Network-1 Technologies, Inc.

Financials

v3.21.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 25,505,000 $ 22,587,000
Marketable securities, at fair value 19,366,000 25,730,000
Royalty receivables 0 343,000
Other current assets 120,000 98,000
Total Current Assets 44,991,000 48,758,000
OTHER ASSETS:    
Deferred tax assets, net 954,000 0
Patents, net of accumulated amortization 1,578,000 1,819,000
Equity investment 3,650,000 4,437,000
Operating leases right-of-use asset 0 41,000
Security deposits 21,000 21,000
Total Other Assets 6,203,000 6,318,000
TOTAL ASSETS 51,194,000 55,076,000
CURRENT LIABILITIES:    
Accounts payable 597,000 421,000
Accrued contingency fees and related costs 932,000 492,000
Accrued payroll 277,000 334,000
Operating lease obligations - current 0 41,000
Other accrued expenses 226,000 281,000
TOTAL LIABILITIES 2,032,000 1,569,000
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares; none issued and outstanding at December 31, 2020 and December 31, 2019 0 0
Common stock, $0.01 par value; authorized 50,000,000 shares; 24,105,879 and 24,036,071 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 241,000 240,000
Additional paid-in capital 66,124,000 65,824,000
Accumulated deficit (17,193,000) (12,636,000)
Accumulated other comprehensive income (loss) (10,000) 79,000
TOTAL STOCKHOLDERS' EQUITY 49,162,000 53,507,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 51,194,000 $ 55,076,000

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v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS    
REVENUE $ 4,403,000 $ 3,037,000
OPERATING EXPENSES:    
Costs of revenue 1,653,000 882,000
Professional fees and related costs 2,407,000 1,490,000
General and administrative 2,162,000 2,167,000
Amortization of patents 292,000 285,000
Stock-based compensation 302,000 567,000
TOTAL OPERATING EXPENSES 6,816,000 5,391,000
OPERATING LOSS (2,413,000) (2,354,000)
OTHER INCOME:    
Interest and dividend income, net 522,000 1,150,000
Net realized and unrealized gain on marketable securities 15,000 37,000
Total other income, net 537,000 1,187,000
LOSS BEFORE INCOME TAXES AND EQUITY IN NET LOSSES OF EQUITY METHOD INVESTEE (1,876,000) (1,167,000)
INCOME TAXES PROVISION (BENEFIT):    
Current (464,000) (147,000)
Deferred taxes, net (490,000) 168,000
Total income taxes (benefit) (954,000) 21,000
LOSS BEFORE SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE: (922,000) (1,188,000)
SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE (787,000) (604,000)
NET LOSS $ (1,709,000) $ (1,792,000)
Net Loss Per Share:    
Basic $ (0.07) $ (0.07)
Diluted $ (0.07) $ (0.07)
Weighted average common shares outstanding:    
Basic 24,011,354 23,978,774
Diluted 24,011,354 23,978,774
Cash dividends declared per share $ 0.10 $ 0.10
NET LOSS $ (1,709,000) $ (1,792,000)
OTHER COMPREHENSIVE INCOME (LOSS):    
Net unrealized holding gain (loss) on corporate bonds and notes arising during the year, net of tax (89,000) 160,000
COMPREHENSIVE LOSS $ (1,798,000) $ (1,632,000)

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v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,709,000) $ (1,792,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of patents 292,000 285,000
Stock-based compensation 302,000 567,000
Loss from equity investment 787,000 604,000
Deferred tax expense (954,000) 168,000
Amortization of right of use asset 41,000 127,000
Unrealized gain on marketable securities (88,000) (5,000)
Changes in operating assets and liabilities:    
Royalty receivables 343,000 101,000
Other current assets (22,000) 14,000
Accounts payable 180,000 351,000
Operating lease obligations (41,000) (126,000)
Accrued expenses 366,000 (899,000)
NET CASH USED IN OPERATING ACTIVITIES (503,000) (605,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sale of marketable securities 24,216,000 33,888,000
Purchases of marketable securities (17,859,000) (28,225,000)
Development of patents (51,000) (115,000)
Equity investment 0 (2,500,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES 6,306,000 3,048,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,471,000) (2,416,000)
Value of shares delivered to fund withholding taxes (161,000) (538,000)
Repurchases of common stock, inclusive of commissions (253,000) (772,000)
Proceeds from exercises of stock options 0 107,000
NET CASH USED IN FINANCING ACTIVITIES (2,885,000) (3,619,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,918,000 (1,176,000)
CASH AND CASH EQUIVALENTS, beginning of year 22,587,000 23,763,000
CASH AND CASH EQUIVALENTS, end of year 25,505,000 22,587,000
Cash paid during the years for:    
Interest 0 0
Income taxes 0 0
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 31,000 $ 48,000

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