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RELATED PARTY BALANCES AND TRANSACTIONS
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 11—RELATED PARTY BALANCES AND TRANSACTIONS

 

Officer and Director Fees

 

The Company recorded fees to officers of $130,000 for each of the three-month periods ended March 31, 2023 and 2022, which is included in selling, general and administrative expenses.

 

The Company recorded fees to directors of $15,000 for each of the three-month periods ended March 31, 2023 and 2022, which is included in selling, general and administrative expenses.

 

Intercompany

 

The related party balance due to Acorn from OmniMetrix for amounts loaned, accrued interest and expenses paid by Acorn on OmniMetrix’s behalf was $3,487,000 as of March 31, 2023 as compared to $3,677,000 as of December 31, 2022. This balance is eliminated in consolidation. During the three months ended March 31, 2023, the intercompany amount due to Acorn from OmniMetrix decreased by $190,000. This included repayments of $254,000 offset by interest of $44,000, dividends of $19,000 due to Acorn and $1,000 in shared expenses paid by Acorn. During the three months ended March 31, 2022, the intercompany amount due to Acorn from OmniMetrix decreased by $162,000. This included repayments of $275,000 offset by interest of $44,000, dividends of $19,000 due to Acorn and $50,000 in shared expenses paid by Acorn.