SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
12b-25
Commission
File Number 1-14896
NOTIFICATION
OF LATE FILING
(Check
One): [X] Form 10-K [_] Form
20-F [_] Form 11-K [_] Form
10-Q [_] Form 10-D [_] Form N-SAR [_] Form
N-CSR
For
Period Ended: December 31, 2009
[_] Transition
Report on Form 10-K
[_] Transition
Report on Form 20-F
[_] Transition
Report on Form 11-K
[_] Transition
Report on Form 10-Q
[_] Transition
Report on Form N-SAR
For
the Transition Period Ended:______________________________________
Read
attached instruction sheet before preparing form. Please print or
type.
Nothing
in this form shall be construed to imply that the Commission has verified any
information contained herein.
If the
notification relates to a portion of the filing checked above, identify the
item(s) to which the notification relates:
_____________________________________________________________________________________
PART
I -- REGISTRANT INFORMATION
Full name
of registrant NETWORK-1 SECURITY SOLUTIONS,
INC.
___________________________________________________________
Former
name if applicable
445 Park
Avenue, Suite 1018
___________________________________________________________
Address
of principal executive office (Street and number)
New York,
New York 10022
___________________________________________________________
City,
state and zip code
PART
II -- RULES 12b-25(b) AND (c)
If
the subject report could not be filed without unreasonable effort or expense and
the registrant seeks relief pursuant to Rule 12b-25(b), the following should be
completed. (Check box if appropriate.)
[X] (a)
The reasons described in reasonable detail in Part III of this form could not be
eliminated without unreasonable effort or expense;
[X] (b)
The subject annual report, semi-annual report, transition report on Form 10-K,
Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof,
will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report or transition
report on Form 10-Q or subject distribution report on Form 10-D, or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
[_] (c)
The accountant's statement or other exhibit required by Rule 12b-25(c) has been
attached if applicable.
PART
III -- NARRATIVE
State
below in reasonable detail why the Form 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR,
N-CSR, or the transition report portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)
The
Company is unable to file its Form 10-K for the year ended December 31, 2009 at
this time because of certain unresolved issues pertaining to finalizing the
Company's financial statements which cannot be resolved without unreasonable
effort or expense.
PART
IV -- OTHER INFORMATION
(1) Name
and telephone number of person to contact in regard to this
notification
Corey
M. Horowitz, Chairman &
CEO (212) 829-5700
----------------------------------------------- ------------ -------------
(Name) (Area
Code) (Telephone
Number)
(2) Have
all other periodic reports required under Section 13 or 15(d) of the Securities
Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during
the preceding 12 months or for such shorter period that the registrant was
required to file such report(s) been filed? If the answer is no, identify
report(s). [X] Yes [_] No
(3) Is
it anticipated that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion thereof?
[X]
Yes [_] No
If
so: attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
_____________________________________________________________________________________________
NETWORK-1
SECURITY SOLUTIONS, INC.
------------------------------------------------------------------------------------------
(Name of Registrant as Specified
in Charter)
has caused this notification to
be signed on its behalf by the undersigned hereunto duly
authorized.
Date:
March 31,
2010 By:
/s/ Corey M. Horowitz
--------------------- ---------------------------------------------
Name: Corey
M. Horowitz
Title:
Chairman and Chief Executive Officer
INSTRUCTION:
The form may be signed by an executive officer of the registrant or by any other
duly authorized representative. The name and title of the person signing the
form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTACHMENT
Form
12b-25/Network-1 Security Solutions, Inc.
(3) The
Company anticipates that it will incur a net loss of approximately $2,600,000
for the year ended December 31, 2009 as compared to a net loss of $1,618,000 for
the year ended December 31, 2008.