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DSIT Solutions, Ltd. ('DSIT') (Tables) | 12 Months Ended
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Dec. 31, 2016
Dsit Solutions Ltd. Dsit |
Schedule of Assets and Liabilities | Assets and liabilities related to the deconsolidated operations of DSIT are as follows:
|  | December 31, 2016 |  |  | At the Closing Date |  |  | December 31, 2015 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,047 |  |  | $ | 516 |  |  |  | 7 |
Restricted deposits |  |  | 2,648 |  |  |  | 2,517 |  |  |  | 2,172 |
Accounts receivable |  |  | 2,825 |  |  |  | 5,166 |  |  |  | 5,826 |
Unbilled revenue |  |  | 4,918 |  |  |  | 4,779 |  |  |  | 3,849 |
Inventory |  |  | 481 |  |  |  | 297 |  |  |  | 230 |
Other current assets |  |  | 795 |  |  |  | 935 |  |  |  | 698 |
Total current assets |  |  | 12,714 |  |  |  | 14,210 |  |  |  | 12,782 |
Property and equipment, net |  |  | 569 |  |  |  | 620 |  |  |  | 654 |
Severance assets |  |  | 3,915 |  |  |  | 3,762 |  |  |  | 3,558 |
Restricted deposits |  |  | 646 |  |  |  | 1,815 |  |  |  | 2,951 |
Due from Acorn |  |  | 1,171 |  |  |  | 916 |  |  |  | 802 |
Goodwill |  |  | — |  |  |  | 536 |  |  |  | 516 |
Other assets |  |  | 339 |  |  |  | 80 |  |  |  | 124 |
Total assets |  | $ | 19,354 |  |  | $ | 21,939 |  |  |  | 21,387 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Short-term bank credit and current maturities of long-term bank debt |  | $ | 1,239 |  |  | $ | 2,655 |  |  |  | 1,917 |
Accounts payable |  |  | 1,461 |  |  |  | 2,072 |  |  |  | 1,869 |
Accrued payroll, payroll taxes and social benefits |  |  | 1,142 |  |  |  | 1,286 |  |  |  | 1,261 |
Deferred revenue |  |  | 431 |  |  |  | 2,219 |  |  |  | 3,487 |
Other current liabilities |  |  | 2,736 |  |  |  | 1,615 |  |  |  | 1,417 |
Total current liabilities |  |  | 7,009 |  |  |  | 9,847 |  |  |  | 9,951 |
Accrued severance |  |  | 5,374 |  |  |  | 5,209 |  |  |  | 4,984 |
Other long-term liabilities |  |  | 9 |  |  |  | 38 |  |  |  | 82 |
Total liabilities |  | $ | 12,392 |  |  | $ | 15,094 |  |  |  | 15,017 |
DSIT Results Included in the Company's Consolidated Statements of Operations | DSIT’s results that were included in the Company’s Consolidated Statements of Operations for the period from January 1, 2016 until the closing of the DSIT Transaction and for the year ended December 31, 2015 can be seen below:
|  | January 1, 2016 – April 21, 2016 |  |  | Year ended December 31, 2015 |
|  | (unaudited) |  |  | (unaudited) |
Revenue |  | $ | 5,074 |  |  | $ | 13,501 |
Cost of sales |  |  | 3,443 |  |  |  | 9,125 |
Gross profit |  |  | 1,631 |  |  |  | 4,376 |
Research and development expenses, net |  |  | 469 |  |  |  | 1,191 |
Selling, general and administrative expenses |  |  | 1,063 |  |  |  | 3,162 |
Operating income |  |  | 99 |  |  |  | 23 |
Finance expense, net |  |  | (39 | ) |  |  | (112 | )
Income before income taxes |  |  | 60 |  |  |  | (89 | )
Income tax expense |  |  | (19 | ) |  |  | (259 | )
Net income |  |  | 41 |  |  |  | (348 | )
Net income attributable to non-controlling interests |  |  | (9 | ) |  |  | 49 |
Net loss attributable to Acorn Energy Inc. |  | $ | 32 |  |  | $ | (299 | )
DSIT’s results and the Company’s share of its net income for the period from the Closing Date to December 31, 2016 can be seen below:
|  |  | (unaudited) |
Revenue |  | $ | 11,777 |
Cost of sales |  |  | 7,795 |
Gross profit |  |  | 3,982 |
Research and development expenses, net |  |  | 642 |
Selling, general and administrative expenses |  |  | 2,721 |
Operating income |  |  | 619 |
Finance expense, net |  |  | (134 | )
Income before income taxes |  |  | 485 |
Income tax benefit |  |  | 169 |
Net income |  | $ | 654 |
Acorn’s share of net income in DSIT |  | $ | 268 |

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