Network-1 Technologies, Inc.

Financials

v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
  CURRENT ASSETS:    
Cash and cash equivalents $ 13,145,000 $ 16,896,000
Marketable securities, at fair value 27,455,000 28,571,000
Other current assets 232,000 206,000
  Total Current Assets 40,832,000 45,673,000
  OTHER ASSETS:    
Patents, net of accumulated amortization 1,205,000 1,326,000
Equity investment 3,337,000 5,249,000
Operating leases right of use asset 27,000 16,000
Security deposits 13,000 13,000
  Total Other Assets 4,582,000 6,604,000
  TOTAL ASSETS 45,414,000 52,277,000
CURRENT LIABILITIES:    
Accounts payable 203,000 125,000
Accrued payroll 292,000 378,000
Other accrued expenses 247,000 297,000
Operating lease obligations 24,000 23,000
  Total Current Liabilities 766,000 823,000
LONG TERM LIABILITIES:    
Deferred tax liability 337,000 762,000
TOTAL LIABILITIES 1,103,000 1,585,000
COMMITMENTS AND CONTINGENCIES (See Note I)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares; none issued and outstanding at December 31, 2024 and December 31, 2023
  Common stock, $0.01 par value; authorized 50,000,000 shares; 22,961,619 and 23,553,908 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 229,000 235,000
  Additional paid-in capital 65,455,000 67,446,000
Accumulated deficit (21,373,000) (16,989,000)
TOTAL STOCKHOLDERS’ EQUITY 44,311,000 50,692,000
  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 45,414,000 $ 52,277,000

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v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
REVENUE $ 100,000 $ 2,601,000
OPERATING EXPENSES:    
Costs of revenue 28,000 874,000
Professional fees and related costs 959,000 807,000
General and administrative 2,614,000 2,889,000
Amortization of patents 120,000 266,000
TOTAL OPERATING EXPENSES 3,721,000 4,836,000
OPERATING LOSS (3,621,000) (2,235,000)
  OTHER INCOME    
Interest and dividend income, net 1,897,000 1,868,000
Net realized and unrealized gain on marketable securities 177,000 525,000
Total other income, net 2,074,000 2,393,000
(LOSS) INCOME BEFORE INCOME TAXES AND SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE (1,547,000) 158,000
INCOME TAXES PROVISION:    
Current 11,000
Deferred taxes, net (425,000) (399,000)
Total income taxes benefit (425,000) (388,000)
  (LOSS) INCOME BEFORE SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE: (1,122,000) 546,000
SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE (1,912,000) (2,003,000)
  NET LOSS $ (3,034,000) $ (1,457,000)
Net Loss Per Share:    
Basic $ (0.13) $ (0.06)
Diluted $ (0.13) $ (0.06)
Weighted average common shares outstanding:    
Basic 23,250,224 23,791,287
Diluted 23,250,224 23,791,287
  Cash dividends declared per share $ 0.10 $ 0.10
NET LOSS $ (3,034,000) $ (1,457,000)
  OTHER COMPREHENSIVE INCOME (LOSS)    
Net unrealized holding gain on corporate bonds and notes arising during the year, net of tax 14,000
COMPREHENSIVE LOSS $ (3,034,000) $ (1,443,000)

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v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,034,000) $ (1,457,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of patents 120,000 266,000
Stock-based compensation 399,000 508,000
Loss allocated from equity investment 1,912,000 2,003,000
Deferred tax benefit (425,000) (399,000)
Amortization of right of use asset, net 64,000 65,000
Unrealized loss (gain) on marketable securities 67,000 (103,000)
  Changes in operating assets and liabilities:    
Other current assets (26,000) 142,000
Prepaid taxes 177,000
Accounts payable 79,000 (382,000)
Income taxes payable (115,000)
Security deposit (13,000)
Operating lease obligations (74,000) (70,000)
Accrued expenses (158,000) (291,000)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (1,076,000) 331,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 15,250,000 53,521,000
Purchases of marketable securities (14,201,000) (46,984,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,049,000 6,537,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,366,000) (2,371,000)
Value of shares delivered to fund withholding taxes (63,000) (83,000)
Repurchases of common stock, inclusive of commissions and excise tax (1,295,000) (966,000)
NET CASH USED IN FINANCING ACTIVITIES (3,724,000) (3,420,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (3,751,000) 3,448,000
  CASH AND CASH EQUIVALENTS, beginning of year 16,896,000 13,448,000
CASH AND CASH EQUIVALENTS, end of year 13,145,000 16,896,000
Cash paid during the years for:    
Interest
Income taxes 65,000
  NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units 59,000 65,000
Right-of-use asset for lease liability $ 75,000 $ 80,000

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