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Discontinued Operations | 3 Months Ended
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Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | NOTE 3—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 effective with the Company’s first quarter 2016 report. Following the decision to cease GridSense operations, the Company has written down all GridSense assets to their estimated realizable values and has accrued for estimated severance costs of $140 and lease commitments of $100 in GridSense’s first quarter results. The Company intends to sell its GridSense 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 the Company. Assets and liabilities related to the discontinued operations of GridSense are as follows:
|  | As at |
|  | December 31, 2015 |  |  | March 31, 2016 |
Cash and cash equivalents |  | $ | 48 |  |  | $ | 75 |
Other current assets and non-current assets |  |  | 1,060 |  |  |  | 241 |
Total assets |  | $ | 1,108 |  |  | $ | 316 |
Short-term bank credit |  | $ | 138 |  |  | $ | 121 |
Accounts payable |  |  | 950 |  |  |  | 978 |
Accrued payroll, payroll taxes and social benefits |  |  | 186 |  |  |  | 303 |
Other current and non-current liabilities |  |  | 572 |  |  |  | 614 |
Total liabilities |  | $ | 1,846 |  |  | $ | 2,016 |
GridSense had a working agreement with its bank to allow GridSense to borrow against 80% of certain accounts receivable balances up to $750 for a period of one year (to July 16, 2016) at an interest equal to 1.25% per month. At December 31, 2015, GridSense was utilizing approximately $138 of its accounts receivable line. At March 31, 2016, GridSense was utilizing approximately $121 of its accounts receivable line. GridSense granted a lien to its bank on substantially all of its assets other than intellectual property. GridSense further promised not to grant a lien on its intellectual property to any other party, nor commit to any such party to abstain from giving a lien. GridSense’s losses for the three months ended March 31, 2015 and 2016 are included in “Loss from discontinued operations, net of income taxes” in the Company’s Condensed Consolidated Statements of Operations. Summarized financial information for GridSense’s operations for the three months ended March 31, 2015 and 2016 are presented below:
|  | Three months ended March 31, |
|  | 2015 |  |  | 2016 |
Revenues |  | $ | 908 |  |  | $ | 143 |
Gross profit (loss) |  |  | 277 |  |  |  | (30 | )
Net loss |  | $ | (325 | ) |  | $ | (1,386 | )
(b) US Seismic Systems Inc. (“USSI”) In early 2015, the Company’s Board of Directors decided that it would no longer continue to fund USSI’s activities following the significant decline in oil prices which led to significantly reduced demand for USSI’s 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 is no longer consolidating the assets, liabilities or operating results of USSI. USSI’s losses for the three months ended March 31, 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, 2015 is presented below:
|  | Three months ended March 31, 2015 |
Revenues |  | $ | — |
Gross profit |  |  | (90 | )
Net loss |  |  | (1,152 | )
Net loss attributable to non-controlling interests |  |  | 145 |
Net loss attributable to Acorn Energy Inc. |  | $ | (1,007 | )

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