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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_________________
FORM
10-Q
_________________
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023 |
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to__________ |
|
Commission
File Number 1-15288
NETWORK-1 TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
|
11-3027591 |
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
|
|
|
65 Locust Avenue, Third Floor
New Canaan, Connecticut
|
|
06840 |
(Address of principal executive
offices) |
|
(Zip Code) |
203-920-1055
(Registrant’s
Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
symbol |
Name
of each exchange on which registered |
Common Stock,
par value $0.01 per share
|
NTIP |
NYSE American
|
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§223.405) of this chapter during the
preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large
accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company”
in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
|
|
|
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
|
|
|
|
Emerging growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the registrant’s common stock, $.01 par
value per share, outstanding as of August 7, 2023 was 23,758,560.
NETWORK-1 TECHNOLOGIES, INC.
Form 10-Q Index
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions
that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such
forward-looking statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements include any expectation of earnings, revenue or other financial items; any statements
of the plans, strategies and objectives of management for future operations; factors that may affect our operating results; statements
related to future performance and other matters that do not relate strictly to historical facts or statements of assumptions underlying
any of the foregoing. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,”
“believe,” “can,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “will,” “plan,” “project,” “seek,” “should,”
“target,” “would,” and similar expressions or variations intended to identify forward-looking statements. These
statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking
statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain
events to differ materially from future results expressed or implied by such forward-looking statements. Except as required by law, we
undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Factors that could cause or contribute to such differences include various risks and uncertainties described below and elsewhere in this
Quarterly Report on Form 10-Q as well as in our Annual Report on Form 10-K for the year ended December 31, 2022 (filed with the SEC on
March 30, 2023). Furthermore, such forward-looking statements speak only as of the date of this report. Such risks and uncertainties
include, but are not limited to, the following:
| • | our
uncertain revenue from licensing our intellectual property; |
| • | uncertainty
of the outcome of our pending litigations; |
| • | our
ability to achieve future revenue from our patent portfolios; |
| • | our
ability to protect our patents; |
| • | our
ability to execute our strategy to acquire or make investments in high quality patents with
significant licensing opportunities; |
| • | our
ability to enter into strategic relationships with third parties to license or otherwise
monetize their intellectual property; |
| • | our
ability to achieve a return on our investment in ILiAD Biotechnologies, LLC; |
| • | our
ability to continue to acquire additional intellectual property; |
| • | uncertainty
as to whether cash dividends will continue to be paid; |
| • | variations
in our quarterly and annual operating results; |
| • | the
risk that we may be determined to be a personal holding company in 2023 or future years which
may result in our issuing a special cash dividend to our stockholders to the extent we have
undistributed personal holding company income resulting in less cash available for our operations
and strategic transactions; and |
| • | legislative,
regulatory and competitive developments. |
Item
1. Condensed Consolidated Financial Statements
NETWORK-1 TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| |
| | | |
| | |
| |
June
30, 2023 | | |
December
31, 2022 | |
ASSETS
| |
| | |
| |
CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 16,615,000 | | |
$ | 13,448,000 | |
Marketable securities, at fair value | |
| 29,755,000 | | |
| 34,991,000 | |
Prepaid taxes | |
| 177,000 | | |
| 177,000 | |
Other current assets | |
| 88,000 | | |
| 348,000 | |
TOTAL CURRENT ASSETS | |
| 46,635,000 | | |
| 48,964,000 | |
OTHER ASSETS: | |
| | | |
| | |
Patents, net of accumulated amortization | |
| 1,427,000 | | |
| 1,592,000 | |
Equity investment | |
| 6,187,000 | | |
| 7,252,000 | |
Operating leases right-of-use asset | |
| 129,000 | | |
| 161,000 | |
Security deposit | |
| 13,000 | | |
| — | |
Total Other Assets | |
| 7,756,000 | | |
| 9,005,000 | |
TOTAL ASSETS | |
$ | 54,391,000 | | |
$ | 57,969,000 | |
| |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY:
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 375,000 | | |
$ | 507,000 | |
Income taxes payable | |
| 115,000 | | |
| 115,000 | |
Accrued contingency fees and related costs | |
| 66,000 | | |
| — | |
Accrued payroll | |
| 15,000 | | |
| 317,000 | |
Other accrued expenses | |
| 101,000 | | |
| 587,000 | |
Operating lease obligation, current | |
| 79,000 | | |
| 79,000 | |
Total Current Liabilities | |
| 751,000 | | |
| 1,605,000 | |
LONG TERM LIABILITIES: | |
| | | |
| | |
Deferred tax liability | |
| 914,000 | | |
| 1,161,000 | |
Operating lease obligation, non-current | |
| 60,000 | | |
| 94,000 | |
TOTAL LIABILITIES | |
$ | 1,725,000 | | |
$ | 2,860,000 | |
COMMITMENTS AND CONTINGENCIES (Note G) | |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at June 30, 2023 and December 31, 2022 | |
| — | | |
| — | |
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,811,260 and
23,863,639 shares issued and outstanding at June 30, 2023 and December 31, 2022,
respectively | |
| 238,000 | | |
| 239,000 | |
Additional paid-in capital | |
| 67,205,000 | | |
| 66,939,000 | |
Accumulated deficit | |
| (14,763,000 | ) | |
| (12,055,000 | ) |
Accumulated other comprehensive loss | |
| (14,000 | ) | |
| (14,000 | ) |
TOTAL STOCKHOLDERS’ EQUITY | |
| 52,666,000 | | |
| 55,109,000 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 54,391,000 | | |
$ | 57,969,000 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
REVENUE | |
$ | 283,000 | | |
$ | — | | |
$ | 820,000 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Costs of revenue | |
| 81,000 | | |
| — | | |
| 232,000 | | |
| — | |
Professional fees and related costs | |
| 59,000 | | |
| 157,000 | | |
| 357,000 | | |
| 407,000 | |
General and administrative | |
| 610,000 | | |
| 601,000 | | |
| 1,391,000 | | |
| 1,173,000 | |
Amortization of patents | |
| 82,000 | | |
| 76,000 | | |
| 165,000 | | |
| 151,000 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL OPERATING EXPENSES | |
| 832,000 | | |
| 834,000 | | |
| 2,145,000 | | |
| 1,731,000 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING LOSS | |
| (549,000 | ) | |
| (834,000 | ) | |
| (1,325,000 | ) | |
| (1,731,000 | ) |
OTHER INCOME (LOSS): | |
| | | |
| | | |
| | | |
| | |
Interest and dividend income, net | |
| 445,000 | | |
| 131,000 | | |
| 755,000 | | |
| 211,000 | |
Net realized and unrealized gain (loss) on marketable securities | |
| (75,000 | ) | |
| (576,000 | ) | |
| 289,000 | | |
| (1,090,000 | ) |
Total other (loss) income, net | |
| 370,000 | | |
| (445,000 | ) | |
| 1,044,000 | | |
| (879,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
INCOME TAXES PROVISION: | |
| | | |
| | | |
| | | |
| | |
Current | |
| — | | |
| — | | |
| — | | |
| — | |
Deferred taxes, net | |
| (94,000 | ) | |
| (102,000 | ) | |
| (247,000 | ) | |
| (554,000 | ) |
Total income tax benefit | |
| (94,000 | ) | |
| (102,000 | ) | |
| (247,000 | ) | |
| (554,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: | |
| (85,000 | ) | |
| (1,177,000 | ) | |
| (34,000 | ) | |
| (2,056,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
SHARE OF NET LOSS OF EQUITY METHOD INVESTEE | |
| (391,000 | ) | |
| (355,000 | ) | |
| (1,065,000 | ) | |
| (788,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (476,000 | ) | |
$ | (1,532,000 | ) | |
$ | (1,099,000 | ) | |
$ | (2,844,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.02 | ) | |
$ | (0.06 | ) | |
$ | (0.05 | ) | |
$ | (0.12 | ) |
Diluted | |
$ | (0.02 | ) | |
$ | (0.06 | ) | |
$ | (0.05 | ) | |
$ | (0.12 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 23,803,567 | | |
| 23,854,438 | | |
| 23,865,141 | | |
| 23,864,053 | |
Diluted | |
| 23,803,567 | | |
| 23,854,438 | | |
| 23,865,141 | | |
| 23,864,053 | |
| |
| | | |
| | | |
| | | |
| | |
Cash dividends declared per share | |
| — | | |
| — | | |
$ | 0.05 | | |
$ | 0.05 | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (476,000 | ) | |
$ | (1,532,000 | ) | |
$ | (1,099,000 | ) | |
$ | (2,844,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER COMPREHENSIVE LOSS Net unrealized holding loss on corporate bonds and notes during the period, net of tax | |
| — | | |
| (1,000 | ) | |
| — | | |
| (4,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
COMPREHENSIVE LOSS | |
$ | (476,000 | ) | |
$ | (1,533,000 | ) | |
$ | (1,099,000 | ) | |
$ | (2,848,000 | ) |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
THREE AND SIX MONTHS ENDED JUNE 30, 2023
| |
| | | |
| | | |
| | | |
| | | |
| Accumulated Other Comprehensive Loss | | |
| Total
Stockholders’ Equity | |
| |
| | |
| | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
Accumulated | | |
| |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Comprehensive | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
Balance – January 1, 2023 | |
| 23,863,639 | | |
$ | 239,000 | | |
$ | 66,939,000 | | |
$ | (12,055,000 | ) | |
$ | (14,000 | ) | |
$ | 55,109,000 | |
Dividends and dividend equivalents declared | |
| — | | |
| — | | |
| — | | |
| (1,196,000 | ) | |
| — | | |
| (1,196,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 161,000 | | |
| — | | |
| — | | |
| 161,000 | |
Vesting of restricted stock units | |
| 123,750 | | |
| 1,000 | | |
| (1,000 | ) | |
| — | | |
| — | | |
| — | |
Value of shares delivered to pay withholding taxes | |
| (39,099 | ) | |
| — | | |
| — | | |
| (83,000 | ) | |
| — | | |
| (83,000 | ) |
Treasury stock purchased and retired | |
| (136,785 | ) | |
| (1,000 | ) | |
| — | | |
| (305,000 | ) | |
| — | | |
| (306,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (623,000 | ) | |
| — | | |
| (623,000 | ) |
Balance – March 31, 2023 | |
| 23,811,505 | | |
$ | 239,000 | | |
$ | 67,099,000 | | |
$ | (14,262,000 | ) | |
$ | (14,000 | ) | |
$ | 53,062,000 | |
Stock-based compensation | |
| — | | |
| — | | |
| 106,000 | | |
| — | | |
| — | | |
| 106,000 | |
Vesting of restricted stock units | |
| 11,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Treasury stock purchased and retired | |
| (11,495 | ) | |
| (1,000 | ) | |
| — | | |
| (25,000 | ) | |
| — | | |
| (26,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (476,000 | ) | |
| — | | |
| (476,000 | ) |
Balance – June 30, 2023 | |
| 23,811,260 | | |
$ | 238,000 | | |
$ | 67,205,000 | | |
$ | (14,763,000 | ) | |
$ | (14,000 | ) | |
$ | 52,666,000 | |
THREE
AND SIX MONTHS ENDED JUNE 30, 2022
| |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Comprehensive | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
Balance – January 1, 2022 | |
| 23,792,212 | | |
$ | 238,000 | | |
$ | 66,361,000 | | |
$ | (6,428,000 | ) | |
$ | (12,000 | ) | |
$ | 60,159,000 | |
Dividends and dividend equivalents declared | |
| — | | |
| — | | |
| — | | |
| (1,190,000 | ) | |
| — | | |
| (1,190,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 55,000 | | |
| — | | |
| — | | |
| 55,000 | |
Vesting of restricted stock units | |
| 136,250 | | |
| 1,000 | | |
| (1,000 | ) | |
| — | | |
| — | | |
| — | |
Value of shares delivered to pay withholding taxes | |
| (45,438 | ) | |
| — | | |
| — | | |
| (112,000 | ) | |
| — | | |
| (112,000 | ) |
Net unrealized loss on corporate bonds and notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,000 | ) | |
| (3,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (1,312,000 | ) | |
| — | | |
| (1,312,000 | ) |
Balance – March 31, 2022 | |
| 23,883,024 | | |
$ | 239,000 | | |
$ | 66,415,000 | | |
$ | (9,042,000 | ) | |
$ | (15,000 | ) | |
$ | 57,597,000 | |
Dividend equivalents rights paid | |
| — | | |
| — | | |
| — | | |
| (5,000 | ) | |
| — | | |
| (5,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 178,000 | | |
| — | | |
| — | | |
| 178,000 | |
Vesting of restricted stock units | |
| 11,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Treasury stock purchased and retired | |
| (103,080 | ) | |
| (1,000 | ) | |
| — | | |
| (246,000 | ) | |
| — | | |
| (247,000 | ) |
Net unrealized loss on corporate bonds and notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,000 | ) | |
| (1,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (1,532,000 | ) | |
| — | | |
| (1,532,000 | ) |
Balance – June 30, 2022 | |
| 23,791,194 | | |
$ | 238,000 | | |
$ | 66,593,000 | | |
$ | (10,825,000 | ) | |
$ | (16,000 | ) | |
$ | 55,990,000 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
| | | |
| | |
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (1,099,000 | ) | |
$ | (2,844,000 | ) |
Adjustments to reconcile net loss to net cash | |
| | | |
| | |
used in operating activities: | |
| | | |
| | |
Amortization of patents | |
| 165,000 | | |
| 151,000 | |
Stock-based compensation | |
| 267,000 | | |
| 233,000 | |
Loss allocated from equity method investment | |
| 1,065,000 | | |
| 788,000 | |
Unrealized (gain) loss on marketable securities | |
| (90,000 | ) | |
| 808,000 | |
Deferred tax benefit | |
| (247,000 | ) | |
| (554,000 | ) |
Amortization of operating leases – right of use assets | |
| 32,000 | | |
| 10,000 | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Other current assets | |
| 260,000 | | |
| (89,000 | ) |
Security deposit | |
| (13,000 | ) | |
| — | |
Accounts payable | |
| (132,000 | ) | |
| 68,000 | |
Income taxes payable | |
| — | | |
| (2,833,000 | ) |
Operating lease obligations | |
| (34,000 | ) | |
| (10,000 | ) |
Accrued expenses | |
| (727,000 | ) | |
| (336,000 | ) |
NET CASH USED IN OPERATING ACTIVITIES | |
| (553,000 | ) | |
| (4,608,000 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Sales of marketable securities | |
| 36,106,000 | | |
| 4,004,000 | |
Development of patents | |
| — | | |
| (524,000 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |
| 5,326,000 | | |
| (12,803,000 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Cash dividends paid | |
| (1,191,000 | ) | |
| (1,195,000 | ) |
Value of shares delivered to fund withholding taxes | |
| (83,000 | ) | |
| (112,000 | ) |
Repurchases of common stock, inclusive of commissions | |
| (332,000 | ) | |
| (247,000 | ) |
| |
| | | |
| | |
NET CASH USED IN FINANCING ACTIVITIES: | |
| (1,606,000 | ) | |
| (1,554,000 | ) |
| |
| | | |
| | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 3,167,000 | | |
| (18,965,000 | ) |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, beginning of period | |
| 13,448,000 | | |
| 44,497,000 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, end of period | |
$ | 16,615,000 | | |
$ | 25,532,000 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | — | | |
$ | — | |
Income taxes | |
$ | — | | |
$ | 3,000,000 | |
| |
| | | |
| | |
NON-CASH FINANCING ACTIVITIES | |
| | | |
| | |
Accrued dividend rights on restricted stock units | |
$ | 8,000 | | |
$ | — | |
Right of use asset obtained in exchange for lease liability | |
| — | | |
$ | 204,000 | |
| |
| | | |
| | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
Notes
to Unaudited Condensed Consolidated Financial Statements
NOTE
A – BASIS OF PRESENTATION AND NATURE OF BUSINESS
[1]
BASIS OF PRESENTATION
The
accompanying condensed consolidated financial statements are unaudited, but, in the opinion of the management of Network-1 Technologies,
Inc. (the “Company”), contain all adjustments consisting only of normal recurring items which the Company considers necessary
for the fair presentation of the Company’s financial position as of June 30, 2023, and the results of its operations and comprehensive
loss for the three and six month periods ended June 30, 2023 and June 30, 2022, changes in stockholders’ equity for the
three and six month periods ended June 30, 2023 and June 30, 2022, and its cash flows for the six month periods ended June
30, 2023 and June 30, 2022. The unaudited condensed consolidated financial statements included herein have been
prepared in accordance with the accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial
information and the instructions to Form 10-Q and Regulation S-X. Accordingly, certain information and footnote disclosures normally
included in the consolidated financial statements prepared in accordance with U.S. GAAP may have been omitted pursuant to such rules
and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 30, 2023. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative
of the results of operations to be expected for the full year.
The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries,
Mirror Worlds Technologies, LLC. and HFT Solutions, LLC. All intercompany balances and transactions have been eliminated in consolidation.
[2]
BUSINESS
The
Company is engaged in the development, licensing and protection of its intellectual property assets. The Company presently owns ninety-eight
(98) U.S. patents, fifty-three (53) of such patents have expired, and fourteen (14) foreign patents related to (i) the Cox patent portfolio
(the “Cox Patent Portfolio) relating to enabling technology for identifying media content on the Internet and taking further actions
to be performed after such identification; (ii) the M2M/IoT patent portfolio (the “M2M/IoT Patent Portfolio”) relating to,
among other things, enabling technology for authenticating, provisioning and using embedded SIM (Subscriber Identification Module) technology
in next generation IoT, Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers; (iii) the HFT patent
portfolio (the “HFT Patent Portfolio”) covering certain advanced technologies relating to high frequency trading, which inventions
specifically address technological problems associated with speed and latency and provide critical latency gains in trading systems where
the difference between success and failure may be measured in nanoseconds; (iv) the Mirror Worlds patent portfolio (the “Mirror
Worlds Patent Portfolio”) relating to foundational technologies that enable unified search and indexing, displaying and archiving
of documents in a computer system; and (v) the remote power patent (the “Remote Power Patent”) covering delivery of Power
over Ethernet (PoE) cables for the purpose of remotely powering network devices, such as wireless access ports, IP phones and network
based cameras.
NOTE
A – BASIS OF PRESENTATION AND NATURE OF BUSINESS (continued)
The
Company’s current strategy includes continuing to pursue licensing opportunities for its patent portfolios. In addition, the Company
reviews opportunities to acquire or license additional intellectual property as well as other strategic alternatives. The Company’s
patent acquisition and development strategy is to focus on acquiring high quality patents which management believes have the potential
to generate significant licensing opportunities as the Company has achieved with respect to its Remote Power Patent and Mirror Worlds
Patent Portfolio. In addition, the Company may also enter into strategic relationships with third parties to develop, commercialize,
license or otherwise monetize their intellectual property.
The
Company has made equity investments totaling $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”), a clinical stage biotechnology
company (see Note J hereof).
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| [1] | Use
of Estimates and Assumptions |
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. The significant estimates and assumptions made in the preparation of the Company’s unaudited condensed consolidated financial
statements include costs related to the Company’s assertion of litigation, valuation of the Company’s patent portfolios,
stock-based compensation, the recoverability of deferred tax assets and the carrying value of the Company’s equity method investments.
Actual results could be materially different from those estimates upon which the carrying values were based.
Certain
amounts recorded to reflect the Company’s share of income or losses of its equity method investee, accounted for under the equity
method, are based on estimates and the unaudited results of operations of the equity method investee and may require adjustment in the
future when the audit of the equity method investee is complete. The Company reports its share of the results of its equity method investee
on a one quarter lag basis.
Under
ASC 606, revenue is recognized when the Company completes the licensing of its intellectual property to its licensees, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for licensing its intellectual property.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement; |
| • | identification
of the performance obligations in the license agreement; |
| • | determination
of the consideration for the license; |
| • | allocation
of the transaction price to the performance obligations in the contract; and |
| • | recognition
of revenue when the Company satisfies its performance obligations. |
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue
disaggregated by source is as follows:
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
During
the three months ended June 30, 2023, the Company entered into a settlement agreement with an additional defendant with respect to patent
infringement litigation involving its Remote Power Patent resulting in a payment of $283,000 to the Company which was recognized as revenue
during the three months ended June 30, 2023. During the six months ended June 30, 2023, in addition to the aforementioned settlement,
the Company entered into settlement agreements with four other defendants with respect to patent infringement litigation involving its
Remote Power Patent, resulting in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment of
$150,000 which has not been recognized as revenue as of June 30, 2023 because the terms of the conditional payment have not yet been
satisfied.
Revenue
from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue
recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations
of the parties. These agreements may include, but not be limited to, elements related to past infringement liabilities, non-refundable
upfront license fees, and ongoing royalties on licensed products sold by the licensee. Generally, in the event of a litigation settlement
related to the Company’s assertion of patent infringement involving its intellectual property, defendants will either pay (i) a
non-refundable lump sum payment for a non-exclusive fully-paid license, or (ii) a non-refundable lump sum payment (license initiation
fee) together with an ongoing obligation to pay quarterly or monthly royalties to the Company for the life of the licensed patent.
| [3] | Equity Method
Investments |
Equity
method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus the Company’s share of an investee’s income or loss. The Company’s proportionate share of the
income or loss from equity method investments is recognized on a one-quarter lag. When the Company’s carrying value in an equity
method investment is reduced to zero, no further losses are recorded in the Company’s financial statements unless the Company guaranteed
obligations of the investee company or has committed additional funding. When the investee company subsequently reports income, the Company
will not record its share of such income until it equals the amount of its share of losses not previously recognized.
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The
Company accounts for income taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC)
Topic 740, Income Taxes (ASC 740), which requires the Company to use the assets and liability method of accounting for income
taxes. Under the assets and liability method, deferred income taxes are recognized for the tax consequences of temporary (timing) differences
by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the
tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect
on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of
June 30, 2023, the Company had total deferred tax assets generated from its activities totaling $1,036,000. The Company’s deferred
tax assets were offset by a valuation allowance of $1,036,000 as it was determined that it is more likely than not that certain deferred
tax assets will not be realized. As of June 30, 2023, the Company also had a deferred tax liability of $914,000.
The
personal holding company (“PHC”) rules under the Internal Revenue Code impose a 20% tax on a PHC’s undistributed personal
holding company income (“UPHCI”), which means, in general, taxable income subject to certain adjustments and reduced by certain
distributions to shareholders. For a corporation to be classified as a PHC, it must satisfy two tests: (i) that more than 50% in value
of its outstanding shares must be owned directly or indirectly by five or fewer individuals at any time during the second half of the
year (after applying constructive ownership rules to attribute stock owned by entities to their beneficial owners and among certain family
members and other related parties) (the “Ownership Test”) and (ii) at least 60% of its adjusted ordinary gross income for
a taxable year consists of dividends, interest, royalties, annuities and rents (the “Income Test”). At July 14, 2023, based
on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test. However,
the Company may subsequently be determined to be a PHC in 2023 or in future years if it satisfies both the Ownership Test and Income
Test. If the Company were to become a PHC in 2023 or any future year, it would be subject to the 20% tax on its UPHCI. In such event,
the Company may issue a special cash dividend to its shareholders in an amount equal to the UPHCI rather than incur the 20% tax.
ASC
740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as
a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination,
including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure
a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.
A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate
settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first
subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria
should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company had no
uncertain tax positions as of June 30, 2023.
The
Company recognizes interest and penalties related to income tax in the income tax provision in the unaudited condensed consolidated statements
of operations and comprehensive loss.
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
U.S.
federal, state and local income tax returns prior to 2019 are not subject to examination by any applicable tax authorities, except that
tax authorities could challenge returns (only under certain circumstances) for earlier years to the extent they generated loss carry-forwards
that are available for those future years.
Stock-based
compensation in the unaudited condensed consolidated statement of operations and comprehensive loss for the three and six months ended
June 30, 2022 has been recast and reclassified to conform to the current period presentation.
| [6] | New Accounting
Standards |
There
are no new accounting standards that have had a material impact on the Company’s unaudited condensed consolidated financial statements.
NOTE
C – PATENTS
The
Company’s intangible assets at June 30, 2023 include patents with estimated remaining economic useful lives ranging from 0.08 to
16 years. For all periods presented, all of the Company’s patents were subject to amortization. The gross carrying amounts
and accumulated amortization related to acquired intangible assets as of June 30, 2023 and December 31, 2022 were as follows:
Schedule of patent | |
| | | |
| | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization – patents | |
| (7,046,000 | ) | |
| (6,881,000 | ) |
Patents, net | |
$ | 1,427,000 | | |
$ | 1,592,000 | |
Amortization
expense for the three months ended June 30, 2023 and 2022 was $82,000 and $76,000, respectively. Amortization expense for the six months
ended June 30, 2023 and 2022 was $165,000 and $151,000, respectively. Future amortization of intangible assets, net is as follows:
Schedule of future amortization of current intangible | | | |
| | |
|
Twelve Months Ended June 30, | |
| 2024 | | |
$ | 161,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 120,000 | |
| 2028 | | |
| 117,000 | |
| Thereafter | | |
| 789,000 | |
| Total | | |
$ | 1,427,000 | |
| | | |
| | |
Two
patents within the Cox Patent Portfolio expire in July 2023 and November 2023, and the balance of the patents within such portfolio have
expired. The expiration dates of patents within the Company’s M2M/IoT Patent Portfolio range from September 2033 to May 2034. The
expiration dates within the Company’s HFT Patent Portfolio range from October 31, 2039 to November 1, 2039. All of the patents
within the Company’s Mirror Worlds Patent Portfolio and the Remote Power Patent have expired.
NOTE
D – STOCK-BASED COMPENSATION
Restricted
Stock Units
The
Company adopted the 2022 Stock Incentive Plan, (the “2022 Plan”), approved by its Board of Directors on July 25, 2022 and
its stockholders on September 20, 2022. The 2022 Plan provides for the grant of any or all of the following types of awards: (a) stock
options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted
stock units.
As
of June 30, 2023, there were 47,500 shares of common stock subject to outstanding awards under the 2022 Plan and 2,230,000 shares of
common stock available for issuance under the 2022 Plan.
As
of June 30, 2023, there were 512,500 shares of common stock subject to outstanding awards under the Company’s 2013 Stock Incentive
Plan (“2013 Plan”). The Company discontinued issuing awards under its 2013 Plan as a result of the adoption of the 2022 Plan.
A
summary of restricted stock unit activity for the six months ended June 30, 2023 is as follows (each restricted stock unit issued by
the Company represents the right to receive one share of the Company’s common stock):
Schedule of restricted stock unit activity | |
| | | |
| | |
| |
Number of Shares | | |
Weighted-Average
Grant Date Fair Value | |
Balance of restricted stock units outstanding at December 31, 2022 | |
| 625,000 | | |
$ | 1.87 | |
Grants of restricted stock units | |
| 70,000 | | |
| 2.25 | |
Vested restricted stock units | |
| (135,000 | ) | |
| (2.46 | ) |
Balance of restricted stock units outstanding at June 30, 2023 | |
| 560,000 | | |
$ | 1.78 | |
Restricted
stock unit compensation expense was $106,000 and $178,000 for the three months ended June 30, 2023 and 2022, respectively, and $267,000
and $233,000 for the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense is included in general and
administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
The
Company has an aggregate of $634,000 of unrecognized restricted stock unit compensation as of June 30, 2023 to be expensed over a weighted
average period of 2.20 years.
All
of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. As of June 30, 2023 and December
31, 2022, there was $44,000 and $0, respectively, accrued for dividend equivalent rights which were included in other accrued expenses.
NOTE
E – LOSS PER SHARE
Basic
loss per share is calculated by dividing the net loss by the weighted average number of outstanding common shares during the period.
Diluted per share data includes the dilutive effects of options and restricted stock units. Potentially dilutive shares of 560,000 and
1,171,250 at June 30, 2023 and 2022, respectively, consisted of restricted stock units and stock options. However, as the Company generated
a net loss in 2023 and 2022, all potentially dilutive shares were not reflected in diluted net loss per share because the impact of such
instruments was anti-dilutive.
Computations
of basic and diluted weighted average common shares outstanding were as follows:
Schedule of earnings per share, basic and diluted | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2022 | | |
2022 | |
Weighted-average common shares outstanding – basic | |
| 23,865,141 | | |
| 23,864,053 | | |
| 23,803,567 | | |
| 23,854,438 | |
Dilutive effect of restricted stock units and stock options | |
| — | | |
| — | | |
| — | | |
| — | |
Weighted-average common shares outstanding – diluted | |
| 23,865,141 | | |
| 23,864,053 | | |
| 23,803,567 | | |
| 23,854,438 | |
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 560,000 | | |
| 1,160,500 | | |
| 560,000 | | |
| 1,160,000 | |
NOTE
F – MARKETABLE SECURITIES
Marketable
securities as of June 30, 2023 and December 31, 2022 were composed of the following:
Schedule of marketable securities | |
| | | |
| | | |
| | | |
| | |
| |
June
30, 2023 | |
| |
Cost Basis | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 5,250,000 | | |
$ | — | | |
$ | (30,000 | ) | |
$ | 5,220,000 | |
Government securities | |
| 16,631,000 | | |
| 236,000 | | |
| (35,000 | ) | |
| 16,832,000 | |
Fixed income mutual funds | |
| 7,650,000 | | |
| — | | |
| (126,000 | ) | |
| 7,524,000 | |
Corporate bond | |
| 193,000 | | |
| — | | |
| (14,000 | ) | |
| 179,000 | |
Total marketable securities | |
$ | 29,724,000 | | |
$ | 236,000 | | |
$ | (205,000 | ) | |
$ | 29,755,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
December
31, 2022 | |
| |
Cost Basis | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Government Securities | |
$ | 20,781,000 | | |
$ | 67,000 | | |
$ | — | | |
$ | 20,848,000 | |
Fixed income mutual funds | |
| 11,904,000 | | |
| — | | |
| (915,000 | ) | |
| 10,989,000 | |
Certificates of Deposit | |
| 3,019,000 | | |
| — | | |
| (43,000 | ) | |
| 2,976,000 | |
Corporate bonds and notes | |
| 192,000 | | |
| — | | |
| (14,000 | ) | |
| 178,000 | |
Total marketable securities | |
$ | 35,896,000 | | |
$ | 67,000 | | |
$ | (972,000 | ) | |
$ | 34,991,000 | |
The
Company’s marketable securities are classified within Level 1 of the fair value hierarchy because they are valued using quoted
market prices in an active market.
NOTE
G – COMMITMENTS AND CONTINGENCIES
[1]
Legal Fees
Russ,
August & Kabat provides legal services to the Company with respect to its patent litigation filed in May 2017 against Facebook, Inc.
(now Meta Platforms, Inc.) in the U.S. District Court for the Southern District of New York relating to several patents within the Company’s
Mirror Worlds Patent Portfolio (see Note I[2] hereof). The terms of the Company’s agreement with Russ, August & Kabat provide
for cash payments on a monthly basis subject to a cap plus a contingency fee ranging between 15% and 24% of the net recovery (after deduction
of expenses) depending on the stage of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible
for all expenses incurred with respect to this litigation.
Russ,
August & Kabat also provides legal services to the Company with respect to its pending patent litigations filed in April 2014 and
December 2014 against Google Inc. and YouTube, LLC in the U.S. District Court for the Southern District of New York relating to certain
patents within the Company’s Cox Patent Portfolio (see Note I[1] hereof). The terms of the Company’s agreement with
Russ, August & Kabat provide for legal fees on a full contingency basis ranging from 15% to 30% of the net recovery (after deduction
of expenses) depending on the stage of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible
for all of the expenses incurred with respect to this litigation.
[2]
Patent Acquisitions
On
March 25, 2022, the Company completed the acquisition of a new patent portfolio (HFT Patent Portfolio) currently consisting of nine U.S.
patents and two pending U.S. patents covering certain advanced technologies relating to high frequency trading, which inventions specifically
address technological problems associated with speed and latency and provide critical latency gains in trading systems where the difference
between success and failure may be measured in nanoseconds. The Company paid the seller $500,000 at the closing and has an obligation
to pay the seller an additional $500,000 in cash and $375,000 of the Company’s common stock (up to a maximum of 375,000 shares)
upon achieving certain milestones with respect to the patent portfolio. The Company also has an additional obligation to pay the seller
15% of the first $50 million of net proceeds (after deduction of expenses) generated by the patent portfolio and 17.5% of net proceeds
greater than $50 million.
In
connection with the Company’s acquisition of its Cox Patent Portfolio, the Company is obligated to pay Dr. Cox 12.5% of the
net proceeds (after deduction of expenses) generated by the Company from licensing, sale or enforcement of the patent portfolio.
As
part of the acquisition of the Mirror Worlds Patent Portfolio, the Company also entered into an agreement with Recognition
Interface, LLC (“Recognition”) pursuant to which Recognition received from the Company an interest in the net proceeds
realized from the monetization of the Mirror Worlds Patent Portfolio, as follows: Obligated to pay Recognition, net proceeds (i) 10%
of the first $125 million of net proceeds; (ii) 15%
of the next $125 million of net proceeds; and (iii) 20%
of any portion of the net proceeds in excess of $250 million. Since entering into the agreement with Recognition in May
2013, the Company has paid Recognition an aggregate of $3,127,000
with respect to such net proceeds interest related to the Mirror Worlds Patent Portfolio. No such payments were made by
the Company to Recognition during the three and six months ended June 30, 2023 and 2022.
In
connection with the Company’s acquisition of its M2M/IoT Patent Portfolio, the Company is obligated to pay M2M 14% of the first
$100 million of net proceeds (after deduction of expenses) and 5% of net proceeds greater than $100 million from Monetization Activities
(as defined) related to the patent portfolio. In addition, M2M will be entitled to receive from the Company $250,000 of additional consideration
upon the occurrence of certain future events related to the patent portfolio.
NOTE
G – COMMITMENTS AND CONTINGENCIES (continued)
[3]
Leases
The
Company has one operating lease for its principal office space in New Canaan, Connecticut that will expire on April 30, 2025.
There
are no material residual guarantees associated with any of the Company’s leases and there are no significant restrictions or covenants
included in the Company’s lease agreements.
The
calculated incremental borrowing rate was approximately 4.2%, which was calculated based on the remaining lease term of 3 years as of
May 1, 2022. The remaining lease term as of June 30, 2023 was 1 year and 10 months.
There
was no sublease rental income for the three and six months ended June 30, 2023, and the Company is not the lessor in any lease arrangement,
and there were no related-party lease agreements.
Right
of use lease assets and related lease obligations for the Company’s operating leases were recorded in the unaudited condensed consolidated
balance sheets as follows:
Schedule of operating leases obligations | |
| | | |
| | |
| |
As
of June 30, 2023 | | |
As
of December 31, 2022 | |
Operating lease right-of-use assets | |
$ | 129,000 | | |
$ | 161,000 | |
| |
| | | |
| | |
Operating lease obligations – current | |
| 79,000 | | |
| 79,000 | |
Operating lease obligations – non-current | |
| 60,000 | | |
| 94,000 | |
Total lease obligations | |
$ | 139,000 | | |
$ | 173,000 | |
| |
| | | |
| | |
The
table below presents certain information related to the Company’s lease costs for the period ended:
Schedule of leases cost | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 20,000 | | |
$ | 12,000 | | |
$ | 39,000 | | |
$ | 12,000 | |
Short-term lease cost | |
| — | | |
| 12,000 | | |
| — | | |
| 36,000 | |
Total lease
cost | |
$ | 20,000 | | |
$ | 24,000 | | |
$ | 39,000 | | |
$ | 48,000 | |
Future
lease payments included in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of June 30,
2023, were as follows:
Schedule of future minimum leases payments | |
| | |
| |
Operating Leases | |
2023 – remaining period | |
$ | 39,000 | |
2024 | |
| 78,000 | |
2025 | |
| 26,000 | |
Total future minimum lease payments | |
| 143,000 | |
Less imputed interest | |
| (4,000 | ) |
Total operating lease liability | |
$ | 139,000 | |
NOTE
H - EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
On
March 22, 2022, the Company entered into an employment agreement (“Agreement”) with its Chairman and Chief Executive Officer,
pursuant to which he continues to serve as the Company’s Chairman and Chief Executive Officer for a four year term (“Term”),
at an annual base salary of $535,000 which shall be increased by 3% per annum during the term of the Agreement. The Agreement established
an annual target bonus of $175,000 for the Chairman and Chief Executive Officer based upon performance.
Under
the terms of the Agreement (which terms are substantially the same as the prior employment agreement with the Chairman and Chief Executive
Officer), so long as the Chairman and Chief Executive Officer continues to serve as an executive officer of the Company, whether pursuant
to the Agreement or otherwise, the Chairman and Chief Executive Officer shall also receive incentive compensation in an amount equal
to 5% of the Company’s gross royalties or other payments from Licensing Activities (as defined) (without deduction of legal fees
or any other expenses) with respect to its Remote Power Patent and a 10% net interest (gross royalties and other payments after deduction
of all legal fees and litigation expenses related to licensing, enforcement and sale activities, but in no event shall he receive less
than 6.25% of the gross recovery) of the Company’s royalties and other payments relating to Licensing Activities with respect to
patents other than the Remote Power Patent (including all of the Company’s patent portfolios and its investment in ILiAD Biotechnologies)
(collectively, the “Incentive Compensation”). During the three and six months ended June 30, 2023, the Chairman and Chief
Executive Officer earned Incentive Compensation of $14,000 and $41,000, respectively.
NOTE
I – LEGAL PROCEEDINGS
[1]
On April 4, 2014 and December 3, 2014, the Company initiated litigation against Google Inc. (“Google”) and YouTube,
LLC (“YouTube”) in the U.S. District Court for the Southern District of New York for infringement of several of its patents
within its Cox Patent Portfolio acquired from Dr. Cox which relate to the identification of media content on the Internet. The lawsuit
alleges that Google and YouTube have infringed and continue to infringe certain of the Company’s patents by making, using, selling
and offering to sell unlicensed systems and related products and services, which include YouTube’s Content ID system. The litigations
against Google and YouTube were subject to court ordered stays which were in effect from July 2, 2015 until January 2, 2019
as a result of proceedings at the Patent Trial and Appeal Board (PTAB) and the appeals of PTAB Final Written Decisions to the U.S. Court
of Appeals for the Federal Circuit. Pursuant to a Joint Stipulation and Order Regarding Lifting of Stays, entered on January 2, 2019,
the parties agreed, among other things, that the stays with respect to the litigations were lifted. In January 2019, the two litigations
against Google and YouTube were consolidated. Discovery has been completed and the parties have each submitted summary judgment motions.
A trial date has not yet been set.
[2]
On May 9, 2017, Mirror Worlds Technologies, LLC, the Company’s wholly-owned subsidiary, initiated litigation against Facebook,
Inc. (now Meta Platforms, Inc., “Meta”) in the U.S. District Court for the Southern District of New York, for infringement
of U.S. Patent No. 6,006,227, U.S. Patent No. 7,865,538 and U.S. Patent No. 8,255,439 (among the patents within the Company’s Mirror
Worlds Patent Portfolio). The lawsuit alleged that the asserted patents are infringed by Meta’s core technologies that enable Meta’s
Newsfeed and Timeline features. On August 11, 2018, the Court issued an order granting Meta’s motion for summary judgment of non-infringement
and dismissed the case. On August 17, 2018, the Company filed a Notice of Appeal to appeal the
NOTE
I – LEGAL PROCEEDINGS (continued)
summary
judgment decision to the U.S. Court of Appeals for the Federal Circuit. On January 23, 2020, the U.S. Court of Appeals for the Federal
Circuit ruled in the Company’s favor and reversed the summary judgment finding of the District Court and remanded the litigation
to the Southern District of New York for further proceedings.
On
March 7, 2022, the District Court entered a ruling granting in part and denying in part a motion for summary judgment by Meta. In its
ruling the Court (i) denied Meta’s motion that the asserted patents were invalid by concluding that all asserted claims were patent
eligible under §101 of the Patent Act and (ii) granted summary judgment of non-infringement in favor of Meta and dismissed the
case. The Company strongly disagrees with the decision of the District Court on non-infringement and on April 4, 2022, the Company
filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit. On April 18, 2022, Meta filed a notice of cross-appeal
with respect to the Court’s ruling on validity. The appeal is pending.
[3]
On December 15, 2020, the Company filed a lawsuit against NETGEAR, Inc. (“Netgear”) in the Supreme Court of the State
of New York, County of New York, for breach of a Settlement and License Agreement, dated May 22, 2009, with the Company (the “Agreement”)
for failure to make royalty payments, and provide corresponding royalty reports, to the Company based on sales of Netgear’s PoE
products. On October 22, 2021, Netgear filed a Demand for Arbitration at the American Arbitration Association (“AAA”) seeking
to arbitrate certain issues raised in the litigation. The Company objected to jurisdiction at the AAA. On April 1, 2022, the Court denied
Netgear’s motion to compel arbitration. On April 22, 2022, Netgear filed a counterclaim in the Court action alleging that the Company
breached the Agreement by not offering Netgear lower royalties. On September 22, 2022, the arbitration brought by Netgear was dismissed
by the AAA on jurisdiction grounds. The case remains pending in the Supreme Court of the State of New York, County of New York.
[4]
In October and November 2022, the Company initiated separate litigation against ten defendants for infringement of its Remote Power
Patent seeking monetary damages based upon reasonable royalties, as follows: (i) On October 6, 2022, the Company initiated such litigation
against Arista Networks, Inc., Fortinet, Inc., Honeywell International Inc. and Ubiquiti Inc. in the United States District Court, District
of Delaware; (ii) On October 27, 2022, and November 3, 2022, the Company initiated such litigation against TP-Link USA Corporation and
Hikvision USA, Inc. in the United States District Court for the Central District of California; (iii) On November 4, 2022, the Company
initiated such litigation against Panasonic Holdings Corporation and Panasonic Corporation of North America in the United States District
Court for the Eastern District of Texas (Marshall Division); and (iv) On November 8, 2022 and November 16, 2022, the Company initiated
such litigation against Antaira Technologies, LLC and Dahua Technology USA in the United States District Court for the Central District
of California.
During
the three months ended June 30, 2023, the Company entered into a settlement agreement with an additional defendant, resulting in a settlement
payment of $283,000. During the six months ended June 30, 2023, the Company entered into settlement agreements with Arista Networks,
Inc., Antaira Technologies LLC, Panasonic Holdings Corporation, TP-Link USA Corporation and Hikvision USA, Inc. with respect to patent
infringement litigation, resulting in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment
of $150,000 which has not been recognized as revenue as of June 30, 2023 because the terms of the conditional payment have not yet been
satisfied.
NOTE
J – INVESTMENT
During
the period December 2018 through August 2022, the Company made an aggregate investment of $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”),
a privately held clinical stage biotechnology company dedicated to the prevention and treatment of human disease caused by Bordetella
pertussis. ILiAD is focused on validating its proprietary intranasal vaccine, BPZE1, for the prevention of pertussis (whooping cough).
At June 30, 2023, the Company owned approximately 6.8% of the outstanding units of ILiAD on a non-fully diluted basis and 6.1% of the
outstanding units on a fully diluted basis (after giving effect to the exercise all outstanding options and warrants). In connection
with its initial investment, the Company’s Chairman and Chief Executive Officer obtained a seat on ILiAD’s Board of Managers
and receives the same compensation for service on the Board of Managers as other non-management Board members.
For
the three months ended June 30, 2023 and 2022, the Company recorded an allocated net loss from its equity method investment in ILiAD
of $391,000 and $355,000, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded an allocated net loss from
its equity investment in ILiAD of $1,065,000 and $788,000.
The
difference between the Company’s share of equity in ILiAD’s net assets and the purchase price of the investment is due to
an excess amount paid over the book value of the investment of $4,612,000, which is accounted for as equity method goodwill.
The
following table provides certain summarized financial information for ILiAD (the equity method investee) for the periods presented and
has been compiled from ILiAD’s financial statements, reported on one quarter lag. The table below includes an additional comprehensive
loss of $621,000 for the six months ended March 31, 2023 as a result of the Company receiving audited financial information from ILiAD
for its year ended December 31, 2022 (see Note B[1] hereof). For the three and six months ended June 30, 2023, with respect to such additional
comprehensive loss of ILiAD, the Company recorded its allocated net loss of $42,000.
Schedule of equity method investments | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended March 31, | | |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from continuing operations | |
$ | 9,697,000 | | |
$ | 8,133,000 | | |
$ | 5,610,000 | | |
$ | 3,531,000 | |
Comprehensive loss | |
$ | 15,683,000 | | |
$ | 12,489,000 | | |
$ | 5,152,000 | | |
$ | 3,744,000 | |
NOTE
K – STOCK REPURCHASES
On
June 13, 2023, the Board of Directors authorized an extension and increase of the Company’s share repurchase program (the “Share
Repurchase Program”) to repurchase up to $5,000,000 of common stock over the subsequent 24 month period. The common stock may be
repurchased from time to time in open market transactions or privately negotiated transactions in the Company’s discretion. The
timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors.
The Share Repurchase Program may be increased, suspended or discontinued at any time. Since inception of the Share Repurchase Program
through June 30, 2023, the Company has repurchased an aggregate of 9,360,944 shares of its common stock at an aggregate cost of $18,085,981
(exclusive of commissions) or an average per share price of $1.93. During the three months ended June 30, 2023, the Company repurchased
an aggregate of 11,495 shares of its common stock at an aggregate
NOTE
K – STOCK REPURCHASES (continued)
cost
of $25,685 (exclusive of commissions) or an average per share price of $2.23. During the six months ended June 30, 2023, the Company
repurchased an aggregate of 148,280 shares of its common stock at an aggregate cost of $327,887 or an average per share price of $2.21.
At June 30, 2023, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $5,000,000.
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed
on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of Treasury
has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.
The excise tax applies in case where the total value of the stock repurchase during the taxable year exceeds $1,000,000.
NOTE
L – CONCENTRATIONS
The
Company maintains cash deposits in accounts at financial institutions. The accounts are insured by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 at each institution. At June 30, 2023, the Company had no cash deposits in excess of the FDIC insured
limit. The Company maintains cash equivalents in brokerage accounts at financial institutions. At June 30, 2023, the Company had cash
equivalents of $16,362,000 in these brokerage accounts.
Revenue
from one party constituted 100% of the Company’s revenue for the three months ended June 30, 2023. Revenue from four parties constituted
96% of the Company’s revenue for the six months ended June 30, 2023. All such revenue for the three and six months ended June 30,
2023 was derived from the Remote Power Patent. The Company had no revenue for the three and six months ended June 30, 2022.
NOTE
M – DIVIDEND POLICY
The
Company’s dividend policy consists of semi-annual cash dividends of $0.05 per share ($0.10 per share annually) which have been
paid in March and September of each year. The Company has paid semi-annual cash dividends consistent with its policy, including a cash
dividend in March 2023 of $1,188,000. The Company’s dividend policy undergoes a periodic review by the Board of Directors and is
subject to change at any time depending upon the Company’s earnings, financial requirements and other factors existing at the time.
ITEM
2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and related notes contained elsewhere in this Quarterly Report on Form 10-Q.
OVERVIEW
Our
principal business is the development, licensing and protection of our intellectual property assets. We presently own ninety-eight (98)
U.S. patents and fourteen (14) foreign patents relating to: (i) our Cox Patent Portfolio relating to enabling technology for identifying
media content on the Internet and taking further action to be performed after such identification; (ii) our M2M/IoT Patent Portfolio
relating to, among other things, enabling technology for authenticating, provisioning and using embedded Sim (Subscriber Identification
Module) technology in next generation IoT, Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers;
(iii) our HFT Patent Portfolio covering certain advanced technologies relating to high frequency trading, which inventions specifically
address technological problems associated with speed and latency and provide critical latency gains in trading systems where the difference
between success and failure may be measured in nanoseconds; (iv) our Mirror Worlds Patent Portfolio relating to foundational technologies
that enable unified search and indexing, displaying and archiving of documents in a computer system; and (v) our Remote Power Patent
covering the delivery of power over Ethernet (PoE) cables for the purpose of remotely powering network devices, such as wireless access
ports, IP phones and network based cameras. In addition, we continually review opportunities to acquire or license additional intellectual
property as well as other strategic alternatives.
With
respect to our ninety-eight (98) U.S. patents, fifty-three (53) of such patents have expired. However, we can assert expired patents
against third parties but only for past damages up to the patent expiration date. We currently have pending litigation involving expired
patents including our Remote Power Patent and certain patents within our Cox and Mirror Worlds Patent Portfolios (see Note I to our unaudited
condensed consolidated financial statements included herein).
At
June 30, 2023, our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $46,370,000 and
working capital of $45,884,000. Based on our cash position, we continually review opportunities to acquire additional intellectual property
as well as evaluate other strategic opportunities.
To
date we have invested $7,000,000 in ILiAD, a clinical stage biotechnology company with an exclusive license to sixty-six (66) patents
(see Note J to our unaudited condensed consolidated financial statements included herein). Our investment continues to involve significant
risk and the outcome is uncertain.
We
have been dependent upon our Remote Power Patent for a significant portion of our revenue. Our Remote Power Patent generated
licensing revenue in excess of $187,000,000 from May 2007 through June 30, 2023. We no longer receive licensing revenue for our
Remote Power Patent for any period subsequent to March 7, 2020 (the expiration date of the patent). During the fourth quarter of
2022, we commenced separate litigation against ten defendants involving our Remote Power Patent for patent infringement for the
period prior to March 7, 2020. During the three months ended June 30, 2023, we entered into a settlement agreement with an
additional defendant resulting in a settlement payment of $283,000. During the six months ended June 30, 2023, we entered into
settlement agreements with five defendants with respect to the aforementioned litigation resulting in aggregate settlement payments
made to the Company of $820,000 and a future conditional payment of $150,000 (see Note I[4] hereof). All of our revenue for the
three and six months ended June 30, 2023 was from these settlements.
In
addition, we have pending litigation involving certain patents within our Cox Patent Portfolio and have appealed the judgment of the
District Court dismissing our litigation against Meta (Facebook) on the grounds of non-infringement involving certain patents within
our Mirror Worlds Portfolio. We also intend to commence efforts to monetize certain patents within our M2M/IoT Patent Portfolio and HFT
Patent Portfolio. We may not achieve successful outcomes of such litigation, the appeal, or future litigation involving our patent assets.
Our
current strategy includes continuing our licensing efforts with respect to our intellectual property assets and the monetization of our
patent portfolios. In addition, we continue to seek to acquire additional intellectual property assets to develop, commercialize, license
or otherwise monetize. Our strategy includes working with inventors and patent owners to assist in the development and monetization of
their patented technologies. We may also enter into strategic relationships with third parties to develop, commercialize, license or
otherwise monetize their intellectual property. Our patent acquisition and development strategy is to focus on acquiring high quality
patents which management believes have the potential to generate significant licensing opportunities as we have achieved with respect
to our Remote Power Patent and Mirror Worlds Patent Portfolio.
On
March 25, 2022, we completed the acquisition of a new patent portfolio (the HFT Patent Portfolio) currently consisting of nine U.S. patents
and two pending U.S. patents (see Note G[2] to our unaudited condensed consolidated financial statements included in this Quarterly Report).
The
significant components of expenses impacting our net loss related to contingent legal fees and expenses related to our patent litigation
(see Note G[1] to our unaudited condensed consolidated financial statements included herein) and incentive compensation payable to our
Chairman and Chief Executive Officer pursuant to his employment agreement (see Note H to our unaudited condensed consolidated financial
statements included herein), both such components of expenses are based on a percentage of the revenue received by us as a result of
litigation or otherwise.
Our
annual and quarterly operating and financial results may fluctuate significantly from period to period as a result of a variety of factors
that are outside our control, including the timing and our ability to achieve successful outcomes of our patent litigation, our ability
and timing of consummating future license agreements for our intellectual property, and whether we will achieve a return on our investment
in ILiAD and the timing of any such return.
Our
future operating results may also be materially impacted by our ability to acquire high quality patents which management believes have
the potential to generate significant licensing opportunities. In the future, we may not be able to identify or consummate such patent
acquisitions or, if consummated, achieve significant licensing revenue with respect to such acquisitions.
In
2023 and future years we could be classified as a Personal Holding Company. If this is the case, we would be subject to a 20% tax on
the amount of any undistributed personal holding company income (as defined) for such year that we do not distribute to our shareholders
(see Note B[4] to our unaudited condensed consolidated financial statements included in this Quarterly Report).
RESULTS
OF OPERATIONS
Three
Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022
Revenue.
We had revenue of $283,000 for the three months ended June 30, 2023 as compared to no revenue for the three months ended June 30, 2022.
Our revenue for the three months ended June 30, 2023 was from a litigation settlement involving our Remote Power Patent (see Note I[4]
to our unaudited condensed consolidated financial statements included herein).
Operating
Expenses. Operating expenses for the three months ended June 30, 2023 were $832,000 as compared to $834,000 for the three months
ended June 30, 2022.
We
had costs of revenue of $81,000 and $0 for the three months ended June 30, 2023 and 2022, respectively. Included in the costs of revenue
for the three months ended June 30, 2023 were contingent legal fees of $67,000 and incentive bonus compensation of $14,000 payable to
our Chairman and Chief Executive Officer pursuant to his employment agreement (see Note H to our unaudited condensed consolidated financial
statements included herein), each contingent upon the litigation settlement.
Stock-based
compensation, included in general and administrative expenses, was $106,000 for the three months ended June 30, 2023 as compared to $161,000
for the three months ended June 30, 2022.
Operating
Loss. We had an operating loss of $549,000 for the three months ended June 30, 2023 compared with an operating loss of
$834,000 for the three months ended June 30, 2022. The operating loss decrease of $285,000 was due primarily to revenue from a litigation
settlement.
Income
Taxes. For the three months ended June 30, 2023, we had a current tax expense for federal, state and local income taxes of $0 and
a deferred tax benefit of $94,000. For the three months ended June 30, 2022, we had a current tax expense for federal, state
and local income taxes of $0 and a deferred tax benefit of $102,000.
Share
of Net Losses of Equity Method Investee. We incurred a net loss of $391,000 during the three month period ended June 30, 2023
related to our equity share in ILiAD as compared to a net loss of $355,000 for the three months ended June 30, 2022 (see Note J to our
unaudited condensed consolidated financial statements included herein).
Net
Loss. As a result of the foregoing, we realized a net loss of $476,000 or $0.02 per share basic and diluted for the three months
ended June 30, 2023 compared with a net loss of $1,532,000 or $0.06 per share basic and diluted for the three months ended
June 30, 2022.
Six
Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022
Revenue.
We had revenue of $820,000 for the six months ended June 30, 2023 as compared to no revenue for the six months ended June 30, 2022. Our
revenue for the six months ended June 30, 2023 was from litigation settlements involving our Remote Power Patent (see Note I[4] to our
unaudited condensed consolidated financial statements included herein).
Operating
Expenses. Operating expenses for the six months ended June 30, 2023 were $2,145,000 as compared to $1,731,000 for the six months
ended June 30, 2022. The increase in operating expenses of $414,000 for the six months ended June 30, 2023 was primarily due to an increase
in costs of revenue of $232,000 related to contingent legal fees and incentive bonus compensation associated with litigation settlements
and an increase in general and administrative expenses of $218,000.
We
had costs of revenue of $232,000 and $0 for the six months ended June 30, 2023 and 2022, respectively. Included in the costs of revenue
for the six months ended June 30, 2023 were contingent legal fees of $191,000 and incentive bonus compensation of $41,000 payable to
our Chairman and Chief Executive Officer pursuant to his employment agreement (see Note H to our unaudited condensed consolidated financial
statements included herein), each contingent upon the litigation settlements.
General
and administrative expenses increased by $218,000 for the six months ended June 30, 2023 as compared to the six months ended June 30,
2022, primarily as a result of increased payroll and franchise taxes of $129,000 and severance and other benefits in the amount of $112,000
paid to our former Chief Financial Officer, offset by reductions in certain other expenses.
Stock-based
compensation, included in general and administrative expenses, was $267,000 for the six months ended June 30, 2023 as compared to $233,000
for the six months ended June 30, 2022.
Operating
Loss. We had an operating loss of $1,325,000 for the six months ended June 30, 2023 compared with an operating loss of
$1,731,000 for the six months ended June 30, 2022. The operating loss decrease of $406,000 was due primarily to revenue from litigation
settlements offset by increased operating expenses.
Income
Taxes. For the six months ended June 30, 2023, we had a current tax expense for federal, state and local income taxes of $0 and a
deferred tax benefit of $247,000. For the six months ended June 30, 2022, we had a current tax expense for federal, state and
local income taxes of $0 and a deferred tax benefit of $554,000.
Share
of Net Losses of Equity Method Investee. We incurred a net loss of $1,065,000 during the six month period ended June 30, 2023
related to our equity share in ILiAD as compared to a net loss of $788,000 for the six months ended June 30, 2022 (see Note J to our
unaudited condensed consolidated financial statements included herein). The increase of $277,000 in net losses of ILiAD includes an additional
loss of $42,000 recorded on a one quarter lag basis as a result of audited financial information received from ILiAD for the year ended
December 31, 2022 (see Note B[1]).
Net
Loss. As a result of the foregoing, we realized a net loss of $1,099,000 or $0.05 per share basic and diluted for the six months
ended June 30, 2023 compared with a net loss of $2,844,000 or $0.12 per share basic and diluted for the six months ended June 30, 2022.
LIQUIDITY
AND CAPITAL RESOURCES
We
have financed our operations primarily from revenue from licensing our patents. At June 30, 2023, our principal sources of liquidity
consisted of cash and cash equivalents and marketable securities of $46,370,000 and working capital of $45,884,000. Based on our current
cash position, we believe that we will have sufficient cash to fund our operations for the next twelve months and the foreseeable future.
Working
capital decreased by $1,475,000 at June 30, 2023 to $45,884,000 as compared to working capital of $47,359,000 at
December 31, 2022. The decrease in working capital of $1,475,000 for the six months ended June 30, 2023 was primarily
due to operating expenses incurred and a reduction of accrued expenses of $486,000, offset somewhat by interest income of $755,000.
Net
cash used in operating activities for the six months ended June 30, 2023 decreased by $4,055,000 from $4,608,000 for the six months ended
June 30, 2022 to $553,000 for the six months ended June 30, 2023, primarily as a result of reductions in the net
loss of $1,745,000 and income taxes payable of $2,833,000.
Net
cash provided by (used in) investing activities during the six months ended June 30, 2023 increased by $18,129,000 to $5,326,000, as
compared to $(12,803,000) for the six months ended June 30, 2022, primarily as a result of net investment shifting from marketable securities
to investments in securities classified as cash and cash equivalents.
Net
cash used in financing activities for the six months ended June 30, 2023 and 2022 was $1,606,000 and $1,554,000, respectively. The change
of $52,000 primarily resulted from an increase in repurchases of treasury shares of $83,000 in 2023.
We
maintain our cash in money market funds, government securities, certificates of deposit and short-term fixed income securities. Accordingly,
we do not believe that our investments have significant exposure to interest rate risk.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not have any off-balance sheet arrangements.
CONTRACTUAL
OBLIGATIONS
We
do not have any long-term debt, capital lease obligations, purchase obligations or other long-term liabilities except for our lease obligations
for our principal office space (see Note G[3] to our unaudited condensed consolidated financial statement included herein).
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
Our
unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our financial
statements included in this Quarterly Report on Form 10-Q requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of revenues and expenses during the reporting periods. The significant estimates and
assumptions made in the preparation of our unaudited condensed consolidated financial statements include revenue recognition,
contingent legal fees and related expenses, income taxes, valuation of patents and equity method investments, including the
evaluation of the Company’s basis difference. Actual results could be materially different from those estimates, upon which
the carrying values were based. See also Note B to our unaudited condensed consolidated financial statements included in this
quarterly report.
We
believe our most critical accounting policies and estimates to be the following:
Equity
Method Investments
Equity
method investments are equity securities in entities that we do not control but over which we have the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus our share of an investee’s income or loss, and adjustments based on the investees observable price transactions,
if any. Our proportionate share of the income or loss from equity method investments is recognized on a one-quarter lag. When our carrying
value in an equity method investment is reduced to zero, no further losses are recorded in our financial statements unless we guaranteed
obligations of the investee company or have committed additional funding. When the investee company subsequently reports income, we will
not record our share of such income until it equals the amount of our share of losses not previously recognized. In the event the equity
method investee enters into an observable price transaction, we will increase or decrease the carrying value in its equity method investment
based on the transaction price. Upon sale of equity method investments, the difference between sales proceeds and the carrying amount
of the equity investment is recognized in profit or loss. In determining whether an equity method investment is impaired, we take
into consideration a variety of factors including the operating and financial performance of the investee, the investee’s future
business plans and projections, discussions with the investee’s management, and our intent and ability to hold the investment until
it recovers in value. Accordingly, we make assumptions and estimates in assessing whether an impairment has occurred and if, in the future,
our assumptions and estimates made in assessing the fair value of these investments change, this could result in a material decrease
in the carrying value of the investment. This would cause us to write-down the carrying value of the investment and could have a material
adverse effect on our results of operations in the period the impairment charge is taken.
Income
Taxes
We
account for income taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
740, Income Taxes (ASC 740), which requires us to use the assets and liability method of accounting for income taxes. Under the assets
and liability method, deferred income taxes are recognized for the tax consequences of temporary (timing) differences by applying enacted
statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing
assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect on deferred income
taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized
if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. In evaluating the need for a valuation
allowance, we estimate future taxable income based on management business plans. This process involves significant management judgment
about assumptions that are subject to change from period to period. Because the recognition of deferred tax assets requires management
to make significant judgments about future earnings, the periods in which items will impact taxable income and the application of inherently
complex tax laws, we have identified the assessment of deferred tax assets and the need for any related valuation allowance as a critical
accounting estimate.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
Applicable
ITEM
4. CONTROLS AND PROCEDURES
(a)
Evaluation of Disclosure Controls and Procedures
Our
Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined
in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of the end of the period covered by this Quarterly Report on Form 10-Q.
Based upon this review, these officers concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our
disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or
submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in
applicable rules and forms and is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial
Officer, to allow timely decisions regarding required disclosure.
(b)
Changes in Internal Controls
There
was no change in our internal control over financial reporting that occurred during the fiscal quarter ended June 30, 2023 that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
For
a description of our legal proceedings see Note I to our unaudited condensed consolidated financial statements included in this Quarterly
Report and Item 3. Legal Proceedings of our Annual Report on Form 10-K for the year ended December 31, 2022 (filed with the SEC on March
30, 2023). During the three months ended June 30, 2023, no material events occurred with respect to our legal proceedings, except for
the settlement with respect to an additional defendant in our litigation involving our Remote Power Patent (see Note I[4] to our unaudited
condensed consolidated financial statements).
ITEM
1A. Risk Factors
Our
operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition,
results of operations and trading price of our common stock. Investors should carefully consider the risks described in this Quarterly
Report on Form 10-Q for the three months ended June 30, 2023, and our Annual Report on Form 10-K for the year ended December 31, 2022
(pages 19-21), filed with the SEC on March 30, 2023.
ITEM
2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent
Issuances of Unregistered Securities
There
were no such issuances during the three months ended June 30, 2023.
Stock
Repurchases
On
June 13, 2023, our Board of Directors authorized an extension and increase of the Share Repurchase Program to repurchase up to $5,000,000
of shares of our common stock over the subsequent 24 month period. The common stock may be repurchased from time to time in open market
transactions or privately negotiated transactions in our discretion. The timing and amount of the shares repurchased is determined by
management based on its evaluation of market conditions and other factors. The Share Repurchase Program may be increased, suspended or
discontinued at any time. Since inception of the Share Repurchase Program in August 2011 through June 30, 2023, we have repurchased an
aggregate of 9,360,944 shares of our common stock at an aggregate cost of $18,085,981 (exclusive of commissions) or an average per share
price of $1.93. During the three months ended June 30, 2023, we repurchased an aggregate of 11,495 shares of our common stock at an aggregate
cost of $25,685 or an average per share price of $2.23. During the six months ended June 30, 2023, we repurchased an aggregate of 148,280
shares of our common stock at an aggregate cost of $327,887 or an average per share price of $2.21. At June 30, 2023, the remaining dollar
value of shares that may be repurchased under the Share Repurchase Program was $5,000,000.
During
the months of April, May and June 2023, we purchased common stock pursuant to our Share Repurchase Program as indicated below:
Period |
Total
Number of Shares Purchased |
Average
Price Paid Per Share |
Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum
Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs1 |
April
1 to April 30, 2023 |
11,495 |
2.23 |
11,495 |
— |
May
1 to May 30, 2023 |
— |
— |
— |
— |
June
1 to June 30, 2023 |
— |
— |
— |
5,000,0001 |
Total |
11,495 |
2.23 |
11,495 |
|
| ______________________________ | |
| 1. | On
June 13, 2023, our Board of Directors authorized an extension and increase of our Share Repurchase
Program to repurchase up to $5,000,000 shares of our common stock over the subsequent 24
month period. |
ITEM
3. Defaults Upon Senior Securities
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. Exhibits
(a)
Exhibits
| 101 | Interactive
data files:** |
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Instance Document |
| 101.SCH | XBRL
Scheme Document |
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_____________________________
* Filed
herewith
** Furnished
herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
NETWORK-1 TECHNOLOGIES, INC. |
|
|
Date:
August
10, 2023 |
By: |
/s/ Corey M. Horowitz |
|
|
Corey M. Horowitz Chairman and Chief Executive Officer
(Principal Executive Officer) |
|
|
Date: August
10, 2023 |
By: |
/s/ Robert Mahan |
|
|
Robert Mahan Chief Financial Officer
(Principal Financial Officer) |
30
EXHIBIT
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.ss.1350)
I, Corey M. Horowitz, Chairman and Chief Executive
Officer of Network-1 Technologies, Inc. (the “Registrant”), certify that:
1. I have reviewed this quarterly report on Form 10-Q
for the quarterly period ended June 30, 2023 of the Registrant;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s
internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (that Registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the Registrant’s internal control over financial reporting.
|
|
Date: August 10, 2023 |
|
/s/ Corey
M. Horowitz |
|
|
Corey M. Horowitz Chairman and Chief Executive Officer
(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.ss.1350)
I, Robert Mahan, Chief Financial Officer of Network-1
Technologies, Inc. (the “Registrant”), certify that:
1. I have reviewed this quarterly report on Form 10-Q
for the quarterly period ended June 30, 2023 of the Registrant;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant
and have:
(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s
internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the Registrant’s internal control over financial reporting.
|
|
Date:
August 10, 2023 |
|
/s/ Robert Mahan |
|
|
Robert Mahan Chief
Financial Officer
(Principal
Financial Officer) |
EXHIBIT 32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350)
Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 (18 U.S.C. ss. 1350), the undersigned, Corey M. Horowitz, Chief Executive Officer and Chairman of Network-1 Technologies, Inc.,
a Delaware corporation (the “Company”), does hereby certify to his knowledge, that:
The Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of
the Company (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Company.
/s/ Corey M. Horowitz
|
Chairman and Chief Executive Officer (Principal Executive Officer)
August 10, 2023
|
|
EXHIBIT
32.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350)
Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 (18 U.S.C. ss. 1350), the undersigned, David C. Kahn, Chief Financial Officer of Network-1 Technologies, Inc., a Delaware corporation
(the “Company”), does hereby certify to his knowledge, that:
The Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of
the Company (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Company.
/s/ Robert Mahan |
Chief Financial Officer
(Principal Financial Officer)
August 10, 2023
|
|
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Cover - shares
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Current Fiscal Year End Date |
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|
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Entity File Number |
1-15288
|
|
Entity Registrant Name |
NETWORK-1 TECHNOLOGIES, INC.
|
|
Entity Central Index Key |
0001065078
|
|
Entity Tax Identification Number |
11-3027591
|
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Entity Incorporation, State or Country Code |
DE
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 16,615,000
|
$ 13,448,000
|
Marketable securities, at fair value |
29,755,000
|
34,991,000
|
Prepaid taxes |
177,000
|
177,000
|
Other current assets |
88,000
|
348,000
|
TOTAL CURRENT ASSETS |
46,635,000
|
48,964,000
|
OTHER ASSETS: |
|
|
Patents, net of accumulated amortization |
1,427,000
|
1,592,000
|
Equity investment |
6,187,000
|
7,252,000
|
Operating leases right-of-use asset |
129,000
|
161,000
|
Security deposit |
13,000
|
|
Total Other Assets |
7,756,000
|
9,005,000
|
TOTAL ASSETS |
54,391,000
|
57,969,000
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
375,000
|
507,000
|
Income taxes payable |
115,000
|
115,000
|
Accrued contingency fees and related costs |
66,000
|
|
Accrued payroll |
15,000
|
317,000
|
Other accrued expenses |
101,000
|
587,000
|
Operating lease obligation, current |
79,000
|
79,000
|
Total Current Liabilities |
751,000
|
1,605,000
|
LONG TERM LIABILITIES: |
|
|
Deferred tax liability |
914,000
|
1,161,000
|
Operating lease obligation, non-current |
60,000
|
94,000
|
TOTAL LIABILITIES |
1,725,000
|
2,860,000
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at June 30, 2023 and December 31, 2022 |
|
|
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,811,260 and 23,863,639 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
238,000
|
239,000
|
Additional paid-in capital |
67,205,000
|
66,939,000
|
Accumulated deficit |
(14,763,000)
|
(12,055,000)
|
Accumulated other comprehensive loss |
(14,000)
|
(14,000)
|
TOTAL STOCKHOLDERS’ EQUITY |
52,666,000
|
55,109,000
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 54,391,000
|
$ 57,969,000
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par Value |
$ 0.01
|
$ 0.01
|
Preferred Stock, Shares Authorized |
10,000,000
|
10,000,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par Value |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
50,000,000
|
50,000,000
|
Common Stock, Shares Issued |
23,811,260
|
23,863,639
|
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23,811,260
|
23,863,639
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- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
$ 283,000
|
|
$ 820,000
|
|
OPERATING EXPENSES: |
|
|
|
|
Costs of revenue |
81,000
|
|
232,000
|
|
Professional fees and related costs |
59,000
|
157,000
|
357,000
|
407,000
|
General and administrative |
610,000
|
601,000
|
1,391,000
|
1,173,000
|
Amortization of patents |
82,000
|
76,000
|
165,000
|
151,000
|
TOTAL OPERATING EXPENSES |
832,000
|
834,000
|
2,145,000
|
1,731,000
|
OPERATING LOSS |
(549,000)
|
(834,000)
|
(1,325,000)
|
(1,731,000)
|
OTHER INCOME (LOSS): |
|
|
|
|
Interest and dividend income, net |
445,000
|
131,000
|
755,000
|
211,000
|
Net realized and unrealized gain (loss) on marketable securities |
(75,000)
|
(576,000)
|
289,000
|
(1,090,000)
|
Total other (loss) income, net |
370,000
|
(445,000)
|
1,044,000
|
(879,000)
|
LOSS BEFORE INCOME TAXES AND SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE |
(179,000)
|
(1,279,000)
|
(281,000)
|
(2,610,000)
|
INCOME TAXES PROVISION: |
|
|
|
|
Current |
|
|
|
|
Deferred taxes, net |
(94,000)
|
(102,000)
|
(247,000)
|
(554,000)
|
Total income tax benefit |
(94,000)
|
(102,000)
|
(247,000)
|
(554,000)
|
LOSS BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: |
(85,000)
|
(1,177,000)
|
(34,000)
|
(2,056,000)
|
SHARE OF NET LOSS OF EQUITY METHOD INVESTEE |
(391,000)
|
(355,000)
|
(1,065,000)
|
(788,000)
|
NET LOSS |
$ (476,000)
|
$ (1,532,000)
|
$ (1,099,000)
|
$ (2,844,000)
|
Net loss per share |
|
|
|
|
Basic |
$ (0.02)
|
$ (0.06)
|
$ (0.05)
|
$ (0.12)
|
Diluted |
$ (0.02)
|
$ (0.06)
|
$ (0.05)
|
$ (0.12)
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
23,803,567
|
23,854,438
|
23,865,141
|
23,864,053
|
Diluted |
23,803,567
|
23,854,438
|
23,865,141
|
23,864,053
|
Cash dividends declared per share |
|
|
$ 0.05
|
$ 0.05
|
OTHER COMPREHENSIVE LOSS Net unrealized holding loss on corporate bonds and notes during the period, net of tax |
|
$ (1,000)
|
|
$ (4,000)
|
COMPREHENSIVE LOSS |
$ (476,000)
|
$ (1,533,000)
|
$ (1,099,000)
|
$ (2,848,000)
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
|
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity |
Balance – March 31, 2022 at Dec. 31, 2021 |
$ 238,000
|
$ 66,361,000
|
$ (6,428,000)
|
$ (12,000)
|
$ 60,159,000
|
Beginning Balance, Shares at Dec. 31, 2021 |
23,792,212
|
|
|
|
|
Dividends and dividend equivalents declared |
|
|
(1,190,000)
|
|
(1,190,000)
|
Stock-based compensation |
|
55,000
|
|
|
55,000
|
Vesting of restricted stock units |
$ 1,000
|
(1,000)
|
|
|
|
Vesting of restricted stock units, shares |
136,250
|
|
|
|
|
Value of shares delivered to pay withholding taxes |
|
|
(112,000)
|
|
(112,000)
|
Value of shares delivered to pay withholding taxes, Shares |
(45,438)
|
|
|
|
|
Net unrealized loss on corporate bonds and notes |
|
|
|
(3,000)
|
(3,000)
|
Net loss |
|
|
(1,312,000)
|
|
(1,312,000)
|
Balance – June 30, 2022 at Mar. 31, 2022 |
$ 239,000
|
66,415,000
|
(9,042,000)
|
(15,000)
|
57,597,000
|
Ending Balance, Shares at Mar. 31, 2022 |
23,883,024
|
|
|
|
|
Dividend equivalents rights paid |
|
|
(5,000)
|
|
(5,000)
|
Stock-based compensation |
|
178,000
|
|
|
178,000
|
Vesting of restricted stock units |
|
|
|
|
|
Vesting of restricted stock units, shares |
11,250
|
|
|
|
|
Net unrealized loss on corporate bonds and notes |
|
|
|
(1,000)
|
(1,000)
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(246,000)
|
|
(247,000)
|
Treasury stock purchased and retired, shares |
(103,080)
|
|
|
|
|
Net loss |
|
|
(1,532,000)
|
|
(1,532,000)
|
Balance – June 30, 2022 at Jun. 30, 2022 |
$ 238,000
|
66,593,000
|
(10,825,000)
|
(16,000)
|
55,990,000
|
Ending Balance, Shares at Jun. 30, 2022 |
23,791,194
|
|
|
|
|
Balance – March 31, 2022 at Dec. 31, 2022 |
$ 239,000
|
66,939,000
|
(12,055,000)
|
(14,000)
|
55,109,000
|
Beginning Balance, Shares at Dec. 31, 2022 |
23,863,639
|
|
|
|
|
Dividends and dividend equivalents declared |
|
|
(1,196,000)
|
|
(1,196,000)
|
Stock-based compensation |
|
161,000
|
|
|
161,000
|
Vesting of restricted stock units |
$ 1,000
|
(1,000)
|
|
|
|
Vesting of restricted stock units, shares |
123,750
|
|
|
|
|
Value of shares delivered to pay withholding taxes |
|
|
(83,000)
|
|
(83,000)
|
Value of shares delivered to pay withholding taxes, Shares |
(39,099)
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(305,000)
|
|
(306,000)
|
Treasury stock purchased and retired, shares |
(136,785)
|
|
|
|
|
Net loss |
|
|
(623,000)
|
|
(623,000)
|
Balance – June 30, 2022 at Mar. 31, 2023 |
$ 239,000
|
67,099,000
|
(14,262,000)
|
(14,000)
|
53,062,000
|
Ending Balance, Shares at Mar. 31, 2023 |
23,811,505
|
|
|
|
|
Stock-based compensation |
|
106,000
|
|
|
106,000
|
Vesting of restricted stock units |
|
|
|
|
|
Vesting of restricted stock units, shares |
11,250
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(25,000)
|
|
(26,000)
|
Treasury stock purchased and retired, shares |
(11,495)
|
|
|
|
|
Net loss |
|
|
(476,000)
|
|
(476,000)
|
Balance – June 30, 2022 at Jun. 30, 2023 |
$ 238,000
|
$ 67,205,000
|
$ (14,763,000)
|
$ (14,000)
|
$ 52,666,000
|
Ending Balance, Shares at Jun. 30, 2023 |
23,811,260
|
|
|
|
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (1,099,000)
|
$ (2,844,000)
|
Adjustments to reconcile net loss to net cash |
|
|
Amortization of patents |
165,000
|
151,000
|
Stock-based compensation |
267,000
|
233,000
|
Loss allocated from equity method investment |
1,065,000
|
788,000
|
Unrealized (gain) loss on marketable securities |
(90,000)
|
808,000
|
Deferred tax benefit |
(247,000)
|
(554,000)
|
Amortization of operating leases – right of use assets |
32,000
|
10,000
|
Changes in operating assets and liabilities: |
|
|
Other current assets |
260,000
|
(89,000)
|
Security deposit |
(13,000)
|
|
Accounts payable |
(132,000)
|
68,000
|
Income taxes payable |
|
(2,833,000)
|
Operating lease obligations |
(34,000)
|
(10,000)
|
Accrued expenses |
(727,000)
|
(336,000)
|
NET CASH USED IN OPERATING ACTIVITIES |
(553,000)
|
(4,608,000)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Sales of marketable securities |
36,106,000
|
4,004,000
|
Purchases of marketable securities |
(30,780,000)
|
(16,283,000)
|
Development of patents |
|
(524,000)
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
5,326,000
|
(12,803,000)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Cash dividends paid |
(1,191,000)
|
(1,195,000)
|
Value of shares delivered to fund withholding taxes |
(83,000)
|
(112,000)
|
Repurchases of common stock, inclusive of commissions |
(332,000)
|
(247,000)
|
NET CASH USED IN FINANCING ACTIVITIES: |
(1,606,000)
|
(1,554,000)
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
3,167,000
|
(18,965,000)
|
CASH AND CASH EQUIVALENTS, beginning of period |
13,448,000
|
44,497,000
|
CASH AND CASH EQUIVALENTS, end of period |
16,615,000
|
25,532,000
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Interest |
|
|
Income taxes |
|
3,000,000
|
NON-CASH FINANCING ACTIVITIES |
|
|
Accrued dividend rights on restricted stock units |
8,000
|
|
Right of use asset obtained in exchange for lease liability |
|
$ 204,000
|
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v3.23.2
BASIS OF PRESENTATION AND NATURE OF BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION AND NATURE OF BUSINESS |
NOTE
A – BASIS OF PRESENTATION AND NATURE OF BUSINESS
[1]
BASIS OF PRESENTATION
The
accompanying condensed consolidated financial statements are unaudited, but, in the opinion of the management of Network-1 Technologies,
Inc. (the “Company”), contain all adjustments consisting only of normal recurring items which the Company considers necessary
for the fair presentation of the Company’s financial position as of June 30, 2023, and the results of its operations and comprehensive
loss for the three and six month periods ended June 30, 2023 and June 30, 2022, changes in stockholders’ equity for the
three and six month periods ended June 30, 2023 and June 30, 2022, and its cash flows for the six month periods ended June
30, 2023 and June 30, 2022. The unaudited condensed consolidated financial statements included herein have been
prepared in accordance with the accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial
information and the instructions to Form 10-Q and Regulation S-X. Accordingly, certain information and footnote disclosures normally
included in the consolidated financial statements prepared in accordance with U.S. GAAP may have been omitted pursuant to such rules
and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. These
unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 30, 2023. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative
of the results of operations to be expected for the full year.
The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries,
Mirror Worlds Technologies, LLC. and HFT Solutions, LLC. All intercompany balances and transactions have been eliminated in consolidation.
[2]
BUSINESS
The
Company is engaged in the development, licensing and protection of its intellectual property assets. The Company presently owns ninety-eight
(98) U.S. patents, fifty-three (53) of such patents have expired, and fourteen (14) foreign patents related to (i) the Cox patent portfolio
(the “Cox Patent Portfolio) relating to enabling technology for identifying media content on the Internet and taking further actions
to be performed after such identification; (ii) the M2M/IoT patent portfolio (the “M2M/IoT Patent Portfolio”) relating to,
among other things, enabling technology for authenticating, provisioning and using embedded SIM (Subscriber Identification Module) technology
in next generation IoT, Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers; (iii) the HFT patent
portfolio (the “HFT Patent Portfolio”) covering certain advanced technologies relating to high frequency trading, which inventions
specifically address technological problems associated with speed and latency and provide critical latency gains in trading systems where
the difference between success and failure may be measured in nanoseconds; (iv) the Mirror Worlds patent portfolio (the “Mirror
Worlds Patent Portfolio”) relating to foundational technologies that enable unified search and indexing, displaying and archiving
of documents in a computer system; and (v) the remote power patent (the “Remote Power Patent”) covering delivery of Power
over Ethernet (PoE) cables for the purpose of remotely powering network devices, such as wireless access ports, IP phones and network
based cameras.
The
Company’s current strategy includes continuing to pursue licensing opportunities for its patent portfolios. In addition, the Company
reviews opportunities to acquire or license additional intellectual property as well as other strategic alternatives. The Company’s
patent acquisition and development strategy is to focus on acquiring high quality patents which management believes have the potential
to generate significant licensing opportunities as the Company has achieved with respect to its Remote Power Patent and Mirror Worlds
Patent Portfolio. In addition, the Company may also enter into strategic relationships with third parties to develop, commercialize,
license or otherwise monetize their intellectual property.
The
Company has made equity investments totaling $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”), a clinical stage biotechnology
company (see Note J hereof).
|
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| [1] | Use
of Estimates and Assumptions |
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. The significant estimates and assumptions made in the preparation of the Company’s unaudited condensed consolidated financial
statements include costs related to the Company’s assertion of litigation, valuation of the Company’s patent portfolios,
stock-based compensation, the recoverability of deferred tax assets and the carrying value of the Company’s equity method investments.
Actual results could be materially different from those estimates upon which the carrying values were based.
Certain
amounts recorded to reflect the Company’s share of income or losses of its equity method investee, accounted for under the equity
method, are based on estimates and the unaudited results of operations of the equity method investee and may require adjustment in the
future when the audit of the equity method investee is complete. The Company reports its share of the results of its equity method investee
on a one quarter lag basis.
Under
ASC 606, revenue is recognized when the Company completes the licensing of its intellectual property to its licensees, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for licensing its intellectual property.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement; |
| • | identification
of the performance obligations in the license agreement; |
| • | determination
of the consideration for the license; |
| • | allocation
of the transaction price to the performance obligations in the contract; and |
| • | recognition
of revenue when the Company satisfies its performance obligations. |
Revenue
disaggregated by source is as follows:
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
During
the three months ended June 30, 2023, the Company entered into a settlement agreement with an additional defendant with respect to patent
infringement litigation involving its Remote Power Patent resulting in a payment of $283,000 to the Company which was recognized as revenue
during the three months ended June 30, 2023. During the six months ended June 30, 2023, in addition to the aforementioned settlement,
the Company entered into settlement agreements with four other defendants with respect to patent infringement litigation involving its
Remote Power Patent, resulting in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment of
$150,000 which has not been recognized as revenue as of June 30, 2023 because the terms of the conditional payment have not yet been
satisfied.
Revenue
from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue
recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations
of the parties. These agreements may include, but not be limited to, elements related to past infringement liabilities, non-refundable
upfront license fees, and ongoing royalties on licensed products sold by the licensee. Generally, in the event of a litigation settlement
related to the Company’s assertion of patent infringement involving its intellectual property, defendants will either pay (i) a
non-refundable lump sum payment for a non-exclusive fully-paid license, or (ii) a non-refundable lump sum payment (license initiation
fee) together with an ongoing obligation to pay quarterly or monthly royalties to the Company for the life of the licensed patent.
| [3] | Equity Method
Investments |
Equity
method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus the Company’s share of an investee’s income or loss. The Company’s proportionate share of the
income or loss from equity method investments is recognized on a one-quarter lag. When the Company’s carrying value in an equity
method investment is reduced to zero, no further losses are recorded in the Company’s financial statements unless the Company guaranteed
obligations of the investee company or has committed additional funding. When the investee company subsequently reports income, the Company
will not record its share of such income until it equals the amount of its share of losses not previously recognized.
The
Company accounts for income taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC)
Topic 740, Income Taxes (ASC 740), which requires the Company to use the assets and liability method of accounting for income
taxes. Under the assets and liability method, deferred income taxes are recognized for the tax consequences of temporary (timing) differences
by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the
tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect
on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of
June 30, 2023, the Company had total deferred tax assets generated from its activities totaling $1,036,000. The Company’s deferred
tax assets were offset by a valuation allowance of $1,036,000 as it was determined that it is more likely than not that certain deferred
tax assets will not be realized. As of June 30, 2023, the Company also had a deferred tax liability of $914,000.
The
personal holding company (“PHC”) rules under the Internal Revenue Code impose a 20% tax on a PHC’s undistributed personal
holding company income (“UPHCI”), which means, in general, taxable income subject to certain adjustments and reduced by certain
distributions to shareholders. For a corporation to be classified as a PHC, it must satisfy two tests: (i) that more than 50% in value
of its outstanding shares must be owned directly or indirectly by five or fewer individuals at any time during the second half of the
year (after applying constructive ownership rules to attribute stock owned by entities to their beneficial owners and among certain family
members and other related parties) (the “Ownership Test”) and (ii) at least 60% of its adjusted ordinary gross income for
a taxable year consists of dividends, interest, royalties, annuities and rents (the “Income Test”). At July 14, 2023, based
on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test. However,
the Company may subsequently be determined to be a PHC in 2023 or in future years if it satisfies both the Ownership Test and Income
Test. If the Company were to become a PHC in 2023 or any future year, it would be subject to the 20% tax on its UPHCI. In such event,
the Company may issue a special cash dividend to its shareholders in an amount equal to the UPHCI rather than incur the 20% tax.
ASC
740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as
a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination,
including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure
a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.
A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate
settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first
subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria
should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company had no
uncertain tax positions as of June 30, 2023.
The
Company recognizes interest and penalties related to income tax in the income tax provision in the unaudited condensed consolidated statements
of operations and comprehensive loss.
U.S.
federal, state and local income tax returns prior to 2019 are not subject to examination by any applicable tax authorities, except that
tax authorities could challenge returns (only under certain circumstances) for earlier years to the extent they generated loss carry-forwards
that are available for those future years.
Stock-based
compensation in the unaudited condensed consolidated statement of operations and comprehensive loss for the three and six months ended
June 30, 2022 has been recast and reclassified to conform to the current period presentation.
| [6] | New Accounting
Standards |
There
are no new accounting standards that have had a material impact on the Company’s unaudited condensed consolidated financial statements.
|
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v3.23.2
PATENTS
|
6 Months Ended |
Jun. 30, 2023 |
Patents |
|
PATENTS |
NOTE
C – PATENTS
The
Company’s intangible assets at June 30, 2023 include patents with estimated remaining economic useful lives ranging from 0.08 to
16 years. For all periods presented, all of the Company’s patents were subject to amortization. The gross carrying amounts
and accumulated amortization related to acquired intangible assets as of June 30, 2023 and December 31, 2022 were as follows:
Schedule of patent | |
| | | |
| | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization – patents | |
| (7,046,000 | ) | |
| (6,881,000 | ) |
Patents, net | |
$ | 1,427,000 | | |
$ | 1,592,000 | |
Amortization
expense for the three months ended June 30, 2023 and 2022 was $82,000 and $76,000, respectively. Amortization expense for the six months
ended June 30, 2023 and 2022 was $165,000 and $151,000, respectively. Future amortization of intangible assets, net is as follows:
Schedule of future amortization of current intangible | | | |
| | |
|
Twelve Months Ended June 30, | |
| 2024 | | |
$ | 161,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 120,000 | |
| 2028 | | |
| 117,000 | |
| Thereafter | | |
| 789,000 | |
| Total | | |
$ | 1,427,000 | |
| | | |
| | |
Two
patents within the Cox Patent Portfolio expire in July 2023 and November 2023, and the balance of the patents within such portfolio have
expired. The expiration dates of patents within the Company’s M2M/IoT Patent Portfolio range from September 2033 to May 2034. The
expiration dates within the Company’s HFT Patent Portfolio range from October 31, 2039 to November 1, 2039. All of the patents
within the Company’s Mirror Worlds Patent Portfolio and the Remote Power Patent have expired.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
D – STOCK-BASED COMPENSATION
Restricted
Stock Units
The
Company adopted the 2022 Stock Incentive Plan, (the “2022 Plan”), approved by its Board of Directors on July 25, 2022 and
its stockholders on September 20, 2022. The 2022 Plan provides for the grant of any or all of the following types of awards: (a) stock
options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted
stock units.
As
of June 30, 2023, there were 47,500 shares of common stock subject to outstanding awards under the 2022 Plan and 2,230,000 shares of
common stock available for issuance under the 2022 Plan.
As
of June 30, 2023, there were 512,500 shares of common stock subject to outstanding awards under the Company’s 2013 Stock Incentive
Plan (“2013 Plan”). The Company discontinued issuing awards under its 2013 Plan as a result of the adoption of the 2022 Plan.
A
summary of restricted stock unit activity for the six months ended June 30, 2023 is as follows (each restricted stock unit issued by
the Company represents the right to receive one share of the Company’s common stock):
Schedule of restricted stock unit activity | |
| | | |
| | |
| |
Number of Shares | | |
Weighted-Average
Grant Date Fair Value | |
Balance of restricted stock units outstanding at December 31, 2022 | |
| 625,000 | | |
$ | 1.87 | |
Grants of restricted stock units | |
| 70,000 | | |
| 2.25 | |
Vested restricted stock units | |
| (135,000 | ) | |
| (2.46 | ) |
Balance of restricted stock units outstanding at June 30, 2023 | |
| 560,000 | | |
$ | 1.78 | |
Restricted
stock unit compensation expense was $106,000 and $178,000 for the three months ended June 30, 2023 and 2022, respectively, and $267,000
and $233,000 for the six months ended June 30, 2023 and 2022, respectively. Stock-based compensation expense is included in general and
administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
The
Company has an aggregate of $634,000 of unrecognized restricted stock unit compensation as of June 30, 2023 to be expensed over a weighted
average period of 2.20 years.
All
of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. As of June 30, 2023 and December
31, 2022, there was $44,000 and $0, respectively, accrued for dividend equivalent rights which were included in other accrued expenses.
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v3.23.2
LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
NOTE
E – LOSS PER SHARE
Basic
loss per share is calculated by dividing the net loss by the weighted average number of outstanding common shares during the period.
Diluted per share data includes the dilutive effects of options and restricted stock units. Potentially dilutive shares of 560,000 and
1,171,250 at June 30, 2023 and 2022, respectively, consisted of restricted stock units and stock options. However, as the Company generated
a net loss in 2023 and 2022, all potentially dilutive shares were not reflected in diluted net loss per share because the impact of such
instruments was anti-dilutive.
Computations
of basic and diluted weighted average common shares outstanding were as follows:
Schedule of earnings per share, basic and diluted | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2022 | | |
2022 | |
Weighted-average common shares outstanding – basic | |
| 23,865,141 | | |
| 23,864,053 | | |
| 23,803,567 | | |
| 23,854,438 | |
Dilutive effect of restricted stock units and stock options | |
| — | | |
| — | | |
| — | | |
| — | |
Weighted-average common shares outstanding – diluted | |
| 23,865,141 | | |
| 23,864,053 | | |
| 23,803,567 | | |
| 23,854,438 | |
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 560,000 | | |
| 1,160,500 | | |
| 560,000 | | |
| 1,160,000 | |
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v3.23.2
MARKETABLE SECURITIES
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities |
|
MARKETABLE SECURITIES |
NOTE
F – MARKETABLE SECURITIES
Marketable
securities as of June 30, 2023 and December 31, 2022 were composed of the following:
Schedule of marketable securities | |
| | | |
| | | |
| | | |
| | |
| |
June
30, 2023 | |
| |
Cost Basis | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 5,250,000 | | |
$ | — | | |
$ | (30,000 | ) | |
$ | 5,220,000 | |
Government securities | |
| 16,631,000 | | |
| 236,000 | | |
| (35,000 | ) | |
| 16,832,000 | |
Fixed income mutual funds | |
| 7,650,000 | | |
| — | | |
| (126,000 | ) | |
| 7,524,000 | |
Corporate bond | |
| 193,000 | | |
| — | | |
| (14,000 | ) | |
| 179,000 | |
Total marketable securities | |
$ | 29,724,000 | | |
$ | 236,000 | | |
$ | (205,000 | ) | |
$ | 29,755,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
December
31, 2022 | |
| |
Cost Basis | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Government Securities | |
$ | 20,781,000 | | |
$ | 67,000 | | |
$ | — | | |
$ | 20,848,000 | |
Fixed income mutual funds | |
| 11,904,000 | | |
| — | | |
| (915,000 | ) | |
| 10,989,000 | |
Certificates of Deposit | |
| 3,019,000 | | |
| — | | |
| (43,000 | ) | |
| 2,976,000 | |
Corporate bonds and notes | |
| 192,000 | | |
| — | | |
| (14,000 | ) | |
| 178,000 | |
Total marketable securities | |
$ | 35,896,000 | | |
$ | 67,000 | | |
$ | (972,000 | ) | |
$ | 34,991,000 | |
The
Company’s marketable securities are classified within Level 1 of the fair value hierarchy because they are valued using quoted
market prices in an active market.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
G – COMMITMENTS AND CONTINGENCIES
[1]
Legal Fees
Russ,
August & Kabat provides legal services to the Company with respect to its patent litigation filed in May 2017 against Facebook, Inc.
(now Meta Platforms, Inc.) in the U.S. District Court for the Southern District of New York relating to several patents within the Company’s
Mirror Worlds Patent Portfolio (see Note I[2] hereof). The terms of the Company’s agreement with Russ, August & Kabat provide
for cash payments on a monthly basis subject to a cap plus a contingency fee ranging between 15% and 24% of the net recovery (after deduction
of expenses) depending on the stage of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible
for all expenses incurred with respect to this litigation.
Russ,
August & Kabat also provides legal services to the Company with respect to its pending patent litigations filed in April 2014 and
December 2014 against Google Inc. and YouTube, LLC in the U.S. District Court for the Southern District of New York relating to certain
patents within the Company’s Cox Patent Portfolio (see Note I[1] hereof). The terms of the Company’s agreement with
Russ, August & Kabat provide for legal fees on a full contingency basis ranging from 15% to 30% of the net recovery (after deduction
of expenses) depending on the stage of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible
for all of the expenses incurred with respect to this litigation.
[2]
Patent Acquisitions
On
March 25, 2022, the Company completed the acquisition of a new patent portfolio (HFT Patent Portfolio) currently consisting of nine U.S.
patents and two pending U.S. patents covering certain advanced technologies relating to high frequency trading, which inventions specifically
address technological problems associated with speed and latency and provide critical latency gains in trading systems where the difference
between success and failure may be measured in nanoseconds. The Company paid the seller $500,000 at the closing and has an obligation
to pay the seller an additional $500,000 in cash and $375,000 of the Company’s common stock (up to a maximum of 375,000 shares)
upon achieving certain milestones with respect to the patent portfolio. The Company also has an additional obligation to pay the seller
15% of the first $50 million of net proceeds (after deduction of expenses) generated by the patent portfolio and 17.5% of net proceeds
greater than $50 million.
In
connection with the Company’s acquisition of its Cox Patent Portfolio, the Company is obligated to pay Dr. Cox 12.5% of the
net proceeds (after deduction of expenses) generated by the Company from licensing, sale or enforcement of the patent portfolio.
As
part of the acquisition of the Mirror Worlds Patent Portfolio, the Company also entered into an agreement with Recognition
Interface, LLC (“Recognition”) pursuant to which Recognition received from the Company an interest in the net proceeds
realized from the monetization of the Mirror Worlds Patent Portfolio, as follows: Obligated to pay Recognition, net proceeds (i) 10%
of the first $125 million of net proceeds; (ii) 15%
of the next $125 million of net proceeds; and (iii) 20%
of any portion of the net proceeds in excess of $250 million. Since entering into the agreement with Recognition in May
2013, the Company has paid Recognition an aggregate of $3,127,000
with respect to such net proceeds interest related to the Mirror Worlds Patent Portfolio. No such payments were made by
the Company to Recognition during the three and six months ended June 30, 2023 and 2022.
In
connection with the Company’s acquisition of its M2M/IoT Patent Portfolio, the Company is obligated to pay M2M 14% of the first
$100 million of net proceeds (after deduction of expenses) and 5% of net proceeds greater than $100 million from Monetization Activities
(as defined) related to the patent portfolio. In addition, M2M will be entitled to receive from the Company $250,000 of additional consideration
upon the occurrence of certain future events related to the patent portfolio.
[3]
Leases
The
Company has one operating lease for its principal office space in New Canaan, Connecticut that will expire on April 30, 2025.
There
are no material residual guarantees associated with any of the Company’s leases and there are no significant restrictions or covenants
included in the Company’s lease agreements.
The
calculated incremental borrowing rate was approximately 4.2%, which was calculated based on the remaining lease term of 3 years as of
May 1, 2022. The remaining lease term as of June 30, 2023 was 1 year and 10 months.
There
was no sublease rental income for the three and six months ended June 30, 2023, and the Company is not the lessor in any lease arrangement,
and there were no related-party lease agreements.
Right
of use lease assets and related lease obligations for the Company’s operating leases were recorded in the unaudited condensed consolidated
balance sheets as follows:
Schedule of operating leases obligations | |
| | | |
| | |
| |
As
of June 30, 2023 | | |
As
of December 31, 2022 | |
Operating lease right-of-use assets | |
$ | 129,000 | | |
$ | 161,000 | |
| |
| | | |
| | |
Operating lease obligations – current | |
| 79,000 | | |
| 79,000 | |
Operating lease obligations – non-current | |
| 60,000 | | |
| 94,000 | |
Total lease obligations | |
$ | 139,000 | | |
$ | 173,000 | |
| |
| | | |
| | |
The
table below presents certain information related to the Company’s lease costs for the period ended:
Schedule of leases cost | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 20,000 | | |
$ | 12,000 | | |
$ | 39,000 | | |
$ | 12,000 | |
Short-term lease cost | |
| — | | |
| 12,000 | | |
| — | | |
| 36,000 | |
Total lease
cost | |
$ | 20,000 | | |
$ | 24,000 | | |
$ | 39,000 | | |
$ | 48,000 | |
Future
lease payments included in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of June 30,
2023, were as follows:
Schedule of future minimum leases payments | |
| | |
| |
Operating Leases | |
2023 – remaining period | |
$ | 39,000 | |
2024 | |
| 78,000 | |
2025 | |
| 26,000 | |
Total future minimum lease payments | |
| 143,000 | |
Less imputed interest | |
| (4,000 | ) |
Total operating lease liability | |
$ | 139,000 | |
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v3.23.2
EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Employment Arrangements And Other Agreements |
|
EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS |
NOTE
H - EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
On
March 22, 2022, the Company entered into an employment agreement (“Agreement”) with its Chairman and Chief Executive Officer,
pursuant to which he continues to serve as the Company’s Chairman and Chief Executive Officer for a four year term (“Term”),
at an annual base salary of $535,000 which shall be increased by 3% per annum during the term of the Agreement. The Agreement established
an annual target bonus of $175,000 for the Chairman and Chief Executive Officer based upon performance.
Under
the terms of the Agreement (which terms are substantially the same as the prior employment agreement with the Chairman and Chief Executive
Officer), so long as the Chairman and Chief Executive Officer continues to serve as an executive officer of the Company, whether pursuant
to the Agreement or otherwise, the Chairman and Chief Executive Officer shall also receive incentive compensation in an amount equal
to 5% of the Company’s gross royalties or other payments from Licensing Activities (as defined) (without deduction of legal fees
or any other expenses) with respect to its Remote Power Patent and a 10% net interest (gross royalties and other payments after deduction
of all legal fees and litigation expenses related to licensing, enforcement and sale activities, but in no event shall he receive less
than 6.25% of the gross recovery) of the Company’s royalties and other payments relating to Licensing Activities with respect to
patents other than the Remote Power Patent (including all of the Company’s patent portfolios and its investment in ILiAD Biotechnologies)
(collectively, the “Incentive Compensation”). During the three and six months ended June 30, 2023, the Chairman and Chief
Executive Officer earned Incentive Compensation of $14,000 and $41,000, respectively.
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v3.23.2
LEGAL PROCEEDINGS
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
LEGAL PROCEEDINGS |
NOTE
I – LEGAL PROCEEDINGS
[1]
On April 4, 2014 and December 3, 2014, the Company initiated litigation against Google Inc. (“Google”) and YouTube,
LLC (“YouTube”) in the U.S. District Court for the Southern District of New York for infringement of several of its patents
within its Cox Patent Portfolio acquired from Dr. Cox which relate to the identification of media content on the Internet. The lawsuit
alleges that Google and YouTube have infringed and continue to infringe certain of the Company’s patents by making, using, selling
and offering to sell unlicensed systems and related products and services, which include YouTube’s Content ID system. The litigations
against Google and YouTube were subject to court ordered stays which were in effect from July 2, 2015 until January 2, 2019
as a result of proceedings at the Patent Trial and Appeal Board (PTAB) and the appeals of PTAB Final Written Decisions to the U.S. Court
of Appeals for the Federal Circuit. Pursuant to a Joint Stipulation and Order Regarding Lifting of Stays, entered on January 2, 2019,
the parties agreed, among other things, that the stays with respect to the litigations were lifted. In January 2019, the two litigations
against Google and YouTube were consolidated. Discovery has been completed and the parties have each submitted summary judgment motions.
A trial date has not yet been set.
[2]
On May 9, 2017, Mirror Worlds Technologies, LLC, the Company’s wholly-owned subsidiary, initiated litigation against Facebook,
Inc. (now Meta Platforms, Inc., “Meta”) in the U.S. District Court for the Southern District of New York, for infringement
of U.S. Patent No. 6,006,227, U.S. Patent No. 7,865,538 and U.S. Patent No. 8,255,439 (among the patents within the Company’s Mirror
Worlds Patent Portfolio). The lawsuit alleged that the asserted patents are infringed by Meta’s core technologies that enable Meta’s
Newsfeed and Timeline features. On August 11, 2018, the Court issued an order granting Meta’s motion for summary judgment of non-infringement
and dismissed the case. On August 17, 2018, the Company filed a Notice of Appeal to appeal the
summary
judgment decision to the U.S. Court of Appeals for the Federal Circuit. On January 23, 2020, the U.S. Court of Appeals for the Federal
Circuit ruled in the Company’s favor and reversed the summary judgment finding of the District Court and remanded the litigation
to the Southern District of New York for further proceedings.
On
March 7, 2022, the District Court entered a ruling granting in part and denying in part a motion for summary judgment by Meta. In its
ruling the Court (i) denied Meta’s motion that the asserted patents were invalid by concluding that all asserted claims were patent
eligible under §101 of the Patent Act and (ii) granted summary judgment of non-infringement in favor of Meta and dismissed the
case. The Company strongly disagrees with the decision of the District Court on non-infringement and on April 4, 2022, the Company
filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit. On April 18, 2022, Meta filed a notice of cross-appeal
with respect to the Court’s ruling on validity. The appeal is pending.
[3]
On December 15, 2020, the Company filed a lawsuit against NETGEAR, Inc. (“Netgear”) in the Supreme Court of the State
of New York, County of New York, for breach of a Settlement and License Agreement, dated May 22, 2009, with the Company (the “Agreement”)
for failure to make royalty payments, and provide corresponding royalty reports, to the Company based on sales of Netgear’s PoE
products. On October 22, 2021, Netgear filed a Demand for Arbitration at the American Arbitration Association (“AAA”) seeking
to arbitrate certain issues raised in the litigation. The Company objected to jurisdiction at the AAA. On April 1, 2022, the Court denied
Netgear’s motion to compel arbitration. On April 22, 2022, Netgear filed a counterclaim in the Court action alleging that the Company
breached the Agreement by not offering Netgear lower royalties. On September 22, 2022, the arbitration brought by Netgear was dismissed
by the AAA on jurisdiction grounds. The case remains pending in the Supreme Court of the State of New York, County of New York.
[4]
In October and November 2022, the Company initiated separate litigation against ten defendants for infringement of its Remote Power
Patent seeking monetary damages based upon reasonable royalties, as follows: (i) On October 6, 2022, the Company initiated such litigation
against Arista Networks, Inc., Fortinet, Inc., Honeywell International Inc. and Ubiquiti Inc. in the United States District Court, District
of Delaware; (ii) On October 27, 2022, and November 3, 2022, the Company initiated such litigation against TP-Link USA Corporation and
Hikvision USA, Inc. in the United States District Court for the Central District of California; (iii) On November 4, 2022, the Company
initiated such litigation against Panasonic Holdings Corporation and Panasonic Corporation of North America in the United States District
Court for the Eastern District of Texas (Marshall Division); and (iv) On November 8, 2022 and November 16, 2022, the Company initiated
such litigation against Antaira Technologies, LLC and Dahua Technology USA in the United States District Court for the Central District
of California.
During
the three months ended June 30, 2023, the Company entered into a settlement agreement with an additional defendant, resulting in a settlement
payment of $283,000. During the six months ended June 30, 2023, the Company entered into settlement agreements with Arista Networks,
Inc., Antaira Technologies LLC, Panasonic Holdings Corporation, TP-Link USA Corporation and Hikvision USA, Inc. with respect to patent
infringement litigation, resulting in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment
of $150,000 which has not been recognized as revenue as of June 30, 2023 because the terms of the conditional payment have not yet been
satisfied.
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v3.23.2
INVESTMENT
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
INVESTMENT |
NOTE
J – INVESTMENT
During
the period December 2018 through August 2022, the Company made an aggregate investment of $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”),
a privately held clinical stage biotechnology company dedicated to the prevention and treatment of human disease caused by Bordetella
pertussis. ILiAD is focused on validating its proprietary intranasal vaccine, BPZE1, for the prevention of pertussis (whooping cough).
At June 30, 2023, the Company owned approximately 6.8% of the outstanding units of ILiAD on a non-fully diluted basis and 6.1% of the
outstanding units on a fully diluted basis (after giving effect to the exercise all outstanding options and warrants). In connection
with its initial investment, the Company’s Chairman and Chief Executive Officer obtained a seat on ILiAD’s Board of Managers
and receives the same compensation for service on the Board of Managers as other non-management Board members.
For
the three months ended June 30, 2023 and 2022, the Company recorded an allocated net loss from its equity method investment in ILiAD
of $391,000 and $355,000, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded an allocated net loss from
its equity investment in ILiAD of $1,065,000 and $788,000.
The
difference between the Company’s share of equity in ILiAD’s net assets and the purchase price of the investment is due to
an excess amount paid over the book value of the investment of $4,612,000, which is accounted for as equity method goodwill.
The
following table provides certain summarized financial information for ILiAD (the equity method investee) for the periods presented and
has been compiled from ILiAD’s financial statements, reported on one quarter lag. The table below includes an additional comprehensive
loss of $621,000 for the six months ended March 31, 2023 as a result of the Company receiving audited financial information from ILiAD
for its year ended December 31, 2022 (see Note B[1] hereof). For the three and six months ended June 30, 2023, with respect to such additional
comprehensive loss of ILiAD, the Company recorded its allocated net loss of $42,000.
Schedule of equity method investments | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended March 31, | | |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from continuing operations | |
$ | 9,697,000 | | |
$ | 8,133,000 | | |
$ | 5,610,000 | | |
$ | 3,531,000 | |
Comprehensive loss | |
$ | 15,683,000 | | |
$ | 12,489,000 | | |
$ | 5,152,000 | | |
$ | 3,744,000 | |
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v3.23.2
STOCK REPURCHASES
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
STOCK REPURCHASES |
NOTE
K – STOCK REPURCHASES
On
June 13, 2023, the Board of Directors authorized an extension and increase of the Company’s share repurchase program (the “Share
Repurchase Program”) to repurchase up to $5,000,000 of common stock over the subsequent 24 month period. The common stock may be
repurchased from time to time in open market transactions or privately negotiated transactions in the Company’s discretion. The
timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors.
The Share Repurchase Program may be increased, suspended or discontinued at any time. Since inception of the Share Repurchase Program
through June 30, 2023, the Company has repurchased an aggregate of 9,360,944 shares of its common stock at an aggregate cost of $18,085,981
(exclusive of commissions) or an average per share price of $1.93. During the three months ended June 30, 2023, the Company repurchased
an aggregate of 11,495 shares of its common stock at an aggregate
cost
of $25,685 (exclusive of commissions) or an average per share price of $2.23. During the six months ended June 30, 2023, the Company
repurchased an aggregate of 148,280 shares of its common stock at an aggregate cost of $327,887 or an average per share price of $2.21.
At June 30, 2023, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $5,000,000.
On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for,
among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and
certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed
on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of Treasury
has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.
The excise tax applies in case where the total value of the stock repurchase during the taxable year exceeds $1,000,000.
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v3.23.2
CONCENTRATIONS
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE
L – CONCENTRATIONS
The
Company maintains cash deposits in accounts at financial institutions. The accounts are insured by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 at each institution. At June 30, 2023, the Company had no cash deposits in excess of the FDIC insured
limit. The Company maintains cash equivalents in brokerage accounts at financial institutions. At June 30, 2023, the Company had cash
equivalents of $16,362,000 in these brokerage accounts.
Revenue
from one party constituted 100% of the Company’s revenue for the three months ended June 30, 2023. Revenue from four parties constituted
96% of the Company’s revenue for the six months ended June 30, 2023. All such revenue for the three and six months ended June 30,
2023 was derived from the Remote Power Patent. The Company had no revenue for the three and six months ended June 30, 2022.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
DIVIDEND POLICY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
DIVIDEND POLICY |
NOTE
M – DIVIDEND POLICY
The
Company’s dividend policy consists of semi-annual cash dividends of $0.05 per share ($0.10 per share annually) which have been
paid in March and September of each year. The Company has paid semi-annual cash dividends consistent with its policy, including a cash
dividend in March 2023 of $1,188,000. The Company’s dividend policy undergoes a periodic review by the Board of Directors and is
subject to change at any time depending upon the Company’s earnings, financial requirements and other factors existing at the time.
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- DefinitionThe entire disclosure of statutory restrictions on the payment of dividends as prescribed by the National Association of Insurance Commissioners or state regulatory authorities.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates and Assumptions |
| [1] | Use
of Estimates and Assumptions |
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. The significant estimates and assumptions made in the preparation of the Company’s unaudited condensed consolidated financial
statements include costs related to the Company’s assertion of litigation, valuation of the Company’s patent portfolios,
stock-based compensation, the recoverability of deferred tax assets and the carrying value of the Company’s equity method investments.
Actual results could be materially different from those estimates upon which the carrying values were based.
Certain
amounts recorded to reflect the Company’s share of income or losses of its equity method investee, accounted for under the equity
method, are based on estimates and the unaudited results of operations of the equity method investee and may require adjustment in the
future when the audit of the equity method investee is complete. The Company reports its share of the results of its equity method investee
on a one quarter lag basis.
|
Revenue Recognition |
Under
ASC 606, revenue is recognized when the Company completes the licensing of its intellectual property to its licensees, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for licensing its intellectual property.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement; |
| • | identification
of the performance obligations in the license agreement; |
| • | determination
of the consideration for the license; |
| • | allocation
of the transaction price to the performance obligations in the contract; and |
| • | recognition
of revenue when the Company satisfies its performance obligations. |
Revenue
disaggregated by source is as follows:
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
During
the three months ended June 30, 2023, the Company entered into a settlement agreement with an additional defendant with respect to patent
infringement litigation involving its Remote Power Patent resulting in a payment of $283,000 to the Company which was recognized as revenue
during the three months ended June 30, 2023. During the six months ended June 30, 2023, in addition to the aforementioned settlement,
the Company entered into settlement agreements with four other defendants with respect to patent infringement litigation involving its
Remote Power Patent, resulting in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment of
$150,000 which has not been recognized as revenue as of June 30, 2023 because the terms of the conditional payment have not yet been
satisfied.
Revenue
from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue
recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations
of the parties. These agreements may include, but not be limited to, elements related to past infringement liabilities, non-refundable
upfront license fees, and ongoing royalties on licensed products sold by the licensee. Generally, in the event of a litigation settlement
related to the Company’s assertion of patent infringement involving its intellectual property, defendants will either pay (i) a
non-refundable lump sum payment for a non-exclusive fully-paid license, or (ii) a non-refundable lump sum payment (license initiation
fee) together with an ongoing obligation to pay quarterly or monthly royalties to the Company for the life of the licensed patent.
|
Equity Method Investments |
| [3] | Equity Method
Investments |
Equity
method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus the Company’s share of an investee’s income or loss. The Company’s proportionate share of the
income or loss from equity method investments is recognized on a one-quarter lag. When the Company’s carrying value in an equity
method investment is reduced to zero, no further losses are recorded in the Company’s financial statements unless the Company guaranteed
obligations of the investee company or has committed additional funding. When the investee company subsequently reports income, the Company
will not record its share of such income until it equals the amount of its share of losses not previously recognized.
|
Income Taxes |
The
Company accounts for income taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC)
Topic 740, Income Taxes (ASC 740), which requires the Company to use the assets and liability method of accounting for income
taxes. Under the assets and liability method, deferred income taxes are recognized for the tax consequences of temporary (timing) differences
by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the
tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect
on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of
June 30, 2023, the Company had total deferred tax assets generated from its activities totaling $1,036,000. The Company’s deferred
tax assets were offset by a valuation allowance of $1,036,000 as it was determined that it is more likely than not that certain deferred
tax assets will not be realized. As of June 30, 2023, the Company also had a deferred tax liability of $914,000.
The
personal holding company (“PHC”) rules under the Internal Revenue Code impose a 20% tax on a PHC’s undistributed personal
holding company income (“UPHCI”), which means, in general, taxable income subject to certain adjustments and reduced by certain
distributions to shareholders. For a corporation to be classified as a PHC, it must satisfy two tests: (i) that more than 50% in value
of its outstanding shares must be owned directly or indirectly by five or fewer individuals at any time during the second half of the
year (after applying constructive ownership rules to attribute stock owned by entities to their beneficial owners and among certain family
members and other related parties) (the “Ownership Test”) and (ii) at least 60% of its adjusted ordinary gross income for
a taxable year consists of dividends, interest, royalties, annuities and rents (the “Income Test”). At July 14, 2023, based
on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test. However,
the Company may subsequently be determined to be a PHC in 2023 or in future years if it satisfies both the Ownership Test and Income
Test. If the Company were to become a PHC in 2023 or any future year, it would be subject to the 20% tax on its UPHCI. In such event,
the Company may issue a special cash dividend to its shareholders in an amount equal to the UPHCI rather than incur the 20% tax.
ASC
740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as
a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination,
including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure
a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.
A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate
settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first
subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria
should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company had no
uncertain tax positions as of June 30, 2023.
The
Company recognizes interest and penalties related to income tax in the income tax provision in the unaudited condensed consolidated statements
of operations and comprehensive loss.
U.S.
federal, state and local income tax returns prior to 2019 are not subject to examination by any applicable tax authorities, except that
tax authorities could challenge returns (only under certain circumstances) for earlier years to the extent they generated loss carry-forwards
that are available for those future years.
|
Reclassifications |
Stock-based
compensation in the unaudited condensed consolidated statement of operations and comprehensive loss for the three and six months ended
June 30, 2022 has been recast and reclassified to conform to the current period presentation.
|
New Accounting Standards |
| [6] | New Accounting
Standards |
There
are no new accounting standards that have had a material impact on the Company’s unaudited condensed consolidated financial statements.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of disaggregation of revenue |
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | 283,000 | | |
$ | — | |
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v3.23.2
PATENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Patents |
|
Schedule of patent |
Schedule of patent | |
| | | |
| | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization – patents | |
| (7,046,000 | ) | |
| (6,881,000 | ) |
Patents, net | |
$ | 1,427,000 | | |
$ | 1,592,000 | |
|
Schedule of future amortization of current intangible |
Schedule of future amortization of current intangible | | | |
| | |
|
Twelve Months Ended June 30, | |
| 2024 | | |
$ | 161,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 120,000 | |
| 2028 | | |
| 117,000 | |
| Thereafter | | |
| 789,000 | |
| Total | | |
$ | 1,427,000 | |
| | | |
| | |
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of restricted stock unit activity |
Schedule of restricted stock unit activity | |
| | | |
| | |
| |
Number of Shares | | |
Weighted-Average
Grant Date Fair Value | |
Balance of restricted stock units outstanding at December 31, 2022 | |
| 625,000 | | |
$ | 1.87 | |
Grants of restricted stock units | |
| 70,000 | | |
| 2.25 | |
Vested restricted stock units | |
| (135,000 | ) | |
| (2.46 | ) |
Balance of restricted stock units outstanding at June 30, 2023 | |
| 560,000 | | |
$ | 1.78 | |
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v3.23.2
LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of earnings per share, basic and diluted |
Schedule of earnings per share, basic and diluted | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2022 | | |
2022 | |
Weighted-average common shares outstanding – basic | |
| 23,865,141 | | |
| 23,864,053 | | |
| 23,803,567 | | |
| 23,854,438 | |
Dilutive effect of restricted stock units and stock options | |
| — | | |
| — | | |
| — | | |
| — | |
Weighted-average common shares outstanding – diluted | |
| 23,865,141 | | |
| 23,864,053 | | |
| 23,803,567 | | |
| 23,854,438 | |
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 560,000 | | |
| 1,160,500 | | |
| 560,000 | | |
| 1,160,000 | |
|
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v3.23.2
MARKETABLE SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities |
|
Schedule of marketable securities |
Schedule of marketable securities | |
| | | |
| | | |
| | | |
| | |
| |
June
30, 2023 | |
| |
Cost Basis | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 5,250,000 | | |
$ | — | | |
$ | (30,000 | ) | |
$ | 5,220,000 | |
Government securities | |
| 16,631,000 | | |
| 236,000 | | |
| (35,000 | ) | |
| 16,832,000 | |
Fixed income mutual funds | |
| 7,650,000 | | |
| — | | |
| (126,000 | ) | |
| 7,524,000 | |
Corporate bond | |
| 193,000 | | |
| — | | |
| (14,000 | ) | |
| 179,000 | |
Total marketable securities | |
$ | 29,724,000 | | |
$ | 236,000 | | |
$ | (205,000 | ) | |
$ | 29,755,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
December
31, 2022 | |
| |
Cost Basis | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Government Securities | |
$ | 20,781,000 | | |
$ | 67,000 | | |
$ | — | | |
$ | 20,848,000 | |
Fixed income mutual funds | |
| 11,904,000 | | |
| — | | |
| (915,000 | ) | |
| 10,989,000 | |
Certificates of Deposit | |
| 3,019,000 | | |
| — | | |
| (43,000 | ) | |
| 2,976,000 | |
Corporate bonds and notes | |
| 192,000 | | |
| — | | |
| (14,000 | ) | |
| 178,000 | |
Total marketable securities | |
$ | 35,896,000 | | |
$ | 67,000 | | |
$ | (972,000 | ) | |
$ | 34,991,000 | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of operating leases obligations |
Schedule of operating leases obligations | |
| | | |
| | |
| |
As
of June 30, 2023 | | |
As
of December 31, 2022 | |
Operating lease right-of-use assets | |
$ | 129,000 | | |
$ | 161,000 | |
| |
| | | |
| | |
Operating lease obligations – current | |
| 79,000 | | |
| 79,000 | |
Operating lease obligations – non-current | |
| 60,000 | | |
| 94,000 | |
Total lease obligations | |
$ | 139,000 | | |
$ | 173,000 | |
| |
| | | |
| | |
|
Schedule of leases cost |
Schedule of leases cost | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 20,000 | | |
$ | 12,000 | | |
$ | 39,000 | | |
$ | 12,000 | |
Short-term lease cost | |
| — | | |
| 12,000 | | |
| — | | |
| 36,000 | |
Total lease
cost | |
$ | 20,000 | | |
$ | 24,000 | | |
$ | 39,000 | | |
$ | 48,000 | |
|
Schedule of future minimum leases payments |
Schedule of future minimum leases payments | |
| | |
| |
Operating Leases | |
2023 – remaining period | |
$ | 39,000 | |
2024 | |
| 78,000 | |
2025 | |
| 26,000 | |
Total future minimum lease payments | |
| 143,000 | |
Less imputed interest | |
| (4,000 | ) |
Total operating lease liability | |
$ | 139,000 | |
|
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v3.23.2
INVESTMENT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of equity method investments |
Schedule of equity method investments | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended March 31, | | |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from continuing operations | |
$ | 9,697,000 | | |
$ | 8,133,000 | | |
$ | 5,610,000 | | |
$ | 3,531,000 | |
Comprehensive loss | |
$ | 15,683,000 | | |
$ | 12,489,000 | | |
$ | 5,152,000 | | |
$ | 3,744,000 | |
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Accounting Policies [Abstract] |
|
|
Litigation settlement amount |
$ 283,000
|
$ 820,000
|
Deferred tax assets |
1,036,000
|
1,036,000
|
Deferred Tax Assets, Valuation Allowance |
1,036,000
|
1,036,000
|
Deferred tax liability |
$ 914,000
|
$ 914,000
|
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v3.23.2
PATENTS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Patents |
|
|
Gross carrying amount – patents |
$ 8,473,000
|
$ 8,473,000
|
Accumulated amortization – patents |
(7,046,000)
|
(6,881,000)
|
Patents, net |
$ 1,427,000
|
$ 1,592,000
|
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v3.23.2
PATENTS (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Amortization expense |
$ 82,000
|
$ 76,000
|
$ 165,000
|
$ 151,000
|
Minimum [Member] |
|
|
|
|
Estimated remaining economic useful of patents |
|
|
29 days
|
|
Expiration dates of the patents within the Cox patent portfolio |
|
|
July 2023
|
|
Expiration dates of the patents within the Company's M2M/IoT Patent Portfolio |
|
|
September 2033
|
|
Expiration dates within companys HFT patent portfolio |
|
|
October 31, 2039
|
|
Maximum [Member] |
|
|
|
|
Estimated remaining economic useful of patents |
|
|
16 years
|
|
Expiration dates of the patents within the Cox patent portfolio |
|
|
November 2023
|
|
Expiration dates of the patents within the Company's M2M/IoT Patent Portfolio |
|
|
May 2034
|
|
Expiration dates within companys HFT patent portfolio |
|
|
November 1, 2039
|
|
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v3.23.2
STOCK-BASED COMPENSATION (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Equity [Abstract] |
|
Restricted stock, Outstanding Number of shares, Beginning Balance | shares |
625,000
|
Restricted stock, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares |
$ 1.87
|
Grants of restricted stock units | shares |
70,000
|
Grants of restricted stock units, Weighted Average Grant Date Fair Value | $ / shares |
$ 2.25
|
Vested restricted stock units | shares |
(135,000)
|
Vested restricted stock units, Weighted Average Grant Date Fair Value | $ / shares |
$ (2.46)
|
Resricted stock, Outstanding Number of shares, Ending Balance | shares |
560,000
|
Restricted stock, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares |
$ 1.78
|
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STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Restricted stock unit compensation expense |
$ 106,000
|
$ 178,000
|
$ 267,000
|
$ 233,000
|
|
Unrecognized restricted stock unit compensation expense |
634,000
|
|
$ 634,000
|
|
|
Weighted average amortized period |
|
|
2 years 2 months 12 days
|
|
|
Accrued dividend rights on restricted stock unit |
$ 44,000
|
|
$ 44,000
|
|
$ 0
|
Stock Incentive Plan 2022 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Common stock subject to outstanding awards under 2022 plan |
47,500
|
|
47,500
|
|
|
Common stock available for issuance under 2022 Plan |
2,230,000
|
|
2,230,000
|
|
|
Stock Incentive Plan 2013 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Common stock subject to outstanding awards under 2013 plan |
512,500
|
|
512,500
|
|
|
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v3.23.2
LOSS PER SHARE (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted-average common shares outstanding – basic |
23,803,567
|
23,854,438
|
23,865,141
|
23,864,053
|
Dilutive effect of restricted stock units and stock options |
|
|
|
|
Weighted-average common shares outstanding – diluted |
23,803,567
|
23,854,438
|
23,865,141
|
23,864,053
|
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive |
560,000
|
1,160,000
|
560,000
|
1,160,500
|
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MARKETABLE SECURITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value [Member] |
|
|
Other Investment Not Readily Marketable [Line Items] |
|
|
Certificates of deposit |
$ 5,220,000
|
$ 2,976,000
|
Government securities |
16,832,000
|
20,848,000
|
Fixed income mutual funds |
7,524,000
|
10,989,000
|
Corporate bonds and notes |
179,000
|
178,000
|
Total marketable securities |
29,755,000
|
34,991,000
|
Cost Basis [Member] |
|
|
Other Investment Not Readily Marketable [Line Items] |
|
|
Certificates of deposit |
5,250,000
|
3,019,000
|
Government securities |
16,631,000
|
20,781,000
|
Fixed income mutual funds |
7,650,000
|
11,904,000
|
Corporate bonds and notes |
193,000
|
192,000
|
Total marketable securities |
29,724,000
|
35,896,000
|
Gross Unrealized Gains [Member] |
|
|
Other Investment Not Readily Marketable [Line Items] |
|
|
Certificates of deposit |
|
|
Government securities |
236,000
|
67,000
|
Fixed income mutual funds |
|
|
Corporate bonds and notes |
|
|
Total marketable securities |
236,000
|
67,000
|
Gross Unrealized Losses [Member] |
|
|
Other Investment Not Readily Marketable [Line Items] |
|
|
Certificates of deposit |
(30,000)
|
(43,000)
|
Government securities |
(35,000)
|
|
Fixed income mutual funds |
(126,000)
|
(915,000)
|
Corporate bonds and notes |
(14,000)
|
(14,000)
|
Total marketable securities |
$ (205,000)
|
$ (972,000)
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
Operating lease right-of-use assets |
$ 129,000
|
$ 161,000
|
Operating lease obligations – current |
79,000
|
79,000
|
Operating lease obligations – non-current |
60,000
|
94,000
|
Total lease obligations |
$ 139,000
|
$ 173,000
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details 1) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
|
Operating lease cost |
$ 20,000
|
$ 12,000
|
$ 39,000
|
$ 12,000
|
Short-term lease cost |
|
12,000
|
|
36,000
|
Total lease cost |
$ 20,000
|
$ 24,000
|
$ 39,000
|
$ 48,000
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
104 Months Ended |
|
Mar. 25, 2022 |
Jun. 30, 2023 |
Dec. 31, 2021 |
May 01, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
|
Contingency fee minimum - Meta litigation |
|
15.00%
|
|
|
Contingency fee maximum - Meta litigation |
|
24.00%
|
|
|
Legal fees on a full contingency minimum - Google litigation |
|
15.00%
|
|
|
Legal fees on a full contingency maximum - Google litigation |
|
30.00%
|
|
|
HFT patent acqusition - cash at closing |
$ 500,000
|
|
|
|
Obligation to pay HFT seller additional cash based on achieving certain milestones |
500,000
|
|
|
|
Contingent common stock issued upon achieving certain milestones - dollar value |
$ 375,000
|
|
|
|
First $50 million of HFT net proceeds |
15.00%
|
|
|
|
Greater than $50 million of HFT net proceeds |
17.50%
|
|
|
|
Obligated to pay Cox, net proceeds percentage |
|
12.50%
|
|
|
Obligated to pay Recognition, net proceeds |
|
|
|
|
First $125 Million |
|
10.00%
|
|
|
Next $125 Million |
|
15.00%
|
|
|
Over $250 Million |
|
20.00%
|
|
|
Recognition net proceeds payment related to Mirror Worlds patents |
|
|
$ 3,127,000
|
|
Obligated to pay M2M |
|
|
|
|
First $100 Million |
|
14.00%
|
|
|
Next $100 Million |
|
5.00%
|
|
|
Additional consideration payable upon occurrence of certain future events |
|
$ 250,000
|
|
|
Borrowing rate - incremental |
|
|
|
4.20%
|
Remaining lease term |
|
3 years
|
|
|
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LEGAL PROCEEDINGS (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
May 09, 2017 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Litigation settlement amount |
|
$ 283,000
|
$ 820,000
|
Google [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Litigation pending, description |
Company initiated litigation against Google Inc. (“Google”) and YouTube,
LLC (“YouTube”) in the U.S. District Court for the Southern District of New York for infringement of several of its patents
within its Cox Patent Portfolio acquired from Dr. Cox which relate to the identification of media content on the Internet. The lawsuit
alleges that Google and YouTube have infringed and continue to infringe certain of the Company’s patents by making, using, selling
and offering to sell unlicensed systems and related products and services, which include YouTube’s Content ID system. The litigations
against Google and YouTube were subject to court ordered stays which were in effect from July 2, 2015 until January 2, 2019
as a result of proceedings at the Patent Trial and Appeal Board (PTAB) and the appeals of PTAB Final Written Decisions to the U.S. Court
of Appeals for the Federal Circuit. Pursuant to a Joint Stipulation and Order Regarding Lifting of Stays, entered on January 2, 2019,
the parties agreed, among other things, that the stays with respect to the litigations were lifted. In January 2019, the two litigations
against Google and YouTube were consolidated. Discovery has been completed and the parties have each submitted summary judgment motions.
A trial date has not yet been set.
|
|
|
Facebook [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Litigation pending, description |
Company’s wholly-owned subsidiary, initiated litigation against Facebook,
Inc. (now Meta Platforms, Inc., “Meta”) in the U.S. District Court for the Southern District of New York, for infringement
of U.S. Patent No. 6,006,227, U.S. Patent No. 7,865,538 and U.S. Patent No. 8,255,439 (among the patents within the Company’s Mirror
Worlds Patent Portfolio). The lawsuit alleged that the asserted patents are infringed by Meta’s core technologies that enable Meta’s
Newsfeed and Timeline features.
|
|
|
Netgear [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Litigation pending, description |
Company filed a lawsuit against NETGEAR, Inc. (“Netgear”) in the Supreme Court of the State
of New York, County of New York, for breach of a Settlement and License Agreement, dated May 22, 2009, with the Company (the “Agreement”)
for failure to make royalty payments, and provide corresponding royalty reports, to the Company based on sales of Netgear’s PoE
products. On October 22, 2021, Netgear filed a Demand for Arbitration at the American Arbitration Association (“AAA”) seeking
to arbitrate certain issues raised in the litigation. The Company objected to jurisdiction at the AAA. On April 1, 2022, the Court denied
Netgear’s motion to compel arbitration. On April 22, 2022, Netgear filed a counterclaim in the Court action alleging that the Company
breached the Agreement by not offering Netgear lower royalties. On September 22, 2022, the arbitration brought by Netgear was dismissed
by the AAA on jurisdiction grounds. The case remains pending in the Supreme Court of the State of New York, County of New York.
|
|
|
Arista Networks [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Litigation pending, description |
Company initiated separate litigation against ten defendants for infringement of its Remote Power
Patent seeking monetary damages based upon reasonable royalties, as follows: (i) On October 6, 2022, the Company initiated such litigation
against Arista Networks, Inc., Fortinet, Inc., Honeywell International Inc. and Ubiquiti Inc. in the United States District Court, District
of Delaware; (ii) On October 27, 2022, and November 3, 2022, the Company initiated such litigation against TP-Link USA Corporation and
Hikvision USA, Inc. in the United States District Court for the Central District of California; (iii) On November 4, 2022, the Company
initiated such litigation against Panasonic Holdings Corporation and Panasonic Corporation of North America in the United States District
Court for the Eastern District of Texas (Marshall Division); and (iv) On November 8, 2022 and November 16, 2022, the Company initiated
such litigation against Antaira Technologies, LLC and Dahua Technology USA in the United States District Court for the Central District
of California.
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v3.23.2
INVESTMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Equity Method Investments and Joint Ventures [Abstract] |
|
|
|
|
ILiAD Loss from continuing operations |
$ 5,610,000
|
$ 3,531,000
|
$ 9,697,000
|
$ 8,133,000
|
ILiAD Comprehensive loss |
$ 5,152,000
|
$ 3,744,000
|
$ 15,683,000
|
$ 12,489,000
|
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INVESTMENT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
ILiAD Biotechnologies, LLC [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Aggregrate investment |
$ 7,000,000
|
|
$ 7,000,000
|
|
|
Book value of the investment |
$ 4,612,000
|
|
$ 4,612,000
|
|
|
Iliad [Member] | Class C Units [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Ownership percentage not fully diluted |
6.80%
|
|
6.80%
|
|
|
Iliad [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Aggregrate investment |
$ 7,000,000
|
|
$ 7,000,000
|
|
|
Equity investment net loss |
391,000
|
$ 355,000
|
1,065,000
|
|
$ 788,000
|
ILiAD additional comprehensive loss |
|
|
|
$ 621,000
|
|
Allocated share of additional loss |
$ 42,000
|
|
$ 42,000
|
|
|
Iliad [Member] | Class C Units [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Ownership percentage fully diluted |
|
|
6.10%
|
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v3.23.2
STOCK REPURCHASES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
137 Months Ended |
|
Aug. 16, 2022 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 13, 2023 |
Other Liabilities Disclosure [Abstract] |
|
|
|
|
|
Stock Repurchase Program, dollar amount, that may be repurchased |
|
|
|
|
$ 5,000,000
|
Number of shares, common stock repurchased since inception |
|
|
|
9,360,944
|
|
Aggregate cost of common stock repurchased since inception |
|
|
|
$ 18,085,981
|
|
Average price per share, common stock repurchased since inception |
|
|
|
$ 1.93
|
|
Number of shares, repurchased |
|
11,495
|
148,280
|
|
|
Aggregate repurchased, cost |
|
$ 25,685
|
$ 327,887
|
|
|
Average repurchased price per share |
|
$ 2.23
|
$ 2.21
|
|
|
Value of remaining shares that may be repurchased |
|
$ 5,000,000
|
$ 5,000,000
|
$ 5,000,000
|
|
Excise tax description |
The excise tax applies in case where the total value of the stock repurchase during the taxable year exceeds $1,000,000.
|
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Network 1 Technologies (AMEX:NTIP)
過去 株価チャート
から 5 2024 まで 6 2024
Network 1 Technologies (AMEX:NTIP)
過去 株価チャート
から 6 2023 まで 6 2024