Network-1 Technologies, Inc.

Financials

v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
ASSETS   CURRENT ASSETS:    
Cash and cash equivalents $ 14,315,000 $ 16,896,000
Marketable securities, at fair value 27,201,000 28,571,000
Other current assets 141,000 206,000
  TOTAL CURRENT ASSETS 41,657,000 45,673,000
  OTHER ASSETS:    
Patents, net of accumulated amortization 1,236,000 1,326,000
Equity investment 3,636,000 5,249,000
Operating leases right-of-use asset 43,000 16,000
Security deposit 13,000 13,000
  Total Other Assets 4,928,000 6,604,000
  TOTAL ASSETS 46,585,000 52,277,000
  LIABILITIES AND STOCKHOLDERS’ EQUITY:   CURRENT LIABILITIES:    
Accounts payable 371,000 125,000
Accrued payroll 6,000 378,000
Other accrued expenses 182,000 297,000
Operating lease obligation, current 40,000 23,000
  Total Current Liabilities 599,000 823,000
  LONG TERM LIABILITIES:    
Deferred tax liability 407,000 762,000
  TOTAL LIABILITIES 1,006,000 1,585,000
  STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at September 30, 2024 and December 31, 2023
Common stock, $0.01 par value; authorized 50,000,000 shares;  23,110,495 and 23,553,908 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 231,000 235,000
Additional paid-in capital 67,757,000 67,446,000
Accumulated deficit (22,409,000) (16,989,000)
TOTAL STOCKHOLDERS’ EQUITY 45,579,000 50,692,000
  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,585,000 $ 52,277,000

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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
REVENUE $ 100,000 $ 820,000
OPERATING EXPENSES:        
Costs of revenue 28,000 232,000
Professional fees and related costs 290,000 109,000 656,000 466,000
General and administrative 576,000 679,000 1,764,000 2,070,000
Amortization of patents 30,000 71,000 90,000 236,000
TOTAL OPERATING EXPENSES 896,000 859,000 2,538,000 3,004,000
OPERATING LOSS (896,000) (859,000) (2,438,000) (2,184,000)
  OTHER INCOME:        
Interest and dividend income, net 524,000 406,000 1,407,000 1,161,000
Net realized and unrealized gain on marketable securities 293,000 131,000 395,000 420,000
Total other income, net 817,000 537,000 1,802,000 1,581,000
  LOSS BEFORE INCOME TAXES AND SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE (79,000) (322,000) (636,000) (603,000)
INCOME TAXES PROVISION:        
Current (13,000) (13,000)
Deferred taxes, net (71,000) (31,000) (355,000) (278,000)
Total income tax benefit (71,000) (44,000) (355,000) (229,000)
LOSS BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: (8,000) (278,000) (281,000) (312,000)
SHARE OF NET LOSS OF EQUITY METHOD INVESTEE (308,000) (532,000) (1,613,000) (1,597,000)
  NET LOSS $ (316,000) $ (810,000) $ (1,894,000) $ (1,909,000)
Net loss per share        
Basic $ (0.01) $ (0.03) $ (0.08) $ (0.08)
Diluted $ (0.01) $ (0.03) $ (0.08) $ (0.08)
Weighted average common shares outstanding:        
Basic 23,126,480 23,803,567 23,337,716 23,867,204
Diluted 23,126,480 23,803,567 23,337,716 23,867,204
Cash dividends declared per share $ 0.05 $ 0.05 $ 0.10 $ 0.10
  NET LOSS $ (316,000) $ (810,000) $ (1,894,000) $ (1,909,000)
OTHER COMPREHENSIVE LOSS        
Net unrealized holding gain on corporate bonds and notes during the period, net of tax 14,000 14,000
COMPREHENSIVE LOSS $ (316,000) $ (796,000) $ (1,894,000) $ (1,895,000)

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v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,894,000) $ (1,909,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Amortization of patents 90,000 236,000
Stock-based compensation 313,000 388,000
Loss allocated from equity method investment 1,613,000 1,597,000
Unrealized gain on marketable securities (244,000) (27,000)
Deferred tax (benefit) expense (355,000) (278,000)
Amortization of operating leases – right of use assets 48,000 47,000
Changes in operating assets and liabilities:    
Other current assets 65,000 307,000
Prepaid taxes (131,000)
Security deposit (13,000)
Accounts payable 246,000 (257,000)
Income taxes payable (89,000)
Operating lease obligations (58,000) (52,000)
Accrued expenses (509,000) (572,000)
  NET CASH USED IN OPERATING ACTIVITIES (685,000) (753,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 13,582,000 44,488,000
Purchases of marketable securities (11,968,000) (33,138,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,614,000 11,350,000
  CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,366,000) (2,371,000)
Value of shares delivered to fund payment of withholding taxes (61,000) (83,000)
Repurchases of common stock, inclusive of commissions and excise tax (1,083,000) (705,000)
NET CASH USED IN FINANCING ACTIVITIES: (3,510,000) (3,159,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS (2,581,000) 7,438,000
CASH AND CASH EQUIVALENTS, beginning of period 16,896,000 13,448,000
CASH AND CASH EQUIVALENTS, end of period 14,315,000 20,886,000
Cash paid during the period for:    
Interest
Income taxes 67,000
NON-CASH FINANCING ACTIVITIES    
Accrued dividend rights on restricted stock units 59,000 22,000
Right of use asset for lease liability $ 75,000 $ 98,000

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