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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 September 30, 2023 |
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to__________ |
|
Commission
File Number 1-15288
NETWORK-1 TECHNOLOGIES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
11-3027591 |
(State
or other jurisdiction of
incorporation or
organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
65 Locust Avenue, Third Floor
New Canaan, Connecticut
|
|
06840 |
(Address of principal
executive offices) |
|
(Zip Code) |
203-920-1055
(Registrant’s
Telephone Number)
Securities registered
pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
symbol |
Name
of each exchange on which registered |
Common
Stock, par value $0.01 per share
|
NTIP |
NYSE American
|
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§223.405) of this chapter during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company or an emerging growth company. See
the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company” and “emerging growth company” in Rule
12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☐ |
|
Accelerated filer
☐ |
|
|
|
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
|
|
|
|
Emerging growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares of the registrant’s common stock, $.01 par value per share, outstanding as of October 30, 2023 was 23,630,626.
NETWORK-1
TECHNOLOGIES, INC.
Form 10-Q Index
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions
that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such
forward-looking statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements include any expectation of earnings, revenue or other financial items; any statements
of the plans, strategies and objectives of management for future operations; factors that may affect our operating results; statements
related to future performance and other matters that do not relate strictly to historical facts or statements of assumptions underlying
any of the foregoing. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,”
“believe,” “can,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “will,” “plan,” “project,” “seek,” “should,”
“target,” “would,” and similar expressions or variations intended to identify forward-looking statements. These
statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking
statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain
events to differ materially from future results expressed or implied by such forward-looking statements. Except as required by law, we
undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
Factors that could cause or contribute to such differences include various risks and uncertainties described below and elsewhere in this
Quarterly Report on Form 10-Q as well as in our Annual Report on Form 10-K for the year ended December 31, 2022 (filed with the SEC on
March 30, 2023). Furthermore, such forward-looking statements speak only as of the date of this report. Such risks and uncertainties
include, but are not limited to, the following:
| • | our
uncertain revenue from licensing our intellectual property; |
| • | uncertainty
of the outcome of our pending litigations; |
| • | our
ability to achieve future revenue from our patent portfolios; |
| • | our
ability to protect our patents; |
| • | our
ability to execute our strategy to acquire or make investments in high quality patents with
significant licensing opportunities; |
| • | our
ability to enter into strategic relationships with third parties to license or otherwise
monetize their intellectual property; |
| • | our
ability to achieve a return on our investment in ILiAD Biotechnologies, LLC; |
| • | our
ability to continue to acquire additional intellectual property; |
| • | uncertainty
as to whether cash dividends will continue to be paid; |
| • | variations
in our quarterly and annual operating results; |
| • | the
risk that we may be determined to be a personal holding company in 2023 or future years which
may result in our issuing a special cash dividend to our stockholders to the extent we have
undistributed personal holding company income resulting in less cash available for our operations
and strategic transactions; and |
| • | legislative,
regulatory and competitive developments. |
Item
1. Condensed Consolidated Financial Statements
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
ASSETS CURRENT
ASSETS: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 20,886,000 | | |
$ | 13,448,000 | |
Marketable securities,
at fair value | |
| 23,682,000 | | |
| 34,991,000 | |
Prepaid taxes | |
| 308,000 | | |
| 177,000 | |
Other current assets | |
| 41,000 | | |
| 348,000 | |
TOTAL
CURRENT ASSETS | |
| 44,917,000 | | |
| 48,964,000 | |
OTHER
ASSETS: | |
| | | |
| | |
Patents, net
of accumulated amortization | |
| 1,356,000 | | |
| 1,592,000 | |
Equity investment | |
| 5,655,000 | | |
| 7,252,000 | |
Operating leases
right-of-use asset | |
| 16,000 | | |
| 161,000 | |
Security deposit | |
| 13,000 | | |
| — | |
Total Other Assets | |
| 7,040,000 | | |
| 9,005,000 |
|
TOTAL
ASSETS | |
$ | 51,957,000 | | |
$ | 57,969,000 |
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY: CURRENT
LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 250,000 | | |
$ | 507,000 | |
Income taxes payable | |
| 26,000 | | |
| 115,000 | |
Accrued payroll | |
| 1,000 | | |
| 317,000 | |
Other accrued expenses | |
| 350,000 | | |
| 587,000 | |
Operating lease
obligation, current | |
| 23,000 | | |
| 79,000 | |
Total Current Liabilities | |
| 650,000 | | |
| 1,605,000 | |
LONG
TERM LIABILITIES: | |
| | | |
| | |
Deferred tax liability | |
| 883,000 | | |
| 1,161,000 | |
Operating lease
obligation, non-current | |
| — | | |
| 94,000 | |
TOTAL
LIABILITIES | |
$ | 1,533,000 | | |
$ | 2,860,000 |
|
COMMITMENTS
AND CONTINGENCIES (Note G) | |
| | | |
| | |
STOCKHOLDERS’
EQUITY | |
| | | |
| | |
Preferred stock, $0.01 par value, authorized 10,000,000 shares;
none issued and outstanding at September 30, 2023 and December 31, 2022 | |
| — | | |
| — | |
Common stock, $0.01
par value; authorized 50,000,000 shares; 23,659,472 and 23,863,639 shares issued and outstanding at September 30, 2023 and December 31,
2022, respectively | |
| 236,000 | | |
| 239,000 | |
Additional paid-in capital | |
| 67,326,000 | | |
| 66,939,000 | |
Accumulated deficit | |
| (17,138,000 | ) | |
| (12,055,000 | ) |
Accumulated other comprehensive loss | |
| — | | |
| (14,000 | ) |
TOTAL STOCKHOLDERS’
EQUITY | |
| 50,424,000 | | |
| 55,109,000 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 51,957,000 | | |
$ | 57,969,000 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months
Ended September 30, | | |
Nine Months
Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | | |
| | | |
| | | |
| | |
REVENUE | |
$ | — | | |
$ | — | | |
$ | 820,000 | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Costs of revenue | |
| — | | |
| — | | |
| 232,000 | | |
| — | |
Professional fees and related costs | |
| 109,000 | | |
| 117,000 | | |
| 466,000 | | |
| 524,000 | |
General and administrative | |
| 679,000 | | |
| 639,000 | | |
| 2,070,000 | | |
| 1,812,000 | |
Amortization of patents | |
| 71,000 | | |
| 82,000 | | |
| 236,000 | | |
| 233,000 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL OPERATING EXPENSES | |
| 859,000 | | |
| 838,000 | | |
| 3,004,000 | | |
| 2,569,000 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING LOSS | |
| (859,000 | ) | |
| (838,000 | ) | |
| (2,184,000 | ) | |
| (2,569,000 | ) |
OTHER INCOME
(LOSS): | |
| | | |
| | | |
| | | |
| | |
Interest and dividend income, net | |
| 406,000 | | |
| 321,000 | | |
| 1,161,000 | | |
| 532,000 | |
Gain on conversion of note | |
| — | | |
| 271,000 | | |
| — | | |
| 271,000 | |
Gain on equity method investment | |
| — | | |
| 3,727,000 | | |
| — | | |
| 3,727,000 | |
Net realized and unrealized gain (loss) on marketable securities | |
| 131,000 | | |
| (268,000 | ) | |
| 420,000 | | |
| (1,358,000 | ) |
Total other (loss) income, net | |
| 537,000 | | |
| 4,051,000 | | |
| 1,581,000 | | |
| 3,172,000 | |
| |
| | | |
| | | |
| | | |
| | |
INCOME TAXES PROVISION: | |
| | | |
| | | |
| | | |
| | |
Current | |
| (13,000 | ) | |
| (274,000 | ) | |
| (13,000 | ) | |
| (274,000 | ) |
Deferred taxes, net | |
| (31,000 | ) | |
| 976,000 | | |
| (278,000 | ) | |
| 422,000 | |
Total income tax benefit (expense) | |
| (44,000 | ) | |
| 702,000 | | |
| (229,000 | ) | |
| 148,000 | |
| |
| | | |
| | | |
| | | |
| | |
(LOSS) INCOME BEFORE SHARE OF NET
LOSS OF EQUITY METHOD INVESTEE: | |
| (278,000 | ) | |
| 2,511,000 | | |
| (312,000 | ) | |
| 455,000 | |
| |
| | | |
| | | |
| | | |
| | |
SHARE OF NET LOSS OF EQUITY METHOD
INVESTEE | |
| (532,000 | ) | |
| (285,000 | ) | |
| (1,597,000 | ) | |
| (1,073,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET (LOSS) INCOME | |
$ | (810,000 | ) | |
$ | 2,226,000 | | |
$ | (1,909,000 | ) | |
$ | (618,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) income per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.03 | ) | |
$ | 0.09 | | |
$ | (0.08 | ) | |
$ | (0.03 | ) |
Diluted | |
$ | (0.03 | ) | |
$ | 0.09 | | |
$ | (0.08 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 23,803,567 | | |
| 23,765,089 | | |
| 23,867,204 | | |
| 23,830,702 | |
Diluted | |
| 23,803,567 | | |
| 24,065,724 | | |
| 23,867,204 | | |
| 23,830,702 | |
| |
| | | |
| | | |
| | | |
| | |
Cash dividends declared per share | |
$ | 0.05 | | |
$ | 0.05 | | |
$ | 0.10 | | |
$ | 0.10 | |
| |
| | | |
| | | |
| | | |
| | |
NET (LOSS) INCOME | |
$ | (810,000 | ) | |
$ | 2,226,000 | | |
$ | (1,909,000 | ) | |
$ | (618,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER
COMPREHENSIVE INCOME (LOSS) Net
unrealized holding gain (loss) on corporate bonds and notes during the period, net of tax | |
| 14,000 | | |
| 2,000 | | |
| 14,000 | | |
| (2,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
COMPREHENSIVE (LOSS) INCOME | |
$ | (796,000 | ) | |
$ | 2,228,000 | | |
$ | (1,895,000 | ) | |
$ | (620,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
THREE
AND NINE MONTHS ENDED SEPTEMBER 30, 2023
| |
| | | |
| | | |
| | | |
| | | |
| Accumulated Other Comprehensive Loss | | |
| Total
Stockholders’ Equity | |
| |
| | |
| | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
| | |
| |
| |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Comprehensive | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
Balance – January 1, 2023 | |
| 23,863,639 | | |
$ | 239,000 | | |
$ | 66,939,000 | | |
$ | (12,055,000 | ) | |
$ | (14,000 | ) | |
$ | 55,109,000 | |
Dividends and dividend equivalents declared | |
| — | | |
| — | | |
| — | | |
| (1,196,000 | ) | |
| — | | |
| (1,196,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 161,000 | | |
| — | | |
| — | | |
| 161,000 | |
Vesting of restricted stock units | |
| 123,750 | | |
| 1,000 | | |
| (1,000 | ) | |
| — | | |
| — | | |
| — | |
Value of shares delivered to pay withholding taxes | |
| (39,099 | ) | |
| — | | |
| — | | |
| (83,000 | ) | |
| — | | |
| (83,000 | ) |
Treasury stock purchased and retired | |
| (136,785 | ) | |
| (1,000 | ) | |
| — | | |
| (305,000 | ) | |
| — | | |
| (306,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (623,000 | ) | |
| — | | |
| (623,000 | ) |
Balance – March 31, 2023 | |
| 23,811,505 | | |
$ | 239,000 | | |
$ | 67,099,000 | | |
$ | (14,262,000 | ) | |
$ | (14,000 | ) | |
$ | 53,062,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| 106,000 | | |
| — | | |
| — | | |
| 106,000 | |
Vesting of restricted stock units | |
| 11,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Treasury stock purchased and retired | |
| (11,495 | ) | |
| (1,000 | ) | |
| — | | |
| (25,000 | ) | |
| — | | |
| (26,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (476,000 | ) | |
| — | | |
| (476,000 | ) |
Balance – June 30, 2023 | |
| 23,811,260 | | |
$ | 238,000 | | |
$ | 67,205,000 | | |
$ | (14,763,000 | ) | |
$ | (14,000 | ) | |
$ | 52,666,000 | |
Dividends and dividend
equivalents declared | |
| — | | |
| — | | |
| — | | |
| (1,194,000 | ) | |
| — | | |
| (1,194,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 121,000 | | |
| — | | |
| — | | |
| 121,000 | |
Vesting of restricted stock units | |
| 11,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Treasury stock purchased and retired | |
| (163,038 | ) | |
| (2,000 | ) | |
| — | | |
| (371,000 | ) | |
| — | | |
| (373,000 | ) |
Realized gain on corporate bond | |
| — | | |
| — | | |
| — | | |
| — | | |
| 14,000 | | |
| 14,000 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (810,000 | ) | |
| — | | |
| (810,000 | ) |
Balance – September 30, 2023 | |
| 23,659,472 | | |
$ | 236,000 | | |
$ | 67,326,000 | | |
$ | (17,138,000 | ) | |
$ | — | | |
$ | 50,424,000 | |
The
accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
NETWORK-1
TECHNOLOGIES, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
THREE
AND NINE MONTHS ENDED SEPTEMBER 30, 2022
| |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| |
| | |
| | |
Additional | | |
| | |
Other | | |
Total | |
| |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Comprehensive | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Loss | | |
Equity | |
Balance – January 1, 2022 | |
| 23,792,212 | | |
$ | 238,000 | | |
$ | 66,361,000 | | |
$ | (6,428,000 | ) | |
$ | (12,000 | ) | |
$ | 60,159,000 | |
Dividends and dividend equivalents declared | |
| — | | |
| — | | |
| — | | |
| (1,190,000 | ) | |
| — | | |
| (1,190,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 55,000 | | |
| — | | |
| — | | |
| 55,000 | |
Vesting of restricted stock units | |
| 136,250 | | |
| 1,000 | | |
| (1,000 | ) | |
| — | | |
| — | | |
| — | |
Value of shares delivered to pay withholding taxes | |
| (45,438 | ) | |
| — | | |
| — | | |
| (112,000 | ) | |
| — | | |
| (112,000 | ) |
Net unrealized loss on corporate bonds and notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,000 | ) | |
| (3,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (1,312,000 | ) | |
| — | | |
| (1,312,000 | ) |
Balance – March 31, 2022 | |
| 23,883,024 | | |
$ | 239,000 | | |
$ | 66,415,000 | | |
$ | (9,042,000 | ) | |
$ | (15,000 | ) | |
$ | 57,597,000 | |
Dividend equivalents rights paid | |
| — | | |
| — | | |
| — | | |
| (5,000 | ) | |
| — | | |
| (5,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 178,000 | | |
| — | | |
| — | | |
| 178,000 | |
Vesting of restricted stock units | |
| 11,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Treasury stock purchased and retired | |
| (103,080 | ) | |
| (1,000 | ) | |
| — | | |
| (246,000 | ) | |
| — | | |
| (247,000 | ) |
Net unrealized loss on corporate bonds and notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,000 | ) | |
| (1,000 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (1,532,000 | ) | |
| — | | |
| (1,532,000 | ) |
Balance – June 30, 2022 | |
| 23,791,194 | | |
$ | 238,000 | | |
$ | 66,593,000 | | |
$ | (10,825,000 | ) | |
$ | (16,000 | ) | |
$ | 55,990,000 | |
Dividends and dividend equivalents
rights declared | |
| — | | |
| — | | |
| — | | |
| (1,223,000 | ) | |
| — | | |
| (1,223,000 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 174,000 | | |
| — | | |
| — | | |
| 174,000 | |
Vesting of restricted stock units | |
| 11,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Treasury stock purchased and retired | |
| (75,213 | ) | |
| (1,000 | ) | |
| — | | |
| (174,000 | ) | |
| — | | |
| (175,000 | ) |
Net unrealized gain on corporate bonds and notes | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,000 | | |
| 2,000 | |
Net income | |
| — | | |
| — | | |
| — | | |
| 2,226,000 | | |
| — | | |
| 2,226,000 | |
Balance – September 30, 2022 | |
| 23,727,231 | | |
$ | 237,000 | | |
$ | 66,767,000 | | |
$ | (9,996,000 | ) | |
$ | (14,000 | ) | |
$ | 56,994,000 | |
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)
| |
| | | |
| | |
| |
Nine Months
Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (1,909,000 | ) | |
$ | (618,000 | ) |
Adjustments to reconcile net loss to net cash used in
operating activities | |
| | | |
| | |
Amortization of patents | |
| 236,000 | | |
| 233,000 | |
Stock-based compensation | |
| 388,000 | | |
| 407,000 | |
Loss allocated from equity method investment | |
| 1,597,000 | | |
| 1,073,000 | |
Unrealized (gain) loss on marketable securities | |
| (27,000 | ) | |
| 1,079,000 | |
Deferred tax expense (benefit) | |
| (278,000 | ) | |
| 422,000 | |
Amortization of operating leases – right of use assets | |
| 47,000 | | |
| 27,000 | |
Gain on equity method investment | |
| — | | |
| (3,727,000 | ) |
Accrued interest on convertible note | |
| — | | |
| (86,000 | ) |
Gain on conversion of note | |
| — | | |
| (271,000 | ) |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Other current assets | |
| 307,000 | | |
| 32,000 | |
Prepaid taxes | |
| (131,000 | ) | |
| (326,000 | ) |
Security deposit | |
| (13,000 | ) | |
| — | |
Accounts payable | |
| (257,000 | ) | |
| (110,000 | ) |
Income taxes payable | |
| (89,000 | ) | |
| (2,948,000 | ) |
Operating lease obligations | |
| (52,000 | ) | |
| (21,000 | ) |
Accrued expenses | |
| (572,000 | ) | |
| (346,000 | ) |
NET CASH USED
IN OPERATING ACTIVITIES | |
| (753,000 | ) | |
| (5,180,000 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Sales of marketable securities | |
| 44,488,000 | | |
| 8,750,000 | |
Development of patents | |
| — | | |
| (524,000 | ) |
Equity investment | |
| — | | |
| (1,000,000 | ) |
| |
| | | |
| | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |
| 11,350,000 | | |
| (15,238,000 | ) |
CASH FLOWS
FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Cash dividends paid | |
| (2,371,000 | ) | |
| (2,381,000 | ) |
Value of shares delivered to fund withholding taxes | |
| (83,000 | ) | |
| (112,500 | ) |
Repurchases of common stock, inclusive of commissions | |
| (705,000 | ) | |
| (422,000 | ) |
| |
| | | |
| | |
NET CASH USED IN FINANCING ACTIVITIES: | |
| (3,159,000 | ) | |
| (2,915,000 | ) |
| |
| | | |
| | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 7,438,000 | | |
| (23,333,000 | ) |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, beginning of period | |
| 13,448,000 | | |
| 44,497,000 | |
| |
| | | |
| | |
CASH AND CASH EQUIVALENTS, end of period | |
$ | 20,886,000 | | |
$ | 21,164,000 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
| — | | |
| — | |
Income taxes | |
$ | 67,000 | | |
$ | 3,165,000 | |
| |
| | | |
| | |
NON-CASH FINANCING ACTIVITIES | |
| | | |
| | |
Accrued dividend rights on restricted stock units | |
$ | 22,000 | | |
$ | 37,000 | |
Right of use asset obtained in exchange for lease liability | |
$ | 98,000 | | |
$ | 204,000 | |
Conversion of note receivable | |
| — | | |
$ | 1,086,000 | |
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 September 30, 2023, and the results of its operations
and comprehensive loss for the three and nine month periods ended September 30, 2023 and September 30, 2022, changes in stockholders’
equity for the three and nine month periods ended September 30, 2023 and September 30, 2022, and its cash flows for the nine
month periods ended September 30, 2023 and September 30, 2022. The unaudited condensed consolidated financial statements
included herein have been prepared in accordance with the accounting principles generally accepted in the United States of America (U.S.
GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, certain information and footnote
disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP may have been omitted pursuant
to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading.
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 30, 2023. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative
of the results of operations to be expected for the full year.
The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries,
Mirror Worlds Technologies, LLC. and HFT Solutions, LLC. All intercompany balances and transactions have been eliminated in consolidation.
[2]
BUSINESS
The
Company is engaged in the development, licensing and protection of its intellectual property assets. The Company presently owns ninety-nine
(99) U.S. patents, fifty-three (53) of such patents have expired, and fourteen (14) foreign patents related to (i)
the Cox patent portfolio (the “Cox Patent Portfolio) relating to enabling technology for identifying media content on the Internet
and taking further actions to be performed after such identification; (ii) the M2M/IoT patent portfolio (the “M2M/IoT Patent Portfolio”)
relating to, among other things, enabling technology for authenticating and using embedded SIM (Subscriber Identification Module) technology
in next generation 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 made equity investments totaling $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”), a clinical stage biotechnology
company (see Note J hereof).
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| [1] | Use
of Estimates and Assumptions |
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. The significant estimates and assumptions made in the preparation of the Company’s unaudited condensed consolidated financial
statements include costs related to the Company’s assertion of litigation, valuation of the Company’s patent portfolios,
stock-based compensation, the recoverability of deferred tax assets and the carrying value of the Company’s equity method investments.
Actual results could be materially different from those estimates upon which the carrying values were based.
Certain
amounts recorded to reflect the Company’s share of income or losses of its equity method investee, accounted for under the equity
method, are based on estimates and the unaudited results of operations of the equity method investee and may require adjustment in the
future when the audit of the equity method investee is complete. The Company reports its share of the results of its equity method investee
on a one quarter lag basis.
Under
ASC 606, revenue is recognized when the Company completes the licensing of its intellectual property to its licensees, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for licensing its intellectual property.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement; |
| • | identification
of the performance obligations in the license agreement; |
| • | determination
of the consideration for the license; |
| • | allocation
of the transaction price to the performance obligations in the contract; and |
| • | recognition
of revenue when the Company satisfies its performance obligations. |
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue
disaggregated by source is as follows:
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Nine Months
Ended September 30, | | |
Three Months
Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
During
the three months ended September 30, 2023, the Company had no revenue. During the nine months ended September 30, 2023, the Company entered
into settlement agreements with five defendants with respect to patent infringement litigation involving its Remote Power Patent, resulting
in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment of $150,000 which has not been recognized
as revenue as of September 30, 2023 because the terms of the conditional payment have not yet been satisfied.
Revenue
from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue
recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations
of the parties. These license 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( if the applicable patent(s) have expired), (ii) a non-refundable lump sum payment for a non-exclusive
fully-paid license, or (iii) a non-refundable lump sum payment (license initiation fee) together with an ongoing obligation to pay quarterly
or monthly royalties to the Company for the life of the licensed patent.
| [3] | Equity
Method Investments |
Equity
method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus the Company’s share of an investee’s income or loss. The Company’s proportionate share of the
income or loss from equity method investments is recognized on a one-quarter lag. When the Company’s carrying value in an equity
method investment is reduced to zero, no further losses are recorded in the Company’s financial statements unless the Company 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.
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The
Company accounts for income taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC)
Topic 740, Income Taxes (ASC 740), which requires the Company to use the assets and liability method of accounting for income
taxes. Under the assets and liability method, deferred income taxes are recognized for the tax consequences of temporary (timing) differences
by applying enacted statutory tax rates applicable to future years to differences between financial statement carrying amounts and the
tax bases of existing assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect
on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is recognized if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of
September 30, 2023, the Company had total deferred tax assets generated from its activities totaling $1,397,000. The Company’s
deferred tax assets were offset by a valuation allowance of $1,397,000 as it was determined that it is more likely than not that certain
deferred tax assets will not be realized. As of September 30, 2023, the Company also had a deferred tax liability of $883,000.
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 September 30, 2023,
based on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test.
However, the Company may subsequently be determined to be a PHC in 2023 or in future years if it satisfies both the Ownership Test and
Income Test. If the Company were to become a PHC in 2023 or any future year, it would be subject to the 20% tax on its UPHCI. In such
event, the Company may issue a special cash dividend to its shareholders in an amount equal to the UPHCI rather than incur the 20% tax.
ASC
740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as
a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination,
including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure
a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.
A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate
settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first
subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria
should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company had no
uncertain tax positions as of September 30, 2023.
The
Company recognizes interest and penalties related to income tax in the income tax provision in the unaudited condensed consolidated statements
of operations and comprehensive loss.
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
U.S.
federal, state and local income tax returns prior to 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 |
There
are no new accounting standards that have had a material impact on the Company’s unaudited condensed consolidated financial statements.
NOTE
C – PATENTS
The
Company’s intangible assets at September 30, 2023 include patents with estimated remaining economic useful lives ranging from 10
to 16 years. For all periods presented, all of the Company’s patents were subject to amortization. The gross carrying amounts
and accumulated amortization related to acquired intangible assets as of September 30, 2023 and December 31, 2022 were as follows:
Schedule of patent | |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization –
patents | |
| (7,117,000 | ) | |
| (6,881,000 | ) |
Patents, net | |
$ | 1,356,000 | | |
$ | 1,592,000 | |
Amortization
expense for the three months ended September 30, 2023 and 2022 was $71,000 and $82,000, respectively. Amortization expense for the nine
months ended September 30, 2023 and 2022 was $236,000 and $233,000, respectively. Future amortization of intangible assets for the next
five fiscal years and thereafter is as follows:
Schedule of future amortization of current intangible | | | |
| | |
|
For
the years ended December 31, |
| 2023 | | |
$ | 30,000 | |
| 2024 | | |
| 120,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 119,000 | |
| Thereafter | | |
| 847,000 | |
| Total | | |
$ | 1,356,000 | |
| | | |
| | |
One
patent within the Cox Patent Portfolio expires in November 2023, and the balance of the patents within such portfolio have expired. The
expiration dates of patents within the Company’s M2M/IoT Patent Portfolio range from September 2033 to May 2034. The expiration
dates within the Company’s HFT Patent Portfolio range from October 2039 to November 2039. All of the patents within the Company’s
Mirror Worlds Patent Portfolio and the Remote Power Patent have expired.
NOTE
D – STOCK-BASED COMPENSATION
Restricted
Stock Units
The
Company adopted the 2022 Stock Incentive Plan, (the “2022 Plan”), approved by its Board of Directors on July 25, 2022 and
its stockholders on September 20, 2022. The 2022 Plan provides for the grant of any or all of the following types of awards: (a) stock
options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted
stock units.
As
of September 30, 2023, there were 86,250 shares of common stock subject to outstanding awards under the 2022 Plan and 2,180,000 shares
of common stock available for issuance under the 2022 Plan.
As
of September 30, 2023, there were 512,500 shares of common stock subject to outstanding awards under the Company’s 2013 Stock Incentive
Plan (“2013 Plan”). The Company discontinued issuing awards under its 2013 Plan as a result of the adoption of the 2022 Plan.
A
summary of restricted stock unit activity for the nine months ended September 30, 2023 is as follows (each restricted stock unit issued
by the Company represents the right to receive one share of the Company’s common stock):
Schedule of restricted stock unit activity | |
| | | |
| | |
| |
Number of
Shares | | |
Weighted-Average
Grant Date Fair Value | |
Balance of restricted stock units outstanding
at December 31, 2022 | |
| 625,000 | | |
$ | 1.87 | |
Grants of restricted stock units | |
| 120,000 | | |
| 2.27 | |
Vested restricted stock units | |
| (146,250 | ) | |
| (2.44 | ) |
Balance of restricted stock units
outstanding at September 30, 2023 | |
| 598,750 | | |
$ | 1.82 | |
Restricted
stock unit compensation expense was $121,000 and $174,000 for the three months ended September 30, 2023 and 2022, respectively, and $388,000
and $407,000 for the nine months ended September 30, 2023 and 2022, respectively. Stock-based compensation expense is included in general
and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
The
Company has an aggregate of $628,000 of unrecognized restricted stock unit compensation as of September 30, 2023 to be expensed over
a weighted average period of 2.07 years.
All
of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. As of September 30, 2023 and December
31, 2022, there was $56,000 and $37,000, 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 598,750 and
1,148,750 at September 30, 2023 and 2022, respectively, consisted of restricted stock units and stock options. However, if the Company
generated a net loss in 2023 and 2022, all potentially dilutive shares were not reflected in diluted net loss per share because the impact
of such instruments was anti-dilutive.
Computations
of basic and diluted weighted average common shares outstanding were as follows:
Schedule of earnings per share, basic and diluted | |
| | | |
| | | |
| | | |
| | |
| |
Nine
Months Ended September 30, | | |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Weighted-average common shares outstanding
– basic | |
| 23,867,204 | | |
| 23,830,702 | | |
| 23,803,567 | | |
| 23,765,089 | |
Dilutive effect of restricted stock units and stock
options | |
| — | | |
| — | | |
| — | | |
| 300,635 | |
Weighted-average common shares outstanding – diluted | |
| 23,867,204 | | |
| 23,830,702 | | |
| 23,803,567 | | |
| 24,065,724 | |
Restricted stock units excluded from the computation
of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 598,750 | | |
| 1,148,750 | | |
| 598,750 | | |
| — | |
NOTE
F – MARKETABLE SECURITIES
Marketable
securities as of September 30, 2023 and December 31, 2022 were composed of the following:
Schedule of marketable securities | |
| | |
| | |
| | |
| |
| |
September
30, 2023 | |
| |
Cost
Basis | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 5,250,000 | | |
$ | 38,000 | | |
$ | — | | |
$ | 5,288,000 | |
Government securities | |
| 7,769,000 | | |
| 113,000 | | |
| — | | |
| 7,882,000 | |
Fixed income mutual funds | |
| 10,650,00 | | |
| — | | |
| (138,000 | ) | |
| 10,512,000 | |
Total marketable securities | |
$ | 23,669,000 | | |
$ | 151,000 | | |
$ | (138,000 | ) | |
$ | 23,682,000 | |
| |
December
31, 2022 | |
| |
Cost
Basis | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Government Securities | |
$ | 20,781,000 | | |
$ | 67,000 | | |
$ | — | | |
$ | 20,848,000 | |
Fixed income mutual funds | |
| 11,904,000 | | |
| — | | |
| (915,000 | ) | |
| 10,989,000 | |
Certificates of Deposit | |
| 3,019,000 | | |
| — | | |
| (43,000 | ) | |
| 2,976,000 | |
Corporate bonds and notes | |
| 192,000 | | |
| — | | |
| (14,000 | ) | |
| 178,000 | |
Total marketable securities | |
$ | 35,896,000 | | |
$ | 67,000 | | |
$ | (972,000 | ) | |
$ | 34,991,000 | |
The
Company’s marketable securities are classified within Level 1 of the fair value hierarchy because they are valued using quoted
market prices in an active market.
NOTE
G – COMMITMENTS AND CONTINGENCIES
[1]
Legal Fees
Russ,
August & Kabat provides legal services to the Company with respect to its patent litigation filed in May 2017 against Facebook, Inc.
(now Meta Platforms, Inc.) in the U.S. District Court for the Southern District of New York relating to several patents within the Company’s
Mirror Worlds Patent Portfolio (see Note I[2] hereof). The terms of the Company’s agreement with Russ, August & Kabat provide
for cash payments on a monthly basis subject to a cap plus a contingency fee ranging between 15% and 24% of the net recovery (after deduction
of expenses) depending on the stage of the proceeding in which the result (settlement or judgment) is achieved. The Company is responsible
for all 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. No such payments were made by the Company during the three and nine months ended September 30, 2023 and 2022.
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 by the Company during the three and nine months ended September 30, 2023 and 2022.
As
part of the acquisition of the Mirror Worlds Patent Portfolio, the Company also entered into an agreement with Recognition
Interface, LLC (“Recognition”) pursuant to which Recognition received from the Company an interest in the net proceeds
realized from the monetization of the Mirror Worlds Patent Portfolio, as follows: Obligated
to pay Recognition, net proceeds (i) 10%
of the first $125 million of net proceeds; (ii) 15%
of the next $125 million of net proceeds; and (iii) 20%
of any portion of the net proceeds in excess of $250 million. Since entering into the agreement with Recognition in May
2013, the Company has paid Recognition an aggregate of $3,127,000
with respect to such net proceeds interest related to the Mirror Worlds Patent Portfolio. No such payments were made by the Company
to Recognition during the three and nine months ended September 30, 2023 and 2022.
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 by the Company during the three
and nine months ended September 30, 2023 and 2022.
[3]
Leases
The
Company has one operating lease for its principal office space in New Canaan, Connecticut that was to expire on April 30, 2025. On September
29, 2023, the Company exercised its early termination right under the lease and the lease will terminate as of December 31, 2023. The
Company will locate new office space for its principal office.
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 September 30, 2023 is three months based on the Company’s exercise of its early termination right.
Right
of use lease assets and related lease obligations for the Company’s operating leases were recorded in the unaudited condensed consolidated
balance sheets as follows:
Schedule of operating leases obligations | |
| | | |
| | |
| |
As
of September
30, 2023 | | |
As
of December 31, 2022 | |
Operating lease right-of-use
assets | |
$ | 16,000 | | |
$ | 161,000 | |
| |
| | | |
| | |
Operating lease obligations –
current | |
$ | 23,000 | | |
$ | 79,000 | |
Operating lease
obligations – non-current | |
| — | | |
| 94,000 | |
Total lease
obligations | |
$ | 23,000 | | |
$ | 173,000 | |
| |
| | | |
| | |
The
table below presents certain information related to the Company’s lease costs for the period ended:
Schedule of leases cost | |
| | | |
| | | |
| | | |
| | |
| |
For the
Three Months Ended September 30, | | |
For the
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 20,000 | | |
$ | 18,000 | | |
$ | 59,000 | | |
$ | 30,000 | |
Short-term lease cost | |
| — | | |
| 10,000 | | |
| — | | |
| 46,000 | |
Total lease
cost | |
$ | 20,000 | | |
$ | 28,000 | | |
$ | 59,000 | | |
$ | 76,000 | |
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 September
30, 2023, were as follows:
Schedule of future minimum leases payments | |
| | |
| |
Operating
Leases | |
2023
– remaining period | |
$ | 23,000 | |
Less:
Imputed interest | |
| — | |
Total
operating lease liability | |
$ | 23,000 | |
NOTE–H
- EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
On
March 22, 2022, the Company entered into an employment agreement (“Agreement”) with its Chairman and Chief Executive Officer,
pursuant to which he continues to serve as the Company’s Chairman and Chief Executive Officer for a four- year term (“Term”),
at an annual base salary of $535,000 which shall be increased by 3% per annum during the term of the Agreement. The Agreement established
an annual target bonus of $175,000 for the Chairman and Chief Executive Officer based upon performance.
Under
the terms of the Agreement (which terms are substantially the same as the prior employment agreement with the Chairman and Chief Executive
Officer), so long as the Chairman and Chief Executive Officer continues to serve as an executive officer of the Company, whether pursuant
to the Agreement or otherwise, the Chairman and Chief Executive Officer shall also receive incentive compensation in an amount equal
to 5% of the Company’s gross royalties or other payments from Licensing Activities (as defined) (without deduction of legal fees
or any other expenses) with respect to its Remote Power Patent and a 10% net interest (gross royalties and other payments after deduction
of all legal fees and litigation expenses related to licensing, enforcement and sale activities, but in no event shall he receive less
than 6.25% of the gross recovery) of the Company’s royalties and other payments relating to Licensing Activities with respect to
patents other than the Remote Power Patent (including all of the Company’s patent portfolios and its investment in ILiAD Biotechnologies)
(collectively, the “Incentive Compensation”). During the three and nine months ended September 30, 2023, the Chairman and
Chief Executive Officer earned Incentive Compensation of $0 and $41,000, respectively.
NOTE
I – LEGAL PROCEEDINGS
[1]
On April 4, 2014 and December 3, 2014, the Company initiated litigation against Google Inc. (“Google”) and YouTube,
LLC (“YouTube”) in the U.S. District Court for the Southern District of New York for infringement of several of its patents
within its Cox Patent Portfolio acquired from Dr. Cox which relate to the identification of media content on the Internet. The lawsuit
alleges that Google and YouTube have infringed and continue to infringe certain of the Company’s patents by making, using, selling
and offering to sell unlicensed systems and related products and services, which include YouTube’s Content ID system. The litigations
against Google and YouTube were subject to court ordered stays which were in effect from July 2, 2015 until January 2, 2019
as a result of proceedings at the Patent Trial and Appeal Board (PTAB) and the appeals of PTAB Final Written Decisions to the U.S. Court
of Appeals for the Federal Circuit. Pursuant to a Joint Stipulation and Order Regarding Lifting of Stays, entered on January 2, 2019,
the parties agreed, among other things, that the stays with respect to the litigations were lifted. In January 2019, the two litigations
against Google and YouTube were consolidated. Discovery has been completed and the parties have each submitted summary judgment motions.
A trial date has not yet been set.
NOTE
I – LEGAL PROCEEDINGS (CONTINUED)
[2]
On May 9, 2017, Mirror Worlds Technologies, LLC, the Company’s wholly-owned subsidiary, initiated litigation against Facebook,
Inc. (now Meta Platforms, Inc., “Meta”) in the U.S. District Court for the Southern District of New York, for infringement
of U.S. Patent No. 6,006,227, U.S. Patent No. 7,865,538 and U.S. Patent No. 8,255,439 (among the patents within the Company’s Mirror
Worlds Patent Portfolio). The lawsuit alleged that the asserted patents are infringed by Meta’s core technologies that enable Meta’s
Newsfeed and Timeline features. On August 11, 2018, the Court issued an order granting Meta’s motion for summary judgment of non-infringement
and dismissed the case. On August 17, 2018, the Company filed a Notice of Appeal to appeal the summary judgment decision to the U.S.
Court of Appeals for the Federal Circuit. On January 23, 2020, the U.S. Court of Appeals for the Federal Circuit ruled in the Company’s
favor and reversed the summary judgment finding of the District Court and remanded the litigation to the Southern District of New York
for further proceedings.
On
March 7, 2022, the District Court entered a ruling granting in part and denying in part a motion for summary judgment by Meta. In its
ruling the Court (i) denied Meta’s motion that the asserted patents were invalid by concluding that all asserted claims were patent
eligible under §101 of the Patent Act and (ii) granted summary judgment of non-infringement in favor of Meta and dismissed the
case. The Company strongly disagrees with the decision of the District Court on non-infringement and on April 4, 2022, the Company
filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit. On April 18, 2022, Meta filed a notice of cross-appeal
with respect to the Court’s ruling on validity. The appeal is pending.
[3]
On December 15, 2020, the Company filed a lawsuit against NETGEAR, Inc. (“Netgear”) in the Supreme Court of the State
of New York, County of New York, for breach of a Settlement and License Agreement, dated May 22, 2009, with the Company (the “Agreement”)
for failure to make royalty payments, and provide corresponding royalty reports, to the Company based on sales of Netgear’s PoE
products. On October 22, 2021, Netgear filed a Demand for Arbitration at the American Arbitration Association (“AAA”) seeking
to arbitrate certain issues raised in the litigation. The Company objected to jurisdiction at the AAA. On April 1, 2022, the Court denied
Netgear’s motion to compel arbitration. On April 22, 2022, Netgear filed a counterclaim in the Court action alleging that the Company
breached the Agreement by not offering Netgear lower royalties. On September 22, 2022, the arbitration brought by Netgear was dismissed
by the AAA on jurisdiction grounds. On August 27, 2023, the Court granted Netgear’s cross-motion for summary judgment and dismissed
the Company’s claims and also denied the Company’s summary judgment motion with respect to Netgear’s counterclaim for
breach of the license agreement. The Company has appealed the Court decision.
[4]
In October and November 2022, the Company initiated separate litigation against ten defendants for infringement of its Remote Power
Patent seeking monetary damages based upon reasonable royalties, as follows: (i) On October 6, 2022, the Company initiated such litigation
against Arista Networks, Inc., Fortinet, Inc., Honeywell International Inc. and Ubiquiti Inc. in the United States District Court, District
of Delaware; (ii) On October 27, 2022, and November 3, 2022, the Company initiated such litigation against TP-Link USA Corporation and
Hikvision USA, Inc. in the United States District Court for the Central District of California; (iii) On November 4, 2022, the Company
initiated such litigation against Panasonic Holdings Corporation and Panasonic Corporation of North America in the United States District
Court for the Eastern District of Texas (Marshall Division); and (iv) On November 8, 2022 and November 16, 2022, the Company initiated
such litigation against Antaira Technologies, LLC and Dahua Technology USA in the United States District Court for the Central District
of California.
NOTE
I – LEGAL PROCEEDINGS (CONTINUED)
During
the nine months ended September 30, 2023, the Company entered into settlement agreements with Arista Networks, Inc., Antaira Technologies
LLC, Panasonic Holdings Corporation, TP-Link USA Corporation and Hikvision USA, Inc., resulting in aggregate settlements paid and
recognized as revenue of $820,000 and a conditional payment of $150,000 which has not yet been recognized as revenue.
NOTE
J – INVESTMENT
During
the period December 2018 through August 2022, the Company made an aggregate investment of $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”),
a privately held clinical stage biotechnology company dedicated to the prevention and treatment of human disease caused by Bordetella
pertussis. ILiAD is focused on validating its proprietary intranasal vaccine, BPZE1, for the prevention of pertussis (whooping cough).
At September 30, 2023, the Company owned approximately 6.8% of the outstanding units of ILiAD on a non-fully diluted basis and 6.1% of
the outstanding units on a fully diluted basis (after giving effect to the exercise all outstanding options and warrants). In connection
with its initial investment, the Company’s Chairman and Chief Executive Officer obtained a seat on ILiAD’s Board of Managers
and receives the same compensation for service on the Board of Managers as other non-management Board members.
For
the three months ended September 30, 2023 and 2022, the Company recorded an allocated net loss from its equity method investment in ILiAD
of $532,000 and $285,000, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded an allocated net
loss from its equity investment in ILiAD of $1,597,000 and $1,073,000.
The
difference between the Company’s share of equity in ILiAD’s net assets and the purchase price of the investment is due to
an excess amount paid over the book value of the investment of $5,144,000, which is accounted for as equity method goodwill.
The
following table provides certain summarized financial information for ILiAD (the equity method investee) for the periods presented and
has been compiled from ILiAD’s financial statements, reported on one quarter lag.
As
a result of the Company receiving audited financial information from ILiAD for its year ended December 31, 2022 (see Note B[1] hereof),
the table below includes an additional comprehensive loss of $621,000. For the nine months ended September 30, 2023, with respect
to such additional comprehensive loss of ILiAD, the Company recorded the additional allocated net loss of $42,000.
Schedule of equity method investments | |
| | | |
| | | |
| | | |
| | |
| |
Nine Months
Ended June 30, | | |
Three Months
Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from continuing operations | |
$ | (17,929,000 | ) | |
$ | (11,880,000 | ) | |
$ | (8,232,000 | ) | |
$ | (5,753,000 | ) |
Comprehensive loss | |
$ | (23,525,000 | ) | |
$ | (13,353,000 | ) | |
$ | (7,842,000 | ) | |
$ | (2,424,000 | ) |
NOTE
K – STOCK REPURCHASES
On
June 13, 2023, the Board of Directors authorized an extension and increase of the Company’s share repurchase program (the “Share
Repurchase Program”) to repurchase up to $5,000,000 of common stock over the subsequent 24 month period. The common stock may be
repurchased from time to time in open market transactions or privately negotiated transactions in the Company’s discretion. The
timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors.
The Share Repurchase Program may be increased, suspended or discontinued at any time. Since inception of the Share Repurchase Program
through September 30, 2023, the Company has repurchased an aggregate of 9,523,982 shares of its common stock at an aggregate cost of
$18,455,467 (exclusive of commissions) or an average per share price of $1.94.
During
the three months ended September 30, 2023, the Company repurchased an aggregate of 163,038 shares of its common stock at an aggregate
cost of $369,846 (exclusive of commissions) or an average per share price of $2.27. During the nine months ended September 30, 2023,
the Company repurchased an aggregate of 311,318 shares of its common stock at an aggregate cost of $697,733 or an average per share price
of $2.24.
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 nine months ended September 30, 2023.
At
September 30, 2023, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $4,630,154.
NOTE
L – CONCENTRATIONS
The
Company maintains cash deposits in accounts at financial institutions. The accounts are insured by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 at each institution. At September 30, 2023, the Company had no cash deposits in excess of the FDIC
insured limit. The Company maintains cash equivalents in brokerage accounts at financial institutions. At September 30, 2023, the Company
had cash equivalents of $20,693,000 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) which have been
paid in March and September of each year. The Company has paid semi-annual cash dividends consistent with its policy, including a cash
dividend in September 2023 of $1,182,000. 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 EVENTS
On
October 9,2023, the Company entered into a settlement agreement with an additional defendant with respect to its patent infringement
litigation involving its Remote Power Patent (see Note I[4] hereof) in consideration of a $1,500,000 payment which will be recorded as
revenue in the fourth quarter of 2023.
ITEM
2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and related notes contained elsewhere in this Quarterly Report on Form 10-Q.
OVERVIEW
Our
principal business is the development, licensing and protection of our intellectual property assets. We presently own ninety-nine (99)
U.S. patents and fourteen (14) foreign patents relating to: (i) our Cox Patent Portfolio relating to enabling technology for identifying
media content on the Internet and taking further action to be performed after such identification; (ii) our M2M/IoT Patent Portfolio
relating to, among other things, enabling technology for authenticating and using embedded Sim (Subscriber Identification Module) technology
in next generation 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. In addition, we continually review opportunities to acquire or license additional intellectual
property as well as other strategic alternatives.
With
respect to our ninety-nine (99) U.S. patents, fifty-three(53) of such patents have expired. However, we can assert expired patents against
third parties but only for past damages up to the patent expiration date. We currently have pending litigation involving expired patents
including our Remote Power Patent and certain patents within our Cox and Mirror Worlds Patent Portfolios (see Note I to our unaudited
condensed consolidated financial statements included herein).
At
September 30, 2023, our principal sources of liquidity consisted of cash and cash equivalents and marketable securities of $44,568,000
and working capital of $44,267,000. Based on our cash position, we continually review opportunities to acquire additional intellectual
property as well as evaluate other strategic opportunities.
To
date we have invested $7,000,000 in ILiAD, a clinical stage biotechnology company with an exclusive license to sixty-seven (67) 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.
On
September 5, 2023, ILiAD announced the first-ever demonstration of protection against B. pertussis (whooping cough) colonization in a
Phase 2b Human Challenge study of it BPZE1 vaccine.
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 $187,000,000 from May 2007 through September 30, 2023. We no longer receive licensing revenue for our Remote Power
Patent for any period subsequent to March 7, 2020 (the expiration date of the patent). During the fourth quarter of 2022, we commenced
separate litigation against ten
defendants
involving our Remote Power Patent for patent infringement for the period prior to March 7, 2020. During the nine months ended September
30, 2023, we entered into settlement agreements with five defendants with respect to the aforementioned litigation resulting in aggregate
settlement payments made to the Company of $820,000 and a future conditional payment of $150,000 (see Note I[4] hereof). All of our revenue
for the nine months ended September 30, 2023 was from these settlements. In addition, on October 9, 2023, we settled with an additional
defendant for a payment to us of $1,500,000, which will be recorded as revenue in the fourth quarter of 2023. (see Note N our unaudited
condensed consolidated financial statements included herein).
In
addition, we have pending litigation involving certain patents within our Cox Patent Portfolio and have appealed the judgment of the
District Court dismissing our litigation against Meta (Facebook) on the grounds of non-infringement involving certain patents within
our Mirror Worlds Portfolio. We also intend to commence efforts to monetize certain patents within our M2M/IoT Patent Portfolio and HFT
Patent Portfolio. We may not achieve successful outcomes of such litigation, the appeal, or future litigation involving our patent assets.
Our
current strategy includes continuing our licensing efforts with respect to our intellectual property assets and the monetization of our
patent portfolios. In addition, we continue to seek to acquire additional intellectual property assets to develop, commercialize, license
or otherwise monetize. Our strategy includes working with inventors and patent owners to assist in the development and monetization of
their patented technologies. We may also enter into strategic relationships with third parties to develop, commercialize, license or
otherwise monetize their intellectual property. Our patent acquisition and development strategy is to focus on acquiring high quality
patents which management believes have the potential to generate significant licensing opportunities as we have achieved with respect
to our Remote Power Patent and Mirror Worlds Patent Portfolio.
The
significant components of expenses, when we have revenue, that may impact our net 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
2023 and future years we could be classified as a Personal Holding Company. If this is the case, we would be subject to a 20% tax on
the amount of any undistributed personal holding company income (as defined) for such year that we do not distribute to our shareholders
(see Note B[4] to our unaudited condensed consolidated financial statements included in this Quarterly Report).
RESULTS
OF OPERATIONS
Three
Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022
Revenue.
We had no revenue for the three months ended September 30, 2023 and September 30, 2022.
Operating
Expenses. Operating expenses for the three months ended September 30, 2023 were $859,000 as compared to $838,000 for the three months
ended September 30, 2022. The increase in operating expenses was primarily due to higher general and administrative expenses of $93,000
offset by lower stock-based compensation expense of $53,000 compared to 2022.
General
and administrative expenses were $679,000 for the three months ended September 30, 2023 as compared to $639,000 for the three months
ended September 30, 2022. The increase in general and administrative expenses of $40,000 was primarily due to higher state franchise
and capital-based taxes of $61,000.
Stock-based
compensation decreased from $174,000 for the three months ended September 30, 2022 to $121,000 for the three months ended September 30,
2023 as a result of there being fewer outstanding RSU’s compared to the prior year period and the currently outstanding RSU’s
in 2023 have a lower weighted-average grant date value compared to those outstanding in the prior year period.
Interest
and Dividend Income. Interest and dividend income for the three months ended September 30, 2023 was $406,000 as compared to $321,000
for the three months ended September 30, 2022 primarily as a result of higher yielding fixed income investments due to rising interest
rates.
Gain
on Conversion of Note. For the three months ended September 30, 2022, we recorded a gain on conversion of our ILiAD convertible note
of $271,000, as compared to $-0- for the three months ended September 30, 2023, as a result of ILiAD’s private offering in August
2022.
Gain
on Equity Method Investment. For the three months ended September 30, 2022, we recorded a gain on our equity method investment in
ILiAD of $3,727,000, as compared to $-0- for the three months ended September 30, 2023, as a result of the observable price transaction
relating to ILiAD’s private offering in August 2022.
Realized
and Unrealized Loss on Marketable Securities. For the three months ended September 30, 2023, we recorded realized and unrealized
gains on marketable securities of $131,000, as compared to realized and unrealized losses on marketable securities of $268,000 for the
three months ended September 30, 2022 largely due to less favorable market conditions for fixed income securities in 2022.
Income
Taxes. For the three months ended September 30, 2023, we had a current tax benefit for federal, state and local income taxes of $13,000
and a deferred tax benefit of $31,000. For the three months ended September 30, 2022, we had a current tax benefit for federal,
state and local income taxes of $274,000 and a deferred tax expense of $976,000.
Share
of Net Losses of Equity Method Investee. We recognized $532,000 of net losses during the three month period ended September 30, 2023
related to our equity share of ILiAD net losses, as compared to a recognized net loss of $285,000 for the three months ended September
30, 2022 (see Note J to our unaudited condensed consolidated financial statements included herein).
Net
Loss (Income). As a result of the foregoing, we realized a net loss of $810,000 or $0.03 per share basic and diluted for the three
months ended September 30, 2023 compared with net income of $2,226,000 or $0.09 per share basic and diluted for the three months
ended September 30, 2022. Our net income for the three months ended September 30, 2022 was primarily due to a $3,727,000 gain
on our equity method investment in ILiAD, offset by deferred income taxes on such gain.
Nine
Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
Revenue.
We had revenue of $820,000 for the nine months ended September 30, 2023 as compared to no revenue for the nine months ended September
30, 2022. Our revenue for the nine months ended September 30, 2023 was from litigation settlements involving our Remote Power Patent
(see Note I[4] to our unaudited condensed consolidated financial statements included herein).
Operating
Expenses. Operating expenses for the nine months ended September 30, 2023 were $3,004,000 as compared to $2,569,000 for the nine
months ended September 30, 2022. The increase in operating expenses of $435,000 was primarily due to an increases in general and administrative
expenses of $258,000 and costs of revenue of $232,000 related to contingent legal fees and incentive bonus compensation in connection
with the litigation settlements, offset somewhat by a reduction in professional fees of $58,000.
General
and administrative expenses were $2,070,000 for the nine months ended September 30, 2023 as compared to $1,812,000 for the nine months
ended September 30, 2022. The increase in general and administrative expenses for the nine months ended September 30, 2023 was primarily
due to severance and other benefits in the amount of $112,000 paid to our former Chief Financial Officer and increases in payroll taxes
of $110,000, state franchise taxes of $91,000 and NYSE fees of $54,000. These increases were offset somewhat by reductions in office
rent of $40,000 and employee benefits costs of $43,000.
Operating
Loss. We had an operating loss of $2,184,000 for the nine months ended September 30, 2023 compared with an operating loss
of $2,569,000 for the nine months ended September 30, 2022. The operating loss decrease of $385,000 was due to revenue of $820,000 from
litigation settlements offset by increased operating expenses $435,000.
Interest
and Dividend Income. Interest and dividend income for the nine months ended September 30, 2023 was $1,161,000 as compared to interest
and dividend income of $532,000 for the nine months ended September 30, 2022. The increase in interest and dividend income of $629,000
for the nine months ended September 30,2023 was primarily due to higher yielding fixed income investments due to higher interest rates
in 2023.
Gain
on Conversion of Note. For the nine months ended September 30, 2022, we recorded a gain on conversion of our ILiAD convertible note
of $271,000, as compared to $0 for the nine months ended September 30, 2023, as a result of ILiAD’s private offering in August
2022.
Gain
on Equity Method Investment. For the nine months ended September 30, 2022, we recorded a gain on our equity method investment in
ILiAD of $3,727,000, as compared to $0 for the nine months ended September 30, 2023, as a result of the observable price transaction
relating to ILiAD’s private offering in August 2022.
Realized
and Unrealized Loss on Marketable Securities. For the nine months ended September 30, 2023, we recorded realized and unrealized gains
on marketable securities of $420,000 as compared to realized and unrealized losses on marketable securities of $1,358,000 due to unfavorable
market conditions for fixed income securities for the nine months ended September 30, 2022.
Income
Taxes. For the nine months ended September 30, 2023, we had a current tax benefit for federal, state and local income taxes of $13,000
and a deferred tax benefit of $278,000. For the nine months ended September 30, 2022, we had a current tax benefit for
federal, state and local income taxes of $274,000 and a deferred tax expense of $422,000.
Share
of Net Losses of Equity Method Investee. We recognized $1,597,000 of net losses during the nine month period ended September 30, 2023
related to our equity share of ILiAD net losses, as compared to recognized net losses of $1,073,000 for the nine months ended September
30, 2022 (see Note J to our unaudited condensed consolidated financial statements included herein). The increase in our equity share
of the ILiAD net losses of $524,000 for the nine months ended September 30, 2023 includes an additional loss of $42,000 recorded on a
one quarter lag basis as a result of audited financial information received from ILiAD for the year ended December 31, 2022 (see Note
B[1] hereof).
Net
Loss. As a result of the foregoing, we realized a net loss of $1,909,000 or $0.08 per share basic and diluted for the nine months
ended September 30, 2023 compared with a net loss of $618,000 or $0.03 per share basic and diluted for the nine months ended
September 30, 2022. Our net loss for the nine months ended September 30, 2022 was materially less primarily due to the $3,727,000
gain on our equity investment in ILiAD and the gain on conversion of the ILiAD note of $271,000 in 2022, offset by an increase in investment
and interest income in 2023 of $2,407,000 and a reduction of income taxes in 2023 of $439,000.
LIQUIDITY
AND CAPITAL RESOURCES
We
have financed our operations primarily from revenue from licensing our patents. At September 30, 2023, our principal sources of liquidity
consisted of cash and cash equivalents and marketable securities of $44,568,000 and working capital of $44,267,000. Based on our current
cash position, we believe that we will have sufficient cash to fund our operations for the next twelve months and the foreseeable future.
Working
capital decreased by $3,092,000 at September 30, 2023 to $44,267,000 as compared to working capital of $47,359,000 at
December 31, 2022. The decrease in working capital was primarily due to dividend payments of $2,371,000, reductions in current liabilities
of $955,000 and increased operating expenses of $326,000. These uses of working capital were offset somewhat by interest income of $1,161,000.
Net
cash used in operating activities for the nine months ended September 30, 2023 decreased by $4,427,000 from $5,180,000 for the nine months
ended September 30, 2022 to $753,000 for the nine months ended September 30, 2023, primarily as a result of lower
income taxes payable of $2,859,000.
Net
cash provided by (used in) investing activities during the nine months ended September 30, 2023 increased by $26,588,000 to $11,350,000
as compared to $(15,238,000) for the nine months ended September 30, 2022, primarily as a result of net investment shifting from marketable
securities to investments in securities classified as cash and cash equivalents.
Net
cash used in financing activities for the nine months ended September 30, 2023 and 2022 was $3,159,000 and $2,915,000, respectively.
The change of $244,000 primarily resulted from an increase in repurchases of treasury shares of $283,000 in 2023.
We
maintain our cash in money market funds, government securities, certificates of deposit and short-term fixed income securities. Accordingly,
we do not believe that our investments have significant exposure to interest rate risk.
OFF-BALANCE
SHEET ARRANGEMENTS
We
do not have any off-balance sheet arrangements.
CONTRACTUAL
OBLIGATIONS
We
do not have any long-term debt, capital lease obligations, purchase obligations or other long-term liabilities.
CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
Our
unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our financial statements
included in this Quarterly Report on Form 10-Q requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting periods. The significant estimates and assumptions made in the preparation of our
unaudited condensed consolidated financial statements include revenue recognition, contingent legal fees and related expenses, income
taxes, valuation of patents and equity method investments, including the evaluation of the Company’s basis difference. Actual results
could be materially different from those estimates, upon which the carrying values were based. See also Note B to our unaudited condensed
consolidated financial statements included in this quarterly report.
We
believe our most critical accounting policies and estimates to be the following:
Equity
Method Investments
Equity
method investments are equity securities in entities that we do not control but over which we have the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus our share of an investee’s income or loss, and adjustments based on the investees observable price transactions,
if any. Our proportionate share of the income or loss from equity method investments is recognized on a one-quarter lag. When our carrying
value in an equity method investment is reduced to zero, no further losses are recorded in our financial statements unless we guaranteed
obligations of the investee company or have committed additional funding. When the investee company subsequently reports income, we will
not record our share of such income until it equals the amount of our share of losses not previously recognized. In the event the equity
method investee enters into an observable price transaction, we will increase or decrease the carrying value in our equity method investment
based on the transaction price. Upon sale of equity method investments, the difference between sales proceeds and the carrying amount
of the equity investment is recognized in profit or loss. In determining whether an equity method investment is impaired, we take
into consideration a variety of factors including the operating and financial performance of the investee, the investee’s future
business plans and projections, discussions with the investee’s management, and our intent and ability to hold the investment until
it recovers in value. Accordingly, we make assumptions and estimates in assessing whether an impairment has occurred and if, in the future,
our assumptions and estimates made in assessing the fair value of these investments change, this could result in a material decrease
in the carrying value of the investment. This would cause us to write-down the carrying value of the investment and could have a material
adverse effect on our results of operations in the period the impairment charge is taken.
Income
Taxes
We
account for income taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic
740, Income Taxes (ASC 740), which requires us to use the assets and liability method of accounting for income taxes. Under the assets
and liability method, deferred income taxes are recognized for the tax consequences of temporary (timing) differences by applying enacted
statutory tax rates applicable to future years to differences between financial statement carrying amounts and the tax bases of existing
assets and liabilities and operating loss and tax credit carry forwards. Under this accounting standard, the effect on deferred income
taxes of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized
if it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. In evaluating the need for a valuation
allowance, we estimate future taxable income based on management business plans. This process involves significant management judgment
about assumptions that are subject to change from period to period. Because the recognition of deferred tax assets requires management
to make significant judgments about future earnings, the periods in which items will impact taxable income and the application of inherently
complex tax laws, we have identified the assessment of deferred tax assets and the need for any related valuation allowance as a critical
accounting estimate.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
Applicable
ITEM
4. CONTROLS AND PROCEDURES
(a)
Evaluation of Disclosure Controls and Procedures
Our
Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined
in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of the end of the period covered by this Quarterly Report on Form 10-Q.
Based upon this review, these officers concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our
disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or
submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in
applicable rules and forms and is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial
Officer, to allow timely decisions regarding required disclosure.
(b)
Changes in Internal Controls
There
was no change in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2023
that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
For
a description of our legal proceedings see Note I to our unaudited condensed consolidated financial statements included in this Quarterly
Report and Item 3. Legal Proceedings of our Annual Report on Form 10-K for the year ended December 31, 2022 (filed with the SEC on March
30, 2023). During the three months ended September 30, 2023, no material events occurred with respect to our legal proceedings, except
with respect to our litigation with Netgear. On August 27, 2023, the Court granted Netgear’s cross-motion for summary judgment
and dismissed our claims against Netgear and also denied our motion for summary judgment on Netgear’s counterclaim for breach of
the license agreement. We have appealed the Court decision (see Note I[3] to our unaudited condensed consolidated financial statements).
ITEM
1A. Risk Factors
Our
operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition,
results of operations and trading price of our common stock. Investors should carefully consider the risks described in this Quarterly
Report on Form 10-Q for the three months ended September 30, 2023, and our Annual Report on Form 10-K for the year ended December 31,
2022 (pages 19-21), filed with the SEC on March 30, 2023.
ITEM
2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent
Issuances of Unregistered Securities
There
were no such issuances during the three months ended September 30, 2023.
Stock
Repurchases
On
June 13, 2023, our Board of Directors authorized an extension and increase of the Share Repurchase Program to repurchase up to $5,000,000
of shares of our common stock over the subsequent 24 month period. The common stock may be repurchased from time to time in open market
transactions or privately negotiated transactions in our discretion. The timing and amount of the shares repurchased is determined by
management based on its evaluation of market conditions and other factors. The Share Repurchase Program may be increased, suspended or
discontinued at any time. Since inception of the Share Repurchase Program in August 2011 through September 30, 2023, we have repurchased
an aggregate of 9,523,982 shares of our common stock at an aggregate cost of $18,455,467 (exclusive of commissions) or an average per
share price of $1.94. During the three months ended September 30, 2023, we repurchased an aggregate of 163,038 shares of our common stock
at an aggregate cost of $369,846 or an average per share price of $2.27. During the nine months ended September 30, 2023, we repurchased
an aggregate of 311,318 shares of our common stock at an aggregate cost of $697,733 or an average per share price of $2.24. At September
30, 2023, the remaining dollar value of shares that may be repurchased under the Share Repurchase Program was $4,630,154.
During
the months of July, August and September 2023, we purchased common stock pursuant to our Share Repurchase Program as indicated below:
Period |
Total
Number of Shares Purchased |
Average
Price Paid Per Share |
Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum
Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs1 |
July
1 to July 31, 2023 |
52,700 |
2.28 |
52,700 |
4,879,850 |
August
1 to August 31, 2023 |
50,000 |
2.24 |
50,000 |
4,767,850 |
September
1 to September 30, 2023 |
60,338 |
2.28 |
60,338 |
4,630,154 |
Total |
163,038 |
2.27 |
163,308 |
|
|
__________________
|
| 1. | On
June 13, 2023, our Board of Directors authorized an extension and increase of our Share Repurchase
Program to repurchase up to $5,000,000 shares of our common stock over the subsequent 24
month period. |
ITEM
3. Defaults Upon Senior Securities
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. Exhibits
(a)
Exhibits
| 101 | Interactive
data files:** |
| 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: November 2, 2023 |
By: |
/s/ Corey M. Horowitz |
|
|
Corey
M. Horowitz Chairman and Chief Executive Officer
(Principal
Executive Officer) |
|
|
Date: November 2, 2023 |
By: |
/s/ Robert Mahan |
|
|
Robert
Mahan Chief Financial Officer
(Principal
Financial Officer) |
32
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 September 30, 2023 of the Registrant;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this
report;
4.
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (that Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.
The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting.
|
|
Date: November 2, 2023 |
|
/s/ Corey M. Horowitz |
|
|
Corey
M. Horowitz Chairman and Chief Executive Officer
(Principal
Executive Officer) |
EXHIBIT 31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.ss.1350)
I,
Robert Mahan, Chief Financial Officer of Network-1 Technologies, Inc. (the “Registrant”), certify that:
1.
I have reviewed this quarterly report on Form 10-Q for the quarterly period ended September 30, 2023 of the Registrant;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this
report;
4.
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s
most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.
The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting.
|
|
Date: November 2, 2023 |
|
/s/ Robert Mahan |
|
|
Robert Mahan Chief Financial Officer
(Principal Financial Officer) |
EXHIBIT 32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350)
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350), the undersigned, Corey M. Horowitz, Chief Executive Officer and
Chairman of Network-1 Technologies, Inc., a Delaware corporation (the “Company”), does hereby certify to his knowledge, that:
The
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 of the Company (the “Report”) fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
/s/ Corey M. Horowitz
|
Chairman and Chief Executive Officer (Principal Executive Officer)
November 2, 2023
|
|
EXHIBIT
32.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350)
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. ss. 1350), the undersigned, 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 September 30, 2023 of the Company (the “Report”) fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Act of 1934, and the information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
/s/ Robert Mahan |
Chief Financial Officer
(Principal Financial Officer)
November 2, 2023
|
|
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 30, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
1-15288
|
|
Entity Registrant Name |
NETWORK-1 TECHNOLOGIES, INC.
|
|
Entity Central Index Key |
0001065078
|
|
Entity Tax Identification Number |
11-3027591
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
65 Locust Avenue
|
|
Entity Address, Address Line Two |
Third Floor
|
|
Entity Address, City or Town |
New Canaan
|
|
Entity Address, State or Province |
CT
|
|
Entity Address, Postal Zip Code |
06840
|
|
City Area Code |
203
|
|
Local Phone Number |
920-1055
|
|
Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
|
Trading Symbol |
NTIP
|
|
Security Exchange Name |
NYSEAMER
|
|
Entity Current Reporting Status |
Yes
|
|
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Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
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false
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
ASSETS CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 20,886,000
|
$ 13,448,000
|
Marketable securities, at fair value |
23,682,000
|
34,991,000
|
Prepaid taxes |
308,000
|
177,000
|
Other current assets |
41,000
|
348,000
|
TOTAL CURRENT ASSETS |
44,917,000
|
48,964,000
|
OTHER ASSETS: |
|
|
Patents, net of accumulated amortization |
1,356,000
|
1,592,000
|
Equity investment |
5,655,000
|
7,252,000
|
Operating leases right-of-use asset |
16,000
|
161,000
|
Security deposit |
13,000
|
|
Total Other Assets |
7,040,000
|
9,005,000
|
TOTAL ASSETS |
51,957,000
|
57,969,000
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: CURRENT LIABILITIES: |
|
|
Accounts payable |
250,000
|
507,000
|
Income taxes payable |
26,000
|
115,000
|
Accrued payroll |
1,000
|
317,000
|
Other accrued expenses |
350,000
|
587,000
|
Operating lease obligation, current |
23,000
|
79,000
|
Total Current Liabilities |
650,000
|
1,605,000
|
LONG TERM LIABILITIES: |
|
|
Deferred tax liability |
883,000
|
1,161,000
|
Operating lease obligation, non-current |
|
94,000
|
TOTAL LIABILITIES |
1,533,000
|
2,860,000
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at September 30, 2023 and December 31, 2022 |
|
|
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,659,472 and 23,863,639 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
236,000
|
239,000
|
Additional paid-in capital |
67,326,000
|
66,939,000
|
Accumulated deficit |
(17,138,000)
|
(12,055,000)
|
Accumulated other comprehensive loss |
|
(14,000)
|
TOTAL STOCKHOLDERS’ EQUITY |
50,424,000
|
55,109,000
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 51,957,000
|
$ 57,969,000
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Par Value |
$ 0.01
|
$ 0.01
|
Preferred Stock, Shares Authorized |
10,000,000
|
10,000,000
|
Preferred Stock, Shares Issued |
0
|
0
|
Preferred Stock, Shares Outstanding |
0
|
0
|
Common Stock, Par Value |
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
50,000,000
|
50,000,000
|
Common Stock, Shares Issued |
23,659,472
|
23,863,639
|
Common Stock, Shares Outstanding |
23,659,472
|
23,863,639
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
REVENUE |
|
|
$ 820,000
|
|
OPERATING EXPENSES: |
|
|
|
|
Costs of revenue |
|
|
232,000
|
|
Professional fees and related costs |
109,000
|
117,000
|
466,000
|
524,000
|
General and administrative |
679,000
|
639,000
|
2,070,000
|
1,812,000
|
Amortization of patents |
71,000
|
82,000
|
236,000
|
233,000
|
TOTAL OPERATING EXPENSES |
859,000
|
838,000
|
3,004,000
|
2,569,000
|
OPERATING LOSS |
(859,000)
|
(838,000)
|
(2,184,000)
|
(2,569,000)
|
OTHER INCOME (LOSS): |
|
|
|
|
Interest and dividend income, net |
406,000
|
321,000
|
1,161,000
|
532,000
|
Gain on conversion of note |
|
271,000
|
|
271,000
|
Gain on equity method investment |
|
3,727,000
|
|
3,727,000
|
Net realized and unrealized gain (loss) on marketable securities |
131,000
|
(268,000)
|
420,000
|
(1,358,000)
|
Total other (loss) income, net |
537,000
|
4,051,000
|
1,581,000
|
3,172,000
|
(LOSS) INCOME BEFORE INCOME TAXES AND SHARE OF NET LOSS OF EQUITY METHOD INVESTEE |
(322,000)
|
3,213,000
|
(603,000)
|
603,000
|
INCOME TAXES PROVISION: |
|
|
|
|
Current |
(13,000)
|
(274,000)
|
(13,000)
|
(274,000)
|
Deferred taxes, net |
(31,000)
|
976,000
|
(278,000)
|
422,000
|
Total income tax benefit (expense) |
(44,000)
|
702,000
|
(229,000)
|
148,000
|
(LOSS) INCOME BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: |
(278,000)
|
2,511,000
|
(312,000)
|
455,000
|
SHARE OF NET LOSS OF EQUITY METHOD INVESTEE |
(532,000)
|
(285,000)
|
(1,597,000)
|
(1,073,000)
|
NET (LOSS) INCOME |
$ (810,000)
|
$ 2,226,000
|
$ (1,909,000)
|
$ (618,000)
|
Basic |
$ (0.03)
|
$ 0.09
|
$ (0.08)
|
$ (0.03)
|
Diluted |
$ (0.03)
|
$ 0.09
|
$ (0.08)
|
$ (0.03)
|
Weighted average common shares outstanding: |
|
|
|
|
Basic |
23,803,567
|
23,765,089
|
23,867,204
|
23,830,702
|
Diluted |
23,803,567
|
24,065,724
|
23,867,204
|
23,830,702
|
Cash dividends declared per share |
$ 0.05
|
$ 0.05
|
$ 0.10
|
$ 0.10
|
OTHER COMPREHENSIVE INCOME (LOSS) Net unrealized holding gain (loss) on corporate bonds and notes during the period, net of tax |
$ 14,000
|
$ 2,000
|
$ 14,000
|
$ (2,000)
|
COMPREHENSIVE (LOSS) INCOME |
$ (796,000)
|
$ 2,228,000
|
$ (1,895,000)
|
$ (620,000)
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
|
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity |
Balance – June 30, 2022 at Dec. 31, 2021 |
$ 238,000
|
$ 66,361,000
|
$ (6,428,000)
|
$ (12,000)
|
$ 60,159,000
|
Beginning Balance, Shares at Dec. 31, 2021 |
23,792,212
|
|
|
|
|
Dividends and dividend equivalents rights declared |
|
|
(1,190,000)
|
|
(1,190,000)
|
Stock-based compensation |
|
55,000
|
|
|
55,000
|
Vesting of restricted stock units |
$ 1,000
|
(1,000)
|
|
|
|
Vesting of restricted stock units, shares |
136,250
|
|
|
|
|
Value of shares delivered to pay withholding taxes |
|
|
(112,000)
|
|
(112,000)
|
Value of shares delivered to pay withholding taxes, Shares |
(45,438)
|
|
|
|
|
Net loss |
|
|
(1,312,000)
|
|
(1,312,000)
|
Net unrealized gain on corporate bonds and notes |
|
|
|
(3,000)
|
(3,000)
|
Balance – September 30, 2022 at Mar. 31, 2022 |
$ 239,000
|
66,415,000
|
(9,042,000)
|
(15,000)
|
57,597,000
|
Ending Balance, Shares at Mar. 31, 2022 |
23,883,024
|
|
|
|
|
Stock-based compensation |
|
178,000
|
|
|
178,000
|
Vesting of restricted stock units |
|
|
|
|
|
Vesting of restricted stock units, shares |
11,250
|
|
|
|
|
Value of shares delivered to pay withholding taxes, Shares |
(103,080)
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(246,000)
|
|
(247,000)
|
Net loss |
|
|
(1,532,000)
|
|
(1,532,000)
|
Net unrealized gain on corporate bonds and notes |
|
|
|
(1,000)
|
(1,000)
|
Dividend equivalents rights paid |
|
|
(5,000)
|
|
(5,000)
|
Balance – September 30, 2022 at Jun. 30, 2022 |
$ 238,000
|
66,593,000
|
(10,825,000)
|
(16,000)
|
55,990,000
|
Ending Balance, Shares at Jun. 30, 2022 |
23,791,194
|
|
|
|
|
Dividends and dividend equivalents rights declared |
|
|
(1,223,000)
|
|
(1,223,000)
|
Stock-based compensation |
|
174,000
|
|
|
174,000
|
Vesting of restricted stock units |
|
|
|
|
|
Vesting of restricted stock units, shares |
11,250
|
|
|
|
|
Value of shares delivered to pay withholding taxes, Shares |
(75,213)
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(174,000)
|
|
(175,000)
|
Net unrealized gain on corporate bonds and notes |
|
|
|
2,000
|
2,000
|
Net income |
|
|
2,226,000
|
|
2,226,000
|
Balance – September 30, 2022 at Sep. 30, 2022 |
$ 237,000
|
66,767,000
|
(9,996,000)
|
(14,000)
|
56,994,000
|
Ending Balance, Shares at Sep. 30, 2022 |
23,727,231
|
|
|
|
|
Balance – June 30, 2022 at Dec. 31, 2022 |
$ 239,000
|
66,939,000
|
(12,055,000)
|
(14,000)
|
55,109,000
|
Beginning Balance, Shares at Dec. 31, 2022 |
23,863,639
|
|
|
|
|
Dividends and dividend equivalents rights declared |
|
|
(1,196,000)
|
|
(1,196,000)
|
Stock-based compensation |
|
161,000
|
|
|
161,000
|
Vesting of restricted stock units |
$ 1,000
|
(1,000)
|
|
|
|
Vesting of restricted stock units, shares |
123,750
|
|
|
|
|
Value of shares delivered to pay withholding taxes |
|
|
(83,000)
|
|
(83,000)
|
Value of shares delivered to pay withholding taxes, Shares |
(39,099)
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(305,000)
|
|
(306,000)
|
Treasury stock purchased and retired, shares |
(136,785)
|
|
|
|
|
Net loss |
|
|
(623,000)
|
|
(623,000)
|
Balance – September 30, 2022 at Mar. 31, 2023 |
$ 239,000
|
67,099,000
|
(14,262,000)
|
(14,000)
|
53,062,000
|
Ending Balance, Shares at Mar. 31, 2023 |
23,811,505
|
|
|
|
|
Stock-based compensation |
|
106,000
|
|
|
106,000
|
Vesting of restricted stock units |
|
|
|
|
|
Vesting of restricted stock units, shares |
11,250
|
|
|
|
|
Treasury stock purchased and retired |
$ (1,000)
|
|
(25,000)
|
|
(26,000)
|
Treasury stock purchased and retired, shares |
(11,495)
|
|
|
|
|
Net loss |
|
|
(476,000)
|
|
(476,000)
|
Balance – September 30, 2022 at Jun. 30, 2023 |
$ 238,000
|
67,205,000
|
(14,763,000)
|
(14,000)
|
52,666,000
|
Ending Balance, Shares at Jun. 30, 2023 |
23,811,260
|
|
|
|
|
Dividends and dividend equivalents rights declared |
|
|
(1,194,000)
|
|
(1,194,000)
|
Stock-based compensation |
|
121,000
|
|
|
121,000
|
Vesting of restricted stock units |
|
|
|
|
|
Vesting of restricted stock units, shares |
11,250
|
|
|
|
|
Treasury stock purchased and retired |
$ (2,000)
|
|
(371,000)
|
|
(373,000)
|
Treasury stock purchased and retired, shares |
(163,038)
|
|
|
|
|
Realized gain on corporate bond |
|
|
|
14,000
|
14,000
|
Net loss |
|
|
(810,000)
|
|
(810,000)
|
Balance – September 30, 2022 at Sep. 30, 2023 |
$ 236,000
|
$ 67,326,000
|
$ (17,138,000)
|
|
$ 50,424,000
|
Ending Balance, Shares at Sep. 30, 2023 |
23,659,472
|
|
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (1,909,000)
|
$ (618,000)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Amortization of patents |
236,000
|
233,000
|
Stock-based compensation |
388,000
|
407,000
|
Loss allocated from equity method investment |
1,597,000
|
1,073,000
|
Unrealized (gain) loss on marketable securities |
(27,000)
|
1,079,000
|
Deferred tax expense (benefit) |
(278,000)
|
422,000
|
Amortization of operating leases – right of use assets |
47,000
|
27,000
|
Gain on equity method investment |
|
(3,727,000)
|
Accrued interest on convertible note |
|
(86,000)
|
Gain on conversion of note |
|
(271,000)
|
Changes in operating assets and liabilities: |
|
|
Other current assets |
307,000
|
32,000
|
Prepaid taxes |
(131,000)
|
(326,000)
|
Security deposit |
(13,000)
|
|
Accounts payable |
(257,000)
|
(110,000)
|
Income taxes payable |
(89,000)
|
(2,948,000)
|
Operating lease obligations |
(52,000)
|
(21,000)
|
Accrued expenses |
(572,000)
|
(346,000)
|
NET CASH USED IN OPERATING ACTIVITIES |
(753,000)
|
(5,180,000)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Sales of marketable securities |
44,488,000
|
8,750,000
|
Purchases of marketable securities |
(33,138,000)
|
(22,464,000)
|
Development of patents |
|
(524,000)
|
Equity investment |
|
(1,000,000)
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
11,350,000
|
(15,238,000)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Cash dividends paid |
(2,371,000)
|
(2,381,000)
|
Value of shares delivered to fund withholding taxes |
(83,000)
|
(112,500)
|
Repurchases of common stock, inclusive of commissions |
(705,000)
|
(422,000)
|
NET CASH USED IN FINANCING ACTIVITIES: |
(3,159,000)
|
(2,915,000)
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
7,438,000
|
(23,333,000)
|
CASH AND CASH EQUIVALENTS, beginning of period |
13,448,000
|
44,497,000
|
CASH AND CASH EQUIVALENTS, end of period |
20,886,000
|
21,164,000
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
Interest |
|
|
Income taxes |
67,000
|
3,165,000
|
NON-CASH FINANCING ACTIVITIES |
|
|
Accrued dividend rights on restricted stock units |
22,000
|
37,000
|
Right of use asset obtained in exchange for lease liability |
98,000
|
204,000
|
Conversion of note receivable |
|
$ 1,086,000
|
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v3.23.3
BASIS OF PRESENTATION AND NATURE OF BUSINESS
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION AND NATURE OF BUSINESS |
NOTE
A – BASIS OF PRESENTATION AND NATURE OF BUSINESS
[1]
BASIS OF PRESENTATION
The
accompanying condensed consolidated financial statements are unaudited, but, in the opinion of the management of Network-1 Technologies,
Inc. (the “Company”), contain all adjustments consisting only of normal recurring items which the Company considers necessary
for the fair presentation of the Company’s financial position as of September 30, 2023, and the results of its operations
and comprehensive loss for the three and nine month periods ended September 30, 2023 and September 30, 2022, changes in stockholders’
equity for the three and nine month periods ended September 30, 2023 and September 30, 2022, and its cash flows for the nine
month periods ended September 30, 2023 and September 30, 2022. The unaudited condensed consolidated financial statements
included herein have been prepared in accordance with the accounting principles generally accepted in the United States of America (U.S.
GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, certain information and footnote
disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP may have been omitted pursuant
to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading.
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission on March 30, 2023. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative
of the results of operations to be expected for the full year.
The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries,
Mirror Worlds Technologies, LLC. and HFT Solutions, LLC. All intercompany balances and transactions have been eliminated in consolidation.
[2]
BUSINESS
The
Company is engaged in the development, licensing and protection of its intellectual property assets. The Company presently owns ninety-nine
(99) U.S. patents, fifty-three (53) of such patents have expired, and fourteen (14) foreign patents related to (i)
the Cox patent portfolio (the “Cox Patent Portfolio) relating to enabling technology for identifying media content on the Internet
and taking further actions to be performed after such identification; (ii) the M2M/IoT patent portfolio (the “M2M/IoT Patent Portfolio”)
relating to, among other things, enabling technology for authenticating and using embedded SIM (Subscriber Identification Module) technology
in next generation 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 made equity investments totaling $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”), a clinical stage biotechnology
company (see Note J hereof).
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| [1] | Use
of Estimates and Assumptions |
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. The significant estimates and assumptions made in the preparation of the Company’s unaudited condensed consolidated financial
statements include costs related to the Company’s assertion of litigation, valuation of the Company’s patent portfolios,
stock-based compensation, the recoverability of deferred tax assets and the carrying value of the Company’s equity method investments.
Actual results could be materially different from those estimates upon which the carrying values were based.
Certain
amounts recorded to reflect the Company’s share of income or losses of its equity method investee, accounted for under the equity
method, are based on estimates and the unaudited results of operations of the equity method investee and may require adjustment in the
future when the audit of the equity method investee is complete. The Company reports its share of the results of its equity method investee
on a one quarter lag basis.
Under
ASC 606, revenue is recognized when the Company completes the licensing of its intellectual property to its licensees, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for licensing its intellectual property.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement; |
| • | identification
of the performance obligations in the license agreement; |
| • | determination
of the consideration for the license; |
| • | allocation
of the transaction price to the performance obligations in the contract; and |
| • | recognition
of revenue when the Company satisfies its performance obligations. |
Revenue
disaggregated by source is as follows:
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Nine Months
Ended September 30, | | |
Three Months
Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
During
the three months ended September 30, 2023, the Company had no revenue. During the nine months ended September 30, 2023, the Company entered
into settlement agreements with five defendants with respect to patent infringement litigation involving its Remote Power Patent, resulting
in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment of $150,000 which has not been recognized
as revenue as of September 30, 2023 because the terms of the conditional payment have not yet been satisfied.
Revenue
from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue
recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations
of the parties. These license 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( if the applicable patent(s) have expired), (ii) a non-refundable lump sum payment for a non-exclusive
fully-paid license, or (iii) a non-refundable lump sum payment (license initiation fee) together with an ongoing obligation to pay quarterly
or monthly royalties to the Company for the life of the licensed patent.
| [3] | Equity
Method Investments |
Equity
method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus the Company’s share of an investee’s income or loss. The Company’s proportionate share of the
income or loss from equity method investments is recognized on a one-quarter lag. When the Company’s carrying value in an equity
method investment is reduced to zero, no further losses are recorded in the Company’s financial statements unless the Company 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
September 30, 2023, the Company had total deferred tax assets generated from its activities totaling $1,397,000. The Company’s
deferred tax assets were offset by a valuation allowance of $1,397,000 as it was determined that it is more likely than not that certain
deferred tax assets will not be realized. As of September 30, 2023, the Company also had a deferred tax liability of $883,000.
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 September 30, 2023,
based on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test.
However, the Company may subsequently be determined to be a PHC in 2023 or in future years if it satisfies both the Ownership Test and
Income Test. If the Company were to become a PHC in 2023 or any future year, it would be subject to the 20% tax on its UPHCI. In such
event, the Company may issue a special cash dividend to its shareholders in an amount equal to the UPHCI rather than incur the 20% tax.
ASC
740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as
a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination,
including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure
a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.
A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate
settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first
subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria
should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company had no
uncertain tax positions as of September 30, 2023.
The
Company recognizes interest and penalties related to income tax in the income tax provision in the unaudited condensed consolidated statements
of operations and comprehensive loss.
U.S.
federal, state and local income tax returns prior to 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 |
There
are no new accounting standards that have had a material impact on the Company’s unaudited condensed consolidated financial statements.
|
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v3.23.3
PATENTS
|
9 Months Ended |
Sep. 30, 2023 |
Patents |
|
PATENTS |
NOTE
C – PATENTS
The
Company’s intangible assets at September 30, 2023 include patents with estimated remaining economic useful lives ranging from 10
to 16 years. For all periods presented, all of the Company’s patents were subject to amortization. The gross carrying amounts
and accumulated amortization related to acquired intangible assets as of September 30, 2023 and December 31, 2022 were as follows:
Schedule of patent | |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization –
patents | |
| (7,117,000 | ) | |
| (6,881,000 | ) |
Patents, net | |
$ | 1,356,000 | | |
$ | 1,592,000 | |
Amortization
expense for the three months ended September 30, 2023 and 2022 was $71,000 and $82,000, respectively. Amortization expense for the nine
months ended September 30, 2023 and 2022 was $236,000 and $233,000, respectively. Future amortization of intangible assets for the next
five fiscal years and thereafter is as follows:
Schedule of future amortization of current intangible | | | |
| | |
|
For
the years ended December 31, |
| 2023 | | |
$ | 30,000 | |
| 2024 | | |
| 120,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 119,000 | |
| Thereafter | | |
| 847,000 | |
| Total | | |
$ | 1,356,000 | |
| | | |
| | |
One
patent within the Cox Patent Portfolio expires in November 2023, and the balance of the patents within such portfolio have expired. The
expiration dates of patents within the Company’s M2M/IoT Patent Portfolio range from September 2033 to May 2034. The expiration
dates within the Company’s HFT Patent Portfolio range from October 2039 to November 2039. All of the patents within the Company’s
Mirror Worlds Patent Portfolio and the Remote Power Patent have expired.
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v3.23.3
STOCK-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCK-BASED COMPENSATION |
NOTE
D – STOCK-BASED COMPENSATION
Restricted
Stock Units
The
Company adopted the 2022 Stock Incentive Plan, (the “2022 Plan”), approved by its Board of Directors on July 25, 2022 and
its stockholders on September 20, 2022. The 2022 Plan provides for the grant of any or all of the following types of awards: (a) stock
options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted
stock units.
As
of September 30, 2023, there were 86,250 shares of common stock subject to outstanding awards under the 2022 Plan and 2,180,000 shares
of common stock available for issuance under the 2022 Plan.
As
of September 30, 2023, there were 512,500 shares of common stock subject to outstanding awards under the Company’s 2013 Stock Incentive
Plan (“2013 Plan”). The Company discontinued issuing awards under its 2013 Plan as a result of the adoption of the 2022 Plan.
A
summary of restricted stock unit activity for the nine months ended September 30, 2023 is as follows (each restricted stock unit issued
by the Company represents the right to receive one share of the Company’s common stock):
Schedule of restricted stock unit activity | |
| | | |
| | |
| |
Number of
Shares | | |
Weighted-Average
Grant Date Fair Value | |
Balance of restricted stock units outstanding
at December 31, 2022 | |
| 625,000 | | |
$ | 1.87 | |
Grants of restricted stock units | |
| 120,000 | | |
| 2.27 | |
Vested restricted stock units | |
| (146,250 | ) | |
| (2.44 | ) |
Balance of restricted stock units
outstanding at September 30, 2023 | |
| 598,750 | | |
$ | 1.82 | |
Restricted
stock unit compensation expense was $121,000 and $174,000 for the three months ended September 30, 2023 and 2022, respectively, and $388,000
and $407,000 for the nine months ended September 30, 2023 and 2022, respectively. Stock-based compensation expense is included in general
and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss.
The
Company has an aggregate of $628,000 of unrecognized restricted stock unit compensation as of September 30, 2023 to be expensed over
a weighted average period of 2.07 years.
All
of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. As of September 30, 2023 and December
31, 2022, there was $56,000 and $37,000, respectively, accrued for dividend equivalent rights which were included in other accrued
expenses.
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v3.23.3
LOSS PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
NOTE
E – LOSS PER SHARE
Basic
loss per share is calculated by dividing the net loss by the weighted average number of outstanding common shares during the period.
Diluted per share data includes the dilutive effects of options and restricted stock units. Potentially dilutive shares of 598,750 and
1,148,750 at September 30, 2023 and 2022, respectively, consisted of restricted stock units and stock options. However, if the Company
generated a net loss in 2023 and 2022, all potentially dilutive shares were not reflected in diluted net loss per share because the impact
of such instruments was anti-dilutive.
Computations
of basic and diluted weighted average common shares outstanding were as follows:
Schedule of earnings per share, basic and diluted | |
| | | |
| | | |
| | | |
| | |
| |
Nine
Months Ended September 30, | | |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Weighted-average common shares outstanding
– basic | |
| 23,867,204 | | |
| 23,830,702 | | |
| 23,803,567 | | |
| 23,765,089 | |
Dilutive effect of restricted stock units and stock
options | |
| — | | |
| — | | |
| — | | |
| 300,635 | |
Weighted-average common shares outstanding – diluted | |
| 23,867,204 | | |
| 23,830,702 | | |
| 23,803,567 | | |
| 24,065,724 | |
Restricted stock units excluded from the computation
of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 598,750 | | |
| 1,148,750 | | |
| 598,750 | | |
| — | |
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v3.23.3
MARKETABLE SECURITIES
|
9 Months Ended |
Sep. 30, 2023 |
Marketable Securities |
|
MARKETABLE SECURITIES |
NOTE
F – MARKETABLE SECURITIES
Marketable
securities as of September 30, 2023 and December 31, 2022 were composed of the following:
Schedule of marketable securities | |
| | |
| | |
| | |
| |
| |
September
30, 2023 | |
| |
Cost
Basis | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 5,250,000 | | |
$ | 38,000 | | |
$ | — | | |
$ | 5,288,000 | |
Government securities | |
| 7,769,000 | | |
| 113,000 | | |
| — | | |
| 7,882,000 | |
Fixed income mutual funds | |
| 10,650,00 | | |
| — | | |
| (138,000 | ) | |
| 10,512,000 | |
Total marketable securities | |
$ | 23,669,000 | | |
$ | 151,000 | | |
$ | (138,000 | ) | |
$ | 23,682,000 | |
| |
December
31, 2022 | |
| |
Cost
Basis | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Government Securities | |
$ | 20,781,000 | | |
$ | 67,000 | | |
$ | — | | |
$ | 20,848,000 | |
Fixed income mutual funds | |
| 11,904,000 | | |
| — | | |
| (915,000 | ) | |
| 10,989,000 | |
Certificates of Deposit | |
| 3,019,000 | | |
| — | | |
| (43,000 | ) | |
| 2,976,000 | |
Corporate bonds and notes | |
| 192,000 | | |
| — | | |
| (14,000 | ) | |
| 178,000 | |
Total marketable securities | |
$ | 35,896,000 | | |
$ | 67,000 | | |
$ | (972,000 | ) | |
$ | 34,991,000 | |
The
Company’s marketable securities are classified within Level 1 of the fair value hierarchy because they are valued using quoted
market prices in an active market.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
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. No such payments were made by the Company during the three and nine months ended September 30, 2023 and 2022.
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 by the Company during the three and nine months ended September 30, 2023 and 2022.
As
part of the acquisition of the Mirror Worlds Patent Portfolio, the Company also entered into an agreement with Recognition
Interface, LLC (“Recognition”) pursuant to which Recognition received from the Company an interest in the net proceeds
realized from the monetization of the Mirror Worlds Patent Portfolio, as follows: Obligated
to pay Recognition, net proceeds (i) 10%
of the first $125 million of net proceeds; (ii) 15%
of the next $125 million of net proceeds; and (iii) 20%
of any portion of the net proceeds in excess of $250 million. Since entering into the agreement with Recognition in May
2013, the Company has paid Recognition an aggregate of $3,127,000
with respect to such net proceeds interest related to the Mirror Worlds Patent Portfolio. No such payments were made by the Company
to Recognition during the three and nine months ended September 30, 2023 and 2022.
In
connection with the Company’s acquisition of its M2M/IoT Patent Portfolio, the Company is obligated to pay M2M 14% of the first
$100 million of net proceeds (after deduction of expenses) and 5% of net proceeds greater than $100 million from Monetization Activities
(as defined) related to the patent portfolio. In addition, M2M will be entitled to receive from the Company $250,000 of additional consideration
upon the occurrence of certain future events related to the patent portfolio. No such payments were made by the Company during the three
and nine months ended September 30, 2023 and 2022.
[3]
Leases
The
Company has one operating lease for its principal office space in New Canaan, Connecticut that was to expire on April 30, 2025. On September
29, 2023, the Company exercised its early termination right under the lease and the lease will terminate as of December 31, 2023. The
Company will locate new office space for its principal office.
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 September 30, 2023 is three months based on the Company’s exercise of its early termination right.
Right
of use lease assets and related lease obligations for the Company’s operating leases were recorded in the unaudited condensed consolidated
balance sheets as follows:
Schedule of operating leases obligations | |
| | | |
| | |
| |
As
of September
30, 2023 | | |
As
of December 31, 2022 | |
Operating lease right-of-use
assets | |
$ | 16,000 | | |
$ | 161,000 | |
| |
| | | |
| | |
Operating lease obligations –
current | |
$ | 23,000 | | |
$ | 79,000 | |
Operating lease
obligations – non-current | |
| — | | |
| 94,000 | |
Total lease
obligations | |
$ | 23,000 | | |
$ | 173,000 | |
| |
| | | |
| | |
The
table below presents certain information related to the Company’s lease costs for the period ended:
Schedule of leases cost | |
| | | |
| | | |
| | | |
| | |
| |
For the
Three Months Ended September 30, | | |
For the
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 20,000 | | |
$ | 18,000 | | |
$ | 59,000 | | |
$ | 30,000 | |
Short-term lease cost | |
| — | | |
| 10,000 | | |
| — | | |
| 46,000 | |
Total lease
cost | |
$ | 20,000 | | |
$ | 28,000 | | |
$ | 59,000 | | |
$ | 76,000 | |
Future
lease payments included in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of September
30, 2023, were as follows:
Schedule of future minimum leases payments | |
| | |
| |
Operating
Leases | |
2023
– remaining period | |
$ | 23,000 | |
Less:
Imputed interest | |
| — | |
Total
operating lease liability | |
$ | 23,000 | |
|
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v3.23.3
EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Employment Arrangements And Other Agreements |
|
EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS |
NOTE–H
- EMPLOYMENT ARRANGEMENTS AND OTHER AGREEMENTS
On
March 22, 2022, the Company entered into an employment agreement (“Agreement”) with its Chairman and Chief Executive Officer,
pursuant to which he continues to serve as the Company’s Chairman and Chief Executive Officer for a four- year term (“Term”),
at an annual base salary of $535,000 which shall be increased by 3% per annum during the term of the Agreement. The Agreement established
an annual target bonus of $175,000 for the Chairman and Chief Executive Officer based upon performance.
Under
the terms of the Agreement (which terms are substantially the same as the prior employment agreement with the Chairman and Chief Executive
Officer), so long as the Chairman and Chief Executive Officer continues to serve as an executive officer of the Company, whether pursuant
to the Agreement or otherwise, the Chairman and Chief Executive Officer shall also receive incentive compensation in an amount equal
to 5% of the Company’s gross royalties or other payments from Licensing Activities (as defined) (without deduction of legal fees
or any other expenses) with respect to its Remote Power Patent and a 10% net interest (gross royalties and other payments after deduction
of all legal fees and litigation expenses related to licensing, enforcement and sale activities, but in no event shall he receive less
than 6.25% of the gross recovery) of the Company’s royalties and other payments relating to Licensing Activities with respect to
patents other than the Remote Power Patent (including all of the Company’s patent portfolios and its investment in ILiAD Biotechnologies)
(collectively, the “Incentive Compensation”). During the three and nine months ended September 30, 2023, the Chairman and
Chief Executive Officer earned Incentive Compensation of $0 and $41,000, respectively.
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v3.23.3
LEGAL PROCEEDINGS
|
9 Months Ended |
Sep. 30, 2023 |
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.
A trial date has not yet been set.
[2]
On May 9, 2017, Mirror Worlds Technologies, LLC, the Company’s wholly-owned subsidiary, initiated litigation against Facebook,
Inc. (now Meta Platforms, Inc., “Meta”) in the U.S. District Court for the Southern District of New York, for infringement
of U.S. Patent No. 6,006,227, U.S. Patent No. 7,865,538 and U.S. Patent No. 8,255,439 (among the patents within the Company’s Mirror
Worlds Patent Portfolio). The lawsuit alleged that the asserted patents are infringed by Meta’s core technologies that enable Meta’s
Newsfeed and Timeline features. On August 11, 2018, the Court issued an order granting Meta’s motion for summary judgment of non-infringement
and dismissed the case. On August 17, 2018, the Company filed a Notice of Appeal to appeal the summary judgment decision to the U.S.
Court of Appeals for the Federal Circuit. On January 23, 2020, the U.S. Court of Appeals for the Federal Circuit ruled in the Company’s
favor and reversed the summary judgment finding of the District Court and remanded the litigation to the Southern District of New York
for further proceedings.
On
March 7, 2022, the District Court entered a ruling granting in part and denying in part a motion for summary judgment by Meta. In its
ruling the Court (i) denied Meta’s motion that the asserted patents were invalid by concluding that all asserted claims were patent
eligible under §101 of the Patent Act and (ii) granted summary judgment of non-infringement in favor of Meta and dismissed the
case. The Company strongly disagrees with the decision of the District Court on non-infringement and on April 4, 2022, the Company
filed a notice of appeal to the U.S. Court of Appeals for the Federal Circuit. On April 18, 2022, Meta filed a notice of cross-appeal
with respect to the Court’s ruling on validity. The appeal is pending.
[3]
On December 15, 2020, the Company filed a lawsuit against NETGEAR, Inc. (“Netgear”) in the Supreme Court of the State
of New York, County of New York, for breach of a Settlement and License Agreement, dated May 22, 2009, with the Company (the “Agreement”)
for failure to make royalty payments, and provide corresponding royalty reports, to the Company based on sales of Netgear’s PoE
products. On October 22, 2021, Netgear filed a Demand for Arbitration at the American Arbitration Association (“AAA”) seeking
to arbitrate certain issues raised in the litigation. The Company objected to jurisdiction at the AAA. On April 1, 2022, the Court denied
Netgear’s motion to compel arbitration. On April 22, 2022, Netgear filed a counterclaim in the Court action alleging that the Company
breached the Agreement by not offering Netgear lower royalties. On September 22, 2022, the arbitration brought by Netgear was dismissed
by the AAA on jurisdiction grounds. On August 27, 2023, the Court granted Netgear’s cross-motion for summary judgment and dismissed
the Company’s claims and also denied the Company’s summary judgment motion with respect to Netgear’s counterclaim for
breach of the license agreement. The Company has appealed the Court decision.
[4]
In October and November 2022, the Company initiated separate litigation against ten defendants for infringement of its Remote Power
Patent seeking monetary damages based upon reasonable royalties, as follows: (i) On October 6, 2022, the Company initiated such litigation
against Arista Networks, Inc., Fortinet, Inc., Honeywell International Inc. and Ubiquiti Inc. in the United States District Court, District
of Delaware; (ii) On October 27, 2022, and November 3, 2022, the Company initiated such litigation against TP-Link USA Corporation and
Hikvision USA, Inc. in the United States District Court for the Central District of California; (iii) On November 4, 2022, the Company
initiated such litigation against Panasonic Holdings Corporation and Panasonic Corporation of North America in the United States District
Court for the Eastern District of Texas (Marshall Division); and (iv) On November 8, 2022 and November 16, 2022, the Company initiated
such litigation against Antaira Technologies, LLC and Dahua Technology USA in the United States District Court for the Central District
of California.
During
the nine months ended September 30, 2023, the Company entered into settlement agreements with Arista Networks, Inc., Antaira Technologies
LLC, Panasonic Holdings Corporation, TP-Link USA Corporation and Hikvision USA, Inc., resulting in aggregate settlements paid and
recognized as revenue of $820,000 and a conditional payment of $150,000 which has not yet been recognized as revenue.
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v3.23.3
INVESTMENT
|
9 Months Ended |
Sep. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
INVESTMENT |
NOTE
J – INVESTMENT
During
the period December 2018 through August 2022, the Company made an aggregate investment of $7,000,000 in ILiAD Biotechnologies, LLC (“ILiAD”),
a privately held clinical stage biotechnology company dedicated to the prevention and treatment of human disease caused by Bordetella
pertussis. ILiAD is focused on validating its proprietary intranasal vaccine, BPZE1, for the prevention of pertussis (whooping cough).
At September 30, 2023, the Company owned approximately 6.8% of the outstanding units of ILiAD on a non-fully diluted basis and 6.1% of
the outstanding units on a fully diluted basis (after giving effect to the exercise all outstanding options and warrants). In connection
with its initial investment, the Company’s Chairman and Chief Executive Officer obtained a seat on ILiAD’s Board of Managers
and receives the same compensation for service on the Board of Managers as other non-management Board members.
For
the three months ended September 30, 2023 and 2022, the Company recorded an allocated net loss from its equity method investment in ILiAD
of $532,000 and $285,000, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded an allocated net
loss from its equity investment in ILiAD of $1,597,000 and $1,073,000.
The
difference between the Company’s share of equity in ILiAD’s net assets and the purchase price of the investment is due to
an excess amount paid over the book value of the investment of $5,144,000, which is accounted for as equity method goodwill.
The
following table provides certain summarized financial information for ILiAD (the equity method investee) for the periods presented and
has been compiled from ILiAD’s financial statements, reported on one quarter lag.
As
a result of the Company receiving audited financial information from ILiAD for its year ended December 31, 2022 (see Note B[1] hereof),
the table below includes an additional comprehensive loss of $621,000. For the nine months ended September 30, 2023, with respect
to such additional comprehensive loss of ILiAD, the Company recorded the additional allocated net loss of $42,000.
Schedule of equity method investments | |
| | | |
| | | |
| | | |
| | |
| |
Nine Months
Ended June 30, | | |
Three Months
Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from continuing operations | |
$ | (17,929,000 | ) | |
$ | (11,880,000 | ) | |
$ | (8,232,000 | ) | |
$ | (5,753,000 | ) |
Comprehensive loss | |
$ | (23,525,000 | ) | |
$ | (13,353,000 | ) | |
$ | (7,842,000 | ) | |
$ | (2,424,000 | ) |
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v3.23.3
STOCK REPURCHASES
|
9 Months Ended |
Sep. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
STOCK REPURCHASES |
NOTE
K – STOCK REPURCHASES
On
June 13, 2023, the Board of Directors authorized an extension and increase of the Company’s share repurchase program (the “Share
Repurchase Program”) to repurchase up to $5,000,000 of common stock over the subsequent 24 month period. The common stock may be
repurchased from time to time in open market transactions or privately negotiated transactions in the Company’s discretion. The
timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors.
The Share Repurchase Program may be increased, suspended or discontinued at any time. Since inception of the Share Repurchase Program
through September 30, 2023, the Company has repurchased an aggregate of 9,523,982 shares of its common stock at an aggregate cost of
$18,455,467 (exclusive of commissions) or an average per share price of $1.94.
During
the three months ended September 30, 2023, the Company repurchased an aggregate of 163,038 shares of its common stock at an aggregate
cost of $369,846 (exclusive of commissions) or an average per share price of $2.27. During the nine months ended September 30, 2023,
the Company repurchased an aggregate of 311,318 shares of its common stock at an aggregate cost of $697,733 or an average per share price
of $2.24.
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 nine months ended September 30, 2023.
At
September 30, 2023, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $4,630,154.
|
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v3.23.3
CONCENTRATIONS
|
9 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE
L – CONCENTRATIONS
The
Company maintains cash deposits in accounts at financial institutions. The accounts are insured by the Federal Deposit Insurance Corporation
(“FDIC”) up to $250,000 at each institution. At September 30, 2023, the Company had no cash deposits in excess of the FDIC
insured limit. The Company maintains cash equivalents in brokerage accounts at financial institutions. At September 30, 2023, the Company
had cash equivalents of $20,693,000 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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v3.23.3
DIVIDEND POLICY
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
DIVIDEND POLICY |
NOTE
M – DIVIDEND POLICY
The
Company’s dividend policy consists of semi-annual cash dividends of $0.05 per share ($0.10 per share annually) which have been
paid in March and September of each year. The Company has paid semi-annual cash dividends consistent with its policy, including a cash
dividend in September 2023 of $1,182,000. 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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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
N – SUBSEQUENT EVENTS
On
October 9,2023, the Company entered into a settlement agreement with an additional defendant with respect to its patent infringement
litigation involving its Remote Power Patent (see Note I[4] hereof) in consideration of a $1,500,000 payment which will be recorded as
revenue in the fourth quarter of 2023.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates and Assumptions |
| [1] | Use
of Estimates and Assumptions |
The
preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting
periods. The significant estimates and assumptions made in the preparation of the Company’s unaudited condensed consolidated financial
statements include costs related to the Company’s assertion of litigation, valuation of the Company’s patent portfolios,
stock-based compensation, the recoverability of deferred tax assets and the carrying value of the Company’s equity method investments.
Actual results could be materially different from those estimates upon which the carrying values were based.
Certain
amounts recorded to reflect the Company’s share of income or losses of its equity method investee, accounted for under the equity
method, are based on estimates and the unaudited results of operations of the equity method investee and may require adjustment in the
future when the audit of the equity method investee is complete. The Company reports its share of the results of its equity method investee
on a one quarter lag basis.
|
Revenue Recognition |
Under
ASC 606, revenue is recognized when the Company completes the licensing of its intellectual property to its licensees, in an amount that
reflects the consideration the Company expects to be entitled to in exchange for licensing its intellectual property.
The
Company determines revenue recognition through the following steps:
| • | identification
of the license agreement; |
| • | identification
of the performance obligations in the license agreement; |
| • | determination
of the consideration for the license; |
| • | allocation
of the transaction price to the performance obligations in the contract; and |
| • | recognition
of revenue when the Company satisfies its performance obligations. |
Revenue
disaggregated by source is as follows:
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Nine Months
Ended September 30, | | |
Three Months
Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
During
the three months ended September 30, 2023, the Company had no revenue. During the nine months ended September 30, 2023, the Company entered
into settlement agreements with five defendants with respect to patent infringement litigation involving its Remote Power Patent, resulting
in aggregate settlements paid of $820,000 which are recognized as revenue and a conditional payment of $150,000 which has not been recognized
as revenue as of September 30, 2023 because the terms of the conditional payment have not yet been satisfied.
Revenue
from the Company’s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue
recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations
of the parties. These license 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( if the applicable patent(s) have expired), (ii) a non-refundable lump sum payment for a non-exclusive
fully-paid license, or (iii) a non-refundable lump sum payment (license initiation fee) together with an ongoing obligation to pay quarterly
or monthly royalties to the Company for the life of the licensed patent.
|
Equity Method Investments |
| [3] | Equity
Method Investments |
Equity
method investments are equity securities in entities the Company does not control but over which it has the ability to exercise significant
influence. These investments are accounted for under the equity method of accounting in accordance with ASC 323, Investments —
Equity Method and Joint Ventures (see Note J hereof). Equity method investments are measured at cost minus impairment,
if any, plus or minus the Company’s share of an investee’s income or loss. The Company’s proportionate share of the
income or loss from equity method investments is recognized on a one-quarter lag. When the Company’s carrying value in an equity
method investment is reduced to zero, no further losses are recorded in the Company’s financial statements unless the Company 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
September 30, 2023, the Company had total deferred tax assets generated from its activities totaling $1,397,000. The Company’s
deferred tax assets were offset by a valuation allowance of $1,397,000 as it was determined that it is more likely than not that certain
deferred tax assets will not be realized. As of September 30, 2023, the Company also had a deferred tax liability of $883,000.
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 September 30, 2023,
based on available information concerning the Company’s shareholder ownership, the Company did not satisfy the Ownership Test.
However, the Company may subsequently be determined to be a PHC in 2023 or in future years if it satisfies both the Ownership Test and
Income Test. If the Company were to become a PHC in 2023 or any future year, it would be subject to the 20% tax on its UPHCI. In such
event, the Company may issue a special cash dividend to its shareholders in an amount equal to the UPHCI rather than incur the 20% tax.
ASC
740-10, Accounting for Uncertainty in Income Taxes, defines uncertainty in income taxes and the evaluation of a tax position as
a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained upon examination,
including the resolution of any related appeals or litigation based on the technical merits of that position. The second step is to measure
a tax position that meets the more-likely-than-not threshold to determine the amount of benefit to be recognized in the financial statements.
A tax position is measured at the largest amount of benefit that is greater than 50 percent likelihood of being realized upon ultimate
settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first
subsequent period in which the threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not criteria
should be de-recognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company had no
uncertain tax positions as of September 30, 2023.
The
Company recognizes interest and penalties related to income tax in the income tax provision in the unaudited condensed consolidated statements
of operations and comprehensive loss.
U.S.
federal, state and local income tax returns prior to 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 |
There
are no new accounting standards that have had a material impact on the Company’s unaudited condensed consolidated financial statements.
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of disaggregation of revenue |
Schedule of disaggregation of revenue | |
| | |
| | |
| | |
| |
| |
Nine Months
Ended September 30, | | |
Three Months
Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Litigation settlements | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
Total Revenue | |
$ | 820,000 | | |
$ | — | | |
$ | — | | |
$ | — | |
|
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v3.23.3
PATENTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Patents |
|
Schedule of patent |
Schedule of patent | |
| | | |
| | |
| |
September
30, 2023 | | |
December
31, 2022 | |
Gross carrying amount – patents | |
$ | 8,473,000 | | |
$ | 8,473,000 | |
Accumulated amortization –
patents | |
| (7,117,000 | ) | |
| (6,881,000 | ) |
Patents, net | |
$ | 1,356,000 | | |
$ | 1,592,000 | |
|
Schedule of future amortization of current intangible |
Schedule of future amortization of current intangible | | | |
| | |
|
For
the years ended December 31, |
| 2023 | | |
$ | 30,000 | |
| 2024 | | |
| 120,000 | |
| 2025 | | |
| 120,000 | |
| 2026 | | |
| 120,000 | |
| 2027 | | |
| 119,000 | |
| Thereafter | | |
| 847,000 | |
| Total | | |
$ | 1,356,000 | |
| | | |
| | |
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v3.23.3
STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Schedule of restricted stock unit activity |
Schedule of restricted stock unit activity | |
| | | |
| | |
| |
Number of
Shares | | |
Weighted-Average
Grant Date Fair Value | |
Balance of restricted stock units outstanding
at December 31, 2022 | |
| 625,000 | | |
$ | 1.87 | |
Grants of restricted stock units | |
| 120,000 | | |
| 2.27 | |
Vested restricted stock units | |
| (146,250 | ) | |
| (2.44 | ) |
Balance of restricted stock units
outstanding at September 30, 2023 | |
| 598,750 | | |
$ | 1.82 | |
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v3.23.3
LOSS PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of earnings per share, basic and diluted |
Schedule of earnings per share, basic and diluted | |
| | | |
| | | |
| | | |
| | |
| |
Nine
Months Ended September 30, | | |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Weighted-average common shares outstanding
– basic | |
| 23,867,204 | | |
| 23,830,702 | | |
| 23,803,567 | | |
| 23,765,089 | |
Dilutive effect of restricted stock units and stock
options | |
| — | | |
| — | | |
| — | | |
| 300,635 | |
Weighted-average common shares outstanding – diluted | |
| 23,867,204 | | |
| 23,830,702 | | |
| 23,803,567 | | |
| 24,065,724 | |
Restricted stock units excluded from the computation
of diluted loss per share because the effect of inclusion would have been anti-dilutive | |
| 598,750 | | |
| 1,148,750 | | |
| 598,750 | | |
| — | |
|
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v3.23.3
MARKETABLE SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Marketable Securities |
|
Schedule of marketable securities |
Schedule of marketable securities | |
| | |
| | |
| | |
| |
| |
September
30, 2023 | |
| |
Cost
Basis | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Fair
Value | |
| |
| | |
| | |
| | |
| |
Certificates of deposit | |
$ | 5,250,000 | | |
$ | 38,000 | | |
$ | — | | |
$ | 5,288,000 | |
Government securities | |
| 7,769,000 | | |
| 113,000 | | |
| — | | |
| 7,882,000 | |
Fixed income mutual funds | |
| 10,650,00 | | |
| — | | |
| (138,000 | ) | |
| 10,512,000 | |
Total marketable securities | |
$ | 23,669,000 | | |
$ | 151,000 | | |
$ | (138,000 | ) | |
$ | 23,682,000 | |
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
COMMITMENTS AND CONTINGENCIES (Note G) |
|
Schedule of operating leases obligations |
Schedule of operating leases obligations | |
| | | |
| | |
| |
As
of September
30, 2023 | | |
As
of December 31, 2022 | |
Operating lease right-of-use
assets | |
$ | 16,000 | | |
$ | 161,000 | |
| |
| | | |
| | |
Operating lease obligations –
current | |
$ | 23,000 | | |
$ | 79,000 | |
Operating lease
obligations – non-current | |
| — | | |
| 94,000 | |
Total lease
obligations | |
$ | 23,000 | | |
$ | 173,000 | |
| |
| | | |
| | |
|
Schedule of leases cost |
Schedule of leases cost | |
| | | |
| | | |
| | | |
| | |
| |
For the
Three Months Ended September 30, | | |
For the
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 20,000 | | |
$ | 18,000 | | |
$ | 59,000 | | |
$ | 30,000 | |
Short-term lease cost | |
| — | | |
| 10,000 | | |
| — | | |
| 46,000 | |
Total lease
cost | |
$ | 20,000 | | |
$ | 28,000 | | |
$ | 59,000 | | |
$ | 76,000 | |
|
Schedule of future minimum leases payments |
Schedule of future minimum leases payments | |
| | |
| |
Operating
Leases | |
2023
– remaining period | |
$ | 23,000 | |
Less:
Imputed interest | |
| — | |
Total
operating lease liability | |
$ | 23,000 | |
|
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v3.23.3
INVESTMENT (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Schedule of equity method investments |
Schedule of equity method investments | |
| | | |
| | | |
| | | |
| | |
| |
Nine Months
Ended June 30, | | |
Three Months
Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Loss from continuing operations | |
$ | (17,929,000 | ) | |
$ | (11,880,000 | ) | |
$ | (8,232,000 | ) | |
$ | (5,753,000 | ) |
Comprehensive loss | |
$ | (23,525,000 | ) | |
$ | (13,353,000 | ) | |
$ | (7,842,000 | ) | |
$ | (2,424,000 | ) |
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PATENTS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Patents |
|
|
Gross carrying amount – patents |
$ 8,473,000
|
$ 8,473,000
|
Accumulated amortization – patents |
(7,117,000)
|
(6,881,000)
|
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$ 1,356,000
|
$ 1,592,000
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v3.23.3
STOCK-BASED COMPENSATION (Details)
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Equity [Abstract] |
|
Restricted stock, Outstanding Number of shares, Beginning Balance | shares |
625,000
|
Restricted stock, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares |
$ 1.87
|
Grants of restricted stock units | shares |
120,000
|
Grants of restricted stock units, Weighted Average Grant Date Fair Value | $ / shares |
$ 2.27
|
Vested restricted stock units | shares |
(146,250)
|
Vested restricted stock units, Weighted Average Grant Date Fair Value | $ / shares |
$ (2.44)
|
Resricted stock, Outstanding Number of shares, Ending Balance | shares |
598,750
|
Restricted stock, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares |
$ 1.82
|
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v3.23.3
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Restricted stock unit compensation expense |
$ 121,000
|
$ 174,000
|
$ 388,000
|
$ 407,000
|
|
Unrecognized restricted stock unit compensation expense |
628,000
|
|
$ 628,000
|
|
|
Weighted average amortized period |
|
|
2 years 25 days
|
|
|
Accrued dividend rights on restricted stock unit |
$ 56,000
|
|
$ 56,000
|
|
$ 37,000
|
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 |
86,250
|
|
86,250
|
|
|
Common stock available for issuance under 2022 Plan |
2,180,000
|
|
2,180,000
|
|
|
Stock Incentive Plan 2013 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Common stock subject to outstanding awards under 2013 plan |
512,500
|
|
512,500
|
|
|
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v3.23.3
LOSS PER SHARE (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted-average common shares outstanding – basic |
23,803,567
|
23,765,089
|
23,867,204
|
23,830,702
|
Dilutive effect of restricted stock units and stock options |
|
300,635
|
|
|
Weighted-average common shares outstanding – diluted |
23,803,567
|
24,065,724
|
23,867,204
|
23,830,702
|
Restricted stock units excluded from the computation of diluted loss per share because the effect of inclusion would have been anti-dilutive |
598,750
|
|
598,750
|
1,148,750
|
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v3.23.3
MARKETABLE SECURITIES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair Value [Member] |
|
|
OtherInvestmentsReadilyMarketableLineItems [Line Items] |
|
|
Certificates of deposit |
$ 5,288,000
|
$ 2,976,000
|
Government securities |
7,882,000
|
20,848,000
|
Fixed income mutual funds |
10,512,000
|
10,989,000
|
Corporate bonds and notes |
|
178,000
|
Total marketable securities |
23,682,000
|
34,991,000
|
Cost Basis [Member] |
|
|
OtherInvestmentsReadilyMarketableLineItems [Line Items] |
|
|
Certificates of deposit |
5,250,000
|
3,019,000
|
Government securities |
7,769,000
|
20,781,000
|
Fixed income mutual funds |
10,650.00
|
11,904,000
|
Corporate bonds and notes |
|
192,000
|
Total marketable securities |
23,669,000
|
35,896,000
|
Gross Unrealized Gains [Member] |
|
|
OtherInvestmentsReadilyMarketableLineItems [Line Items] |
|
|
Certificates of deposit |
38,000
|
|
Government securities |
113,000
|
67,000
|
Fixed income mutual funds |
|
|
Corporate bonds and notes |
|
|
Total marketable securities |
151,000
|
67,000
|
Gross Unrealized Losses [Member] |
|
|
OtherInvestmentsReadilyMarketableLineItems [Line Items] |
|
|
Certificates of deposit |
|
(43,000)
|
Government securities |
|
|
Fixed income mutual funds |
(138,000)
|
(915,000)
|
Corporate bonds and notes |
|
(14,000)
|
Total marketable securities |
$ (138,000)
|
$ (972,000)
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details 1) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
COMMITMENTS AND CONTINGENCIES (Note G) |
|
|
|
|
Operating lease cost |
$ 20,000
|
$ 18,000
|
$ 59,000
|
$ 30,000
|
Short-term lease cost |
|
10,000
|
|
46,000
|
Total lease cost |
$ 20,000
|
$ 28,000
|
$ 59,000
|
$ 76,000
|
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COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
104 Months Ended |
Mar. 25, 2022 |
Sep. 30, 2023 |
Dec. 31, 2021 |
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
|
|
|
Obligation to pay HFT seller additional cash based on achieving certain milestones |
500,000
|
|
|
Contingent common stock issued upon achieving certain milestones - dollar value |
$ 375,000
|
|
|
First $50 million of HFT net proceeds |
15.00%
|
|
|
Greater than $50 million of HFT net proceeds |
17.50%
|
|
|
Obligated to pay Cox, net proceeds percentage |
|
12.50%
|
|
Obligated to pay Recognition, net proceeds |
|
|
|
First $125 Million |
|
10.00%
|
|
Next $125 Million |
|
15.00%
|
|
Over $250 Million |
|
20.00%
|
|
Recognition net proceeds payment related to Mirror Worlds patents |
|
|
$ 3,127,000
|
Obligated to pay M2M |
|
|
|
First $100 Million |
|
14.00%
|
|
Next $100 Million |
|
5.00%
|
|
Additional consideration payable upon occurrence of certain future events |
|
$ 250,000
|
|
X |
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v3.23.3
LEGAL PROCEEDINGS (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
May 09, 2017 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Litigation settlements amount |
|
|
|
$ 820,000
|
|
Revenues |
|
|
|
820,000
|
|
Conditional settlement payment unrecognized |
|
|
|
$ 150,000
|
|
Google [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Litigation pending, description |
Company initiated litigation against Google Inc. (“Google”) and YouTube,
LLC (“YouTube”) in the U.S. District Court for the Southern District of New York for infringement of several of its patents
within its Cox Patent Portfolio acquired from Dr. Cox which relate to the identification of media content on the Internet. The lawsuit
alleges that Google and YouTube have infringed and continue to infringe certain of the Company’s patents by making, using, selling
and offering to sell unlicensed systems and related products and services, which include YouTube’s Content ID system. The litigations
against Google and YouTube were subject to court ordered stays which were in effect from July 2, 2015 until January 2, 2019
as a result of proceedings at the Patent Trial and Appeal Board (PTAB) and the appeals of PTAB Final Written Decisions to the U.S. Court
of Appeals for the Federal Circuit. Pursuant to a Joint Stipulation and Order Regarding Lifting of Stays, entered on January 2, 2019,
the parties agreed, among other things, that the stays with respect to the litigations were lifted. In January 2019, the two litigations
against Google and YouTube were consolidated. Discovery has been completed and the parties have each submitted summary judgment motions.
A trial date has not yet been set.
|
|
|
|
|
Facebook [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Litigation pending, description |
Company’s wholly-owned subsidiary, initiated litigation against Facebook,
Inc. (now Meta Platforms, Inc., “Meta”) in the U.S. District Court for the Southern District of New York, for infringement
of U.S. Patent No. 6,006,227, U.S. Patent No. 7,865,538 and U.S. Patent No. 8,255,439 (among the patents within the Company’s Mirror
Worlds Patent Portfolio). The lawsuit alleged that the asserted patents are infringed by Meta’s core technologies that enable Meta’s
Newsfeed and Timeline features.
|
|
|
|
|
Arista Networks [Member] |
|
|
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
|
|
Litigation pending, description |
Company initiated separate litigation against ten defendants for infringement of its Remote Power
Patent seeking monetary damages based upon reasonable royalties, as follows: (i) On October 6, 2022, the Company initiated such litigation
against Arista Networks, Inc., Fortinet, Inc., Honeywell International Inc. and Ubiquiti Inc. in the United States District Court, District
of Delaware; (ii) On October 27, 2022, and November 3, 2022, the Company initiated such litigation against TP-Link USA Corporation and
Hikvision USA, Inc. in the United States District Court for the Central District of California; (iii) On November 4, 2022, the Company
initiated such litigation against Panasonic Holdings Corporation and Panasonic Corporation of North America in the United States District
Court for the Eastern District of Texas (Marshall Division); and (iv) On November 8, 2022 and November 16, 2022, the Company initiated
such litigation against Antaira Technologies, LLC and Dahua Technology USA in the United States District Court for the Central District
of California.
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INVESTMENT (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Equity Method Investments and Joint Ventures [Abstract] |
|
|
|
|
ILiAD Loss from continuing operations |
$ (8,232,000)
|
$ (5,753,000)
|
$ (17,929,000)
|
$ (11,880,000)
|
ILiAD Comprehensive loss |
$ (7,842,000)
|
$ (2,424,000)
|
$ (23,525,000)
|
$ (13,353,000)
|
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INVESTMENT (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
ILiAD Biotechnologies, LLC [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Aggregrate investment |
$ 7,000,000
|
|
$ 7,000,000
|
|
|
Book value of the investment |
$ 5,144,000
|
|
$ 5,144,000
|
|
|
Iliad [Member] | Class C Units [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Ownership percentage not fully diluted |
6.80%
|
|
6.80%
|
|
|
Iliad [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Aggregrate investment |
$ 7,000,000
|
|
$ 7,000,000
|
|
|
Equity investment net loss |
532,000
|
$ 285,000
|
1,597,000
|
$ 1,073,000
|
|
ILiAD additional comprehensive loss |
|
|
|
|
$ 621,000
|
Allocated share of additional loss |
$ 42,000
|
|
$ 42,000
|
|
|
Iliad [Member] | Class C Units [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
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Ownership percentage fully diluted |
|
|
6.10%
|
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v3.23.3
STOCK REPURCHASES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
137 Months Ended |
|
Aug. 16, 2022 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Jun. 13, 2023 |
Other Liabilities Disclosure [Abstract] |
|
|
|
|
|
Stock Repurchase Program, dollar amount, that may be repurchased |
|
|
|
|
$ 5,000,000
|
Number of shares, common stock repurchased since inception |
|
|
|
9,523,982
|
|
Aggregate cost of common stock repurchased since inception |
|
|
|
$ 18,455,467
|
|
Average price per share, common stock repurchased since inception |
|
|
|
$ 1.94
|
|
Number of shares, repurchased |
|
163,038
|
311,318
|
|
|
Aggregate repurchased, cost |
|
$ 369,846
|
$ 697,733
|
|
|
Average repurchased price per share |
|
$ 2.27
|
$ 2.24
|
|
|
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 |
|
$ 4,630,154
|
$ 4,630,154
|
$ 4,630,154
|
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