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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  
    December 31, 2014     March 31, 2015  
             
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 )