Network-1 Technologies, Inc. Reports Net Loss of $476,000 and Revenue of $283,000 for Q2 2023

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.