Network-1 Technologies, Inc.

Financials

v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2024
Dec. 31, 2023
ASSETS   CURRENT ASSETS:    
Cash and cash equivalents $ 18,105,000 $ 16,896,000
Marketable securities, at fair value 25,289,000 28,571,000
Other current assets 218,000 206,000
  TOTAL CURRENT ASSETS 43,612,000 45,673,000
  OTHER ASSETS:    
Patents, net of accumulated amortization 1,296,000 1,326,000
Equity investment 4,621,000 5,249,000
Operating leases right-of-use asset 75,000 16,000
Security deposit 13,000 13,000
  Total Other Assets 6,005,000 6,604,000
  TOTAL ASSETS 49,617,000 52,277,000
  LIABILITIES AND STOCKHOLDERS’ EQUITY: CURRENT LIABILITIES:    
Accounts payable 306,000 125,000
Accrued payroll 378,000
Other accrued expenses 182,000 297,000
Operating lease obligation, current 57,000 23,000
Total Current Liabilities 545,000 823,000
  LONG TERM LIABILITIES:    
Deferred tax liability 615,000 762,000
Operating lease obligation, non-current 24,000
  TOTAL LIABILITIES 1,184,000 1,585,000
  STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,552,561 and 23,553,908 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 235,000 235,000
Additional paid-in capital 67,560,000 67,446,000
Accumulated deficit (19,362,000) (16,989,000)
TOTAL STOCKHOLDERS’ EQUITY 48,433,000 50,692,000
  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 49,617,000 $ 52,277,000

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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
REVENUE $ 537,000
OPERATING EXPENSES:    
Costs of revenue 151,000
Professional fees and related costs 219,000 298,000
General and administrative 669,000 781,000
Amortization of patents 30,000 83,000
TOTAL OPERATING EXPENSES 918,000 1,313,000
OPERATING LOSS (918,000) (776,000)
  OTHER INCOME:    
Interest and dividend income, net 431,000 310,000
Net realized and unrealized gain on marketable securities 48,000 364,000
Total other income, net 479,000 674,000
LOSS BEFORE INCOME TAXES AND EQUITY IN NET LOSSES OF EQUITY METHOD INVESTEE (439,000) (102,000)
INCOME TAX PROVISION:    
Current
Deferred taxes (147,000) (153,000)
Total income tax benefit (147,000) (153,000)
(LOSS) INCOME BEFORE SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE (292,000) 51,000
SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE (628,000) (674,000)
NET LOSS $ (920,000) $ (623,000)
Net loss per share:    
Basic $ (0.04) $ (0.03)
Diluted $ (0.04) $ (0.03)
Weighted average common shares outstanding:    
Basic 23,540,468 23,866,821
Diluted 23,540,468 23,866,821

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v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (920,000) $ (623,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of patents 30,000 83,000
Stock-based compensation 115,000 161,000
Loss allocated from equity method investment 628,000 674,000
Unrealized (gain) loss on marketable securities 20,000 (270,000)
Deferred tax (benefit) expense (147,000) (153,000)
Amortization of operating leases – right of use assets 16,000 16,000
Other current assets (12,000) 229,000
Other assets (13,000)
Accounts payable 181,000 94,000
Operating lease obligations (17,000) (17,000)
Accrued expenses (490,000) (471,000)
  NET CASH USED IN OPERATING ACTIVITIES (596,000) (290,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 5,756,000 7,671,000
Purchases of marketable securities (2,494,000) (9,330,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 3,262,000 (1,659,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (1,210,000) (1,191,000)
Value of shares delivered to fund payment of withholding taxes (61,000) (83,000)
Repurchases of common stock, inclusive of commissions (186,000) (306,000)
NET CASH USED IN FINANCING ACTIVITIES: (1,457,000) (1,580,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,209,000 (3,529,000)
CASH AND CASH EQUIVALENTS, beginning of period 16,896,000 13,448,000
CASH AND CASH EQUIVALENTS, end of period 18,105,000 9,919,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest
Income taxes
NON-CASH FINANCING ACTIVITIES    
Accrued dividend rights on restricted stock units 32,000 8,000
Right of use asset and lease liability $ 75,000

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