Network-1 Technologies, Inc.

Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 18,680,000 $ 43,351,000
Marketable securities, at fair value 36,311,000 10,804,000
Royalty receivables, net 444,000 575,000
Prepaid taxes 125,000
Other current assets 112,000 83,000
Total Current Assets 55,547,000 54,938,000
OTHER ASSETS:    
Deferred tax assets 168,000 168,000
Patent, net of accumulated amortization 1,989,000 2,169,000
Equity investment 2,541,000
Security deposits 21,000 19,000
Total Other Assets 4,719,000 2,356,000
TOTAL ASSETS 60,266,000 57,294,000
CURRENT LIABILITIES:    
Accounts payable 67,000 244,000
Income taxes payable 197,000
Accrued contingency fees and related costs 1,136,000 1,780,000
Accrued payroll 486,000 709,000
Other accrued expenses 175,000 149,000
TOTAL LIABILITIES 2,061,000 2,882,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares; none issued and outstanding at December 31, 2018 and December 31, 2017
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,735,927 and 23,843,915 issued and outstanding at December 31, 2018 and December 31, 2017, respectively 237,000 238,000
Additional paid-in capital 65,151,000 64,435,000
Accumulated deficit (7,102,000) (10,219,000)
Accumulated other comprehensive loss (81,000) (42,000)
TOTAL STOCKHOLDERS' EQUITY 58,205,000 54,412,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 60,266,000 $ 57,294,000

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v3.19.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Consolidated Statements Of Income And Comprehensive Income    
REVENUE $ 22,106,000 $ 16,451,000
OPERATING EXPENSES:    
Costs of revenue 8,072,000 4,970,000
Professional fees and related costs 1,635,000 2,057,000
General and administrative 2,255,000 2,255,000
Amortization of patents 290,000 206,000
Stock-based compensation 687,000 949,000
TOTAL OPERATING EXPENSES 12,939,000 10,437,000
OPERATING INCOME 9,167,000 6,014,000
OTHER INCOME:    
Interest income, net 876,000 215,000
Net realized and unrealized loss from investments (29,000)
Total other income 847,000 215,000
INCOME BEFORE INCOME TAXES 10,014,000 6,229,000
INCOME TAXES:    
Current 2,308,000 2,057,000
Deferred taxes, net 39,000
Total income taxes 2,308,000 2,096,000
NET INCOME $ 7,706,000 $ 4,133,000
Net Income Per Share:    
Basic $ 0.32 $ 0.17
Diluted $ 0.30 $ 0.16
Weighted average common shares outstanding:    
Basic 23,763,785 24,147,908
Diluted 25,354,978 26,396,160
Cash dividends declared per share $ 0.10 $ 0.10
NET INCOME $ 7,706,000 $ 4,133,000
OTHER COMPREHENSIVE INCOME (LOSS):    
Net unrealized holding loss on corporate bonds and notes arising during the year, net of tax (39,000) (11,000)
COMPREHENSIVE INCOME $ 7,667,000 $ 4,122,000

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v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 7,706,000 $ 4,133,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of Patents 290,000 206,000
Stock -based compensation 687,000 949,000
Deferred tax provision 39,000
Changes in operating assets and liabilities:    
Royalty receivables 131,000 2,304,000
Prepaid Taxes 125,000 1,070,000
Other assets (31,000)
Accounts payable (177,000) 73,000
Income taxes payable 197,000
Accrued expense (835,000) (2,000,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 8,093,000 6,774,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Development of patents (110,000) (1,144,000)
Equity investment (2,541,000)
Purchases of marketable securities, net of sales and redemptions (25,546,000) (9,750,000)
NET CASH USED IN INVESTING ACTIVITIES (28,197,000) (10,894,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends (2,444,000) (2,420,000)
Value of shares delivered to fund withholding taxes (545,000) (56,000)
Repurchases of common stock, net of commissions (1,608,000) (2,096,000)
Proceeds from exercises of options and warrants 30,000 1,125,000
NET CASH USED IN FINANCING ACTIVITIES (4,567,000) (3,447,000)
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (24,671,000) (7,567,000)
CASH AND CASH EQUIVALENTS, beginning of year 43,351,000 50,918,000
CASH AND CASH EQUIVALENTS, end of year 18,680,000 43,351,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
CASH PAID DURING THE PERIOD FOR: Interest
CASH PAID DURING THE PERIOD FOR: Income taxes 1,986,000 1,290,000
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 63,000 $ 84,000

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