Network-1 Technologies, Inc.

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 48,000,000 $ 50,918,000
Marketable securities, available for sale 1,064,000 1,065,000
Royalty receivables, net 7,020,000 2,879,000
Prepaid Taxes 241,000 1,195,000
Other current assets 57,000 83,000
Total Current Assets 56,382,000 56,140,000
OTHER ASSETS:    
Deferred tax assets 168,000 207,000
Patent, net of accumulated amortization 1,181,000 1,231,000
Security deposits 19,000 19,000
Total Other Assets 1,368,000 1,457,000
TOTAL ASSETS 57,750,000 57,597,000
CURRENT LIABILITIES:    
Accounts payable 245,000 171,000
Accrued contingency fees and related costs 1,910,000 2,681,000
Accrued payroll 258,000 1,748,000
Other accrued expenses 149,000 125,000
TOTAL LIABILITIES 2,562,000 4,725,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.01 par value; authorized 50,000,000 shares; 24,329,954 and 23,744,829 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 243,000 238,000
Additional paid-in capital 63,665,000 62,367,000
Accumulated deficit (8,688,000) (9,702,000)
Accumulated other comprehensive loss (32,000) (31,000)
TOTAL STOCKHOLDERS' EQUITY 55,188,000 52,872,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 57,750,000 $ 57,597,000

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Condensed Consolidated Statements Of Income And Comprehensive Income    
REVENUE $ 6,221,000 $ 5,190,000
OPERATING EXPENSES:    
Costs of revenue 1,792,000 1,486,000
Professional fees and related costs 405,000 452,000
General and administrative 484,000 403,000
Amortization of patents 50,000 414,000
Stock-based compensation 237,000 12,000
TOTAL OPERATING EXPENSES 2,968,000 2,767,000
OPERATING INCOME 3,253,000 2,423,000
OTHER INCOME:    
Interest income, net 9,000 10,000
INCOME BEFORE INCOME TAXES 3,262,000 2,433,000
INCOME TAXES (BENEFIT):    
Current 955,000 51,000
Deferred taxes, net 39,000 (1,438,000)
Total income taxes (benefit) 994,000 (1,387,000)
NET INCOME $ 2,268,000 $ 3,820,000
Net Income Per Share    
Basic $ 0.09 $ 0.16
Diluted $ 0.09 $ 0.16
Weighted average common shares outstanding:    
Basic 24,118,851 23,252,751
Diluted 26,333,945 24,266,573
Cash dividends declared per share $ 0.05
NET INCOME $ 2,268,000 $ 3,820,000
OTHER COMPREHENSIVE INCOME:    
Unrealized holding gain (loss) on securities available-for-sale arising during the period (1,000) 27,000
COMPREHENSIVE INCOME $ 2,267,000 $ 3,847,000

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 2,268,000 $ 3,820,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of Patents 50,000 414,000
Stock -based compensation 237,000 12,000
Deferred tax provision 39,000 (1,438,000)
Changes in operating assets and liabilities:    
Royalty receivables (4,141,000) (3,665,000)
Prepaid taxes 955,000
Other current assets 26,000 74,000
Accounts payable 74,000 124,000
Accrued expense (2,285,000) 777,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (2,777,000) 118,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of patents (2,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends (1,209,000)
Value of shares delivered to fund withholding taxes on exercise of options (44,000)
Repurchases of common stock, net of commissions (1,000)
Proceeds from exercises of options and warrants 1,068,000 60,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (141,000) 15,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,918,000) 131,000
CASH AND CASH EQUIVALENTS, beginning of period 50,918,000 20,608,000
CASH AND CASH EQUIVALENTS, end of period 48,000,000 20,739,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid during the years for: Interest
Cash paid during the years for: Income taxes
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 47,000

Source