NETWORK-1 TECHNOLOGIES INC
For the period ended Sep 30, 2024. Filed Oct 24, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 24, 2024
NTIP$1.57-1.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
NETWORK-1 TECHNOLOGIES, INC.
****CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS CURRENT ASSETS: | ||
| Cash and cash equivalents | $14,315,000 | $16,896,000 |
| Marketable securities, at fair value | 27,201,000 | 28,571,000 |
| Other current assets | 141,000 | 206,000 |
| TOTAL CURRENT ASSETS | 41,657,000 | 45,673,000 |
| OTHER ASSETS: | ||
| Patents, net of accumulated amortization | 1,236,000 | 1,326,000 |
| Equity investment | 3,636,000 | 5,249,000 |
| Operating leases right-of-use asset | 43,000 | 16,000 |
| Security deposit | 13,000 | 13,000 |
| Total Other Assets | 4,928,000 | 6,604,000 |
| TOTAL ASSETS | $46,585,000 | $52,277,000 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY: CURRENT LIABILITIES: | ||
| Accounts payable | $371,000 | $125,000 |
| Accrued payroll | 6,000 | 378,000 |
| Other accrued expenses | 182,000 | 297,000 |
| Operating lease obligation, current | 40,000 | 23,000 |
| Total Current Liabilities | 599,000 | 823,000 |
| LONG TERM LIABILITIES: | ||
| Deferred tax liability | 407,000 | 762,000 |
| TOTAL LIABILITIES | 1,006,000 | 1,585,000 |
| COMMITMENTS AND CONTINGENCIES (Note G) | ||
| STOCKHOLDERS’ EQUITY | ||
| Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at September 30, 2024 and December 31, 2023 | — | — |
| Common stock, $0.01 par value; authorized 50,000,000 shares; 23,110,495 and 23,553,908 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 231,000 | 235,000 |
| Additional paid-in capital | 67,757,000 | 67,446,000 |
| Accumulated deficit | (22,409,000) | (16,989,000) |
| TOTAL STOCKHOLDERS’ EQUITY | 45,579,000 | 50,692,000 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $46,585,000 | $52,277,000 |
****CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)** **
| Three Months Ended September, | Nine Months Ended September, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUE | $— | $— | $100,000 | $820,000 |
| OPERATING EXPENSES: | ||||
| Costs of revenue | — | — | 28,000 | 232,000 |
| Professional fees and related costs | 290,000 | 109,000 | 656,000 | 466,000 |
| General and administrative | 576,000 | 679,000 | 1,764,000 | 2,070,000 |
| Amortization of patents | 30,000 | 71,000 | 90,000 | 236,000 |
| TOTAL OPERATING EXPENSES | 896,000 | 859,000 | 2,538,000 | 3,004,000 |
| OPERATING LOSS | (896,000) | (859,000) | (2,438,000) | (2,184,000) |
| OTHER INCOME: | ||||
| Interest and dividend income, net | 524,000 | 406,000 | 1,407,000 | 1,161,000 |
| Net realized and unrealized gain on marketable securities | 293,000 | 131,000 | 395,000 | 420,000 |
| Total other income, net | 817,000 | 537,000 | 1,802,000 | 1,581,000 |
| LOSS BEFORE INCOME TAXES AND SHARE OF NET LOSSES OF EQUITY METHOD INVESTEE | (79,000) | (322,000) | (636,000) | (603,000) |
| INCOME TAXES PROVISION: | ||||
| Current | — | (13,000) | — | (13,000) |
| Deferred taxes, net | (71,000) | (31,000) | (355,000) | (278,000) |
| Total income tax benefit | (71,000) | (44,000) | (355,000) | (229,000) |
| LOSS BEFORE SHARE OF NET LOSS OF EQUITY METHOD INVESTEE: | (8,000) | (278,000) | (281,000) | (312,000) |
| SHARE OF NET LOSS OF EQUITY METHOD INVESTEE | (308,000) | (532,000) | (1,613,000) | (1,597,000) |
| NET LOSS | $(316,000) | $(810,000) | $(1,894,000) | $(1,909,000) |
| Net loss per share | ||||
| Basic | $(0.01) | $(0.03) | $(0.08) | $(0.08) |
| Diluted | $(0.01) | $(0.03) | $(0.08) | $(0.08) |
| Weighted average common shares outstanding: | ||||
| Basic | 23,126,480 | 23,803,567 | 23,337,716 | 23,867,204 |
| Diluted | 23,126,480 | 23,803,567 | 23,337,716 | 23,867,204 |
| Cash dividends declared per share | $0.05 | $0.05 | $0.10 | $0.10 |
| NET LOSS | $(316,000) | $(810,000) | $(1,894,000) | $(1,909,000) |
| OTHER COMPREHENSIVE LOSS | ||||
| Net unrealized holding gain on corporate bonds and notes during the period, net of tax | — | 14,000 | — | 14,000 |
| COMPREHENSIVE LOSS | $(316,000) | $(796,000) | $(1,894,000) | $(1,895,000) |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Additional · Other · Total | ||||||
| Common Stock · Paid-in · Accumulated · Comprehensive · Stockholders’ | ||||||
| Shares | Amount | Capital | Deficit | Loss | Equity | |
| Balance – January 1, 2024 | 23,553,908 | $235,000 | $67,446,000 | $(16,989,000) | — | $50,692,000 |
| Dividends and dividend equivalents declared | — | — | — | (1,207,000) | — | (1,207,000) |
| Stock-based compensation | — | — | 115,000 | — | — | 115,000 |
| Vesting of restricted stock units | 111,250 | 1,000 | (1,000) | — | — | — |
| Value of shares delivered to pay withholding taxes | (28,853) | — | — | (61,000) | — | (61,000) |
| Treasury stock purchased and retired | (83,744) | (1,000) | — | (185,000) | — | (186,000) |
| Net loss | — | — | — | (920,000) | — | (920,000) |
| Balance – March 31, 2024 | 23,552,561 | $235,000 | $67,560,000 | $(19,362,000) | — | $48,433,000 |
| Stock-based compensation | — | — | 95,000 | — | — | 95,000 |
| Vesting of restricted stock units | 11,250 | 1,000 | (1,000) | — | — | — |
| Treasury stock purchased and retired | (373,701) | (4,000) | — | (693,000) | — | (697,000) |
| Net loss | — | — | — | (658,000) | — | (658,000) |
| Balance – June 30, 2024 | 23,190,110 | $232,000 | $67,654,000 | $(20,713,000) | — | $47,173,000 |
| Dividends and dividend equivalents declared | — | — | — | (1,181,000) | — | (1,181,000) |
| Stock-based compensation | — | — | 103,000 | — | — | 103,000 |
| Vesting of restricted stock units | 40,000 | — | — | — | — | — |
| Treasury stock purchased and retired | (119,615) | (1,000) | — | (199,000) | — | (200,000) |
| Net loss | — | — | — | (316,000) | — | (316,000) |
| Balance – September 30, 2024 | 23,110,495 | $231,000 | $67,757,000 | $(22,409,000) | — | $45,579,000 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
| Accumulated | ||||||
|---|---|---|---|---|---|---|
| Additional · Other · Total | ||||||
| Common Stock · Paid-in · Accumulated · Comprehensive · Stockholders’ | ||||||
| Shares | Amount | Capital | Deficit | Loss | Equity | |
| Balance – January 1, 2023 | 23,863,639 | $239,000 | $66,939,000 | $(12,055,000) | $(14,000) | $55,109,000 |
| Dividends and dividend equivalents declared | — | — | — | (1,196,000) | — | (1,196,000) |
| Stock-based compensation | — | — | 161,000 | — | — | 161,000 |
| Vesting of restricted stock units | 123,750 | 1,000 | (1,000) | — | — | — |
| Value of shares delivered to pay withholding taxes | (39,099) | — | — | (83,000) | — | (83,000) |
| Treasury stock purchased and retired | (136,785) | (1,000) | — | (305,000) | — | (306,000) |
| Net loss | — | — | — | (623,000) | — | (623,000) |
| Balance – March 31, 2023 | 23,811,505 | $239,000 | $67,099,000 | $(14,262,000) | $(14,000) | $53,062,000 |
| Stock-based compensation | — | — | 106,000 | — | — | 106,000 |
| Vesting of restricted stock units | 11,250 | — | — | — | — | — |
| Treasury stock purchased and retired | (11,495) | (1,000) | — | (25,000) | — | (26,000) |
| Net loss | — | — | — | (476,000) | — | (476,000) |
| Balance – June 30, 2023 | 23,811,260 | $238,000 | $67,205,000 | $(14,763,000) | $(14,000) | $52,666,000 |
| 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 text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.