RELATED PARTY BALANCES AND TRANSACTIONS

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 9—RELATED PARTY BALANCES AND TRANSACTIONS

Officer and Director Fees

The Company recorded fees to officers of $261,000 and $256,000 for the six months ended June 30, 2022 and 2021, respectively, and $131,000 and $129,000 for the three months ended June 30, 2022 and 2021, respectively, which is included in selling, general and administrative expenses.

The Company recorded fees to directors of $30,000 for the six months ended June 30, 2022 and 2021, and $15,000 for the three months ended June 30, 2022 and 2021, which is included in selling, general and administrative expenses.

Intercompany

The related party balance due to Acorn from OmniMetrix for amounts loaned, accrued interest and expenses paid by Acorn on OmniMetrix’s behalf was $3,661,000 as of June 30, 2022 as compared to $4,217,000 as of December 31, 2021. This balance is eliminated in consolidation. During the six months ended June 30, 2022, the intercompany amount due to Acorn from OmniMetrix decreased by $556,000. This included repayments of $780,000 offset by interest of $89,000, dividends of $38,000 due to Acorn and $97,000 in shared expenses paid by Acorn. During the six months ended June 30, 2021, the intercompany amount due to Acorn from OmniMetrix decreased by $157,000. This included repayments of $345,000 offset by interest of $104,000, dividends of $38,000 due to Acorn and $46,000 in shared expenses paid by Acorn.