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Dsit Solutions, Ltd. ('DSIT') (Tables) | 9 Months Ended
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Sep. 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:
|  | September 30, 2016 |  |  | At the Closing Date |  |  | December 31, 2015 |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9 |  |  | $ | 516 |  |  |  | 7 |
Restricted deposits |  |  | 1,885 |  |  |  | 2,517 |  |  |  | 2,172 |
Accounts receivable |  |  | 4,221 |  |  |  | 5,166 |  |  |  | 5,826 |
Unbilled revenue |  |  | 4,440 |  |  |  | 4,779 |  |  |  | 3,849 |
Inventory |  |  | 323 |  |  |  | 297 |  |  |  | 230 |
Other current assets |  |  | 923 |  |  |  | 935 |  |  |  | 698 |
Total current assets |  |  | 11,801 |  |  |  | 14,210 |  |  |  | 12,782 |
Property and equipment, net |  |  | 598 |  |  |  | 620 |  |  |  | 654 |
Severance assets |  |  | 3,860 |  |  |  | 3,762 |  |  |  | 3,558 |
Restricted deposits |  |  | 1,652 |  |  |  | 1,815 |  |  |  | 2,951 |
Due from Acorn |  |  | 1,066 |  |  |  | 916 |  |  |  | 802 |
Goodwill |  |  | -- |  |  |  | 536 |  |  |  | 516 |
Other assets |  |  | 86 |  |  |  | 80 |  |  |  | 124 |
Total assets |  | $ | 19,063 |  |  | $ | 21,939 |  |  |  | 21,387 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Short-term bank credit and current maturities of long-term bank debt |  | $ | 1,317 |  |  | $ | 2,655 |  |  |  | 1,917 |
Accounts payable |  |  | 984 |  |  |  | 2,072 |  |  |  | 1,869 |
Accrued payroll, payroll taxes and social benefits |  |  | 1,106 |  |  |  | 1,286 |  |  |  | 1,261 |
Deferred revenue |  |  | 1,454 |  |  |  | 2,219 |  |  |  | 3,487 |
Other current liabilities |  |  | 2,351 |  |  |  | 1,615 |  |  |  | 1,417 |
Total current liabilities |  |  | 7,212 |  |  |  | 9,847 |  |  |  | 9,951 |
Accrued severance |  |  | 5,343 |  |  |  | 5,209 |  |  |  | 4,894 |
Other long-term liabilities |  |  | 43 |  |  |  | 38 |  |  |  | 82 |
Total liabilities |  | $ | 12,598 |  |  | $ | 15,094 |  |  |  | 15,017 |
Schedule of Condensed Consolidated Statements of Operations | DSIT’s results that were included in the Company’s Condensed Consolidated Statements of Operations in the three and nine month periods ending September 30, 2015 can be seen below:
|  | Three months ending September 30, 2015 |  |  | Nine months ending September 30, 2015 |
Revenue |  | $ | 3,616 |  |  | $ | 10,068 |
Cost of sales |  |  | 2,228 |  |  |  | 6,585 |
Gross profit |  |  | 1,388 |  |  |  | 3,483 |
Research and development expenses, net |  |  | 200 |  |  |  | 810 |
Selling, general and administrative expenses |  |  | 790 |  |  |  | 2,346 |
Operating income |  |  | 398 |  |  |  | 327 |
Finance expense, net |  |  | (17 | ) |  |  | (78 | )
Income before income taxes |  |  | 381 |  |  |  | 249 |
Income tax expense |  |  | (33 | ) |  |  | (46 | )
Net income |  |  | 348 |  |  |  | 203 |
Net income attributable to non-controlling interests |  |  | (46 | ) |  |  | (29 | )
Net income attributable to Acorn Energy Inc. |  | $ | 302 |  |  | $ | 174 |
DSIT’s results and the Company’s share of its net income for the three months ended September 30, 2016 and for the period from the Closing Date to September 30, 2016 can be seen below:
|  | Three months ending September 30, 2016 |  |  | From the Closing Date to September 30, 2016 |
Revenue |  | $ | 4,009 |  |  | $ | 6,805 |
Cost of sales |  |  | 2,883 |  |  |  | 4,803 |
Gross profit |  |  | 1,126 |  |  |  | 2,002 |
Research and development expenses, net |  |  | 235 |  |  |  | 341 |
Selling, general and administrative expenses |  |  | 737 |  |  |  | 1,394 |
Operating income |  |  | 154 |  |  |  | 267 |
Finance expense, net |  |  | (51 | ) |  |  | (89 | )
Income before income taxes |  |  | 103 |  |  |  | 178 |
Income tax expense |  |  | (12 | ) |  |  | (23 | )
Net income |  |  | 91 |  |  |  | 155 |
Acorn’s share in net income in DSIT |  | $ | 38 |  |  | $ | 63 |

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