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Walker Innovation Inc. (1294649) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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Walker Innovation Inc.

CIK: 1294649

Exhibit 99.1

 

WALKER INNOVATION ANNOUNCES FIRST QUARTER RESULTS

 

Over $23 Million of Cash and Cash Equivalents as of March 31, 2018

Year-Over-Year Operating Expenses Decrease by Over 49%.

 

Stamford, CT – May 7, 2018 – Walker Innovation Inc. (OTCQB: WLKR) (“Walker Innovation” or the “Company”), which seeks to develop and commercialize its unique portfolio of intellectual property assets through licensing and enforcement operations and is pursuing an effort to acquire one or more operating businesses, today announced first quarter 2018 results.

 

First Quarter 2018 Highlights

 

 

As of March 31, 2018, Walker Innovation had in excess of $23 million in cash, cash equivalents and short-term investments, and no outstanding long-term debt on its consolidated balance sheet.

 

 

Operating expenses were $0.7 million in the first quarter of 2018, a 49% reduction compared to the first quarter of 2017, and a 6% reduction compared to the previous quarter ended December 31, 2017.

 

 

The Company reported net loss for the first quarter of 2018 of $0.6 million, or ($0.03) per common share, compared to net loss of $1.2 million, or ($0.06) per common share on a fully diluted basis, in the prior-year period.

 

“Although we have continued to reduce our operating expenses, our primary focus remains identifying and assessing acquisitions and other opportunities that can create shareholder value” said Jonathan Siegel, Chief Executive Officer.

 

First Quarter 2018 Results

 

Walker Innovation reported no revenue for both the first quarter of 2018 and 2017. As previously stated, the timing and results of patent prosecution and the Company’s enforcement proceedings relating to its intellectual property rights will fluctuate from period to period and is unpredictable.

 

Total operating expenses for the first quarter 2018 were approximately $0.7 million, including costs associated with patent prosecution and maintenance, versus $1.2 million in the prior-year period, primarily due to reduced overhead by eliminating positions and streamlining processes to conserve cash across its business.

 

Net loss for the first quarter of 2018 was $0.6 million compared to net loss for the first quarter of 2017 of $1.2 million. Net loss per common share for the first quarter of 2018 was ($0.03), compared to net loss per common share of ($0.06) for the first quarter of 2017.

 

Liquidity and Capital Resources

 

As of March 31, 2018, Walker Innovation had $23.3 million in cash, cash equivalents and short-term investments, no outstanding long-term debt on its consolidated balance sheet.

  

 

The following information was filed by Walker Innovation Inc. on Monday, May 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheet (Going Concern Basis)
Condensed Consolidated Balance Sheet (Going Concern Basis) (Parentheticals)
Unaudited Condensed Consolidated Statements Of Cash Flows (Going Concern Basis)
Unaudited Condensed Consolidated Statements Of Operations (Going Concern Basis)
Unaudited Condensed Consolidated Statements Of Operations (Going Concern Basis) (Parentheticals)
Unaudited Consolidated Statement Of Changes In Net Assets (Liquidation Basis)
Unaudited Consolidated Statement Of Net Assets (Liquidation Basis)
Note 1 - The Company
Note 1 - The Company (Details Textual)
Note 2 - Plan Of Complete Liquidation And Dissolution
Note 2 - Plan Of Complete Liquidation And Dissolution (Details Textual)
Note 3 - Summary Of Significant Accounting Policies
Note 3 - Summary Of Significant Accounting Policies (Tables)
Note 3 - Summary Of Significant Accounting Policies - Financial Instruments Were Not Included In Diluted Loss Per Share Calculation (Details)
Note 4 - Liability For Estimated Costs During Liquidation
Note 4 - Liability For Estimated Costs During Liquidation (Tables)
Note 4 - Liability For Estimated Costs During Liquidation - Expenses Expected To Be Incurred (Details)
Note 5 - Shared Services Agreement
Note 5 - Shared Services Agreement (Details Textual)
Note 5 - Shared Services Agreement (Tables)
Note 5 - Shared Services Agreement - Operating Expenses (Details)
Note 6 - Commitments And Contingencies
Note 7 - Equity
Note 7 - Equity (Details Textual)
Note 8 - Stock-Based Compensation
Note 8 - Stock-Based Compensation (Details Textual)
Note 8 - Stock-Based Compensation (Tables)
Note 8 - Stock-Based Compensation - Stock-Based Compensation To Employees And Non-Employees (Details)
Significant Accounting Policies (Policies)
CIK: 1294649
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-18-018871
Submitted to the SEC: Fri Oct 26 2018 3:02:15 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Patent Owners And Lessors

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