Network-1 Technologies, Inc.(NTIP), a leading technology company, has released its unaudited financial results for the second quarter of 2023. The company reported a net loss of $476,000 and generated $283,000 in revenue during the quarter. The financial statements indicate notable changes in assets, liabilities, and equity.*
Assets and Liabilities
The company's total assets decreased from $57.97 million at the end of 2022 to $54.39 million as of June 30, 2023. This decline was attributed to reductions in cash and cash equivalents as well as marketable securities. Network-1 reported current assets totaling $46.64 million, with cash and cash equivalents amounting to $16.61 million and marketable securities valued at $29.75 million. Other current assets and prepaid taxes also contributed to the current asset total. The company's other assets, which include patents, an equity investment, and operating lease right-of-use assets, amounted to $7.76 million.
On the liabilities side, Network-1's total liabilities decreased from $2.86 million at the end of 2022 to $1.73 million as of June 30, 2023. The company's current liabilities, including accounts payable, accrued expenses, and operating lease obligations, totaled $751,000. Long-term liabilities comprised a deferred tax liability and non-current operating lease obligations.
Network-1's stockholders' equity decreased from $55.11 million at the end of 2022 to $52.66 million as of June 30, 2023. Common stock, additional paid-in capital, and accumulated deficit were significant components of the company's equity structure. The accumulated deficit increased from $12.05 million to $14.76 million, reflecting the net loss incurred during the quarter. Despite the changes in equity, the company remained focused on its strategic goals and operations.
Network-1 reported revenue of $283,000 for the three-month period ending June 30, 2023, compared to no revenue during the same period in 2022. The company's operating expenses, including costs of revenue, professional fees, and general administrative expenses, amounted to $832,000 for the quarter. This resulted in an operating loss of $549,000, an improvement from the operating loss of $834,000 reported in Q2 2022.
Network-1 Technologies, Inc. faced challenges during the second quarter of 2023 as it recorded a net loss of $476,000 and incurred various operating expenses. However, the company's efforts to streamline operations and manage expenses resulted in a narrower operating loss compared to the previous year. The company remains committed to its mission and strategic objectives as it continues to navigate the ever-evolving technology landscape.