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Dsit Solutions, Ltd. ('DSIT') (Tables) | 12 Months Ended
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Dec. 31, 2017
Dsit Solutions Ltd. Dsit |
Schedule of Assets and Liabilities | Assets and liabilities related to the deconsolidated operations of DSIT are as follows:
|  | December 31, 2017 |  |  | December 31, 2016 |  |  | At the Closing Date |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 112 |  |  | $ | 1,047 |  |  |  | 516 |
Restricted deposits |  |  | 353 |  |  |  | 2,648 |  |  |  | 2,517 |
Accounts receivable |  |  | 7,601 |  |  |  | 2,825 |  |  |  | 5,166 |
Unbilled revenue |  |  | 3,433 |  |  |  | 4,918 |  |  |  | 4,779 |
Inventory |  |  | 755 |  |  |  | 481 |  |  |  | 297 |
Due from Acorn |  |  | 1,624 |  |  |  | — |  |  |  | — |
Other current assets |  |  | 1,051 |  |  |  | 795 |  |  |  | 935 |
Total current assets |  |  | 14,929 |  |  |  | 12,714 |  |  |  | 14,210 |
Property and equipment, net |  |  | 563 |  |  |  | 569 |  |  |  | 620 |
Severance assets |  |  | 4,168 |  |  |  | 3,915 |  |  |  | 3,762 |
Restricted deposits |  |  | 2 |  |  |  | 646 |  |  |  | 1,815 |
Due from Acorn |  |  | — |  |  |  | 1,171 |  |  |  | 916 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 536 |
Other assets |  |  | 348 |  |  |  | 339 |  |  |  | 80 |
Total assets |  | $ | 20,010 |  |  | $ | 19,354 |  |  |  | 21,939 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Short-term bank credit and current maturities of long-term bank debt |  | $ | 339 |  |  | $ | 1,239 |  |  |  | 2,655 |
Accounts payable |  |  | 730 |  |  |  | 1,461 |  |  |  | 2,072 |
Accrued payroll, payroll taxes and social benefits |  |  | 1,627 |  |  |  | 1,142 |  |  |  | 1,286 |
Deferred revenue |  |  | 682 |  |  |  | 431 |  |  |  | 2,219 |
Other current liabilities |  |  | 3,088 |  |  |  | 2,736 |  |  |  | 1,615 |
Total current liabilities |  |  | 6,466 |  |  |  | 7,009 |  |  |  | 9,847 |
Accrued severance |  |  | 5,383 |  |  |  | 5,374 |  |  |  | 5,209 |
Other long-term liabilities |  |  | 106 |  |  |  | 9 |  |  |  | 38 |
Total liabilities |  | $ | 11,955 |  |  | $ | 12,392 |  |  |  | 15,094 |
Schedule of Condensed 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 2016 DSIT Transaction can be seen below:
|  | January 1, 2016 – April 21, 2016 |
|  | (unaudited) |
Revenue |  | $ | 5,074 |
Cost of sales |  |  | 3,443 |
Gross profit |  |  | 1,631 |
Research and development expenses, net |  |  | 469 |
Selling, general and administrative expenses |  |  | 1,063 |
Operating income |  |  | 99 |
Finance expense, net |  |  | (39 | )
Income before income taxes |  |  | 60 |
Income tax expense |  |  | (19 | )
Net income |  |  | 41 |
Net income attributable to non-controlling interests |  |  | (9 | )
Net loss attributable to Acorn Energy Inc. |  | $ | 32 |
DSIT’s results and the Company’s share of its net income for the year ended December 31, 2017 and the period from the Closing Date to December 31, 2016 and can be seen below:
|  | Year Ended December 31, 2017 |  |  | Closing Date to December 31, 2016 |
|  | (unaudited) |  |  | (unaudited) |
Revenue |  | $ | 17,245 |  |  | $ | 11,777 |
Cost of sales |  |  | 10,644 |  |  |  | 7,795 |
Gross profit |  |  | 6,601 |  |  |  | 3,982 |
Research and development expenses, net |  |  | 1,211 |  |  |  | 642 |
Selling, general and administrative expenses |  |  | 3,979 |  |  |  | 2,721 |
Operating income |  |  | 1,411 |  |  |  | 619 |
Finance expense, net |  |  | (62 | ) |  |  | (134 | )
Income before income taxes |  |  | 1,349 |  |  |  | 485 |
Income tax (expense) benefit |  |  | (256 | ) |  |  | 169 |
Net income |  | $ | 1,093 |  |  | $ | 654 |
Acorn’s share of net income in DSIT |  | $ | 450 |  |  | $ | 268 |
Schedule of Equity Investment Balance in DSIT | Accordingly, the Company recorded an impairment charge of $308 on its DSIT investment to bring its investment balance in DSIT in line with the gross proceeds from the sale transaction.
|  | Equity Investment balance in DSIT |
Balance at the Closing Date |  | $ | 5,390 |
Acorn’s share of net income in DSIT for the period from the Closing Date to December 31, 2016 |  |  | 268 |
Balance at December 31, 2016 |  |  | 5,658 |
Acorn’s share of net income in DSIT for the year ended December 31, 2017 |  |  | 450 |
Impairment |  |  | (308 | )
Balance at December 31, 2017 |  | $ | 5,800 |

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