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Dsit Solutions, Ltd. ('DSIT') (Tables)

12 Months Ended

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