Network-1 Technologies, Inc.

Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 57,759,000 $ 20,608,000
Marketable securities, available for sale 1,100,000 1,061,000
Royalty receivables 1,414,000 1,537,000
Other current assets 20,000 196,000
Total Current Assets 60,293,000 23,402,000
OTHER ASSETS:    
Deferred tax assets 415,000 4,958,000
Patent, net of accumulated amortization 1,246,000 2,002,000
Security deposits 19,000 19,000
Total Other Assets 1,680,000 6,979,000
TOTAL ASSETS 61,973,000 30,381,000
CURRENT LIABILITIES:    
Accounts payable 462,000 139,000
Accrued expenses 5,572,000 1,552,000
Income taxes payable 4,080,000
TOTAL LIABILITIES 10,114,000 1,691,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at September 30, 2016 and December 31, 2015
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,329,196 and 23,211,149 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 233,000 232,000
Additional paid-in capital 61,540,000 61,249,000
Accumulated deficit (9,918,000) (32,756,000)
Accumulated other comprehensive income (loss) 4,000 (35,000)
TOTAL STOCKHOLDERS' EQUITY 51,859,000 28,690,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 61,973,000 $ 30,381,000

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Condensed Statements Of Income And Comprehensive Income        
REVENUE $ 34,326,000 $ 3,008,000 $ 59,963,000 $ 10,382,000
OPERATING EXPENSES:        
Costs of revenue 16,943,000 927,000 24,183,000 3,094,000
Professional fees and related costs 633,000 475,000 1,458,000 1,248,000
General and administrative 428,000 440,000 1,256,000 1,891,000
Amortization of patents 49,000 413,000 760,000 1,239,000
Stock-based compensation 189,000 69,000 233,000 243,000
Contingent patent cost 500,000
TOTAL OPERATING EXPENSES 18,242,000 2,324,000 28,390,000 7,715,000
OPERATING INCOME 16,084,000 684,000 31,573,000 2,667,000
OTHER INCOME:        
Interest income, net 24,000 11,000 50,000 44,000
INCOME BEFORE INCOME TAXES 16,108,000 695,000 31,623,000 2,711,000
INCOME TAXES:        
Current 3,817,000 26,000 4,198,000 66,000
Deferred taxes, net 1,459,000 262,000 4,543,000 928,000
Total income taxes 5,276,000 288,000 8,741,000 994,000
NET INCOME $ 10,832,000 $ 407,000 $ 22,882,000 $ 1,717,000
Net Income Per Share        
Basic $ 0.46 $ 0.02 $ 0.98 $ 0.07
Diluted $ 0.43 $ 0.02 $ 0.93 $ 0.07
Weighted average common shares outstanding:        
Basic 23,320,514 23,273,946 23,291,408 23,597,143
Diluted 25,198,142 24,654,699 24,700,784 24,590,487
NET INCOME $ 10,832,000 $ 407,000 $ 22,882,000 $ 1,717,000
OTHER COMPREHENSIVE INCOME:        
Unrealized holding gain (loss) on securities available-for-sale arising during the period (4,000) 12,000 39,000
COMPREHENSIVE INCOME $ 10,828,000 $ 419,000 $ 22,921,000 $ 1,717,000

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 22,882,000 $ 1,717,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of Patents 760,000 1,239,000
Stock based compensation 233,000 243,000
Deferred tax provision 4,543,000 928,000
Impairment of investments 386,000
Changes in operating assets and liabilities:    
Royalty receivables 123,000 (451,000)
Other current assets 176,000 126,000
Accounts payable 323,000 (165,000)
Accrued expense 4,020,000 (1,082,000)
Income taxes payable 4,080,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 37,140,000 2,941,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of patents and other assets (4,000) (36,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares delivered to fund withholding taxes on exercise of options (44,000)
Repurchases of common stock, net of commissions (1,000) (2,555,000)
Proceeds from exercise of options 60,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 15,000 (2,555,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS 37,151,000 350,000
CASH AND CASH EQUIVALENTS, beginning of period 20,608,000 17,662,000
CASH AND CASH EQUIVALENTS, end of period 57,759,000 18,012,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
CASH PAID DURING THE PERIOD FOR: Interest
CASH PAID DURING THE PERIOD FOR: Taxes $ 50,000

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