Price Graph
Price
Yield
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For the fiscal year ended December 31, 2009
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Commission file number: 0-19771
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Delaware
(State or other jurisdiction of incorporation or organization)
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22-2786081
(I.R.S. Employer
Identification No.)
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4
West Rockland Road, Montchanin, Delaware
(Address of principal executive offices) |
19710
(Zip
Code)
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Title of Class
|
Name of Each Exchange on Which
Registered
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Common
Stock, par value $.01 per share
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The
NASDAQ Global
Market
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Securities
registered pursuant to Section 12(g) of the Act:
None
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PAGE
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||
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PART
I
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||
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Item
1.
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BUSINESS
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1
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|
Item
1A.
|
RISK
FACTORS
|
15
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|
Item
2.
|
PROPERTIES
|
33
|
|
Item
3.
|
LEGAL
PROCEEDINGS
|
34
|
|
Item
4.
|
RESERVED
|
35
|
|
PART
II
|
||
|
Item
5.
|
MARKET
FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
|
36
|
|
Item
6.
|
SELECTED
FINANCIAL DATA
|
36
|
|
Item
7.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
38
|
|
Item
7A.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
59
|
|
Item
8.
|
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
|
59
|
|
Item
9.
|
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
|
59
|
|
Item
9A(T)
|
CONTROLS
AND PROCEDURES
|
59
|
|
Item
9B.
|
OTHER
INFORMATION
|
59
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|
PART
III
|
||
|
Item
10.
|
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
60
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|
Item
11.
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EXECUTIVE
COMPENSATION
|
64
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|
Item
12.
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|
76
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|
Item
13.
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CERTAIN
RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
|
78
|
|
Item
14.
|
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
|
79
|
|
PART
IV
|
||
|
Item
15.
|
EXHIBITS
AND FINANCIAL STATEMENT SCHEDULES
|
80
|
|
ITEM
1.
|
BUSINESS
|
|
Year ended
December 31,
|
Three months
ended
December 31, |
|||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
|||||||||||||
|
CoaLogix
|
$ | 10,099 | $ | 18,099 | $ | 4,658 | $ | 5,338 | ||||||||
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DSIT
Solutions
|
8,267 | 9,219 | 1,945 | 2,746 | ||||||||||||
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Coreworx
|
2,330 | 3,999 | 1,563 | 512 | ||||||||||||
|
Total
|
$ | 20,696 | $ | 31,317 | $ | 8,166 | $ | 8,596 | ||||||||
|
Backlog at
December
31, 2009
|
Amount
expected
to be
completed
in 2010
|
|||||||
|
CoaLogix
|
$ | 9.2 | $ | 8.3 | ||||
|
DSIT
Solutions
|
7.6 | 6.5 | ||||||
|
Coreworx
|
1.1 | 1.1 | ||||||
|
Total
|
$ | 17.9 | $ | 15.9 | ||||
|
Years ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
CoaLogix
|
— | 86 | ||||||
|
DSIT
Solutions
|
237 | 457 | ||||||
|
Coreworx
|
932 | * | 26 | ** | ||||
|
Total
|
$ | 1,169 | $ | 569 | ||||
|
Employee count at December 31, 2009
|
||||||||||||||||
|
U.S
|
Canada
|
Israel
|
Total
|
|||||||||||||
|
CoaLogix
|
59 | — | — | 59 | ||||||||||||
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DSIT
Solutions
|
— | — | 50 | 50 | ||||||||||||
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Coreworx
|
8 | 48 | — | 56 | ||||||||||||
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Acorn
|
1 | — | — | 1 | ||||||||||||
|
Total
|
68 | 48 | 50 | 166 | ||||||||||||
|
Employee count at December 31, 2009
|
||||||||||||||||
|
Production,
Engineering
and
Technical
Support
|
Marketing
and Sales
|
Management,
Administrative
and Finance
|
Total
|
|||||||||||||
|
CoaLogix
|
46 | 3 | 10 | 59 | ||||||||||||
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DSIT
Solutions
|
40 | 2 | 8 | 50 | ||||||||||||
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Coreworx
|
37 | 13 | 6 | 56 | ||||||||||||
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Acorn
|
— | — | 1 | 1 | ||||||||||||
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Total
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123 | 18 | 25 | 166 | ||||||||||||
|
|
·
|
failure
of the acquired companies to achieve the results we
expect;
|
|
|
·
|
inability
to retain key personnel of the acquired
companies;
|
|
|
·
|
dilution
of existing stockholders;
|
|
|
·
|
potential
disruption of our ongoing business activities and distraction of our
management;
|
|
|
·
|
difficulties
in retaining business relationships with suppliers and customers of the
acquired companies;
|
|
|
·
|
difficulties
in coordinating and integrating overall business strategies, sales and
marketing, and research and development efforts;
and
|
|
|
·
|
the
difficulty of establishing and maintaining uniform standards, controls,
procedures and policies, including accounting controls and
procedures.
|
|
|
·
|
general
economic and political conditions and specific conditions in the markets
we address, including the continued volatility in the energy industry and
the general economy;
|
|
|
·
|
quarter-to-quarter
variations in our operating
results;
|
|
|
·
|
announcements
of changes in our senior
management;
|
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·
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the
gain or loss of one or more significant customers or
suppliers;
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·
|
announcements
of technological innovations or new products by our competitors, customers
or us;
|
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·
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the
gain or loss of market share in any of our
markets;
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·
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changes
in accounting rules;
|
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·
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changes
in investor perceptions; or
|
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·
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changes
in expectations relating to our products, plans and strategic position or
those of our competitors or
customers.
|
|
ITEM
2.
|
PROPERTIES
|
|
ITEM
3.
|
LEGAL
PROCEEDINGS
|
|
ITEM
4.
|
RESERVED
|
|
ITEM
5.
|
MARKET
FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
|
|
High
|
Low
|
|||||||
|
2008:
|
||||||||
|
First
Quarter
|
$ | 5.80 | $ | 4.20 | ||||
|
Second
Quarter
|
6.56 | 4.25 | ||||||
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Third
Quarter
|
5.41 | 3.48 | ||||||
|
Fourth
Quarter
|
$ | 3.50 | $ | 1.35 | ||||
|
2009:
|
||||||||
|
First
Quarter
|
$ | 2.55 | $ | 1.56 | ||||
|
Second
Quarter
|
2.99 | 2.26 | ||||||
|
Third
Quarter
|
5.81 | 2.67 | ||||||
|
Fourth
Quarter
|
8.06 | 5.29 | ||||||
|
ITEM
6.
|
SELECTED
FINANCIAL DATA
|
|
For the Years Ended December 31,
|
||||||||||||||||||||
|
2005
|
2006
|
2007
|
2008
|
2009
|
||||||||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||||
|
Revenues
|
$ | 4,187 | $ | 4,117 | $ | 5,660 | $ | 20,696 | $ | 31,317 | ||||||||||
|
Cost
of sales
|
2,945 | 2,763 | 4,248 | 14,163 | 17,765 | |||||||||||||||
|
Gross
profit
|
1,242 | 1,354 | 1,412 | 6,533 | 13,552 | |||||||||||||||
|
Research
and development expenses (net of SRED credits of $1,016 in
2009)
|
53 | 324 | 415 | 1,169 | 569 | |||||||||||||||
|
Acquired
in-process research and development
|
— | — | — | 2,444 | — | |||||||||||||||
|
Selling,
general and administrative expenses
|
3,464 | 4,618 | 5,278 | 11,667 | 18,517 | |||||||||||||||
|
Impairments
|
— | 40 | 112 | 3,664 | 2,692 | |||||||||||||||
|
Operating
loss
|
(2,275 | ) | (3,628 | ) | (4,393 | ) | (12,411 | ) | (8,226 | ) | ||||||||||
|
Finance
expense, net
|
(12 | ) | (30 | ) | (1,585 | ) | (3,031 | ) | (231 | ) | ||||||||||
|
Gain
on early redemption of Convertible Debentures
|
— | — | — | 1,259 | — | |||||||||||||||
|
Gain
on Comverge IPO
|
— | — | 16,169 | — | — | |||||||||||||||
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Gain
on sale of shares in Comverge
|
— | — | 23,124 | 8,861 | 1,403 | |||||||||||||||
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Gain
(loss) on private placement of equity investments
|
— | — | (37 | ) | 7 | — | ||||||||||||||
|
Other
income, net
|
— | 330 | — | — | — | |||||||||||||||
|
Income
(loss) from operations before taxes on income
|
(2,287 | ) | (3,328 | ) | 33,278 | (5,315 | ) | (7,054 | ) | |||||||||||
|
Income
tax benefit (expense)
|
37 | (183 | ) | 445 | (342 | ) | 744 | |||||||||||||
|
Income
(loss) from operations of the Company and its
consolidated
subsidiaries
|
(2,250 | ) | (3,511 | ) | 33,723 | (5,657 | ) | (6,310 | ) | |||||||||||
|
Share
of losses in Comverge
|
(380 | ) | (210 | ) | — | — | — | |||||||||||||
|
Share
of income (losses) in Paketeria
|
— | (424 | ) | (1,206 | ) | (1,560 | ) | 263 | ||||||||||||
|
Share
of losses in GridSense
|
— | — | — | (926 | ) | (129 | ) | |||||||||||||
|
Income
(loss) from continuing operations
|
(2,630 | ) | (4,145 | ) | 32,517 | (8,143 | ) | (6,176 | ) | |||||||||||
|
Gain
(loss) on sale of discontinued operations and contract settlement (in
2006), net of income taxes
|
541 | (2,069 | ) | — | — | — | ||||||||||||||
|
Income
from discontinued operations , net of income taxes
|
844 | — | — | — | ||||||||||||||||
|
Net
income (loss).
|
(1,245 | ) | (6,214 | ) | — | (8,143 | ) | (6,176 | ) | |||||||||||
|
Net
(income) loss attributable to non-controlling interests
|
(73 | ) | 78 | — | 248 | 420 | ||||||||||||||
|
Net
income (loss) attributable to Acorn Energy, Inc
shareholders.
|
$ | (1,318 | ) | $ | (6,136 | ) | $ | 32,517 | $ | (7,895 | ) | $ | (5,756 | ) | ||||||
|
Basic
net income (loss) per share attributable to Acorn Energy, Inc.
shareholders:
|
||||||||||||||||||||
|
Income
(loss) from continuing operations.
|
$ | (0.26 | ) | $ | (0.48 | ) | $ | 3.30 | $ | (0.69 | ) | $ | (0.50 | ) | ||||||
|
Discontinued
operations .
|
0.10 | (0.23 | ) | — | — | — | ||||||||||||||
|
Net
income (loss) per share attributable to Acorn Energy Inc.
shareholders
|
$ | (0.16 | ) | $ | (0.71 | ) | $ | 3.30 | $ | (0.69 | ) | $ | (0.50 | ) | ||||||
|
Weighted
average number of shares outstanding attributable to Acorn Energy Inc
shareholders
|
8,117 | 8,689 | 9,848 | 11,374 | 11,445 | |||||||||||||||
|
Diluted
net income (loss) per share attributable to Acorn Energy Inc.
shareholders:
|
||||||||||||||||||||
|
Income
(loss) from continuing operations attributable to Acorn Energy Inc.
shareholders
|
$ | (0.26 | ) | $ | (0.48 | ) | $ | 2.80 | $ | (0.69 | ) | $ | (0.50 | ) | ||||||
|
Discontinued
operations
|
0.10 | (0.23 | ) | — | — | — | ||||||||||||||
|
Net
income (loss) per share
|
$ | (0.16 | ) | $ | (0.71 | ) | $ | 2.80 | $ | (0.69 | ) | $ | (0.50 | ) | ||||||
|
Weighted
average number of shares outstanding attributable to Acorn Energy Inc.
shareholders
|
8,117 | 8,689 | 12,177 | 11,374 | 11,445 | |||||||||||||||
|
As of December 31,
|
||||||||||||||||||||
|
2005
|
2006
|
2007
|
2008
|
2009
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||
|
Working
capital
|
$ | 1,458 | $ | 259 | $ | 13,843 | $ | 13,838 | $ | 16,220 | ||||||||||
|
Total
assets
|
10,173 | 7,258 | 96,967 | 51,055 | 48,735 | |||||||||||||||
|
Short-term
and long-term debt
|
365 | 788 | 5,010 | 3,845 | 835 | |||||||||||||||
|
Total
Acorn Energy, Inc. shareholders’ equity (deficit)
|
820 | (461 | ) | 67,325 | 33,448 | 30,777 | ||||||||||||||
|
Non-controlling
interests
|
— | — | — | 2,675 | 5,321 | |||||||||||||||
|
Total
equity (deficit)
|
820 | (461 | ) | 67,325 | 36,123 | 36,098 | ||||||||||||||
|
ITEM
7.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
|
Year
ended December 31,
|
||||||||||||||||||||
|
2005
|
2006
|
2007
|
2008
|
2009
|
||||||||||||||||
|
Revenues
|
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
|
Cost
of sales
|
70 | 67 | 75 | 68 | 57 | |||||||||||||||
|
Gross
profit
|
30 | 33 | 25 | 32 | 43 | |||||||||||||||
|
Research
and development expenses
|
1 | 8 | 7 | 6 | 2 | |||||||||||||||
|
Acquired
in-process research and development expenses
|
— | — | — | 12 | — | |||||||||||||||
|
Selling,
general and administrative expenses
|
83 | 112 | 93 | 56 | 59 | |||||||||||||||
|
Impairments
|
— | 1 | 2 | 18 | 9 | |||||||||||||||
|
Operating
loss
|
(54 | ) | (88 | ) | (78 | ) | (60 | ) | (26 | ) | ||||||||||
|
Finance
expense, net
|
0 | (1 | ) | (28 | ) | (15 | ) | (1 | ) | |||||||||||
|
Gain
on early redemption of convertible debentures
|
— | — | — | 6 | — | |||||||||||||||
|
Gain
on sale of shares in Comverge
|
— | — | 409 | 43 | 4 | |||||||||||||||
|
Gain
on IPO of Comverge
|
— | — | 286 | — | — | |||||||||||||||
|
Loss
on private placement of equity investments
|
— | — | (1 | ) | — | — | ||||||||||||||
|
Other
income, net
|
— | 8 | — | — | — | |||||||||||||||
|
Income
(loss) from operations before taxes on income
|
(55 | ) | (81 | ) | 588 | (26 | ) | (23 | ) | |||||||||||
|
Income
tax benefit (expense)
|
1 | (4 | ) | 8 | (2 | ) | 2 | |||||||||||||
|
Income
(loss) from operations of the Company and its consolidated
subsidiaries
|
(54 | ) | (85 | ) | 596 | (27 | ) | (20 | ) | |||||||||||
|
Share
of income (losses) in Paketeria
|
— | (10 | ) | (21 | ) | (8 | ) | 1 | ||||||||||||
|
Share
of losses in GridSense
|
— | — | — | (4 | ) | 0 | ||||||||||||||
|
Share
of losses in Comverge
|
(9 | ) | (5 | ) | — | — | — | |||||||||||||
|
Income
(loss) from continuing operations
|
(63 | ) | (101 | ) | 575 | (39 | ) | (20 | ) | |||||||||||
|
Gain
(loss) on sale of discontinued operations and contract settlement (in
2006), net of income taxes
|
13 | (50 | ) | — | — | — | ||||||||||||||
|
Income
from discontinued operations, net of income taxes
|
20 | 2 | — | — | — | |||||||||||||||
|
Net
income (loss) attributable to non-controlling interests
|
(30 | ) | (149 | ) | 575 | (39 | ) | (20 | ) | |||||||||||
|
Non-controlling
interests
|
(2 | ) | — | — | 1 | 1 | ||||||||||||||
|
Net
income (loss) attributable to Acorn Energy, Inc.
|
(31 | )% | (149 | )% | 575 | % | (38 | )% | (18 | )% | ||||||||||
|
CoaLogix
|
Naval &
RT
Solutions
|
EIS
|
Other
|
Total
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||
|
Year
ended December 31, 2009:
|
||||||||||||||||||||
|
Revenues
from external customers
|
$ | 18,099 | $ | 7,985 | $ | 3,999 | $ | 1,234 | $ | 31,317 | ||||||||||
|
Percentage
of total revenues from external customers
|
58 | % | 25 | % | 13 | % | 4 | % | 100 | % | ||||||||||
|
Gross
profit
|
6,296 | 3,540 | 3,301 | 415 | 13,552 | |||||||||||||||
|
Depreciation
and amortization
|
1,182 | 189 | 377 | 25 | 1,773 | |||||||||||||||
|
Stock
compensation expense
|
513 | 2 | 234 | — | 749 | |||||||||||||||
|
Impairments
|
2,612 | — | — | — | 2,612 | |||||||||||||||
|
Segment
income (loss) before income taxes
|
(2,742 | ) | 1,051 | (3,360 | ) | 64 | (4,987 | ) | ||||||||||||
|
Year
ended December 31, 2008:
|
||||||||||||||||||||
|
Revenues
from external customers
|
$ | 10,099 | $ | 7,032 | $ | 2,330 | $ | 1,235 | $ | 20,696 | ||||||||||
|
Percentage
of total revenues from external customers
|
49 | % | 34 | % | 11 | % | 6 | % | 100 | % | ||||||||||
|
Gross
profit
|
2,457 | 2,383 | 1,409 | 284 | 6,533 | |||||||||||||||
|
Depreciation
and amortization
|
931 | 165 | 132 | 33 | 1,228 | |||||||||||||||
|
Stock
compensation expense
|
521 | — | 179 | — | 700 | |||||||||||||||
|
Impairments
|
— | — | — | — | — | |||||||||||||||
|
Segment
income (loss) before income taxes
|
(1,433 | ) | 605 | (1,171 | ) | (86 | ) | (2,085 | ) | |||||||||||
|
Years Ending December 31,
(in thousands)
|
||||||||||||||||||||
|
Total
|
2010
|
2011-2012
|
2013-2014
|
2015 and
thereafter
|
||||||||||||||||
|
Operating
leases
|
$ | 8,693 | $ | 1,772 | $ | 3,156 | $ | 1,688 | $ | 2,077 | ||||||||||
|
Bank
debt
|
530 | 125 | 265 | 140 | — | |||||||||||||||
|
Investment
in EnerTech(1)
|
2,850 | 2,850 | — | — | — | |||||||||||||||
|
Potential
severance obligations
|
3,244 | 115 | — | 1,040 | (2) | 2,089 | (2) | |||||||||||||
|
Investment
in CoaLogix (3)
|
2,877 | 2,877 | — | — | — | |||||||||||||||
|
Purchase
commitments
|
871 | 871 | — | — | — | |||||||||||||||
|
Total
contractual cash obligations
|
$ | 19,065 | $ | 8,610 | $ | 3,421 | $ | 2,868 | $ | 4,166 | ||||||||||
|
2008
|
2009
|
|||||||||||||||||||||||||||||||
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||||||||||||||
|
(in thousands, except per share amounts
|
||||||||||||||||||||||||||||||||
|
Revenues
|
$ | 4,295 | $ | 3,607 | $ | 4,628 | $ | 8,166 | $ | 8,478 | $ | 7,780 | $ | 6,463 | $ | 8,596 | ||||||||||||||||
|
Cost
of sales
|
2,897 | 2,575 | 3,731 | 4,960 | 5,099 | 4,290 | 3,602 | 4,774 | ||||||||||||||||||||||||
|
Gross
profit
|
1,398 | 1,032 | 897 | 3,206 | 3,379 | 3,490 | 2,861 | 3,822 | ||||||||||||||||||||||||
|
Research
and development expenses, net of credits of $1,016 in the second quarter
of 2009
|
51 | 57 | 402 | 659 | 276 | (624 | ) | 424 | 493 | |||||||||||||||||||||||
|
Acquired
in-process research and development
|
— | — | 551 | 1,893 | — | — | — | — | ||||||||||||||||||||||||
|
Impairments
|
248 | 268 | 2,454 | 694 | 70 | 10 | — | 2,612 | ||||||||||||||||||||||||
|
Selling,
general and administrative expenses
|
2,305 | 2,418 | 3,401 | 3,543 | 4,108 | 4,619 | 4,565 | 5,225 | ||||||||||||||||||||||||
|
Operating
loss
|
(1,206 | ) | (1,711 | ) | (5,911 | ) | (3,583 | ) | (1,075 | ) | (515 | ) | (2,128 | ) | (4,508 | ) | ||||||||||||||||
|
Finance
income (expense), net
|
(2,988 | ) | 88 | (50 | ) | (81 | ) | (169 | ) | 85 | 297 | (444 | ) | |||||||||||||||||||
|
Gain
on early redemption of convertible debentures
|
1,259 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
Gain
on sale of Comverge shares
|
— | 5,782 | 3,079 | — | 417 | 810 | 176 | — | ||||||||||||||||||||||||
|
Gain
on outside investment in Company’s equity investments, net
|
— | — | 7 | — | — | — | — | — | ||||||||||||||||||||||||
|
Income
(loss) before taxes on income
|
(2,935 | ) | 4,159 | (2,875 | ) | (3,664 | ) | (827 | ) | 380 | (1,655 | ) | (4,952 | ) | ||||||||||||||||||
|
Income
tax benefit (expense)
|
642 | (640 | ) | (691 | ) | 347 | — | — | 72 | 672 | ||||||||||||||||||||||
|
Income
(loss) from operations of the Company and its consolidated
subsidiaries
|
(2,293 | ) | 3,519 | (3,566 | ) | (3,317 | ) | (827 | ) | 380 | (1,583 | ) | (4,280 | ) | ||||||||||||||||||
|
Share
of income (loss) in Paketeria
|
(287 | ) | (374 | ) | (899 | ) | — | — | — | 263 | — | |||||||||||||||||||||
|
Share
of loss in GridSense
|
— | (134 | ) | (60 | ) | (732 | ) | (129 | ) | — | — | — | ||||||||||||||||||||
|
Net
income (loss)
|
(2,580 | ) | 3,011 | (4,525 | ) | (4,049 | ) | (956 | ) | 380 | (1,320 | ) | (4,280 | ) | ||||||||||||||||||
|
Net
(income) loss attributable to non-controlling interests
|
(9 | ) | 89 | 204 | (36 | ) | (107 | ) | (37 | ) | 96 | 468 | ||||||||||||||||||||
|
Net
income (loss) attributable to Acorn Energy Inc
|
$ | (2,589 | ) | $ | 3,100 | $ | (4,321 | ) | $ | (4,085 | ) | $ | (1,063 | ) | $ | 343 | $ | (1,224 | ) | $ | (3,812 | ) | ||||||||||
|
Basic
net income (loss) per share attributable to Acorn Energy Inc.
shareholders:
|
$ | (0.23 | ) | $ | 0.28 | $ | (0.37 | ) | $ | (0.35 | ) | $ | (0.09 | ) | $ | 0.03 | $ | (0.11 | ) | $ | (0.33 | ) | ||||||||||
|
Diluted
net income (loss) per share attributable to Acorn Energy Inc.
shareholders:
|
$ | (0.23 | ) | $ | 0.26 | $ | (0.37 | ) | $ | (0.35 | ) | $ | (0.09 | ) | $ | 0.03 | $ | (0.11 | ) | $ | (0.33 | ) | ||||||||||
|
Weighted
average number of shares
outstanding
attributable to Acorn Energy Inc. – basic
|
11,050 | 11,243 | 11,538 | 11,637 | 11,535 | 11,377 | 11,186 | 11,692 | ||||||||||||||||||||||||
|
Weighted
average number of shares
outstanding
attributable to Acorn Energy Inc. – diluted
|
11,050 | 12,138 | 11,538 | 11,637 | 11,535 | 11,553 | 11,186 | 11,692 | ||||||||||||||||||||||||
|
ITEM
7A.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
|
|
ITEM
8.
|
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
|
|
ITEM
9.
|
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
|
|
ITEM
10.
|
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE
|
|
Name
|
Age
|
Position
|
||
|
John
A. Moore
|
44
|
Director,
Chairman of the Board, President and Chief Executive
Officer
|
||
|
George
Morgenstern
|
76
|
Founder,
Chairman Emeritus; Chairman of the Board of our DSIT Solutions Ltd.
subsidiary (“DSIT”)
|
||
|
Samuel
M. Zentman
|
65
|
Director
and member of our Audit Committee
|
||
|
Richard
J. Giacco
|
57
|
Director
and member of our Audit Committee
|
||
|
Richard
Rimer
|
44
|
Director
|
||
|
|
||||
|
Joe
Musanti
|
52
|
Director
and Chairman of our Audit Committee
|
||
|
William
J. McMahon
|
54
|
Chief
Executive Officer and President of CoaLogix
|
||
|
Benny
Sela
|
62
|
Chief
Executive Officer and President of DSIT
|
||
|
Ray
Simonson
|
61
|
Chief
Executive Officer and President of Coreworx
|
||
|
Michael
Barth
|
49
|
Chief
Financial Officer of the Company and DSIT
|
||
|
Joe
B. Cogdell, Jr.
|
56
|
Vice
President, General Counsel &
Secretary
|
|
ITEM
11.
|
EXECUTIVE
COMPENSATION
|
|
Name and Principal Position
|
Year
|
Salary ($)
|
Bonus ($)
|
Option
Awards ($)
|
All Other
Compensation
($)
|
Total ($)
|
||||||||||||||||
|
John
A. Moore
President
and CEO
|
2009
|
350,000 | 160,000 | 103,652 | (1) | 12,000 | (2) | 632,417 | ||||||||||||||
|
2008
|
325,000 | — | 692,645 | (3) | 12,000 | (2) | 1,029,645 | |||||||||||||||
|
William
J. McMahon
CEO
and President of CoaLogix and SCR-Tech
|
2009
|
250,000 | 136,880 | 175,574 | (4) | 13,200 | (5) | 575,654 | ||||||||||||||
|
2008
|
223,596 | 171,160 | 400,022 | (6) | 11,550 | (5) | 806,328 | |||||||||||||||
|
Joe
B. Cogdell, Jr.
Vice
President, General Counsel and Secretary
(7)
|
2009
|
300,000 | 90,380 | 265,357 | (8) | 15,941 | (5) | 671,678 | ||||||||||||||
|
(1)
|
Represents
the grant date fair value calculated in accordance with applicable
accounting principles with respect to 75,000 stock options granted on
February 20, 2009 with an exercise price of $2.51.The fair value of the
options was determined using the Black-Scholes option pricing model using
the following assumptions: (i) a risk-free interest rate of 1.8% (ii) an
expected term of 4.5 years (iii) an assumed volatility of 68% and (iv) no
dividends.
|
|
(2)
|
Consists
of automobile expense allowance.
|
|
(3)
|
Represents
the grant date fair value calculated in accordance with applicable
accounting principles with respect to 200,000 stock options granted on
March 4, 2008 with an exercise price of $5.11 per share. The fair value of
the options was determined using the Black-Scholes option pricing model
using the following assumptions: (i) a risk-free interest rate of 2.5%
(ii) an expected term of 6.1 years (iii) an assumed volatility of 76% and
(iv) no dividends.
|
|
(4)
|
Represents
the grant date fair value calculated in accordance with applicable
accounting principles with respect to 40,513 CoaLogix stock options
granted on April 8, 2009 with an exercise price of $7.20. The fair
value of the options was determined using the Black-Scholes option pricing
model using the following assumptions: (i) a risk-free interest rate of
1.8% (ii) an expected term of 6.1 years (iii) an assumed volatility of 65%
and (iv) no dividends.
|
|
(5)
|
Represents
401k contributions.
|
|
(6)
|
Represents
the grant date fair value calculated in accordance with applicable
accounting principles with respect to 147,050 stock options granted on
April 9, 2008 with an exercise price of $5.05. The fair value of the
options was determined using the Black-Scholes option pricing model using
the following assumptions: (i) a risk-free interest rate of 2.6% (ii) an
expected term of 5.9 years (iii) an assumed volatility of 56% and (iv) no
dividends.
|
|
(7)
|
Appointed
Vice President, General Counsel and Secretary of both the Company and
CoaLogix commencing January 2,
2009.
|
|
(8)
|
Represents
the grant date fair value calculated in accordance with applicable
accounting principles with respect to 120,000 Acorn stock options granted
on January 5, 2009 with an exercise price of $1.61 ($243,389) and 5,069
CoaLogix stock options granted on April 8, 2009 with an exercise price of
$7.20 ($21,968). The fair value of the Acorn stock options was
determined using the Black-Scholes option pricing model using the
following assumptions: (i) a risk-free interest rate of 2.5% (ii) an
expected term of 9.0 years (iii) an assumed volatility of 73% and (iv) no
dividends. The fair value of the CoaLogix stock options was determined
using the Black-Scholes option pricing model using the following
assumptions: (i) a risk-free interest rate of 2.6% (ii) an expected term
of 5.9 years (iii) an assumed volatility of 56% and (iv) no
dividends.
|
|
OPTIONS TO PURCHASE ACORN ENERGY, INC. STOCK
|
|||||||||||||||
|
Name
|
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
|
Number of
Securities
Underlying
Unexercised Options
(#) Unexercisable
|
Option
Exercise Price
($)
|
Option Expiration
Date
|
|||||||||||
|
John
A. Moore
|
400,000 | — | 2.60 |
March 31, 2011
|
|||||||||||
| 60,000 | — | 4.53 |
March 31, 2011
|
||||||||||||
| 87,500 | 112,500 | (1) | 5.11 |
March 4, 2018
|
|||||||||||
| 75,000 | — | 2.51 |
February 20, 2014
|
||||||||||||
|
William
J. McMahon
|
— | — | — |
—
|
|||||||||||
|
Joe
B. Cogdell, Jr.
|
— | 120,000 | (2) | 1.61 |
January 5, 2019
|
||||||||||
|
(1)
|
These
options vest 12,500 options quarterly from March 4, 2010 through March 4,
2012.
|
|
(2)
|
These
options vest 30,000 on January 5, 2010 and 7,500 options quarterly
thereafter from April 5, 2010 through January 5,
2013.
|
|
OPTIONS TO PURCHASE COALOGIX INC. STOCK
|
|||||||||||||||
|
Name
|
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
|
Number of
Securities
Underlying
Unexercised Options
(#) Unexercisable
|
Option
Exercise Price
($)
|
Option Expiration
Date
|
|||||||||||
|
John
A. Moore
|
— | — | — |
—
|
|||||||||||
|
William
J. McMahon
|
73,525 | 73,525 | (3) | 5.05 |
April 18, 2018
|
||||||||||
| - | 40,513 | (4) | 7.20 |
April 7, 2019
|
|||||||||||
|
Joe
B. Cogdell, Jr.
|
— | 5,069 | (5) | 7.20 |
April 7, 2019
|
||||||||||
|
(3)
|
These
options vest 9,191 options quarterly from February 7, 2010 through
November 7, 2011.
|
|
(4)
|
These
options vest 10,128 on April 8, 2010 and 2,532 options quarterly
thereafter from July 8, 2010 through April 8,
2013.
|
|
(5)
|
These
options vest 1,267 on April 8, 2010 and 317 options quarterly thereafter
from July 8, 2010 through April 8,
2013.
|
|
Circumstances of Termination
|
||||||||||||||||
|
Payments and benefits
|
Voluntary
resignation
|
Termination
not for cause
|
Change of
control
|
Death or
disability
|
||||||||||||
|
Compensation:
|
||||||||||||||||
|
Base
salary
|
— | (1) | $ | 350,000 | (2) | $ | 700,000 | (5) | — | |||||||
|
Bonus
|
— | — | (3) | — | (3) | — | ||||||||||
|
Benefits
and perquisites:
|
||||||||||||||||
|
Perquisites
and other personal benefits
|
— | 6,972 | (4) | 6,972 | (4) | — | ||||||||||
|
Total
|
— | $ | 356,972 | $ | 706,972 | — | ||||||||||
|
(1)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination.
|
|
(2)
|
The
$350,000 represents 12 months of Mr. Moore’s base
salary.
|
|
(3)
|
No
amounts are included for target bonus as there was no bonus for
2009.
|
|
(4)
|
The
$6,972 represents 12 months of health insurance
payments.
|
|
(5)
|
The
$700,000 represents 24 months of Mr. Moore’s base
salary.
|
|
Circumstances of Termination
|
||||||||||||||||
|
Payments and benefits
|
Voluntary
resignation
|
Termination
not for cause
|
Change of
control
|
Death or
disability
|
||||||||||||
|
Compensation:
|
||||||||||||||||
|
Base
salary
|
— | (1) | $ | 500,000 | (2) | $ | 500,000 | (2) | — | |||||||
|
Bonus
|
— | 250,000 | (3) | 250,000 | (3) | — | ||||||||||
|
Benefits
and perquisites:
|
||||||||||||||||
|
Perquisites
and other personal benefits
|
— | 10,416 | (4) | 23,112 | (5) | — | ||||||||||
|
Total
|
— | $ | 760,416 | $ | 773,112 | — | ||||||||||
|
(1)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination.
|
|
(2)
|
The
$500,000 represents 200% of Mr. McMahon’s base
salary
|
|
(3)
|
Represents
200% of Mr. McMahon’s target bonus.
|
|
(4)
|
Represents
12 months of subsidized health and dental insurance
payments
|
|
(5)
|
Represents
24 months of health, dental and life insurance
payments.
|
|
Circumstances of Termination
|
||||||||||||||||
|
Payments and benefits
|
Voluntary
resignation
|
Termination
not for cause
|
Change
of control
|
Death or
disability
|
||||||||||||
|
Compensation:
|
||||||||||||||||
|
Base
salary
|
$ | 95,461 | (1) | $ | 143,192 | (2) | — | $ | 143,192 | (2) | ||||||
|
Benefits
and perquisites:
|
||||||||||||||||
|
Perquisites
and other personal benefits
|
$ | 471,061 | (3) | $ | 483,688 | (4) | $ | 483,688 | (4) | |||||||
|
Total
|
$ | 566,522 | $ | 626,880 | — | $ | 626,880 | |||||||||
|
(6)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination. The $95,461 represents a lump sum payment of six
months’ salary due to Mr. Sela.
|
|
(7)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination. The $143,192 represents a lump sum payment of nine
months’ salary due to Mr. Sela.
|
|
(8)
|
Includes
$499,471 of severance pay based in accordance with Israeli labor law
calculated based on his last month’s salary multiplied by the number of
years (including partial years) that Mr. Sela worked for us multiplied by
150% in accordance with his contract. Of the $499,471 due Mr.
Sela, we have funded $316,497 in an insurance fund. Also
includes accumulated, but unpaid vacation days ($24,336), car benefits
($6,000) and payments for pension and education funds ($19,254) less
$78,000 of benefits waived in support of DSIT’s operations in
2007.
|
|
(9)
|
Includes
$499,471 of severance pay based in accordance with Israeli labor law
calculated based on his last month’s salary multiplied by the number of
years (including partial years) that Mr. Sela worked for us multiplied by
150% in accordance with his contract. Of the $499,471 due Mr.
Sela, we have funded $316,497 in an insurance fund. Also
includes accumulated, but unpaid vacation days ($24,336), car benefits
($9,000) and payments for pension and education funds ($28,881) less
$78,000 of benefits waived in support of DSIT’s operations in
2007.
|
|
Circumstances of Termination
|
||||||||||||||||
|
Payments and benefits
|
Voluntary
resignation
|
Termination
not for cause
|
Change of
control
|
Death or
disability
|
||||||||||||
|
Compensation:
|
||||||||||||||||
|
Base
salary
|
$ | — | (1) | $ | 196,241 | (2) | $ | 196,241 | (2) | — | ||||||
|
Bonus
|
— | — | 142,721 | (3) | — | |||||||||||
|
Benefits
and perquisites:
|
||||||||||||||||
|
Perquisites
and other personal benefits
|
8,234 | (2) | 23,302 | (2) | 23,302 | (2) | — | |||||||||
|
Total
|
$ | 8,234 | $ | 219,543 | $ | 362,264 | — | |||||||||
|
(1)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination.
|
|
(2)
|
Represents
eleven months of Mr. Simonson’s base
salary.
|
|
(3)
|
Represents
a lump-sum payment of eight months of Mr. Simonson’s base
salary.
|
|
(4)
|
Represents
unpaid vacation pay.
|
|
Circumstances of Termination
|
||||||||||||||||
|
Payments and benefits
|
Voluntary
resignation
|
Termination
not for cause
|
Change
of
control
|
Death or
disability
|
||||||||||||
|
Compensation:
|
||||||||||||||||
|
Base
salary
|
$ | 29,404 | (1) | $ | 88,212 | (2) | — | $ | 88,212 | (2) | ||||||
|
Benefits
and perquisites:
|
||||||||||||||||
|
Perquisites
and other personal benefits
|
$ | 53,770 | (3) | $ | 176,803 | (4) | — | $ | 176,803 | (4) | ||||||
|
Total
|
$ | 83,174 | $ | 265,015 | — | $ | 265,015 | |||||||||
|
(1)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination. The $29,404 represents a lump sum payment of two
months’ salary due to Mr. Barth.
|
|
(2)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination. The $88,212 represents a lump sum payment of 6
months’ salary due to Mr. Barth upon termination without cause or by death
or disability.
|
|
(3)
|
Includes
$72,855 of severance pay based on the amounts funded in for Mr. Barth’s
severance in accordance with Israeli labor law. Also includes
accumulated, but unpaid vacation days ($20,606), car benefits ($2,000) and
payments for pension and education funds ($6,309) less $48,000 of benefits
waived in support of DSIT’s operations in
2007.
|
|
(4)
|
Includes
$178,551 of severance pay based in accordance with Israeli labor law
calculated based on his last month’s salary multiplied by the number of
years (including partial years) that Mr.. Barth worked for us
multiplied by 120% in accordance with his contract. Of the
$178,551 due Mr. .Barth, we have funded $72,855 in an insurance
fund. Also includes accumulated, but unpaid vacation days
($20,606), car benefits ($6,000) and payments for pension and education
funds ($18,926) less $48,000 of benefits waived in support of DSIT’s
operations in 2007.
|
|
Circumstances of Termination
|
||||||||||||||||
|
Payments and benefits
|
Voluntary
resignation
|
Termination
not for cause
|
Change of
control
|
Death or
disability
|
||||||||||||
|
Compensation:
|
||||||||||||||||
|
Base
salary
|
— | (1) | $ | 600,000 | (2) | $ | 600,000 | (2) | — | |||||||
|
Bonus
|
— | $ | 180,000 | (3) | $ | 180,000 | (3) | — | ||||||||
|
Benefits
and perquisites:
|
||||||||||||||||
|
Perquisites
and other personal benefits
|
— | 21,366 | (4) | 26,874 | (5) | — | ||||||||||
|
Total
|
— | $ | 801,366 | $ | 806,874 | — | ||||||||||
|
(1)
|
Assumes
that there is no earned but unpaid base salary at the time of
termination.
|
|
(2)
|
Represents
200% of Mr. Cogdell’s annual
compensation.
|
|
(3)
|
Represents
200% of Mr. Cogdell’s targeted
bonus.
|
|
(4)
|
Represents
18 months of subsidized health and dental insurance
payments.
|
|
(5)
|
Represents
18 months of health, dental and life insurance
payments.
|
|
Name
|
Fees
Earned or
Paid in
Cash ($)
|
Option
Awards ($)
(1)
|
All Other
Compensation
($)
|
Total ($)
|
||||||||||||
|
Scott
Ungerer(2)
|
11,000 | — | — | 11,000 | ||||||||||||
|
Joe
Musanti
|
53,000 | (3) | 31,198 | — | 84,198 | |||||||||||
|
George
Morgenstern
|
44,000 | 31,198 | 75,000 | (4) | 150,198 | |||||||||||
|
Samuel
M. Zentman
|
44,000 | 31,198 | 12,000 | (5) | 87,198 | |||||||||||
|
Richard
J. Giacco
|
44,000 | 31,198 | 12,000 | (6) | 87,198 | |||||||||||
|
Richard
Rimer
|
44,000 | 31,198 | — | 75,198 | ||||||||||||
|
(1)
|
On
August 4, 2009, all directors were granted 10,000 options to acquire stock
in the Company. The options have an exercise price of $4.75 and expire on
August 4, 2016. The fair value of the options was determined using the
Black-Scholes option pricing model using the following assumptions: (i) a
risk-free interest rate of 3.4% (ii) an expected term of 6.3 years (iii)
an assumed volatility of 70% and (iv) no dividends. All options
awarded to directors in 2009 remained outstanding at fiscal year-end. As
of December 31, 2009, the number of stock options held by each of the
above persons was: Scott Ungerer, 8,333; Joe Musanti, 45,000; George
Morgenstern, 237,500; Samuel Zentman, 95,000; Richard Giacco, 55,000; and
Richard Rimer, 105,000.
|
|
(2)
|
Mr.
Ungerer resigned from his position as director on March 11,
2009.
|
|
(3)
|
Includes
$10,000 Mr. Musanti received for services rendered as the Chairman of the
Audit Committee.
|
|
(4)
|
Mr.
Morgenstern received a non-accountable expense allowance of $75,000 to
cover travel and other expenses pursuant to a consulting
agreement.
|
|
(5)
|
Mr.
Zentman received $12,000 for services rendered with respect to his
overseeing the Company’s investment in Coreworx
Inc.
|
|
(6)
|
Mr.
Giacco received $12,000 for services rendered with respect to his
overseeing the Company’s investment in CoaLogix
Inc.
|
|
ITEM
12.
|
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
|
|
Name and Address of Beneficial Owner (1) (2)
|
Number of Shares of
common stock
Beneficially Owned (2)
|
Percentage of
common stock
Outstanding (2)
|
||||||
|
George
Morgenstern
|
328,861 | (3) | 2.3 | % | ||||
|
John
A. Moore
|
1,220,911 | (4) | 8.3 | % | ||||
|
Richard
J. Giacco
|
55,000 | (5) | * | |||||
|
Joseph
Musanti
|
29,666 | (6) | * | |||||
|
Richard
Rimer
|
135,000 | (7) | 1.0 | % | ||||
|
Samuel
M. Zentman
|
101,621 | (8) | * | |||||
|
Michael
Barth
|
123,934 | (9) | 1.0 | % | ||||
|
Joe
B. Cogdell, Jr.
|
39,500 | (10) | — | |||||
|
William
J. McMahon
|
10,500 | (11) | * | |||||
|
Benny
Sela
|
20,000 | (12) | * | |||||
|
Ray
Simonson
|
15,990 | (13) | * | |||||
|
All
executive officers and directors of the Company as a group (11
people)
|
2,080,983 | (14) | 13.5 | % | ||||
|
Austin
W. Marxe and David M. Greenhouse
|
679,860 | (15) | 4.8 | % | ||||
|
(1)
|
Unless
otherwise indicated, the address for each of the beneficial owners listed
in the table is in care of the Company, 4 West Rockland Road, Montchanin,
Delaware 19710.
|
|
(2)
|
Unless
otherwise indicated, each person has sole investment and voting power with
respect to the shares indicated. For purposes of this table, a
person or group of persons is deemed to have “beneficial ownership” of any
shares as of a given date which such person has the right to acquire
within 60 days after such date. Percentage information is based
on the 14,079,148 shares outstanding as of March 15,
2010.
|
|
(3)
|
Consists
of 51,922 shares, 227,500 shares underlying currently exercisable options,
and 49,439 shares owned by Mr. Morgenstern’s
wife.
|
|
(4)
|
Consists
of 585,911 shares and 635,000 shares underlying currently exercisable
options.
|
|
(5)
|
Consists
of 10,000 shares and 45,000 shares underlying currently exercisable
options.
|
|
(6)
|
Consists
of 3,000 shares and 26,666 shares underlying currently exercisable
options.
|
|
(7)
|
Consists
of 40,000 shares and 95,000 shares underlying currently exercisable
options.
|
|
(8)
|
Consists
of 16,621 shares and 85,000 shares underlying currently exercisable
options.
|
|
(9)
|
Consists
of 11,289 shares, 1,645 shares underlying currently exercisable warrants
and 111,000 shares underlying currently exercisable options. Mr. Barth
also owns 569 shares of DSIT representing approximately 4.0% of the DSIT’s
outstanding shares.
|
|
(10)
|
Consists
of 2,000 shares and 37,500 shares underlying currently exercisable
options. Mr. Cogdell also owns 5,088 shares of CoaLogix and options to
purchase 1,267 CoaLogix shares, representing less than 1.0% of CoaLogix’s
outstanding shares.
|
|
(11)
|
Consists
solely of shares. Mr. McMahon also owns 3,391 shares of CoaLogix and
currently exercisable options to purchase 102,034 CoaLogix shares,
representing approximately 2.8% of CoaLogix’s outstanding
shares.
|
|
(12)
|
Consists
solely of shares underlying currently exercisable options. Mr. Sela also
owns 925 shares of DSIT representing approximately 6.5% of the DSIT’s
outstanding shares.
|
|
(13)
|
Consists
solely of shares. Mr. Simonson also owns currently exercisable options to
purchase 324,000 Coreworx shares, representing less than 1.0% of
Coreworx’s outstanding
shares.
|
|
(14)
|
Consists
of 796,672 shares, 1,645 shares underlying currently exercisable warrants
and 1,282,666 shares underlying currently exercisable
options.
|
|
(15)
|
The
information presented with respect to these beneficial owners is based on
a Schedule 13G filed with the SEC on February 12, 2010. Austin
W. Marxe and David M. Greenhouse share sole voting and investment power
over 140,464 shares of common stock owned by Special Situations Cayman
Fund, L.P and 539,396 shares of common stock owned by Special Situations
Fund III QP, L.P. The business address for Austin W. Marxe and
David M. Greenhouse is 527 Madison Avenue, Suite 2600, New York, NY
10022.
|
|
Plan Category
|
Number of Securities to
be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights (a)
|
Weighted-average
Exercise Price of
Outstanding
Options, Warrants
and Rights
|
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
Column (a))
|
|||||||||
|
Equity
Compensation Plans Approved by Security Holders
|
637,000 | $ | 3.48 | 259,667 | ||||||||
|
Equity
Compensation Plans Not Approved by Security Holders
|
1,108,165 | $ | 3.55 | — | ||||||||
|
Total
|
1,745,165 | $ | 3.52 | 259,667 | ||||||||
|
ITEM
13.
|
CERTAIN
RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
|
|
ITEM
14.
|
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
|
|
2008
|
2009
|
|||||||
|
Audit
Fees
|
$ | 302,000 | $ | 290,000 | ||||
|
Audit-
Related Fees
|
29,000 | 29,000 | ||||||
|
Tax
Fees
|
— | — | ||||||
|
Other
Fees
|
— | 8,000 | ||||||
|
Total
|
$ | 331,000 | $ | 327,000 | ||||
|
ITEM
15.
|
EXHIBITS
AND FINANCIAL STATEMENT SCHEDULES
|
|
Report
of Kesselman & Kesselman
|
F-1
|
|
|
Consolidated
Balance Sheets as of December 31, 2008 and 2009
|
F-2
|
|
|
Consolidated
Statements of Operations for the years ended December 31, 2008 and
2009
|
F-3
|
|
|
Consolidated
Statements of Changes in Equity for the years ended December 31, 2008 and
2009
|
F-4
|
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2008 and
2009
|
F-5
|
|
|
Notes
to Consolidated Financial Statements
|
F-7
|
|
No.
|
||
|
1.1
|
Placement
Agency Agreement between the Registrant and Merriman Curhan Ford & Co.
dated as of March 8, 2010 (incorporated herein by reference to Exhibit 1.1
to the Registrant’s Current Report on Form 8-K dated March 8,
2010).
|
|
|
1.2
|
Form
of Investor Purchase Agreement (incorporated herein by reference to
Exhibit 1.2 to the Registrant’s Current Report on Form 8-K dated March 8,
2010).
|
|
|
3.1
|
Certificate
of Incorporation of the Registrant, with amendments thereto (incorporated
herein by reference to Exhibit 3.1 to the Registrant’s Registration
Statement on Form S 1 (File No. 33 70482) (the “1993 Registration
Statement”)).
|
|
|
3.2
|
Certificate
of Ownership and Merger dated September 15, 2006 effecting the name change
to Acorn Factor, Inc. (incorporated herein by reference to Exhibit 3.1 to
the Registrant’s Current Report on Form 8-K filed September 21,
2006).
|
|
|
3.3
|
Certificate
of Ownership and Merger dated December 21, 2007 effecting the name change
to Acorn Energy, Inc. (incorporated herein by reference to Exhibit 3.1 to
the Registrant’s Current Report on Form 8-K filed January 3,
2008).
|
|
|
3.4
|
By
laws of the Registrant (incorporated herein by reference to Exhibit 3.2 to
the Registrant’s Registration Statement on Form S 1 (File No. 33 44027)
(the “1992 Registration
Statement”)).
|
|
3.5
|
Amendments
to the By Laws of the Registrant adopted December 27, 1994 (incorporated
herein by reference to Exhibit 3.3 of the Registrant’s Current Report on
Form 8-K dated January 10, 1995).
|
|
|
4.1
|
Specimen
certificate for the common stock (incorporated herein by reference to
Exhibit 4.2 to the 1992 Registration Statement).
|
|
|
4.2
|
Form
of Warrant (incorporated herein by reference to Exhibit 4.1 to the
Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2006).
|
|
|
4.3
|
Form
of Convertible Debenture (incorporated herein by reference to Exhibit 4.9
to the Registrant’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2006).
|
|
|
4.4
|
Form
of Warrant (incorporated herein by reference to Exhibit 4.10 to the
Registrant’s Annual Report on Form 10-K for the fiscal year ended December
31, 2006).
|
|
|
4.5
|
Form
of Agent Warrant (incorporated herein by reference to Exhibit 4.3 to the
Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2007).
|
|
|
10.1
|
1994
Stock Incentive Plan, as amended. (incorporated herein by
reference to Exhibit 10.4 to the Registrant’s Annual Report on Form 10-K
for the year ended December 31, 2004 (the “2004
10-K”)).*
|
|
|
10.2
|
1994
Stock Option Plan for Outside Directors, as amended (incorporated herein
by reference to Exhibit 10.5 to the Registrant’s Form 10-K for the year
ended December 31, 1995 (the “1995 10- K”)).*
|
|
|
10.3
|
1995
Stock Option Plan for Non-management Employees, as amended (incorporated
herein by reference to Exhibit 10.6 to the 2004 10-K).*
|
|
|
10.4
|
Form
of Stock Option Agreement to employees under the 1994 Stock Incentive Plan
(incorporated herein by reference to Exhibit 10.35 of the Registrant’s
Annual Report on Form 10-K for the year ended December 31, 2004 (the “2004
10-K”).*
|
|
|
10.5
|
Form
of Stock Option Agreement under the 1994 Stock Option Plan for Outside
Directors (incorporated herein by reference to Exhibit 10.36 of the 2004
10-K).*
|
|
|
10.6
|
Form
of Stock Option Agreement under the 1995 Stock Option Plan for
Nonmanagement Employees (incorporated herein by reference to Exhibit 10.37
of the 2004 10-K).
|
|
|
10.7
|
Stock
Option Agreement dated as of December 30, 2004 by and between George
Morgenstern and the Registrant (incorporated herein by reference to
Exhibit 10.38 of the 2004 10-K).*
|
|
|
10.8
|
Stock
Option Agreement dated as of December 30, 2004 by and between Sheldon
Krause and the Registrant (incorporated herein by reference to Exhibit
10.35 of the 2004 10-K).*
|
|
|
10.9
|
Stock
Purchase Agreement dated as of March 9, 2006 by and between Shlomie
Morgenstern, Databit Inc., and the Registrant (incorporated herein by
reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K
dated March 16, 2006 (the “2006 8-K”)).
|
|
|
10.10
|
Amendment
Agreement to Option Agreements and Restricted Stock Agreement dated as of
March 9, 2006 by and between George Morgenstern and the Registrant
(incorporated herein by reference to Exhibit D to Exhibit 10.1 to the
Registrant’s Current Report on Form 8-K dated March 16, 2006 (the “2006
8-K”)).*
|
|
|
10.11
|
Consulting
Agreement dated as of March 9, 2006 by and between George Morgenstern and
the Registrant (incorporated by reference to Exhibit E to Exhibit 10.1 to
the 2006 8-K).*
|
|
|
10.12
|
Form
of Common Stock Purchase Agreement (incorporated herein by reference to
Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated August
17, 2006 (the “August 2006 8-K”)).
|
|
|
10.13
|
Form
of Note Purchase Agreement with Form of Convertible Promissory Note
attached (incorporated herein by reference to Exhibit 10.2 to the August
2006 8-K).
|
|
|
10.14
|
Form
of Stock Purchase Agreement (incorporated herein by reference to Exhibit
10.3 to the August 2006 8-K).
|
|
|
10.15
|
Form
of Investors’ Rights Agreement (incorporated herein by reference to
Exhibit 10.4 to the August 2006 8-K).
|
|
|
10.16
|
Form
of Non-Plan Option Agreement (incorporated herein by reference to Exhibit
10.5 to the August 2006
8-K).*
|
|
10.17
|
Acorn
Factor, Inc. 2006 Stock Option Plan for Non-Employee Directors
(incorporated herein by reference to Exhibit 10.1 to the Registrant’s
Current Report on Form 8-K filed March 6, 2007).*
|
|
|
10.18
|
Acorn
Factor, Inc. 2006 Stock Incentive Plan (incorporated herein by reference
to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed March
6, 2007).*
|
|
|
10.19
|
Form
of Subscription Agreement (incorporated herein by reference to Exhibit
10.47 to the Registrant’s Annual Report on Form 10-K for the year ended
December 31, 2006).
|
|
|
10.20
|
Placement
Agent Agreement between First Montauk Securities Corp. and the Registrant
dated March 8, 2007 (incorporated herein by reference to Exhibit 10.48 to
the Registrant’s Annual Report on Form 10-K for the year ended December
31, 2006).
|
|
|
10.21
|
Promissory
Note of Acorn Factor, Inc. in favor of John A. Moore, dated December 31,
2006 (incorporated herein by reference to Exhibit 4.11 to the Registrant’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2007).
|
|
|
10.22
|
Amended
and Restated Registration Rights Agreement between Acorn Factor, Inc. and
Comverge, Inc., dated October 16, 2007(incorporated herein by reference to
Exhibit 10.46 to the Registrant’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2007).
|
|
|
10.23
|
Loan
Agreement by and between Acorn Factor, Inc. and Citigroup Global Markets,
Inc., dated as of November 1, 2007 (incorporated herein by reference to
Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed November
14, 2007).
|
|
|
10.24
|
Stock
Purchase Agreement by and among Acorn Factor, Inc., CoaLogix Inc.,
Catalytica Energy Systems, Inc., and with respect to Article 11 only,
Renegy Holdings, Inc., dated as of November 7, 2007 (incorporated herein
by reference to Exhibit 10.1 to the Registrant’s Current Report on Form
8-K filed November 14, 2007).
|
|
|
10.25
|
Employment
Agreement between and among William J. McMahon III, Catalytica Energy
Systems, Inc., SCR-Tech LLC and CESI-SCR, Inc., effective as of January 1,
2007 (incorporated herein by reference to Exhibit 10.1 to the Catalytica
Energy Systems, Inc. Current Report on Form 8-K filed January 10,
2007).*
|
|
|
10.26
|
Modification
Agreement by and among William J. McMahon III, SCR-Tech, LLC, CESI-SCR,
Inc., CoaLogix Inc. and Acorn Factor, Inc., dated as of November 7,
2007(incorporated herein by reference to Exhibit 10.51 to the Registrant’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2007).*
|
|
|
10.27
|
Lease
Agreement dated December 16, 2002 and First Amendment to Lease Agreement
dated February 18, 2004 (incorporated herein by reference to Exhibit 10.46
to the Catalytica Energy Systems, Inc. Annual Report on Form 10-K for the
year ended December 31, 2003).
|
|
|
10.28
|
Second
Amendment to Lease Agreement dated December 29, 2006 (incorporated herein
by reference to Exhibit 10.74 to the Catalytica Energy Systems, Inc.
Annual Report on Form 10-KSB for the year ended December 31,
2006).
|
|
|
10.29
|
Employment
Agreement, dated as of March 4, 2008, by and between Acorn Energy, Inc.
and John A. Moore (incorporated herein by reference to Exhibit 10.1 to the
Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31,
2008).*
|
|
|
10.30
|
Common
Stock Purchase Agreement, dated as of February 29, 2008, by and between
Acorn Energy, Inc. and EnerTech Capital Partners III L.P. (incorporated
herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2008).
|
|
|
10.31
|
Stockholders’
Agreement, dated as of February 29, 2008, by and among CoaLogix, Inc.,
Acorn Energy, Inc. and the other stockholders named therein (incorporated
herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2008).
|
|
|
10.32
|
Stock
Option Agreement with William J. McMahon under the CoaLogix Inc. 2008
Stock Option Plan (incorporated herein by reference to Exhibit 10.2 to the
Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30,
2008).*
|
|
|
10.33
|
Participation
Agreement with William J. McMahon under the CoaLogix Inc. and Subsidiaries
Capital Appreciation Rights Plan. (incorporated herein by reference to
Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the
quarter ended June 30,
2008)*
|
|
10.34
|
Acorn
Energy, Inc. 2006 Stock Incentive Plan
(as amended and
restated effective November 3, 2008) (incorporated herein by reference to
Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A
filed on October 8, 2008)*
|
|
|
10.35
|
Acorn
Energy, Inc. 2006 Stock Option Plan For Non-Employee Directors (as amended
and restated effective November 3, 2008)
(incorporated
herein by reference to Appendix B to the Registrant’s Definitive Proxy
Statement on Schedule 14A filed on October 8, 2008)*
|
|
|
10.36
|
Securities
Purchase Agreement dated as of August 13, 2008, by and among Coreworx
Inc., the debenture holders of Coreworx, the shareholders of Coreworx and
Acorn Energy, Inc. (incorporated herein by reference to Exhibit 10.1 to
Amendment No. 1 to the Registrant’s Current Report on Form 8-K/A filed
October 28, 2008).
|
|
|
10.37
|
Form
of Repayment Note issued to Coreworx debenture holders (incorporated
herein by reference to Exhibit 4.1 to Amendment No. 1 to the Registrant’s
Current Report on Form 8-K/A filed October 28, 2008)
|
|
|
10.38
|
CoaLogix
Inc. 2008 Stock Option Plan (incorporated herein by reference to Exhibit
10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2008).*
|
|
|
10.39
|
Forms
of Option Agreements under the CoaLogix 2008 Stock Option Plan
(incorporated herein by reference to Exhibit 10.2 to the Registrant’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2008).*
|
|
|
10.40
|
CoaLogix
Inc. and Subsidiaries Capital Appreciation Rights Plan (incorporated
herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report
on Form 10-Q for the quarter ended September 30,
2008).*
|
|
|
10.41
|
Form
of Participation Agreement under the CoaLogix Inc. and Subsidiaries
Capital Appreciation Rights Plan (incorporated herein by reference to
Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2008).*
|
|
|
10.42
|
Employment
Agreement among the Registrant, CoaLogix and Joe B. Cogdell, Jr. dated
September 15, 2008 (incorporated herein by reference to Exhibit 10.6 to
the Registrant’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2008).*
|
|
|
10.43
|
Letter
Agreement between the Registrant and CoaLogix dated September 15, 2008
related to the employment of Joe B. Cogdell, Jr. (incorporated herein by
reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2008).*
|
|
|
10.44
|
Form
of Option Agreement between the Registrant and John A. Moore dated March
4, 2008 (incorporated herein by reference to Exhibit 10.52 to Registrant’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2008).*
|
|
|
10.45
|
Form
of Option Agreement between the Registrant and Joe B. Cogdell, Jr. dated
January 5, 2009 (incorporated herein by reference to Exhibit 10.53 to
Registrant’s Annual Report on Form 10-K for the fiscal year ended December
31, 2008).*
|
|
|
10.46
|
Amendment
dated as of March 31, 2009 by and between George Morgenstern and the
Registrant to the Consulting Agreement dated as of March 9, 2006 by and
between George Morgenstern and the Registrant (incorporated herein by
reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q
for the quarter ended March 31, 2009).*
|
|
|
10.47
|
Common
Stock Purchase Agreement dated as of April 8, 2009, by and among Acorn
Energy, Inc., EnerTech Capital Partners III L.P. and the other purchasers
named therein (incorporated by reference to Exhibit 10.1 to Registrant’s
Quarterly Report on Form 10-Q for the quarter ended June 30,
2009).
|
|
|
10.48
|
Amended
and Restated Stockholders’ Agreement, dated as of April 8, 2009, by and
among CoaLogix Inc., Acorn Energy, Inc. and the other stockholders named
therein (incorporated by reference to Exhibit 10.2 to Registrant’s
Quarterly Report on Form 10-Q for the quarter ended June 30,
2009).
|
|
|
10.49
|
Lease
Agreement dated September 4, 2009 by and between SCR-Tech, LLC and Fat Boy
Trading Company (incorporated herein by reference to Exhibit 10.1 to
Registrant’s Quarterly Report on Form 10-Q for the quarter ended September
30, 2009).
|
|
#10.50
|
Form
of Letter of Intent by and among Registrant, Gridsense Pty Ltd and certain
shareholders of Gridsense Pty Ltd named therein dated October 29,
2009.
|
|
|
#10.51
|
Form
of Arrangement Agreement by and among the Registrant, Coreworx Inc. and
Decision Dynamics Technology LTD dated as of March 2,
2010.
|
|
|
#10.52
|
Forms
of Option Award Certificate and Option Award Agreement under the
Registrant’s Amended and Restated 2006 Stock Incentive
Plan
|
|
|
#10.53
|
Forms
of Option Award Certificate and Option Award Agreement under the
Registrant’s Amended and Restated 2006 Stock Option Plan for Non-Employee
Directors
|
|
|
14.1
|
Code
of Business Conduct and Ethics of the Registrant (incorporated herein by
reference to Exhibit 14 to the Registrant’s Current Report on Form
8-K filed November 2, 2007).
|
|
|
#21.1
|
List
of subsidiaries.
|
|
|
#23.1
|
Consent
of Kesselman & Kesselman CPA.
|
|
|
#31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
|
#31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
|
#32.1
|
Certification
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|
|
#32.2
|
Certification
of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|
|
*
|
This
exhibit includes a management contract, compensatory plan or arrangement
in which one or more directors or executive officers of the Registrant
participate.
|
|
|
#
|
This
exhibit is filed or furnished
herewith.
|
|
ACORN
ENERGY, INC.
|
|
|
/s/
John A. Moore
|
|
|
By:
|
John
A. Moore
|
|
Chairman
of the Board; President and Chief Executive
Officer
|
|
|
Signature
|
Title
|
Date
|
||
|
/s/
John A. Moore
|
Chairman
of the Board; President; Chief
|
|||
|
John
A. Moore
|
Executive
Officer; and Director
|
March
22, 2010
|
||
|
/s/
George Morgenstern
|
Director
|
|||
|
George
Morgenstern
|
|
March
22, 2010
|
||
|
/s/
Michael Barth
|
Chief
Financial Officer (Principal
|
March
22, 2010
|
||
|
Michael
Barth
|
Financial
Officer and Principal Accounting Officer)
|
|||
|
/s/
Samuel M. Zentman
|
Director
|
March
22, 2010
|
||
|
Samuel
M. Zentman
|
||||
|
/s/
Richard J. Giacco
|
Director
|
March
22, 2010
|
||
|
Richard
J. Giacco
|
||||
|
/s/
Richard Rimer
|
Director
|
March
22, 2010
|
||
|
Richard
Rimer
|
||||
|
/s/
Joe Musanti
|
Director
|
March
22, 2010
|
||
|
Joe
Musanti
|
|
Report
of Independent Registered Public Accounting Firm
|
F-1
|
|
Consolidated
Balance Sheets as of December 31, 2009 and December 31,
2008
|
F-2
|
|
Consolidated
Statements of Operations for the years ended December 31, 2009 and
December 31, 2008
|
F-3
|
|
Consolidated
Statements of Changes in Equity for the years ended December 31, 2009 and
December 31, 2008
|
F-4
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2009 and
December 31, 2008
|
F-5
|
|
Notes
to Consolidated Financial Statements
|
F-7
|
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 15,142 | $ | 11,208 | ||||
|
Restricted
deposit
|
2,157 | 1,627 | ||||||
|
Accounts
receivable, net
|
4,524 | 3,541 | ||||||
|
Unbilled
revenue and work-in-process
|
581 | 4,113 | ||||||
|
Inventory
|
1,148 | 1,848 | ||||||
|
Other
current assets
|
2,080 | 2,317 | ||||||
|
Total
current assets
|
25,632 | 24,654 | ||||||
|
Property
and equipment, net
|
2,447 | 3,357 | ||||||
|
Available
for sale - Investment in Comverge
|
2,462 | — | ||||||
|
Other
investments and loans to equity investees
|
1,246 | 2,796 | ||||||
|
Funds
in respect of employee termination benefits
|
1,677 | 2,074 | ||||||
|
Restricted
deposit
|
579 | 611 | ||||||
|
Intangible
assets, net
|
10,357 | 8,194 | ||||||
|
Goodwill
|
6,342 | 6,679 | ||||||
|
Deferred
taxes
|
— | 227 | ||||||
|
Other
assets
|
313 | 143 | ||||||
|
Total
assets
|
$ | 51,055 | $ | 48,735 | ||||
|
LIABILITIES
AND EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Short-term
bank credit and current maturities of long-term bank debt
|
$ | 445 | $ | 430 | ||||
|
Notes
payable
|
3,400 | — | ||||||
|
Accounts
payable
|
1,939 | 1,607 | ||||||
|
Accrued
payroll, payroll taxes and social benefits
|
1,314 | 1,409 | ||||||
|
Other
current liabilities
|
4,696 | 4,988 | ||||||
|
Total
current liabilities
|
11,794 | 8,434 | ||||||
|
Long-term
liabilities:
|
||||||||
|
Liability
for employee termination benefits
|
2,651 | 3,129 | ||||||
|
Long-term
debt
|
— | 405 | ||||||
|
Other
long-term liabilities
|
487 | 669 | ||||||
|
Total
long-term liabilities
|
3,138 | 4,203 | ||||||
|
Commitments
and contingencies (Note 16)
|
||||||||
|
Equity:
|
||||||||
|
Acorn
Energy, Inc. shareholders
|
||||||||
|
Common
stock - $0.01 par value per share:
|
||||||||
|
Authorized
– 20,000,000 shares; Issued –12,454,528 and 13,248,813 shares at December
31, 2008 and 2009, respectively
|
124 | 132 | ||||||
|
Additional
paid-in capital*
|
54,035 | 58,373 | ||||||
|
Warrants
|
1,020 | 290 | ||||||
|
Accumulated
deficit
|
(17,587 | ) | (23,343 | ) | ||||
|
Treasury
stock, at cost – 841,286 and 1,275,081 shares at December 31, 2008 and
2009, respectively
|
(3,719 | ) | (4,827 | ) | ||||
|
Accumulated
other comprehensive income (loss)
|
(425 | ) | 152 | |||||
|
Total
Acorn Energy, Inc. shareholders’ equity
|
33,448 | 30,777 | ||||||
|
Non-controlling
interests*
|
2,675 | 5,321 | ||||||
|
Total
equity
|
36,123 | 36,098 | ||||||
|
Total
liabilities and equity
|
$ | 51,055 | $ | 48,735 | ||||
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Revenues:
|
||||||||
|
SCR
services
|
$ | 10,099 | $ | 18,099 | ||||
|
Projects
|
7,805 | 8,807 | ||||||
|
Software
license and services
|
2,330 | 3,999 | ||||||
|
Other
|
462 | 412 | ||||||
|
Total
revenues
|
20,696 | 31,317 | ||||||
|
Cost
of sales:
|
||||||||
|
SCR
services
|
7,642 | 11,803 | ||||||
|
Projects
|
5,244 | 4,946 | ||||||
|
Software
license and services
|
921 | 698 | ||||||
|
Other
|
356 | 318 | ||||||
|
Total
cost of sales
|
14,163 | 17,765 | ||||||
|
Gross
profit
|
6,533 | 13,552 | ||||||
|
Operating
expenses:
|
||||||||
|
Research
and development expenses, net of credits of $1,016 in 2009
|
1,169 | 569 | ||||||
|
Acquired
in-process research and development
|
2,444 | — | ||||||
|
Selling,
general and administrative expenses
|
11,667 | 18,517 | ||||||
|
Impairments
|
3,664 | 2,692 | ||||||
|
Total
operating expenses
|
18,944 | 21,778 | ||||||
|
Operating
loss
|
(12,411 | ) | (8,226 | ) | ||||
|
Gain
on early redemption of convertible debentures
|
1,259 | — | ||||||
|
Finance
expense, net
|
(3,031 | ) | (231 | ) | ||||
|
Gain
on sale of shares in Comverge
|
8,861 | 1,403 | ||||||
|
Gain
on private placement of equity investments
|
7 | — | ||||||
|
Loss
before taxes on income
|
(5,315 | ) | (7,054 | ) | ||||
|
Income
tax benefit (expense)
|
(342 | ) | 744 | |||||
|
Loss
from operations of the Company and its consolidated
subsidiaries
|
(5,657 | ) | (6,310 | ) | ||||
|
Share
in income (losses) of Paketeria
|
(1,560 | ) | 263 | |||||
|
Share
in losses of GridSense
|
(926 | ) | (129 | ) | ||||
|
Net
loss
|
(8,143 | ) | (6,176 | ) | ||||
|
Net
loss attributable to non-controlling interests*
|
248 | 420 | ||||||
|
Net
loss attributable to Acorn Energy, Inc shareholders.
|
$ | (7,895 | ) | $ | (5,756 | ) | ||
|
Basic
and diluted net loss per share attributable to Acorn Energy, Inc.
shareholders
|
$ | (0.69 | ) | $ | (0.50 | ) | ||
|
Weighted
average number of shares outstanding attributable to Acorn Energy, Inc.
shareholders – basic and diluted
|
11,374 | 11,445 | ||||||
|
Acorn Energy, Inc. Shareholders
|
||||||||||||||||||||||||||||||||||||||||
|
Number
of Shares
|
Common
Stock
|
Additional
Paid-In
Capital
|
Warrants
|
Accumulated
Deficit
|
Treasury
Stock
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total Acorn
Energy, Inc.
Shareholders
Equity
|
Non-controlling
interests*
|
Total
Equity
|
|||||||||||||||||||||||||||||||
|
Balances
as of December 31, 2007
|
11,135 | $ | 111 | $ | 49,306 | $ | 1,330 | $ | (9,692 | ) | $ | (3,592 | ) | $ | 29,862 | $ | 67,325 | $ | — | $ | 67,325 | |||||||||||||||||||
|
Net
loss
|
— | — | — | — | (7,895 | ) | — | — | (7,895 | ) | (248 | ) | (8, 143 | ) | ||||||||||||||||||||||||||
|
Adjustment
to fair market value of Comverge shares, net of deferred
taxes
|
— | — | — | — | — | — | (29,680 | ) | (29,680 | ) | — | (29,680 | ) | |||||||||||||||||||||||||||
|
Differences
from translation of subsidiaries’ financial statements and equity
investees
|
— | — | — | — | — | — | (607 | ) | (607 | ) | — | (607 | ) | |||||||||||||||||||||||||||
|
Comprehensive
loss
|
— | — | — | — | — | — | — | (38,182 | ) | (248 | ) | (38,430 | ) | |||||||||||||||||||||||||||
|
Intrinsic
value of beneficial conversion feature of convertible debentures at
extinguishment
|
— | — | (1,259 | ) | — | — | — | — | (1,259 | ) | — | (1,259 | ) | |||||||||||||||||||||||||||
|
Conversion
of Debentures
|
780 | 8 | 2,955 | — | — | — | — | 2,963 | — | 2,963 | ||||||||||||||||||||||||||||||
|
Issuance
by CoaLogix of CoaLogix shares to non-controlling
interests
|
— | — | — | — | — | — | — | — | 2,223 | 2,223 | ||||||||||||||||||||||||||||||
|
Shares
issued in acquisition of Coreworx
|
288 | 3 | 1,230 | — | — | — | — | 1,233 | — | 1,233 | ||||||||||||||||||||||||||||||
|
Stock
option compensation
|
— | — | 731 | — | — | — | — | 731 | — | 731 | ||||||||||||||||||||||||||||||
|
Stock
option compensation of subsidiaries
|
— | — | — | — | — | — | — | — | 700 | 700 | ||||||||||||||||||||||||||||||
|
Exercise
of options and warrants
|
252 | 2 | 1,072 | (310 | ) | — | — | — | 764 | — | 764 | |||||||||||||||||||||||||||||
|
Purchase
of treasury shares
|
— | — | — | — | — | (127 | ) | — | (127 | ) | — | (127 | ) | |||||||||||||||||||||||||||
|
Balances
as of December 31, 2008
|
12,455 | 124 | 54,035 | 1,020 | (17,587 | ) | (3,719 | ) | (425 | ) | 33,448 | 2,675 | 36,123 | |||||||||||||||||||||||||||
|
Net
loss
|
— | — | — | — | (5,756 | ) | — | — | (5,756 | ) | (420 | ) | (6,176 | ) | ||||||||||||||||||||||||||
|
Adjustment
to fair market value of Comverge shares, net
|
— | — | — | — | — | — | 125 | 125 | — | 125 | ||||||||||||||||||||||||||||||
|
Differences
from translation of subsidiaries’ financial statements
|
— | — | — | — | — | — | 452 | 452 | 42 | 494 | ||||||||||||||||||||||||||||||
|
Comprehensive
loss
|
— | — | — | — | — | — | — | (5,179 | ) | (378 | ) | (5,557 | ) | |||||||||||||||||||||||||||
|
Issuance
by CoaLogix of CoaLogix shares to non-controlling
interests
|
— | — | 596 | — | — | — | — | 596 | 2,277 | 2,873 | ||||||||||||||||||||||||||||||
|
Stock
option compensation
|
— | — | 678 | — | — | — | — | 678 | — | 678 | ||||||||||||||||||||||||||||||
|
Stock
option compensation of subsidiaries
|
— | — | — | — | — | — | — | — | 747 | 747 | ||||||||||||||||||||||||||||||
|
Exercise
of options and warrants
|
794 | 8 | 3,064 | (730 | ) | — | — | — | 2,342 | — | 2,342 | |||||||||||||||||||||||||||||
|
Purchase
of treasury shares
|
—
|
— | — | — | — | (1,108 | ) | — | (1,108 | ) | — | (1,108 | ) | |||||||||||||||||||||||||||
|
Balances
as of December 31, 2009
|
13,249 | $ | 132 | $ | 58,373 | $ | 290 | $ | (23,343 | ) | $ | (4,827 | ) | $ | 152 | $ | 30,777 | $ | 5,321 | $ | 36,098 | |||||||||||||||||||
|
2008
|
2009
|
|||||||
|
Cash
flows used in operating activities:
|
||||||||
|
Net
loss
|
$ | (8,143 | ) | $ | (6,176 | ) | ||
|
Adjustments
to reconcile net loss to net cash used in operating
activities
(see Schedule A)
|
4,871 | 748 | ||||||
|
Net
cash used in operating activities
|
(3,272 | ) | (5,428 | ) | ||||
|
Cash
flows provided by (used in) investing activities:
|
||||||||
|
Acquisitions
of property and equipment
|
(1,716 | ) | (1,582 | ) | ||||
|
Proceeds
from the sale of Comverge shares
|
15,355 | 3,990 | ||||||
|
Proceeds
from the sale of property and equipment
|
9 | — | ||||||
|
Restricted
deposits
|
(1,219 | ) | (2,079 | ) | ||||
|
Release
of restricted deposits
|
- | 2,468 | ||||||
|
Loans
to and costs of acquisition of note due from Paketeria
|
(2,551 | ) | — | |||||
|
Investment
in and loans to Local Power.
|
(250 | ) | — | |||||
|
Investment
in EnerTech
|
(750 | ) | (1,000 | ) | ||||
|
Investment
in USSI.
|
— | (200 | ) | |||||
|
Investment
in and loans to GridSense.
|
(1,889 | ) | (550 | ) | ||||
|
Loans
to EES
|
(200 | ) | — | |||||
|
Acquisition
of license
|
(2,000 | ) | — | |||||
|
Loans
to Coreworx in contemplation of acquisition
|
(1,500 | ) | — | |||||
|
Transaction
costs in 2007 acquisition of SCR-Tech
|
(956 | ) | — | |||||
|
Amounts
funded for employee termination benefits
|
(51 | ) | (377 | ) | ||||
|
Acquisition
of Coreworx net of cash acquired (see Schedule C)
|
(2,490 | ) | — | |||||
|
Net
cash provided by (used in) investing activities
|
(208 | ) | 670 | |||||
|
Cash
flows provided by (used in) financing activities:
|
||||||||
|
Proceeds
from employee stock option and warrant exercises
|
764 | 2,342 | ||||||
|
Purchase
of additional shares in DSIT
|
— | (294 | ) | |||||
|
Acquisition
of treasury shares
|
(127 | ) | (1,108 | ) | ||||
|
Repayment
of notes payable to the former shareholders of Coreworx
|
— | (3,400 | ) | |||||
|
Issuance
of shares to non-controlling interests in consolidated
subsidiary
|
2,223 | 2,873 | ||||||
|
Short-term
bank credit, net
|
(149 | ) | (136 | ) | ||||
|
Proceeds
from borrowings of long-term debt
|
— | 530 | ||||||
|
Redemption
of convertible debentures
|
(3,443 | ) | — | |||||
|
Repayments
of long-term debt
|
(216 | ) | (4 | ) | ||||
|
Net
cash provided by (used in) financing activities
|
(948 | ) | 803 | |||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
(74 | ) | 21 | |||||
|
Net
decrease in cash and cash equivalents
|
(4,502 | ) | (3,934 | ) | ||||
|
Cash
and cash equivalents at beginning of year
|
19,644 | 15,142 | ||||||
|
Cash
and cash equivalents at end of year
|
$ | 15,142 | $ | 11,208 | ||||
|
Supplemental
cash flow information:
|
||||||||
|
Cash
paid during the year for:
|
||||||||
|
Interest
|
$ | 325 | $ | 284 | ||||
|
Income
taxes, net of refunds
|
$ | 867 | $ | (382 | ) | |||
|
2008
|
2009
|
||||||||
|
A.
|
Adjustments
to reconcile net loss to net cash provided by (used in)
operating activities:
|
||||||||
|
Depreciation
and amortization
|
$ | 1,298 | $ | 1,775 | |||||
|
Acquired
in-process research and development
|
2,444 | — | |||||||
|
Share
in (income) losses of Paketeria
|
1,535 | (263 | ) | ||||||
|
Share
in losses of GridSense
|
926 | 129 | |||||||
|
Change
in deferred taxes
|
893 | (250 | ) | ||||||
|
Impairments
|
3,664 | 2,692 | |||||||
|
Exchange
rate adjustment on restricted deposits
|
— | 109 | |||||||
|
Decrease
in liability for employee termination benefits
|
236 | 453 | |||||||
|
Gain
on sale of shares in Comverge
|
(8,861 | ) | (1,403 | ) | |||||
|
Gain
on private placement in Company’s equity investments, net
|
(7 | ) | — | ||||||
|
Gain
on early redemption of Debentures.
|
(1,259 | ) | — | ||||||
|
Loss
on sale of property and equipment, net
|
21 | 6 | |||||||
|
Stock
and stock option compensation
|
1,431 | 1,425 | |||||||
|
Amortization
of beneficial conversion feature, debt origination costs and value of
warrants in private placement of Debentures
|
3,064 | — | |||||||
|
Exchange
loss on loans to Paketeria and GridSense
|
245 | — | |||||||
|
Other
|
18 | 4 | |||||||
|
Changes
in operating assets and liabilities:
|
|||||||||
|
Decrease
(increase) in accounts receivable
|
(2,430 | ) | 1,033 | ||||||
|
Decrease
(increase) unbilled revenue and work-in- process
|
1,203 | (3,532 | ) | ||||||
|
Increase
in other current assets and other assets
|
(1,379 | ) | (545 | ) | |||||
|
Increase
in inventory
|
(1,029 | ) | (1,083 | ) | |||||
|
Increase
in accounts payable, accrued payroll, payroll taxes and social benefits,
other current liabilities and other non-current
liabilities
|
2,858 | 198 | |||||||
| $ | 4,871 | $ | 748 | ||||||
|
B.
|
Non-cash
investing and financing activities:
|
||||||||
|
Unrealized
loss from Comverge shares, net of deferred taxes
|
$ | (29,680 | ) | ||||||
|
Conversion
of Debentures to common stock and additional
paid-in-capital
|
$ | 2,963 | |||||||
|
Exercise
of put option - acquisition of additional shares in DSIT unpaid at
December 31, 2008
|
$ | 294 | |||||||
|
Increase
in goodwill with respect to finalizing purchase price allocation of
DSIT
|
$ | 209 | |||||||
|
Reduction
in intangibles acquired with respect to finalizing purchase price
allocation of DSIT
|
$ | 250 | |||||||
|
Reduction
in value of put option with respect to finalizing purchase price
allocation of DSIT
|
$ | 41 | |||||||
|
Fixed
asset converted to project-in-process in DSIT
|
$ | 199 | |||||||
|
Intangibles
acquired by Coreworx in consideration for future royalties
|
$ | 99 | |||||||
|
C.
|
Assets/liabilities
acquired in the acquisition of Coreworx:
|
||||||||
|
Current
assets
|
$ | (652 | ) | ||||||
|
Property
and equipment
|
(183 | ) | |||||||
|
Intangibles
|
(3,673 | ) | |||||||
|
Goodwill
|
(2,398 | ) | |||||||
|
Current
liabilities
|
668 | ||||||||
|
Due
to Acorn
|
1,559 | ||||||||
|
Value
of Acorn stock issued in acquisition
|
1,233 | ||||||||
|
Notes
issued to former debenture holders of Coreworx
|
3,400 | ||||||||
|
In-process
research and development
|
(2,444 | ) | |||||||
| $ | (2,490 | ) | |||||||
|
(a)
|
Description
of Business
|
|
(b)
|
Accounting
Principles
|
|
(c)
|
Use
of Estimates in Preparation of Financial
Statements
|
|
(d)
|
Amounts
in the Footnotes in the Financial
Statements
|
|
Estimated
Useful Life
(in years)
|
||||
|
Regeneration,
rejuvenation and on-site cleaning technologies associated with
SCR-Tech
|
10
|
|||
|
Software
acquired associated with Coreworx
|
16
|
|||
|
ProExecute
(see Note 11(b)(ii))
|
2.5
|
|||
|
Customer
relationships associated with Coreworx
|
10
|
|||
|
Naval
technologies
|
7
|
|||
|
Gross
Carrying
Amount
|
||||
|
Balance
at December 31, 2007
|
$ | 107 | ||
|
Warranties
issued
|
168 | |||
|
Adjustment
of warranty provision
|
(19 | ) | ||
|
Warranty
claims
|
— | |||
|
Balance
at December 31, 2008
|
256 | |||
|
Warranties
issued and adjustment of provision
|
50 | |||
|
Adjustment
of warranty provision
|
(22 | ) | ||
|
Warranty
claims
|
— | |||
|
Balance
at December 31, 2009
|
$ | 284 | * | |
|
Acorn Energy, Inc.
|
Non-controlling interest
|
|||||||||||||||
|
As of December 31,
|
As of December 31,
|
|||||||||||||||
|
2008
|
2009
|
2008
|
2009
|
|||||||||||||
|
Differences
from translation of subsidiaries’ financial statements and equity
investees
|
$ | (300 | ) | $ | 152 | $ | — | $ | 42 | |||||||
|
Unrealized
loss on investment in Comverge
|
(125 | ) | — | — | — | |||||||||||
|
Ending
balance
|
$ | (425 | ) | $ | 152 | $ | — | $ | 42 | |||||||
|
(a)
|
Coreworx
|
|
Cash
and cash equivalents
|
$ | 227 | ||
|
Other
current assets
|
652 | |||
|
Property
and equipment
|
183 | |||
|
In-process
research and development ( expensed immediately)
|
2,444 | |||
|
Customer
relationships
|
399 | |||
|
Software
|
3,274 | |||
|
Goodwill
|
2,398 | |||
|
Total
assets acquired
|
9,577 | |||
|
Current
liabilities
|
(668 | ) | ||
|
Non-current
liabilities (intercompany debt eliminated in
consolidation)
|
(1,559 | ) | ||
|
Net
assets acquired
|
$ | 7,350 |
|
Year ended
December 31, 2008
|
||||
|
(in thousands except
per share data)
|
||||
|
(unaudited)
|
||||
|
Sales
|
$ | 22,286 | ||
|
Net
loss attributable to Acorn Energy, Inc. shareholders
|
$ | (13,805 | ) | |
|
Net
loss per share attributable to Acorn Energy, Inc. shareholders – basic and
diluted
|
$ | (1.20 | ) | |
|
(b)
|
DSIT
Solutions
|
|
(a)
|
GridSense
|
|
(b)
|
U.S.
Sensor Systems Inc.
|
|
(c)
|
EnerTech
Capital Partners
|
|
Gross Carrying
Amount
|
||||
|
Balance
at December 31, 2007
|
$ | 400 | ||
|
Capital
calls during the year ended December 31, 2008
|
750 | |||
|
Impairments
recorded during the year ended December 31, 2008
|
(33 | ) | ||
|
Balance
at December 31, 2008
|
1,117 | |||
|
Capital
calls during the year ended December 31, 2009
|
1,000 | |||
|
Impairments
recorded during the year ended December 31, 2009
|
(80 | ) | ||
|
Balance
at December 31, 2009
|
$ | 2,037 | ||
|
(d)
|
Paketeria
|
|
(e)
|
Local
Power
|
|
Year ended
December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Net
loss attributable to NCI in CoaLogix
|
$ | 248 | $ | 626 | ||||
|
Net
income attributable to NCI in DSIT
|
— | (206 | ) | |||||
|
Net
loss attributable to NCI
|
$ | 248 | $ | 420 | ||||
|
Year ended
December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Net
loss attributable to Acorn Energy, Inc.
|
$ | (7,895 | ) | $ | (5,756 | ) | ||
|
Transfers
to (from) NCI:
|
||||||||
|
Increase
in Acorn Energy Inc.’s Additional Paid-in-Capital from sale by CoaLogix of
its shares to NCI
|
— | 596 | ||||||
|
Net
transfers to NCI
|
— | 596 | ||||||
|
Changes
from net loss attributable to Acorn Energy, Inc. and transfers
to (from) NCI
|
$ | (7,895 | ) | $ | (5,160 | ) | ||
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Raw
materials
|
$ | 720 | $ | 550 | ||||
|
Work-in-process
|
428 | 1,298 | ||||||
| $ | 1,148 | $ | 1,848 | |||||
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Prepaid
expenses and deposits
|
$ | 620 | $ | 491 | ||||
|
Deferred
costs
|
583 | 778 | ||||||
|
Prepaid
chemicals
|
407 | — | ||||||
|
Taxes
receivable
|
362 | 478 | ||||||
|
SRED
receivable
|
— | 381 | ||||||
|
Employees
|
84 | 127 | ||||||
|
Other
|
24 | 62 | ||||||
| $ | 2,080 | $ | 2,317 | |||||
|
Estimated
Useful
Life (in
years)
|
As of December 31,
|
|||||||||||
|
Cost:
|
2008
|
2009
|
||||||||||
|
Computer
hardware and software
|
2 –
5
|
$ | 683 | $ | 920 | |||||||
|
Equipment
|
4-10
|
2,368 | 3,221 | |||||||||
|
Vehicles
|
3
|
5 | 22 | |||||||||
|
Leasehold
improvements
|
Term
of
lease
|
479 | 758 | |||||||||
| 3,535 | 4,921 | |||||||||||
|
Accumulated
depreciation and amortization
|
||||||||||||
|
Computer
hardware and software
|
400 | 455 | ||||||||||
|
Equipment
|
442 | 794 | ||||||||||
|
Vehicles
|
1 | 3 | ||||||||||
|
Leasehold
improvements
|
245 | 312 | ||||||||||
| 1,088 | 1,564 | |||||||||||
|
Property
and equipment, net
|
$ | 2,447 | $ | 3,357 | ||||||||
|
CoaLogix
|
Naval &
RT
Solutions
|
EIS
|
Total
|
|||||||||||||
|
Balance
as of December 31, 2007
|
$ | 3,714 | $ | 231 | $ | — | $ | 3,945 | ||||||||
|
Goodwill
created in the acquisition of Coreworx (see Note 3(a))
|
— | — | 2,398 | 2,398 | ||||||||||||
|
Adjustment
of goodwill in additional investment in DSIT (see Note
3(b))
|
— | 209 | — | 209 | ||||||||||||
|
Goodwill
in additional investment in DSIT (see Note 3(b))
|
— | 84 | — | 84 | ||||||||||||
|
Impairments
|
— | — | — | — | ||||||||||||
|
Translation
adjustment
|
— | 6 | (300 | ) | (294 | ) | ||||||||||
|
Balance
as of December 31, 2008
|
3,714 | 530 | 2,098 | 6,342 | ||||||||||||
|
Impairments
|
— | — | — | — | ||||||||||||
|
Translation
adjustment
|
— | 4 | 333 | 337 | ||||||||||||
|
Balance
as of December 31, 2009
|
$ | 3,714 | $ | 534 | $ | 2,431 | $ | 6,679 | ||||||||
|
CoaLogix Segment
|
Naval & RT
Solutions
Segment
|
EIS Segment
|
Total
|
|||||||||||||||||||||||||||||||||
|
SCR
Technologies**
|
Solucorp License
|
Naval
Technologies
|
Software
|
Customer
Relationships
|
Total
|
|||||||||||||||||||||||||||||||
|
Cost
|
A.A.*
|
Cost
|
A.A.*
|
Cost
|
A.A.*
|
Cost
|
A.A.*
|
Cost
|
A.A.*
|
Net
|
||||||||||||||||||||||||||
|
Balance as of
December
31, 2007
|
5,511 | (81 | ) | — | — | 557 | — | — | — | — | — | 5,987 | ||||||||||||||||||||||||
|
Acquisition
of Solucorp license
|
— | — | 2,000 | — | — | — | — | — | — | — | 2,000 | |||||||||||||||||||||||||
|
Adjustment
of intangibles in additional investment in DSIT (see Note
3(b))
|
— | — | — | — | (250 | ) | — | — | — | — | — | (250 | ) | |||||||||||||||||||||||
|
Intangibles
created in acquisition of Coreworx (see Note 3(a))
|
— | — | — | — | — | — | 3,274 | — | 399 | — | 3,673 | |||||||||||||||||||||||||
|
Intangibles
in additional investment in DSIT (see Note 3(b))
|
— | — | — | — | 210 | — | — | — | — | — | 210 | |||||||||||||||||||||||||
|
Amortization
|
— | (552 | ) | — | (128 | ) | — | (48 | ) | — | (71 | ) | — | (14 | ) | (813 | ) | |||||||||||||||||||
|
Translation
adjustment
|
— | — | — | — | 6 | — | (409 | ) | 2 | (50 | ) | 1 | (450 | ) | ||||||||||||||||||||||
|
Balance
as of December 31, 2008
|
$ | 5,511 | $ | (633 | ) | $ | 2,000 | $ | (128 | ) | $ | 523 | $ | (48 | ) | $ | 2,865 | $ | (69 | ) | $ | 349 | $ | (13 | ) | $ | 10,357 | |||||||||
|
ProExecute
(see Note 11(b)(ii))
|
— | — | — | — | — | — | 99 | — | — | — | 99 | |||||||||||||||||||||||||
|
Amortization
|
— | (551 | ) | — | (200 | ) | — | (78 | ) | — | (220 | ) | — | (37 | ) | (1,086 | ) | |||||||||||||||||||
|
Impairment
of Solucorp license (see Note 14)
|
— | — | (2,000 | ) | 328 | — | — | — | — | — | — | (1,672 | ) | |||||||||||||||||||||||
|
Translation
adjustment
|
— | — | — | — | 4 | (2 | ) | 472 | (28 | ) | 56 | (6 | ) | 496 | ||||||||||||||||||||||
|
Balance
as of December 31, 2009
|
$ | 5,511 | $ | (1,184 | ) | $ | — | $ | — | $ | 527 | $ | (128 | ) | $ | 3,436 | $ | (317 | ) | $ | 405 | $ | (56 | ) | $ | 8,194 | ||||||||||
|
Years ended
December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Impairment
of loans and accrued interest to Paketeria (see Note 6(d))
|
$ | 2,454 | $ | — | ||||
|
Impairment
of loan and accrued interest to GridSense (see Note 6(a))
|
631 | — | ||||||
|
Impairment
of investment in EnerTech (see Note 6(b))
|
33 | 80 | ||||||
|
Impairment
of loans to and investment in Local Power (see Note 6(e))
|
546 | — | ||||||
|
Impairment
of MetalliFix and associated assets
|
— | 2,372 | ||||||
|
Impairment
of loan and accrued interest due from EES
|
— | 240 | ||||||
| $ | 3,664 | $ | 2,692 | |||||
|
(a)
|
Lines
of credit
|
|
(b)
|
Bank
Debt
|
|
(c)
|
Private
Placement of Convertible Redeemable Subordinated
Debentures
|
|
(d)
|
Notes
Payable
|
|
(e)
|
Debt
summary
|
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Lines
of credit
|
$ | 441 | $ | 305 | ||||
|
Bank
debt
|
— | 530 | ||||||
|
Notes
payable
|
3,400 | — | ||||||
|
Capital
lease obligations
|
4 | — | ||||||
|
Total
debt
|
3,845 | 835 | ||||||
|
Less:
Lines-of-credit
|
(441 | ) | (305 | ) | ||||
|
Less:
Notes payable
|
(3,400 | ) | — | |||||
|
Less:
Current portion of debt
|
(4 | ) | (125 | ) | ||||
|
Long-term
bank debt
|
$ | — | $ | 405 | ||||
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Taxes
payable
|
$ | 302 | $ | 76 | ||||
|
Advances
from customers
|
2,476 | 1,924 | ||||||
|
Accrued
expenses
|
1,893 | 2,920 | ||||||
|
Warranty
provision
|
8 | 22 | ||||||
|
Other
|
17 | 46 | ||||||
| $ | 4,696 | $ | 4,988 | |||||
|
(a)
|
Leases
of Property and Equipment
|
|
Years
ending December 31,
|
||||
|
2010
|
$ | 1,772 | ||
|
2011
|
1,783 | |||
|
2012
|
1,373 | |||
|
2013
|
851 | |||
|
2014
|
837 | |||
|
2015
and thereafter
|
2,077 | |||
| $ | 8,693 | |||
|
(b)
|
EnerTech
|
|
(c)
|
Guarantees
|
|
(d)
|
Litigation
|
|
(a)
|
General
|
|
(b)
|
Summary
Employee Option Information
|
|
2008
|
2009
|
|||||||
|
Risk-free
interest rate
|
2.6 | % | 2.1 | % | ||||
|
Expected
term of options, in years
|
5.5 | 5.7 | ||||||
|
Expected
annual volatility
|
74 | % | 70 | % | ||||
|
Expected
dividend yield
|
None
|
None
|
||||||
|
(c)
|
Non-Employee
Options
|
|
(d)
|
Modification
of Stock Options
|
|
(e)
|
Summary
Employee and Non-Employee Option
Information
|
|
2008
|
2009
|
|||||||||||||||
|
Number
of Options
(in shares)
|
Weighted
Average
Exercise
Price
|
Number
of Options
(in shares)
|
Weighted
Average
Exercise
Price
|
|||||||||||||
|
Outstanding
at beginning of year
|
1,684,000 | $ | 3.09 | 1,876,500 | $ | 3.27 | ||||||||||
|
Granted
at market price
|
355,000 | $ | 4.68 | 379,500 | $ | 2.52 | ||||||||||
|
Exercised
|
(50,000 | ) | $ | 2.22 | (257,168 | ) | $ | 1.06 | ||||||||
|
Forfeited
or expired
|
(112,500 | ) | $ | 4.88 | (253,667 | ) | $ | 2.65 | ||||||||
|
Outstanding
at end of year
|
1,876,500 | $ | 3.27 | 1,745,165 | $ | 3.52 | ||||||||||
|
Exercisable
at end of year
|
1,517,330 | $ | 3.10 | 1,421,831 | $ | 3.52 | ||||||||||
|
Outstanding
|
Exercisable
|
|||||||||||||||||||
|
Range of Exercise Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
|||||||||||||||
|
(in shares)
|
(in years)
|
(in shares)
|
||||||||||||||||||
|
$0.88
– 1.61
|
127,500 | 8.78 | $ | 1.57 | 7,500 | $ | 0.88 | |||||||||||||
|
$2.24
– 2.65
|
684,500 | 2.20 | $ | 2.55 | 662,000 | $ | 2.55 | |||||||||||||
|
$2.87
– 3.90
|
321,332 | 3.15 | $ | 3.32 | 311,332 | $ | 3.30 | |||||||||||||
|
$4.20
– 4.80
|
239,333 | 3.90 | $ | 4.50 | 180,999 | $ | 4.47 | |||||||||||||
|
$5.08
– 6.00
|
372,500 | 5.81 | $ | 5.48 | 260,000 | $ | 5.64 | |||||||||||||
| 1,745,165 | 1,421,831 | |||||||||||||||||||
|
Year ended
December 31,
2008
|
Year ended
December 31,
2009
|
|||||||
|
Cost
of sales
|
$ | 200 | $ | 87 | ||||
|
Research
and development expense
|
54 | 148 | ||||||
|
Selling,
general and administrative expense
|
1,152 | 1,189 | ||||||
|
Share
of losses in Paketeria
|
25 | — | ||||||
|
Total
stock based compensation expense
|
$ | 1,431 | $ | 1,424 | ||||
|
(f)
|
DSIT
Stock Option Plan
|
|
2008
|
2009
|
|||||||||||||||
|
Number of
Options (in
shares)
|
Weighted
Average
Exercise
Price
|
Number of
Options
(in shares)
|
Weighted
Average
Exercise
Price
|
|||||||||||||
|
Outstanding
at beginning of year
|
1,524 | $ | 118.11 | 1,524 | $ | 118.11 | ||||||||||
|
Granted
at fair value
|
— | — | — | — | ||||||||||||
|
Exercised
|
— | — | — | — | ||||||||||||
|
Forfeited
|
— | — | — | — | ||||||||||||
|
Outstanding
at end of year
|
1,524 | $ | 118.11 | 1,524 | $ | 118.11 | ||||||||||
|
Exercisable
at end of year*
|
— | — | ||||||||||||||
|
Outstanding
|
Exercisable
|
||||||||||||||||||
|
Range of Exercise
Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
||||||||||||||
|
(in
shares)
|
(in
years)
|
(in
shares)
|
|||||||||||||||||
|
$105.26
– 112.04
|
547 |
4.0
|
$ | 109.68 | — | — | |||||||||||||
|
$119.05
– $121.21
|
501 |
4.0
|
$ | 119.76 | — | — | |||||||||||||
|
$126.05
|
476 |
4.0
|
$ | 126.05 | — | — | |||||||||||||
| 1,524 | $ | 118.11 | — | — | |||||||||||||||
|
(g)
|
CoaLogix
Stock Option Plan
|
|
2008
Grants
|
2009
Grants
|
|||||||
|
Stock
price*
|
$ | 5.05 | $ | 7.20 | ||||
|
Exercise
price
|
$ | 5.05 | $ | 7.20 | ||||
|
Expected
term of option in years
|
5.9 | 6.0 | ||||||
|
Volatility**
|
56 | % | 65 | % | ||||
|
Risk-free
interest rate
|
2.6 | % | 2.0 | % | ||||
|
Expected
dividend yield
|
None
|
None
|
||||||
|
|
*
The stock price for 2008 Grants was determined based upon the valuation
used in the Company’s acquisition of SCR-Tech. The stock price for 2009
Grants was based upon the valuation used in the Company's recent
investment in CoaLogix (see Note
4).
|
|
|
** The
calculated volatility for comparable companies for the expected term was
used.
|
|
Year
ended
December
31, 2008
|
Year
ended
December
31, 2009
|
|||||||
|
Cost
of sales – SCR services
|
$ | 170 | $ | 85 | ||||
|
Selling,
general and administrative expense
|
351 | 428 | ||||||
|
Total
stock based compensation expense
|
$ | 521 | $ | 513 | ||||
|
2008
|
2009
|
|||||||||||||||
|
Number
of Options
(in shares)
|
Weighted
Average
Exercise
Price
|
Number
of Options
(in shares)
|
Weighted
Average
Exercise
Price
|
|||||||||||||
|
Outstanding
at beginning of year
|
— | $ | — | 376,875 | $ | 5.05 | ||||||||||
|
Granted
at market price
|
376,875 | $ | 5.05 | 115,845 | $ | 7.20 | ||||||||||
|
Exercised
|
— | — | — | — | ||||||||||||
|
Forfeited
or expired
|
— | — | — | — | ||||||||||||
|
Outstanding
at end of year
|
376,875 | $ | 5.05 | 492,720 | $ | 5.55 | ||||||||||
|
Exercisable
at end of year
|
82,719 | $ | 5.05 | 177,238 | $ | 5.07 | ||||||||||
|
Outstanding
|
Exercisable
|
|||||||||||
|
Exercise Price
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life
|
Number
Exercisable
|
|||||||||
|
(in
shares)
|
(in
years)
|
(in
shares)
|
||||||||||
|
$5.05
|
376,875 | 8.3 | 175,213 | |||||||||
|
$7.20
|
115,845 | 9.3 | 2,025 | |||||||||
|
(h)
|
Coreworx
Stock Option Plan
|
|
Stock
price*
|
$ | 0.17 | ||
|
Exercise
price
|
$ | 0.17 | ||
|
Expected
term of option in years
|
10 .0 | |||
|
Volatility**
|
51.9 | % | ||
|
Risk-free
interest rate
|
3.75 | % | ||
|
Expected
dividend yield
|
None
|
|||
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Cost
of sales – Software License and Service
|
$ | 30 | $ | — | ||||
|
Research
and development expense
|
54 | 148 | ||||||
|
Selling,
general and administrative expense
|
95 | 86 | ||||||
|
Total
stock based compensation expense
|
$ | 179 | $ | 234 | ||||
|
2008
|
2009
|
|||||||||||||||
|
Number
of Options
(in shares)
|
Weighted
Average
Exercise
Price
|
Number
of Options
(in shares)
|
Weighted
Average
Exercise
Price
|
|||||||||||||
|
Outstanding
at beginning of year
|
— | $ | — | 6,720,000 | $ | 0.17 | ||||||||||
|
Granted
at market price
|
6,720,000 | $ | 0.17 | — | — | |||||||||||
|
Exercised
|
— | — | — | — | ||||||||||||
|
Forfeited
or expired
|
— | — | — | — | ||||||||||||
|
Outstanding
at end of year
|
6,720,000 | $ | 0.17 | 6,720,000 | $ | 0.17 | ||||||||||
|
Exercisable
at end of year
|
1,156,667 | $ | 0.17 | 3,011,111 | $ | 0.17 | ||||||||||
|
(i)
|
Warrants
|
|
2008
|
2009
|
|||||||||||||||
|
Number
of
Options
(in
shares)
|
Weighted
Average
Exercise
Price
|
Number
of
Options
(in
shares)
|
Weighted
Average
Exercise
Price
|
|||||||||||||
|
Outstanding
at beginning of year
|
986,506 | $ | 3.89 | 784,023 | $ | 4.06 | ||||||||||
|
Granted
|
— | — | — | — | ||||||||||||
|
Exercised
|
(202,483 | ) | $ | 3.23 | (537,119 | ) | 3.85 | |||||||||
|
Forfeited
or expired
|
— | — | — | — | ||||||||||||
|
Outstanding and
exercisable at end of year
|
784,023 | $ | 4.06 | 246,904 | $ | 4.50 | ||||||||||
|
(j)
|
Stock
Repurchase Program
|
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Interest
income
|
$ | 405 | $ | 93 | ||||
|
Interest
expense
|
(3,200 | ) | (218 | ) | ||||
|
Exchange
loss, net
|
(236 | ) | (106 | ) | ||||
| $ | (3,031 | ) | $ | (231 | ) | |||
|
(a)
|
Composition
of loss from continuing operations before income taxes is as
follows:
|
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Domestic
|
$ | (4,524 | ) | $ | (5,306 | ) | ||
|
Foreign
|
(791 | ) | (1,748 | ) | ||||
| $ | (5,315 | ) | $ | (7,054 | ) | |||
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Current:
|
||||||||
|
Federal
|
$ | (300 | ) | $ | (550 | ) | ||
|
State
and local
|
(225 | ) | — | |||||
|
Foreign
|
(26 | ) | 56 | |||||
| (551 | ) | (494 | ) | |||||
|
Deferred:
|
||||||||
|
Federal
|
893 | — | ||||||
|
State
and local
|
— | — | ||||||
|
Foreign
|
— | (250 | ) | |||||
| 893 | (250 | ) | ||||||
|
Total
income tax expense (benefit)
|
$ | 342 | $ | (744 | ) | |||
|
(b)
|
Effective
Income Tax Rates
|
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Statutory
Federal rates
|
34 | % | 34 | % | ||||
|
Increase
(decrease) in income tax rate resulting from:
|
||||||||
|
Non-deductible
expenses
|
18 | — | ||||||
|
Tax
on foreign activities
|
— | (16 | ) | |||||
|
State
income taxes, net
|
(5 | ) | — | |||||
|
Other
|
(9 | ) | — | |||||
|
Net
operating loss adjustment in deferred tax assets
|
62 | 25 | ||||||
|
Valuation
allowance
|
(106 | ) | (32 | ) | ||||
|
Effective
income tax rates
|
(6 | %) | 11 | % | ||||
|
(c)
|
Analysis
of Deferred Tax Assets and
(Liabilities)
|
|
As of December 31,
|
||||||||
|
Deferred tax assets consist of the following:
|
2008
|
2009
|
||||||
|
Employee
benefits and deferred compensation
|
$ | 1,113 | $ | 1,226 | ||||
|
Investments
|
1,298 | 612 | ||||||
|
Other
temporary differences
|
246 | 173 | ||||||
|
Net
operating and capital loss carryforwards
|
4,000 | 5,670 | ||||||
| 6,657 | 7,681 | |||||||
|
Valuation
allowance
|
(6,657 | ) | (7,431 | ) | ||||
|
Net
deferred tax assets
|
— | 250 | ||||||
|
Deferred
tax liabilities consist of the following:
|
||||||||
|
Asset
basis differences
|
(29 | ) | (29 | ) | ||||
|
Net
deferred assets (liabilities), net
|
$ | (29 | ) | $ | (29 | ) | ||
|
(d)
|
Summary
of Tax Loss Carryforwards
|
|
Expiration
|
Federal
|
State
|
Foreign
|
|||||||||
|
2024-2030
|
$ | 7,506 | * | $ | 4,187 | $ | 8,544 | |||||
|
Unlimited
|
— | — | 813 | |||||||||
|
Total
|
$ | 7,506 | $ | 4,187 | $ | 9,357 | ||||||
|
(e)
|
Taxation
in the United States
|
|
(f)
|
Tax
Reform in Israel
|
|
(g)
|
Taxation
in Canada
|
|
(h)
|
Uncertain
Tax Positions (UTP):
|
|
2008
|
2009
|
|||||||
|
Balance
at January 1
|
$ | 247 | $ | 210 | ||||
|
Decreases
in unrecognized tax benefits and associated interest and penalties as a
result of tax positions taken during the current period
|
(37 | ) | — | |||||
|
Balance
at December 31
|
$ | 210 | $ | 210 | ||||
|
(a)
|
General
Information
|
|
(b)
|
Information
about Profit or Loss and Assets
|
|
CoaLogix
|
Naval &
RT
Solutions
|
EIS(*)
|
Other
(**)
|
Total
|
||||||||||||||||
|
Year
ended December 31, 2009:
|
||||||||||||||||||||
|
Revenues
from external customers
|
$ | 18,099 | $ | 7,985 | $ | 3,999 | $ | 1,234 | $ | 31,317 | ||||||||||
|
Intersegment
revenues
|
— | 5 | — | — | 5 | |||||||||||||||
|
Segment
gross profit
|
6,296 | 3,540 | 3,301 | 415 | 13,552 | |||||||||||||||
|
Depreciation
and amortization
|
1,182 | 189 | 377 | 25 | 1,773 | |||||||||||||||
|
Stock
compensation expense
|
513 | 2 | 234 | — | 749 | |||||||||||||||
|
Impairments
|
2,612 | — | — | — | 2,612 | |||||||||||||||
|
Segment
net income (loss) before income taxes
|
(2,742 | ) | 1,051 | (3,360 | ) | 64 | (4,987 | ) | ||||||||||||
|
Non-controlling
interests in segment income (loss)
|
(626 | ) | 194 | — | 12 | (420 | ) | |||||||||||||
|
Segment
assets
|
10,957 | 1,116 | 6,052 | 45 | 18,170 | |||||||||||||||
|
Expenditures
for segment assets
|
1,262 | 154 | 80 | 38 | 1,534 | |||||||||||||||
|
Year
ended December 31, 2008:
|
||||||||||||||||||||
|
Revenues
from external customers
|
$ | 10,099 | $ | 7,032 | $ | 2,330 | $ | 1,235 | $ | 20,696 | ||||||||||
|
Intersegment
revenues
|
— | 146 | — | — | 146 | |||||||||||||||
|
Segment
gross profit
|
2,457 | 2,383 | 1,409 | 284 | 6,533 | |||||||||||||||
|
Depreciation
and amortization
|
931 | 165 | 132 | 33 | 1,228 | |||||||||||||||
|
Stock
compensation expense
|
521 | — | 179 | — | 700 | |||||||||||||||
|
Impairments
|
— | — | — | — | — | |||||||||||||||
|
Segment
net income (loss) before income taxes
|
(1,433 | ) | 605 | (1,171 | ) | (86 | ) | (2,085 | ) | |||||||||||
|
Non-controlling
interests in segment (loss)
|
(248 | ) | — | — | — | (248 | ) | |||||||||||||
|
Segment
assets
|
12,548 | 1,102 | 5,400 | 43 | 19,093 | |||||||||||||||
|
Expenditures
for segment assets
|
3,596 | 328 | 56 | 15 | 3,995 | |||||||||||||||
|
Acquired
in-process research and development expense
|
— | — | 2,444 | — | 2,444 | |||||||||||||||
|
(*)
|
EIS
activities were acquired on August 13, 2008. Accordingly, the
segment information above represents EIS activity only from the time since
acquisition.
|
|
(**)
|
Represents
operations in Israel that did not meet the quantitative reporting
thresholds of applicable accounting
principles.
|
|
Year ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Revenues:
|
||||||||
|
Total
consolidated revenues for reportable segments
|
$ | 19,461 | $ | 30,083 | ||||
|
Other
operational segment revenues
|
1,235 | 1,234 | ||||||
|
Total
consolidated revenues
|
$ | 20,696 | $ | 31,317 | ||||
|
Income
(loss):
|
||||||||
|
Total
net loss for reportable segments
|
$ | (1,999 | ) | $ | (5,051 | ) | ||
|
Other
operational segment net income (loss)
|
(86 | ) | 64 | |||||
|
Total
net loss
|
(2,085 | ) | (4,987 | ) | ||||
|
Unallocated
cost of corporate and DSIT headquarters*
|
(4,185 | ) | (3,390 | ) | ||||
|
Acquired
in-process research and development (see Note 3(a))
|
(2,444 | ) | — | |||||
|
Income
tax benefit (expense)
|
(342 | ) | 744 | |||||
|
Non-cash
interest expense on convertible debentures (see Note 14
(b))
|
(3,064 | ) | — | |||||
|
Gain
on early redemption of convertible debentures (see Note
14(c))
|
1,259 | — | ||||||
|
Gain
on private placement of equity investments (see Note
14(c))
|
7 | — | ||||||
|
Non-controlling
interests (see Note 7)
|
248 | 420 | ||||||
|
Impairments
not allocated to reportable segments (see Note 12)
|
(3,664 | ) | (80 | ) | ||||
|
Share
of losses in GridSense (see Note 6(a))
|
(926 | ) | (129 | ) | ||||
|
Share
of income (losses) in Paketeria (see Note 6(d))
|
(1,560 | ) | 263 | |||||
|
Gain
on sale of shares in Comverge (see Note 5)
|
8,861 | 1,403 | ||||||
|
Consolidated
net loss attributable to Acorn Energy, Inc. shareholders
|
$ | (7,895 | ) | $ | (5,756 | ) | ||
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Assets:
|
||||||||
|
Total
assets for reportable segments
|
$ | 19,093 | $ | 18,170 | ||||
|
Unallocated
assets of CoaLogix headquarters
|
5,185 | 10,181 | ||||||
|
Unallocated
assets of DSIT headquarters
|
5,414 | 7,709 | ||||||
|
Unallocated
assets of Coreworx headquarters
|
1,898 | 990 | ||||||
|
Assets
of corporate headquarters *
|
19,465 | 11,685 | ||||||
|
Total
consolidated assets
|
$ | 51,055 | $ | 48,735 | ||||
|
|
Segment
Totals
|
Adjustments
|
Consolidated
Totals
|
|||||||||
|
Other Significant Items
|
||||||||||||
|
Year
ended December 31, 2009
|
||||||||||||
|
Depreciation
and amortization
|
$ | 1,773 | 2 | $ | 1,775 | |||||||
|
Stock
compensation expense
|
749 | 676 | 1,425 | |||||||||
|
Expenditures
for assets
|
1,534 | 48 | 1,582 | |||||||||
|
Year
ended December 31, 2008
|
||||||||||||
|
Depreciation
and amortization
|
$ | 1,176 | $ | 122 | $ | 1,298 | ||||||
|
Stock
compensation expense
|
700 | 731 | 1,431 | |||||||||
|
Expenditures
for assets*
|
$ | 3,995 | 15 | $ | 4,010 | |||||||
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Revenues
based on location of customer:
|
||||||||
|
United
States and Canada
|
$ | 12,201 | $ | 21,930 | ||||
|
Israel
|
7,374 | 5,754 | ||||||
|
Asia
|
663 | 3,456 | ||||||
|
Other
|
458 | 177 | ||||||
| $ | 20,696 | $ | 31,317 | |||||
|
As of December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Long-lived
assets located in the following countries:
|
||||||||
|
United
States
|
$ | 2,092 | $ | 2,924 | ||||
|
Israel
|
187 | 281 | ||||||
|
Canada
|
168 | 152 | ||||||
| $ | 2,447 | $ | 3,357 | |||||
|
(d)
|
Revenues
from Major Customers
|
|
Consolidated Revenues
|
||||||||||||||||||
|
2008
|
2009
|
|||||||||||||||||
|
Customer
|
Segment
|
Revenues
|
% of
Total
Revenues
|
Revenues
|
% of
Total
Revenues
|
|||||||||||||
|
A
|
Naval
& RT Solutions
|
$ | 3,476 | 17 | % | $ | 2,625 | 8 | % | |||||||||
|
B
|
CoaLogix
|
$ | 2,887 | 14 | % | $ | 4,363 | 14 | % | |||||||||
|
C
|
CoaLogix
|
$ | 3,755 | 18 | % | $ | 1,415 | 5 | % | |||||||||
|
As at December 31, 2009
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Cash
and cash equivalents
|
$ | 11,208 | — | — | $ | 11,208 | ||||||||||
|
Restricted
deposits – current and non-current
|
2,238 | — | — | 2,238 | ||||||||||||
|
Derivative
liabilities
|
(5 | ) | — | — | (5 | ) | ||||||||||
|
Total
|
$ | 13,441 | $ | — | $ | — | $ | 13,441 | ||||||||
|
As at December 31, 2008
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Cash
and cash equivalents
|
$ | 15,142 | — | — | $ | 15,142 | ||||||||||
|
Available
for sale – Investment in Comverge
|
2,462 | — | — | 2,462 | ||||||||||||
|
Total
|
$ | 17,604 | $ | — | $ | — | $ | 17,604 | ||||||||
|
Description
|
Balance at the
Beginning of
the Year
|
Charged to
Costs and
Expenses
|
Other
Adjustments
|
Balance at
the End of
the Year
|
||||||||||||
|
Allowance
for doubtful accounts
|
||||||||||||||||
|
Year
ended December 31, 2008
|
16 | — | (16 | ) | — | |||||||||||
|
Year
ended December 31, 2009
|
— | — | — | — | ||||||||||||
|
Valuation
allowance for deferred tax assets
|
||||||||||||||||
|
Year
ended December 31, 2008
|
1,312 | — | 5,345 | 6,657 | ||||||||||||
|
Year
ended December 31, 2009
|
6,657 | 774 | 7,431 | |||||||||||||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|