2024 Q1 Form 10-K Financial Statement

#000143774924008859 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $25.00M
YoY Change -100.0% -100.0% 2602.7%
Cost Of Revenue $59.00K $60.00K $227.0K
YoY Change 37.21% 2900.0% 2170.0%
Gross Profit -$59.00K -$60.00K $24.77M
YoY Change -100.24% -106.5% 2607.43%
Gross Profit Margin 99.09%
Selling, General & Admin $773.0K $630.0K $14.74M
YoY Change -93.6% -74.9% 89.68%
% of Gross Profit 59.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $56.00K $256.0K
YoY Change -9.09% -23.29% -17.68%
% of Gross Profit 1.03%
Operating Expenses $773.0K $630.0K $14.74M
YoY Change -93.6% -74.9% 89.68%
Operating Profit -$832.0K -$690.0K $10.03M
YoY Change -106.46% -56.52% -246.24%
Interest Expense $104.0K -$75.00K $424.0K
YoY Change -1.89% -1.32% 30.86%
% of Operating Profit 4.23%
Other Income/Expense, Net $139.0K -$345.0K -$514.0K
YoY Change -42.8% -90.63% -82.61%
Pretax Income -$693.0K -$1.110M $9.515M
YoY Change -105.28% -79.23% -196.96%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$693.0K -$1.110M $9.515M
YoY Change -105.28% -79.23% -197.09%
Net Earnings / Revenue 38.06%
Basic Earnings Per Share -$0.01 $0.11
Diluted Earnings Per Share -$0.01 -$0.01 $0.08
COMMON SHARES
Basic Shares Outstanding 88.30M 87.51M 85.73M
Diluted Shares Outstanding 88.16M 119.9M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.734M $2.560M $2.560M
YoY Change 1184.44% 2248.62% 2248.62%
Cash & Equivalents $1.700M $2.600M $2.560M
Short-Term Investments
Other Short-Term Assets $36.00K $34.00K $95.00K
YoY Change 50.0% 13.33% -65.33%
Inventory
Prepaid Expenses $60.00K $61.00K
Receivables
Other Receivables
Total Short-Term Assets $1.830M $2.655M $2.655M
YoY Change -87.21% 593.21% 593.21%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $996.0K $1.055M
YoY Change -20.45% -22.37%
Long-Term Investments
YoY Change
Other Assets $312.0K $313.0K $313.0K
YoY Change 7700.0% 6160.0% 6160.0%
Total Long-Term Assets $1.308M $1.368M $1.368M
YoY Change 3.89% 0.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $1.830M $2.655M $2.655M
Total Long-Term Assets $1.308M $1.368M $1.368M
Total Assets $3.138M $4.023M $4.023M
YoY Change -79.84% 129.75% 129.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $427.0K $573.0K $573.0K
YoY Change -47.28% -36.4% -36.4%
Accrued Expenses $555.0K $537.0K $162.0K
YoY Change -4.31% -9.29% -2.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.555M $1.179M $1.179M
YoY Change 3.32% 54.32% 54.32%
Total Short-Term Liabilities $2.537M $2.289M $2.289M
YoY Change -12.37% 1.42% 1.42%
LONG-TERM LIABILITIES
Long-Term Debt $40.62M $41.25M $41.25M
YoY Change 281.52% 335.39% 335.39%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $40.62M $41.25M $41.25M
YoY Change -18.02% -17.79% -17.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.537M $2.289M $2.289M
Total Long-Term Liabilities $40.62M $41.25M $41.25M
Total Liabilities $43.16M $43.54M $43.54M
YoY Change -17.7% -16.97% -16.97%
SHAREHOLDERS EQUITY
Retained Earnings -$434.4M -$433.7M
YoY Change 1.0% -2.14%
Common Stock $884.0K $877.0K
YoY Change 4.62% 8.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$40.02M -$39.52M -$39.52M
YoY Change
Total Liabilities & Shareholders Equity $3.138M $4.023M $4.023M
YoY Change -79.84% 129.75% 129.75%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$693.0K -$1.110M $9.515M
YoY Change -105.28% -79.23% -197.09%
Depreciation, Depletion And Amortization $60.00K $56.00K $256.0K
YoY Change -9.09% -23.29% -17.68%
Cash From Operating Activities -$800.0K -$739.0K $10.80M
YoY Change -106.06% 22.55% -460.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.000K $2.000K
YoY Change -50.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$2.000K -$2.000K
YoY Change -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$33.00K -28.00K -$8.338M
YoY Change -104.14% -107.39% -508.33%
NET CHANGE
Cash From Operating Activities -$800.0K -739.0K $10.80M
Cash From Investing Activities $0.00 -2.000K -$2.000K
Cash From Financing Activities -$33.00K -28.00K -$8.338M
Net Change In Cash -$826.0K -769.0K $2.451M
YoY Change -105.92% 243.3% -366.12%
FREE CASH FLOW
Cash From Operating Activities -$800.0K -$739.0K $10.80M
Capital Expenditures $0.00 $2.000K $2.000K
Free Cash Flow -$800.0K -$741.0K $10.80M
YoY Change -106.06% 22.89% -459.45%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
109000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
24000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
24000 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b>Use of Estimates in the Preparation of Financial Statements </b></p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.  The more significant estimates made by us include projected future cash flows and risk-adjusted discount rates for estimating the fair value of our contingent payment obligations, the volatility and estimated lives of share-based awards used in the estimate of the fair market value of share-based compensation, the assessment of recoverability of long-lived assets, the amortization periods for intangible and long-lived assets, and the valuation allowance for deferred taxes.  Actual results could differ from the estimates made.  We periodically evaluate estimates used in the preparation of the financial statements for continued reasonableness.  Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation.</p>
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119888000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78395000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2600000 usd
CY2023Q4 prkr Net Working Capital
NetWorkingCapital
400000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-433700000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
9500000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10800000 usd
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
100000 usd
CY2023 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
200000 usd
CY2023 prkr Proceeds From Issuance Of Debt And Equity
ProceedsFromIssuanceOfDebtAndEquity
900000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
25000000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
930000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
9515000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-9813000 usd
CY2023 prkr Income Attributable To The Dilutive Securities If Converted Or Exercised
IncomeAttributableToTheDilutiveSecuritiesIfConvertedOrExercised
402000 usd
CY2022 prkr Income Attributable To The Dilutive Securities If Converted Or Exercised
IncomeAttributableToTheDilutiveSecuritiesIfConvertedOrExercised
0 usd
CY2023 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
9917000 usd
CY2022 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-9813000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85732000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78395000
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
34156000
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36380000
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67460000
CY2023Q4 prkr Prepaid Services
PrepaidServices
31000 usd
CY2022Q4 prkr Prepaid Services
PrepaidServices
202000 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
12000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
25000 usd
CY2023Q4 prkr Prepaid Licenses Software Tools And Support
PrepaidLicensesSoftwareToolsAndSupport
16000 usd
CY2022Q4 prkr Prepaid Licenses Software Tools And Support
PrepaidLicensesSoftwareToolsAndSupport
15000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2000 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
61000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
244000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10431000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14319000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9376000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12960000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1055000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1359000 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
250000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 usd
CY2023 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-60000.00 usd
CY2022 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-120000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
228000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
193000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
132000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
115000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
99000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
288000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1055000 usd
CY2023Q4 prkr Accrued Advances Current And Noncurrent
AccruedAdvancesCurrentAndNoncurrent
375000 usd
CY2022Q4 prkr Accrued Advances Current And Noncurrent
AccruedAdvancesCurrentAndNoncurrent
425000 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
66000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
56000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
6000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
9000 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
447000 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
490000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
134000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
139000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
144000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
57000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
474000 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
4938000 usd
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
4538000 usd
CY2023Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1045000 usd
CY2022Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
625000 usd
CY2023Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3893000 usd
CY2022Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3913000 usd
CY2023 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">10.</em> <span style="text-decoration: underline; ">CONTINGENT PAYMENT OBLIGATIONS</span></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b>Secured Contingent Payment Obligation</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">The following table provides a reconciliation of our secured contingent payment obligation measured at estimated fair market value for the years ended <em style="font: inherit;"> December 31, 2023 </em>and <em style="font: inherit;">2022</em>, respectively (in thousands):</p> <hr style="height: 3px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 11pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> </td><td style="font-family: Times New Roman; font-size: 11pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">2023</em></p> </td><td style="font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: Times New Roman; font-size: 11pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">2022</em></p> </td><td style="font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt; width: 70%;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Secured contingent payment obligation, beginning of year</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">40,708</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">37,372</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> <p style="margin: 0pt; font-size: 11pt; font-family: Times New Roman;">Proceeds from contingent payment obligation</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0">5,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> <p style="margin: 0pt; font-size: 11pt; font-family: Times New Roman;">Repayment</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0">(13,925</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Change in fair value</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,381</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,336</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Secured contingent payment obligation, end of year</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">29,402</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">40,708</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table> <hr style="height: 3px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0"/> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">Our secured contingent payment obligation represents the estimated fair value of our repayment obligation to Brickell Key Investments, LP (“Brickell”) under a <em style="font: inherit;"> February 2016 </em>funding agreement, as amended from time to time.  On <em style="font: inherit;"> August 14, 2023, </em>the contingent funding agreement with Brickell was replaced with a secured, non-recourse note (the "Note") and a prepaid forward purchase agreement (the "PPFPA").  The Note has a face value of $45.5 million ("Face Value"), accrues simple interest at a fixed rate, and matures on <em style="font: inherit;"> August 14, 2028.  </em>Payments under the Note will be made solely from proceeds from our patent assets, net of contingent fees payable to attorneys ("Distributions").  We are obligated to pay <em style="font: inherit;">one hundred</em> percent (100%) of the <em style="font: inherit;">first</em> $5.8 million in Distributions to Brickell, and thereafter will pay a percentage of Distributions, which varies depending upon the origin of the Distributions, until the Face Value of the Note, and accrued interest thereon, has been repaid in full.  If the amounts payable to Brickell from Distributions are insufficient to repay the face value and interest accrued on the Note by the maturity date, our remaining repayment obligations under the Note will be reduced to <em style="font: inherit;">zero</em> with future payment obligations, if any, being determined under the PPFPA.  The Note is secured by our patent assets and related proceeds and contains standard and customary representations, warranties and covenants.  The Note contains events of default including, but <em style="font: inherit;">not</em> limited to, (a) failure to pay principal or interest on the Note when due; (b) breach of representations or covenants, (c) impairment in the perfection or priority of Brickell's security interests in the collateral, and (d) bankruptcy or dissolution of the Company.  In the event of a default, the outstanding principal and accrued interest on the Note will become immediately due and payable.  The PPFPA extends beyond the maturity date of the Note and provides that Brickell is entitled to a specified percentage of monetary recoveries resulting from our patent-related actions to the extent <em style="font: inherit;">not</em> already paid to Brickell under the Note, or otherwise prior to the inception of the Note.  The PPFPA also contains standard and customary representations, warranties and covenants.  The Note and PPFPA are collectively referred to as our secured contingent payment obligation.</p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">To date, we have received aggregate proceeds of $23 million in exchange for Brickell’s right to reimbursement and compensation from gross proceeds resulting from patent enforcement and other patent monetization actions and have repaid an aggregate of $17.3 million from patent license and settlement proceeds.  The underlying carrying value of the Note, which includes the Face Value plus accrued interest, was approximately $51.0 million as of <em style="font: inherit;"> December 31, 2023, </em>which compares to the minimum return due to Brickell under the prior agreement of $56.9 million as of <em style="font: inherit;"> December 31, 2022.  </em>The range of potential proceeds payable to Brickell is discussed more fully in Note <em style="font: inherit;">11.</em>  </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">Brickell holds a senior security interest in the majority of our assets until such time as the Note, including accrued interest thereon, is paid in full.  The security interest is enforceable by Brickell in the event that we are in default under the agreement which would occur if (i) we fail, after notice, to pay proceeds to Brickell, (ii) we become insolvent or insolvency proceedings are commenced (and <em style="font: inherit;">not</em> subsequently discharged) with respect to us, (iii) our creditors commence actions against us (which are <em style="font: inherit;">not</em> subsequently discharged) that affect our material assets, (iv) we, without Brickell’s consent, incur indebtedness other than immaterial ordinary course indebtedness, or (v) there is an uncured non-compliance of our obligations or misrepresentations under the agreement.  As of <em style="font: inherit;"> December 31, 2023</em>, we are in compliance with our obligations under this agreement.</p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">We have elected to measure our secured contingent payment obligation at its estimated fair value based on probability-weighted estimated cash outflows, discounted back to present value using a discount rate determined in accordance with accepted valuation methods (see Note <em style="font: inherit;">11</em>). The secured contingent payment obligation is remeasured to fair value at each reporting period with changes recorded in the consolidated statements of comprehensive income (loss) until the contingency is resolved.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b>Unsecured Contingent Payment Obligations</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">The following table provides a reconciliation of our unsecured contingent payment obligations, measured at estimated fair market value, for the years ended <em style="font: inherit;"> December 31, 2023 </em>and <em style="font: inherit;">2022</em>, respectively (in thousands):</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <hr style="height: 3px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 11pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> </td><td style="font-family: Times New Roman; font-size: 11pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">2023</em></p> </td><td style="font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: Times New Roman; font-size: 11pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">2022</em></p> </td><td style="font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt; width: 70%;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Unsecured contingent payment obligations, beginning of year</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">5,089</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">5,691</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Change in fair value</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,529</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(602</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Unsecured contingent payment obligations, end of year</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7,618</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5,089</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td></tr> </tbody></table> <hr style="height: 3px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0"/> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">Our unsecured contingent payment obligations represent amounts payable to others from future patent-related proceeds including (i) a termination fee due to a litigation funder (“Termination Fee”) and (ii) contingent payment rights (“CPRs”) issued to accredited investors primarily in connection with equity financings.  We have elected to measure these unsecured contingent payment obligations at their estimated fair value based on probability-weighted estimated cash outflows, discounted back to present value using a discount rate determined in accordance with accepted valuation methods.  The unsecured contingent payment obligations will be remeasured to fair value at each reporting period with changes recorded in the consolidated statements of comprehensive income (loss) until the contingency is resolved (see Note <em style="font: inherit;">11</em>).</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">The Termination Fee is a result of $1.0 million in advances received under a letter agreement with a <em style="font: inherit;">third</em>-party funder.  Based on the terms of the letter agreement, if a final funding arrangement was <em style="font: inherit;">not</em> executed by <em style="font: inherit;"> March 31, 2020, </em>we would be obligated to pay, from future patent-related proceeds, an aggregate termination payment equal to <em style="font: inherit;">five</em> times the advances received, or approximately $5.0 million.  We did <em style="font: inherit;">not</em> consummate a funding agreement and accordingly the advances were recorded as an unsecured contingent payment obligation at <em style="font: inherit;"> March 31, 2020, </em>when the Termination Fee obligation was incurred.  As of <em style="font: inherit;"> December 31, 2023</em>, the estimated fair value of unsecured contingent payment obligations related to the Termination Fee is $3.5 million.</p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;">The CPRs represent the estimated fair value of rights provided to accredited investors who purchased shares of our common stock in <em style="font: inherit;">2020</em> and <em style="font: inherit;">2021</em> and the fair value of a right issued to a <em style="font: inherit;">third</em>-party in connection with a service agreement during the year ended <em style="font: inherit;"> December 31, 2020.  </em>No sales of common stock with contingent payment rights were completed during the years ended <em style="font: inherit;"> December 31, 2023 </em>and <em style="font: inherit;">2022</em>.  The terms of the CPRs provide that we will pay each investor an allocated portion of our net proceeds from patent-related actions, after taking into account fees and expenses payable to law firms representing us and amounts payable to Brickell.  The investors’ allocated portion of net proceeds will be determined by multiplying the net proceeds recovered by us (up to $10 million) by the quotient of such investors’ subscription amount divided by $10 million, up to an amount equal to each investor’s subscription amount, or an aggregate of $5.8 million.  As of <em style="font: inherit;"> December 31, 2023</em>, the estimated fair value of our unsecured contingent payment obligations related to the CPRs is $4.1 million.</p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p>
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