XML 31 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
RELATED PARTY BALANCES AND TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 11—RELATED PARTY BALANCES AND TRANSACTIONS

 

a) Officer and Director Fees

 

The Company recorded fees to officers of $522,000 and $522,000 for the years ended December 31, 2023 and 2022, respectively, which is included in selling, general and administrative expenses.

 

The Company recorded fees to directors of $71,000 and $59,000 for the years ended December 31, 2023 and 2022, which is included in selling, general and administrative expenses.

 

The Company issued 14,936 (11,874 to directors and executive officers and 3,062 to other employees) and 9,110 (7,187 to directors and executive officers and 1,923 to other employees) options, in 2023 and 2022, respectively. 2,187 warrants and no options were exercised in the year ended December 31, 2023. 2,188 options were exercised in the year ended December 31, 2022. See Note 9 for further discussion.

 

Each Director of the Company may elect by written notice delivered on or before the first day of each calendar year whether to receive, in lieu of some or all of his or her retainer and board fees, that number of shares of Company common stock as shall have a value equal to the applicable retainer and board fees, based on the closing price of the Company’s common stock on its then-current trading platform or exchange on the last trading day immediately preceding the first day of the applicable year. Once made, the election shall be irrevocable for such election year and the shares subject to the election shall vest and be issued one-fourth upon the first day of the election year and one-fourth as of the first day of each of the second through fourth calendar quarters thereafter during the remainder of the election year.

 

b) Intercompany

 

The intercompany balance due to Acorn from OmniMetrix is $2,657,000 for amounts loaned, accrued interest and expenses paid by Acorn on Omni’s behalf as of December 31, 2023 as compared to $3,677,000 as of December 31, 2022. This balance is eliminated in consolidation. During 2023, the intercompany amount due to Acorn from OmniMetrix decreased by $1,020,000. This included repayments of $1,285,000 offset by interest of $164,000, dividends of $76,000 due to Acorn and $25,000 in shared expenses paid by Acorn. During 2022, the intercompany amount due to Acorn from OmniMetrix decreased by $540,000. This included repayments of $985,000 offset by interest of $179,000, dividends of $76,000 due to Acorn and $190,000 in shared expenses paid by Acorn. This intercompany balance is eliminated in consolidation.