Network-1 Technologies, Inc.

Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 51,895,000 $ 50,918,000
Marketable securities, available for sale 1,066,000 1,065,000
Royalty receivables, net 4,397,000 2,879,000
Prepaid Taxes 1,195,000
Other current assets 44,000 83,000
Total Current Assets 57,402,000 56,140,000
OTHER ASSETS:    
Deferred tax assets 168,000 207,000
Patent, net of accumulated amortization 1,139,000 1,231,000
Security deposits 19,000 19,000
Total Other Assets 1,326,000 1,457,000
TOTAL ASSETS 58,728,000 57,597,000
CURRENT LIABILITIES:    
Accounts payable 156,000 171,000
Income taxes payable 640,000
Accrued contingency fees and related costs 1,646,000 2,681,000
Accrued payroll 292,000 1,748,000
Other accrued expenses 60,000 125,000
TOTAL LIABILITIES 2,794,000 4,725,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at June 30, 2017 and December 31, 2016
Common stock, $0.01 par value; authorized 50,000,000 shares; 24,160,759 and 23,744,829 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 242,000 238,000
Additional paid-in capital 63,904,000 62,367,000
Accumulated deficit (8,182,000) (9,702,000)
Accumulated other comprehensive loss (30,000) (31,000)
TOTAL STOCKHOLDERS' EQUITY 55,934,000 52,872,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 58,728,000 $ 57,597,000

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Condensed Consolidated Statements Of Income And Comprehensive Income        
REVENUE $ 4,862,000 $ 20,447,000 $ 11,083,000 $ 25,637,000
OPERATING EXPENSES:        
Costs of revenue 1,583,000 5,754,000 3,375,000 7,240,000
Professional fees and related costs 215,000 372,000 620,000 825,000
General and administrative 440,000 426,000 924,000 828,000
Amortization of patents 50,000 297,000 100,000 711,000
Stock-based compensation 237,000 32,000 474,000 44,000
Contingent patent cost 500,000 500,000
TOTAL OPERATING EXPENSES 2,525,000 7,381,000 5,493,000 10,148,000
OPERATING INCOME 2,337,000 13,066,000 5,590,000 15,489,000
OTHER INCOME:        
Interest income, net 25,000 16,000 34,000 26,000
INCOME BEFORE INCOME TAXES 2,362,000 13,082,000 5,624,000 15,515,000
INCOME TAXES:        
Current 818,000 330,000 1,773,000 381,000
Deferred taxes, net 4,522,000 39,000 3,084,000
Total income taxes 818,000 4,852,000 1,812,000 3,465,000
NET INCOME $ 1,544,000 $ 8,230,000 $ 3,812,000 $ 12,050,000
Net Income Per Share        
Basic $ 0.06 $ 0.35 $ 0.16 $ 0.52
Diluted $ 0.06 $ 0.33 $ 0.14 $ 0.49
Weighted average common shares outstanding:        
Basic 24,285,803 23,300,638 24,202,788 23,276,295
Diluted 26,693,310 24,637,316 26,514,620 24,451,944
Cash dividends declared per share $ 0.05
NET INCOME $ 1,544,000 $ 8,230,000 $ 3,812,000 $ 12,050,000
OTHER COMPREHENSIVE INCOME:        
Unrealized holding gain (loss) on securities available-for-sale arising during the period 2,000 16,000 1,000 43,000
COMPREHENSIVE INCOME $ 1,546,000 $ 8,246,000 $ 3,813,000 $ 12,093,000

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 3,812,000 $ 12,050,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of Patents 100,000 711,000
Stock -based compensation 474,000 44,000
Deferred tax provision 39,000 3,084,000
Changes in operating assets and liabilities:    
Royalty receivables (1,518,000) (1,438,000)
Prepaid taxes 1,195,000
Other current assets 39,000 158,000
Accounts payable (15,000) 8,000
Income taxes payable 640,000
Accrued expense (2,598,000) 132,000
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 2,168,000 14,749,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of patents (8,000) (3,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends (1,214,000)
Value of shares delivered to fund withholding taxes on stock-based compensation (56,000) (44,000)
Repurchases of common stock, net of commissions (981,000) (1,000)
Proceeds from exercises of options and warrants 1,068,000 60,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,183,000) 15,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 977,000 14,761,000
CASH AND CASH EQUIVALENTS, beginning of period 50,918,000 20,608,000
CASH AND CASH EQUIVALENTS, end of period 51,895,000 35,369,000
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 $ 42,000

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