Network-1(NTIP) - 2023 Q4 - Annual Results

Revenue and Income - Network-1 reported revenue of $2,601,000 for the year ended December 31, 2023, compared to no revenue in 2022[3] - Interest and dividend income rose to $1,868,000 in 2023, up from $1,020,000 in 2022, reflecting higher yielding fixed income investments[4] - The Remote Power Patent has generated over $188,000,000 in licensing revenue since May 2007, while the Mirror Worlds Patent Portfolio has achieved $47,150,000 in revenue[9] Expenses and Losses - Operating expenses increased by $933,000 in 2023, primarily due to contingent legal fees and incentive bonuses related to litigation settlements[3] - The net loss for 2023 was $1,457,000, or $0.06 per share, an improvement from a net loss of $2,326,000, or $0.10 per share, in 2022[5] - The company’s accumulated deficit increased to $16,989,000 in 2023, compared to $12,055,000 in 2022[14] Cash and Liquidity - As of December 31, 2023, Network-1 had cash and cash equivalents and marketable securities totaling $45,467,000, indicating sufficient liquidity for operations[6] - The company repurchased 428,132 shares at a cost of approximately $955,000 during 2023, with a total of 9,532,982 shares repurchased since the program's inception[7] - Network-1 declared and paid semi-annual cash dividends of $0.05 per share in 2023, consistent with its dividend policy[8] Assets - Total assets decreased to $52,277,000 as of December 31, 2023, down from $57,969,000 in 2022[14]