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RELATED PARTY BALANCES AND TRANSACTIONS
 9 Months Ended
Sep. 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 $391,000 and $391,000 for the nine months ended September 30, 2023 and 2022, respectively, and $131,000 and $130,000 for the three months ended September 30, 2023 and 2022, respectively, which are included in SG&A expenses.

 

The Company recorded fees to directors of $52,000 and $44,000 for the nine months ended September 30, 2023 and 2022, respectively, and $18,000 and $15,000 for the three months ended September 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 $2,928,000 as of September 30, 2023 as compared to $3,677,000 as of December 31, 2022. During the nine months ended September 30, 2023, the intercompany amount due to Acorn from OmniMetrix decreased by $749,000. This included repayments of $961,000 offset by interest of $134,000 and dividends of $57,000 due to Acorn and $21,000 in shared expenses paid by Acorn. During the nine months ended September 30, 2022, the intercompany amount due to Acorn from OmniMetrix decreased by $447,000. This included repayments of $780,000 offset by interest of $134,000, dividends of $57,000 due to Acorn and $142,000 in shared expenses paid by Acorn. The intercompany balances are eliminated in consolidation.