2024 Q3 Form 10-Q Financial Statement

#000143774924026374 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $57.00K $58.00K
YoY Change -6.56% -7.94%
Gross Profit -$57.00K -$58.00K
YoY Change -6.56% -7.94%
Gross Profit Margin
Selling, General & Admin $980.0K $683.0K
YoY Change 8.41% -39.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.00K $58.00K
YoY Change -17.14% -10.77%
% of Gross Profit
Operating Expenses $980.0K $683.0K
YoY Change 8.41% -39.29%
Operating Profit -$1.037M -$741.0K
YoY Change 7.46% -37.63%
Interest Expense -$94.00K -$88.00K
YoY Change -187.85% -182.24%
% of Operating Profit
Other Income/Expense, Net -$9.770M $414.0K
YoY Change 230.29% -84.2%
Pretax Income -$10.81M -$327.0K
YoY Change 175.69% -122.82%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.81M -$327.0K
YoY Change 175.48% -122.82%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 $0.00
Diluted Earnings Per Share -$0.12 $0.00
COMMON SHARES
Basic Shares Outstanding 89.61M 88.70M
Diluted Shares Outstanding 90.34M 88.68M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $821.0K $1.025M
YoY Change -75.35% -75.6%
Cash & Equivalents $800.0K $1.000M
Short-Term Investments
Other Short-Term Assets $36.00K $36.00K
YoY Change -2.7% -2.7%
Inventory
Prepaid Expenses $85.00K $70.00K
Receivables
Other Receivables
Total Short-Term Assets $942.0K $1.131M
YoY Change -72.7% -73.9%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $889.0K $945.0K
YoY Change -21.33% -20.65%
Long-Term Investments
YoY Change
Other Assets $2.000K $312.0K
YoY Change -33.33% 5100.0%
Total Long-Term Assets $891.0K $1.257M
YoY Change -21.36% 5.01%
TOTAL ASSETS
Total Short-Term Assets $942.0K $1.131M
Total Long-Term Assets $891.0K $1.257M
Total Assets $1.833M $2.388M
YoY Change -60.01% -56.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $466.0K $438.0K
YoY Change -41.46% -44.2%
Accrued Expenses $752.0K $542.0K
YoY Change 29.66% -6.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.188M $1.436M
YoY Change 0.68% -17.99%
Total Short-Term Liabilities $2.400M $2.400M
YoY Change -5.96% -22.93%
LONG-TERM LIABILITIES
Long-Term Debt $49.72M $40.16M
YoY Change 316.09% 269.26%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $49.72M $40.16M
YoY Change 21.45% 6.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.400M $2.400M
Total Long-Term Liabilities $49.72M $40.16M
Total Liabilities $52.13M $42.57M
YoY Change 19.85% 4.51%
SHAREHOLDERS EQUITY
Retained Earnings -$445.5M -$434.7M
YoY Change 2.98% 1.41%
Common Stock $964.0K $889.0K
YoY Change 11.06% 3.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$50.30M -$40.19M
YoY Change
Total Liabilities & Shareholders Equity $1.833M $2.388M
YoY Change -60.01% -56.82%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$10.81M -$327.0K
YoY Change 175.48% -122.82%
Depreciation, Depletion And Amortization $58.00K $58.00K
YoY Change -17.14% -10.77%
Cash From Operating Activities -$640.0K -$625.0K
YoY Change -13.51% -29.62%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.000K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 437.0K -84.00K
YoY Change -412.14% -99.06%
NET CHANGE
Cash From Operating Activities -640.0K -625.0K
Cash From Investing Activities -1.000K 0.000
Cash From Financing Activities 437.0K -84.00K
Net Change In Cash -204.0K -709.0K
YoY Change -76.82% -92.81%
FREE CASH FLOW
Cash From Operating Activities -$640.0K -$625.0K
Capital Expenditures $1.000K $0.00
Free Cash Flow -$641.0K -$625.0K
YoY Change -13.38% -29.7%

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us-gaap Depreciation Depletion And Amortization
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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prkr Proceeds Payments From Issuance Of Common Stock Including Contingent Payment Rights
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Nature Of Operations
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<p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1.</em> Description of Business</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;">ParkerVision, Inc. (“ParkerVision”, “we” or the “Company”) is in the business of innovating fundamental wireless hardware technologies and products.</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;">We have designed and developed proprietary radio frequency (“RF”) technologies and integrated circuits based on those technologies, and we license those technologies to others for use in wireless communication products.   We currently have <span style="-sec-ix-hidden:c116202055">five</span> licensees of our technologies.  We have expended significant financial and other resources to research and develop our RF technologies and to obtain patent protection for those technologies in the United States of America (“U.S.”) and certain foreign jurisdictions.  We believe certain patents protecting our proprietary technologies have been broadly infringed by others, and therefore the primary focus of our business plan is the enforcement of our intellectual property rights through patent licensing and infringement litigation efforts.  We currently have patent enforcement actions ongoing in various U.S. district courts against mobile handset, smart television and other WiFi product providers, as well as semiconductor suppliers, for the infringement of a number of our RF patents.  We have made significant investments in developing and protecting our technologies.</p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p>
us-gaap Basis Of Accounting
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<p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">3.</em> Basis of Presentation </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 accompanying unaudited condensed consolidated financial statements for the <em style="font: inherit;">three</em> and <em style="font: inherit;">six</em> month periods ended <em style="font: inherit;"> June 30, 2024</em> were prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form <em style="font: inherit;">10</em>-Q and Rule <em style="font: inherit;">10</em>-<em style="font: inherit;">01</em> of Regulation S-<em style="font: inherit;">X.</em>  Operating results for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em>, are <em style="font: inherit;">not</em> necessarily indicative of the results that <em style="font: inherit;"> may </em>be expected for the year ending <em style="font: inherit;"> December 31, 2024</em>, or future years.  All normal and recurring adjustments which, in the opinion of management, are necessary for a fair statement of the consolidated financial condition and results of operations have been included.</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 year-end condensed consolidated balance sheet data was derived from audited financial statements for the year ended <em style="font: inherit;"> December 31, 2023</em>.  Certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with GAAP have been omitted from these interim condensed consolidated financial statements.  These interim condensed consolidated financial statements should be read in conjunction with our latest Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2023</em> (“<em style="font: inherit;">2023</em> Annual Report”).  Certain reclassifications have been made to prior period amounts to conform to the current period presentation.</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 condensed consolidated financial statements include the accounts of ParkerVision, Inc. and its wholly-owned German subsidiary, ParkerVision GmbH, after elimination of all intercompany transactions and accounts.  </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"> </p>
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Nature Of Operations
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<p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1.</em> Description of Business</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;">ParkerVision, Inc. (“ParkerVision”, “we” or the “Company”) is in the business of innovating fundamental wireless hardware technologies and products.</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;">We have designed and developed proprietary radio frequency (“RF”) technologies and integrated circuits based on those technologies, and we license those technologies to others for use in wireless communication products.   We currently have <span style="-sec-ix-hidden:c116202055">five</span> licensees of our technologies.  We have expended significant financial and other resources to research and develop our RF technologies and to obtain patent protection for those technologies in the United States of America (“U.S.”) and certain foreign jurisdictions.  We believe certain patents protecting our proprietary technologies have been broadly infringed by others, and therefore the primary focus of our business plan is the enforcement of our intellectual property rights through patent licensing and infringement litigation efforts.  We currently have patent enforcement actions ongoing in various U.S. district courts against mobile handset, smart television and other WiFi product providers, as well as semiconductor suppliers, for the infringement of a number of our RF patents.  We have made significant investments in developing and protecting our technologies.</p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"> </p>
us-gaap Net Income Loss
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CY2024Q2 us-gaap Liabilities Current
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us-gaap Basis Of Accounting
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<p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">3.</em> Basis of Presentation </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 accompanying unaudited condensed consolidated financial statements for the <em style="font: inherit;">three</em> and <em style="font: inherit;">six</em> month periods ended <em style="font: inherit;"> June 30, 2024</em> were prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form <em style="font: inherit;">10</em>-Q and Rule <em style="font: inherit;">10</em>-<em style="font: inherit;">01</em> of Regulation S-<em style="font: inherit;">X.</em>  Operating results for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em>, are <em style="font: inherit;">not</em> necessarily indicative of the results that <em style="font: inherit;"> may </em>be expected for the year ending <em style="font: inherit;"> December 31, 2024</em>, or future years.  All normal and recurring adjustments which, in the opinion of management, are necessary for a fair statement of the consolidated financial condition and results of operations have been included.</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 year-end condensed consolidated balance sheet data was derived from audited financial statements for the year ended <em style="font: inherit;"> December 31, 2023</em>.  Certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with GAAP have been omitted from these interim condensed consolidated financial statements.  These interim condensed consolidated financial statements should be read in conjunction with our latest Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2023</em> (“<em style="font: inherit;">2023</em> Annual Report”).  Certain reclassifications have been made to prior period amounts to conform to the current period presentation.</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 condensed consolidated financial statements include the accounts of ParkerVision, Inc. and its wholly-owned German subsidiary, ParkerVision GmbH, after elimination of all intercompany transactions and accounts.  </p> <p style="font-family: Times New Roman; font-size: 11pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"> </p>
us-gaap Contract With Customer Liability Revenue Recognized
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IncomeAttributableToTheDilutiveSecuritiesIfConvertedOrExercised
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prkr Income Attributable To The Dilutive Securities If Converted Or Exercised
IncomeAttributableToTheDilutiveSecuritiesIfConvertedOrExercised
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prkr Income Attributable To The Dilutive Securities If Converted Or Exercised
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CY2024Q2 us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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prkr Income Attributable To The Dilutive Securities If Converted Or Exercised
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prkr Income Attributable To The Dilutive Securities If Converted Or Exercised
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CY2024Q2 us-gaap Net Income Loss Attributable To Parent Diluted
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CY2023Q2 us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Net Income Loss Attributable To Parent Diluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24865000
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35880000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24865000
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9519000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9376000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
945000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1055000 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
4938000 usd
CY2024Q2 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3588000 usd
CY2023Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3893000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">10.</em> Contingent Payment Obligations</b></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;"><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 value, for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em> and the year ended <em style="font: inherit;"> December 31, 2023</em> (in thousands):</p> <p style="font-family: Times New Roman; 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;">Six Months Ended June 30, 2024</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;">Year Ended December 31, 2023</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 period</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;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">29,402</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">40,708</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: &quot;Times New Roman&quot;;">Borrowings</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">-</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">5,000</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: &quot;Times New Roman&quot;;">Repayments</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">-</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">(13,925</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);">(167</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;"> </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></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 period</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);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">29,235</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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);">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></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 secured contingent payment obligation consists of a secured, non-recourse note (the "Note") and a prepaid forward purchase contract (the "PPFPA") with Brickell<span style="background-color: rgb(255, 255, 255); font-size: 11pt;"> Key Investments, LP (“Brickell”).  </span> 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;">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 condensed consolidated statements of comprehensive income (loss) until the contingency is resolved.</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 underlying carrying value of the Note, which includes the Face Value plus accrued interest, was approximately $55.1 million and $51.0 million as of <em style="font: inherit;"> June 30, 2024</em> and <em style="font: inherit;"> December 31, 2023</em>, respectively. The range of potential proceeds payable to Brickell is discussed more fully in Note <em style="font: inherit;">11.</em>  As of <em style="font: inherit;"> June 30, 2024</em>, we are in compliance with our obligations under the Note and the PPFPA.</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;"><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 value, for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em> and the year ended <em style="font: inherit;"> December 31, 2023</em> (in thousands):</p> <p style="font-family: Times New Roman; 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);"><em style="font: inherit;">Six Months Ended June 30, 2024</em></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);"><em style="font: inherit;">Year Ended December 31, 2023</em></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 period</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;">7,618</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;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">5,089</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Change in fair value</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(555</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,529</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Unsecured contingent payment obligations, end of period</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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);">7,063</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);">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></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 and (ii) contingent payment rights issued to accredited investors 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 condensed consolidated statements of comprehensive 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>
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10464000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10431000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9519000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9376000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
945000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1055000 usd
CY2024Q2 us-gaap Convertible Debt
ConvertibleDebt
4888000 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
4938000 usd
CY2024Q2 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1300000 usd
CY2023Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1045000 usd
CY2023Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3893000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">10.</em> Contingent Payment Obligations</b></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;"><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 value, for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em> and the year ended <em style="font: inherit;"> December 31, 2023</em> (in thousands):</p> <p style="font-family: Times New Roman; 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;">Six Months Ended June 30, 2024</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;">Year Ended December 31, 2023</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 period</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;">29,402</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;">40,708</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: &quot;Times New Roman&quot;;">Borrowings</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">-</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">5,000</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: &quot;Times New Roman&quot;;">Repayments</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">-</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">(13,925</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);">(167</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;"> </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></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 period</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);">29,235</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);">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></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 secured contingent payment obligation consists of a secured, non-recourse note (the "Note") and a prepaid forward purchase contract (the "PPFPA") with Brickell<span style="background-color: rgb(255, 255, 255); font-size: 11pt;"> Key Investments, LP (“Brickell”).  </span> 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;">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 condensed consolidated statements of comprehensive income (loss) until the contingency is resolved.</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 underlying carrying value of the Note, which includes the Face Value plus accrued interest, was approximately $55.1 million and $51.0 million as of <em style="font: inherit;"> June 30, 2024</em> and <em style="font: inherit;"> December 31, 2023</em>, respectively. The range of potential proceeds payable to Brickell is discussed more fully in Note <em style="font: inherit;">11.</em>  As of <em style="font: inherit;"> June 30, 2024</em>, we are in compliance with our obligations under the Note and the PPFPA.</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;"><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 value, for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em> and the year ended <em style="font: inherit;"> December 31, 2023</em> (in thousands):</p> <p style="font-family: Times New Roman; 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);"><em style="font: inherit;">Six Months Ended June 30, 2024</em></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);"><em style="font: inherit;">Year Ended December 31, 2023</em></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 period</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;">7,618</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;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">5,089</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Change in fair value</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(555</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,529</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Unsecured contingent payment obligations, end of period</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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);">7,063</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);">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></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 and (ii) contingent payment rights issued to accredited investors 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 condensed consolidated statements of comprehensive 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>
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10464000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10431000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9376000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
945000 usd
CY2024Q2 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1300000 usd
CY2023Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
1045000 usd
CY2023Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3893000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">10.</em> Contingent Payment Obligations</b></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;"><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 value, for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em> and the year ended <em style="font: inherit;"> December 31, 2023</em> (in thousands):</p> <p style="font-family: Times New Roman; 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;">Six Months Ended June 30, 2024</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;">Year Ended December 31, 2023</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 period</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;">29,402</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;">40,708</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: &quot;Times New Roman&quot;;">Borrowings</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">-</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">5,000</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: &quot;Times New Roman&quot;;">Repayments</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">-</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">(13,925</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);">(167</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;"> </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></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 period</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);">29,235</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);">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></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 secured contingent payment obligation consists of a secured, non-recourse note (the "Note") and a prepaid forward purchase contract (the "PPFPA") with Brickell<span style="background-color: rgb(255, 255, 255); font-size: 11pt;"> Key Investments, LP (“Brickell”).  </span> 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;">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 condensed consolidated statements of comprehensive income (loss) until the contingency is resolved.</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 underlying carrying value of the Note, which includes the Face Value plus accrued interest, was approximately $55.1 million and $51.0 million as of <em style="font: inherit;"> June 30, 2024</em> and <em style="font: inherit;"> December 31, 2023</em>, respectively. The range of potential proceeds payable to Brickell is discussed more fully in Note <em style="font: inherit;">11.</em>  As of <em style="font: inherit;"> June 30, 2024</em>, we are in compliance with our obligations under the Note and the PPFPA.</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;"><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 value, for the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2024</em> and the year ended <em style="font: inherit;"> December 31, 2023</em> (in thousands):</p> <p style="font-family: Times New Roman; 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);"><em style="font: inherit;">Six Months Ended June 30, 2024</em></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);"><em style="font: inherit;">Year Ended December 31, 2023</em></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 period</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;">7,618</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;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;">5,089</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Change in fair value</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(555</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,529</td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 11pt;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; font-variant: normal; margin: 0pt;">Unsecured contingent payment obligations, end of period</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 11pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</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);">7,063</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);">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></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 and (ii) contingent payment rights issued to accredited investors 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 condensed consolidated statements of comprehensive 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>
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
19000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
10300000
prkr Class Of Warrant Or Right Weighted Average Remaining Life
ClassOfWarrantOrRightWeightedAverageRemainingLife
P1Y
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y9M18D
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
120000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
19000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
10300000
prkr Class Of Warrant Or Right Weighted Average Remaining Life
ClassOfWarrantOrRightWeightedAverageRemainingLife
P1Y
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
150000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
320000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y9M18D
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
120000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
19000 usd
prkr Class Of Warrant Or Right Weighted Average Remaining Life
ClassOfWarrantOrRightWeightedAverageRemainingLife
P1Y
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
200000 usd

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