Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Entity Registrant Name | 'INTERNET PATENTS CORP | ' |
Entity Central Index Key | '0001077370 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Common Stock, Shares Outstanding (in shares) | ' | 7,751,952 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $27,529 | $30,113 |
Short-term investments | 1,245 | 249 |
Restricted cash equivalents | 800 | 1,000 |
Prepaid expenses and other current assets | 220 | 144 |
Total current assets | 29,794 | 31,506 |
Property and equipment, net | ' | 1 |
Other assets | 29 | 29 |
Total assets | 29,823 | 31,536 |
Current liabilities: | ' | ' |
Accounts payable | 263 | 220 |
Accrued expenses | 217 | 253 |
Total current liabilities | 480 | 473 |
Accrued lease obligation, noncurrent | 300 | 444 |
Income tax liability | 101 | 101 |
Other liabilities | 45 | 45 |
Total liabilities | 926 | 1,063 |
Stockholders’ equity: | ' | ' |
Common stock | 11 | 11 |
Paid-in capital | 221,772 | 221,750 |
Treasury stock | -6,788 | -6,788 |
Unrealized loss on available-for-sale securities | -1 | ' |
Accumulated deficit | -186,097 | -184,500 |
Total stockholders’ equity | 28,897 | 30,473 |
Total liabilities and stockholders’ equity | $29,823 | $31,536 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' |
General and administrative | 738 | 598 | 1,620 | 2,211 |
Total operating expenses | 738 | 598 | 1,620 | 2,211 |
Loss from operations | -738 | -598 | -1,620 | -2,211 |
Other income, expense, net | 8 | 8 | 23 | 18 |
Net loss before income taxes | -730 | -590 | -1,597 | -2,193 |
Income tax provision | ' | ' | ' | ' |
Net loss | ($730) | ($590) | ($1,597) | ($2,193) |
Net loss per share: | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | ($0.10) | ($0.07) | ($0.21) | ($0.28) |
Denominator for net loss per share: | ' | ' | ' | ' |
Basic and diluted —weighted average shares of common stock outstanding (in shares) | 7,752 | 7,752 | 7,752 | 7,752 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net loss | ($730) | ($590) | ($1,597) | ($2,193) |
Other comprehensive loss: | ' | ' | ' | ' |
Unrealized gain on available-for-sale securities | 1 | 1 | ' | ' |
Other comprehensive gain before tax | 1 | 1 | ' | ' |
Income tax provision related to comprehensive income | ' | ' | ' | ' |
Other comprehensive gain, net of tax | 1 | 1 | ' | ' |
Comprehensive loss | ($729) | ($589) | ($1,597) | ($2,193) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($1,597,000) | ($2,193,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Share-based compensation | 21,000 | 24,000 |
Depreciation and amortization | 1,000 | 11,000 |
Impairment of long-lived assets | ' | 14,000 |
Loss on disposal of equipment | ' | 3,000 |
Loss on sub-lease | ' | 685,000 |
Net changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other current assets | -76,000 | -47,000 |
Other assets | ' | -2,000 |
Accounts payable | 43,000 | 173,000 |
Accrued expenses and other current liabilities | -180,000 | -274,000 |
Other liabilities | ' | 45,000 |
Net cash used in operating activities | -1,788,000 | -1,561,000 |
Cash flows from investing activities: | ' | ' |
Purchases of short-term investments | -2,490,000 | -1,494,000 |
Redemption of short-term investments | 1,494,000 | 2,742,000 |
Purchases of restricted cash equivalents and short-term investments | ' | -1,000,000 |
Redemption of restricted short-term investments | 200,000 | 1,000,000 |
Change in interest receivable | ' | ' |
Net cash provided by (used in) investing activities | -796,000 | 1,248,000 |
Net decrease in cash and cash equivalents | -2,584,000 | -313,000 |
Cash and cash equivalents, beginning of period | 30,113,000 | 31,068,000 |
Cash and cash equivalents, end of period | $27,529,000 | $30,755,000 |
Note_1_Business_of_Internet_Pa
Note 1 - Business of Internet Patents Corporation | 9 Months Ended | |
Sep. 30, 2014 | ||
Notes to Financial Statements | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1. Business of Internet Patents Corporation | ||
Internet Patents Corporation (“IPC”) was originally incorporated in California in February 1995 and re-incorporated in Delaware in October 1996, and is headquartered outside Sacramento, California. IPC’s headquarters mailing address is 101 Parkshore Drive, Suite 100, Folsom, CA 95630, and the telephone number at that location is (916) 932-2860. The principal IPC website is | ||
www.internetpatentscorporation.net | ||
. | ||
From its inception through December 21, 2011, IPC operated an online insurance marketplace that electronically matched consumers and providers of automobile, property, health, term life, and small business insurance. IPC discontinued this business in connection with the sale of substantially all of its assets (the “Disposition”) to Bankrate, Inc. (“Bankrate”) in a transaction that closed on December 21, 2011 (“Disposition Date”).On the Disposition Date and in connection with the Disposition, the Company changed its name from InsWeb Corporation (“InsWeb”) to Internet Patents Corporation. | ||
Since the Disposition Date, IPC’s business consists solely of plans to license and otherwise enforce its portfolio of seven e-commerce patents (“Patent Licensing Business”). From its original incorporation, IPC was among the earliest companies operating exclusively online, and we employed a significant number of software and systems engineers to develop technology leveraging the power of the internet. Although our principal business focus at that time was online insurance lead generation, the problems that our technology experts faced were common to many e-commerce companies. IPC's innovative solutions to these problems are now covered by patents, and patent applications, that we believe apply to many e-commerce activities, including: | ||
● | personalized product recommendations to web site visitors; | |
● | retargeting or remarketing to web site visitors; | |
● | online registration and application processes and forms; | |
● | maintaining consistent look and feel of web pages in multiple languages; and | |
● | generating quick or even real time product rate requests. | |
Under U.S. law, a patent owner is entitled to exclude others from making, selling or using the patented invention for the life of the patent, generally twenty years from its filing date, with some possible term extensions by statute. The patent holder may grant one or more licenses to the patented invention, typically allowing the licensee to make, use and/or sell the patented invention in return for a royalty paid to the patent owner. A patent owner also may sue and recover damages from unlicensed parties for past patent infringement and sometimes future royalties. Although we intend to attempt to negotiate a reasonable royalty for licenses to the patented technologies, we may not be able to reach a negotiated settlement with the accused infringer. In that case we expect to vigorously litigate our infringement claims. To date, none of the Company's patents has generated direct revenues or been subject to a final adjudication of its validity. |
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Business Description and Basis of Presentation [Text Block] | ' |
2. Basis of Presentation | |
The consolidated financial statements include the accounts of IPC and its wholly-owned subsidiaries, Goldrush Insurance Services, Inc. and InsWeb Insurance Services, Inc. All significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. | |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not contain all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly IPC’s financial position as of September 30, 2014 and the results of operations for the three and nine months ended September 30, 2014 and 2013 and of cash flows for the nine months ended September30, 2014 and 2013. The financial data and other information disclosed in these notes to the condensed consolidated financial statements related to these periods are unaudited. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any future period. | |
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in IPC’s Annual Report on Form 10-K and other information as filed with the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. The December 31, 2013 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The Company believes the disclosures in its notes to the condensed consolidated financial statements are adequate to make the information presented not misleading. IPC has evaluated subsequent events through the time of filing these financial statements. Based upon the evaluation, there was no material impact on the accompanying condensed consolidated financial statements. | |
Recently Adopted Accounting Pronounc | |
e | |
ments | |
In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements—Going Concern” (Subtopic 205-40) which amends the current guidance in ASC Topic 205 by adding Subtopic 40. Subtopic 40 requires management to evaluate whether there are conditions or events that in aggregate would raise substantial doubt about an entity’s ability to continue as a going concern for one year from the date the financial statements are issued or available to be issued. If substantial doubt existed, management would be required to make certain disclosures related to nature of the substantial doubt and under certain circumstances, how that substantial doubt would be mitigated. This amendment is effective for annual periods ending after December 15, 2016 and for subsequent interim and annual periods thereafter. Early adoption is permitted. We are evaluating the effects, if any, adoption of this guidance will have on our consolidated financial statements. |
Note_3_Fair_Value_Measurements
Note 3 - Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Notes to Financial Statements | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||
The following table presents the assets measured at fair value on a recurring basis as of September 30, 2014 (in thousands): | |||||||||||||||||
September | |||||||||||||||||
30, | |||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 27,342 | $ | 27,342 | $ | — | $ | — | |||||||||
Short-term investments | 1,245 | 1,245 | — | — | |||||||||||||
Restricted cash equivalents | 800 | 800 | |||||||||||||||
Total assets at fair value | $ | 29,387 | $ | 29,387 | $ | — | $ | — | |||||||||
The following table presents the assets measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 29,315 | $ | 29,315 | $ | — | $ | — | |||||||||
Short-term investments | 249 | 249 | |||||||||||||||
Restricted cash equivalents | 1,000 | 1,000 | — | — | |||||||||||||
Total assets at fair value | $ | 30,564 | $ | 30,564 | $ | — | $ | — | |||||||||
Cash equivalents, short-term investments and restricted cash equivalents include certificates of deposit, money market deposit accounts and money market funds. The carrying value of these cash equivalents, short-term investments and restricted cash equivalents approximates fair value. For these securities, IPC uses quoted prices in active markets for identical assets to determine their fair value and are considered to be Level 1 instruments. |
Note_4_Restricted_Cash_Equival
Note 4 - Restricted Cash Equivalents and Short-Term Investments | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Restricted Assets Disclosure [Text Block] | ' |
4. Restricted Cash Equivalents and Short-Term Investments | |
A portion of the cash equivalents and short-term investments are used as collateral for a letter of credit of the same amount which secures the Company’s remaining obligations under the office space lease for IPC’s former corporate headquarters. As of September 30, 2014 and December 31, 2013, the portions used as collateral consisted of $0.8 million and $1.0 million each, respectively. |
Note_5_Accrued_Expenses_and_Ot
Note 5 - Accrued Expenses and Other Current Liabilites | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Notes to Financial Statements | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
5. Accrued Expenses and Other Current Liabilities | |||||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||||
September | December 31, | ||||||||
30, | 2013 | ||||||||
2014 | |||||||||
Accrued lease obligations | $ | 193 | $ | 229 | |||||
Other | 24 | 24 | |||||||
$ | 217 | $ | 253 | ||||||
For the quarter ended June 30, 2013, IPC recorded a net charge of $606,000 to record an accrual for its continuing lease obligations relating to IPC’s former headquarters in Rancho Cordova, California. During the quarter ended June 30, 2013, IPC discontinued using this facility and subleased the entire premises to an unrelated business for the remainder of IPC’s lease term. In evaluating our continuing lease obligations for this facility, IPC must make assumptions regarding the estimated future sublease income relative to this facility. These estimates and assumptions are affected by area-specific conditions such as new commercial development, market occupancy rates and future market prices. As a result of the current conditions in the real estate market where this IPC property is located and the inherent risks associated with its sub-lessee, the Company recorded a charge of $606,000 in the quarter ended June 30, 2013, representing the difference between IPC’s lease obligations and broker fees associated with this facility and the sub-lease income it expects to receive through February 2017, the expiration of our leasehold interest. Also included in the charge is an impaired asset for leasehold improvements of $14,000. The charge was offset by the unamortized portion of deferred rent, as rent expense was recognized on a straight-line base over the life of the lease. The Company recorded this charge in the statement of operations in general and administrative expenses. If this estimate or the related assumptions change in the future, IPC may be required to record a charge to increase its existing accrual. |
Note_6_Net_Loss_Per_Share
Note 6 - Net Loss Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Notes to Financial Statements | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
6. Net Loss Per Share | |||||||||||||||||
Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding. Diluted net loss per share is a measure of the potential dilution that would occur if stock options had been exercised. | |||||||||||||||||
The following table reconciles the numerator and denominator used to calculate basic and diluted net loss per share of common stock | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
: | |||||||||||||||||
Three months ended | Nine | ||||||||||||||||
September | months ended | ||||||||||||||||
30, | September | ||||||||||||||||
30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for basic and diluted net loss per share: | |||||||||||||||||
Net loss available to common stockholders | $ | (730 | ) | $ | (590 | ) | $ | (1,597 | ) | $ | (2,193 | ) | |||||
Denominator for net loss per share: | |||||||||||||||||
Basic and diluted —weighted average shares of common stock outstanding | 7,752 | 7,752 | 7,752 | 7,752 | |||||||||||||
Net loss per share: | |||||||||||||||||
Basic and diluted | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.28 | ) | |||||
Potentially dilutive securities are not included in the diluted net loss calculation, because their inclusion would have been anti-dilutive given the Company’s net loss for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||
For the three and nine months ended September 30, 2014, there were no shares issuable upon the assumed exercise of stock options and therefore none were included in the calculation of diluted earnings per share, as their inclusion would have been anti-dilutive. | |||||||||||||||||
For the three and nine months ended September 30, 2013, 320 and 822 shares issuable upon the assumed exercise of stock options are not included in the calculation of diluted earnings per share, as their inclusion would have been anti-dilutive. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
7. Commitments and Contingencies | |
Leases | |
IPC has a non-cancelable 24 month lease through May 15, 2015 for approximately 800 square feet of office space in Folsom, California, which is currently IPC’s corporate headquarters. | |
IPC has a non-cancelable 5-year full-service lease through February 14, 2017 for approximately 16,000 square feet of office space in a building that housed IPC’s headquarters until May 2013. The facility is located in Rancho Cordova, California. The lease includes negotiated annual increases in the monthly rental payments. On April 16, 2013, IPC subleased this space for the remainder of IPC’s term. The monthly sublease rent is less than IPC’s rent obligation to the landlord. As of September 30, 2014, IPC is expected to receive $329,000 from the sub-lessee for the remainder of IPC’s lease. | |
Until expiration of the lease in September 2014, IPC also leased approximately 10,000 square feet of office space in San Francisco, California. This facility was fully subleased to two tenants. |
Note_8_Options_and_Equity
Note 8 - Options and Equity | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
8. Options and Equity | |
As of September 30, 2014, there was no unrecognized compensation cost for all stock options outstanding, as all options became fully vested on December 11, 2011, which was ten days prior to the Disposition Date, in accordance with the IPC Stock Option and Executive Plans. All subsequent grants have been fully vested on the date of issuance. | |
The 2008 Stock Option Plan provides that each non-employee director receive a fully-vested option to purchase 5,000 shares of common stock on July 1st (or the first business day thereafter) of each year in which the director remains in office. Pursuant to the Option Plan, on July 1, 2014 and July 1, 2013, fully-vested options to purchase 5,000 shares of common stock were granted to each of the three non-employee directors with exercise prices of $3.15 and $3.56 respectively. The Company recognized $21,000 in stock compensation expense for the three and nine months ended September 30, 2014 and $24,000 for the comparable periods in 2013. | |
During the three and nine months ended September 30, 2014 and 2013 there were no common share issuances associated with the exercise of stock options. |
Note_9_Subsequent_Event
Note 9 - Subsequent Event | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Subsequent Events [Text Block] | ' |
9. Subsequent Event | |
On November 11, 2014 | |
IPC announced that it had entered into a definitive agreement to merge with Prism Technologies, a Nebraska limited liability company. Following the acquisition, Prism will be a wholly owned subsidiary of IPC and will operate the patent enforcement business for all Prism and IPC patents. | |
Prism and its subsidiaries currently own or have rights to a patent portfolio consisting of nine patent families incorporating 61 issued and six pending patents in the computer and network security, semiconductors and medical technology spaces. Prism continues to develop and acquire new technologies and is committed to ongoing research and development efforts in several fields, including computer and network security, wearable computing, and secure transaction processing. Prism has been granted several new key patents on its inventions and has several open patent applications. Prism began its licensing efforts in 2004 and has extensive relationships with law firms specializing in patent licensing and patent infringement litigation. To date, it has licensed its technology to over 30 companies, including Microsoft, Research-In-Motion, VeriSign, Adobe, National Instruments, Bank of America and Harris Bancorp. | |
Pursuant to the terms of the Merger Agreement, in exchange for all of the outstanding equity of Prism, IPC will pay $16.5 million in cash, less any debt that is not related to the acquisition of patents and issue 3.5 million shares of its common stock to Prism security holders at closing. IPC has also agreed to share future revenue related to Prism’s patents with Prism’s former security holders. Under the terms of the Merger Agreement, IPC, through ownership of Prism, will retain the first $16.5 million in Prism Patent Proceeds received after Closing, less any cash remaining in Prism at the time of closing. Prism’s former security holders will receive 70% of subsequent Prism Patent Proceeds, up to $55 million. The maximum revenue share of $55 million to be paid to Prism’s former security holders would be reduced by any distributions of Prism Patent Proceeds that are made by Prism prior to closing. After the maximum earnout is achieved, IPC will retain all future Prism Patent Proceeds. Prism Patent Proceeds is defined in the Merger Agreement as total recoveries from litigation, licensing, and patent sales minus production expenses (e.g. legal fees and costs paid to third parties); and minus cash operating expenses incurred by Prism. | |
Immediately following the closing of the transaction, Prism’s former equity owners are expected to own approximately 31% of the outstanding common stock of the combined company (or approximately 34% of the outstanding common stock of the combined company calculated on a fully diluted basis). | |
Completion of the transaction, which is expected to occur in the first quarter of 2015, will be subject to approval by IPC's shareholders, the members of Prism, and other customary closing conditions. |
Note_3_Fair_Value_Measurements1
Note 3 - Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Notes Tables | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
September | |||||||||||||||||
30, | |||||||||||||||||
2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 27,342 | $ | 27,342 | $ | — | $ | — | |||||||||
Short-term investments | 1,245 | 1,245 | — | — | |||||||||||||
Restricted cash equivalents | 800 | 800 | |||||||||||||||
Total assets at fair value | $ | 29,387 | $ | 29,387 | $ | — | $ | — | |||||||||
December 31, | |||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 29,315 | $ | 29,315 | $ | — | $ | — | |||||||||
Short-term investments | 249 | 249 | |||||||||||||||
Restricted cash equivalents | 1,000 | 1,000 | — | — | |||||||||||||
Total assets at fair value | $ | 30,564 | $ | 30,564 | $ | — | $ | — |
Note_5_Accrued_Expenses_and_Ot1
Note 5 - Accrued Expenses and Other Current Liabilites (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Notes Tables | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
September | December 31, | ||||||||
30, | 2013 | ||||||||
2014 | |||||||||
Accrued lease obligations | $ | 193 | $ | 229 | |||||
Other | 24 | 24 | |||||||
$ | 217 | $ | 253 |
Note_6_Net_Loss_Per_Share_Tabl
Note 6 - Net Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Notes Tables | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine | ||||||||||||||||
September | months ended | ||||||||||||||||
30, | September | ||||||||||||||||
30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for basic and diluted net loss per share: | |||||||||||||||||
Net loss available to common stockholders | $ | (730 | ) | $ | (590 | ) | $ | (1,597 | ) | $ | (2,193 | ) | |||||
Denominator for net loss per share: | |||||||||||||||||
Basic and diluted —weighted average shares of common stock outstanding | 7,752 | 7,752 | 7,752 | 7,752 | |||||||||||||
Net loss per share: | |||||||||||||||||
Basic and diluted | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.21 | ) | $ | (0.28 | ) |
Note_1_Business_of_Internet_Pa1
Note 1 - Business of Internet Patents Corporation (Details Textual) | Sep. 30, 2014 |
Number of E-Commerce Patents | 7 |
Note_3_Fair_Value_Measurements2
Note 3 - Fair Value Measurements - Assets at Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $27,342 | $29,315 |
Short-term investments | 1,245 | 249 |
Restricted cash equivalents | 800 | 1,000 |
Total assets at fair value | 29,387 | 30,564 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 27,342 | 29,315 |
Short-term investments | 1,245 | 249 |
Restricted cash equivalents | 800 | 1,000 |
Total assets at fair value | $29,387 | $30,564 |
Note_4_Restricted_Cash_Equival1
Note 4 - Restricted Cash Equivalents and Short-Term Investments (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restricted Cash and Investments, Current | $0.80 | $1 |
Note_5_Accrued_Expenses_and_Ot2
Note 5 - Accrued Expenses and Other Current Liabilites (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Exit Cost Obligations | ' | $300,000 | ' | $444,000 |
Business Exit Costs | ' | ' | 685,000 | ' |
Asset Impairment Charges | 14,000 | ' | 14,000 | ' |
Rancho Cordova C A [Member] | ' | ' | ' | ' |
Exit Cost Obligations | 606,000 | ' | ' | ' |
Business Exit Costs | $606,000 | ' | ' | ' |
Note_5_Accrued_Expenses_and_Ot3
Note 5 - Accrued Expenses and Other Current Liabilites - Accrued Expenses and Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued lease obligations | $193 | $229 |
Other | 24 | 24 |
$217 | $253 |
Note_6_Net_Loss_Per_Share_Deta
Note 6 - Net Loss Per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 320 | 822 |
Note_6_Net_Loss_Per_Share_Calc
Note 6 - Net Loss Per Share - Calculation of Numerator and Denominator in Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator for basic and diluted net loss per share: | ' | ' | ' | ' |
Net loss | ($730) | ($590) | ($1,597) | ($2,193) |
Denominator for net loss per share: | ' | ' | ' | ' |
Basic and diluted —weighted average shares of common stock outstanding (in shares) | 7,752 | 7,752 | 7,752 | 7,752 |
Net loss per share: | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | ($0.10) | ($0.07) | ($0.21) | ($0.28) |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
sqft | |
Folsom, California Corporate Headquarters [Member] | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '2 years |
Area of Real Estate Property | 800 |
Rancho Cordova C A [Member] | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '5 years |
Area of Real Estate Property | 16,000 |
Operating Leases, Future Minimum Payments Receivable | 329,000 |
San Francisco [Member] | ' |
Area of Real Estate Property | 10,000 |
Note_8_Options_and_Equity_Deta
Note 8 - Options and Equity (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2014 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share Based Compensation Arrangement by Share Based Payment Award Number of Annual Shares Authorized to Each Director | 5,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | 5,000 | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $3.15 | $3.56 | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | $21,000 | $24,000 | $21,000 | $24,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | $0 | ' | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | 0 | ' | 0 | ' |
Note_9_Subsequent_Event_Detail
Note 9 - Subsequent Event (Details Textual) (Prism Technologies [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Nov. 11, 2014 |
Payments to Acquire Businesses, Gross | $16.50 |
Common Stock, Shares, Issued | 3.5 |
Patent Proceeds Payable | 70.00% |
Licenses Revenue | $55 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 31.00% |
Noncontrolling Interest Diluted [Member] | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 34.00% |
Patents [Member] | ' |
Patent Families | 9 |
Issued Patents | 61 |
Patents Pending | 6 |