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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, 2024 |
|
☐ |
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 5, 2024 was 23,142,114.
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, 2023 (filed with the SEC on
March 8, 2024). 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
increasing development of artificial intelligence could materially impact our business; |
| • | the
risk that we may be determined to be a personal holding company in 2024 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, 2024 | | |
December 31, 2023 | |
ASSETS CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 19,939,000 | | |
$ | 16,896,000 | |
Marketable securities, at fair value | |
| 22,660,000 | | |
| 28,571,000 | |
Other current assets | |
| 182,000 | | |
| 206,000 | |
TOTAL CURRENT ASSETS | |
| 42,781,000 | | |
| 45,673,000 | |
OTHER ASSETS: | |
| | | |
| | |
Patents, net of accumulated amortization | |
| 1,266,000 | | |
| 1,326,000 | |
Equity investment | |
| 3,944,000 | | |
| 5,249,000 | |
Operating leases right-of-use asset | |
| 59,000 | | |
| 16,000 | |
Security deposit | |
| 13,000 | | |
| 13,000 | |
Total Other Assets | |
| 5,282,000 | | |
| 6,604,000 | |
TOTAL ASSETS | |
$ | 48,063,000 | | |
$ | 52,277,000 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY:
CURRENT
LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 206,000 | | |
$ | 125,000 | |
Accrued payroll | |
| 6,000 | | |
| 378,000 | |
Accrued contingency fees and related costs | |
| 23,000 | | |
| — | |
Other accrued expenses | |
| 120,000 | | |
| 297,000 | |
Operating lease obligation, current | |
| 57,000 | | |
| 23,000 | |
Total Current Liabilities | |
| 412,000 | | |
| 823,000 | |
LONG TERM LIABILITIES: | |
| | | |
| | |
Deferred tax liability | |
| 478,000 | | |
| 762,000 | |
TOTAL LIABILITIES | |
$ | 890,000 | | |
$ | 1,585,000 | |
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, 2024 and December 31, 2023 | |
| — | | |
| — | |
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,190,110 and 23,553,908 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | |
| 232,000 | | |
| 235,000 | |
Additional paid-in capital | |
| 67,654,000 | | |
| 67,446,000 | |
Accumulated deficit | |
| (20,713,000 | ) | |
| (16,989,000 | ) |
| |
| | | |
| | |
TOTAL STOCKHOLDERS’ EQUITY | |
| 47,173,000 | | |
| 50,692,000 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 48,063,000 | | |
$ | 52,277,000 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
REVENUE | |
$ | 100,000 | | |
$ | 283,000 | | |
$ | 100,000 | | |
$ | 820,000 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Costs of revenue | |
| 28,000 | | |
| 81,000 | | |
| 28,000 | | |
| 232,000 | |
Professional fees and related costs | |
| 147,000 | | |
| 59,000 | | |
| 366,000 | | |
| 357,000 | |
General and administrative | |
| 519,000 | | |
| 610,000 | | |
| 1,188,000 | | |
| 1,391,000 | |
Amortization of patents | |
| 30,000 | | |
| 82,000 | | |
| 60,000 | | |
| 165,000 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL OPERATING EXPENSES | |
| 724,000 | | |
| 832,000 | | |
| 1,642,000 | | |
| 2,145,000 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING LOSS | |
| (624,000 | ) | |
| (549,000 | ) | |
| (1,542,000 | ) | |
| (1,325,000 | ) |
OTHER INCOME (LOSS): | |
| | | |
| | | |
| | | |
| | |
Interest and dividend income, net | |
| 452,000 | | |
| 445,000 | | |
| 883,000 | | |
| 755,000 | |
Net realized and unrealized gain (loss) on marketable securities | |
| 54,000 | | |
| (75,000 | ) | |
| 102,000 | | |
| 289,000 | |
Total other income, net | |
| 506,000 | | |
| 370,000 | | |
| 985,000 | | |
| 1,044,000 | |
| |
| | | |
| | | |
| | | |
| | |
INCOME TAXES PROVISION: | |
| | | |
| | | |
| | | |
| | |
Current | |
| — | | |
| — | | |
| — | | |
| — | |
Deferred taxes, net | |
| (137,000 | ) | |
| (94,000 | ) | |
| (284,000 | ) | |
| (247,000 | ) |
Total income tax benefit | |
| (137,000 | ) | |
| (94,000 | ) | |
| (284,000 | ) | |
| (247,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
INCOME (LOSS) BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: | |
| 19,000 | | |
| (85,000 | ) | |
| (273,000 | ) | |
| (34,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
SHARE
OF NET LOSS OF EQUITY METHOD INVESTEE | |
| (677,000 | ) | |
| (391,000 | ) | |
| (1,305,000 | ) | |
| (1,065,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (658,000 | ) | |
$ | (476,000 | ) | |
$ | (1,578,000 | ) | |
$ | (1,099,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | (0.02 | ) | |
$ | (0.07 | ) | |
$ | (0.05 | ) |
Diluted | |
$ | (0.03 | ) | |
$ | (0.02 | ) | |
$ | (0.07 | ) | |
$ | (0.05 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 23,296,555 | | |
| 23,803,567 | | |
| 23,444,145 | | |
| 23,865,141 | |
Diluted | |
| 23,296,555 | | |
| 23,803,567 | | |
| 23,444,145 | | |
| 23,865,141 | |
| |
| | | |
| | | |
| | | |
| | |
Cash dividends declared per share | |
| — | | |
| — | | |
$ | 0.05 | | |
$ | 0.05 | |
| |
| | | |
| | | |
| | | |
| | |
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, 2024
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Comprehensive | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
|
Balance
– January 1, 2024 | |
| 23,553,908 | | |
$ | 235,000 | | |
$ | 67,446,000 | | |
$ | (16,989,000 | ) | |
| — | | |
$ | 50,692,000 | |
Dividends
and dividend equivalents declared | |
| — | | |
| — | | |
| — | | |
| (1,207,000 | ) | |
| — | | |
| (1,207,000 | ) |
Stock-based
compensation | |
| — | | |
| — | | |
| 115,000 | | |
| — | | |
| — | | |
| 115,000 | |
Vesting
of restricted stock units | |
| 111,250 | | |
| 1,000 | | |
| (1,000 | ) | |
| — | | |
| — | | |
| — | |
Value
of shares delivered to pay withholding taxes | |
| (28,853 | ) | |
| — | | |
| — | | |
| (61,000 | ) | |
| — | | |
| (61,000 | ) |
Treasury
stock purchased and retired | |
| (83,744 | ) | |
| (1,000 | ) | |
| — | | |
| (185,000 | ) | |
| — | | |
| (186,000 | ) |
Net
loss | |
| — | | |
| — | | |
| — | | |
| (920,000 | ) | |
| — | | |
| (920,000 | ) |
Balance – March
31, 2024 | |
| 23,552,561 | | |
$ | 235,000 | | |
$ | 67,560,000 | | |
$ | (19,362,000 | ) | |
| — | | |
$ | 48,433,000 | |
Stock-based
compensation | |
| — | | |
| — | | |
| 95,000 | | |
| — | | |
| — | | |
| 95,000 | |
Vesting
of restricted stock units | |
| 11,250 | | |
| 1,000 | | |
| (1,000 | ) | |
| — | | |
| — | | |
| — | |
Treasury
stock purchased and retired | |
| (373,701 | ) | |
| (4,000 | ) | |
| — | | |
| (693,000 | ) | |
| — | | |
| (697,000 | ) |
Net
loss | |
| — | | |
| — | | |
| — | | |
| (658,000 | ) | |
| — | | |
| (658,000 | ) |
Balance
– June 30, 2024 | |
| 23,190,110 | | |
$ | 232,000 | | |
$ | 67,654,000 | | |
$ | (20,713,000 | ) | |
| — | | |
$ | 47,173,000 | |
THREE
AND SIX MONTHS ENDED JUNE 30, 2023
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
| | |
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 | |
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, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (1,578,000 | ) | |
$ | (1,099,000 | ) |
Adjustments to reconcile net loss to net cash
used in operating activities: | |
| | | |
| | |
Amortization of patents | |
| 60,000 | | |
| 165,000 | |
Stock-based compensation | |
| 210,000 | | |
| 267,000 | |
Loss allocated from equity method investment | |
| 1,305,000 | | |
| 1,065,000 | |
Unrealized (gain) loss on marketable securities | |
| 52,000 | | |
| (90,000 | ) |
Deferred tax (benefit) expense | |
| (284,000 | ) | |
| (247,000 | ) |
Amortization of operating leases – right of use assets | |
| 32,000 | | |
| 32,000 | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Other current assets | |
| 24,000 | | |
| 260,000 | |
Security deposit | |
| — | | |
| (13,000 | ) |
Accounts payable | |
| 81,000 | | |
| (132,000 | ) |
Operating lease obligations | |
| (41,000 | ) | |
| (34,000 | ) |
Accrued expenses | |
| (521,000 | ) | |
| (727,000 | ) |
NET CASH USED IN OPERATING ACTIVITIES | |
| (660,000 | ) | |
| (553,000 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Sales of marketable securities | |
| 12,852,000 | | |
| 36,106,000 | |
| |
| | | |
| | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |
| 5,859,000 | | |
| 5,326,000 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Cash dividends paid | |
| (1,212,000 | ) | |
| (1,191,000 | ) |
Value of shares delivered to fund payment of withholding taxes | |
| (61,000 | ) | |
| (83,000 | ) |
Repurchases of common stock, inclusive of commissions | |
| (883,000 | ) | |
| (332,000 | ) |
| |
| | | |
| | |
NET CASH USED IN FINANCING ACTIVITIES: | |
| (2,156,000 | ) | |
| (1,606,000 | ) |
| |
| | | |
| | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | |
| 3,043,000 | | |
| 3,167,000 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, beginning of period | |
| 16,896,000 | | |
| 13,448,000 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, end of period | |
$ | 19,939,000 | | |
$ | 16,615,000 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | — | | |
$ | — | |
Income taxes | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
NON-CASH FINANCING ACTIVITIES | |
| | | |
| | |
Accrued dividend rights on restricted stock units | |
$ | 32,000 | | |
$ | 8,000 | |
Right of use asset and lease liability | |
$ | 75,000 | | |
$ | — | |
| |
| | | |
| | |
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, 2024, and the results of its operations and changes
in stockholders’ equity for the three and six months periods ended June 30, 2024 and June 30, 2023, and the statement of cash
flows for the six months ended June 30, 2024 and June 30, 2023. 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, 2023 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 8, 2024. The results of operations for the three and six months ended June 30, 2024 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 one-hundred
two (102) U.S. patents, fifty-four (54) of such patents have expired, and sixteen (16) 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 and using eSIM (embedded Subscriber Identification Module) technology
in Internet of Things (“IoT”), Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers,
as well as automobiles; (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 also 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, obtains a final
judgment awarding damages or enters into a litigation settlement agreement involving its patents. With respect to licensing its intellectual
property, obtaining a final judgment or entering into a litigation settlement agreement, revenue is recognized in an amount that reflects
the consideration the Company expects to be entitled to in exchange for licensing its intellectual property, obtaining a final judgment
or in a settlement of the litigation.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement, the final judgment or the litigation settlement agreement; |
| • | identification
of the performance obligations in the license agreement, the final judgment or the litigation
settlement agreement; |
| • | determination
of the consideration for the license, final judgment or settlement; |
| • | 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 revenue
disaggregated | |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
Total Revenue | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
During
the three months ended June 30, 2024, the Company received $100,000 from a settlement agreement with a defendant with respect to patent
infringement litigation involving its Remote Power patent.
Revenue
from the Company’s patent licensing and enforcement business is typically generated from negotiated license agreements or settlement
agreements with respect to any of the Company’s patents. The timing and amount of revenue recognized from each licensee or such
settlement agreement 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 may either pay (i) a non-refundable
lump sum payment for a non-exclusive fully-paid license, (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, or (iii) a lump sum settlement
payment with respect to litigation involving the Company’s expired patents.
Fully-paid
licenses provide for a non-refundable up-front payment for which the Company has no future obligations or performance requirements, revenue
is generally recognized when the Company has obtained the signed license agreement, all performance obligations have been substantially
performed, amounts are fixed and determinable, and collectability is reasonably assured. Revenue from fully-paid licenses may consist
of one or more installments. The timing and amount of revenue recognized from each licensee depends upon a number of factors including
the specific terms of each agreement and the nature of the deliverables and obligations.
[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 has
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, 2024, the Company had total deferred tax assets generated from its activities totaling $1,356,000. The
Company’s deferred tax assets were offset by a valuation allowance of $1,356,000 as it was determined that it is more likely than
not that certain deferred tax assets will not be realized. As of June 30, 2024, the Company also had a deferred tax liability of $478,000.
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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 June 30, 2024, based
on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test. However,
during the second half of 2024 the Company may subsequently be determined to be a PHC in 2024 or in future years if it satisfies both
the Ownership Test and Income Test. If the Company were to become a PHC in 2024 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, 2024.
The
Company recognizes interest and penalties, if any, related to income tax in the income tax provision in the unaudited condensed consolidated
statements of operations.
U.S.
federal, state and local income tax returns prior to 2020 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.
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
[5] | | New Accounting
Standards |
Segments
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures. ASU 2023-07 updates reportable segment disclosure requirements primarily through enhanced disclosures about
significant segment expenses. ASU 2023-07 is effective for all entities for fiscal years beginning after December 15, 2023, and for interim
periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively
to all prior periods presented in the financial statements. The Company is currently evaluating ASU 2023-07 to determine
its impact on the Company's disclosures, however, the Company does not expect ASU 2023-07 to have a material impact.
Income
Tax Disclosure
In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information
about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements
will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the
option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating ASU 2023-09 to determine
its impact on the Company's disclosures, however, the Company does not expect ASU 2023-09 to have a material impact.
NOTE
C – PATENTS
The
Company’s intangible assets at June 30, 2024, include patents with estimated remaining economic useful lives ranging from 9 to
15 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, 2024 and December 31, 2023 were as follows:
Schedule of gross carrying amounts
and accumulated amortization related to acquired intangible assets | |
| | | |
| | |
| |
June 30,
2024 | | |
December 31,
2023 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization – patents | |
| (7,207,000 | ) | |
| (7,147,000 | ) |
Patents, net | |
$ | 1,266,000 | | |
$ | 1,326,000 | |
Amortization
expense for the three months ended June 30, 2024 and 2023 was $30,000 and $82,000, respectively. Amortization expense for the six months
ended June 30, 2024 and 2023 was $60,000 and $165,000, respectively. Future amortization of intangible assets for the next five years
and thereafter is as follows:
| Schedule of future amortization of intangible assets | | |
| | |
|
For the Years Ended December 31, |
|
| 2024 – remaining | | |
$ | 60,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 119,000 | |
| 2028 | | |
| 116,000 | |
| Thereafter | | |
| 731,000 | |
| Total | | |
$ | 1,266,000 | |
| | | |
| | |
NOTE
C – PATENTS (CONTINUED)
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 2039 to November 2039. All of the patents within the Company’s
Mirror Worlds Patent Portfolio, Cox 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, 2024, there were 110,000 shares of common stock subject to outstanding awards under the 2022 Plan and 2,110,000 shares of
common stock available for issuance under the 2022 Plan. In addition, there were 425,000 shares of common stock subject to outstanding
awards under the 2013 Plan.
A
summary of restricted stock unit activity for the six months ended June 30, 2024 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, 2023 | |
| 587,500 | | |
$ | 1.81 | |
Grants of restricted stock units | |
| 70,000 | | |
| 2.17 | |
Vested restricted stock units | |
| (122,500 | ) | |
| (2.42 | ) |
Balance of restricted stock units outstanding at June 30, 2024 | |
| 535,000 | | |
$ | 1.71 | |
Restricted
stock unit compensation expense was $95,000 and $106,000 for the three months ended June 30, 2024 and 2023, respectively. Restricted
stock unit expense was $210,000 and $267,000 for the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation
expense is included in general and administrative expenses in the unaudited condensed consolidated statements of operations.
The
Company had an aggregate of $449,907 of unrecognized restricted stock unit compensation as of June 30, 2024 to be expensed over a weighted
average period of 1.46 years.
All
of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. During the three and six months
ended June 30, 2024, the Company paid a total of $2,000 and $35,000, respectively, of such dividend equivalent rights. As of June 30,
2024 and December 31, 2023, there was $94,000 and $99,000, 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 535,000 and
560,000 at June 30, 2024 and 2023, respectively, consisted of outstanding restricted stock units. and stock options. However, since the
Company generated a net loss in 2024 and 2023, 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 basic and diluted weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30,
| |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Weighted-average common shares outstanding – basic | |
| 23,444,145 | | |
| 23,865,141 | | |
| 23,296,555 | | |
| 23,803,567 | |
Dilutive effect of restricted stock units and stock options | |
| — | | |
| — | | |
| — | | |
| — | |
Weighted-average common shares outstanding – diluted | |
| 23,444,145 | | |
| 23,865,141 | | |
| 23,296,555 | | |
| 23,803,567 | |
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 535,000 | | |
| 560,000 | | |
| 535,000 | | |
| 560,000 | |
NOTE
F – MARKETABLE SECURITIES
Marketable
securities as of June 30, 2024 and December 31, 2023 were composed of the following:
Schedule of marketable
securities | |
| | | |
| | | |
| | | |
| | |
| |
June 30, 2024 | |
| |
Cost Basis | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 1,514,000 | | |
$ | – | | |
$ | (4,000 | ) | |
$ | 1,510,000 | |
Government securities | |
| 12,910,000 | | |
| 51,000 | | |
| (37,000 | ) | |
| 12,924,000 | |
Fixed income mutual funds | |
| 7,618,000 | | |
| 113,000 | | |
| – | | |
| 7,731,000 | |
Corporate bonds and notes | |
| 496,000 | | |
| – | | |
| (1,000 | ) | |
| 495,000 | |
Total marketable securities | |
$ | 22,538,000 | | |
$ | 164,000 | | |
$ | (42,000 | ) | |
$ | 22,660,000 | |
| |
December
31, 2023 | |
| |
Cost Basis | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 6,112,000 | | |
$ | – | | |
$ | (35,000 | ) | |
$ | 6,077,000 | |
Government securities | |
| 14,701,000 | | |
| 127,000 | | |
| (10,000 | ) | |
| 14,818,000 | |
Fixed income mutual funds | |
| 7,585,000 | | |
| 91,000 | | |
| – | | |
| 7,676,000 | |
Total marketable securities | |
$ | 28,398,000 | | |
$ | 218,000 | | |
$ | (45,000 | ) | |
$ | 28,571,000 | |
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 approved 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 approved expenses incurred with respect to this litigation.
Dovel
& Luner, LLP (“Dovel”) provides legal services to the Company with respect to its patent litigation related to the Remote
Power Patent (See Note I[4] hereof). The terms of the Company’s agreement with Dovel provide, among other things, for legal fees
on a contingency basis ranging from 15% to 40% of the net recovery (after deduction of expenses where applicable) depending on the stage
of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible for a portion 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. Obligation to pay Recognition, net proceeds No such payments were made or accrued by the
Company during the six months ended June 30, 2024 and 2023.
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. No such
payments were made or accrued by the Company during the six months ended June 30, 2024 and 2023.
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: (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 or accrued by the Company during the six months ended June 30, 2024 and 2023.
NOTE
G – COMMITMENTS AND CONTINGENCIES (CONTINUED)
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. No such payments were made or accrued by the Company during
the six months ended June 30, 2024 and 2023.
[3]
Leases
The
Company has one operating lease for its principal office space in New Canaan, Connecticut that expires on April 30, 2025. The Company
pays a base rent of $5,500 for such office space. On September 29, 2023, the Company exercised its early termination right under the
lease effective December 31, 2023 which was subsequently extended to March 31, 2024. On March 28, 2024, the Company agreed to revoke
its exercise of its early termination right and the lease expires on April 30, 2025.
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. There are no material residual guarantees associated with the Company’s lease and there are no significant restrictions
or covenants included in the Company’s lease agreement.
The
remaining lease term as of June 30, 2024 is ten (10) months.
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 right
of use lease assets and related lease obligations | |
| | | |
| | |
| |
As
of June
30, 2024 | | |
As
of December 31, 2023 | |
| |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 59,000 | | |
$ | 16,000 | |
| |
| | | |
| | |
Operating lease obligations – current | |
$ | 57,000 | | |
$ | 23,000 | |
| |
| | | |
| | |
| |
| | | |
| | |
The
table below presents certain information related to the Company’s lease costs for the period ended:
Schedule of lease costs | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
$ | 10,000 | | |
$ | 20,000 | | |
$ | 27,000 | | |
$ | 39,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
NOTE
G – COMMITMENTS AND CONTINGENCIES (CONTINUED)
Future
lease payments included in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of June 30,
2024, were as follows:
Schedule of future
lease payments included in the measurement of lease liabilities |
|
|
|
|
|
|
Operating Leases |
|
2024 – remaining period |
|
$ |
36,000 |
|
2025 |
|
|
24,000 |
|
Total future minimum lease payments |
|
|
60,000 |
|
Less imputed interest |
|
|
(3,000 |
) |
Total operating lease liability |
|
$ |
57,000 |
|
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 return on investment in ILiAD
Biotechnologies) (collectively, the “Incentive Compensation”). During the three and six months ended June 30, 2024, the Chairman
and Chief Executive Officer earned Incentive Compensation of $5,000. 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. 5
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.
NOTE
I – LEGAL PROCEEDINGS (CONTINUED)
On April 24, 2024, the
U.S. District Court for the Southern District of New York issued a judgment dismissing the Company’s patent infringement claims
finding that the asserted claims of two of the patents are invalid for indefiniteness and granting summary judgment that the asserted
claims of another asserted patent are not infringed by Google’s accused system. The Court’s ruling disposes of all of the
Company’s claims in the case. On May 14, 2024, the Company filed a notice of appeal to the U.S. Court of Appeals for the Federal
Circuit.
[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]
In October and November 2022, the Company initiated nine 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.
The
Company has entered into settlement agreements for an aggregate of $2,701,000 with all of the defendants in the above referenced litigations
except Ubiquiti Inc. which litigation remains pending. During the three months ended June 30, 2024 and 2023, the Company entered
into settlement agreements with defendants resulting in settlement payments of $100,000 and $283,000, respectively. During the six months
ended June 30, 2024 and 2023, the Company entered into settlement
agreements with defendants resulting in aggregate settlements payments of $100,000 and $820,000, respectively. A conditional payment
of $150,000 in one settlement has not yet been recognized as revenue because the terms of the conditional payment have not been satisfied.
NOTE
J – INVESTMENT
During
the period December 2018 through August 2022, the Company made aggregate investments 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, 2024, the Company owned approximately 6.6% of the outstanding units of ILiAD on a non-fully diluted basis and 5.2% 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, 2024 and 2023, the Company recorded an allocated net loss from its equity method investment in ILiAD
of $677,000 and $391,000, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded an allocated net loss from
its equity method investment in ILiAD of $1,305,000 and $1,065,000, respectively.
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 $6,612,000, 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 unaudited financial statements, reported on one quarter lag.
Schedule of financial information for ILiAD | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended March 31, | | |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss from continuing operations | |
$ | 20,073,000 | | |
$ | 9,697,000 | | |
$ | 7,610,000 | | |
$ | 5,610,000 | |
Comprehensive loss | |
$ | 19,656,000 | | |
$ | 15,683,000 | | |
| 7,428,000 | | |
$ | 5,152,000 | |
| |
| | | |
| | | |
| | | |
| | |
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 at 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, 2024, the Company has repurchased an aggregate of 10,098,241 shares of its common stock at an aggregate cost of $19,583,396
(exclusive of commissions) or an average per share price of $1.94.
NOTE
K – STOCK REPURCHASES (CONTINUED)
During
the three months ended June 30, 2024, the Company repurchased an aggregate of 373,701 shares of its common stock at an aggregate cost
of $688,410 (exclusive of commissions) or an average per share price of $1.84. During the six months ended June 30, 2024, the Company
repurchased an aggregate of 457,445 shares of its common stock at an aggregate cost of $870,480 (exclusive of commissions) or an average
per share price of $1.90.
On
June 28, 2024, the Company entered into a written trading plan (the “10b5-1 Plan”) under Rule 10b5-1 of the Securities Exchange
Act of 1934 (the “Exchange Act”). Adopting a trading plan that satisfies the conditions of Rule 10b5-1 allows a company to
repurchase its shares at times when it might otherwise be prevented from doing so due to self-imposed trading black-outs or pursuant
to insider trading laws. Purchases under the 10b5-1 Plan may be made during the following periods: (1) beginning on July 8, 2024 until
two trading days after the Company issues a press release announcing its financial results for the quarter ended June 30, 2024, and (2)
beginning on October 1, 2024 until two trading days after the Company issues a press release announcing its financial results for the
quarter ended September 30, 2024. Under the 10b5-1 Plan, the Company’s third party broker may purchase up to 1,000,000 shares of
the Company’s common stock, subject to certain price, market, volume and timing constraints, in accordance with the terms of the
plan and subject to Rule 10b5-1 and Rule 10b-18 of the Exchange Act.
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 occurring
on or after January 1, 2023. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time
of the repurchase. The excise tax applies in cases where the total value of the stock repurchase during the taxable year exceeds $1,000,000.
As such, the Company did not incur the 1% excise tax during the six months ended June 30, 2024.
At
June 30, 2024, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $3,502,225.
NOTE
L – CONCENTRATIONS
The
Company maintains cash and certificates of deposit 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, 2024, the Company had $262,000 cash and certificates
of deposit in excess of the FDIC insured limit. The Company maintains cash equivalents in brokerage accounts at financial institutions.
At June 30, 2024, the Company had cash equivalents of $19,736,000 in these brokerage accounts.
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) anticipated to be
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 2024 of $1,175,000. 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.
NOTE
N – SUBSEQUENT EVENT
On
August 6, 2024, plaintiff Mitchell Mizel filed a class action against the Company and its Chairman and Chief Executive Officer in the
United States District Court, Southern District of New York, alleging, among other things, that (i) the Company is required to register
as an “investment company” under the Investment Company Act of 1940 (the “Act”), (ii) in the event that the Company
is required to register as an investment company under the Act, the compensation payable to the Chairman and Chief Executive Officer
as an investment adviser is inordinately high and must be adjusted or voided and returned to the Company, and (iii) certain provisions
of the Company’s By-laws conflict with the Act and should be rescinded. The Company strongly disagrees with the allegations in
the complaint and intends to aggressively defend the action.
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 one-hundred two
(102) U.S. patents and sixteen (16) 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 and using eSim (embedded Subscriber Identification Module) technology
in IoT, Machine-to-Machine and other mobile devices, including smartphones, tablets and computers as well as automobiles; (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.
With
respect to our one-hundred two (102) U.S. patents, fifty-four (54) 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). Our revenue is largely dependent upon our ability to achieve successful
litigation outcomes.
At
June 30, 2024, our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $42,599,000 and
working capital of $42,369,000. Based on our cash position, we 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 seventy-one (71) 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 has generated
licensing revenue in excess of $188,000,000 from May 2007 through June 30, 2024. 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 nine separate litigations against ten defendants involving our Remote Power Patent for patent infringement for
the period prior to March 7, 2020. As of June 30,2024, we entered into settlements with nine defendants with respect to the
aforementioned litigation, including one defendant for $100,000 for the three months ended June 30, 2024, resulting in aggregate
settlement payments made to us of $2,701,000 and a future conditional payment of $150,000 (see Note I[3] hereof). All of our revenue
for 2023 and for the three and six months ended June 30, 2024 was from these settlements involving our Remote Power Patent. If we
are unable to successfully monetize our other patent portfolios or achieve a successful outcome of our investment in ILiAD, our
business, financial condition and results of operations will be negatively impacted.
In
addition, we have appealed the judgment of the District Court dismissing our litigation against Google and YouTube involving certain
patents within our Cox Patent Portfolio and have also 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 appeals 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.
The
significant components of expenses, when revenue is recorded, that may impact our net income (loss) relate 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
2024 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, 2024 Compared to Three Months Ended June 30, 2023
Revenue.
We had revenue of $100,000 for the three months ended June 30, 2024 as compared to revenue of $283,000 for the three months ended June
30, 2023. All such revenue was from litigation settlements involving our Remote Power Patent (see Note I[3] and B[2] to our unaudited
condensed consolidated financial statements).
Operating
Expenses. Operating expenses for the three months ended June 30, 2024 were $724,000 as compared to $832,000 for the three months
ended June 30, 2023. The decrease in operating expenses of $108,000 was primarily as a result of deceases in costs of revenue of $53,000
related to litigation settlements, general and administrative expenses of $91,000, and amortization of patents of $52,000 due to patent
expirations, offset by increased professional fees of $88,000 related to contingent legal fees incurred with respect to litigation settlements
and the timing of accounting and tax return preparation and compliance costs.
General
and administrative expenses were $519,000 for the three months ended June 30, 2024 as compared to $610,000 for the three months ended
June 30 , 2023. The decrease in 2024 general and administrative expenses of $91,000 was primarily due to higher 2023 payroll taxes of
$92,000 related to the vesting of RSU’s. In addition, our 2024 exchange listing fees decreased by $52,000 and were offset by higher
payroll costs of $43,000.
Realized
and Unrealized Gain on Marketable Securities. For the three months ended June 30, 2024, we recorded realized and unrealized gains
on marketable securities of $54,000, as compared to a loss of $75,000 for the three months ended June 30, 2023 largely due to
the timing of the maturities of fixed income investments and a relatively stable interest rate environment.
Income
Taxes. For the three months ended June 30, 2024, we had no current tax expense for federal, state and local income taxes and a deferred
tax benefit of $137,000. For the three months ended June 30, 2023, we had no current tax expense for federal, state and local income
taxes and a deferred tax benefit of $94,000. The increase in the deferred tax benefit is primarily the result of an increase of $286,000
in our share of the net losses of our equity method investee in 2024.
Share
of Net Losses of Equity Method Investee. We recognized $677,000 of net losses during the three month period ended June 30, 2024,
related to our equity share of ILiAD net losses, as compared to a recognized net loss of $391,000 for the three months ended June 30,
2023.
Net
Loss. As a result of the foregoing, we realized a net loss of $658,000 or $0.03 per share basic and diluted for the three months
ended June 30, 2024, compared with a net loss of $476,000 or $0.02 per share basic and diluted for the three months ended June 30,
2023. Our increased net loss for the three months ended June 30, 2024 was primarily due to decreased revenue of $183,000 and the increased
loss of $286,000 of our share of net losses of our equity method investee, offset in part by lower operating expenses of $108,000.
Six
Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Revenue.
We had revenue of $100,000 for the six months ended June 30, 2024 compared to revenue of $820,000 for the six months ended June 30, 2023.
All such revenue was from litigation settlements involving our Remote Power Patent (see Note I[3] and B[2] to our unaudited condensed
consolidated financial statements).
Operating
Expenses. Operating expenses for the six months ended June 30, 2024 were $1,642,000 as compared to $2,145,000 for the six months
ended June 30, 2023. The decrease in operating expenses of $503,000 was primarily as a result of decreases in costs of revenue of $204,000
related to litigation settlements and general and administrative expenses of $203,000.
General
and administrative expenses were $1,188,000 for the six months ended June 30, 2024 as compared to $1,391,000 for the six months ended
June 30, 2023. The decrease in general and administrative expenses of $203,000 was primarily due to decreased payroll and payroll taxes
of $178,000 and decreased exchange listing fees of $44,000, offset in part by increases in state franchise and capital taxes of $63,000
due to the timing of recognizing those costs.
Realized
and Unrealized Gain on Marketable Securities. For the six months ended June 30, 2024, we recorded realized and unrealized gains on
marketable securities of $102,000 as compared to a gain of $289,000 for the six months ended June 30, 2023 largely due to the timing
of the maturities of fixed income investments and a relatively stable interest rate environment.
Income
Taxes. For the six months ended June 30, 2024, we had no current tax expense for federal, state and local income taxes and a deferred
tax benefit of $284,000. For the six months ended June 30, 2023, we had no current tax expense for federal, state and local income
taxes and a deferred tax benefit of $247,000.
Share
of Net Losses of Equity Method Investee. We recognized $1,305,000 of net losses during the six month period ended June 30, 2024 related
to our equity share of ILiAD net losses, as compared to a recognized net loss of $1,065,000 for the six months ended June 30, 2023.
Net
Loss. As a result of the foregoing, we realized a net loss of $1,578,000 or $0.07 per share basic and diluted for the six months
ended June 30, 2024, compared with a net loss of $1,099,000 or $0.05 per share basic and diluted for the six months ended June 30,
2023. Our increased net loss for the six months ended June 30, 2024 was primarily due to a decrease in revenue of $720,000 and an increase
our share of the net losses of our equity method investee of $240,000, offset in part by decreased operating expenses of $503,000.
LIQUIDITY
AND CAPITAL RESOURCES
We
have financed our operations primarily from revenue from licensing our patents. At June 30, 2024, our principal sources of liquidity
consisted of cash and cash equivalents and marketable securities of $42,599,000 and working capital of $42,369,000. 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. Our patent infringement litigation or realization of our investment in ILiAD may result in a material increase in our liquidity
and capital resources.
Working
capital decreased by $2,481,000 at June 30, 2024 to $42,369,000 as compared to working capital of $44,850,000 at December 31, 2023.
The decrease in working capital was primarily due to payment of dividends of $1,175,000 and repurchases of common stock of $883,000.
Net
cash used in operating activities for the six months ended June 30, 2024 increased by $107,000 from $553,000 for the six months ended
June 30, 2023, to $660,000 for the three months ended June 30, 2024, primarily as a result of a higher net loss in 2024
compared to 2023.
Net
cash provided by investing activities during the six months ended June 30, 2024 increased by $533,000 to $5,859,000 as compared to $5,326,000
for the six months ended June 30, 2024, 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, 2024 and 2023 was $2,156,000 and $1,606,000, respectively. The change
of $550,000 primarily resulted from an increase in repurchases of common stock of $551,000 in 2024.
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.
CRITICAL
ACCOUNTING 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 that affect the reported amounts of assets, liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues
and expenses during the reporting periods. To the extent that there are material differences between these estimates and actual results,
our financial condition or results of operations would be affected. We base our estimates on our own historical experience and other
assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available
information. We evaluate these estimates on an ongoing basis.
We
consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were
highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from
the period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact
on our financial condition or results of operations. There are items within our financial statements that require estimation but are
not deemed critical, as defined above.
For
a detailed discussion of our significant accounting policies and related judgements, see Note B to our consolidated financial statements
included herein.
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, 2024 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 and Note N 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, 2023 (filed with
the SEC on March 8, 2024). During the three months ended June 30, 2024 and to date, no material events occurred with respect to our legal
proceedings, except for the following: (i) on April 24, 2024, in connection with our patent infringement litigation against Google Inc
and You Tube, LLC, the U.S. District Court for the Southern District of New York issued a judgment dismissing our patent infringement
claims finding that the asserted claims of two of the patents are invalid for indefiniteness and granting summary judgment that the asserted
claims of another asserted patent are not infringed by Google’s accused system. The Court’s ruling disposes of all of our
claims in the case. On May 14, 2024, the Company filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit (see Note
I[1] to our unaudited condensed consolidated financial statements included herein) and (ii) on August 6, 2024, plaintiff Mitchell Mizel
filed a class action against the Company and its Chairman and Chief Executive Officer in the United States District Court, Southern District
of New York, alleging, among other things, that the Company is required to register as an “investment company” under the
Investment Company Act of 1940 (see Note N to our unaudited condensed consolidated financial statements included herein).
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, 2024, and our Annual Report on Form 10-K for the year ended December 31, 2023
(pages 10-19), filed with the SEC on March 8, 2024.
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, 2024.
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 at 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, 2024, we have repurchased an
aggregate of 10,098,241 shares of our common stock at an aggregate cost of $19,583,396 (exclusive of commissions) or an average per share
price of $1.94. During the three months ended June 30, 2024, we repurchased an aggregate of 373,701 shares of our common stock at an
aggregate cost of $688,410 or an average per share price of $1.84. During the six months ended June 30, 2024, we repurchased an aggregate
of 457,445 shares of our common stock at an aggregate cost of $870,480 or an average per share price of $1.90. At June 30, 2024, the
remaining dollar value of shares that may be repurchased under the Share Repurchase Program was $3,502,225.
During
the months of April, May and June 2024, 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, 2024 |
87,888 |
1.95 |
87,888 |
4,190,635 |
May
1 to
May 31, 2024 |
249,213 |
1.83 |
249,213 |
3,562,527 |
June
1 to
June 30, 2024 |
36,600 |
1.65 |
36,600 |
3,502,225 |
Total |
373,701 |
1.84 |
373,701 |
|
ITEM
3. Defaults Upon Senior Securities
None.
ITEM
5. OTHER INFORMATION
On
August 6, 2024, plaintiff Mitchell Mizel filed a class action against the Company and its Chairman and Chief Executive Officer in the
United States District Court, Southern District of New York, alleging, among other things, that the Company is required to register as
an “investment company” under the Investment Company Act of 1940 (see Note N to our unaudited condensed consolidated financial
statements included herein).
ITEM
6. Exhibits
(a)
Exhibits
| 101 | Interactive
data files:** |
| 101.INS | XBRL
Instance Document |
| 101.SCH | XBRL
Scheme Document |
| 101.CAL | XBRL
Calculation Linkbase Document |
| 101.DEF | XBRL
Definition Linkbase Document |
| 101.LAB | XBRL
Label Linkbase Document |
| 101.PRE | XBRL
Presentation Linkbase Document |
_____________________________
* 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 12, 2024 |
By: |
/s/ Corey M. Horowitz |
|
|
Corey
M. Horowitz Chairman and Chief Executive Officer
(Principal
Executive Officer) |
|
|
Date: August 12, 2024 |
By: |
/s/ Robert Mahan |
|
|
Robert
Mahan Chief Financial Officer
(Principal
Financial Officer) |
31
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, 2024 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 12, 2024 |
|
/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, 2024 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 12, 2024 |
|
/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, 2024 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 12, 2024
|
|
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, Robert Mahan, 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, 2024 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 12, 2024
|
|
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
ASSETS CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 19,939,000
|
$ 16,896,000
|
Marketable securities, at fair value |
22,660,000
|
28,571,000
|
Other current assets |
182,000
|
206,000
|
TOTAL CURRENT ASSETS |
42,781,000
|
45,673,000
|
OTHER ASSETS: |
|
|
Patents, net of accumulated amortization |
1,266,000
|
1,326,000
|
Equity investment |
3,944,000
|
5,249,000
|
Operating leases right-of-use asset |
59,000
|
16,000
|
Security deposit |
13,000
|
13,000
|
Total Other Assets |
5,282,000
|
6,604,000
|
TOTAL ASSETS |
48,063,000
|
52,277,000
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: CURRENT LIABILITIES: |
|
|
Accounts payable |
206,000
|
125,000
|
Accrued payroll |
6,000
|
378,000
|
Accrued contingency fees and related costs |
23,000
|
|
Other accrued expenses |
120,000
|
297,000
|
Operating lease obligation, current |
57,000
|
23,000
|
Total Current Liabilities |
412,000
|
823,000
|
LONG TERM LIABILITIES: |
|
|
Deferred tax liability |
478,000
|
762,000
|
TOTAL LIABILITIES |
890,000
|
1,585,000
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at June 30, 2024 and December 31, 2023 |
|
|
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,190,110 and 23,553,908 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
232,000
|
235,000
|
Additional paid-in capital |
67,654,000
|
67,446,000
|
Accumulated deficit |
(20,713,000)
|
(16,989,000)
|
TOTAL STOCKHOLDERS’ EQUITY |
47,173,000
|
50,692,000
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 48,063,000
|
$ 52,277,000
|
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par or Stated Value Per Share |
$ 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 or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
50,000,000
|
50,000,000
|
Common Stock, Shares, Issued |
23,190,110
|
23,553,908
|
Common Stock, Shares, Outstanding |
23,190,110
|
23,553,908
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Statement -CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
$ 100,000
|
$ 283,000
|
$ 100,000
|
$ 820,000
|
OPERATING EXPENSES: |
|
|
|
|
Costs of revenue |
28,000
|
81,000
|
28,000
|
232,000
|
Professional fees and related costs |
147,000
|
59,000
|
366,000
|
357,000
|
General and administrative |
519,000
|
610,000
|
1,188,000
|
1,391,000
|
Amortization of patents |
30,000
|
82,000
|
60,000
|
165,000
|
TOTAL OPERATING EXPENSES |
724,000
|
832,000
|
1,642,000
|
2,145,000
|
OPERATING LOSS |
(624,000)
|
(549,000)
|
(1,542,000)
|
(1,325,000)
|
OTHER INCOME (LOSS): |
|
|
|
|
Interest and dividend income, net |
452,000
|
445,000
|
883,000
|
755,000
|
Net realized and unrealized gain (loss) on marketable securities |
54,000
|
(75,000)
|
102,000
|
289,000
|
Total other income, net |
506,000
|
370,000
|
985,000
|
1,044,000
|
LOSS BEFORE INCOME TAXES AND SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE |
(118,000)
|
(179,000)
|
(557,000)
|
(281,000)
|
INCOME TAXES PROVISION: |
|
|
|
|
Current |
|
|
|
|
Deferred taxes, net |
(137,000)
|
(94,000)
|
(284,000)
|
(247,000)
|
Total income tax benefit |
(137,000)
|
(94,000)
|
(284,000)
|
(247,000)
|
INCOME (LOSS) BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: |
19,000
|
(85,000)
|
(273,000)
|
(34,000)
|
SHARE OF NET LOSS OF EQUITY METHOD INVESTEE |
(677,000)
|
(391,000)
|
(1,305,000)
|
(1,065,000)
|
NET LOSS |
$ (658,000)
|
$ (476,000)
|
$ (1,578,000)
|
$ (1,099,000)
|
Net loss per share |
|
|
|
|
Basic |
$ (0.03)
|
$ (0.02)
|
$ (0.07)
|
$ (0.05)
|
Diluted |
$ (0.03)
|
$ (0.02)
|
$ (0.07)
|
$ (0.05)
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
23,296,555
|
23,803,567
|
23,444,145
|
23,865,141
|
Diluted |
23,296,555
|
23,803,567
|
23,444,145
|
23,865,141
|
Cash dividends declared per share |
|
|
$ 0.05
|
$ 0.05
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Begining Balance at Dec. 31, 2022 |
$ 239,000
|
$ 66,939,000
|
$ (12,055,000)
|
$ (14,000)
|
$ 55,109,000
|
Begining 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)
|
Ending Balance 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)
|
Ending Balance 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
|
|
|
|
|
Begining Balance at Dec. 31, 2023 |
$ 235,000
|
67,446,000
|
(16,989,000)
|
|
50,692,000
|
Begining Balance, Shares at Dec. 31, 2023 |
23,553,908
|
|
|
|
|
Dividends and dividend equivalents declared |
|
|
(1,207,000)
|
|
(1,207,000)
|
Stock-based compensation |
|
115,000
|
|
|
115,000
|
Vesting of restricted stock units |
$ 1,000
|
(1,000)
|
|
|
|
Vesting of restricted stock units Shares |
111,250
|
|
|
|
|
Value of shares delivered to pay withholding taxes |
|
|
(61,000)
|
|
(61,000)
|
Value of shares delivered to pay withholding taxes shares |
(28,853)
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(185,000)
|
|
(186,000)
|
Treasury stock purchased and retired shares |
(83,744)
|
|
|
|
|
Net loss |
|
|
(920,000)
|
|
(920,000)
|
Ending Balance at Mar. 31, 2024 |
$ 235,000
|
67,560,000
|
(19,362,000)
|
|
48,433,000
|
Ending Balance, Shares at Mar. 31, 2024 |
23,552,561
|
|
|
|
|
Stock-based compensation |
|
95,000
|
|
|
95,000
|
Vesting of restricted stock units |
$ 1,000
|
(1,000)
|
|
|
|
Vesting of restricted stock units Shares |
11,250
|
|
|
|
|
Treasury stock purchased and retired |
$ (4,000)
|
|
(693,000)
|
|
(697,000)
|
Treasury stock purchased and retired shares |
(373,701)
|
|
|
|
|
Net loss |
|
|
(658,000)
|
|
(658,000)
|
Ending Balance at Jun. 30, 2024 |
$ 232,000
|
$ 67,654,000
|
$ (20,713,000)
|
|
$ 47,173,000
|
Ending Balance, Shares at Jun. 30, 2024 |
23,190,110
|
|
|
|
|
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (1,578,000)
|
$ (1,099,000)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Amortization of patents |
60,000
|
165,000
|
Stock-based compensation |
210,000
|
267,000
|
Loss allocated from equity method investment |
1,305,000
|
1,065,000
|
Unrealized (gain) loss on marketable securities |
52,000
|
(90,000)
|
Deferred tax (benefit) expense |
(284,000)
|
(247,000)
|
Amortization of operating leases – right of use assets |
32,000
|
32,000
|
Changes in operating assets and liabilities: |
|
|
Other current assets |
24,000
|
260,000
|
Security deposit |
|
(13,000)
|
Accounts payable |
81,000
|
(132,000)
|
Operating lease obligations |
(41,000)
|
(34,000)
|
Accrued expenses |
(521,000)
|
(727,000)
|
NET CASH USED IN OPERATING ACTIVITIES |
(660,000)
|
(553,000)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Sales of marketable securities |
12,852,000
|
36,106,000
|
Purchases of marketable securities |
(6,993,000)
|
(30,780,000)
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
5,859,000
|
5,326,000
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Cash dividends paid |
(1,212,000)
|
(1,191,000)
|
Value of shares delivered to fund payment of withholding taxes |
(61,000)
|
(83,000)
|
Repurchases of common stock, inclusive of commissions |
(883,000)
|
(332,000)
|
NET CASH USED IN FINANCING ACTIVITIES: |
(2,156,000)
|
(1,606,000)
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
3,043,000
|
3,167,000
|
CASH AND CASH EQUIVALENTS, beginning of period |
16,896,000
|
13,448,000
|
CASH AND CASH EQUIVALENTS, end of period |
19,939,000
|
16,615,000
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Interest |
|
|
Income taxes |
|
|
NON-CASH FINANCING ACTIVITIES |
|
|
Accrued dividend rights on restricted stock units |
32,000
|
8,000
|
Right of use asset and lease liability |
$ 75,000
|
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v3.24.2.u1
BASIS OF PRESENTATION AND NATURE OF BUSINESS
|
6 Months Ended |
Jun. 30, 2024 |
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, 2024, and the results of its operations and changes
in stockholders’ equity for the three and six months periods ended June 30, 2024 and June 30, 2023, and the statement of cash
flows for the six months ended June 30, 2024 and June 30, 2023. 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, 2023 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 8, 2024. The results of operations for the three and six months ended June 30, 2024 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 one-hundred
two (102) U.S. patents, fifty-four (54) of such patents have expired, and sixteen (16) 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 and using eSIM (embedded Subscriber Identification Module) technology
in Internet of Things (“IoT”), Machine-to-Machine, and other mobile devices, including smartphones, tablets and computers,
as well as automobiles; (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 also 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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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
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, obtains a final
judgment awarding damages or enters into a litigation settlement agreement involving its patents. With respect to licensing its intellectual
property, obtaining a final judgment or entering into a litigation settlement agreement, revenue is recognized in an amount that reflects
the consideration the Company expects to be entitled to in exchange for licensing its intellectual property, obtaining a final judgment
or in a settlement of the litigation.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement, the final judgment or the litigation settlement agreement; |
| • | identification
of the performance obligations in the license agreement, the final judgment or the litigation
settlement agreement; |
| • | determination
of the consideration for the license, final judgment or settlement; |
| • | 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 revenue
disaggregated | |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
Total Revenue | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
During
the three months ended June 30, 2024, the Company received $100,000 from a settlement agreement with a defendant with respect to patent
infringement litigation involving its Remote Power patent.
Revenue
from the Company’s patent licensing and enforcement business is typically generated from negotiated license agreements or settlement
agreements with respect to any of the Company’s patents. The timing and amount of revenue recognized from each licensee or such
settlement agreement 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 may either pay (i) a non-refundable
lump sum payment for a non-exclusive fully-paid license, (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, or (iii) a lump sum settlement
payment with respect to litigation involving the Company’s expired patents.
Fully-paid
licenses provide for a non-refundable up-front payment for which the Company has no future obligations or performance requirements, revenue
is generally recognized when the Company has obtained the signed license agreement, all performance obligations have been substantially
performed, amounts are fixed and determinable, and collectability is reasonably assured. Revenue from fully-paid licenses may consist
of one or more installments. The timing and amount of revenue recognized from each licensee depends upon a number of factors including
the specific terms of each agreement and the nature of the deliverables and obligations.
[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 has
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, 2024, the Company had total deferred tax assets generated from its activities totaling $1,356,000. The
Company’s deferred tax assets were offset by a valuation allowance of $1,356,000 as it was determined that it is more likely than
not that certain deferred tax assets will not be realized. As of June 30, 2024, the Company also had a deferred tax liability of $478,000.
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 June 30, 2024, based
on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test. However,
during the second half of 2024 the Company may subsequently be determined to be a PHC in 2024 or in future years if it satisfies both
the Ownership Test and Income Test. If the Company were to become a PHC in 2024 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, 2024.
The
Company recognizes interest and penalties, if any, related to income tax in the income tax provision in the unaudited condensed consolidated
statements of operations.
U.S.
federal, state and local income tax returns prior to 2020 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.
[5] | | New Accounting
Standards |
Segments
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures. ASU 2023-07 updates reportable segment disclosure requirements primarily through enhanced disclosures about
significant segment expenses. ASU 2023-07 is effective for all entities for fiscal years beginning after December 15, 2023, and for interim
periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively
to all prior periods presented in the financial statements. The Company is currently evaluating ASU 2023-07 to determine
its impact on the Company's disclosures, however, the Company does not expect ASU 2023-07 to have a material impact.
Income
Tax Disclosure
In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information
about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements
will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the
option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating ASU 2023-09 to determine
its impact on the Company's disclosures, however, the Company does not expect ASU 2023-09 to have a material impact.
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v3.24.2.u1
PATENTS
|
6 Months Ended |
Jun. 30, 2024 |
Patents |
|
PATENTS |
NOTE
C – PATENTS
The
Company’s intangible assets at June 30, 2024, include patents with estimated remaining economic useful lives ranging from 9 to
15 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, 2024 and December 31, 2023 were as follows:
Schedule of gross carrying amounts
and accumulated amortization related to acquired intangible assets | |
| | | |
| | |
| |
June 30,
2024 | | |
December 31,
2023 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization – patents | |
| (7,207,000 | ) | |
| (7,147,000 | ) |
Patents, net | |
$ | 1,266,000 | | |
$ | 1,326,000 | |
Amortization
expense for the three months ended June 30, 2024 and 2023 was $30,000 and $82,000, respectively. Amortization expense for the six months
ended June 30, 2024 and 2023 was $60,000 and $165,000, respectively. Future amortization of intangible assets for the next five years
and thereafter is as follows:
| Schedule of future amortization of intangible assets | | |
| | |
|
For the Years Ended December 31, |
|
| 2024 – remaining | | |
$ | 60,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 119,000 | |
| 2028 | | |
| 116,000 | |
| Thereafter | | |
| 731,000 | |
| Total | | |
$ | 1,266,000 | |
| | | |
| | |
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 2039 to November 2039. All of the patents within the Company’s
Mirror Worlds Patent Portfolio, Cox Patent Portfolio and the Remote Power Patent have expired.
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v3.24.2.u1
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2024 |
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, 2024, there were 110,000 shares of common stock subject to outstanding awards under the 2022 Plan and 2,110,000 shares of
common stock available for issuance under the 2022 Plan. In addition, there were 425,000 shares of common stock subject to outstanding
awards under the 2013 Plan.
A
summary of restricted stock unit activity for the six months ended June 30, 2024 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, 2023 | |
| 587,500 | | |
$ | 1.81 | |
Grants of restricted stock units | |
| 70,000 | | |
| 2.17 | |
Vested restricted stock units | |
| (122,500 | ) | |
| (2.42 | ) |
Balance of restricted stock units outstanding at June 30, 2024 | |
| 535,000 | | |
$ | 1.71 | |
Restricted
stock unit compensation expense was $95,000 and $106,000 for the three months ended June 30, 2024 and 2023, respectively. Restricted
stock unit expense was $210,000 and $267,000 for the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation
expense is included in general and administrative expenses in the unaudited condensed consolidated statements of operations.
The
Company had an aggregate of $449,907 of unrecognized restricted stock unit compensation as of June 30, 2024 to be expensed over a weighted
average period of 1.46 years.
All
of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. During the three and six months
ended June 30, 2024, the Company paid a total of $2,000 and $35,000, respectively, of such dividend equivalent rights. As of June 30,
2024 and December 31, 2023, there was $94,000 and $99,000, respectively, accrued for dividend equivalent rights which were included
in other accrued expenses.
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v3.24.2.u1
LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2024 |
Net loss per share |
|
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 535,000 and
560,000 at June 30, 2024 and 2023, respectively, consisted of outstanding restricted stock units. and stock options. However, since the
Company generated a net loss in 2024 and 2023, 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 basic and diluted weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30,
| |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Weighted-average common shares outstanding – basic | |
| 23,444,145 | | |
| 23,865,141 | | |
| 23,296,555 | | |
| 23,803,567 | |
Dilutive effect of restricted stock units and stock options | |
| — | | |
| — | | |
| — | | |
| — | |
Weighted-average common shares outstanding – diluted | |
| 23,444,145 | | |
| 23,865,141 | | |
| 23,296,555 | | |
| 23,803,567 | |
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 535,000 | | |
| 560,000 | | |
| 535,000 | | |
| 560,000 | |
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v3.24.2.u1
MARKETABLE SECURITIES
|
6 Months Ended |
Jun. 30, 2024 |
Marketable Securities |
|
MARKETABLE SECURITIES |
NOTE
F – MARKETABLE SECURITIES
Marketable
securities as of June 30, 2024 and December 31, 2023 were composed of the following:
Schedule of marketable
securities | |
| | | |
| | | |
| | | |
| | |
| |
June 30, 2024 | |
| |
Cost Basis | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 1,514,000 | | |
$ | – | | |
$ | (4,000 | ) | |
$ | 1,510,000 | |
Government securities | |
| 12,910,000 | | |
| 51,000 | | |
| (37,000 | ) | |
| 12,924,000 | |
Fixed income mutual funds | |
| 7,618,000 | | |
| 113,000 | | |
| – | | |
| 7,731,000 | |
Corporate bonds and notes | |
| 496,000 | | |
| – | | |
| (1,000 | ) | |
| 495,000 | |
Total marketable securities | |
$ | 22,538,000 | | |
$ | 164,000 | | |
$ | (42,000 | ) | |
$ | 22,660,000 | |
| |
December
31, 2023 | |
| |
Cost Basis | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 6,112,000 | | |
$ | – | | |
$ | (35,000 | ) | |
$ | 6,077,000 | |
Government securities | |
| 14,701,000 | | |
| 127,000 | | |
| (10,000 | ) | |
| 14,818,000 | |
Fixed income mutual funds | |
| 7,585,000 | | |
| 91,000 | | |
| – | | |
| 7,676,000 | |
Total marketable securities | |
$ | 28,398,000 | | |
$ | 218,000 | | |
$ | (45,000 | ) | |
$ | 28,571,000 | |
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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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
COMMITMENTS AND CONTINGENCIES (Note G) |
|
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 approved 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 approved expenses incurred with respect to this litigation.
Dovel
& Luner, LLP (“Dovel”) provides legal services to the Company with respect to its patent litigation related to the Remote
Power Patent (See Note I[4] hereof). The terms of the Company’s agreement with Dovel provide, among other things, for legal fees
on a contingency basis ranging from 15% to 40% of the net recovery (after deduction of expenses where applicable) depending on the stage
of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible for a portion 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. Obligation to pay Recognition, net proceeds No such payments were made or accrued by the
Company during the six months ended June 30, 2024 and 2023.
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. No such
payments were made or accrued by the Company during the six months ended June 30, 2024 and 2023.
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: (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 or accrued by the Company during the six months ended June 30, 2024 and 2023.
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. No such payments were made or accrued by the Company during
the six months ended June 30, 2024 and 2023.
[3]
Leases
The
Company has one operating lease for its principal office space in New Canaan, Connecticut that expires on April 30, 2025. The Company
pays a base rent of $5,500 for such office space. On September 29, 2023, the Company exercised its early termination right under the
lease effective December 31, 2023 which was subsequently extended to March 31, 2024. On March 28, 2024, the Company agreed to revoke
its exercise of its early termination right and the lease expires on April 30, 2025.
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. There are no material residual guarantees associated with the Company’s lease and there are no significant restrictions
or covenants included in the Company’s lease agreement.
The
remaining lease term as of June 30, 2024 is ten (10) months.
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 right
of use lease assets and related lease obligations | |
| | | |
| | |
| |
As
of June
30, 2024 | | |
As
of December 31, 2023 | |
| |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 59,000 | | |
$ | 16,000 | |
| |
| | | |
| | |
Operating lease obligations – current | |
$ | 57,000 | | |
$ | 23,000 | |
| |
| | | |
| | |
| |
| | | |
| | |
The
table below presents certain information related to the Company’s lease costs for the period ended:
Schedule of lease costs | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
$ | 10,000 | | |
$ | 20,000 | | |
$ | 27,000 | | |
$ | 39,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Future
lease payments included in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of June 30,
2024, were as follows:
Schedule of future
lease payments included in the measurement of lease liabilities |
|
|
|
|
|
|
Operating Leases |
|
2024 – remaining period |
|
$ |
36,000 |
|
2025 |
|
|
24,000 |
|
Total future minimum lease payments |
|
|
60,000 |
|
Less imputed interest |
|
|
(3,000 |
) |
Total operating lease liability |
|
$ |
57,000 |
|
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v3.24.2.u1
EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
|
6 Months Ended |
Jun. 30, 2024 |
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 return on investment in ILiAD
Biotechnologies) (collectively, the “Incentive Compensation”). During the three and six months ended June 30, 2024, the Chairman
and Chief Executive Officer earned Incentive Compensation of $5,000. 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. 5
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v3.24.2.u1
LEGAL PROCEEDINGS
|
6 Months Ended |
Jun. 30, 2024 |
COMMITMENTS AND CONTINGENCIES (Note G) |
|
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.
On April 24, 2024, the
U.S. District Court for the Southern District of New York issued a judgment dismissing the Company’s patent infringement claims
finding that the asserted claims of two of the patents are invalid for indefiniteness and granting summary judgment that the asserted
claims of another asserted patent are not infringed by Google’s accused system. The Court’s ruling disposes of all of the
Company’s claims in the case. On May 14, 2024, the Company filed a notice of appeal to the U.S. Court of Appeals for the Federal
Circuit.
[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]
In October and November 2022, the Company initiated nine 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.
The
Company has entered into settlement agreements for an aggregate of $2,701,000 with all of the defendants in the above referenced litigations
except Ubiquiti Inc. which litigation remains pending. During the three months ended June 30, 2024 and 2023, the Company entered
into settlement agreements with defendants resulting in settlement payments of $100,000 and $283,000, respectively. During the six months
ended June 30, 2024 and 2023, the Company entered into settlement
agreements with defendants resulting in aggregate settlements payments of $100,000 and $820,000, respectively. A conditional payment
of $150,000 in one settlement has not yet been recognized as revenue because the terms of the conditional payment have not been satisfied.
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v3.24.2.u1
INVESTMENT
|
6 Months Ended |
Jun. 30, 2024 |
Equity Method Investments and Joint Ventures [Abstract] |
|
INVESTMENT |
NOTE
J – INVESTMENT
During
the period December 2018 through August 2022, the Company made aggregate investments 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, 2024, the Company owned approximately 6.6% of the outstanding units of ILiAD on a non-fully diluted basis and 5.2% 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, 2024 and 2023, the Company recorded an allocated net loss from its equity method investment in ILiAD
of $677,000 and $391,000, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded an allocated net loss from
its equity method investment in ILiAD of $1,305,000 and $1,065,000, respectively.
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 $6,612,000, 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 unaudited financial statements, reported on one quarter lag.
Schedule of financial information for ILiAD | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended March 31, | | |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss from continuing operations | |
$ | 20,073,000 | | |
$ | 9,697,000 | | |
$ | 7,610,000 | | |
$ | 5,610,000 | |
Comprehensive loss | |
$ | 19,656,000 | | |
$ | 15,683,000 | | |
| 7,428,000 | | |
$ | 5,152,000 | |
| |
| | | |
| | | |
| | | |
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v3.24.2.u1
STOCK REPURCHASES
|
6 Months Ended |
Jun. 30, 2024 |
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 at 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, 2024, the Company has repurchased an aggregate of 10,098,241 shares of its common stock at an aggregate cost of $19,583,396
(exclusive of commissions) or an average per share price of $1.94.
During
the three months ended June 30, 2024, the Company repurchased an aggregate of 373,701 shares of its common stock at an aggregate cost
of $688,410 (exclusive of commissions) or an average per share price of $1.84. During the six months ended June 30, 2024, the Company
repurchased an aggregate of 457,445 shares of its common stock at an aggregate cost of $870,480 (exclusive of commissions) or an average
per share price of $1.90.
On
June 28, 2024, the Company entered into a written trading plan (the “10b5-1 Plan”) under Rule 10b5-1 of the Securities Exchange
Act of 1934 (the “Exchange Act”). Adopting a trading plan that satisfies the conditions of Rule 10b5-1 allows a company to
repurchase its shares at times when it might otherwise be prevented from doing so due to self-imposed trading black-outs or pursuant
to insider trading laws. Purchases under the 10b5-1 Plan may be made during the following periods: (1) beginning on July 8, 2024 until
two trading days after the Company issues a press release announcing its financial results for the quarter ended June 30, 2024, and (2)
beginning on October 1, 2024 until two trading days after the Company issues a press release announcing its financial results for the
quarter ended September 30, 2024. Under the 10b5-1 Plan, the Company’s third party broker may purchase up to 1,000,000 shares of
the Company’s common stock, subject to certain price, market, volume and timing constraints, in accordance with the terms of the
plan and subject to Rule 10b5-1 and Rule 10b-18 of the Exchange Act.
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 occurring
on or after January 1, 2023. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time
of the repurchase. The excise tax applies in cases where the total value of the stock repurchase during the taxable year exceeds $1,000,000.
As such, the Company did not incur the 1% excise tax during the six months ended June 30, 2024.
At
June 30, 2024, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $3,502,225.
|
X |
- DefinitionTabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity.
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v3.24.2.u1
CONCENTRATIONS
|
6 Months Ended |
Jun. 30, 2024 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE
L – CONCENTRATIONS
The
Company maintains cash and certificates of deposit 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, 2024, the Company had $262,000 cash and certificates
of deposit in excess of the FDIC insured limit. The Company maintains cash equivalents in brokerage accounts at financial institutions.
At June 30, 2024, the Company had cash equivalents of $19,736,000 in these brokerage accounts.
|
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- 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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v3.24.2.u1
DIVIDEND POLICY
|
6 Months Ended |
Jun. 30, 2024 |
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) anticipated to be
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 2024 of $1,175,000. 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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v3.24.2.u1
SUBSEQUENT EVENT
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENT |
NOTE
N – SUBSEQUENT EVENT
On
August 6, 2024, plaintiff Mitchell Mizel filed a class action against the Company and its Chairman and Chief Executive Officer in the
United States District Court, Southern District of New York, alleging, among other things, that (i) the Company is required to register
as an “investment company” under the Investment Company Act of 1940 (the “Act”), (ii) in the event that the Company
is required to register as an investment company under the Act, the compensation payable to the Chairman and Chief Executive Officer
as an investment adviser is inordinately high and must be adjusted or voided and returned to the Company, and (iii) certain provisions
of the Company’s By-laws conflict with the Act and should be rescinded. The Company strongly disagrees with the allegations in
the complaint and intends to aggressively defend the action.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
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, obtains a final
judgment awarding damages or enters into a litigation settlement agreement involving its patents. With respect to licensing its intellectual
property, obtaining a final judgment or entering into a litigation settlement agreement, revenue is recognized in an amount that reflects
the consideration the Company expects to be entitled to in exchange for licensing its intellectual property, obtaining a final judgment
or in a settlement of the litigation.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement, the final judgment or the litigation settlement agreement; |
| • | identification
of the performance obligations in the license agreement, the final judgment or the litigation
settlement agreement; |
| • | determination
of the consideration for the license, final judgment or settlement; |
| • | 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 revenue
disaggregated | |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
Total Revenue | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
During
the three months ended June 30, 2024, the Company received $100,000 from a settlement agreement with a defendant with respect to patent
infringement litigation involving its Remote Power patent.
Revenue
from the Company’s patent licensing and enforcement business is typically generated from negotiated license agreements or settlement
agreements with respect to any of the Company’s patents. The timing and amount of revenue recognized from each licensee or such
settlement agreement 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 may either pay (i) a non-refundable
lump sum payment for a non-exclusive fully-paid license, (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, or (iii) a lump sum settlement
payment with respect to litigation involving the Company’s expired patents.
Fully-paid
licenses provide for a non-refundable up-front payment for which the Company has no future obligations or performance requirements, revenue
is generally recognized when the Company has obtained the signed license agreement, all performance obligations have been substantially
performed, amounts are fixed and determinable, and collectability is reasonably assured. Revenue from fully-paid licenses may consist
of one or more installments. The timing and amount of revenue recognized from each licensee depends upon a number of factors including
the specific terms of each agreement and the nature of the deliverables and obligations.
|
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 has
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, 2024, the Company had total deferred tax assets generated from its activities totaling $1,356,000. The
Company’s deferred tax assets were offset by a valuation allowance of $1,356,000 as it was determined that it is more likely than
not that certain deferred tax assets will not be realized. As of June 30, 2024, the Company also had a deferred tax liability of $478,000.
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 June 30, 2024, based
on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test. However,
during the second half of 2024 the Company may subsequently be determined to be a PHC in 2024 or in future years if it satisfies both
the Ownership Test and Income Test. If the Company were to become a PHC in 2024 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, 2024.
The
Company recognizes interest and penalties, if any, related to income tax in the income tax provision in the unaudited condensed consolidated
statements of operations.
U.S.
federal, state and local income tax returns prior to 2020 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.
|
New Accounting Standards |
[5] | | New Accounting
Standards |
Segments
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures. ASU 2023-07 updates reportable segment disclosure requirements primarily through enhanced disclosures about
significant segment expenses. ASU 2023-07 is effective for all entities for fiscal years beginning after December 15, 2023, and for interim
periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively
to all prior periods presented in the financial statements. The Company is currently evaluating ASU 2023-07 to determine
its impact on the Company's disclosures, however, the Company does not expect ASU 2023-07 to have a material impact.
Income
Tax Disclosure
In
December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information
about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements
will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the
option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating ASU 2023-09 to determine
its impact on the Company's disclosures, however, the Company does not expect ASU 2023-09 to have a material impact.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of revenue disaggregated |
Schedule of revenue
disaggregated | |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
Total Revenue | |
$ | 100,000 | | |
$ | 820,000 | | |
$ | 100,000 | | |
$ | 283,000 | |
|
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v3.24.2.u1
PATENTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Patents |
|
Schedule of gross carrying amounts and accumulated amortization related to acquired intangible assets |
Schedule of gross carrying amounts
and accumulated amortization related to acquired intangible assets | |
| | | |
| | |
| |
June 30,
2024 | | |
December 31,
2023 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization – patents | |
| (7,207,000 | ) | |
| (7,147,000 | ) |
Patents, net | |
$ | 1,266,000 | | |
$ | 1,326,000 | |
|
Schedule of future amortization of intangible assets |
| Schedule of future amortization of intangible assets | | |
| | |
|
For the Years Ended December 31, |
|
| 2024 – remaining | | |
$ | 60,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 119,000 | |
| 2028 | | |
| 116,000 | |
| Thereafter | | |
| 731,000 | |
| Total | | |
$ | 1,266,000 | |
| | | |
| | |
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v3.24.2.u1
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
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, 2023 | |
| 587,500 | | |
$ | 1.81 | |
Grants of restricted stock units | |
| 70,000 | | |
| 2.17 | |
Vested restricted stock units | |
| (122,500 | ) | |
| (2.42 | ) |
Balance of restricted stock units outstanding at June 30, 2024 | |
| 535,000 | | |
$ | 1.71 | |
|
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v3.24.2.u1
LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Net loss per share |
|
Schedule of basic and diluted weighted average common shares outstanding |
Schedule of basic and diluted weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30,
| |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Weighted-average common shares outstanding – basic | |
| 23,444,145 | | |
| 23,865,141 | | |
| 23,296,555 | | |
| 23,803,567 | |
Dilutive effect of restricted stock units and stock options | |
| — | | |
| — | | |
| — | | |
| — | |
Weighted-average common shares outstanding – diluted | |
| 23,444,145 | | |
| 23,865,141 | | |
| 23,296,555 | | |
| 23,803,567 | |
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 535,000 | | |
| 560,000 | | |
| 535,000 | | |
| 560,000 | |
|
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v3.24.2.u1
MARKETABLE SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Marketable Securities |
|
Schedule of marketable securities |
Schedule of marketable
securities | |
| | | |
| | | |
| | | |
| | |
| |
June 30, 2024 | |
| |
Cost Basis | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 1,514,000 | | |
$ | – | | |
$ | (4,000 | ) | |
$ | 1,510,000 | |
Government securities | |
| 12,910,000 | | |
| 51,000 | | |
| (37,000 | ) | |
| 12,924,000 | |
Fixed income mutual funds | |
| 7,618,000 | | |
| 113,000 | | |
| – | | |
| 7,731,000 | |
Corporate bonds and notes | |
| 496,000 | | |
| – | | |
| (1,000 | ) | |
| 495,000 | |
Total marketable securities | |
$ | 22,538,000 | | |
$ | 164,000 | | |
$ | (42,000 | ) | |
$ | 22,660,000 | |
| |
December
31, 2023 | |
| |
Cost Basis | | |
Unrealized Gains | | |
Unrealized Losses | | |
Fair Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 6,112,000 | | |
$ | – | | |
$ | (35,000 | ) | |
$ | 6,077,000 | |
Government securities | |
| 14,701,000 | | |
| 127,000 | | |
| (10,000 | ) | |
| 14,818,000 | |
Fixed income mutual funds | |
| 7,585,000 | | |
| 91,000 | | |
| – | | |
| 7,676,000 | |
Total marketable securities | |
$ | 28,398,000 | | |
$ | 218,000 | | |
$ | (45,000 | ) | |
$ | 28,571,000 | |
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
COMMITMENTS AND CONTINGENCIES (Note G) |
|
Schedule of right of use lease assets and related lease obligations |
Schedule of right
of use lease assets and related lease obligations | |
| | | |
| | |
| |
As
of June
30, 2024 | | |
As
of December 31, 2023 | |
| |
| | | |
| | |
Operating lease right-of-use assets | |
$ | 59,000 | | |
$ | 16,000 | |
| |
| | | |
| | |
Operating lease obligations – current | |
$ | 57,000 | | |
$ | 23,000 | |
| |
| | | |
| | |
| |
| | | |
| | |
|
Schedule of lease costs |
Schedule of lease costs | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Operating lease cost | |
$ | 10,000 | | |
$ | 20,000 | | |
$ | 27,000 | | |
$ | 39,000 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
|
Schedule of future lease payments included in the measurement of lease liabilities |
Schedule of future
lease payments included in the measurement of lease liabilities |
|
|
|
|
|
|
Operating Leases |
|
2024 – remaining period |
|
$ |
36,000 |
|
2025 |
|
|
24,000 |
|
Total future minimum lease payments |
|
|
60,000 |
|
Less imputed interest |
|
|
(3,000 |
) |
Total operating lease liability |
|
$ |
57,000 |
|
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v3.24.2.u1
INVESTMENT (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of financial information for ILiAD |
Schedule of financial information for ILiAD | |
| | | |
| | | |
| | | |
| | |
| |
Six Months Ended March 31, | | |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Loss from continuing operations | |
$ | 20,073,000 | | |
$ | 9,697,000 | | |
$ | 7,610,000 | | |
$ | 5,610,000 | |
Comprehensive loss | |
$ | 19,656,000 | | |
$ | 15,683,000 | | |
| 7,428,000 | | |
$ | 5,152,000 | |
| |
| | | |
| | | |
| | | |
| | |
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Product Information [Line Items] |
|
|
|
|
Total Revenue |
$ 100,000
|
$ 283,000
|
$ 100,000
|
$ 820,000
|
Litigation Settlements [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total Revenue |
$ 100,000
|
$ 283,000
|
$ 100,000
|
$ 820,000
|
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PATENTS (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Patents |
|
|
Gross carrying amount – patents |
$ 8,473,000
|
$ 8,473,000
|
Accumulated amortization – patents |
(7,207,000)
|
(7,147,000)
|
Patents, net |
$ 1,266,000
|
$ 1,326,000
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|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Equity [Abstract] |
|
Restricted stock, Outstanding Number of shares, Beginning Balance | shares |
587,500
|
Restricted stock, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares |
$ 1.81
|
Grants of restricted stock units | shares |
70,000
|
Grants of restricted stock units, Weighted Average Grant Date Fair Value | $ / shares |
$ 2.17
|
Vested restricted stock units | shares |
(122,500)
|
Vested restricted stock units, Weighted Average Grant Date Fair Value | $ / shares |
$ (2.42)
|
Restricted stock, Outstanding Number of shares, Ending Balance | shares |
535,000
|
Restricted stock, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares |
$ 1.71
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6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Dividend equivalent rights |
$ 2,000
|
|
$ 35,000
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Restricted stock unit compensation expense |
95,000
|
$ 106,000
|
210,000
|
$ 267,000
|
|
Unrecognized restricted stock unit compensation expense |
449,907
|
|
$ 449,907
|
|
|
Weighted average amortized period |
|
|
1 year 5 months 15 days
|
|
|
Accrued dividend rights on restricted stock unit |
$ 94,000
|
|
$ 94,000
|
|
$ 99,000
|
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 |
110,000
|
|
110,000
|
|
|
Common stock available for issuance under 2022 Plan |
2,110,000
|
|
2,110,000
|
|
|
Common stock subject to outstanding awards under 2013 plan |
425,000
|
|
425,000
|
|
|
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v3.24.2.u1
LOSS PER SHARE (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net loss per share |
|
|
|
|
Weighted-average common shares outstanding – basic |
23,296,555
|
23,803,567
|
23,444,145
|
23,865,141
|
Dilutive effect of restricted stock units and stock options |
|
|
|
|
Weighted-average common shares outstanding – diluted |
23,296,555
|
23,803,567
|
23,444,145
|
23,865,141
|
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive |
535,000
|
560,000
|
535,000
|
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|
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v3.24.2.u1
MARKETABLE SECURITIES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Fair Value [Member] |
|
|
Schedule of Investments [Line Items] |
|
|
Certificates of deposit |
$ 1,510,000
|
$ 6,077,000
|
Government securities |
12,924,000
|
14,818,000
|
Fixed income mutual funds |
7,731,000
|
7,676,000
|
Corporate bonds and notes |
495,000
|
|
Total marketable securities |
22,660,000
|
28,571,000
|
Cost Basis [Member] |
|
|
Schedule of Investments [Line Items] |
|
|
Certificates of deposit |
1,514,000
|
6,112,000
|
Government securities |
12,910,000
|
14,701,000
|
Fixed income mutual funds |
7,618,000
|
7,585,000
|
Corporate bonds and notes |
496,000
|
|
Total marketable securities |
22,538,000
|
28,398,000
|
Gross Unrealized Gains [Member] |
|
|
Schedule of Investments [Line Items] |
|
|
Certificates of deposit |
|
|
Government securities |
51,000
|
127,000
|
Fixed income mutual funds |
113,000
|
91,000
|
Corporate bonds and notes |
|
|
Total marketable securities |
164,000
|
218,000
|
Gross Unrealized Losses [Member] |
|
|
Schedule of Investments [Line Items] |
|
|
Certificates of deposit |
(4,000)
|
(35,000)
|
Government securities |
(37,000)
|
(10,000)
|
Fixed income mutual funds |
|
|
Corporate bonds and notes |
(1,000)
|
|
Total marketable securities |
$ (42,000)
|
$ (45,000)
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
104 Months Ended |
|
Mar. 25, 2022 |
Jun. 30, 2024 |
Dec. 31, 2021 |
May 01, 2022 |
COMMITMENTS AND CONTINGENCIES (Note G) |
|
|
|
|
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%
|
|
|
Legal fees on a contingency basis minimum - Remote power patent |
|
15.00%
|
|
|
Legal fees on a contingency basis maximum - Remote power patent |
|
40.00%
|
|
|
HFT patent acqusition - cash at closing |
$ 500,000
|
|
|
|
Contingent cash payable upon achieving certain milestones |
500,000
|
|
|
|
Contingent common stock issued upon achieving certain milestones - dollar value |
$ 375,000
|
|
|
|
Contingent common stock issued upon achieving certain milestones - maximum shares |
375,000
|
|
|
|
First $50 million of HFT net proceeds |
15.00%
|
|
|
|
Greater than $50 million of HFT net proceeds |
17.50%
|
|
|
|
Obligation to pay Recognition, net proceeds |
|
|
|
|
Obligated to pay Cox, net proceeds percentage |
|
12.50%
|
|
|
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
|
|
|
Base rent |
|
$ 5,500
|
|
|
Lease borrowing rate - incremental |
|
|
|
4.20%
|
Remaining lease term |
|
|
|
3 years
|
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v3.24.2.u1
EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Mar. 22, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
CEO incentive compensation - other patents, gross royalties |
5.00%
|
|
|
|
|
CEO incentive compensation - remote power patent |
|
$ 5,000
|
$ 14,000
|
$ 5,000
|
$ 41,000
|
CEO incentive compensation - remote power patent, gross royalties |
5.00%
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
CEO incentive compensation, other patents, net interest |
10.00%
|
|
|
|
|
Chief Executive Officer [Member] | New Employment Agreement [Member] |
|
|
|
|
|
Annual base salary |
$ 535,000
|
|
|
|
|
Annual base salary increase |
3.00%
|
|
|
|
|
Annual target bonus |
$ 175,000
|
|
|
|
|
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v3.24.2.u1
LEGAL PROCEEDINGS (Details Narrative) - USD ($)
|
|
2 Months Ended |
3 Months Ended |
6 Months Ended |
8 Months Ended |
May 09, 2017 |
Nov. 30, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 03, 2014 |
Litigation settlement amount |
|
|
|
|
$ 2,701,000
|
|
|
Revenues |
|
|
$ 100,000
|
$ 283,000
|
100,000
|
$ 820,000
|
|
Conditional settlement payment unrecognized |
|
|
|
|
$ 150,000
|
|
|
Google [Member] |
|
|
|
|
|
|
|
Litigation pending, description |
|
|
|
|
|
|
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.
|
Facebook [Member] |
|
|
|
|
|
|
|
Litigation pending, description |
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.
|
|
|
|
|
|
|
Remote Power Patent [Member] |
|
|
|
|
|
|
|
Litigation pending, description |
|
the Company initiated nine 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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INVESTMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
|
|
|
ILiAD Loss from continuing operations |
$ 7,610,000
|
$ 5,610,000
|
$ 20,073,000
|
$ 9,697,000
|
ILiAD Comprehensive loss |
$ 7,428,000
|
$ 5,152,000
|
$ 19,656,000
|
$ 15,683,000
|
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INVESTMENT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
ILiAD Biotechnologies, LLC [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Aggregrate investment |
$ 7,000,000
|
|
$ 7,000,000
|
|
Book value of the investment |
$ 6,612,000
|
|
$ 6,612,000
|
|
Iliad [Member] | Class C Units [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Ownership percentage not fully diluted |
6.60%
|
|
6.60%
|
|
Iliad [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Aggregrate investment |
$ 7,000,000
|
|
$ 7,000,000
|
|
Equity investment net loss |
$ 677,000
|
$ 391,000
|
$ 1,305,000
|
$ 1,065,000
|
Iliad [Member] | Class C Units [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Ownership percentage fully diluted |
|
|
5.20%
|
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v3.24.2.u1
STOCK REPURCHASES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
146 Months Ended |
|
Aug. 16, 2022 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2024 |
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 |
|
|
|
10,098,241
|
|
Aggregate cost of common stock repurchased since inception |
|
|
|
$ 19,583,396
|
|
Average price per share, common stock repurchased since inception |
|
|
|
$ 1.94
|
|
Number of shares, repurchased |
|
373,701
|
457,445
|
|
|
Aggregate repurchased, cost |
|
$ 688,410
|
$ 870,480
|
|
|
Average repurchased price per share |
|
$ 1.84
|
$ 1.90
|
|
|
Excise tax description |
The excise tax applies in cases where the total value of the stock repurchase during the taxable year exceeds $1,000,000.
|
|
|
|
|
Value of remaining shares that may be repurchased |
|
$ 3,502,225
|
$ 3,502,225
|
$ 3,502,225
|
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