Note 13 — Variable Interest Entity

Citizens Choice Energy, LLC (“CCE”) is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company does not own any interest in CCE. Since 2011, the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations.

In October 2015, GRE paid $0.2 million to the owner of the limited liability company interests in CCE, and loaned CCE $0.5 million in exchange for an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of the $0.5 million loan. The option expires on October 22, 2023.

Net income (loss) related to CCE and aggregate net funding repaid to (provided by) the Company were as follows:

	Year ended December 31,
	2019		2018
	(in thousands)
Net loss	$	(490)	$	(1,197)
Aggregate provided by repaid to the Company, net	$	(649)	$	(809)

Summarized consolidated balance sheet amounts related to CCE are as follows:

	December 31,
	2019		2018
	(in thousands)
ASSETS
Cash and cash equivalents	$	250	$	70
Trade accounts receivable		586		623
Prepaid expenses and other current assets		381		411
Other assets		359		359
TOTAL ASSETS	$	1,576	$	1,463
LIABILITIES AND NONCONTROLLING INTERESTS
Current liabilities	$	467	$	513
Due to IDT Energy		2,598		1,949
Noncontrolling interests from CCE		(1,489)		(999)
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS	$	1,576	$	1,463

The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities.