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LIQUIDITY | 6 Months Ended
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Jun. 30, 2022
Liquidity |
LIQUIDITY | NOTE 3—LIQUIDITY At June 30, 2022, the Company had negative working capital of $455,000. The Company’s working capital includes $1,259,000 of cash and deferred revenue of $3,642,000. Such deferred revenue does not require significant cash outlay for the revenue to be recognized. Net cash decreased during the six months ended June 30, 2022 by $463,000, of which $194,000 was used in operating activities and $269,000 was used in investing activities During the first six months of 2022, the Company’s OmniMetrix, LLC subsidiary provided $371,000 from operations while the Company’s corporate headquarters used $565,000 during the same period. OmniMetrix is considered an essential business because it provides infrastructure support to both government and commercial sectors and across key industries. The Company has experienced minimal negative impacts due to the COVID-19 pandemic to date. Throughout the pandemic, the Company continued to realize new equipment sales (although not at the anticipated growth rate due to travel and meeting restrictions which have negatively impacted the sales closing timeline), has continued to collect its monthly recurring monitoring revenues and has retained its customer base. While the impacts of COVID-19 in the future are uncertain, the Company believes that due to the need for backup power and the desirability of remote monitoring services, it should continue to be positioned for stable financial performance. Business travel has now started to resume and sales are returning to projected levels. As of August 9, 2022, the Company had cash of $1,143,000. The Company believes that such cash, plus the cash generated from operations, will provide sufficient liquidity to finance the operating activities of Acorn and OmniMetrix at their current level of operations for the foreseeable future and for the twelve months from the issuance of these unaudited condensed consolidated financial statements in particular. The Company may, at some point, elect to obtain a new line of credit or other source of financing to fund additional investments in the business.

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