0001615774-18-008063.txt : 20180814 0001615774-18-008063.hdr.sgml : 20180814 20180814161810 ACCESSION NUMBER: 0001615774-18-008063 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPHERIX INC CENTRAL INDEX KEY: 0000012239 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 520849320 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05576 FILM NUMBER: 181017784 BUSINESS ADDRESS: STREET 1: ONE ROCKEFELLER PLAZA, 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 347-321-7646 MAIL ADDRESS: STREET 1: ONE ROCKEFELLER PLAZA, 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: BIOSPHERICS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BIOSPHERICS RESEARCH INC DATE OF NAME CHANGE: 19720404 10-Q 1 s112028_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to

Commission file number 000-05576

SPHERIX INCORPORATED

(Exact name of Registrant as specified in its charter)

Delaware		52-0849320
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One Rockefeller Plaza

New York, NY 10020

(Address of principal executive offices)

(212) 745-1374

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files.) Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer (Do not check if a smaller reporting company) ☐ Smaller Reporting Company ☒ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the Registrant’s classes of Common Stock, as of the latest practicable date.

Class		Outstanding as of August 14, 2018
Common Stock, $0.0001 par value		8,542,530 shares

Spherix Incorporated and Subsidiaries

Form 10-Q

For the Quarter Ended June 30, 2018

Index

		Page No.
Part I. Financial Information

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets as of June 30, 2018 (Unaudited) and December 31, 2017	1

	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017 (Unaudited)	2

	Consolidated Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2018 (Unaudited)	3

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 (Unaudited)	4

	Notes to the Condensed Consolidated Financial Statements (Unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4.	Controls and Procedures	20

Part II. Other Information

Item 1.	Legal Proceedings	21

Item 1A.	Risk Factors	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 6.	Exhibits	23

Signatures		24

Part I. Financial Information

Item 1. Financial Statements

SPHERIX INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

($ in thousands except per share amounts)


	June 30			December 31
	2018			2017
		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	178		$	197
Marketable securities		4,634			3,998
Prepaid expenses and other assets		146			150
Total current assets		4,958			4,345

Property and equipment, net		2			3
Patent portfolios and patent rights, net		2,897			3,578
Investments at fair value		1,725			1,020
Deposit		26			26
Total assets	$	9,608		$	8,972

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	206		$	56
Accrued salaries and benefits		592			695
Warrant liabilities		357			822
Short-term deferred revenue		—			957
Short-term lease liabilities		—			48
Total current liabilities		1,155			2,578

Long-term deferred revenue		—			2,288
Total liabilities		1,155			4,866

Stockholders’ equity
Series D: 4,725 shares issued and outstanding at June 30, 2018 and December 31, 2017; liquidation value of $0.0001 per share		—			—
Series D-1: 834 shares issued and outstanding at June 30, 2018 and December 31, 2017; liquidation value of $0.0001 per share		—			—
Common stock, $0.0001 par value, 100,000,000 shares authorized; 8,542,542 and 6,234,910 shares issued at June 30, 2018 and December 31, 2017, respectively; 8,542,530 and 6,234,898 shares outstanding at June 30, 2018 and December 31, 2017, respectively		1			—
Additional paid-in-capital		152,410			149,425
Treasury stock, at cost, 12 shares at June 30, 2018 and December 31, 2017		(264	)		(264	)
Accumulated deficit		(143,694	)		(145,055	)
Total stockholders’ equity		8,453			4,106
Total liabilities and stockholders’ equity	$	9,608		$	8,972

See accompanying notes to condensed consolidated financial statements

SPHERIX INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

($ in thousands except per share amounts)

(Unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Revenues	$	—		$	311		$	—		$	638

Operating costs and expenses
Amortization of patent portfolio		343			343			681			681
Compensation and related expenses (including stock-based compensation)		342			294			697			883
Professional fees		395			250			992			535
Rent		19			27			41			49
Depreciation expense		17			—			17			—
Acquisition costs		66			—			211			—
Other selling, general and administrative		80			174			200			236
Total operating expenses		1,262			1,088			2,839			2,384
Loss from operations		(1,262	)		(777	)		(2,839	)		(1,746	)

Other (expenses) income
Other (expenses) income , net		(93	)		121			(190	)		293
Change in fair value of investment		680			—			680			—
Change in fair value of warrant liabilities		277			(1,204	)		465			(1,326	)
Total other income (expenses)		864			(1,083	)		955			(1,033	)
Net loss	$	(398	)	$	(1,860	)	$	(1,884	)	$	(2,779	)

Net loss per share, basic and diluted
Basic and Diluted	$	(0.05	)	$	(0.38	)	$	(0.25	)	$	(0.56	)

Weighted average number of shares outstanding, basic and diluted
Basic and Diluted		8,535,550			4,958,159			7,565,772			4,951,083

See accompanying notes to condensed consolidated financial statements

SPHERIX INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders’ Equity

($ in thousands except per share amounts)

(Unaudited)

	Common Stock				Preferred Stock				Additional		Treasury Stock					Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Paid-in Capital		Shares		Amount			Deficit			Equity
Balance at December 31, 2017		6,234,898	$	—		5,559	$	—	$	149,425		12	$	(264	)	$	(145,055	)	$	4,106
Issuance common stock in equity raise, net of offering cost		2,222,222		1		—		—		2,699		—		—			—			2,700
Stock-based compensation		85,410		—		—		—		286		—		—			—			286
Cumulative effect of the changes related to adoption of ASC 606		—		—		—		—		—							3,245			3,245
Net loss		—		—		—		—		—		—		—			(1,884	)		(1,884	)
Balance at June 30, 2018		8,542,530	$	1		5,559	$	—	$	152,410		12	$	(264	)	$	(143,694	)	$	8,453

See accompanying notes to condensed consolidated financial statements

SPHERIX INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

($ in thousands)

(Unaudited)


	Six Months Ended June 30,
	2018			2017
Cash flows from operating activities
Net loss	$	(1,884	)	$	(2,779	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of patent portfolio		681			681
Change in fair value of investment		(680	)		—
Change in fair value of warrant liabilities		(465	)		1,326
Stock-based compensation		286			11
Depreciation expense		17			2
Realized loss on marketable securities		275			129
Unrealized loss (gain) on marketable securities		17			(137	)
Changes in assets and liabilities:
Prepaid expenses and other assets		4			40
Accounts payable and accrued expenses		150			(20	)
Accrued salaries and benefits		(103	)		(364	)
Deferred revenue		—			(618	)
Accrued lease liabilities		(48	)		(87	)
Net cash used in operating activities		(1,750	)		(1,816	)

Cash flows from investing activities
Purchase of marketable securities		(10,047	)		(6,510	)
Sale of marketable securities		9,119			9,624
Purchase of investment at fair value		(25	)		(675	)
Purchase of property and equipment		(16	)		—
Net cash (used in) provided by investing activities		(969	)		2,439

Cash flows from financing activities
Cash from issuance common stock, net of offering cost		2,700			—
Repurchase of restricted stock units to pay for employee withholding taxes		—			(24	)
Net cash provided by (used in) financing activities		2,700			(24	)

Net (decrease) increase in cash and cash equivalents		(19	)		599
Cash and cash equivalents, beginning of period		197			134

Cash and cash equivalents, end of period	$	178		$	733

Cash paid for interest and taxes	$	—		$	—

See accompanying notes to condensed consolidated financial statements

Note 1. Organization and Description of Business

Organization and Description of Business

Spherix Incorporated (the “Company”) is an intellectual property company incorporated in the State of Delaware that owns patented and unpatented intellectual property. The Company was formed in 1967 as a scientific research company and for much of its history pursued drug development including through Phase III clinical studies which were discontinued. Through the Company’s acquisition of patents and patent applications developed by Nortel Networks Corporation from Rockstar Consortium US, LP (“Rockstar”) and Harris Corporation from North South Holdings Inc. (“North South”) in 2013, the Company has expanded its activities.

The Company is a patent commercialization company focused on generating revenues from the monetization of intellectual property, or IP. Such monetization includes, but is not limited to, acquiring IP from patent holders in order to maximize the value of the patent holdings by conducting and managing a licensing campaign, or through the settlement and litigation of patents. We intend to generate revenues and related cash flows from the granting of intellectual property rights for the use of patented technologies that we own, that we manage for others, or that others manage on our behalf. To date, we have generated minimal revenues and no assurance can be provided that our business model will be successful.

In addition to our patent monetization efforts, since the fourth quarter of 2017, we have been transitioning to focus our efforts as a technology development company. The Company made no investments in new IP during 2017 and started the transition with its investment in Hoth Therapeutics, Inc. during the third quarter of 2017.

In March 2018, the Company entered into an agreement and plan of merger, subject to shareholder approval, with DatChat, Inc. (the “DatChat Merger”), a secure messaging application that utilizes blockchain technology, as amended on May 3, 2018. After further negotiations, the Company determined not to pursue a merger with DatChat and on August 8, 2018, entered into a Securities Purchase Agreement with DatChat pursuant to which the Company and DatChat agreed to terminate the DatChat Merger and the Company agreed to make a $1,000,000 strategic investment in DatChat which consisted of (a) a cash payment of $500,000, (b) the forgiveness of prior advances made to DatChat by the Company, and (c) an obligation of the Company to pay certain specific future compensation expenses of DatChat (amounts in clauses (b) and (c) not to exceed a maximum of $500,000 in the aggregate); in exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

Note 2. Liquidity and Financial Condition

The Company continues to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding (non-financing related) revenue. While the Company continues to implement its business strategy, it intends to finance its activities through:

●

managing current cash and cash equivalents on hand from the Company’s past debt and equity offerings,

●

seeking additional funds raised through the sale of additional securities in the future,

●

seeking additional liquidity through credit facilities or other debt arrangements, and

●

increasing revenue from its patent portfolios, license fees and new business ventures.

Management believes the Company currently has sufficient funds to meet its operating requirements for at least the next twelve months.

The Company’s ultimate success is dependent on its ability to obtain additional financing and generate sufficient cash flow to meet its obligations on a timely basis. The Company’s business will require significant amounts of capital to sustain operations and make the investments it needs to execute its longer-term business plan to support new technologies and help advance innovation. The Company’s working capital amounted to approximately $3.8 million at June 30, 2018. Absent generation of sufficient revenue from the execution of the Company’s long-term business plan, the Company will need to obtain additional debt or equity financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or operations. If the Company attempts to obtain additional debt or equity financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all.

Disputes regarding the assertion of patents and other intellectual property rights are highly complex and technical. The Company may be forced to litigate against others to enforce or defend its intellectual property rights or to determine the validity and scope of other parties’ proprietary rights. The defendants or other third parties involved in the lawsuits in which the Company is involved may allege defenses and/or file counterclaims or initiate inter-party reviews in an effort to avoid or limit liability and damages for patent infringement or cause the Company to incur additional costs as a strategy. If such efforts are successful, they may have an impact on the value of the patents and preclude the Company from deriving revenue from the patents. The patents could be declared invalid by a court or the United States Patent and Trademark Office, in whole or in part, or the costs of the Company can increase. Recent rulings also create an increased risk that if the Company is unsuccessful in litigation it could be responsible to pay the attorneys’ fees and other costs of defendants by lowering the standard for legal fee shifting sought by defendants in patent cases.

Note 3. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Nuta Technology Corp. (“Nuta”), Spherix Portfolio Acquisition II, Inc. (“SPXII”), Guidance IP, LLC (“Guidance”), Directional IP, LLC (“Directional”), Spherix Management Services, LLC (“SMS”) and NNPT, LLC (“NNPT”). All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). This requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, the valuation of derivative liabilities, the valuation of investments and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions.

Concentration of Cash

The Company maintains cash balances at two financial institutions in checking accounts and money market accounts. The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. As of June 30, 2018 and December 31, 2017, the Company had $0.2 million in cash and cash equivalents. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.

Marketable Securities

Marketable securities are classified as trading and are carried at fair value. The Company’s marketable securities consist of corporate bonds and highly liquid mutual funds and exchange-traded & closed-end funds which are valued at quoted market prices.

During the three months ended June 30, 2018 and 2017, the Company incurred realized losses of approximately $0.2 million and $36,000, respectively, and unrealized gains of approximately $41,000 and $66,000, respectively, on its investments in marketable securities, which are included in other income, net on the consolidated statements of operations. In addition, during the six months ended June 30, 2018 and 2017, the Company earned dividend income of approximately $44,000 and $47,000, respectively, which is included in other income, net on the consolidated statement of operations.

During the six months ended June 30, 2018 and 2017, the Company incurred realized losses of approximately $0.3 million and $0.1 million, respectively, and unrealized losses of approximately $17,000 and unrealized gains of approximately $0.1 million, respectively, on its investments in marketable securities, which are included in other income, net on the consolidated statements of operations. In addition, during the six months ended June 30, 2018 and 2017, the Company earned dividend income of approximately $78,000 and $55,000, respectively, which is included in other income, net on the consolidated statement of operations.

The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and six months ended June 30, 2018 and 2017 are as follows ($ in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Realized gain (loss)	$	(177	)	$	(36	)	$	(275	)	$	(129	)
Unrealized gain (loss)		41			66			(17	)		138
Dividend income		44			47			78			55
	$	(92	)	$	77		$	(215	)	$	64

The Company reinvested such dividend income into its marketable securities during the six months ended June 30, 2018 and 2017. The fair values of such marketable securities held as of June 30, 2018 and December 31, 2017 were $4.6 million and $4.0 million, respectively.

The marketable securities were classified as a Level 2 financial instrument at June 30, 2018 (see Note 7).

Digital Currencies Translations and Remeasurements

The Company accounts for digital currencies, which it considers to be an asset, at their initial cost and subsequently remeasures the carrying amounts of digital currencies it owns at each reporting date based on their current fair value. The changes in the fair value of digital currencies are included as a component of income or loss. The Company currently classifies digital currencies as a current asset.

The Company obtains the equivalency rate of bitcoins to USD from various exchanges including, Bitstamp, Kraken and Coinbase. Equivalency rate obtained from these sources represents a generally well recognized quoted price in an active market for bitcoins, which market and related database are accessible to the Company on an ongoing basis.

Investment

The Company elected the fair value option for its investment in Hoth Therapeutics, Inc., a Nevada corporation (“Hoth”). As of June 30, 2018, the fair value of this investment was $1,700,000. The Company also elected the fair value option for its investment in TheBit Daily LLC, a Delaware limited liability company (“TheBit Daily”). As of June 30, 2018, the fair value of this investment was $25,000. These investments were classified as a Level 3 financial instrument at June 30, 2018 (see Note 4).

While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

The decision to elect the fair value option, which is irrevocable once elected, is determined on an instrument by instrument basis and applied to an entire instrument. The net gains or losses, if any, on an investment for which the fair value option has been elected, are recognized as an unrealized gain on investment in the Condensed Consolidated Statements of Operations.

Net Loss per Share

Basic loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares outstanding during the period. Net income (loss) attributable to common stockholders includes the effect of the deemed capital contribution on extinguishment of preferred stock and the deemed dividend related to the immediate accretion of beneficial conversion feature of convertible preferred stock. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method) and the conversion of the Company’s convertible preferred stock and warrants (using the if-converted method). Diluted loss per share excludes the shares issuable upon the conversion of preferred stock and the exercise of stock options and warrants from the calculation of net loss per share if their effect would be anti-dilutive.

Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:


	As of June 30,
	2018		2017
Convertible preferred stock		2,926		2,926
Warrants to purchase common stock		1,249,754		1,251,709
Options to purchase common stock		528,490		328,716
Total		1,781,170		1,583,351

Revenue Recognition

The Company recognizes revenue when it is realized or realizable and earned. We consider revenue realized or realizable and earned when there is persuasive evidence of an arrangement when the services have been provided to the customer, the sales price is fixed or determinable and collectability is probable. Our material revenue stream is related to revenue generated from its settlement and licensing agreements. the appropriate recognition of revenue is determined as one performance obligation and revenue is recognized upon delivery of the final performance obligations, including the license for past and future use and the release.

The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

●

Step 1: Identify the contract with the customer

●

Step 2: Identify the performance obligations in the contract

●

Step 3: Determine the transaction price

●

Step 4: Allocate the transaction price to the performance obligations in the contract

●

Step 5: Recognize revenue when the company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met:

●

The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct).

●

The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

●

Variable consideration

●

Constraining estimates of variable consideration

●

The existence of a significant financing component in the contract

●

Noncash consideration

●

Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The transaction price is allocated to each performance obligation on a relative standalone selling price basis.

The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

As of June 30, 2018, there were no contract assets or liabilities associated with the Company’s settlement and licensing agreements. During the six months ended June 30, 2018, the Company did not generate any revenue.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations.

In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, (ASU 2017-11). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the potential impact of adopting ASU 2017-11 on its financial statements and related disclosures.

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 simplifies several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company is currently assessing the effect this guidance may have on its financial statements.

Recently Adopted Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09) as modified by ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The revenue recognition principle in ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, new and enhanced disclosures will be required. Companies may adopt the new standard either using the full retrospective approach, a modified retrospective approach with practical expedients, or a cumulative effect upon adoption approach. The Company adopted the new standard effective January 1, 2018, using the modified retrospective approach. The Company has determined that its licenses represent functional intellectual property under Topic 606. Therefore, revenue is recognized at the point in time when the customer has the right to use the intellectual property rather than over the license period. Accordingly, the Company’s deferred revenue related to its licenses was eliminated and accumulated deficit as of January 1, 2018 was decreased by approximately $3.2 million so that the Company will not recognize revenue on earnings statements in the future as to its license.

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the provisions of ASU 2016-01 on January 1, 2018. The adoption of this update did not impact the Company’s consolidated financial statements and related disclosures.

In May 2017, the Financial Accounting Standards Board (the FASB) issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, (ASU 2017-09). ASU 2017-09 provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company adopted ASU 2017-09 on January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.

Note 4. Investment in Hoth Therapeutics, Inc.

On June 30, 2017 (the “Closing Date”), the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Hoth Therapeutics, Inc., a Nevada corporation (“Hoth”), for the purchase of an aggregate of 6,800,000 shares of common stock, par value $0.0001 (the “Shares”), of Hoth, for a purchase price of $675,000. The Company adopted the fair value option for this investment and recorded changes in fair value in the statement of operations (see Note 7).

Note 5. Investment in TheBit Daily LLC

On March 23, 2018, Spherix Incorporated purchased 8.0% of the issued and outstanding limited liability company membership interests of TheBit Daily LLC, a development stage media and education platform focused on the blockchain and cryptocurrency space, for a subscription price of $25,000.

The Company adopted the fair value option for this investment and recorded changes in fair value, if any, in the statement of operations (see Note 7).

Note 6. Intangible Assets

Patent Portfolio and Patent Rights

The Company’s intangible assets with finite lives consist of its patents and patent rights. For all periods presented, all of the Company’s identifiable intangible assets were subject to amortization. The carrying amounts related to acquired intangible assets as June 30, 2018 are as follows ($ in thousands):


	Net Carrying Amount			Weighted average amortization period (years)
Patent Portfolios and Patent Rights at December 31, 2017, net	$	3,578			2.67
Amortization expenses		(681	)
Patent Portfolios and Patent Rights at June 30, 2018, net	$	2,897			2.19

The amortization expenses related to acquired intangible assets for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):

	Amortization Expense for the Three Months Ended June 30,				Amortization Expense for the Six Months Ended June 30,
Date Acquired and Description	2018		2017		2018		2017
7/24/13 - Rockstar patent portfolio	$	18	$	18	$	35	$	35
9/10/13 - North South patent portfolio		5		5		11		11
12/31/13 - Rockstar patent portfolio		320		320		635		635
	$	343	$	343	$	681	$	681

The future amortization of these intangible assets was based on the adjusted carrying amount. Future amortization of all patents is as follows ($ in thousands):

	Rockstar Portfolio Acquired 24-Jul-13		North South Portfolio Acquired 10-Sep-13		Rockstar Portfolio Acquired 31-Dec-13		Total Amortization
Six Months Ended December 31, 2018		36		11		645		692
Year Ended December 31, 2019		71		22		1,280		1,373
Year Ended December 31, 2020		71		22		639		732
Year Ended December 31, 2021		71		22		—		93
Thereafter		4		3		—		7
Total	$	253	$	80	$	2,564	$	2,897

Note 7. Fair Value of Financial Assets and Liabilities

Financial instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.

The Company uses three levels of inputs that may be used to measure fair value:

Level 1 - quoted prices in active markets for identical assets or liabilities

Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2018 and December 31, 2017 ($ in thousands):

	Fair value measured at June 30, 2018
	Total carrying value at June 30,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2018		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual and exchange traded funds	$	4,634	$	—	$	4,634	$	—
Investments at fair value	$	1,725	$	—	$	—	$	1,725

Liabilities
Fair value of warrant liabilities	$	357	$	—	$	—	$	357

	Fair value measured at December 31, 2017
	Total carrying value at December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual and exchange traded funds	$	3,998	$	—	$	3,998	$	—
Investments at fair value	$	1,020	$	—	$	—	$	1,020

Liabilities
Fair value of warrant liabilities	$	822	$	—	$	—	$	822

There were no transfers between Level 1, 2 or 3 during the six months ended June 30, 2018.

Level 2 Valuation Techniques

The fair values of Level 2 marketable securities are determined using one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 Valuation Techniques

Level 3 financial liabilities consist of the warrant liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate.

A significant decrease in the volatility or a significant decrease in the Company’s stock price, in isolation, would result in a significantly lower fair value measurement. Changes in the values of the warrant liabilities are recorded in “change in fair value of warrant liabilities” in the Company’s consolidated statements of operations.

The Series A and Series B warrants have been recorded at their fair value using the Black-Scholes valuation model, and will be recorded at their respective fair value at each subsequent balance sheet date. This model incorporates transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, as well as volatility. The warrants require, at the option of the holder, a net-cash settlement following certain fundamental transactions at the Company or require the issuance of registered shares upon exercise, do not expressly preclude an implied right to cash settlement and are therefore accounted for as derivative liabilities.

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of June 30, 2018 and December 31, 2017 is as follows:

Date of valuation	June 30, 2018	December 31, 2017
Risk-free interest rate	2.52%	1.98%
Expected volatility	89.88% - 109.61%	100.00% - 132.21%
Expected life (in years)	2.44-2.56	2.94 - 3.06
Expected dividend yield	—	—

The risk-free interest rate was based on rates established by the Federal Reserve. For the July 2015 Warrants, the expected volatility in the Black-Scholes model is based on an expected volatility of 100% for both periods which represents the percentage required to be used when valuing the cash settlement feature as contractually stated in the form of warrant. The general expected volatility is based on standard deviation of the Company’s underlying stock price’s daily logarithmic returns. The expected life of the warrants was determined by the expiration date of the warrants. The expected dividend yield was based upon the fact that the Company has not historically paid dividends on its common stock, and does not expect to pay dividends on its common stock in the future.

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2018 and 2017 that are measured at fair value on a recurring basis ($ in thousands):

	Fair Value of Level 3 financial liabilities
	June 30, 2018			June 30, 2017
Beginning balance	$	822		$	702
Fair value adjustment of warrant liabilities		(465	)		1,326
Ending balance	$	357		$	2,028

The Company owns approximately 33% of common shares in Hoth as of June 30, 2018. The value of the Company’s investment in Hoth increased by approximately $0.7 million during the six months ended June 30, 2018.

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets for the six months ended June 30, 2018 and 2017 that are measured at fair value on a recurring basis:

	Fair Value of Level 3 financial liabilities
	June 30, 2018		June 30, 2017
Beginning balance	$	1,020	$	—
Purchase of investment in TheBit Daily LLC at fair value		25		—
Fair value of Hoth upon issuance		—		675
Change in fair value of Hoth		680		—
Ending balance	$	1,725	$	675

The decision to elect the fair value option, which is irrevocable once elected, is determined on an instrument by instrument basis and applied to an entire instrument. The net gains or losses, if any, on an investment for which the fair value option has been elected, are recognized as change in fair value of investment in the Consolidated Statements of Operations.

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s valuation in Hoth that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of June 30, 2018 and December 31, 2017 is as follows:

Date of valuation	June 30, 2018			December 31, 2017
Risk-free interest rate		2.24	%		1.39	%
Expected volatility		75.00	%		75.00	%
Expected life (in years)		1.00			1.00

The investment in Hoth Therapeutics was valued using a hybrid probability weighted expected return method, with scenarios including (1) Hoth continuing to operate as a private company through an estimated potential exit date, and (2) Hoth undergoing an IPO in the near future. The private-company scenario utilizes a reverse option pricing method (backsolve) based on the recent Series A transaction. Key inputs to the backsolve, in addition to the Series A price, include volatility (75.00%) and expected maturity (1.0 years). The IPO scenario is based on initial value indications proposed by investment bankers. The primary inputs, in addition to the pre-money value indications, include the estimated time to IPO (end of November) and a discount rate of 15%. The valuation conclusion is sensitive to the probability weightings assigned to each scenario. The weightings (1/3 IPO scenario, 2/3 private company scenario), were determined according to management expectations regarding exit opportunities, based on what was known or knowable as of June 30, 2018.

Note 8. Stockholders’ Equity and Redeemable Convertible Preferred Stock

Series D Convertible Preferred Stock

On April 2, 2013, the Company designated 1,488,152 shares of preferred stock as Series D Preferred Stock. In connection with the acquisition of North South’s patent portfolio in September 2013, the Company issued 1,379,685 shares of its Series D Convertible Preferred Stock (“Series D Preferred Stock”) to the stockholders of North South. Each share of Series D Preferred Stock has a stated value of $0.0001 per share and is convertible into ten-nineteenths of a share of Common Stock. Upon the liquidation, dissolution or winding up of the Company’s business, each holder of Series D Preferred Stock shall be entitled to receive, for each share of Series D Preferred Stock held, a preferential amount in cash equal to the greater of (i) the stated value or (ii) the amount the holder would receive as a holder of Common Stock on an “as converted” basis. Each holder of Series D Preferred Stock shall be entitled to vote on all matters submitted to its stockholders and shall be entitled to such number of votes equal to the number of shares of Common Stock such shares of Series D Preferred Stock are convertible into at such time, taking into account the beneficial ownership limitations set forth in the governing Certificate of Designation and the conversion limitations described below. At no time may shares of Series D Preferred Stock be converted if such conversion would cause the holder to hold in excess of 4.99% of issued and outstanding Common Stock, subject to an increase in such limitation up to 9.99% of the issued and outstanding Common Stock on 61 days’ written notice to the Company. The conversion ratio of the Series D Preferred Stock is subject to adjustment in the event of stock splits, stock dividends, combination of shares and similar recapitalization transactions.

As of June 30, 2018 and December 31, 2017, 4,725 shares of Series D Preferred Stock remained issued and outstanding.

Series D-1 Convertible Preferred Stock

On November 20, 2013, the Company designated 1,379,685 shares of preferred stock as Series D-1 Preferred Stock. The Company’s Series D-1 Convertible Preferred Stock (“Series D-1 Preferred Stock”) was established on November 22, 2013. Each share of Series D-1 Preferred Stock has a stated value of $0.0001 per share and is convertible into ten- nineteenths of a share of Common Stock. Upon the liquidation, dissolution or winding up of the Company’s business, each holder of Series D-1 Preferred Stock shall be entitled to receive, for each share of Series D-1 Preferred Stock held, a preferential amount in cash equal to the greater of (i) the stated value or (ii) the amount the holder would receive as a holder of Common Stock on an “as converted” basis. Each holder of Series D-1 Preferred Stock shall be entitled to vote on all matters submitted to the Company’s stockholders and shall be entitled to such number of votes equal to the number of shares of Common Stock such shares of Series D-1 Preferred Stock are convertible into at such time, taking into account the beneficial ownership limitations set forth in the governing Certificate of Designation. At no time may shares of Series D-1 Preferred Stock be converted if such conversion would cause the holder to hold in excess of 9.99% of issued and outstanding Common Stock. The conversion ratio of the Series D-1 Preferred Stock is subject to adjustment in the event of stock splits, stock dividends, combination of shares and similar recapitalization transactions. The Company commenced an exchange with holders of Series D Convertible Preferred Stock pursuant to which the holders of the Company’s outstanding shares of Series D Preferred Stock acquired in the Merger could exchange such shares for shares of the Company’s Series D-1 Preferred Stock on a one-for-one basis.

As of June 30, 2018 and December 31, 2017, 834 shares of Series D-1 Preferred Stock remained issued and outstanding.

Common Stock

On March 19, 2018, the Company closed a public offering of common stock for gross proceeds of approximately $3.0 million. The offering was a shelf takedown off of the Company’s registration statement on Form S-3 (File No. 333-222488) and was conducted pursuant to a placement agency agreement (the “Agreement”) between the Company and Laidlaw & Company (UK) Ltd., the sole placement agent, on a best-efforts basis with respect to the offering (the “Placement Agent”), that was entered into on March 14, 2018. The Company sold 2,222,222 shares of its common stock in the offering at a purchase price of $1.35 per share.

Warrants

A summary of warrant activity for the six months ended June 30, 2018 is presented below:

	Warrants		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		1,249,754	$	8.98	$	—		2.92
Outstanding as of June 30, 2018		1,249,754	$	8.98				2.42
Exercisable as of June 30, 2018		1,249,754	$	8.98	$	—		2.42

Stock Options

On February 16, 2018, pursuant to and subject to the available number of shares reserved under the 2014 Plan, the Company issued an aggregate of 150,000 options to purchase common stock of the Company to three of its directors. The aggregate grant date fair value of these options was approximately $0.2 million. These stock options vest over six months.

On May 3, 2018, a new director was granted options to purchase 50,000 shares of the Company’s common stock, at an exercise price of $1.04 per share, which options vested 50% at May 3, 2018 with the remaining 50% vesting at May 3, 2019. The aggregate grant date fair value of these options was approximately $46,000. These stock options vest over twelve months.

A summary of option activity under the Company’s employee stock option plan for the six months ended June 30, 2018 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		325,597	$	78.20	$	5,999		3.2
Employee options granted		200,000		1.39		—		9.7
Outstanding as of June 30, 2018		525,597	$	48.97	$	1,632		5.4
Options vested and expected to vest		525,597	$	48.97	$	1,632		5.4
Options vested and exercisable		425,597	$	60.15	$	1,132		4.3

A summary of option activity under the Company’s non-employee stock option plan for the six months ended June 30, 2018 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		2,893	$	98.07	$	—		3.4
Outstanding as of June 30, 2018		2,893	$	98.07	$	—		2.9
Options vested and expected to vest		2,893	$	98.07	$	—		2.9
Options vested and exercisable		2,893	$	98.07	$	—		2.9

Stock-based compensation associated with the amortization of stock option expense was approximately $71,000 and $8,000 for the three months ended June 30, 2018 and 2017, and was approximately $0.2 million and $11,000 for the six months ended June 30, 2018 and 2017, respectively.

Restricted Stock Awards

On February 16, 2018, the Company granted each of its three directors 20,000 shares of restricted common stock. The grant date fair value of each restricted stock award was approximately $27,000. These restricted stock awards vested immediately.

On April 26, 2018, the Company issued 25,410 shares of its common stock to an employee for services pursuant to employment agreement. The grant date fair value of this restricted stock award was approximately $27,000 (based upon the closing price of the Company’s common stock on April 26, 2018). This restricted stock award vested immediately.

Stock-based Compensation

Stock-based compensation for the six months ended June 30, 2018 and 2017 was comprised of the following ($ in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Employee restricted stock awards	$	27	$	—	$	107	$	—
Employee stock option awards		71		8		179		11
Total compensation expense	$	98	$	8	$	286	$	11

Unamortized stock-based compensation expense was approximately $42,000 at June 30, 2018.

Note 9. Commitments and Contingencies

Legal Proceedings

In the ordinary course of business, the Company actively pursues legal remedies to enforce its intellectual property rights and to stop unauthorized use of patented technology. From time to time, the Company may be involved in various claims and counterclaims and legal actions arising in the ordinary course of business. There were no pending material claims or legal matters as of the date of this report other than the following matters:

International License Exchange of America, LLC Litigations

Under our Monetization Agreement with Equitable, ILEA filed the patent infringement litigation below.

●

On May 15, 2017, litigation against ADTRAN, Inc. case number 1:17-cv-00562-RGA, in the U.S. District Court for the District of Delaware, related to alleged infringement of the ‘999 patent and U.S. Patent Nos. 5,959,990; 6.970,461; 7,478,167; 7,274,704; and 7,277,533. On January 22, 2018, ILEA filed a notice of voluntary dismissal and the court terminated the case.

Optic153 LLC Litigations

Under our Monetization Agreement with Equitable, Optic 153 LLC, an Equitable subsidiary, has filed the following litigations relating to patents acquired under the terms of settlement of one of our prior litigations:

●

On March 15, 2018, litigation against Lumentum Operations LLC, Case No. 1:18-cv-00406-VAC-CJB, in the in the U.S. District Court for the District of Delaware, related to alleged infringement of U.S. Patent No. 6,587,261. Lumentum’s Answer is currently due on September 6, 2018.

Counterclaims

In the ordinary course of business, we, or with our wholly-owned subsidiaries or monetization partners, will initiate litigation against parties whom we believe have infringed on our intellectual property rights and technologies. The initiation of such litigation exposes us to potential counterclaims initiated by the defendants. Currently, there are no counterclaims pending against us. In the event such counterclaims are filed, we can provide no assurance that the outcome of these claims will not have a material adverse effect on our financial position and results from operations.

Note 10. DatChat, Inc.

The Merger

On March 12, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Spherix, Spherix Merger Subisdiary Inc., a Nevada corporation and a wholly-owned Subsidiary of Spherix (“Merger Sub”), DatChat, Inc., a Nevada corporation (“DatChat”), and Darin Myman in the capacity as the representative from and after the effective time of the Merger (the “Effective Time”) for the stockholders of DatChat as of immediately prior to the Effective Time (the “Stockholder Representative”).

Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), Merger Sub would merge with and into DatChat (the “Merger”), with DatChat continuing as the surviving corporation in the Merger. Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time: (i) all shares of capital stock of DatChat (the “DatChat Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 46,153,846 shares of Spherix common stock (the “Stockholder Merger Consideration”).

On May 3, 2018, Spherix, Merger Sub, DatChat and the Stockholder Representative entered into that certain First Amendment to Agreement and Plan of Merger (the “Amendment”), pursuant to which the Merger Agreement was amended to reduce the Stockholder Merger Consideration from 46,153,846 shares of Spherix common stock to 34,615,385 shares of Spherix common stock.

After further negotiations, the Company determined not to pursue a merger with DatChat and on August 8, 2018, entered into a securities purchase agreement (the “Securities Purchase Agreement”) with DatChat pursuant to which the Company and DatChat agreed to terminate the DatChat Merger and each of the parties to the Merger Agreement agreed to release and discharge and hold harmless each of the other parties with respect to the transaction contemplated by the Merger Agreement.

In addition to the termination, under the Securities Purchase Agreement, the Company agreed to make a $1,000,000 strategic investment in DatChat which consisted of (a) a cash payment of $500,000, (b) the forgiveness of prior advances made to DatChat by the Company, and (c) an obligation of the Company to pay certain specific future compensation expenses of DatChat (amounts in clauses (b) and (c) not to exceed a maximum of $500,000 in the aggregate); in exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

You should read this discussion together with the Financial Statements, related Notes and other financial information included elsewhere in this Form 10-Q. The following discussion contains assumptions, estimates and other forward-looking statements that involve a number of risks and uncertainties. These risks could cause our actual results to differ materially from those anticipated in these forward-looking statements. All references to “we,” “us,” “our” and the “Company” refer to Spherix Incorporated, a Delaware corporation and its consolidated subsidiaries unless the context requires otherwise.

Overview

We are an intellectual property company that owns patented and unpatented intellectual property. Spherix Incorporated was formed in 1967 as a scientific research company and for much of our history pursued drug development including through Phase III clinical studies which were largely discontinued in 2012. In 2012 and 2013, we shifted our focus to being a firm that owns, develops, acquires and monetizes intellectual property assets. Through our acquisitions of 108 patents and patent applications from Rockstar Consortium US, LP and acquisition of several hundred patents issued to Harris Corporation as a result of our acquisition of North South, we have expanded our activities in wireless communications and telecommunication sectors including antenna technology, Wi-Fi, base station functionality and cellular.

Our activities generally include the acquisition and development of patents through internal or external research and development. In addition, we seek to acquire existing rights to intellectual property through the acquisition of already issued patents and pending patent applications, both in the United States and abroad. We may alone, or in conjunction with others, develop products and processes associated with our intellectual property and license our intellectual property to others seeking to develop products or processes or whose products or processes infringe our intellectual property rights through legal processes. Using our patented technologies, we employ strategies seeking to permit us to derive value from licensing, commercialization, settlement and litigation from our patents. We will continue to seek to obtain patents from inventors and patent owners to monetize patent portfolios.

In March 2018, the Company entered into an agreement and plan of merger, subject to shareholder approval, with DatChat, Inc. (the “DatChat Merger”), a secure messaging application that utilizes blockchain technology, as amended on May 3, 2018. After further negotiations, the Company determined not to pursue a merger with DatChat and on August 8, 2018, entered into a securities purchase agreement (the “Securities Purchase Agreement”) with DatChat pursuant to which the Company and DatChat agreed to terminate the DatChat Merger and each of the parties to the Merger Agreement agreed to release and discharge and hold harmless each of the other parties with respect to the transaction contemplated by the Merger Agreement.

DatChat agreed to certain covenants, including the covenant in the event that DatChat completes (i) a public offering of its securities pursuant to an effective registration statement or (ii) a merger, consolidation, transfer or share exchange transaction pursuant to which DatChat becomes subject to the reporting requirements of the Securities Exchange Act of 1934, (each, a “Going Public Event”), and until the time that the Company holds no shares of DatChat, DatChat agreed to certain covenants, including the covenant to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by DatChat pursuant to the Exchange Act of 1934, as amended the “Exchange Act”), provided that, if after becoming subject to the Exchange Act, DatChat is thereafter no longer required to file reports pursuant to the Exchange Act, DatChat will, for as long as the Company owns shares of DatChat, prepare and furnish to the Company and make publicly available in accordance with Rule 144(c) such information as is required for the Company to sell such shares, including without limitation, under Rule 144. Under the Securities Purchase Agreement, DatChat further covenants that it will take such further action as the Company may reasonably request, to the extent required from time to time to enable the Company to sell its DatChat shares without registration under the Securities Act of 1933, as amended, including, without limitation, within the requirements of the exemption provided by Rule 144.

DatChat also agreed that, from and after a Going Public Event, and subject to certain exceptions, neither DatChat nor any other person acting on its behalf will provide the Company with any information that constitutes, or that DatChat reasonably believes constitutes, material non-public information, unless prior thereto, the Company shall have consented to the receipt of such information and agreed with DatChat to keep such information confidential.

Results of Operations

Three months ended June 30, 2018 compared to three months ended June 30, 2017

During the three months ended June 30, 2018 and 2017, revenue was approximately $0 and $311,000, respectively. $311,000 in 2017 represented the amortization of deferred revenue related to the two patent license agreements we entered into with RPX Corporation (“RPX”) on November 23, 2015 and May 22, 2016 (the “RPX License Agreements”). The Company has determined that its licenses represent functional intellectual property under Topic 606. Therefore, revenue is recognized at the point in time when the customer has the right to use the intellectual property rather than over the license period. Accordingly, the Company’s deferred revenue related to its licenses was eliminated through a debit adjustment in the amount of approximately $3.2 million through the accumulated deficit at the beginning of 2018. The Company will not recognize revenue from the RPX license in the future.

During the three months ended June 30, 2018 and 2017, we incurred a loss from operations of approximately $1.3 million and $0.8 million, respectively. The increase in net loss was primarily attributed to $0.1 million increase in professional fees, $66,000 increase in acquisition costs related to the DatChat Merger and $48,000 increase in compensation and related expenses, and was partially offset by $94,000 decrease in other selling, general and administrative expenses.

During the three months ended June 30, 2018, other income was approximately $0.9 million as compared to other expenses of approximately $1.1 million for the comparable prior period. The increase in other income was primarily attributed to $0.7 million increase in fair value of our investment in Hoth, and $1.5 million increase in change in fair value of warrant liabilities.

Net loss was $0.4 million in the three months ended June 30, 2018 compared to net loss of $1.9 million in the three months ended June 30, 2017.

Six months ended June 30, 2018 compared to six months ended June 30, 2017

During the six months ended June 30, 2018 and 2017, revenue was approximately $0 and $638,000, respectively. $638,000 represents the amortization of deferred revenue related to the two patent license agreements we entered into with RPX Corporation (“RPX”) on November 23, 2015 and May 22, 2016 (the “RPX License Agreements”). The Company has determined that its licenses represent functional intellectual property under Topic 606. Therefore, revenue is recognized at the point in time when the customer has the right to use the intellectual property rather than over the license period. Accordingly, the Company’s deferred revenue related to its licenses was eliminated through a debit in the amount of approximately $3.2 million through the accumulated deficit at the beginning of 2018. The Company will not recognize revenue from the RPX license in the future.

During the six months ended June 30, 2018 and 2017, we incurred a loss from operations of approximately $2.8 million and $1.7 million, respectively. The increase in net loss was primarily attributed to $0.5 million increase in professional fees and $0.2 million increase in acquisition costs related to the DatChat Merger, and was partially offset by $0.2 million decrease in compensation and related expenses.

During the six months ended June 30, 2018, other income was approximately $1.0 million as compared to other expenses of approximately $1.0 million for the comparable prior period. The increase in other income was primarily attributed to $0.7 million increase in fair value of our investment in Hoth, and $1.8 million increase in change in fair value of warrant liabilities.

Net loss was $1.9 million in the six months ended June 30, 2018 compared to net loss of $2.8 million in the six months ended June 30, 2017.

Liquidity and Capital Resources

We continue to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding revenue.

We intend to finance our activities through:

	●	managing current cash and cash equivalents on hand from our past equity offerings,
	●	seeking additional funds raised through the sale of additional securities in the future,
	●	seeking additional liquidity through credit facilities or other debt arrangements, and
	●	increasing revenue from the monetization of its patent portfolios, license fees and new business ventures.

Cash Flows from Operating Activities - For the six months ended June 30, 2018 and 2017, net cash used in operations was approximately $1.7 million and $1.8 million, respectively. The cash used in operating activities for the six months ended June 30, 2018 primarily resulted from a net loss of $0.4 million, $0.7 million change in fair value of our investment in Hoth and $0.5 million change in fair value of warrant liabilities, and partially offset by amortization expenses of $0.3 million. The cash used in operating activities for the six months ended June 30, 2017 primarily resulted from $1.3 million of change in fair value of warrant liabilities and amortization expenses of $0.7 million, partially offset by $1.0 million of changes in assets and liabilities.

Cash Flows from Investing Activities - For the six months ended June 30, 2018 and 2017, net cash used in investing activities was approximately $1.0 million and net cash provided by investing activities was approximately $2.4 million, respectively. The cash used in investing activities primarily resulted from our purchase of marketable securities for the six months ended June 30, 2018 of $10.0 million, partially offset by our sale of marketable securities of $9.1 million. The cash provided by investing activities primarily resulted from our sale of marketable securities for the six months ended June 30, 2017 of $9.6 million, partially offset by our purchase of marketable securities of $6.5 million.

Cash Flows from Financing Activities - Cash provided by financing activities for the six months ended June 30, 2018 was approximately $2.7 million, which related to issuance of 2,222,222 shares of its common stock. Cash used in financing activities for the six months ended June 30, 2016 was approximately $24,000, which related to repurchase of restricted stock units to pay for employee withholding taxes.

The Company’s ultimate success is dependent on its ability to obtain additional financing and generate sufficient cash flow to meet its obligations on a timely basis. The Company’s business will require significant amounts of capital to sustain operations and make the investments it needs to execute its longer-term business plan. The Company’s working capital amounted to approximately $3.8 million at June 30, 2018. Absent generation of sufficient revenue from the execution of the Company’s long-term business plan, the Company will need to obtain additional debt or equity financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or operations. If the Company attempts to obtain additional debt or equity financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all.

We have filed a shelf registration statement on Form S-3 with the SEC. The registration statement, which has been declared effective, was filed in reliance on Instruction I.B.6 of Form S-3, which imposes a limitation on the maximum amount of securities that we may sell pursuant to the registration statement during any twelve-month period. At the time we sell securities pursuant to the registration statement, the amount of securities to be sold plus the amount of any securities we have sold during the prior twelve months in reliance on Instruction I.B.6 may not exceed one-third of the aggregate market value of our outstanding common stock held by non-affiliates as of a day during the 60 days immediately preceding such sale as computed in accordance with Instruction I.B.6. Whether we sell securities under the registration statement will depend on a number of factors, including the market conditions at that time, our cash position at that time and the availability and terms of alternative sources of capital.

On March 19, 2018, we closed on a public offering of common stock for gross proceeds of approximately $3.0 million. The offering was a shelf takedown off of our registration statement on Form S-3 (File No. 333-222488) and was conducted pursuant to a placement agency agreement between us and Laidlaw & Company (UK) Ltd., the sole placement agent, on a best-efforts basis with respect to the offering (“Laidlaw”), that was entered into on March 14, 2018. We sold 2,222,222 shares of our common stock in the offering at a purchase price of $1.35 per share.

Disputes regarding the assertion of patents and other intellectual property rights are highly complex and technical. We may be forced to litigate against others to enforce or defend our intellectual property rights or to determine the validity and scope of other parties’ proprietary rights. The defendants or other third parties involved in the lawsuits in which we are involved may allege defenses and/or file counterclaims or initiate inter parties reviews in an effort to avoid or limit liability and damages for patent infringement. If such efforts are successful, they may have an impact on the value of the patents and preclude us from deriving revenue from the patents, the patents could be declared invalid by a court or the United States Patent and Trademark Office, in whole or in part.

Should we be unsuccessful in our efforts to execute our business plan, it could become necessary for us to reduce expenses, curtail operations or explore various alternative business opportunities or possibly suspend or discontinue our business activities.

Rockstar will be entitled to receive a contingent recovery percentage of future profits (“Participation Payments”) from licensing, settlements and judgments against defendants with respect to patents purchased under the First Patent Purchase Agreement; however, no payment is required unless the Company receives a recovery. The Participation Payments under the First Patent Purchase Agreement are equal to zero percent until the Company recovers with respect to patents purchased under the First Patent Purchase Agreement at least (a) $8.0 million or (b) if we recover less than $17.0 million, an amount equal to $5.0 million plus $3.0 million times a fraction equal to total recoveries minus $10.0 million, divided by $7.0 million (clause (a) or (b), as applicable, being the “Initial Return”), in each case net of certain expenses. Once we obtain recoveries in excess of the Initial Return, we are required to make a payment to Rockstar of $13.0 million, payable only from the proceeds of such recovery, within six months after such recovery. In addition, no later than 30 days after the end of each quarter in which we make such a recovery, we are required to pay to Rockstar a percentage of such recovery, net of certain expenses, scaling from 30% if such cumulative recoveries net of certain expenses are less than or equal to $50.0 million, to 70% to the extent cumulative recoveries net of certain expenses are in excess of $1.0 billion.

Rockstar will also be entitled to receive Participation Payments from licensing, settlements and judgments against defendants with respect to patents purchased under the Second Patent Purchase Agreement; however, no payment is required unless we receive a recovery. The Participation Payments under the Second Patent Purchase Agreement are equal to zero percent until we recover with respect to patents purchased under the Second Patent Purchase Agreement at least $120.0 million, net of certain expenses. Once we obtain recoveries in excess of that amount, we are required to pay to Rockstar 50% of our recovery in excess of that amount, no later than 30 days after the end of each quarter in which we make such a recovery.

Our ability to fund these Participation Payments or the $13.0 million contingent payment will depend on the liquidity of our assets, recoveries, alternative demands for cash resources and access to capital at the time. Furthermore, our obligation to fund Participation Payments could adversely impact our liquidity and financial position. As of the date of this report, we have not made any such Participation Payments.

Off-balance sheet arrangements.

None.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

With respect to the quarter ended June 30, 2018, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures. Based upon this evaluation, our Chief Executive Officer has concluded that our disclosure controls and procedures were not effective as of June 30, 2018 due to the material weaknesses in our internal controls over financial reporting. We have a lack of segregation of duties, and a lack of controls in place to ensure that all material transactions and developments impacting the financial statements are reflected.

Changes in Internal Control over Financial Reporting:

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended June 30, 2018 which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings

In the ordinary course of business, we work with Equitable under our Monetization Agreement to enforce our intellectual property rights and to stop unauthorized use of our technology. Other than ordinary routine litigation incidental to the business and other than as set forth below, we know of no material, active or pending legal proceedings against us, except for those described below.

International License Exchange of America, LLC Litigations

Under our Monetization Agreement with Equitable, ILEA has filed the patent infringement litigations listed below.

●

Optic153 LLC Litigations

Under our Monetization Agreement with Equitable, Optic 153 LLC, an Equitable subsidiary, has filed the following litigations relating patents acquired under the terms of settlement of one of our prior litigations:

●

Counterclaims

Item 1A. Risk Factors

Investing in our common stock is subject to a number of risks and uncertainties. You should carefully consider the risk factors described under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and in other reports we file with the SEC. There have been no changes to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017 that we believe are material. Additional risks and uncertainties not presently known to us or that we currently believe are immaterial also may negatively impact our business.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 6. Exhibits

2.1		First Amendment to Agreement and Plan of Merger, dated as of May 3, 2018, by and among Spherix Incorporated, Spherix Merger Subsidiary Inc., DatChat, Inc. and Darin Myman (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on May 7, 2018)
10.1		Securities Purchase Agreement, dated as of August 8, 2018, by and between Spherix Incorporated and DatChat, Inc.
31.1		Certification of Principal Executive Officer and Principal Financial Officer of Spherix Incorporated pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of Principal Executive Officer and Principal Financial Officer of Spherix Incorporated pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document

Signatures

Pursuant to the requirements of the Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Spherix Incorporated

(Registrant)

Date: August 14, 2018	By: /s/ Anthony Hayes
	Anthony Hayes
	Chief Executive Officer
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

EX-10.1 2 s112028_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

This Securities Purchase Agreement (this “Agreement”) is dated as of August 8, 2018, among DatChat, Inc., a Nevada corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”, which Purchasers include Spherix Incorporated, a Delaware corporation (“Spherix”)), and joining as parties solely with respect to ARTICLE V hereto, Spherix Merger Subsidiary Inc., a Nevada corporation and a wholly-owned subsidiary of Spherix (“Merger Sub”), and Darin Myman (“Myman”). The Company, Spherix, Merger Sub and Myman, are sometimes referred to herein collectively as, the “Parties” and each, individually, as a “Party.” Capitalized terms used but not defined in this Agreement shall have the respective meanings given to them in the Merger Agreement (as defined below).

RECITALS

WHEREAS, on March 12, 2018, the Company and Spherix entered into that certain Agreement and Plan of Merger (as amended by the First Amendment to Agreement and Plan of Merger, dated May 3, 2018, the “Merger Agreement”), by and among the Company, Spherix, Merger Sub, and Myman in the capacity as the stockholder representative, pursuant to which, in consideration for 34,615,385 shares of common stock of Spherix, Merger Sub would merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the merger and becoming a wholly-owned subsidiary of Spherix;

WHEREAS, Spherix and the Company agree to terminate the Merger;

WHEREAS, Spherix now desires to make, and the Company has agreed to accept, a $1,000,000 strategic investment by Spherix in the Company consisting of (i) a cash payment of $500,000, (ii) the forgiveness of prior advances to the Company, and (iii) the obligation to pay certain specified future compensation expenses of the Company; and

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

ARTICLE I.
DEFINITIONS

1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

“Action” shall have the meaning ascribed to such term in Section 3.1(i).

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

“Board of Directors” means the board of directors of the Company.

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

“Cash Subscription Amount” means, as to each Purchaser, the portion of the aggregate amount to be paid in cash for Shares purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Cash Subscription Amount,” in United States dollars and in immediately available funds.

“Closing” means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

“Closing Date” means the Business Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived.

“Commission” means the United States Securities and Exchange Commission.

“Common Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

“Company Counsel” means Sheppard Mullin Richter & Hampton LLP, with offices located at 30 Rockefeller Plaza, New York, New York 10112-0015.

“Disclosure Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

“EGS” means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Going Public Event” means the earlier to occur of (i) Company’s offering of securities pursuant to an effective registration statement pursuant to the Securities Act or (ii) the Company’s merger, consolidation, transfer, or share exchange transaction pursuant to which the Company becomes subject to the reporting requirements of the Exchange Act; provided, however, that, for purposes of clarity, the filing of an offering circular on Form 1-A, as amended, with the Commission under Regulation A shall not be a Going Public Event.

“Going Public Event Date” means the date of the effectiveness of the Going Public Event.

“In-Kind Subscription Amount” means, as to each Purchaser, the portion of the aggregate amount to be paid for Shares purchased hereunder by the forgiveness of prior advances to the Company and/or the obligation to pay certain future compensation expenses of the Company as set forth on Schedule A hereto, as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “In-Kind Subscription Amount.”

“Indebtedness” shall have the meaning ascribed to such term in Section 3.1(r).

“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(m).

“Legend Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

“Liens” means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

“Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

“Merger Transaction Documents” shall have the meaning ascribed to such term in Section 5.2(a).

“Per Share Purchase Price” equals $1.00, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.7.

“Related Parties” shall have the meaning ascribed to such term in Section 5.2(a).

“Released Claims” shall have the meaning ascribed to such term in Section 5.2(a).

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

“Securities” means the Shares.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

“Shares” means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

“Subscription Amount” means, as to each Purchaser, collectively, the Cash Subscription Amount and the In-Kind Subscription Amount.

“Subsidiary” means, if applicable, any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

“Trading Day” means a day on which the principal Trading Market is open for trading.

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

“Transaction Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

“Transfer Agent” means, as to any date in question following the Going Public Event Date, the then transfer agent of the Company and any successor thereto.

ARTICLE II.
PURCHASE AND SALE

2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $1,000,000 of Shares. Each Purchaser shall deliver to the Company, via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Cash Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the Company shall deliver to each Purchaser its respective Shares as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree.

2.2 Deliveries.

(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

(i) this Agreement duly executed by the Company; and

(ii) a certificate evidencing a number of Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser.

(b) On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

(i) this Agreement duly executed by such Purchaser; and

(ii) such Purchaser’s Cash Subscription Amount by wire transfer to the account specified in writing by the Company.

2.3 Closing Conditions.

(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

(ii) all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

(iii) the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

(b) The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

(i) the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

(iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

(iv) there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

(v) from the date hereof to the Closing Date, there has not occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

ARTICLE III.
REPRESENTATIONS AND WARRANTIES

3.1 Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

(a) Subsidiaries. The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

(b) Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of this Agreement and the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

(d) No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected, except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

(e) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).

(f) Issuance of the Securities. The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.

(g) Capitalization. The capitalization of the Company is as set forth on Schedule 3.1(g). No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. The issuance and sale of the Shares will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

(h) [Intentionally Omitted]

(i) Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.

(j) Labor Relations. To the knowledge of the Company, no executive officer of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters.

(k) Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

(l) Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

(m) Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as necessary or required for use in connection with their respective businesses and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has received a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(n) Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

(o) Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby.

(p) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

(q) Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

(r) Solvency. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. Schedule 3.1(r) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed, (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, and (z) the present value of any lease payments. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

(s) No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

(t) Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

(u) No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

(v) Other Covered Persons. The Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

(w) Notice of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

3.2 Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

(a) Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

(b) Own Account. Such Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

(c) Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

(d) Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

(e) General Solicitation. Such Purchaser is not, to such Purchaser’s knowledge, purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.

ARTICLE IV.
OTHER AGREEMENTS OF THE PARTIES

4.1 Transfer Restrictions.

(a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

(b) The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following form:

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities.

(c) Certificates evidencing the Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof), (i) while a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144, (iii) if such Shares are eligible for sale under Rule 144, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent and/or the Purchaser if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively. The Company agrees that, at such time as such legend is no longer required under this Section 4.1(c), it will, not later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Shares issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Certificates for Shares subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period” means, following the Going Public Event Date, the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a certificate representing Shares issued with a restrictive legend.

(d) Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

4.2 Exchange Act Reporting. On or before the earlier of (x) the 60th calendar day following the Going Public Event Date or (y) the date on which the Company’s securities (or any successor’s securities) are listed or quoted on a Trading Market, the Company shall cause its Common Stock to be registered under Section 12(b) or 12(g) of the Exchange Act. Following the date on which the Company becomes subject to the Exchange Act, and until the time that the Purchasers hold no Shares, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company pursuant to the Exchange Act, provided that, if after becoming subject to the Exchange Act, the Company is thereafter no longer required to file reports pursuant to the Exchange Act, the Company will, for as long as any Purchaser owns Shares, prepare and furnish to the Purchasers and make publicly available in accordance with Rule 144(c) such information as is required for the Purchasers to sell the Securities, including without limitation, under Rule 144. The Company further covenants that Company will take such further action as any holder of Securities may reasonably request, to the extent required from time to time to enable such Person to sell such Securities without registration under the Securities Act, including, without limitation, within the requirements of the exemption provided by Rule 144.

4.3 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities.

4.4 Securities Laws Disclosure; Publicity. On or before the Going Public Event Date, the Company agrees to publicly disclose all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the Going Public Event Date, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company shall consult with each Purchaser in issuing any press releases with respect to the transactions contemplated hereby and the Company shall not issue any such press release or otherwise make any such public statement with respect to the transactions contemplated hereby without the prior consent of each Purchaser, except if such disclosure is required by law, in which case the Company shall promptly provide each Purchaser with prior notice of such public statement or communication, or if such disclosure is in connection with a registration statement. The Company acknowledges that a Purchaser that is a publicly reporting company may publicly disclose the transactions contemplated hereby, including, without limitation, in a press release or on a Current Report on Form 8-K.

4.5 Non-Public Information. From and after the Going Public Event Date, the Company covenants and agrees that neither the Company nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. From and after the Going Public Event Date, to the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, and of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. From and after the Going Public Event Date, to the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenants in effecting transactions in securities of the Company.

4.6 Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes.

4.7 Indemnification of Purchasers. Subject to the provisions of this Section 4.7, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Party in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.7 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

4.8 Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement.

4.9 Listing of Common Stock. From and after the Going Public Event Date, the Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading Market an additional shares listing application covering the Shares, (ii) take all necessary steps to cause such Shares to be approved for listing or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or quotation; and (iv) maintain the listing or quotation of the Shares on such Trading Market or another Trading Market. From and after the Going Public Event Date, the Company agrees to establish and maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

4.10 Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

4.11 Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

4.12 Distribution of Shares. In the event that Spherix determines to distribute the Shares or any securities of the Company held by Spherix to its shareholders, the Company covenants to use best efforts to do and perform and cause to be done and performed all such further acts and things and shall execute and deliver all such further agreements, certificates, instruments and documents as Spherix may reasonably request to effect such distribution of Shares or securities to the shareholders of Spherix.

ARTICLE V.
TERMINATION OF MERGER AGREEMENT

5.1 Termination of Merger Agreement. Effective immediately on the date hereof, the Merger Agreement shall be terminated by mutual consent of the Parties in accordance with Section 8.1(a) of the Merger Agreement. As a result of such termination, the Merger Agreement is henceforth void and of no force or effect, including, without limitation, provisions of the Merger Agreement which by their terms would otherwise have survived the termination of the Merger Agreement, without any liability on the part of any Party thereto.

5.2 Mutual Release; Covenant Not to Sue.

(a) Each Party, for and on behalf of itself and its Related Parties (as defined herein below), does hereby unequivocally release and discharge, and hold harmless, each other Party and any of their respective former, current or future officers, directors, agents, advisors, representatives, managers, members, partners, shareholders, employees, subsidiaries, financing sources, affiliates (including, without limitation, controlling persons), officers, directors, members, managers and employees of affiliates, principals, and any heirs, executors, administrators, successors or assigns of any said person or entity (the “Related Parties”), from any and all past, present, direct, indirect, and derivative liabilities, actions, causes of action, cases, claims, suits, debts, dues, sums of money, attorney’s fees, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, injuries, harms, damages, judgments, remedies, extents, executions, demands, liens and damages of every kind and nature, in law, equity or otherwise, asserted or that could have been asserted, under federal or state statute, or common law, known or unknown, suspected or unsuspected, foreseen or unforeseen, anticipated or unanticipated, whether or not concealed or hidden, from the beginning of time until the date of execution of this Agreement that in any way arises from or out of, are based upon, or are in connection with or relate to (i) the Merger Agreement, and the other agreements and documents contemplated hereby or thereby (collectively, the “Merger Transaction Documents”), (ii) any breach, non-performance, action or failure to act under the Merger Transaction Documents and (iii) the proposed Merger, including the events leading to the abandonment of the Merger and the termination of the Merger Agreement or any other Merger Transaction Documents (collectively, the “Released Claims”); provided, however, that no Party shall be released from any breach, non-performance, action or failure to act under this ARTICLE V.

(b) It is understood and agreed that, except as provided in the proviso to Section 5.2(a), the preceding paragraph is a full and final release covering all known as well as unknown or unanticipated debts, claims or damages of the Parties and their Related Parties relating to or arising out of the Merger Transaction Documents. Therefore, each of the Parties expressly waives any rights that it may have under any statute or common law principle under which a general release does not extend to claims which such Party does not know or suspect to exist in its favor at the time of executing the release, which if known by such Party must have affected such Party’s settlement with the other. In connection with such waiver and relinquishment, the Parties acknowledge that they or their attorneys or agents may hereafter discover claims or facts in addition to or different from those which they now know or believe to exist with respect to the Released Claims, but that it is their intention hereby fully, finally and forever to settle and release all of the Released Claims. In furtherance of this intention, the releases herein given shall be and remain in effect as full and complete mutual releases with regard to the Released Claims notwithstanding the discovery or existence of any such additional or different claim or fact.

(c) Except as provided in the proviso to Section 5.2(a), each Party, on behalf of itself and its Related Parties, hereby covenants to each other Party and their respective Related Parties not to, with respect to any Released Claim, directly or indirectly encourage or solicit or voluntarily assist or participate in any way in the filing, reporting or prosecution by such Party or its Related Parties or any third party of a suit, arbitration, mediation, or claim (including a third party or derivative claim) against any other Party and/or its Related Parties relating to any Released Claim. The covenants contained in this ARTICLE V shall survive this Agreement indefinitely regardless of any statute of limitations. The Company and the Purchasers acknowledge and agree that the agreements and covenants of the Parties in this ARTICLE V are independent from, and shall not affect or alter, the obligations of the Company and the Purchasers under this Agreement.

5.3 Non-Disparagement. Except as required by applicable law or the rules or regulations of any governmental authority or by the order of any court of competent jurisdiction, each Party agrees that such Party shall not, directly or indirectly (through such Party’s Related Parties or otherwise), make, publish or cause to be made or published any statement or remark concerning the subject matter of the Merger Transaction Documents, the participation or involvement of the Parties in the transactions contemplated by the Merger Transaction Documents or the reasons for or any of the events or circumstances surrounding the termination of the transactions contemplated by the Merger Agreement that could reasonably be understood as disparaging the business or conduct of the other Parties or their respective Related Parties or as intended to harm the business or reputation of the other Parties or their respective Related Parties. The Company acknowledges and agrees that Spherix shall have the right to publicly disclosed the termination of the Merger Agreement as described herein in a press release and/or in a Current Report on Form 8-K or other filing with the Commission under the Exchange Act as determined by Spherix in its sole discretion.

ARTICLE VI.
MISCELLANEOUS

6.1 Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before August 10, 2018; provided, however, that such termination will not affect the right of any party to sue for any breach by any other party (or parties).

6.2 Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers.

6.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

6.4 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the e-mail address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, (c) the second (2^nd) Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. From and after the Going Public Event Date, to the extent that any notice provided pursuant to any Transaction Document constitutes, or contains material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

6.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 67% in interest of the Shares based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser, Any amendment effected in accordance with this Section 6.5 shall be binding upon each Purchaser and holder of Securities and the Company.

6.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

6.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

6.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.7.

6.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party hereto shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.7, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

6.10 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

6.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

6.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

6.13 Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

6.14 Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

6.15 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

6.16 Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

6.17 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereof or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS. EGS does not represent all of the Purchasers and only represents Spherix. The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers.

6.18 Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

6.19 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

6.20 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

6.21 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

(Signature Pages Follow)

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

datchat, INC.		Address for Notice:
By:	/s/ Darin Myman	Fax:
	Name: Darin Myman Title: Chief Executive Officer	E-Mail:

With a copy to (which shall not constitute notice):

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

[PURCHASER SIGNATURE PAGES TO datchat THERAPEUTICS

SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Spherix Incorporated

Signature of Authorized Signatory of Purchaser: /s/ Anthony Hayes

Name of Authorized Signatory: Anthony Hayes

Title of Authorized Signatory: Chief Executive Officer

Email Address of Authorized Signatory: ______________________________________________

Facsimile Number of Authorized Signatory: _____________________________________________

Address for Notice to Purchaser:

Address for Delivery of Securities to Purchaser (if not same as address for notice):

Cash Subscription Amount: $_________________

In-Kind Subscription Amount: $_________________

Shares: _________________

EIN Number: _______________________

[SIGNATURE PAGES CONTINUE]

Solely with respect to Article V herein:

SPHERIX MERGER SUBSIDIARY INC.

By:

/s/ Anthony Hayes

Name: Anthony Hayes

Title: President

[SIGNATURE PAGES CONTINUE]

Solely with respect to Article V herein:

/s/ Darin Myman

Darin Myman

EX-31.1 3 s112028_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of

Principal Executive and Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Anthony Hayes, certify that:

I have reviewed this report on Form 10-Q of Spherix Incorporated;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Anthony Hayes
	Anthony Hayes
	Chief Executive Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

	August 14, 2018

EX-32.1 4 s112028_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

Certification of

Principal Executive and Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Anthony Hayes, Chief Executive Officer of Spherix Incorporated (the “Company”), in compliance with Section 906 of the Sarbanes-Oxley Act of 2002, hereby certify that, to the best of my knowledge, the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2018 (the “Report”) filed with the Securities and Exchange Commission:

●

Fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

●

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Anthony Hayes
	Anthony Hayes
	Chief Executive Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

	August 14, 2018

A signed copy of this written statement required by Section 906 has been provided to Spherix Incorporated and will be retained by Spherix Incorporated and furnished to the Securities and Exchange Commission or its staff upon request.

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Convertible into ten- nineteenths of a share of Common Stock.

Each holder of Series D-1 Preferred Stock shall be entitled to vote on all matters submitted to the Company’s stockholders and shall be entitled to such number of votes equal to the number of shares of Common Stock such shares of Series D-1 Preferred Stock are convertible into at such time, taking into account the beneficial ownership limitations set forth in the governing Certificate of Designation.

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Note 1. Organization and Description of Business   Organization and Description of Business   Spherix Incorporated (the “Company”) is an intellectual property company incorporated in the State of Delaware that owns patented and unpatented intellectual property.  The Company was formed in 1967 as a scientific research company and for much of its history pursued drug development including through Phase III clinical studies which were discontinued.  Through the Company’s acquisition of patents and patent applications developed by Nortel Networks Corporation from Rockstar Consortium US, LP (“Rockstar”) and Harris Corporation from North South Holdings Inc. (“North South”) in 2013, the Company has expanded its activities.    The Company is a patent commercialization company focused on generating revenues from the monetization of intellectual property, or IP. Such monetization includes, but is not limited to, acquiring IP from patent holders in order to maximize the value of the patent holdings by conducting and managing a licensing campaign, or through the settlement and litigation of patents. We intend to generate revenues and related cash flows from the granting of intellectual property rights for the use of patented technologies that we own, that we manage for others, or that others manage on our behalf. To date, we have generated minimal revenues and no assurance can be provided that our business model will be successful.   In addition to our patent monetization efforts, since the fourth quarter of 2017, we have been transitioning to focus our efforts as a technology development company. The Company made no investments in new IP during 2017 and started the transition with its investment in Hoth Therapeutics, Inc. during the third quarter of 2017.   In March 2018, the Company entered into an agreement and plan of merger, subject to shareholder approval, with DatChat, Inc. (the “DatChat Merger”), a secure messaging application that utilizes blockchain technology, as amended on May 3, 2018. After further negotiations, the Company determined not to pursue a merger with DatChat and on August 8, 2018, entered into a Securities Purchase Agreement with DatChat pursuant to which the Company and DatChat agreed to terminate the DatChat Merger and the Company agreed to make a $1,000,000 strategic investment in DatChat which consisted of (a) a cash payment of $500,000, (b) the forgiveness of prior advances made to DatChat by the Company, and (c) an obligation of the Company to pay certain specific future compensation expenses of DatChat (amounts in clauses (b) and (c) not to exceed a maximum of $500,000 in the aggregate); in exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

Note 2. Liquidity and Financial Condition   The Company continues to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding (non-financing related) revenue. While the Company continues to implement its business strategy, it intends to finance its activities through:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td>managing current cash and cash equivalents on hand from the Company’s past debt and equity offerings,</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td>seeking additional funds raised through the sale of additional securities in the future,</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td>seeking additional liquidity through credit facilities or other debt arrangements, and</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td>increasing revenue from its patent portfolios, license fees and new business ventures.</td></tr> </table>   Management believes the Company currently has sufficient funds to meet its operating requirements for at least the next twelve months.   The Company’s ultimate success is dependent on its ability to obtain additional financing and generate sufficient cash flow to meet its obligations on a timely basis.  The Company’s business will require significant amounts of capital to sustain operations and make the investments it needs to execute its longer-term business plan to support new technologies and help advance innovation. The Company’s working capital amounted to approximately $3.8 million at June 30, 2018. Absent generation of sufficient revenue from the execution of the Company’s long-term business plan, the Company will need to obtain additional debt or equity financing, especially if the Company experiences downturns in its business that are more severe or longer than anticipated, or if the Company experiences significant increases in expense levels resulting from being a publicly-traded company or operations.  If the Company attempts to obtain additional debt or equity financing, the Company cannot assume that such financing will be available to the Company on favorable terms, or at all.   Disputes regarding the assertion of patents and other intellectual property rights are highly complex and technical. The Company may be forced to litigate against others to enforce or defend its intellectual property rights or to determine the validity and scope of other parties’ proprietary rights. The defendants or other third parties involved in the lawsuits in which the Company is involved may allege defenses and/or file counterclaims or initiate inter-party reviews in an effort to avoid or limit liability and damages for patent infringement or cause the Company to incur additional costs as a strategy.  If such efforts are successful, they may have an impact on the value of the patents and preclude the Company from deriving revenue from the patents. The patents could be declared invalid by a court or the United States Patent and Trademark Office, in whole or in part, or the costs of the Company can increase. Recent rulings also create an increased risk that if the Company is unsuccessful in litigation it could be responsible to pay the attorneys’ fees and other costs of defendants by lowering the standard for legal fee shifting sought by defendants in patent cases.

Note 3. Summary of Significant Accounting Policies   Basis of Presentation and Principles of Consolidation   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Nuta Technology Corp. (“Nuta”), Spherix Portfolio Acquisition II, Inc. (“SPXII”), Guidance IP, LLC (“Guidance”), Directional IP, LLC (“Directional”), Spherix Management Services, LLC (“SMS”) and NNPT, LLC (“NNPT”). All significant intercompany balances and transactions have been eliminated in consolidation.   Use of Estimates   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). This requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, the valuation of derivative liabilities, the valuation of investments and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions.   Concentration of Cash   The Company maintains cash balances at two financial institutions in checking accounts and money market accounts. The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. As of June 30, 2018 and December 31, 2017, the Company had $0.2 million in cash and cash equivalents. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.   Marketable Securities   Marketable securities are classified as trading and are carried at fair value. The Company’s marketable securities consist of corporate bonds and highly liquid mutual funds and exchange-traded & closed-end funds which are valued at quoted market prices.   During the three months ended June 30, 2018 and 2017, the Company incurred realized losses of approximately $0.2 million and $36,000, respectively, and unrealized gains of approximately $41,000 and $66,000, respectively, on its investments in marketable securities, which are included in other income, net on the consolidated statements of operations. In addition, during the six months ended June 30, 2018 and 2017, the Company earned dividend income of approximately $44,000 and $47,000, respectively, which is included in other income, net on the consolidated statement of operations.   During the six months ended June 30, 2018 and 2017, the Company incurred realized losses of approximately $0.3 million and $0.1 million, respectively, and unrealized losses of approximately $17,000 and unrealized gains of approximately $0.1 million, respectively, on its investments in marketable securities, which are included in other income, net on the consolidated statements of operations. In addition, during the six months ended June 30, 2018 and 2017, the Company earned dividend income of approximately $78,000 and $55,000, respectively, which is included in other income, net on the consolidated statement of operations.   The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and six months ended June 30, 2018 and 2017 are as follows ($ in thousands):     <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">For the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 46%; text-align: left">Realized gain (loss)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(177</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(36</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(275</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(129</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Unrealized gain (loss)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">41</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">66</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Dividend income</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">44</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">47</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">78</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">55</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(92</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">77</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(215</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">64</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>    The Company reinvested such dividend income into its marketable securities during the six months ended June 30, 2018 and 2017. The fair values of such marketable securities held as of June 30, 2018 and December 31, 2017 were $4.6 million and $4.0 million, respectively.    The marketable securities were classified as a Level 2 financial instrument at June 30, 2018 (see Note 7).   Digital Currencies Translations and Remeasurements   The Company accounts for digital currencies, which it considers to be an asset, at their initial cost and subsequently remeasures the carrying amounts of digital currencies it owns at each reporting date based on their current fair value. The changes in the fair value of digital currencies are included as a component of income or loss. The Company currently classifies digital currencies as a current asset.   The Company obtains the equivalency rate of bitcoins to USD from various exchanges including, Bitstamp, Kraken and Coinbase. Equivalency rate obtained from these sources represents a generally well recognized quoted price in an active market for bitcoins, which market and related database are accessible to the Company on an ongoing basis.   Investment   The Company elected the fair value option for its investment in Hoth Therapeutics, Inc., a Nevada corporation (“Hoth”). As of June 30, 2018, the fair value of this investment was $1,700,000. The Company also elected the fair value option for its investment in TheBit Daily LLC, a Delaware limited liability company (“TheBit Daily”). As of June 30, 2018, the fair value of this investment was $25,000. These investments were classified as a Level 3 financial instrument at June 30, 2018 (see Note 4).   While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.   The decision to elect the fair value option, which is irrevocable once elected, is determined on an instrument by instrument basis and applied to an entire instrument. The net gains or losses, if any, on an investment for which the fair value option has been elected, are recognized as an unrealized gain on investment in the Condensed Consolidated Statements of Operations.   Net Loss per Share   Basic loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares outstanding during the period. Net income (loss) attributable to common stockholders includes the effect of the deemed capital contribution on extinguishment of preferred stock and the deemed dividend related to the immediate accretion of beneficial conversion feature of convertible preferred stock. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method) and the conversion of the Company’s convertible preferred stock and warrants (using the if-converted method). Diluted loss per share excludes the shares issuable upon the conversion of preferred stock and the exercise of stock options and warrants from the calculation of net loss per share if their effect would be anti-dilutive.   Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:     <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">As of June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left; text-indent: 0in">Convertible preferred stock</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,926</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,926</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in">Warrants to purchase common stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,249,754</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,251,709</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; text-indent: 0in; padding-bottom: 1pt">Options to purchase common stock</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">528,490</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">328,716</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in; font-weight: bold">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">1,781,170</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">1,583,351</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td></tr> </table>     Revenue Recognition   The Company recognizes revenue when it is realized or realizable and earned. We consider revenue realized or realizable and earned when there is persuasive evidence of an arrangement when the services have been provided to the customer, the sales price is fixed or determinable and collectability is probable. Our material revenue stream is related to revenue generated from its settlement and licensing agreements. the appropriate recognition of revenue is determined as one performance obligation and revenue is recognized upon delivery of the final performance obligations, including the license for past and future use and the release.   The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 1: Identify the contract with the customer</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 2: Identify the performance obligations in the contract</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 3: Determine the transaction price</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 4: Allocate the transaction price to the performance obligations in the contract</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 5: Recognize revenue when the company satisfies a performance obligation</td></tr> </table>   In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct).</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).</td></tr> </table>   If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.   The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Variable consideration</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Constraining estimates of variable consideration</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>The existence of a significant financing component in the contract</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Noncash consideration</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Consideration payable to a customer</td></tr> </table>   Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.   The transaction price is allocated to each performance obligation on a relative standalone selling price basis.   The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.   As of June 30, 2018, there were no contract assets or liabilities associated with the Company’s settlement and licensing agreements. During the six months ended June 30, 2018, the Company did not generate any revenue.   Recently Issued Accounting Pronouncements   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations.   In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, (ASU 2017-11). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire   instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the potential impact of adopting ASU 2017-11 on its financial statements and related disclosures.   In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 simplifies several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company is currently assessing the effect this guidance may have on its financial statements.   Recently Adopted Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09) as modified by ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The revenue recognition principle in ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, new and enhanced disclosures will be required. Companies may adopt the new standard either using the full retrospective approach, a modified retrospective approach with practical expedients, or a cumulative effect upon adoption approach. The Company adopted the new standard effective January 1, 2018, using the modified retrospective approach. The Company has determined that its licenses represent functional intellectual property under Topic 606. Therefore, revenue is recognized at the point in time when the customer has the right to use the intellectual property rather than over the license period. Accordingly, the Company’s deferred revenue related to its licenses was eliminated and accumulated deficit as of January 1, 2018 was decreased by approximately $3.2 million so that the Company will not recognize revenue on earnings statements in the future as to its license.   In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the provisions of ASU 2016-01 on January 1, 2018. The adoption of this update did not impact the Company’s consolidated financial statements and related disclosures.     In May 2017, the Financial Accounting Standards Board (the FASB) issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, (ASU 2017-09). ASU 2017-09 provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company adopted ASU 2017-09 on January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.

Note 4. Investment in Hoth Therapeutics, Inc.   On June 30, 2017 (the “Closing Date”), the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Hoth Therapeutics, Inc., a Nevada corporation (“Hoth”), for the purchase of an aggregate of 6,800,000 shares of common stock, par value $0.0001 (the “Shares”), of Hoth, for a purchase price of $675,000. The Company adopted the fair value option for this investment and recorded changes in fair value in the statement of operations (see Note 7). Note 5. Investment in TheBit Daily LLC   On March 23, 2018, Spherix Incorporated purchased 8.0% of the issued and outstanding limited liability company membership interests of TheBit Daily LLC, a development stage media and education platform focused on the blockchain and cryptocurrency space, for a subscription price of $25,000.   The Company adopted the fair value option for this investment and recorded changes in fair value, if any, in the statement of operations (see Note 7).

Note 6. Intangible Assets   Patent Portfolio and Patent Rights   The Company’s intangible assets with finite lives consist of its patents and patent rights. For all periods presented, all of the Company’s identifiable intangible assets were subject to amortization. The carrying amounts related to acquired intangible assets as June 30, 2018 are as follows ($ in thousands):     <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Net Carrying Amount</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted average amortization period (years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 66%; text-align: left; text-indent: 0in">Patent Portfolios and Patent Rights at December 31, 2017, net</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">3,578</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right">2.67</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 20pt">Amortization expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">(681</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt">Patent Portfolios and Patent Rights at June 30, 2018, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,897</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.19</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>   The amortization expenses related to acquired intangible assets for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-left: 0.75in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Amortization Expense for the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Amortization Expense for the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Date Acquired and Description</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 48%; text-align: left">7/24/13 - Rockstar patent portfolio</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">18</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">18</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">35</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">35</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">9/10/13 - North South patent portfolio</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">12/31/13 - Rockstar patent portfolio</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">320</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">320</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">635</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">635</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">343</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">343</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">681</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">681</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>   The future amortization of these intangible assets was based on the adjusted carrying amount. Future amortization of all patents is as follows ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Rockstar Portfolio Acquired 24-Jul-13</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">North South Portfolio Acquired 10-Sep-13</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Rockstar Portfolio Acquired 31-Dec-13</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 47%; text-align: left">Six Months Ended December 31, 2018</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">36</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">11</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">645</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">692</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Year Ended December 31, 2019</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,280</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,373</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Year Ended December 31, 2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">639</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">732</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Year Ended December 31, 2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">93</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Thereafter</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">4</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">3</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">7</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Total</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">253</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">80</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,564</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,897</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

Note 8. Stockholders’ Equity and Redeemable Convertible Preferred Stock   Series D Convertible Preferred Stock   On April 2, 2013, the Company designated 1,488,152 shares of preferred stock as Series D Preferred Stock. In connection with the acquisition of North South’s patent portfolio in September 2013, the Company issued 1,379,685 shares of its Series D Convertible Preferred Stock (“Series D Preferred Stock”) to the stockholders of North South. Each share of Series D Preferred Stock has a stated value of $0.0001 per share and is convertible into ten-nineteenths of a share of Common Stock. Upon the liquidation, dissolution or winding up of the Company’s business, each holder of Series D Preferred Stock shall be entitled to receive, for each share of Series D Preferred Stock held, a preferential amount in cash equal to the greater of (i) the stated value or (ii) the amount the holder would receive as a holder of Common Stock on an “as converted” basis. Each holder of Series D Preferred Stock shall be entitled to vote on all matters submitted to its stockholders and shall be entitled to such number of votes equal to the number of shares of Common Stock such shares of Series D Preferred Stock are convertible into at such time, taking into account the beneficial ownership limitations set forth in the governing Certificate of Designation and the conversion limitations described below. At no time may shares of Series D Preferred Stock be converted if such conversion would cause the holder to hold in excess of 4.99% of issued and outstanding Common Stock, subject to an increase in such limitation up to 9.99% of the issued and outstanding Common Stock on 61 days’ written notice to the Company. The conversion ratio of the Series D Preferred Stock is subject to adjustment in the event of stock splits, stock dividends, combination of shares and similar recapitalization transactions.   As of June 30, 2018 and December 31, 2017, 4,725 shares of Series D Preferred Stock remained issued and outstanding.   Series D-1 Convertible Preferred Stock   On November 20, 2013, the Company designated 1,379,685 shares of preferred stock as Series D-1 Preferred Stock. The Company’s Series D-1 Convertible Preferred Stock (“Series D-1 Preferred Stock”) was established on November 22, 2013. Each share of Series D-1 Preferred Stock has a stated value of $0.0001 per share and is convertible into ten- nineteenths of a share of Common Stock.  Upon the liquidation, dissolution or winding up of the Company’s business, each holder of Series D-1 Preferred Stock shall be entitled to receive, for each share of Series D-1 Preferred Stock held, a preferential amount in cash equal to the greater of (i) the stated value or (ii) the amount the holder would receive as a holder of Common Stock on an “as converted” basis.  Each holder of Series D-1 Preferred Stock shall be entitled to vote on all matters submitted to the Company’s stockholders and shall be entitled to such number of votes equal to the number of shares of Common Stock such shares of Series D-1 Preferred Stock are convertible into at such time, taking into account the beneficial ownership limitations set forth in the governing Certificate of Designation.  At no time may shares of Series D-1 Preferred Stock be converted if such conversion would cause the holder to hold in excess of 9.99% of issued and outstanding Common Stock. The conversion ratio of the Series D-1 Preferred Stock is subject to adjustment in the event of stock splits, stock dividends, combination of shares and similar recapitalization transactions. The Company commenced an exchange with holders of Series D Convertible Preferred Stock pursuant to which the holders of the Company’s outstanding shares of Series D Preferred Stock acquired in the Merger could exchange such shares for shares of the Company’s Series D-1 Preferred Stock on a one-for-one basis.   As of June 30, 2018 and December 31, 2017, 834 shares of Series D-1 Preferred Stock remained issued and outstanding.   Common Stock   On March 19, 2018, the Company closed a public offering of common stock for gross proceeds of approximately $3.0 million. The offering was a shelf takedown off of the Company’s registration statement on Form S-3 (File No. 333-222488) and was conducted pursuant to a placement agency agreement (the “Agreement”) between the Company and Laidlaw & Company (UK) Ltd., the sole placement agent, on a best-efforts basis with respect to the offering (the “Placement Agent”), that was entered into on March 14, 2018. The Company sold 2,222,222 shares of its common stock in the offering at a purchase price of $1.35 per share.     Warrants   A summary of warrant activity for the six months ended June 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Intrinsic Value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 47%; text-align: left">Outstanding as of December 31, 2017</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">1,249,754</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">8.98</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">—</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">2.92</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Outstanding as of June 30, 2018</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">1,249,754</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">8.98</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">2.42</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Exercisable as of June 30, 2018</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,249,754</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">8.98</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.42</td> <td style="text-align: left"> </td></tr> </table>   Stock Options   On February 16, 2018, pursuant to and subject to the available number of shares reserved under the 2014 Plan, the Company issued an aggregate of 150,000 options to purchase common stock of the Company to three of its directors. The aggregate grant date fair value of these options was approximately $0.2 million. These stock options vest over six months.     On May 3, 2018, a new director was granted options to purchase 50,000 shares of the Company’s common stock, at an exercise price of $1.04 per share, which options vested 50% at May 3, 2018 with the remaining 50% vesting at May 3, 2019. The aggregate grant date fair value of these options was approximately $46,000. These stock options vest over twelve months.     A summary of option activity under the Company’s employee stock option plan for the six months ended June 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Intrinsic Value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Weighted Average Remaining Contractual Life (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%">Outstanding as of December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">325,597</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">78.20</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">5,999</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">3.2</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Employee options granted</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">200,000</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">1.39</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">9.7</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 2.5pt">Outstanding as of June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">525,597</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">48.97</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,632</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">5.4</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Options vested and expected to vest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">525,597</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">48.97</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,632</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.4</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Options vested and exercisable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">425,597</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">60.15</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,132</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.3</td> <td style="text-align: left"> </td></tr> </table>   A summary of option activity under the Company’s non-employee stock option plan for the six months ended June 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Intrinsic Value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Weighted Average Remaining Contractual Life (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%; padding-bottom: 1pt">Outstanding as of December 31, 2017</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">2,893</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">98.07</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">—</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">3.4</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding as of June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">2,893</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">98.07</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">—</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">2.9</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Options vested and expected to vest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,893</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">98.07</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.9</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Options vested and exercisable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,893</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">98.07</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.9</td> <td style="text-align: left"> </td></tr> </table>   Stock-based compensation associated with the amortization of stock option expense was approximately $71,000 and $8,000 for the three months ended June 30, 2018 and 2017, and was approximately $0.2 million and $11,000 for the six months ended June 30, 2018 and 2017, respectively.     Restricted Stock Awards   On February 16, 2018, the Company granted each of its three directors 20,000 shares of restricted common stock. The grant date fair value of each restricted stock award was approximately $27,000. These restricted stock awards vested immediately.   On April 26, 2018, the Company issued 25,410 shares of its common stock to an employee for services pursuant to employment agreement. The grant date fair value of this restricted stock award was approximately $27,000 (based upon the closing price of the Company’s common stock on April 26, 2018). This restricted stock award vested immediately.   Stock-based Compensation   Stock-based compensation for the six months ended June 30, 2018 and 2017 was comprised of the following ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">For the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%; text-align: left">Employee restricted stock awards</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">27</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">107</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Employee stock option awards</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">71</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">8</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">179</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">11</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">Total compensation expense</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">98</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">8</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">286</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">11</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td></tr> </table>   Unamortized stock-based compensation expense was approximately $42,000 at June 30, 2018.

Note 9. Commitments and Contingencies   Legal Proceedings   In the ordinary course of business, the Company actively pursues legal remedies to enforce its intellectual property rights and to stop unauthorized use of patented technology. From time to time, the Company may be involved in various claims and counterclaims and legal actions arising in the ordinary course of business. There were no pending material claims or legal matters as of the date of this report other than the following matters:   International License Exchange of America, LLC Litigations   Under our Monetization Agreement with Equitable, ILEA filed the patent infringement litigation below.   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1%"> </td> <td style="width: 3%">●</td> <td style="width: 96%; text-align: justify">On May 15, 2017, litigation against ADTRAN, Inc. case number 1:17-cv-00562-RGA, in the U.S. District Court for the District of Delaware, related to alleged infringement of the ‘999 patent and U.S. Patent Nos. 5,959,990; 6.970,461; 7,478,167; 7,274,704; and 7,277,533. On January 22, 2018, ILEA filed a notice of voluntary dismissal and the court terminated the case.</td></tr> </table>   Optic153 LLC Litigations   Under our Monetization Agreement with Equitable, Optic 153 LLC, an Equitable subsidiary, has filed the following litigations relating to patents acquired under the terms of settlement of one of our prior litigations:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1%"> </td> <td style="width: 3%">●</td> <td style="width: 96%; text-align: justify">On March 15, 2018, litigation against Lumentum Operations LLC, Case No. 1:18-cv-00406-VAC-CJB, in the in the U.S. District Court for the District of Delaware, related to alleged infringement of U.S. Patent No. 6,587,261. Lumentum’s Answer is currently due on September 6, 2018.</td></tr> </table>   Counterclaims    In the ordinary course of business, we, or with our wholly-owned subsidiaries or monetization partners, will initiate litigation against parties whom we believe have infringed on our intellectual property rights and technologies. The initiation of such litigation exposes us to potential counterclaims initiated by the defendants. Currently, there are no counterclaims pending against us. In the event such counterclaims are filed, we can provide no assurance that the outcome of these claims will not have a material adverse effect on our financial position and results from operations.

Note 10. DatChat, Inc.   The Merger   On March 12, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Spherix, Spherix Merger Subisdiary Inc., a Nevada corporation and a wholly-owned Subsidiary of Spherix (“Merger Sub”), DatChat, Inc., a Nevada corporation (“DatChat”), and Darin Myman in the capacity as the representative from and after the effective time of the Merger (the “Effective Time”) for the stockholders of DatChat as of immediately prior to the Effective Time (the “Stockholder Representative”).   Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), Merger Sub would merge with and into DatChat (the “Merger”), with DatChat continuing as the surviving corporation in the Merger. Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time: (i) all shares of capital stock of DatChat (the “DatChat Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 46,153,846 shares of Spherix common stock (the “Stockholder Merger Consideration”).   On May 3, 2018, Spherix, Merger Sub, DatChat and the Stockholder Representative entered into that certain First Amendment to Agreement and Plan of Merger (the “Amendment”), pursuant to which the Merger Agreement was amended to reduce the Stockholder Merger Consideration from 46,153,846 shares of Spherix common stock to 34,615,385 shares of Spherix common stock.   After further negotiations, the Company determined not to pursue a merger with DatChat and on August 8, 2018, entered into a securities purchase agreement (the “Securities Purchase Agreement”) with DatChat pursuant to which the Company and DatChat agreed to terminate the DatChat Merger and each of the parties to the Merger Agreement agreed to release and discharge and hold harmless each of the other parties with respect to the transaction contemplated by the Merger Agreement.   In addition to the termination, under the Securities Purchase Agreement, the Company agreed to make a $1,000,000 strategic investment in DatChat which consisted of (a) a cash payment of $500,000, (b) the forgiveness of prior advances made to DatChat by the Company, and (c) an obligation of the Company to pay certain specific future compensation expenses of DatChat (amounts in clauses (b) and (c) not to exceed a maximum of $500,000 in the aggregate); in exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

Basis of Presentation and Principles of Consolidation   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Nuta Technology Corp. (“Nuta”), Spherix Portfolio Acquisition II, Inc. (“SPXII”), Guidance IP, LLC (“Guidance”), Directional IP, LLC (“Directional”), Spherix Management Services, LLC (“SMS”) and NNPT, LLC (“NNPT”). All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates   The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). This requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, the valuation of derivative liabilities, the valuation of investments and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount of the intangible assets, could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions.

Concentration of Cash   The Company maintains cash balances at two financial institutions in checking accounts and money market accounts. The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. As of June 30, 2018 and December 31, 2017, the Company had $0.2 million in cash and cash equivalents. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.

Marketable Securities   Marketable securities are classified as trading and are carried at fair value. The Company’s marketable securities consist of corporate bonds and highly liquid mutual funds and exchange-traded & closed-end funds which are valued at quoted market prices.   During the three months ended June 30, 2018 and 2017, the Company incurred realized losses of approximately $0.2 million and $36,000, respectively, and unrealized gains of approximately $41,000 and $66,000, respectively, on its investments in marketable securities, which are included in other income, net on the consolidated statements of operations. In addition, during the six months ended June 30, 2018 and 2017, the Company earned dividend income of approximately $44,000 and $47,000, respectively, which is included in other income, net on the consolidated statement of operations.   During the six months ended June 30, 2018 and 2017, the Company incurred realized losses of approximately $0.3 million and $0.1 million, respectively, and unrealized losses of approximately $17,000 and unrealized gains of approximately $0.1 million, respectively, on its investments in marketable securities, which are included in other income, net on the consolidated statements of operations. In addition, during the six months ended June 30, 2018 and 2017, the Company earned dividend income of approximately $78,000 and $55,000, respectively, which is included in other income, net on the consolidated statement of operations.   The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):     <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">For the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 46%; text-align: left">Realized gain (loss)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(177</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(36</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(275</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(129</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Unrealized gain (loss)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">41</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">66</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Dividend income</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">44</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">47</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">78</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">55</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(92</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">77</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(215</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">64</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>    The Company reinvested such dividend income into its marketable securities during the six months ended June 30, 2018 and 2017. The fair values of such marketable securities held as of June 30, 2018 and December 31, 2017 were $4.6 million and $4.0 million, respectively.    The marketable securities were classified as a Level 2 financial instrument at June 30, 2018 (see Note 7).

Digital Currencies Translations and Remeasurements   The Company accounts for digital currencies, which it considers to be an asset, at their initial cost and subsequently remeasures the carrying amounts of digital currencies it owns at each reporting date based on their current fair value. The changes in the fair value of digital currencies are included as a component of income or loss. The Company currently classifies digital currencies as a current asset.   The Company obtains the equivalency rate of bitcoins to USD from various exchanges including, Bitstamp, Kraken and Coinbase. Equivalency rate obtained from these sources represents a generally well recognized quoted price in an active market for bitcoins, which market and related database are accessible to the Company on an ongoing basis.

Investment   The Company elected the fair value option for its investment in Hoth Therapeutics, Inc., a Nevada corporation (“Hoth”). As of June 30, 2018, the fair value of this investment was $1,700,000. The Company also elected the fair value option for its investment in TheBit Daily LLC, a Delaware limited liability company (“TheBit Daily”). As of June 30, 2018, the fair value of this investment was $25,000. These investments were classified as a Level 3 financial instrument at June 30, 2018 (see Note 4).   While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.   The decision to elect the fair value option, which is irrevocable once elected, is determined on an instrument by instrument basis and applied to an entire instrument. The net gains or losses, if any, on an investment for which the fair value option has been elected, are recognized as an unrealized gain on investment in the Condensed Consolidated Statements of Operations.

Net Loss per Share   Basic loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares outstanding during the period. Net income (loss) attributable to common stockholders includes the effect of the deemed capital contribution on extinguishment of preferred stock and the deemed dividend related to the immediate accretion of beneficial conversion feature of convertible preferred stock. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options (using the treasury stock method) and the conversion of the Company’s convertible preferred stock and warrants (using the if-converted method). Diluted loss per share excludes the shares issuable upon the conversion of preferred stock and the exercise of stock options and warrants from the calculation of net loss per share if their effect would be anti-dilutive.   Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:     <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">As of June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left; text-indent: 0in">Convertible preferred stock</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,926</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,926</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in">Warrants to purchase common stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,249,754</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,251,709</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; text-indent: 0in; padding-bottom: 1pt">Options to purchase common stock</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">528,490</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">328,716</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in; font-weight: bold">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">1,781,170</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">1,583,351</td></tr> </table>

Revenue Recognition   The Company recognizes revenue when it is realized or realizable and earned. We consider revenue realized or realizable and earned when there is persuasive evidence of an arrangement when the services have been provided to the customer, the sales price is fixed or determinable and collectability is probable. Our material revenue stream is related to revenue generated from its settlement and licensing agreements. the appropriate recognition of revenue is determined as one performance obligation and revenue is recognized upon delivery of the final performance obligations, including the license for past and future use and the release.   The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 1: Identify the contract with the customer</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 2: Identify the performance obligations in the contract</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 3: Determine the transaction price</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 4: Allocate the transaction price to the performance obligations in the contract</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Step 5: Recognize revenue when the company satisfies a performance obligation</td></tr> </table>   In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct).</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).</td></tr> </table>   If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.   The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Variable consideration</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Constraining estimates of variable consideration</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>The existence of a significant financing component in the contract</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Noncash consideration</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0px; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.5in; text-align: left">●</td> <td>Consideration payable to a customer</td></tr> </table>   Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.   The transaction price is allocated to each performance obligation on a relative standalone selling price basis.   The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.   As of June 30, 2018, there were no contract assets or liabilities associated with the Company’s settlement and licensing agreements. During the six months ended June 30, 2018, the Company did not generate any revenue.

Recently Issued Accounting Pronouncements   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations.   In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception, (ASU 2017-11). Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire   instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable noncontrolling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the potential impact of adopting ASU 2017-11 on its financial statements and related disclosures.   In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 simplifies several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company is currently assessing the effect this guidance may have on its financial statements.

Recently Adopted Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09) as modified by ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The revenue recognition principle in ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, new and enhanced disclosures will be required. Companies may adopt the new standard either using the full retrospective approach, a modified retrospective approach with practical expedients, or a cumulative effect upon adoption approach. The Company adopted the new standard effective January 1, 2018, using the modified retrospective approach. The Company has determined that its licenses represent functional intellectual property under Topic 606. Therefore, revenue is recognized at the point in time when the customer has the right to use the intellectual property rather than over the license period. Accordingly, the Company’s deferred revenue related to its licenses was eliminated and accumulated deficit as of January 1, 2018 was decreased by approximately $3.2 million so that the Company will not recognize revenue on earnings statements in the future as to its license.   In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. ASU No. 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted the provisions of ASU 2016-01 on January 1, 2018. The adoption of this update did not impact the Company’s consolidated financial statements and related disclosures.     In May 2017, the Financial Accounting Standards Board (the FASB) issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting, (ASU 2017-09). ASU 2017-09 provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company adopted ASU 2017-09 on January 1, 2018. The adoption of this ASU did not have a material impact on the Company’s financial position or results of operations.

The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and six months ended June 30, 2018 and 2017 are as follows ($ in thousands):     <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">For the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 46%; text-align: left">Realized gain (loss)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(177</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(36</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(275</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(129</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Unrealized gain (loss)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">41</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">66</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(17</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">138</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">Dividend income</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">44</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">47</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">78</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">55</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(92</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">77</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">(215</td> <td style="text-align: left; padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">64</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:    <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">As of June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left; text-indent: 0in">Convertible preferred stock</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,926</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,926</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in">Warrants to purchase common stock</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,249,754</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,251,709</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; text-indent: 0in; padding-bottom: 1pt">Options to purchase common stock</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">528,490</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">328,716</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt; padding-left: 0.125in; font-weight: bold">Total</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">1,781,170</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">1,583,351</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td></tr> </table>

The carrying amounts related to acquired intangible assets as June 30, 2018 are as follows ($ in thousands):     <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Net Carrying Amount</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted average amortization period (years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 66%; text-align: left; text-indent: 0in">Patent Portfolios and Patent Rights at December 31, 2017, net</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">3,578</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right">2.67</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 0in; padding-bottom: 1pt; padding-left: 20pt">Amortization expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">(681</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; text-indent: 0in; padding-bottom: 2.5pt">Patent Portfolios and Patent Rights at June 30, 2018, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,897</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.19</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

The amortization expenses related to acquired intangible assets for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; margin-left: 0.75in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Amortization Expense for the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Amortization Expense for the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Date Acquired and Description</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 48%; text-align: left">7/24/13 - Rockstar patent portfolio</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">18</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">18</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">35</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">35</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">9/10/13 - North South patent portfolio</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt">12/31/13 - Rockstar patent portfolio</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">320</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">320</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">635</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">635</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">343</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">343</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">681</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">681</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

Future amortization of all patents is as follows ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Rockstar Portfolio Acquired 24-Jul-13</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">North South Portfolio Acquired 10-Sep-13</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Rockstar Portfolio Acquired 31-Dec-13</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 47%; text-align: left">Six Months Ended December 31, 2018</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">36</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">11</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">645</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">692</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Year Ended December 31, 2019</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,280</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,373</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Year Ended December 31, 2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">639</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">732</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Year Ended December 31, 2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">71</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">93</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Thereafter</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">4</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">3</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">7</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Total</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">253</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">80</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,564</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,897</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of June 30, 2018 and December 31, 2017 is as follows:   <table align="center" border="0" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="width: 52%; font-weight: bold; border-bottom: black 1pt solid; background-color: white">Date of valuation</td> <td style="width: 1%; background-color: white"> </td> <td style="width: 23%; text-align: center; font-weight: bold; border-bottom: black 1pt solid; background-color: white">June 30, 2018</td> <td style="width: 1%"> </td> <td style="width: 23%; text-align: center; font-weight: bold; border-bottom: black 1pt solid; background-color: white">December 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Risk-free interest rate</td> <td> </td> <td style="text-align: center">2.52%</td> <td style="text-align: center"> </td> <td style="text-align: center">1.98%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected volatility</td> <td> </td> <td style="text-align: center">89.88% - 109.61%</td> <td style="text-align: center"> </td> <td style="text-align: center">100.00% - 132.21%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Expected life (in years)</td> <td> </td> <td style="text-align: center">2.44-2.56</td> <td style="text-align: center"> </td> <td style="text-align: center">2.94 - 3.06</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected dividend yield</td> <td> </td> <td style="text-align: center">—</td> <td style="text-align: center"> </td> <td style="text-align: center">—</td></tr> </table>

The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2018 and December 31, 2017 ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Fair value measured at June 30, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Total carrying value at June 30,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Quoted prices in active markets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant other observable inputs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant unobservable inputs</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: justify">Assets</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; text-align: left; padding-left: 18px">Marketable securities - mutual and exchange traded funds</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">4,634</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">4,634</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-left: 18px">Investments at fair value</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,725</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,725</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: justify">Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 18px">Fair value of warrant liabilities</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">357</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">357</td> <td style="text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Fair value measured at December 31, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Total carrying value at December 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Quoted prices in active markets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant other observable inputs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant unobservable inputs</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2016</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: justify">Assets</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 48%; text-align: left; padding-left: 18px">Marketable securities - mutual and exchange traded funds</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">3,998</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">3,998</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-left: 18px">Investments at fair value</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,020</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 18px"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: justify">Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 18px">Fair value of warrant liabilities</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">822</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">822</td> <td style="text-align: left"> </td></tr> </table>

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2018 and 2017 that are measured at fair value on a recurring basis ($ in thousands):   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Fair Value of Level 3 financial liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">June 30, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">June 30, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">822</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">702</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Fair value adjustment of warrant liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">(465</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">1,326</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt; white-space: nowrap">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">357</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">2,028</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets for the six months ended June 30, 2018 and 2017 that are measured at fair value on a recurring basis:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Fair Value of Level 3 financial liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">June 30, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">June 30, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 70%; text-align: left">Beginning balance</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,020</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 18px">Purchase of investment in TheBit Daily LLC at fair value</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">25</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-left: 18px">Fair value of Hoth upon issuance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">675</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Change in fair value of Hoth</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">680</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,725</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">675</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

A summary of warrant activity for the six months ended June 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Warrants</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Intrinsic Value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 47%; text-align: left">Outstanding as of December 31, 2017</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">1,249,754</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">8.98</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">—</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 10%; text-align: right; border-bottom: black 1pt solid">2.92</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Outstanding as of June 30, 2018</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">1,249,754</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">8.98</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">2.42</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Exercisable as of June 30, 2018</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,249,754</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">8.98</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.42</td> <td style="text-align: left"> </td></tr> </table>

A summary of option activity under the Company’s employee stock option plan for the six months ended June 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Intrinsic Value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Weighted Average Remaining Contractual Life (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%">Outstanding as of December 31, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">325,597</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">78.20</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">5,999</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">3.2</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Employee options granted</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">200,000</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">1.39</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">9.7</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="padding-bottom: 2.5pt">Outstanding as of June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">525,597</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">48.97</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">1,632</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">5.4</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Options vested and expected to vest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">525,597</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">48.97</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,632</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.4</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Options vested and exercisable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">425,597</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">60.15</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,132</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.3</td> <td style="text-align: left"> </td></tr> </table>   A summary of option activity under the Company’s non-employee stock option plan for the six months ended June 30, 2018 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Number of Shares</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">Total Intrinsic Value</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Weighted Average Remaining Contractual Life (in years)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%; padding-bottom: 1pt">Outstanding as of December 31, 2017</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">2,893</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">98.07</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid">$</td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">—</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left; border-bottom: black 1pt solid"> </td> <td style="width: 12%; text-align: right; border-bottom: black 1pt solid">3.4</td> <td style="width: 1%; text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding as of June 30, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">2,893</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">98.07</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; border-bottom: black 2.5pt double">—</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left; border-bottom: black 2.5pt double"> </td> <td style="text-align: right; border-bottom: black 2.5pt double">2.9</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left">Options vested and expected to vest</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,893</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">98.07</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.9</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Options vested and exercisable</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,893</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">98.07</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.9</td></tr> </table>

Stock-based compensation for the six months ended June 30, 2018 and 2017 was comprised of the following ($ in thousands):   <table cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">For the Three Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">For the Six Months Ended June 30,</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 40%; text-align: left">Employee restricted stock awards</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">27</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">107</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 1pt">Employee stock option awards</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">71</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">8</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">179</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">11</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold">Total compensation expense</td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">98</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">8</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">286</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold; border-bottom: black 2.5pt double">$</td> <td style="text-align: right; font-weight: bold; border-bottom: black 2.5pt double">11</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold"> </td></tr> </table>

1000

1155000

4866000

2288000

1155000

2578000

48000

957000

357000

822000

592000

695000

206000

56000

9608000

8972000

26000

2000

3000

4958000

4345000

146000

150000

4634000

3998000

178000

197000

134000

733000

9608000

8972000

-143694000

-145055000

264000

152410000

149425000

4725

834

4725

834

0.0001

100000000

8542542

6234910

8542530

6234898

7565772

4951083

8535550

4958159

-0.25

-0.56

-0.05

-0.38

-1884000

-2779000

-398000

-1860000

-1884000

955000

-1033000

864000

-1083000

-465000

1326000

-277000

1204000

-190000

293000

-93000

121000

-2839000

-1746000

-1262000

-777000

2839000

2384000

1262000

1088000

200000

236000

80000

174000

211000

66000

17000

41000

49000

19000

27000

992000

535000

395000

250000

697000

883000

342000

294000

681000

343000

638000

311000

-19000

599000

2700000

-24000

24000

2700000

-969000

2439000

16000

9119000

9624000

10047000

6510000

-1750000

-1816000

-48000

-87000

-618000

-103000

-364000

150000

-20000

-4000

-40000

465000 -1326000

8453000

4106000

1000

-264000

-145055000

-143694000

149425000

152410000

6234898

8542530

5559

2700000

1000

2699000

286000

85410

3245000 3245000

0.0198

0.0252

1.0000

1.3221

0.8988

1.0961

P2Y11M8D P3Y0M22D P2Y5M8D P2Y6M22D

25410

27000000

34615385

500000000

In exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

-215000 64000 -92000 77000

-275000

-129000

-275000

-129000

-17000

137000

-17000

137000

44000

47000

78000

55000

Note 7. Fair Value of Financial Assets and Liabilities   Financial instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.   The Company uses three levels of inputs that may be used to measure fair value:   Level 1 - quoted prices in active markets for identical assets or liabilities    Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable    Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)   The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2018 and December 31, 2017 ($ in thousands):    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Fair value measured at June 30, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Total carrying value at June 30,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Quoted prices in active markets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant other observable inputs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant unobservable inputs</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify">Assets</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 18px; width: 48%">Marketable securities - mutual and exchange traded funds</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">4,634</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">—</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">4,634</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">—</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Investments at fair value</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,725</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,725</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify">Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Fair value of warrant liabilities</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">357</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">357</td> <td style="text-align: left"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Fair value measured at December 31, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Total carrying value at December 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Quoted prices in active markets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant other observable inputs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Significant unobservable inputs</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2016</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">(Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">(Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">(Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify">Assets</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 18px; width: 48%">Marketable securities - mutual and exchange traded funds</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">3,998</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">—</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">3,998</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 10%">—</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Investments at fair value</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,020</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 18px"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: justify">Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Fair value of warrant liabilities</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">822</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">822</td> <td style="text-align: left"> </td></tr> </table>    There were no transfers between Level 1, 2 or 3 during the six months ended June 30, 2018.   Level 2 Valuation Techniques   The fair values of Level 2 marketable securities are determined using one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.   Level 3 Valuation Techniques   Level 3 financial liabilities consist of the warrant liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate.   A significant decrease in the volatility or a significant decrease in the Company’s stock price, in isolation, would result in a significantly lower fair value measurement. Changes in the values of the warrant liabilities are recorded in “change in fair value of warrant liabilities” in the Company’s consolidated statements of operations.   The Series A and Series B warrants have been recorded at their fair value using the Black-Scholes valuation model, and will be recorded at their respective fair value at each subsequent balance sheet date. This model incorporates transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, as well as volatility. The warrants require, at the option of the holder, a net-cash settlement following certain fundamental transactions at the Company or require the issuance of registered shares upon exercise, do not expressly preclude an implied right to cash settlement and are therefore accounted for as derivative liabilities.   A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of June 30, 2018 and December 31, 2017 is as follows:    <table border="0" cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; background-color: white; width: 52%; font-weight: bold">Date of valuation</td> <td style="background-color: white; width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; background-color: white; width: 23%; font-weight: bold">June 30, 2018</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; background-color: white; width: 23%; font-weight: bold">December 31, 2017</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Risk-free interest rate</td> <td> </td> <td style="text-align: center">2.52%</td> <td style="text-align: center"> </td> <td style="text-align: center">1.98%</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Expected volatility</td> <td> </td> <td style="text-align: center">89.88% - 109.61%</td> <td style="text-align: center"> </td> <td style="text-align: center">100.00% - 132.21%</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Expected life (in years)</td> <td> </td> <td style="text-align: center">2.44-2.56</td> <td style="text-align: center"> </td> <td style="text-align: center">2.94 - 3.06</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Expected dividend yield</td> <td> </td> <td style="text-align: center">—</td> <td style="text-align: center"> </td> <td style="text-align: center">—</td></tr> </table>    The risk-free interest rate was based on rates established by the Federal Reserve. For the July 2015 Warrants, the expected volatility in the Black-Scholes model is based on an expected volatility of 100% for both periods which represents the percentage required to be used when valuing the cash settlement feature as contractually stated in the form of warrant. The general expected volatility is based on standard deviation of the Company’s underlying stock price’s daily logarithmic returns. The expected life of the warrants was determined by the expiration date of the warrants. The expected dividend yield was based upon the fact that the Company has not historically paid dividends on its common stock, and does not expect to pay dividends on its common stock in the future.    The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the six months ended June 30, 2018 and 2017 that are measured at fair value on a recurring basis ($ in thousands):    <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Fair Value of Level 3 financial liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">June 30, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">June 30, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 70%">Beginning balance</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">822</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">702</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Fair value adjustment of warrant liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(465</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,326</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">357</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">2,028</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>    The Company owns approximately 33% of common shares in Hoth as of June 30, 2018. The value of the Company’s investment in Hoth increased by approximately $0.7 million during the six months ended June 30, 2018.   The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets for the six months ended June 30, 2018 and 2017 that are measured at fair value on a recurring basis:    <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Fair Value of Level 3 financial liabilities</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">June 30, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">June 30, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 70%">Beginning balance</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">1,020</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 12%">—</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Purchase of investment in TheBit Daily LLC at fair value</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">25</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-left: 18px">Fair value of Hoth upon issuance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">675</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Change in fair value of Hoth</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">680</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending balance</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">1,725</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">675</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>    While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.   The decision to elect the fair value option, which is irrevocable once elected, is determined on an instrument by instrument basis and applied to an entire instrument. The net gains or losses, if any, on an investment for which the fair value option has been elected, are recognized as change in fair value of investment in the Consolidated Statements of Operations.   A summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s valuation in Hoth that are categorized within Level 3 of the fair value hierarchy at the date of issuance and as of June 30, 2018 and December 31, 2017 is as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Date of valuation</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">June 30, 2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 66%">Risk-free interest rate</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 14%">2.24</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 14%">1.39</td> <td style="width: 1%">%</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">75.00</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">75.00</td> <td>%</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td>Expected life (in years)</td> <td> </td> <td> </td> <td style="text-align: right">1.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1.00</td> <td> </td></tr> </table>   The investment in Hoth Therapeutics was valued using a hybrid probability weighted expected return method, with scenarios including (1) Hoth continuing to operate as a private company through an estimated potential exit date, and (2) Hoth undergoing an IPO in the near future. The private-company scenario utilizes a reverse option pricing method (backsolve) based on the recent Series A transaction. Key inputs to the backsolve, in addition to the Series A price, include volatility (75.00%) and expected maturity (1.0 years). The IPO scenario is based on initial value indications proposed by investment bankers. The primary inputs, in addition to the pre-money value indications, include the estimated time to IPO (end of November) and a discount rate of 15%. The valuation conclusion is sensitive to the probability weightings assigned to each scenario. The weightings (1/3 IPO scenario, 2/3 private company scenario), were determined according to management expectations regarding exit opportunities, based on what was known or knowable as of June 30, 2018.

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 14, 2018
Document And Entity Information
Entity Registrant Name	SPHERIX INC
Entity Central Index Key	0000012239
Document Type	10-Q
Trading Symbol	SPEX
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		8,542,530
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 178	$ 197
Marketable securities	4,634	3,998
Prepaid expenses and other assets	146	150
Total current assets	4,958	4,345
Property and equipment, net	2	3
Patent portfolios and patent rights, net	2,897	3,578
Investments at fair value	1,725	1,020
Deposit	26	26
Total assets	9,608	8,972
Current liabilities
Accounts payable and accrued expenses	206	56
Accrued salaries and benefits	592	695
Warrant liabilities	357	822
Short-term deferred revenue		957
Short-term lease liabilities		48
Total current liabilities	1,155	2,578
Long-term deferred revenue		2,288
Total liabilities	1,155	4,866
Stockholders' equity
Common stock, $0.0001 par value, 100,000,000 shares authorized; 8,542,542 and 6,234,910 shares issued at June 30, 2018 and December 31, 2017, respectively; 8,542,530 and 6,234,898 shares outstanding at June 30, 2018 and December 31, 2017, respectively	1
Additional paid-in-capital	152,410	149,425
Treasury stock, at cost, 12 shares at June 30, 2018 and December 31, 2017	(264)	(264)
Accumulated deficit	(143,694)	(145,055)
Total stockholders' equity	8,453	4,106
Total liabilities and stockholders' equity	9,608	8,972
Series D Preferred Stock [Member]
Stockholders' equity
Preferred Stock
Series D-1 Convertible Preferred Stock [Member]
Stockholders' equity
Preferred Stock

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	8,542,542	6,234,910
Common stock, outstanding	8,542,530	6,234,898
Treasury stock	12	12
Series D Preferred Stock [Member]
Preferred stock, issued	4,725	4,725
Preferred stock, outstanding	4,725	4,725
liquidation preference (in dollars per share)	$ 0.0001	$ 0.0001
Series D-1 Convertible Preferred Stock [Member]
Preferred stock, issued	834	834
Preferred stock, outstanding	834	834
liquidation preference (in dollars per share)	$ 0.0001	$ 0.0001

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues		$ 311		$ 638
Operating costs and expenses
Amortization of patent portfolio	343	343	681	681
Compensation and related expenses (including stock-based compensation)	342	294	697	883
Professional fees	395	250	992	535
Rent	19	27	41	49
Depreciation expense	17		17
Acquisition costs	66		211
Other selling, general and administrative	80	174	200	236
Total operating expenses	1,262	1,088	2,839	2,384
Loss from operations	(1,262)	(777)	(2,839)	(1,746)
Other (expenses) income
Other (expenses) income, net	(93)	121	(190)	293
Change in fair value of investment	680		680
Change in fair value of warrant liabilities	277	(1,204)	465	(1,326)
Total other income (expenses)	864	(1,083)	955	(1,033)
Net loss	$ (398)	$ (1,860)	$ (1,884)	$ (2,779)
Net loss per share, basic and diluted
Basic and Diluted (in dollars per share)	$ (0.05)	$ (0.38)	$ (0.25)	$ (0.56)
Weighted average number of shares outstanding, basic and diluted
Basic and Diluted (in shares)	8,535,550	4,958,159	7,565,772	4,951,083

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Consolidated Statements of Changes in Stockholders Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2017			$ 149,425	$ (264)	$ (145,055)	$ 4,106
Beginning Balance (in shares) at Dec. 31, 2017	6,234,898	5,559		12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance common stock in equity raise, net of offering cost	$ 1		2,699			2,700
Issuance common stock in equity raise, net of offering cost (in shares)	2,222,222
Stock-based compensation			286			286
Stock-based compensation (in shares)	85,410
Cumulative effect of the changes related to adoption of					3,245	3,245
Net Loss					(1,884)	(1,884)
Ending Balance at Jun. 30, 2018	$ 1		$ 152,410	$ (264)	$ (143,694)	$ 8,453
Ending Balance (in shares) at Jun. 30, 2018	8,542,530	5,559		12

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net loss	$ (1,884)	$ (2,779)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of patent portfolio	681	681
Change in fair value of investment	(680)
Change in fair value of warrant liabilities	(465)	1,326
Stock-based compensation	286	11
Depreciation expense	17
Realized loss on marketable securities	275	129
Unrealized loss (gain) on marketable securities	17	(137)
Changes in assets and liabilities:
Prepaid expenses and other assets	4	40
Accounts payable and accrued expenses	150	(20)
Accrued salaries and benefits	(103)	(364)
Deferred revenue		(618)
Accrued lease liabilities	(48)	(87)
Net cash used in operating activities	(1,750)	(1,816)
Cash flows from investing activities
Purchase of marketable securities	(10,047)	(6,510)
Sale of marketable securities	9,119	9,624
Purchase of investment at fair value	(25)	(675)
Purchase of property and equipment	(16)
Net cash (used in) provided by investing activities	(969)	2,439
Cash flows from financing activities
Cash from issuance common stock, net of offering cost	2,700
Repurchase of restricted stock units to pay for employee withholding taxes		(24)
Net cash provided by (used in) financing activities	2,700	(24)
Net (decrease) increase in cash and cash equivalents	(19)	599
Cash and cash equivalents, beginning of period	197	134
Cash and cash equivalents, end of period	178	733
Cash paid for interest and taxes

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Organization and Description of Business

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Organization and Description of Business

Note 1. Organization and Description of Business

Organization and Description of Business

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Liquidity and Financial Condition

6 Months Ended

Jun. 30, 2018

Liquidity And Financial Condition

Liquidity and Financial Condition

Note 2. Liquidity and Financial Condition

●

managing current cash and cash equivalents on hand from the Company’s past debt and equity offerings,

●

seeking additional funds raised through the sale of additional securities in the future,

●

seeking additional liquidity through credit facilities or other debt arrangements, and

●

increasing revenue from its patent portfolios, license fees and new business ventures.

Management believes the Company currently has sufficient funds to meet its operating requirements for at least the next twelve months.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Concentration of Cash

Marketable Securities

The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and six months ended June 30, 2018 and 2017 are as follows ($ in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Realized gain (loss)	$	(177	)	$	(36	)	$	(275	)	$	(129	)
Unrealized gain (loss)		41			66			(17	)		138
Dividend income		44			47			78			55
	$	(92	)	$	77		$	(215	)	$	64

The marketable securities were classified as a Level 2 financial instrument at June 30, 2018 (see Note 7).

Digital Currencies Translations and Remeasurements

Investment

Net Loss per Share

Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:

	As of June 30,
	2018		2017
Convertible preferred stock		2,926		2,926
Warrants to purchase common stock		1,249,754		1,251,709
Options to purchase common stock		528,490		328,716
Total		1,781,170		1,583,351

Revenue Recognition

●

Step 1: Identify the contract with the customer

●

Step 2: Identify the performance obligations in the contract

●

Step 3: Determine the transaction price

●

Step 4: Allocate the transaction price to the performance obligations in the contract

●

Step 5: Recognize revenue when the company satisfies a performance obligation

●

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

●

Variable consideration

●

Constraining estimates of variable consideration

●

The existence of a significant financing component in the contract

●

Noncash consideration

●

Consideration payable to a customer

The transaction price is allocated to each performance obligation on a relative standalone selling price basis.

The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

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Investment in Hoth Therapeutics, Inc

6 Months Ended

Jun. 30, 2018

Investment In Hoth Therapeutics Inc

Investment in Hoth Therapeutics, Inc.

Note 4. Investment in Hoth Therapeutics, Inc.

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Investment in TheBit Daily LLC

6 Months Ended

Jun. 30, 2018

Investment In Thebit Daily Llc

Investment in TheBit Daily LLC

Note 5. Investment in TheBit Daily LLC

The Company adopted the fair value option for this investment and recorded changes in fair value, if any, in the statement of operations (see Note 7).

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Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 6. Intangible Assets

Patent Portfolio and Patent Rights

	Net Carrying Amount			Weighted average amortization period (years)
Patent Portfolios and Patent Rights at December 31, 2017, net	$	3,578			2.67
Amortization expenses		(681	)
Patent Portfolios and Patent Rights at June 30, 2018, net	$	2,897			2.19

The amortization expenses related to acquired intangible assets for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):

	Amortization Expense for the Three Months Ended June 30,				Amortization Expense for the Six Months Ended June 30,
Date Acquired and Description	2018		2017		2018		2017
7/24/13 - Rockstar patent portfolio	$	18	$	18	$	35	$	35
9/10/13 - North South patent portfolio		5		5		11		11
12/31/13 - Rockstar patent portfolio		320		320		635		635
	$	343	$	343	$	681	$	681

The future amortization of these intangible assets was based on the adjusted carrying amount. Future amortization of all patents is as follows ($ in thousands):

	Rockstar Portfolio Acquired 24-Jul-13		North South Portfolio Acquired 10-Sep-13		Rockstar Portfolio Acquired 31-Dec-13		Total Amortization
Six Months Ended December 31, 2018		36		11		645		692
Year Ended December 31, 2019		71		22		1,280		1,373
Year Ended December 31, 2020		71		22		639		732
Year Ended December 31, 2021		71		22		—		93
Thereafter		4		3		—		7
Total	$	253	$	80	$	2,564	$	2,897

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Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Note 7. Fair Value of Financial Assets and Liabilities

The Company uses three levels of inputs that may be used to measure fair value:

Level 1 - quoted prices in active markets for identical assets or liabilities

Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2018 and December 31, 2017 ($ in thousands):

	Fair value measured at June 30, 2018
	Total carrying value at June 30,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2018		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual and exchange traded funds	$	4,634	$	—	$	4,634	$	—
Investments at fair value	$	1,725	$	—	$	—	$	1,725

Liabilities
Fair value of warrant liabilities	$	357	$	—	$	—	$	357

	Fair value measured at December 31, 2017
	Total carrying value at December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual and exchange traded funds	$	3,998	$	—	$	3,998	$	—
Investments at fair value	$	1,020	$	—	$	—	$	1,020

Liabilities
Fair value of warrant liabilities	$	822	$	—	$	—	$	822

There were no transfers between Level 1, 2 or 3 during the six months ended June 30, 2018.

Level 2 Valuation Techniques

Level 3 Valuation Techniques

Date of valuation	June 30, 2018	December 31, 2017
Risk-free interest rate	2.52%	1.98%
Expected volatility	89.88% - 109.61%	100.00% - 132.21%
Expected life (in years)	2.44-2.56	2.94 - 3.06
Expected dividend yield	—	—

	Fair Value of Level 3 financial liabilities
	June 30, 2018			June 30, 2017
Beginning balance	$	822		$	702
Fair value adjustment of warrant liabilities		(465	)		1,326
Ending balance	$	357		$	2,028

	Fair Value of Level 3 financial liabilities
	June 30, 2018		June 30, 2017
Beginning balance	$	1,020	$	—
Purchase of investment in TheBit Daily LLC at fair value		25		—
Fair value of Hoth upon issuance		—		675
Change in fair value of Hoth		680		—
Ending balance	$	1,725	$	675

The decision to elect the fair value option, which is irrevocable once elected, is determined on an instrument by instrument basis and applied to an entire instrument. The net gains or losses, if any, on an investment for which the fair value option has been elected, are recognized as change in fair value of investment in the Consolidated Statements of Operations.

Date of valuation	June 30, 2018			December 31, 2017
Risk-free interest rate		2.24	%		1.39	%
Expected volatility		75.00	%		75.00	%
Expected life (in years)		1.00			1.00

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Stockholders' Equity and Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Redeemable Convertible Preferred Stock

Note 8. Stockholders’ Equity and Redeemable Convertible Preferred Stock

Series D Convertible Preferred Stock

As of June 30, 2018 and December 31, 2017, 4,725 shares of Series D Preferred Stock remained issued and outstanding.

Series D-1 Convertible Preferred Stock

As of June 30, 2018 and December 31, 2017, 834 shares of Series D-1 Preferred Stock remained issued and outstanding.

Common Stock

Warrants

A summary of warrant activity for the six months ended June 30, 2018 is presented below:

	Warrants		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		1,249,754	$	8.98	$	—		2.92
Outstanding as of June 30, 2018		1,249,754	$	8.98				2.42
Exercisable as of June 30, 2018		1,249,754	$	8.98	$	—		2.42

Stock Options

A summary of option activity under the Company’s employee stock option plan for the six months ended June 30, 2018 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		325,597	$	78.20	$	5,999		3.2
Employee options granted		200,000		1.39		—		9.7
Outstanding as of June 30, 2018		525,597	$	48.97	$	1,632		5.4
Options vested and expected to vest		525,597	$	48.97	$	1,632		5.4
Options vested and exercisable		425,597	$	60.15	$	1,132		4.3

A summary of option activity under the Company’s non-employee stock option plan for the six months ended June 30, 2018 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		2,893	$	98.07	$	—		3.4
Outstanding as of June 30, 2018		2,893	$	98.07	$	—		2.9
Options vested and expected to vest		2,893	$	98.07	$	—		2.9
Options vested and exercisable		2,893	$	98.07	$	—		2.9

Restricted Stock Awards

Stock-based Compensation

Stock-based compensation for the six months ended June 30, 2018 and 2017 was comprised of the following ($ in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Employee restricted stock awards	$	27	$	—	$	107	$	—
Employee stock option awards		71		8		179		11
Total compensation expense	$	98	$	8	$	286	$	11

Unamortized stock-based compensation expense was approximately $42,000 at June 30, 2018.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

Legal Proceedings

International License Exchange of America, LLC Litigations

Under our Monetization Agreement with Equitable, ILEA filed the patent infringement litigation below.

●

Optic153 LLC Litigations

●

Counterclaims

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DatChat, Inc

6 Months Ended

Jun. 30, 2018

Datchat Inc

DatChat, Inc

Note 10. DatChat, Inc.

The Merger

XML 27 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

Use of Estimates

Use of Estimates

Concentration of Cash

Concentration of Cash

Marketable Securities

Marketable Securities

The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Realized gain (loss)	$	(177	)	$	(36	)	$	(275	)	$	(129	)
Unrealized gain (loss)		41			66			(17	)		138
Dividend income		44			47			78			55
	$	(92	)	$	77		$	(215	)	$	64

The marketable securities were classified as a Level 2 financial instrument at June 30, 2018 (see Note 7).

Digital Currencies Translations and Remeasurements

Digital Currencies Translations and Remeasurements

Investment

Investment

Net Loss per Share

Net Loss per Share

Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:

	As of June 30,
	2018		2017
Convertible preferred stock		2,926		2,926
Warrants to purchase common stock		1,249,754		1,251,709
Options to purchase common stock		528,490		328,716
Total		1,781,170		1,583,351

Revenue Recognition

Revenue Recognition

●

Step 1: Identify the contract with the customer

●

Step 2: Identify the performance obligations in the contract

●

Step 3: Determine the transaction price

●

Step 4: Allocate the transaction price to the performance obligations in the contract

●

Step 5: Recognize revenue when the company satisfies a performance obligation

●

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

●

Variable consideration

●

Constraining estimates of variable consideration

●

The existence of a significant financing component in the contract

●

Noncash consideration

●

Consideration payable to a customer

The transaction price is allocated to each performance obligation on a relative standalone selling price basis.

The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

XML 28 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of marketable securities

The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and six months ended June 30, 2018 and 2017 are as follows ($ in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Realized gain (loss)	$	(177	)	$	(36	)	$	(275	)	$	(129	)
Unrealized gain (loss)		41			66			(17	)		138
Dividend income		44			47			78			55
	$	(92	)	$	77		$	(215	)	$	64

Schedule of potentially dilute loss per share

Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at June 30, 2018 and 2017 are as follows:

	As of June 30,
	2018		2017
Convertible preferred stock		2,926		2,926
Warrants to purchase common stock		1,249,754		1,251,709
Options to purchase common stock		528,490		328,716
Total		1,781,170		1,583,351

XML 29 R19.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The carrying amounts related to acquired intangible assets as June 30, 2018 are as follows ($ in thousands):

	Net Carrying Amount			Weighted average amortization period (years)
Patent Portfolios and Patent Rights at December 31, 2017, net	$	3,578			2.67
Amortization expenses		(681	)
Patent Portfolios and Patent Rights at June 30, 2018, net	$	2,897			2.19

Schedule of amortization to acquired intangible assets

The amortization expenses related to acquired intangible assets for the six months ended June 30, 2018 and 2017 are as follows ($ in thousands):

	Amortization Expense for the Three Months Ended June 30,				Amortization Expense for the Six Months Ended June 30,
Date Acquired and Description	2018		2017		2018		2017
7/24/13 - Rockstar patent portfolio	$	18	$	18	$	35	$	35
9/10/13 - North South patent portfolio		5		5		11		11
12/31/13 - Rockstar patent portfolio		320		320		635		635
	$	343	$	343	$	681	$	681

Schedule of future amortization of intangible assets

Future amortization of all patents is as follows ($ in thousands):

	Rockstar Portfolio Acquired 24-Jul-13		North South Portfolio Acquired 10-Sep-13		Rockstar Portfolio Acquired 31-Dec-13		Total Amortization
Six Months Ended December 31, 2018		36		11		645		692
Year Ended December 31, 2019		71		22		1,280		1,373
Year Ended December 31, 2020		71		22		639		732
Year Ended December 31, 2021		71		22		—		93
Thereafter		4		3		—		7
Total	$	253	$	80	$	2,564	$	2,897

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Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of fair value assets and liabilities

The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2018 and December 31, 2017 ($ in thousands):

	Fair value measured at June 30, 2018
	Total carrying value at June 30,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2018		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual and exchange traded funds	$	4,634	$	—	$	4,634	$	—
Investments at fair value	$	1,725	$	—	$	—	$	1,725

Liabilities
Fair value of warrant liabilities	$	357	$	—	$	—	$	357

	Fair value measured at December 31, 2017
	Total carrying value at December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
	2016		(Level 1)		(Level 2)		(Level 3)
Assets
Marketable securities - mutual and exchange traded funds	$	3,998	$	—	$	3,998	$	—
Investments at fair value	$	1,020	$	—	$	—	$	1,020

Liabilities
Fair value of warrant liabilities	$	822	$	—	$	—	$	822

Schedule of fair value assumptions

Date of valuation	June 30, 2018	December 31, 2017
Risk-free interest rate	2.52%	1.98%
Expected volatility	89.88% - 109.61%	100.00% - 132.21%
Expected life (in years)	2.44-2.56	2.94 - 3.06
Expected dividend yield	—	—

Schedule of fair value of the company's level 3 financial liabilities

	Fair Value of Level 3 financial liabilities
	June 30, 2018			June 30, 2017
Beginning balance	$	822		$	702
Fair value adjustment of warrant liabilities		(465	)		1,326
Ending balance	$	357		$	2,028

Schedule of fair value of the Company's Level 3 financial assets

	Fair Value of Level 3 financial liabilities
	June 30, 2018		June 30, 2017
Beginning balance	$	1,020	$	—
Purchase of investment in TheBit Daily LLC at fair value		25		—
Fair value of Hoth upon issuance		—		675
Change in fair value of Hoth		680		—
Ending balance	$	1,725	$	675

XML 31 R21.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Schedule of warrant activity

A summary of warrant activity for the six months ended June 30, 2018 is presented below:

	Warrants		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		1,249,754	$	8.98	$	—		2.92
Outstanding as of June 30, 2018		1,249,754	$	8.98				2.42
Exercisable as of June 30, 2018		1,249,754	$	8.98	$	—		2.42

Schedule of option activity

A summary of option activity under the Company’s employee stock option plan for the six months ended June 30, 2018 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		325,597	$	78.20	$	5,999		3.2
Employee options granted		200,000		1.39		—		9.7
Outstanding as of June 30, 2018		525,597	$	48.97	$	1,632		5.4
Options vested and expected to vest		525,597	$	48.97	$	1,632		5.4
Options vested and exercisable		425,597	$	60.15	$	1,132		4.3

A summary of option activity under the Company’s non-employee stock option plan for the six months ended June 30, 2018 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2017		2,893	$	98.07	$	—		3.4
Outstanding as of June 30, 2018		2,893	$	98.07	$	—		2.9
Options vested and expected to vest		2,893	$	98.07	$	—		2.9
Options vested and exercisable		2,893	$	98.07	$	—		2.9

Schedule of stock-based compensation

Stock-based compensation for the six months ended June 30, 2018 and 2017 was comprised of the following ($ in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Employee restricted stock awards	$	27	$	—	$	107	$	—
Employee stock option awards		71		8		179		11
Total compensation expense	$	98	$	8	$	286	$	11

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 32 R22.htm IDEA: XBRL DOCUMENT

Organization and Description of Business (Details Narrative) - Subsequent Event [Member] - DatChat, Inc [Member] - Securities Purchase Agreement [Member] $ in Thousands	Aug. 08, 2018 USD ($)
Consideration transferred	$ 1,000,000
Proceeds from divestiture of businesses	$ 500,000
Description of equity interest issued	In exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Liquidity and Financial Condition (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Liquidity And Financial Condition
Working capital deficit	$ 3,800

XML 34 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary Of Significant Accounting Policies
Realized losses marketable securities	$ 275	$ 129	$ 275	$ 129
Unrealized gains (losses) in marketable securities	(17)	137	(17)	137
Dividend income	78	55	44	47
Total	$ (92)	$ 77	$ (215)	$ 64

XML 35 R25.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details 1) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Potentially dilute securities excluded from calculation	1,781,170	1,583,351
Convertible preferred stock [Member]
Potentially dilute securities excluded from calculation	2,926	2,926
Warrants to purchase common stock [Member]
Potentially dilute securities excluded from calculation	1,249,754	1,251,709
Options to purchase common stock [Member]
Potentially dilute securities excluded from calculation	528,490	328,716

XML 36 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 178	$ 733	$ 197	$ 134
Fair values of marketable securities	4,600		$ 4,000
Investment at fair value	25	$ 675
Hoth Therapeutics, Inc [Member]
Investment at fair value	$ 1,700

XML 37 R27.htm IDEA: XBRL DOCUMENT

Investment in Hoth Therapeutics, Inc (Details Narrative) - Hoth Therapeutics, Inc [Member] - Securities Purchase Agreement [Member] $ / shares in Units, $ in Thousands	Jun. 30, 2017 USD ($) $ / shares shares
Share price (in dollars per share) \| $ / shares	$ 0.0001
Number of common shares issued \| shares	6,800,000
Purchase price \| $	$ 675

XML 38 R28.htm IDEA: XBRL DOCUMENT

Investment in TheBit Daily LLC (Details Narrative) $ in Thousands	Mar. 23, 2018 USD ($)
Cryptocurrency of subscription price	$ 25
TheBit Daily LLC [Member]
Limited liability of interests	8.00%

XML 39 R29.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Finite-lived Intangible Assets [Roll Forward]
Patent Portfolios and Patent Rights at beginning			$ 3,578
Amortization expenses	$ (343)	$ (343)	(681)	$ (681)
Patent Portfolios and Patent Rights at ending	2,897		2,897		$ 3,578
Patents [Member]
Finite-lived Intangible Assets [Roll Forward]
Patent Portfolios and Patent Rights at beginning			3,578
Amortization expenses			(681)
Patent Portfolios and Patent Rights at ending	$ 2,897		$ 2,897		$ 3,578
Weighted average amortization period (years)			2 years 2 months 8 days		2 years 8 months 1 day

XML 40 R30.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Intangible Assets (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amortization expenses	$ 343	$ 343	$ 681	$ 681
7/24/13 - Rockstar Patent Portfolio Acquired [Member]
Amortization expenses	18	18	35	35
9/10/13 - North South patent portfolio Acquired [Member]
Amortization expenses	5	5	11	11
12/31/13 - Rockstar Patent Portfolio Acquired [Member]
Amortization expenses	$ 320	$ 320	$ 635	$ 635

XML 41 R31.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details 2) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Six Months Ended December 31, 2018	$ 692
Year Ended December 31, 2019	1,373
Year Ended December 31, 2020	732
Year Ended December 31, 2021	93
Thereafter	7
Total	2,897	$ 3,578
7/24/13 - Rockstar Patent Portfolio Acquired [Member]
Six Months Ended December 31, 2018	36
Year Ended December 31, 2019	71
Year Ended December 31, 2020	71
Year Ended December 31, 2021	71
Thereafter	4
Total	253
9/10/13 - North South patent portfolio Acquired [Member]
Six Months Ended December 31, 2018	11
Year Ended December 31, 2019	22
Year Ended December 31, 2020	22
Year Ended December 31, 2021	22
Thereafter	3
Total	80
12/31/13 - Rockstar Patent Portfolio Acquired [Member]
Six Months Ended December 31, 2018	645
Year Ended December 31, 2019	1,280
Year Ended December 31, 2020	639
Year Ended December 31, 2021
Thereafter
Total	$ 2,564

XML 42 R32.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Assets
Marketable securities - mutual and exchange traded funds	$ 4,634	$ 3,998
Investments at fair value	1,725	1,020
Liabilities
Fair value of warrant liabilities	357	822
Quoted prices in active markets (Level 1) [Member]
Assets
Marketable securities - mutual and exchange traded funds
Investments at fair value
Liabilities
Fair value of warrant liabilities
Significant other observable inputs (Level 2) [Member]
Assets
Marketable securities - mutual and exchange traded funds	4,634	3,998
Investments at fair value
Liabilities
Fair value of warrant liabilities
Significant unobservable inputs (Level 3) [Member]
Assets
Marketable securities - mutual and exchange traded funds
Investments at fair value	1,725	1,020	$ 675
Liabilities
Fair value of warrant liabilities	$ 357	$ 822

XML 43 R33.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Assets and Liabilities (Details 1)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Risk Free Interest Rate [Member]
Measurement input	0.0252	0.0198
Expected Dividend Rate [Member]
Measurement input
Minimum [Member] \| Price Volatility [Member]
Measurement input	0.8988	1.0000
Minimum [Member] \| Expected Term [Member]
Expected life (in years)	2 years 5 months 8 days	2 years 11 months 8 days
Maximum [Member] \| Price Volatility [Member]
Measurement input	1.0961	1.3221
Maximum [Member] \| Expected Term [Member]
Expected life (in years)	2 years 6 months 22 days	3 years 22 days

XML 44 R34.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Assets and Liabilities (Details 2) - Significant unobservable inputs (Level 3) [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 822	$ 702
Fair value adjustment of warrant liabilities	(465)	1,326
Ending balance	$ 357	$ 2,028

XML 45 R35.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Assets and Liabilities (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Beginning balance			$ 1,020
Purchase of investment in TheBit Daily LLC at fair value	$ 680		680
Ending balance	1,725		1,725
Significant unobservable inputs (Level 3) [Member]
Beginning balance			1,020
Purchase of investment in TheBit Daily LLC at fair value			25
Fair value of Hoth upon issuance				675
Change in fair value of Hoth			680
Ending balance	$ 1,725	$ 675	$ 1,725	$ 675

XML 46 R36.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Warrants [Abstract]
Warrants, Outstanding at beginning	$ 1,249,754
Warrants, Outstanding at ending		$ 1,249,754
Warrants, Exercisable	$ 1,249,754
Warrants, Weighted Average Exercise Price [Abstract]
Warrants. Weighted average exercise price at beginning	$ 8.98
Warrants, Weighted average exercise price at ending		$ 8.98
Warrants, Exercisable of weighted average exercise price	$ 8.98
Warrants, Total Intrinsic Value [Abstract]
Warrants, Intrinsic value at beginning
Warrants, Intrinsic value at ending
Warrants, Intrinsic value exercisable
Warrants, Weighted Average Remaining Contractual Life [Abstract]
Warrants, Weighted average remaining contractual life at beginning	2 years 5 months 1 day	2 years 11 months 1 day
Warrants, Weighted average remaining contractual life at ending	2 years 5 months 1 day	2 years 11 months 1 day
Warrants, Weighted average remaining exercisable	2 years 5 months 1 day

XML 47 R37.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Redeemable Convertible Preferred Stock (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number of Shares [Roll Forward]
Employee options granted	71	8	200	11
Stock Option [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number of Shares [Roll Forward]
Outstanding at beginning			325,597
Employee options granted			200,000
Outstanding at ending	525,597		525,597
Options vested and expected to vest	525,597		525,597
Options vested and exercisable	425,597		425,597
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning			$ 78.20
Employee options granted			1.39
Outstanding at ending	$ 48.97		48.97
Options vested and expected to vest	48.97		48.97
Options vested and exercisable	$ 60.15		$ 60.15
Share-based Compensation Arrangement by Share-based Payment Award, Options, Total Intrinsic Value [Roll Forward]
Outstanding at beginning			$ 5,999
Employee options granted
Outstanding at ending	$ 1,632		1,632
Options vested and expected to vest	1,632		1,632
Options vested and exercisable	$ 1,132		$ 1,132
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward]
Outstanding at beginning			3 years 2 months 12 days
Employee options granted			9 years 8 months 12 days
Outstanding at ending			5 years 4 months 24 days
Options vested and expected to vest			5 years 4 months 24 days
Options vested and exercisable			4 years 3 months 18 days
Stock Option [Member] \| Non-Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number of Shares [Roll Forward]
Outstanding at beginning			2,893
Outstanding at ending	2,893		2,893
Options vested and expected to vest	2,893		2,893
Options vested and exercisable	2,893		2,893
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning			$ 98.07
Outstanding at ending	$ 98.07		98.07
Options vested and expected to vest	98.07		98.07
Options vested and exercisable	$ 98.07		$ 98.07
Share-based Compensation Arrangement by Share-based Payment Award, Options, Total Intrinsic Value [Roll Forward]
Outstanding at beginning
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward]
Outstanding at beginning			3 years 4 months 24 days
Outstanding at ending			2 years 10 months 24 days
Options vested and expected to vest			2 years 10 months 24 days
Options vested and exercisable			2 years 10 months 24 days

XML 48 R38.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Redeemable Convertible Preferred Stock (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total compensation expense	$ 98	$ 8	$ 286	$ 11
Stock Option [Member]
Total compensation expense	27		107
Restricted Stock Units [Member]
Total compensation expense	$ 71	$ 8	$ 179	$ 11

XML 49 R39.htm IDEA: XBRL DOCUMENT

Stockholders' Equity and Redeemable Convertible Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended		6 Months Ended
	May 03, 2018	Apr. 26, 2018	Mar. 19, 2018	Feb. 16, 2018	Nov. 22, 2013	Sep. 30, 2013	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Nov. 20, 2013	Apr. 02, 2013
Number of options granted							71	8	200	11
Three Directors [Member] \| Restricted Stock Units [Member]
Fair value of stock options granted				$ 27
Number of options granted				20,000
Director [Member]
Shares price (in dollars per share)	$ 1.04
Fair value of stock options granted	$ 46,000
Number of options granted	50,000
Employee [Member] \| Employment Agreement [Member]
Number of shares issued for services		25,410
Fair value of shares issued for services		$ 27,000
2014 Equity Incentive Plan [Member] \| Three Directors [Member]
Fair value of stock options granted									$ 200
Number of options granted									150,000
IPO [Member]
Number of shares issued			2,222,222
Net proceeds form offering			$ 3,000
Shares price (in dollars per share)			$ 1.35
Series D Preferred Stock [Member]
Preferred stock issued							4,725		4,725		4,725
Preferred stock outstanding							4,725		4,725		4,725
Series D-1 Convertible Preferred Stock [Member]
Number of preferred stock authorized												1,379,685
Preferred stock, par value (in dollars per share)					$ 0.0001
Description of stock conversion terms					Convertible into ten- nineteenths of a share of Common Stock.
Description of prefered stock voting rights					Each holder of Series D-1 Preferred Stock shall be entitled to vote on all matters submitted to the Company’s stockholders and shall be entitled to such number of votes equal to the number of shares of Common Stock such shares of Series D-1 Preferred Stock are convertible into at such time, taking into account the beneficial ownership limitations set forth in the governing Certificate of Designation.
Preferred stock issued							834		834		834
Preferred stock outstanding							834		834		834
North South Patent Portfolio Acquired 9/10/13 [Member] \| Series D Preferred Stock [Member]
Number of preferred stock authorized													1,488,152
Number of shares issued						1,379,685
Description of stock conversion terms						Convertible into ten-nineteenths of a share of Common Stock.

XML 50 R40.htm IDEA: XBRL DOCUMENT

DatChat, Inc (Details Narrative) - USD ($) $ in Thousands	Aug. 08, 2018	May 03, 2018	Mar. 12, 2018
DatChat, Inc [Member] \| Spherix Merger Sub [Member]
Number of shares issued under merger			46,153,846
Escrow Agreement [Member] \| DatChat, Inc [Member]
Number of shares issued under merger			34,615,385
First Amendment [Member] \| Spherix Merger Sub [Member]
Number of shares issued under merger reduced		34,615,385
First Amendment [Member] \| DatChat, Inc [Member] \| Spherix Merger Sub [Member]
Number of shares issued under merger		46,153,846
Securities Purchase Agreement [Member] \| DatChat, Inc [Member] \| Subsequent Event [Member]
Consideration transferred	$ 1,000,000
Proceeds from divestiture of businesses	$ 500,000
Description of equity interest issued	In exchange for $1,000,000 of restricted shares of DatChat common stock which is equal to 3.6% of the issued and outstanding common stock of DatChat.

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