XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.2
RELATED PARTY BALANCES AND TRANSACTIONS
 6 Months Ended
Jun. 30, 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 $261,000 and $261,000 for the six months ended June 30, 2023 and 2022, respectively, and $131,000 and $131,000 for the three months ended June 30, 2023 and 2022, respectively, which are included in SG&A expenses.

 

The Company recorded fees to directors of $34,000 and $30,000 for the six months ended June 30, 2023 and 2022, respectively, and $19,000 and $15,000 for the three months ended June 30, 2023 and 2022, respectively, which are included in SG&A expenses.

 

Intercompany

 

The intercompany balance due to Acorn from OmniMetrix for amounts loaned, accrued interest and expenses paid by Acorn on OmniMetrix’s behalf was $3,112,000 as of June 30, 2023 as compared to $3,677,000 as of December 31, 2022. This balance is eliminated in consolidation. During the six months ended June 30, 2023, the intercompany amount due to Acorn from OmniMetrix decreased by $565,000. This included repayments of $692,000 offset by interest of $89,000 and dividends of $38,000 due to Acorn. During the six months ended June 30, 2022, the intercompany amount due to Acorn from OmniMetrix decreased by $556,000. This included repayments of $780,000 offset by interest of $89,000, dividends of $38,000 due to Acorn and $97,000 in shared expenses paid by Acorn.