Network-1 Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Network-1 Technologies, Inc. has filed its annual report for the fiscal year ending December 31, 2023.</b>

AI Summary

NETWORK-1 TECHNOLOGIES, INC. (NTIP) filed a Annual Report (10-K) with the SEC on March 8, 2024. Network-1 Technologies, Inc. filed its 2023 Form 10-K on March 8, 2024. The filing covers the fiscal year ended December 31, 2023. The company's principal business is patent ownership and licensing. Network-1 Technologies, Inc. is incorporated in Delaware. The company's business address is 65 Locust Avenue, New Canaan, CT 06840.

Why It Matters

For investors and stakeholders tracking NETWORK-1 TECHNOLOGIES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: low — NETWORK-1 TECHNOLOGIES, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or positive developments beyond routine disclosures.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to understand Network-1 Technologies, Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-08 — Filing Date (Date the 10-K was filed with the SEC)
• 10-K — Form Type (Type of SEC filing)

Key Players & Entities

• NETWORK-1 TECHNOLOGIES, INC. (company) — Filer name
• 0001072613-24-000334 (filing_id) — Accession number
• 20231231 (date) — Fiscal year end
• 20240308 (date) — Filing date
• 65 LOCUST AVENUE (address) — Business address
• NEW CANAAN (city) — Business address city
• CT (state) — Business address state
• 06840 (zip_code) — Business address zip

FAQ

Industry Context

Network-1 Technologies, Inc. operates in the patent owners and lessors industry, focusing on licensing its intellectual property.

Regulatory Implications

The filing is a standard annual report (10-K) required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Examine the 'Risk Factors' section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing year-end financial and operational data.

Key Financial Figures

• $7,000,000 — ategic alternatives. We have invested $7,000,000 in ILiAD Biotechnologies, LLC ("ILiAD")
• $188,000,000 — tent has generated revenue in excess of $188,000,000 from May 2007 through December 31, 2023
• $2,601,000 — Patent generated all of our revenue of $2,601,000 as a result of litigation settlements r
• $45,467,000 — quivalents and marketable securities of $45,467,000 and working capital of $44,850,000. Bas
• $44,850,000 — s of $45,467,000 and working capital of $44,850,000. Based on our current cash position, we
• $100 million — obligation to pay M2M 14% of the first $100 million of net proceeds (after deduction of exp
• $250,000 — M2M will be entitled to receive from us $250,000 of additional consideration upon the oc
• $500,000 — he seller an additional cash payment of $500,000 and $375,000 of our common stock contin
• $375,000 — additional cash payment of $500,000 and $375,000 of our common stock contingent upon ach
• $50 million — tion to pay the seller 15% of the first $50 million of net proceeds (after deduction of exp
• $29,650,000 — esulting in aggregate payments to us of $29,650,000. The inventions relating to document
• $125 million — tfolio as follows: (i) 10% of the first $125 million of net proceeds; (ii) 15% of the next $
• $250 million — ortion of the net proceeds in excess of $250 million. Since entering into the agreement with
• $3,127,000 — e have paid Recognition an aggregate of $3,127,000 with respect to such net proceeds inter
• $47,150,000 — received licensing and other revenue of $47,150,000 through December 31, 2023. In addition,

Filing Documents

• network1_10k-123123.htm (10-K) — 1217KB
• exh19_18806.htm (EX-19) — 73KB
• exh21-1_18806.htm (EX-21.1) — 4KB
• exh23-1_18806.htm (EX-23.1) — 3KB
• exh31-1_18806.htm (EX-31.1) — 9KB
• exh31-2_18806.htm (EX-31.2) — 8KB
• exh32-1_18806.htm (EX-32.1) — 5KB
• exh32-2_18806.htm (EX-32.2) — 5KB
• exh97_18806.htm (EX-97) — 36KB
• 0001072613-24-000334.txt (&nbsp;) — 5689KB
• nssi-20231231.xsd (EX-101.SCH) — 51KB
• nssi-20231231_cal.xml (EX-101.CAL) — 61KB
• nssi-20231231_def.xml (EX-101.DEF) — 116KB
• nssi-20231231_lab.xml (EX-101.LAB) — 369KB
• nssi-20231231_pre.xml (EX-101.PRE) — 294KB
• network1_10k-123123_htm.xml (XML) — 753KB

Cybersecurity

Item 1C. Cybersecurity 19 Item 2. Properties 19 Item 3. Legal Proceedings 19 Item 4. Mine Safety Disclosures 21 PART II

Market

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. (Reserved) 24 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32 Item 8. Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 32 Item 9A. Controls and Procedures 32 Item 9B. Other Information 33 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 34 PART III Item 10. Directors, Executive Officers and Corporate Governance 34 Item 11. Executive Compensation 39 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44 Item 13. Certain Relationships and Related Transactions and Director Independence 46 Item 14. Principal Accountant Fees and Services 47 PART IV Item 15. Exhibits and Financial Statement Schedules 48

Signatures

Signatures 50 -1- PART I Forward-looking THIS ANNUAL REPORT ON FORM 10-K CONTAINS STATEMENTS ABOUT FUTURE EVENTS AND EXPECTATIONS WHICH ARE "FORWARD-LOOKING EXCHANGE ACT OF 1934, AS AMENDED. FORWARD-LOOKING STATEMENTS PROVIDE CURRENT EXPECTATIONS OF FUTURE EVENTS BASED ON CERTAIN ASSUMPTIONS AND INCLUDE ANY STATEMENT THAT DOES NOT DIRECTLY RELATE TO ANY HISTORICAL OR CURRENT FACT. STATEMENTS CONTAINING SUCH WORDS AS "MAY," "WILL," "EXPECT," "BELIEVE," "ANTICIPATE," "INTEND," "COULD," "ESTIMATE," "CONTINUE" OR "PLAN" AND SIMILAR EXPRESSIONS OR VARIATIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO CURRENT RISKS, UNCERTAINTIES AND ASSUMPTIONS RELATED TO VARIOUS FACTORS SET FORTH IN THIS REPORT AND IN OTHER FILINGS MADE BY US WITH THE SECURITIES AND EXCHANGE COMMISSION. BASED UPON CHANGING CONDITIONS, SHOULD ANY ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALIZE, INCLUDING THOSE DISCUSSED AS "RISK FACTORS" IN ITEM 1A AND ELSEWHERE IN THIS REPORT, OR SHOULD ANY OF OUR UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS REPORT. WE UNDERTAKE NO OBLIGATION TO UPDATE, AND WE DO NOT HAVE A POLICY OF UPDATING OR REVISING THESE FORWARD-LOOKING STATEMENTS. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE THE STATEMENT WAS MADE. UNLESS THE CONTEXT OTHERWISE REQUIRES, THE TERMS "NETWORK-1","COMPANY","WE," "OUR," "US" MEAN NETWORK-1 TECHNOLOGIES, INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MIRROR WORLDS TECHNOLOGIES

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View this 10-K filing on SEC EDGAR