XML 110 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | NOTE 3—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. As the Company is uncertain as to whether it will ultimately be able to realize any value from USSI’s assets, it has accordingly taken charges on USSI’s inventory ($4,935), fixed assets ($969), goodwill ($1,402) and other intangibles ($2,034) at December 31, 2014. Earlier in 2014, USSI had taken inventory charges totaling $1,055. During 2013, USSI’s losses included an inventory impairment charge of $958 and a provision of $800 with respect to the sensor systems built-to-lease. Previously, USSI’s activities comprised the Company’s Oil & Gas Sensor Systems segment. Assets and liabilities related to the discontinued operations of USSI are as follows:
|  | December 31, |
|  | 2013 |  |  | 2014 |
Cash and cash equivalents |  | $ | 748 |  |  | $ | 52 |
Inventory |  |  | 2,279 |  |  |  | — |
Other current assets |  |  | 149 |  |  |  | 91 |
Total current assets |  |  | 3,176 |  |  |  | 143 |
Property and equipment, net |  |  | 1,286 |  |  |  | — |
Intangible assets, net |  |  | 2,184 |  |  |  | — |
Goodwill |  |  | 1,402 |  |  |  | — |
Other assets |  |  | 33 |  |  |  | — |
Total assets |  | $ | 8,081 |  |  | $ | 143 |
Short-term bank credit |  | $ | 1,160 |  |  | $ | 1,460 |
Accounts payable |  |  | 1,141 |  |  |  | 1,006 |
Accrued payroll, payroll taxes and social benefits |  |  | 499 |  |  |  | 346 |
Other current liabilities |  |  | 1,090 |  |  |  | 1,881 |
Total liabilities |  | $ | 3,890 |  |  | $ | 4,693 |
USSI has granted a lien to its bank on substantially all of its assets including intellectual property. The debt due to the bank ($1,460) has matured, is currently due and is bearing interest at the default rate of 5% per annum. See Note 21. USSI’s losses for the years ended December 31, 2013 and 2014 are included in “Loss from discontinued operations, net of income taxes” in the Company’s Consolidated Statements of Income. Summarized financial information for USSI’s operations for the years ended December 31, 2013 and 2014 are presented below:
|  | Year ended December 31, |
|  | 2013 |  |  | 2014 |
Revenues |  | $ | 1,468 |  |  | $ | 556 |
Gross profit |  | $ | (2,347 | ) |  | $ | (1,043 | )
Net loss |  | $ | (9,647 | ) |  | $ | (19,140 | )
Net loss attributable to non-controlling interests |  |  | 1,213 |  |  |  | 2,407 |
Net loss attributable to Acorn Energy Inc. |  | $ | (8,434 | ) |  | $ | (16,733 | )
During the third quarter of 2014, USSI decided to restructure its operations to better align expenses with revenues following a change in its management. The restructuring involved employee severance and termination benefits ($88). USSI’s losses for 2014 include the write-off of assets noted above as well as provisions for remaining minimum contractual lease and royalty payments ($775) and severance ($91).

X
- Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration