In a recent development, Network-1 Technologies, Inc. (NYSE American: NTIP), a company specializing in patent ownership and leasing with a market capitalization of approximately $30 million, announced the engagement of a new independent registered public accounting firm.
According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet and an impressive current ratio of 69.5x. The Audit Committee of Network-1 Technologies confirmed the appointment of Grassi & Co., CPAs, P.C. ("Grassi") for the fiscal years ending December 31, 2024, and December 31, 2025. This change, effective immediately, was disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC).
The decision to engage Grassi follows the resignation of Marcum LLP, Network-1’s previous independent auditor, on November 13, 2024. Marcum LLP stepped down due to a conflict of interest arising from services performed by CBIZ (NYSE:CBZ), Inc., which had recently acquired Marcum LLP. Network-1 Technologies had reported this change in a prior Form 8-K filing on November 14, 2024.
During the fiscal years ended December 31, 2023, and December 31, 2022, and the subsequent interim period through December 12, 2024, Network-1 did not consult with Grassi regarding any accounting principles or transactions that could significantly impact the audit opinion on the company's financial statements. Additionally, there were no disagreements or reportable events as defined by SEC regulations that would have required consultation with Grassi during that time.
Network-1 Technologies, headquartered in New Canaan, Connecticut, operates under the SIC code for Patent Owners & Lessors [6794]. The company, incorporated in Delaware, continues to maintain its business address at 65 Locust Avenue, New Canaan, CT 06840, and can be contacted via its business phone number, 203-920-1055.
In other recent news, Network-1 Technologies has faced a legal setback against Meta (NASDAQ:META), with the U.S. Court of Appeals upholding a district court's decision dismissing Network-1's patent infringement claims. This decision represents a significant development for the company. In addition to this, Network-1 Technologies has announced changes in its independent registered public accounting firm due to a conflict of interest following Marcum LLP's acquisition by CBIZ, Inc. The change, however, was not due to any disagreements on financial disclosures, accounting principles, or auditing scope.
In terms of governance, Network-1 Technologies held its Annual Meeting of Stockholders, resulting in the re-election of directors Corey M. Horowitz, Jonathan Greene, Allison Hoffman, and Niv Harizman. Furthermore, Emanuel Pearlman, a long-standing board member, will not seek re-election at the 2024 annual meeting of stockholders due to personal reasons. These are the latest developments surrounding Network-1 Technologies.
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