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BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

BASIS OF PRESENTATION

NOTE 1— BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of Acorn Energy, Inc. and its subsidiaries, OmniMetrix, LLC and OMX Holdings, Inc. (collectively, “Acorn” or “the Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six- and three-month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Concentrations of Credit Risk

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and trade accounts receivable. The Company’s cash was deposited with a U.S. bank and amounted to approximately $1,955,000 at June 30, 2021. The Company does not believe there is significant risk of non-performance by these counterparties. For the six-month period ended June 30, 2021, one customer represented approximately 10% of total invoiced sales. Approximately 18% and 11% of the accounts receivable at June 30, 2021 was due from two different customers both of whom pay their receivables over usual credit periods. As of August 5, 2021, the Company had collected 90% of the outstanding amount of approximately $207,000 due from these customers as of June 30, 2021. Credit risk with respect to the balance of trade receivables is generally diversified due to the number of entities comprising the Company’s customer base.

Basic and Diluted Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing the net income (loss) attributable to Acorn Energy, Inc. by the weighted average number of shares outstanding during the year, excluding treasury stock. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares outstanding plus the dilutive potential of common shares which would result from the exercise of stock options and warrants. The dilutive effects of stock options and warrants are excluded from the computation of diluted net loss per share if doing so would be antidilutive. The number of options that were excluded from the computation of diluted net loss per share, as they had an antidilutive effect, was approximately 286,000 (which have a weighted average exercise price of $0.79) and approximately 321,000 (which have a weighted average exercise price of $0.76) for the six- and three-month periods ending June 30, 2021, respectively. There were no anti-dilutive warrants. For both the six- and three-month periods ending June 30, 2020, the number of options and warrants that were excluded from the computation of diluted net loss per share, as they had an antidilutive effect, was approximately 858,000 options (which had a weighted average exercise price of $1.51) and approximately 35,000 warrants (which had a weighted average exercise price of $0.13).

The following data represents the amounts used in computing EPS and the effect on net income (loss) and the weighted average number of shares of dilutive potential common stock (in thousands):

SCHEDULE OF EFFECT ON NET INCOME LOSS AND WEIGHTED AVERAGE NUMBER OF SHARES 

		2021				2020				2021				2020
		Six months ended June 30,								Three months ended June 30,
		2021				2020				2021				2020
Net income (loss) available to common stockholders		$	22			$	(316	)		$	2			$	(33	)
Weighted average share outstanding:
Basic			39,687				39,659				39,687				39,687
Add: Warrants			27				—				27				—
Add: Stock options			199				—				221				—
Diluted			39,913				39,659				39,935				39,687
Basic and diluted net income (loss) per share		$	0.00			$	(0.01	)		$	0.00			$	(0.00	)

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The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

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-Publisher FASB
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