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Discontinued Operations

6 Months Ended

Jun. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

NOTE 4—Discontinued Operations

In April 2016, the Company announced that it had decided to cease operations of its GridSense Inc. subsidiary and initiate the liquidation of the GridSense assets. As a result of this decision, GridSense is reported as a discontinued operation. Following the decision to cease GridSense operations, the Company wrote down all GridSense assets to their estimated realizable values at the time and accrued for estimated severance costs of $140 and lease commitments of $100 in GridSense’s first quarter 2016 results.

In July 2016, the Company and its GridSense Inc. subsidiary completed the sale of the GridSense assets to Franklin Fueling Systems, Inc., a wholly-owned subsidiary of Franklin Electric Co., Inc. for a gross sales price of $1,000 of which $100 was set aside as an indemnity escrow. In the second quarter of 2017, $50 of the escrow was released to GridSense. These funds were used to settle $523 of claims by both Acorn and OmniMetrix following the cessation of settlements with outside creditors (see below). The remaining escrow balance was released in July 2017.

Following the sale, GridSense Inc. engaged a third-party liquidation officer to satisfy, to the extent of the funds available, the claims of GridSense Inc. creditors, including Acorn which was GridSense Inc.’s largest creditor. At December 31, 2016, GridSense Inc. had approximately $19 of cash available (excluding escrow amounts) for satisfaction of remaining creditor claims of approximately $314. During the six months ended June 30, 2017, the liquidator settled $70 of claims while disbursing $7 to outside creditors. All of these settlements occurred in the first quarter of 2017. The Company does not expect the liquidator to settle any more remaining outside creditor claims.

Assets and liabilities related to the discontinued operations of GridSense are as follows:

		As of
		June 30, 2017				December 31, 2016

Cash and cash equivalents		$	12			$	19
Other current assets and non-current assets			50				100
Total assets		$	62			$	119
Accounts payable		$	430			$	501
Accrued payroll, payroll taxes and social benefits			90				90
Other current and non-current liabilities			404				406
Total liabilities		$	924			$	997

GridSense’s operating results for the six and three months ended June 30, 2017 and 2016 are included in “Income (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 six and three months ended June 30, 2017 and 2016 are presented below:

		Six months ended June 30,								Three months ended June 30,
		2017				2016				2017				2016

Revenue		$	—			$	207			$	—			$	64
Gross profit			—				23				—				53
Net income (loss)		$	65			$	(1,610	)		$	—			$	(224	)