operations | 1,610 | 3,275 |
Depreciation and amortization | 107 | 150 |
Accretion of Leap Tide discount | 100 | |
Common stock issued for Leap Tide interest accrued | 281 | |
Conversion to common stock of interest due to director | 15 | |
Gain on sale of interests in DSIT, net of income taxes and transaction costs | (3,543) | |
Share of income in DSIT | (25) | |
Increase in accrued severance | 67 | 203 |
Stock-based compensation | 234 | 377 |
Deferred taxes | 18 | 3 |
Other | 36 | 50 |
Change in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable, unbilled revenue, other current and other assets | (135) | 1,166 |
Decrease (increase) in inventory | (21) | 53 |
Increase (decrease) in deferred revenue | (1,158) | 5,263 |
Increase in accounts payable, accrued payroll, payroll taxes and social benefits, other current liabilities and other liabilities | 735 | 1,642 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities, total | (1,679) | 12,182 |
Non-cash investing and financing activities: | ||
Adjustment of paid-in-capital and non-controlling interest from the deconsolidation of DSIT | 242 | |
Conversion of director loan to common stock | 100 | |
Accrual of preferred dividends to outside investor in OmniMetrix | 50 | |
Investment in DSIT from deconsolidation | $ 5,391 |
Basis of Presentation and Liqui
Basis of Presentation and Liquidity | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Liquidity | NOTE 1 BASIS OF PRESENTATION AND LIQUIDITY 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 six month period ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 Companys condensed consolidated financial statements for the six month period ended June 30, 2015 to conform to the current periods 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 Companys Annual Report on Form 10-K for the year ended December 31, 2015. On April 21, 2016, the Company closed on a transaction for the sale of a portion of its interests in DSIT Solutions, Ltd. (see Note 3). As a result of the transaction, the Companys holdings in DSIT were reduced from 78.7% (on a fully diluted basis) to 41.2% and, subsequent to the DSIT Transaction, the Company has limited representation on the DSIT Board of directors. Accordingly, following the sale, the Company no longer consolidates the results of DSIT. Operating results for DSIT through April 21, 2016 are consolidated in continuing operations while the Companys share of DSITs results for the period from April 22, 2016 to June 30, 2016 are included in the Companys unaudited Condensed Consolidated Statements of Operations in the line Share of income in DSIT under the equity method of accounting. The Company currently does not have sufficient cash flow for the next twelve months. As of June 30, 2016, the Company had approximately $518 of non-escrow corporate cash and cash equivalents. On July 12, 2016, the Company and its GridSense subsidiary closed on a transaction for the sale of GridSenses assets (see Note 13 Subsequent Events). As a result of the transaction, the Companys GridSense subsidiary received gross proceeds of $1,000. Following the sale, GridSense paid off approximately $240 of previously accrued severance and other payroll costs. The Company expects that the remaining proceeds from the sale, after transaction costs and an indemnity escrow of $100 will be allocated by an independent liquidation officer to satisfy, to the extent of the funds available, the claims of GridSense creditors, including Acorn which is GridSenses largest creditor. The Company cannot determine with certainty the amount, if any, of these remaining proceeds that may be available to it. Additional liquidity will be necessary to finance the operating activities of Acorn and the operations of its OmniMetrix subsidiary. The Company will continue to pursue sources of funding, which may include loans from related and/or non-related parties, a sale or partial sale of one or more of its businesses, finding a strategic partner or equity financings. There can be no assurance additional funding will be available at terms acceptable to the Company. There can be no assurance that the Company will be able to successfully utilize any of these possible sources to provide additional liquidity. If additional funding is not available in sufficient amounts, Acorn will not be able to fund its own corporate activities during the next twelve months, which could materially impact its ability to continue operations, and the Company may not be able to fund OmniMetrix as it has historically, which could materially impact its carrying value. As such, these factors raise substantial doubt as to the Companys ability to continue as a going concern. |
Recent Authoritative Guidance
Recent Authoritative Guidance | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Authoritative Guidance | NOTE 2RECENT AUTHORITATIVE GUIDANCE In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-15 Presentation of Financial StatementsGoing Concern, outlining managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern, along with the required disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The Company does not anticipate a material impact to our financial statements as a result of this change. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 changes the presentation of debt issuance costs in financial statements, by requiring them to be presented in the balance sheet as a direct deduction from the related debt liability, rather than as an asset. Amortization of the costs is reported as interest expense. There is no change to the current guidance on the recognition and measurement of debt issuance costs. For public business entities, ASU 2015-03 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company does not expect ASU 2015-03 to have a material impact on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which revises an entitys accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017, with early adoption permitted under certain circumstances. The Company is currently assessing the impact of ASU 2016-01 on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 with early adoption permitted. Under Accounting Standards Update 2016-02, lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessees obligation to make lease payments arising from a lease measured on a discounted basis, and a right-to-use asset, which is an asset that represents the lessees right to use or control the use of a specified asset for the lease term. The Company is currently evaluating the effect that the new guidance will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which includes multiple provisions intended to simplify various aspects of the accounting for share-based payments, including treatment of excess tax benefits and forfeitures, as well as consideration of minimum statutory tax withholding requirements. The ASU will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early application permitted in any interim or annual period. The Company is evaluating the future impact of this ASU on the consolidated financial statements. Other recently issued accounting updates are not expected to have a material impact on the Companys consolidated financial statements. |
Dsit Solutions, Ltd. ('DSIT')
Dsit Solutions, Ltd. ('DSIT') | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Dsit Solutions, Ltd. ("DSIT") | NOTE 3DSIT SOLUTIONS, LTD. (DSIT) On April 21, 2016 (the Closing Date), the Company closed on a transaction (the DSIT Transaction) initially entered into on January 28, 2016 for the sale of a portion of its interests DSIT Solutions, Ltd. business to Rafael Advanced Defense Systems Ltd., a major Israeli defense company. At closing, Acorn received gross proceeds of $4,913 before escrow, fees and taxes. From the gross proceeds, the Company deposited approximately $579 to satisfy the escrow requirements in the sale. The Company expects the escrow deposit to be released 18 months from the Closing Date. The Company also paid an Israeli withholding tax of approximately $266 and incurred transaction costs of $184. In connection with the DSIT Transaction, the Company recorded a gain of $3,543. The Company is also eligible to receive its 82.4% pro-rata share of a $1,000 earn-out over a three-year period if certain operating results targets are met. The earn-out is not included in the determination of the gain in the DSIT Transaction and will only be recorded as a gain if and when the parties agree that the earn-out has in fact been earned. Prior to the Closing Date, all options in the DSIT Key Employee Stock Option Plan were exercised and DSIT received proceeds of $391 and the Companys holdings in DSIT were reduced from 88.3% to $78.7%. As a result of the DSIT Transaction, the Companys holdings in DSIT were reduced from 78.7% to 41.2% and subsequent to the DSIT Transaction, the Company has limited representation on the DSIT Board of directors. Accordingly, after the Closing Date, the Company no longer consolidates the results of DSIT. Assets and liabilities related to the deconsolidated operations of DSIT are as follows: December 31, 2015 At the Closing Date Current assets: Cash and cash equivalents $ 7 $ 516 Restricted deposits 2,172 2,517 Accounts receivable 5,826 5,166 Unbilled revenue 3,849 4,779 Inventory 230 297 Other current assets 698 935 Total current assets 12,782 14,210 Property and equipment, net 654 620 Severance assets 3,558 3,762 Restricted deposits 2,951 1,815 Due from Acorn 802 916 Goodwill 516 536 Other assets 124 80 Total assets $ 21,387 $ 21,939 Current liabilities: Short-term bank credit and current maturities of long-term bank debt $ 1,917 $ 2,655 Accounts payable 1,869 2,072 Accrued payroll, payroll taxes and social benefits 1,261 1,286 Deferred revenue 3,487 2,219 Other current liabilities 1,417 1,615 Total current liabilities 9,951 9,847 Accrued severance 4,894 5,209 Other long-term liabilities 82 38 Total liabilities $ 15,017 $ 15,094 The Due from Acorn balance is comprised of a loan of $340 from DSIT and unreimbursed expenses of $328, both of which accrue interest at 3.15% per annum. Such balances are due the earlier of December 31, 2017 or the sale of Acorns remaining shares in DSIT. In addition to the above balances, the Due from Acorn balance also includes $248 with respect to provisions for severance and vacation for the Companys CFO who is an employee of DSIT. DSITs balance sheet at June 30, 2016 is not materially different from its balance sheet at the Closing Date. DSITs results are included in the Companys Condensed Consolidated Statements of Operations through the Closing Date and are presented below: January 1, 2015 to June 30, 2015 January 1, 2016 to the Closing Date April 1, 2015 to June 30, 2015 April 1, 2016 to the Closing Date Revenue $ 6,452 $ 5,074 $ 3,415 $ 1,154 Cost of sales 4,357 3,443 2,124 729 Gross profit 2,095 1,631 1,291 425 Research and development expenses, net 610 469 343 181 Selling, general and administrative expenses 1,556 1,063 844 206 Operating income (loss) (71 ) 99 104 38 Finance expense, net (61 ) (27 ) (61 ) (13 ) Income (loss) before income taxes (132 ) 72 43 25 Income tax benefit (expense) 13 (19 ) 20 (10 ) Net income (loss) (119 ) 53 63 15 Net (income) loss attributable to non-controlling interests 17 (9 ) (3 ) (3 ) Net income (loss) attributable to Acorn Energy Inc. $ (102 ) $ 44 $ 60 $ 12 As indicated above, after the Closing Date, the Company no longer consolidates the results of DSIT. After the Closing Date, the Company accounts for its investment in DSIT under the equity method. The initial balance of the Companys investment in DSIT ($5,391) was determined based the fair value of its 41.2% holdings in DSIT following the DSIT Transaction and the $13,100 value attributed to DSIT in the DSIT Transaction. In the period following the Closing Date, the Company recorded $25 as its 41.2% share of DSITs net income for the period from the Closing Date to June 30, 2016. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 4 Discontinued Operations (a) GridSense On April 21, 2016, the Company announced that it has decided to cease operations of its GridSense subsidiary and initiate the liquidation of the GridSense assets. As a result of this decision, GridSense is being reported as a discontinued operation. Following the decision to cease GridSense operations, the Company has written down all GridSense assets to their estimated realizable values and accrued for estimated severance costs of $140 and lease commitments of $100 in GridSenses first quarter results. On July 12, 2016, the Company and its GridSense Inc. subsidiary completed a sale of GridSenses assets. See Subsequent Events Note 13. Assets and liabilities related to the discontinued operations of GridSense are as follows: As at December 31, 2015 June 30, 2016 Cash and cash equivalents $ 48 $ 23 Other current assets and non-current assets 1,060 28 Total assets $ 1,108 $ 51 Short-term bank credit $ 138 $ Accounts payable 950 953 Accrued payroll, payroll taxes and social benefits 186 317 Other current and non-current liabilities 572 475 Total liabilities $ 1,846 $ 1,745 GridSense had a working agreement with its bank to allow GridSense to borrow against 80% of certain accounts receivable balances up to $750 at an interest equal to 1.25% per month. At December 31, 2015, GridSense was utilizing approximately $138 of its accounts receivable line. At June 30, 2016, GridSense was not utilizing its accounts receivable line. The accounts receivable line expired on July 16, 2016. GridSenses losses for the three and six months ended June 30, 2015 and 2016 are included in Loss from discontinued operations, net of income taxes in the Companys Condensed Consolidated Statements of Operations. Summarized financial information for GridSenses operations for the three and six months ended June 30, 2015 and 2016 are presented below: Six months ended June 30, Three months ended June 30, 2015 2016 2015 2016 Revenue $ 1,610 $ 207 $ 702 $ 64 Gross profit $ 273 $ 23 $ (4 ) $ 53 Net loss $ (2,069 ) $ (1,610 ) $ (1,600 ) $ (224 ) (b) US Seismic Systems Inc. (USSI) In early 2015, the Companys Board of Directors decided that it would no longer continue to fund USSIs activities following the significant decline in oil prices which led to significantly reduced demand for USSIs products. At that time, USSI effectively suspended operations and terminated substantially all employees. On September 28, 2015, the Board of Directors of USSI approved a motion to file a voluntary petition for protection under Chapter 7 of the United States Bankruptcy Code (a Chapter 7 Bankruptcy). Such filing was made on September 30, 2015. Under a Chapter 7 Bankruptcy, control of USSI no longer rests with the Company, but rather with a court-appointed trustee. Accordingly, effective September 30, 2015, the Company no longer consolidates the assets, liabilities or operating results of USSI. USSIs losses for the three and six months ended June 30, 2015 are included in Loss from discontinued operations, net of income taxes in the Companys Condensed Consolidated Statements of Operations. Summarized financial information for USSIs operations for the three and six months ended June 30, 2015 is presented below: Six months ended June 30, 2015 Three months ended June 30, 2015 Revenues $ 79 $ 79 Gross profit $ (86 ) $ 4 Net loss $ (1,381 ) $ (229 ) Net loss attributable to non-controlling interests $ 175 $ 31 Net loss attributable to Acorn Energy Inc. $ (1,206 ) $ (198 ) |
Restructuring and Related Charg
Restructuring and Related Charges | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Charges | NOTE 5RESTRUCTURING AND RELATED CHARGES 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, 2015, $204 of lease payments associated with the reduced utilization of leased facilities remained unpaid. During the six months ended June 30, 2016, OmniMetrix paid $11 of this liability. 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 ($46) and Other liabilities ($147) in the Companys condensed consolidated balance sheets. |
Inventory, Net
Inventory, Net | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | NOTE 6INVENTORY, NET The composition of inventory is as follows: As of December 31, 2015 As of June 30, 2016 Raw materials $ 287 $ 213 Work-in-process 189 Finished goods 30 17 $ 506 $ 230 At both December 31, 2015 and June 30, 2016, the Companys inventory reserve was $22. Following the closing of the DSIT Transaction (see Note 3), the Company no longer consolidates the results of DSIT, but rather reports its investment in DSIT using the equity method. Accordingly, the Company no longer includes DSIT inventory on the Companys condensed consolidated balance sheets. Balances at December 31, 2015 include $41 of raw materials and $189 of work-in-process related to DSIT. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 7GOODWILL The changes in the carrying amount of goodwill in the Companys Energy & Security Sonar Solutions segment from December 31, 2015 to June 30, 2016 was as follows: Total Balance at December 31, 2015 $ 516 Translation adjustment 20 Deconsolidation of DSIT (536 ) Balance at June 30, 2016 $ Following the closing of the DSIT Transaction (see Note 3), the Company no longer consolidates the results of DSIT, but rather reports its investment in DSIT using the equity method. Accordingly, the Company eliminated this goodwill as part of the deconsolidation of DSIT. |
Loans from Directors
Loans from Directors | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Loans from Directors | NOTE 8 Loans from Directors In January 2016, the Company borrowed a total of $300 ($200 from one director and $100 from another director) under promissory notes which were to mature three days following the receipt of proceeds from the closing of the DSIT Transaction. In March 2016, the Company borrowed, on similar terms, an additional $75 from another director. Upon maturity, the Company was to pay to each director a single payment equal to 115% of the amounts borrowed under the promissory notes. Under the terms of each promissory note, at maturity, the lender could elect to convert the entire amount due under the promissory note into Common Stock of the Company at a conversion price equal to the closing price of the Companys Common Stock on the trading day immediately preceding the maturity date of the loan. On April 29, 2016, following the receipt of the net proceeds from the DSIT Transaction (see Note 3), the Company repaid in full $275 ($200 from one director and $75 from a another director) the principal amount of the promissory notes plus interest equal to 15% of the amounts borrowed under the promissory notes. In addition, a third director who had lent the Company $100, elected to convert the principal and the $15 of interest due into Common Stock of the Company. In accordance with the terms of the promissory note, the director received 465,587 shares of Common Stock of the Company. |
Change of Senior Management
Change of Senior Management | 6 Months Ended |
Jun. 30, 2016 | |
Change Of Senior Management | |
Change of Senior Management | NOTE 9CHANGE OF SENIOR MANAGEMENT (a) Resignation of the Companys President and CEO Effective January 28, 2016, the Companys President and CEO (John A. Moore) tendered his resignation to the Board. The Board determined that such resignation was for Good Reason as such term is defined under Mr. Moores Employment Agreement. Accordingly, beginning on August 1, 2016 and continuing until on or about July 15, 2017, the Company will make aggregate severance payments to Mr. Moore of $425. The Company is making such severance payments in accordance with its regular payroll practices. In addition, the Company is reimbursing Mr. Moore up to an aggregate of $17 over the twelve-month period from February 2016 to January 2017 for the costs associated with Mr. Moores medical insurance. The above amounts were included in Selling, general and administrative expenses in the Companys unaudited condensed consolidated Statements of Operations in the first quarter of 2016. In addition, in accordance with his Employment Agreement, all of Mr. Moores unvested options become vested as of the date of his resignation. (b) Appointment of new President and CEO Effective January 28, 2016, Acorn engaged Jan H. Loeb to be the Companys President and CEO under a consulting agreement (the Consulting Agreement) with a company (the Consultant) managed by Mr. Loeb. Under the Consulting Agreement, the Consultant is to be paid a monthly fee of $17 for the term of the Consulting Agreement (through January 7, 2017). Pursuant to the Consulting Agreement, on March 16, 2016, Acorn issued to the Consultant, for nominal consideration, warrants exercisable for 35,000 shares of Acorn common stock. The exercise price of the warrants is $0.13 per share. One-fourth of the warrants were immediately exercisable with the remainder becoming exercisable in equal increments on each of June 16, 2016, September 16, 2016 and December 16, 2016. The warrants expire on the earlier of (a) March 16, 2023 and (b) 18 months from the date Mr. Loeb ceases to be a director, officer, employee or consultant of Acorn. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Equity | NOTE 10EQUITY (a) Acorn Stock Options A summary of stock option activity for the six months ended June 30, 2016 is as follows: Number of Options (in shares) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2015 2,364,918 $ 3.51 Granted 50,000 $ 0.14 Exercised Forfeited or expired (95,503 ) $ 3.89 Outstanding at June 30, 2016 2,319,415 $ 3.42 4.8 years $ 3 Exercisable at June 30, 2016 2,191,080 $ 3.55 4.8 years $ 1 In connection with the January 28, 2016 resignation of the Companys then President and CEO (John A. Moore) (see Note 9), all of Mr. Moores unvested options at that time became fully vested. The fair value of the options granted ($0.10 per option during the six months ended June 30, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.6 % Expected term of options 6.4 years Expected annual volatility 79 % Expected dividend yield % (b) Stock-based Compensation Expense Stock-based compensation expense included in Selling, general and administrative expenses in the Companys Condensed Consolidated Statements of Operations for the six month periods ended June 30, 2015 and 2016 was $377 and $234, respectively and was $169 and $14 for the three month periods ended June 30, 2015 and 2016, respectively. In addition, $6 was recorded in the Companys USSI subsidiary (included in Discontinued Operations) for the six month period ended June 30, 2015 and $0 for the three month period ended June 30, 2015. See Note 3(b). (c) Warrants The Company previously issued warrants at exercise prices equal to or greater than market value of the Companys common stock at the date of issuance. A summary of warrant activity follows: Number of Warrants (in shares) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Outstanding at December 31, 2015 2,619,423 $ 1.48 Granted 35,000 0.13 Exercised Forfeited or expired Outstanding at June 30, 2016 2,654,423 $ 1.46 3.9 years The fair value of the warrants granted ($0.08 per warrant during the six months ended June 30, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.79 % Expected term of warrants 7.0 years Expected annual volatility 78 % Expected dividend yield % (d) Shares Issued (1) Leap Tide Capital Partners III On August 13, 2015, the Company executed a Loan and Security Agreement with Leap Tide Capital Partners III, LLC (Leap Tide), pursuant to which the Company borrowed $2,000 from Leap Tide (the LT Loan). Jan H. Loeb, the Companys new President and CEO (see Note 9(b)) is the Manager of Leap Tide. Principal and accrued interest was due and payable on August 13, 2016. Interest accrued and was payable quarterly at a rate of 10% per annum. On April 29, 2016, following the receipt of the net proceeds from the DSIT Transaction, the Company repaid in full the $2,000 of principal and all accrued interest in full satisfaction of the cash due to Leap Tide under the LT Loan. In addition to the interest payable in cash described above, Leap Tide received 850,000 shares of the Companys common stock (the Initial Shares) at the closing and was entitled to vested rights to receive 179,167 additional shares of the Companys common stock (each vested right to receive one share, a Vested Share Right) per month for each full month that the full principal amount of the LT Loan was outstanding. The number of Vested Share Rights that accrued in a given month was prorated to the extent less than the full principal amount was outstanding and/or for any partial month in which no principal amount was outstanding. Through April 29, 2016, the date of repayment, Leap Tide earned 1,531,396 Vested Share Rights. Under the terms of the LT Loan, the Company had the right on or prior to 30 days after the repayment of the LT Loan (the Cash Settlement Period) to repurchase any or all Initial Shares and settle any or all Vested Share Rights accrued under the LT Loan for cash in lieu of stock. The cash repurchase/settlement price would have been $0.30 for each Initial Share so repurchased and each Vested Share Right so settled. The Company did not repurchase any of the Initial Shares or settle any of the accrued Vested Share Rights for cash and all 1,531,396 Vested Share Rights were converted into 1,531,396 shares of Common Stock of the Company after the expiration of the Cash Settlement Period. (2) Conversion of Director Loan See Note 8. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 11FAIR 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 June 30, 2016 Level 1 Level 2 Level 3 Total Escrow deposits $ 579 $ $ $ 579 Total $ 579 $ $ $ 579 As at December 31, 2015 Level 1 Level 2 Level 3 Total Restricted deposits current $ 2,172 $ $ $ 2,172 Restricted deposits non-current 2,951 2,951 Derivative liabilities (4 ) (4 ) Total $ 5,119 $ $ $ 5,119 Escrow deposits relate to escrow requirements from the DSIT Transaction (see Note 3). Restricted deposits (both current and non-current) and derivative liabilities at December 31, 2015 were all related to DSIT. Following the closing of the DSIT Transaction (see Note 3), the Company no longer consolidates the results of DSIT, but rather reports its investment in DSIT using the equity method. Accordingly, the Company eliminated these financial items as part of the deconsolidation of DSIT. Level 1 derivative assets and liabilities are related to forward contracts for the purchase of New Israeli Shekels for which market prices were readily available. Unrealized gains or losses from forward contracts are recorded in Finance income (expense), net. See Note 3 for the determination of the fair value of the Companys equity investment in DSIT. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 12SEGMENT REPORTING The Company currently operates in two reportable operating segments, both of which are performed though the Companys OmniMetrix subsidiary: ● Power Generation (PG) monitoring (formerly known as Machine-to-Machine Critical Asset Monitoring & Control). The PG segment provides wireless remote monitoring and control systems and services for critical assets as well as Internet of Things applications. ● Corrosion Protection (CP) monitoring. The CP segment provides for remote monitoring of cathodic protection systems on gas pipelines for gas utilities and pipeline companies. In addition, up to the closing of the DSIT Transaction (see Note 3), the Company reported its activities in the Energy & Security Sonar Solutions segment. This segment, whose activities were performed by DSIT, 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. Other operations include certain IT activities (protocol management software for cancer patients and billing software) and outsourced consulting activities performed by the Companys DSIT subsidiary that did not meet the quantitative thresholds under applicable accounting principles. Following the closing of the DSIT Transaction, the Company is no longer consolidating the results of DSIT, but rather is reporting on its investment in DSIT on the equity method. Accordingly, effective April 22, 2016, the Company no longer consolidates the results of DSITs Energy & Security Sonar Solutions segment or the activities of its Other segment. Previously, the Company reported GridSenses activities in its Smart Grid Distribution Automation segment which developed and produced fiber optic sensing systems for the energy and security markets. With the suspension of operations at GridSense (see Note 4(a)), its activities are reflected as discontinued operations. PG CP Energy & Security Sonar Solutions* Other* Total Six months ended June 30, 2016 Revenues from external customers $ 1,263 $ 339 $ 4,620 $ 454 $ 6,676 Intersegment revenues Segment gross profit 585 197 1,517 114 2,413 Depreciation and amortization 32 8 53 10 103 Segment net income (loss) before income taxes (712 ) (61 ) 82 (10 ) (701 ) Six months ended June 30, 2015 Revenues from external customers $ 1,113 $ 250 $ 5,748 $ 704 $ 7,815 Intersegment revenues Segment gross profit 634 182 1,790 305 2,911 Depreciation and amortization 35 8 90 14 147 Segment net loss before income taxes (700 ) (124 ) (204 ) 137 (891 ) Three months ended June 30, 2016 Revenues from external customers $ 596 $ 165 $ 1,038 $ 116 $ 1,915 Intersegment revenues Segment gross profit 252 105 384 41 782 Depreciation and amortization 16 4 10 2 32 Segment net income (loss) before income taxes (473 ) (48 ) 15 3 (503 ) Three months ended June 30, 2015 Revenues from external customers $ 560 $ 130 $ 3,088 $ 327 $ 4,105 Intersegment revenues Segment gross profit 294 84 1,185 106 1,669 Depreciation and amortization 17 4 45 7 73 Segment net loss before income taxes (422 ) (119 ) 90 27 (424 ) * Results for the six months ended June 30, 2016, only includes results for the period January 1, 2016 to April 21, 2016. Results for the three months ended June 30, 2016, only includes results for the period April 1, 2016 to April 21, 2016. See Note 3. Reconciliation of Segment Income (Loss) to Consolidated Net Loss Before Income Taxes Six months ended June 30, Three months ended June 30, 2015 2016 2015 2016 Total net loss before income taxes for reportable segments $ (1,028 ) $ (691 ) $ (451 ) $ (506 ) Other operational segment net income (loss) before income taxes 137 (10 ) 27 3 Total segment net loss before income taxes (891 ) (701 ) (424 ) (503 ) Unallocated cost of corporate headquarters* (1,890 ) (1,983 ) (856 ) (564 ) Unallocated benefit (cost) of DSIT headquarters** (67 ) 61 (78 ) 76 Consolidated loss before income taxes $ (2,848 ) $ (2,623 ) $ (1,358 ) $ (991 ) * Includes stock compensation expense of $376 and $234 for the six month periods ended June 30, 2015 and 2016 and $168 and $14 for the three month periods ended June 30, 2015 and 2016, respectively. The six month period ended June 30, 2016 also includes $460 of salary and associated costs and medical insurance associated with the resignation of Mr. Moore and $502 of interest expense to Leap Tide and directors. The three month period ended June 30, 2016 includes $252 of interest expense to Leap Tide. ** Results for the six months ended June 30, 2016, only includes results for the period January 1, 2016 to April 21, 2016. Results for the three months ended June 30, 2016, only includes results for the period April 1, 2016 to April 21, 2016. See Note 3. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13 SUBSEQUENT EVENTS Sale of GridSense Assets On July 12, 2016, the Company and its GridSense, Inc. subsidiary entered into an Asset Purchase Agreement for, and completed, the sale of the GridSense assets to Franklin Fueling Systems, Inc., a wholly-owned subsidiary of Franklin Electric Co., Inc. for a gross sales price of $1,000. Following the sale, GridSense paid off approximately $240 of previously accrued severance and other payroll costs. The Company expects that the remaining proceeds from the sale, after transaction costs and an indemnity escrow of $100 will be allocated by an independent liquidation officer to satisfy, to the extent of the funds available, the claims of GridSense creditors, including Acorn which is GridSenses largest creditor. The Company cannot determine with certainty the amount, if any, of these remaining proceeds that may be available to it. The Company expects to record a gain of approximately $1,000 (before transaction costs) from discontinued operations on this transaction in its third quarter report, as the value of the GridSense assets sold had previously been written down to nearly zero. Results from the Annual Meeting of the Company The Annual Meeting of Stockholders of the Company Acorn Energy, Inc. was held July 21, 2016. At the meeting, the stockholders approved an amendment to Companys restated certificate of incorporation to authorize a reverse split of the Companys common stock at any time prior to July 21, 2017, at a ratio between one-for-ten and one-for-twenty, if and as determined by the Companys Board of Directors. |
Dsit Solutions, Ltd. ('DSIT') (
Dsit Solutions, Ltd. ('DSIT') (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Assets and Liabilities | Assets and liabilities related to the deconsolidated operations of DSIT are as follows: December 31, 2015 At the Closing Date Current assets: Cash and cash equivalents $ 7 $ 516 Restricted deposits 2,172 2,517 Accounts receivable 5,826 5,166 Unbilled revenue 3,849 4,779 Inventory 230 297 Other current assets 698 935 Total current assets 12,782 14,210 Property and equipment, net 654 620 Severance assets 3,558 3,762 Restricted deposits 2,951 1,815 Due from Acorn 802 916 Goodwill 516 536 Other assets 124 80 Total assets $ 21,387 $ 21,939 Current liabilities: Short-term bank credit and current maturities of long-term bank debt $ 1,917 $ 2,655 Accounts payable 1,869 2,072 Accrued payroll, payroll taxes and social benefits 1,261 1,286 Deferred revenue 3,487 2,219 Other current liabilities 1,417 1,615 Total current liabilities 9,951 9,847 Accrued severance 4,894 5,209 Other long-term liabilities 82 38 Total liabilities $ 15,017 $ 15,094 |
Schedule of Condensed Consolidated Statements of Operations | DSITs results are included in the Companys Condensed Consolidated Statements of Operations through the Closing Date and are presented below: January 1, 2015 to June 30, 2015 January 1, 2016 to the Closing Date April 1, 2015 to June 30, 2015 April 1, 2016 to the Closing Date Revenue $ 6,452 $ 5,074 $ 3,415 $ 1,154 Cost of sales 4,357 3,443 2,124 729 Gross profit 2,095 1,631 1,291 425 Research and development expenses, net 610 469 343 181 Selling, general and administrative expenses 1,556 1,063 844 206 Operating income (loss) (71 ) 99 104 38 Finance expense, net (61 ) (27 ) (61 ) (13 ) Income (loss) before income taxes (132 ) 72 43 25 Income tax benefit (expense) 13 (19 ) 20 (10 ) Net income (loss) (119 ) 53 63 15 Net (income) loss attributable to non-controlling interests 17 (9 ) (3 ) (3 ) Net income (loss) attributable to Acorn Energy Inc. $ (102 ) $ 44 $ 60 $ 12 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule of Assets and Liabilities Related to Discontinued Operations | Assets and liabilities related to the discontinued operations of GridSense are as follows: As at December 31, 2015 June 30, 2016 Cash and cash equivalents $ 48 $ 23 Other current assets and non-current assets 1,060 28 Total assets $ 1,108 $ 51 Short-term bank credit $ 138 $ Accounts payable 950 953 Accrued payroll, payroll taxes and social benefits 186 317 Other current and non-current liabilities 572 475 Total liabilities $ 1,846 $ 1,745 |
GridSense's Operations [Member] | |
Schedule of Financial Information | Summarized financial information for GridSenses operations for the three and six months ended June 30, 2015 and 2016 are presented below: Six months ended June 30, Three months ended June 30, 2015 2016 2015 2016 Revenue $ 1,610 $ 207 $ 702 $ 64 Gross profit $ 273 $ 23 $ (4 ) $ 53 Net loss $ (2,069 ) $ (1,610 ) $ (1,600 ) $ (224 ) |
USSI's operations [Member] | |
Schedule of Financial Information | Summarized financial information for USSIs operations for the three and six months ended June 30, 2015 is presented below: Six months ended June 30, 2015 Three months ended June 30, 2015 Revenues $ 79 $ 79 Gross profit $ (86 ) $ 4 Net loss $ (1,381 ) $ (229 ) Net loss attributable to non-controlling interests $ 175 $ 31 Net loss attributable to Acorn Energy Inc. $ (1,206 ) $ (198 ) |
Inventory, Net (Tables)
Inventory, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net | The composition of inventory is as follows: As of December 31, 2015 As of June 30, 2016 Raw materials $ 287 $ 213 Work-in-process 189 Finished goods 30 17 $ 506 $ 230 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amounts of Goodwill by Segment | The changes in the carrying amount of goodwill in the Companys Energy & Security Sonar Solutions segment from December 31, 2015 to June 30, 2016 was as follows: Total Balance at December 31, 2015 $ 516 Translation adjustment 20 Deconsolidation of DSIT (536 ) Balance at June 30, 2016 $ |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of Stock Option activity | A summary of stock option activity for the six months ended June 30, 2016 is as follows: Number of Options (in shares) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2015 2,364,918 $ 3.51 Granted 50,000 $ 0.14 Exercised Forfeited or expired (95,503 ) $ 3.89 Outstanding at June 30, 2016 2,319,415 $ 3.42 4.8 years $ 3 Exercisable at June 30, 2016 2,191,080 $ 3.55 4.8 years $ 1 |
Schedule of Stock Options Fair Value Assumptions Estimated Using Black-Scholes Pricing Model | The fair value of the options granted ($0.10 per option during the six months ended June 30, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.6 % Expected term of options 6.4 years Expected annual volatility 79 % Expected dividend yield % |
Summary of Warrant Activity | A summary of warrant activity follows: Number of Warrants (in shares) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life Outstanding at December 31, 2015 2,619,423 $ 1.48 Granted 35,000 0.13 Exercised Forfeited or expired Outstanding at June 30, 2016 2,654,423 $ 1.46 3.9 years |
Schedule of Warrant Fair Value Assumptions Estimated Using Black-scholes Pricing Model | The fair value of the warrants granted ($0.08 per warrant during the six months ended June 30, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions: Risk-free interest rate 1.79 % Expected term of warrants 7.0 years Expected annual volatility 78 % Expected dividend yield % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 Level 1 Level 2 Level 3 Total Escrow deposits $ 579 $ $ $ 579 Total $ 579 $ $ $ 579 As at December 31, 2015 Level 1 Level 2 Level 3 Total Restricted deposits current $ 2,172 $ $ $ 2,172 Restricted deposits non-current 2,951 2,951 Derivative liabilities (4 ) (4 ) Total $ 5,119 $ $ $ 5,119 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segmented Data | PG CP Energy & Security Sonar Solutions* Other* Total Six months ended June 30, 2016 Revenues from external customers $ 1,263 $ 339 $ 4,620 $ 454 $ 6,676 Intersegment revenues Segment gross profit 585 197 1,517 114 2,413 Depreciation and amortization 32 8 53 10 103 Segment net income (loss) before income taxes (712 ) (61 ) 82 (10 ) (701 ) Six months ended June 30, 2015 Revenues from external customers $ 1,113 $ 250 $ 5,748 $ 704 $ 7,815 Intersegment revenues Segment gross profit 634 182 1,790 305 2,911 Depreciation and amortization 35 8 90 14 147 Segment net loss before income taxes (700 ) (124 ) (204 ) 137 (891 ) Three months ended June 30, 2016 Revenues from external customers $ 596 $ 165 $ 1,038 $ 116 $ 1,915 Intersegment revenues Segment gross profit 252 105 384 41 782 Depreciation and amortization 16 4 10 2 32 Segment net income (loss) before income taxes (473 ) (48 ) 15 3 (503 ) Three months ended June 30, 2015 Revenues from external customers $ 560 $ 130 $ 3,088 $ 327 $ 4,105 Intersegment revenues Segment gross profit 294 84 1,185 106 1,669 Depreciation and amortization 17 4 45 7 73 Segment net loss before income taxes (422 ) (119 ) 90 27 (424 ) * Results for the six months ended June 30, 2016, only includes results for the period January 1, 2016 to April 21, 2016. Results for the three months ended June 30, 2016, only includes results for the period April 1, 2016 to April 21, 2016. See Note 3. |
Schedule of Reconciliation of Segment Data to Consolidated Statement of Operations | Reconciliation of Segment Income (Loss) to Consolidated Net Loss Before Income Taxes Six months ended June 30, Three months ended June 30, 2015 2016 2015 2016 Total net loss before income taxes for reportable segments $ (1,028 ) $ (691 ) $ (451 ) $ (506 ) Other operational segment net income (loss) before income taxes 137 (10 ) 27 3 Total segment net loss before income taxes (891 ) (701 ) (424 ) (503 ) Unallocated cost of corporate headquarters* (1,890 ) (1,983 ) (856 ) (564 ) Unallocated benefit (cost) of DSIT headquarters** (67 ) 61 (78 ) 76 Consolidated loss before income taxes $ (2,848 ) $ (2,623 ) $ (1,358 ) $ (991 ) * Includes stock compensation expense of $376 and $234 for the six month periods ended June 30, 2015 and 2016 and $168 and $14 for the three month periods ended June 30, 2015 and 2016, respectively. The six month period ended June 30, 2016 also includes $460 of salary and associated costs and medical insurance associated with the resignation of Mr. Moore and $502 of interest expense to Leap Tide and directors. The three month period ended June 30, 2016 includes $252 of interest expense to Leap Tide. ** Results for the six months ended June 30, 2016, only includes results for the period January 1, 2016 to April 21, 2016. Results for the three months ended June 30, 2016, only includes results for the period April 1, 2016 to April 21, 2016. See Note 3. |
Basis of Presentation and Liq28
Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ in Thousands | Apr. 21, 2016 | Jun. 30, 2016 |
Non-escrow corporate cash and cash equivalents | $ 518 | |
DSIT Solutions, Ltd [Member] | ||
Company's holdings in DSIT prior to sale transaction | 78.70% | |
GridSense's [Member] | July 12, 2016 [Member] | ||
Proceeds from sale of transaction | 1,000 | |
Paid of accrued serverance and other payroll costs | 240 | |
Transaction costs and indeminity escrow | $ 100 | |
DSIT Board of Directors [Member] | ||
Company's holdings after transaction | 41.20% |
Dsit Solutions, Ltd. ('DSIT')29
Dsit Solutions, Ltd. ('DSIT') (Details Narrative) - USD ($) $ in Thousands | Apr. 21, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Escrow deposit | $ 579 | ||
DSIT Solutions, Ltd [Member] | |||
Gross proceeds of sale before escrow, israeli withholding taxes and fees | $ 4,913 | ||
Withholding tax paid | 266 | ||
Transaction costs | 184 | ||
Gain on sale of transaction | $ 3,543 | ||
Percentage of eligible to receive pro rata share | 82.40% | ||
Earn - out amount | $ 1,000 | ||
Pro-rata share earn out over the period | 3 years | ||
Proceeds from the exercise of DSIT options | $ 391 | ||
Debt maturity date | Dec. 31, 2017 | ||
Expected period of escrow deposit release | 18 months | ||
DSIT Solutions, Ltd [Member] | Prior Options Exercise [Member] | |||
Percentage of invertment in DSIT determined based on holdings | 88.30% | ||
DSIT Solutions, Ltd [Member] | Post Options Exercise [Member] | |||
Percentage of invertment in DSIT determined based on holdings | 78.70% | ||
Acorn [Member] | |||
Loan due from Acorn | $ 340 | ||
Unreimbursed expenses | $ 328 | ||
Percentage of accrue interest per annum | 3.15% | ||
Due from provisions for vacation severance | $ 248 | ||
Investments in DSIT, initial balance | 5,391 | ||
Share of DSIT's net income | $ 25 | ||
Percentage of invertment in DSIT determined based on holdings | 41.20% | ||
Escrow deposit | $ 579 | ||
Value attriubuted to DSIT | $ 13,100 |
Dsit Solutions, Ltd. ('DSIT') -
Dsit Solutions, Ltd. ('DSIT') - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Apr. 21, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 623 | $ 124 | |
Restricted deposits | 2,172 | ||
Accounts receivable | 432 | 6,389 | |
Unbilled revenue | 3,849 | ||
Inventory | 230 | 506 | |
Other current assets | 837 | 1,633 | |
Total current assets | 2,173 | 15,852 | |
Property and equipment, net | 253 | 954 | |
Severance assets | 3,558 | ||
Restricted deposits | 2,951 | ||
Goodwill | 516 | ||
Other assets | 211 | 470 | |
Total assets | 8,632 | 24,330 | |
Short-term bank credit and current maturities of long-term bank debt | 123 | 1,916 | |
Accounts payable | 587 | 2,346 | |
Accrued payroll, payroll taxes and social benefits | 540 | 1,320 | |
Deferred revenue | 1,853 | 5,251 | |
Other current liabilities | 609 | 2,260 | |
Total current liabilities | 5,441 | 16,820 | |
Accrued severance | 4,984 | ||
Other long-term liabilities | $ 668 | 849 | |
DSIT Solutions, Ltd [Member] | |||
Cash and cash equivalents | $ 516 | 7 | |
Restricted deposits | 2,517 | 2,172 | |
Accounts receivable | 5,166 | 5,826 | |
Unbilled revenue | 4,779 | 3,849 | |
Inventory | 297 | 230 | |
Other current assets | 935 | 698 | |
Total current assets | 14,210 | 12,782 | |
Property and equipment, net | 620 | 654 | |
Severance assets | 3,762 | 3,558 | |
Restricted deposits | 1,815 | 2,951 | |
Due from Acorn | 916 | 802 | |
Goodwill | 536 | 516 | |
Other assets | 80 | 124 | |
Total assets | 21,939 | 21,387 | |
Short-term bank credit and current maturities of long-term bank debt | 2,655 | 1,917 | |
Accounts payable | 2,072 | 1,869 | |
Accrued payroll, payroll taxes and social benefits | 1,286 | 1,261 | |
Deferred revenue | 2,219 | 3,487 | |
Other current liabilities | 1,615 | 1,417 | |
Total current liabilities | 9,847 | 9,951 | |
Accrued severance | 5,209 | 4,894 | |
Other long-term liabilities | 38 | 82 | |
Total liabilities | $ 15,094 | $ 15,017 |
Dsit Solutions, Ltd. ('DSIT')31
Dsit Solutions, Ltd. ('DSIT') - Schedule of Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
Apr. 21, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 21, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue | $ 1,915 | $ 4,105 | $ 6,676 | $ 7,815 | ||
Cost of sales | 1,133 | 2,436 | 4,263 | 4,904 | ||
Gross profit | 782 | 1,669 | 2,413 | 2,911 | ||
Selling, general and administrative expenses | 1,205 | 2,471 | 3,830 | 4,793 | ||
Operating income (loss) | (716) | (1,294) | (2,075) | (2,784) | ||
Income (loss) before income taxes | (991) | (1,358) | (2,623) | (2,848) | ||
Income tax benefit (expense) | (11) | (20) | (19) | 13 | ||
Net income (loss) | 2,342 | (3,176) | (684) | (6,110) | ||
Net (income) loss attributable to non-controlling interests | (94) | 4 | (145) | (16) | ||
Net income (loss) attributable to Acorn Energy Inc | $ 2,436 | (3,149) | $ (539) | (5,918) | ||
DSIT Solutions, Ltd [Member] | ||||||
Revenue | $ 1,154 | 3,415 | $ 5,074 | 6,452 | ||
Cost of sales | 729 | 2,124 | 3,443 | 4,357 | ||
Gross profit | 425 | 1,291 | 1,631 | 2,095 | ||
Research and development expenses, net of credits | 181 | 343 | 469 | 610 | ||
Selling, general and administrative expenses | 206 | 844 | 1,063 | 1,556 | ||
Operating income (loss) | 38 | 104 | 99 | (71) | ||
Finance expense, net | (13) | (61) | (27) | (61) | ||
Income (loss) before income taxes | 25 | 43 | 72 | (132) | ||
Income tax benefit (expense) | (10) | 20 | (19) | 13 | ||
Net income (loss) | 15 | 63 | 53 | (119) | ||
Net (income) loss attributable to non-controlling interests | (3) | (3) | (9) | 17 | ||
Net income (loss) attributable to Acorn Energy Inc | $ 12 | $ 60 | $ 44 | $ (102) |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - GridSense [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accrued severance costs | $ 140 | ||
Accrual for lease commitment | $ 100 | ||
Percentage of borrow against certain accounts receivable | 80.00% | ||
Maximum accounts receivable balance borrowing base | $ 750 | ||
Line of credit, expiration date | Jul. 16, 2016 | ||
Debt interest rate, per month | 1.25% | ||
Utilized portion of accounts receivable line | $ 138 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 623 | $ 124 |
Total assets | 8,632 | 24,330 |
Accounts payable | 587 | 2,346 |
GridSense [Member] | Discontinued Operations [Member] | ||
Cash and cash equivalents | 23 | 48 |
Other current assets and non-current assets | 28 | 1,060 |
Total assets | 51 | 1,108 |
Short-term bank credit | 138 | |
Accounts payable | 953 | 950 |
Accrued payroll, payroll taxes and social benefits | 317 | 186 |
Other current and non-current liabilities | 475 | 572 |
Total liabilities | $ 1,745 | $ 1,846 |
Discontinued Operations - Sch34
Discontinued Operations - Schedule of Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | $ 1,915 | $ 4,105 | $ 6,676 | $ 7,815 |
Gross profit (loss) | 782 | 1,669 | 2,413 | 2,911 |
Net loss | 2,342 | (3,176) | (684) | (6,110) |
Net loss attributable to acorn energy inc. | 2,436 | (3,149) | (539) | (5,918) |
GridSense [Member] | Discontinued Operations [Member] | ||||
Revenues | 64 | 702 | 207 | 1,610 |
Gross profit (loss) | 53 | (4) | 23 | 273 |
Net loss | $ (224) | (1,600) | $ (1,610) | (2,069) |
U.S. Seismic Systems, Inc [Member] | Discontinued Operations [Member] | ||||
Revenues | 79 | 79 | ||
Gross profit (loss) | 4 | (86) | ||
Net loss | (229) | (1,381) | ||
Net loss attributable to non-controlling interests | 31 | 175 | ||
Net loss attributable to acorn energy inc. | $ (198) | $ (1,206) |
Restructuring and Related Cha35
Restructuring and Related Charges (Details Narrative) - Omni Metrix [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Unpaid accrued lease cost balance | $ 204 | |
Repayment of debt | $ 11 | |
Restructuring charges payable | $ 193 | |
Expected to be paid restructuring cost date | Dec. 31, 2019 | |
Restructuring charges included in other current liabilities | $ 46 | |
Restructuring charges included in other liabilities | $ 147 |
Inventory, Net (Details Narrati
Inventory, Net (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 22 | $ 22 |
Raw materials related to DSIT | 41 | |
Work in process related to DSIT | $ 189 |
Inventory, Net - Schedule of In
Inventory, Net - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 213 | $ 287 |
Work-in-process | 189 | |
Finished goods | 17 | 30 |
Inventory, net | $ 230 | $ 506 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amounts of Goodwill by Segment (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill, beginning balance | $ 516 |
Goodwill, ending balance | |
Energy & Security Sonar Solutions [Member] | |
Goodwill, beginning balance | 516 |
Translation adjustment | 20 |
Deconsolidation of dsit | (536) |
Goodwill, ending balance |
Loans from Directors (Details N
Loans from Directors (Details Narrative) - USD ($) $ in Thousands | Apr. 29, 2016 | Mar. 31, 2016 | Jan. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 |
Proceeds from related party | $ 375 | ||||
Directors Member] | |||||
Proceeds from related party | $ 300 | ||||
Repayment of promissory notes | $ 275 | ||||
Director One [Member] | |||||
Proceeds from related party | $ 200 | ||||
Repayment of promissory notes | $ 200 | ||||
Percentage of borrowed amounts the company need to repay to each director | 15.00% | 115.00% | |||
Director Two [Member] | |||||
Proceeds from related party | $ 100 | ||||
Repayment of promissory notes | $ 75 | ||||
Percentage of borrowed amounts the company need to repay to each director | 15.00% | 115.00% | |||
Another Director [Member] | |||||
Proceeds from related party | $ 75 | ||||
Percentage of borrowed amounts the company need to repay to each director | 115.00% | ||||
Third Director [Member] | |||||
Principal amount converted to common stock | $ 100 | ||||
Interest due converted to common stock | $ 15 | ||||
Conversion of loan to common stock, shares | 465,587 |
Change of Senior Management (De
Change of Senior Management (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Mar. 16, 2016 | Jan. 28, 2016 |
Mr. Moore [Member] | ||
Severance payments | $ 425 | |
Mr. Moore [Member] | February 2016 to January 2017 [Member] | ||
Reimburse cost | $ 17 | |
Reimburse period | 12 months | |
Jan H. Loeb [Member] | ||
Consultant fee | $ 17 | |
Consulting agreement expiration date | Jan. 7, 2017 | |
Jan H. Loeb [Member] | Consulting Agreement [Member] | ||
Issuance of warrants to purchase of common stock | 35,000 | |
Exercise price of warrants | $ 0.13 | |
Warrants exercisable description | One-fourth of the warrants were immediately exercisable with the remainder becoming exercisable in equal increments on each of June 16, 2016, September 16, 2016 and December 16, 2016. The warrants expire on the earlier of (a) March 16, 2023 and (b) 18 months from the date Mr. Loeb ceases to be a director, officer, employee or consultant of Acorn. |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 29, 2016 | Aug. 13, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Fair value of options granted | $ 0.10 | |||||
Stock based compensation expense | $ 14 | $ 168 | $ 234 | $ 376 | ||
Vested share right per month | 1,531,396 | |||||
Cash settlement price per share | $ 0.30 | $ 0.30 | ||||
Vested shares converted to common stock | 1,531,396 | |||||
Warrants [Member] | ||||||
Fair value of warrants granted price per share | $ 0.08 | |||||
Loan and Security Agreement [Member] | Leap Tide Capital Partners LLC [Member] | ||||||
Borrowings | $ 2,000 | |||||
Rate of accrued interest percentage | 10.00% | |||||
Repayment of principal | $ 2,000 | |||||
Number of common stock shares issued | 850,000 | |||||
Vested share right per month | 179,167 | |||||
Selling General and Administrative Expense [Member] | ||||||
Stock based compensation expense | $ 14 | 169 | $ 234 | 377 | ||
Discontinued Operations [Member] | U.S. Seismic Systems, Inc [Member] | ||||||
Stock based compensation expense | $ 0 | $ 6 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Plans (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of options, outstanding at beginning balance | shares | 2,364,918 |
Number of options, granted | shares | 50,000 |
Number of options, exercised | shares | |
Number of options, forfeited or expired | shares | (95,503) |
Number of options, outstanding at end balance | shares | 2,319,415 |
Number of options, exercisable at end of period | shares | 2,191,080 |
Weighted average exercise price, outstanding at beginning balance | $ / shares | $ 3.51 |
Weighted average exercise price, granted | $ / shares | 0.14 |
Weighted average exercise price, exercised | $ / shares | |
Weighted average exercise price, forfeited or expired | $ / shares | 3.89 |
Weighted average exercise price, outstanding at end balance | $ / shares | 3.42 |
Weighted average exercise price, exercisable at end of period | $ / shares | $ 3.55 |
Weighted average remaining contractual terms, outstanding | 4 years 9 months 18 days |
Weighted average remaining contractual terms, exercisable | 4 years 9 months 18 days |
Aggregate intrinsic value, outstanding | $ | $ 3 |
Aggregate intrinsic value, exercisable | $ | $ 1 |
Equity - Summary of Warrant Act
Equity - Summary of Warrant Activity (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Equity [Abstract] | |
Number of shares warrants, outstanding at beginning of year | shares | 2,619,423 |
Number of shares warrants, granted | shares | 35,000 |
Number of shares warrants, exercised | shares | |
Number of shares warrants, forfeited or expired | shares | |
Number of shares warrants, outstanding at end of year | shares | 2,654,423 |
Weighted average exercise price, outstanding at beginning of year | $ / shares | $ 1.48 |
Weighted average exercise price, granted | $ / shares | 0.13 |
Weighted average exercise price, exercised | $ / shares | |
Weighted average exercise price, forfeited or expired | $ / shares | |
Weighted average exercise price, outstanding at end of year | $ / shares | $ 1.46 |
Weighted average remaining contractual life | 3 years 10 months 24 days |
Equity - Schedule of Fair Value
Equity - Schedule of Fair Value Assumptions Estimated Using Black-Scholes Pricing Model (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Risk-free interest rate | 1.60% |
Expected term | 6 years 4 months 24 days |
Expected annual volatility | 79.00% |
Expected dividend yield | 0.00% |
Warrants [Member] | |
Risk-free interest rate | 1.79% |
Expected term | 7 years |
Expected annual volatility | 78.00% |
Expected dividend yield | 0.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow deposits | $ 579 | |
Restricted deposits - current | 2,172 | |
Restricted deposits - non-current | 2,951 | |
Derivative assets | (4) | |
Total | 579 | 5,119 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow deposits | 579 | |
Restricted deposits - current | 2,172 | |
Restricted deposits - non-current | 2,951 | |
Derivative assets | (4) | |
Total | 579 | 5,119 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow deposits | ||
Restricted deposits - current | ||
Restricted deposits - non-current | ||
Derivative assets | ||
Total | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow deposits | ||
Restricted deposits - current | ||
Restricted deposits - non-current | ||
Derivative assets | ||
Total |
Segment Reporting (Details Narr
Segment Reporting (Details Narrative) | 6 Months Ended |
Jun. 30, 2016OperatingSegments | |
Segment Reporting [Abstract] | |
Number of operating segment | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segmented Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |||
Segment Reporting Information [Line Items] | ||||||
Revenue from external customers | $ 1,915 | $ 4,105 | $ 6,676 | $ 7,815 | ||
Intersegment revenues | ||||||
Segment gross profit | 782 | 1,669 | 2,413 | 2,911 | ||
Depreciation and amortization | 32 | 73 | 103 | 147 | ||
Segment net income (loss) before income taxes | (503) | (424) | (701) | (891) | ||
PG [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from external customers | 596 | 560 | 1,263 | 1,113 | ||
Intersegment revenues | ||||||
Segment gross profit | 252 | 294 | 585 | 634 | ||
Depreciation and amortization | 16 | 17 | 32 | 35 | ||
Segment net income (loss) before income taxes | (473) | (422) | (712) | (700) | ||
CP [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from external customers | 165 | 130 | 339 | 250 | ||
Intersegment revenues | ||||||
Segment gross profit | 105 | 84 | 197 | 182 | ||
Depreciation and amortization | 4 | 4 | 8 | 8 | ||
Segment net income (loss) before income taxes | (48) | (119) | (61) | (124) | ||
Energy & Security Sonar Solutions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from external customers | 1,038 | [1] | 3,088 | 4,620 | [1] | 5,748 |
Intersegment revenues | [1] | [1] | ||||
Segment gross profit | 384 | [1] | 1,185 | 1,517 | [1] | 1,790 |
Depreciation and amortization | 10 | [1] | 45 | 53 | [1] | 90 |
Segment net income (loss) before income taxes | 15 | [1] | 90 | 82 | [1] | (204) |
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue from external customers | 116 | [1] | 327 | 454 | [1] | 704 |
Intersegment revenues | [1] | [1] | ||||
Segment gross profit | 41 | [1] | 106 | 114 | [1] | 305 |
Depreciation and amortization | 2 | [1] | 7 | 10 | [1] | 14 |
Segment net income (loss) before income taxes | $ 3 | [1] | $ 27 | $ (10) | [1] | $ 137 |
[1] | * Results for the six months ended June 30, 2016, only includes results for the period January 1, 2016 to April 21, 2016. Results for the three months ended June 30, 2016, only includes results for the period April 1, 2016 to April 21, 2016. See Note 3. |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Reconciliation of Segment Data to Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Segment Reporting [Abstract] | |||||
Total net loss before income taxes for reportable segments | $ (506) | $ (451) | $ (691) | $ (1,028) | |
Other operational segment net income (loss) before income taxes | 3 | 27 | (10) | 137 | |
Total segment net loss before income taxes | (503) | (424) | (701) | (891) | |
Unallocated cost of corporate headquarters | [1] | (564) | (856) | (1,983) | (1,890) |
Unallocated benefit (cost) of dsit headquarters | [2] | 76 | (78) | 61 | (67) |
Consolidated loss before income taxes | $ (991) | $ (1,358) | $ (2,623) | $ (2,848) | |
[1] | * Includes stock compensation expense of $376 and $234 for the six month periods ended June 30, 2015 and 2016 and $168 and $14 for the three month periods ended June 30, 2015 and 2016, respectively. The six month period ended June 30, 2016 also includes $460 of salary and associated costs and medical insurance associated with the resignation of Mr. Moore and $502 of interest expense to Leap Tide and directors. The three month period ended June 30, 2016 includes $252 of interest expense to Leap Tide. | ||||
[2] | ** Results for the six months ended June 30, 2016, only includes results for the period January 1, 2016 to April 21, 2016. Results for the three months ended June 30, 2016, only includes results for the period April 1, 2016 to April 21, 2016. See Note 3. |
Segment Reporting - Schedule 49
Segment Reporting - Schedule of Reconciliation of Segment Data to Consolidated Statement of Operations (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock compensation expense | $ 14 | $ 168 | $ 234 | $ 376 |
Salary expense | 460 | |||
Leap Tide And Directors Loan [Member] | ||||
Interest expense debt | $ 252 | $ 502 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) $ in Thousands | Jul. 21, 2016 | Jul. 12, 2016 |
Reverse stock split | one-for-ten and one-for-twenty | |
Asset Purchase Agreement [Member] | GridSense, Inc [Member] | ||
Gross proceeds received from sale | $ 1,000 | |
Severance and other payroll costs paid off | 240 | |
Escrow requirements in the sale | 100 | |
Gain loss from discontinued operations | $ 1,000 |