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Msg  3021 of 3029  at  3/31/2017 4:28:10 PM  by

terryhallinan


 In response to msg 3020 by  IPHawk
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Re: 10-K

They will take a one time hit as the IP has been transferred back to Nokia. Going forward there won't be large depreciation expenses hitting the quarterly numbers related to the IP.
 
Sometimes helps to read what is written, Hawk, even if you just scan it.
 
From the 10-K:
 
On December 5, 2016, we entered into an agreement with Nokia Corporation (“Nokia”) to assign Nokia rights related to certain patents previously purchased from Nokia. The carrying value of the patents assigned to Nokia prior to the agreement was $1,186,000, which offset the $1,750,000 of royalty payable and resulted in a gain of $564,000 on the disposal of assets, which is included in general and administrative expense in the consolidated statements of operations and comprehensive loss. We retained selected patents previously purchased from Nokia with a carrying value of $50,000 as of December 31, 2016 that are no longer subject to any royalty payments to Nokia.
 
Page 9
 
Hey, that's great huh? They made more than half a million dumping the trash and got keep some.
 
Head on over to page 30 and there is a jungle of lawsuits over IP yet.
 
intellectual property costs recorded for the year ended December 31, 2015. This decrease was primarily due to the timing and nature of consulting and patent litigation costs related to legal proceedings against ZTE and ASUS, especially as costs pertaining to our ZTE campaign declined significantly following the execution of the confidential settlement and license agreement in December 2015.
 
Seems significant to me but so is a sawbuck even yet to us peons.
 
Page 37
 
Balance sheet:
 
-

Intangible assets, net
 
Intangibles [you know, like patents] are hardly down at all $15,610 vs. $16,476 [in thousands] while goodwill has exploded. 
 
Page F-3
 
Seems to me there is significant stuff that can continue to bite hard but it's early yet for a very new company with a load of losses for tax purposes.  Another big unknown is how much can be used against taxes.
 
Hawk, I don't pretend this is anything remotely like an analysis of the 10-K but there is enormous sloppiness in a highly technical document with all the imponderables of reviving and reorienting what was a dying company.
 
Next year's 10-K should be far more revealing.
 
Best,  Terry
 
 


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