Vringo Reports $2M Avg. Monthly Cash Spending in 2013; Legal Costs up 114%
Vringo has released its 2013 year-end financial results. The company reported 2013 revenue at $1.1M, up from last year’s $100,000 as a result of a $1M, one-time payment from Microsoft in connection with a license and settlement agreement. No other license or settlement agreements were reported for 2013. In October 2013 Alacatel-Lucent transferred six patents to Vringo relating to navigation systems, social networking, broadcasting, display, and multimedia databases (5,689,252, 5,986,622, 6,021,432, 6,285,317, 7,203,693, 7,945,249). Vringo’s 10-K disclosed a net loss of $52.4M in 2013, compared to $20.8M in 2012, and reported an average monthly use of cash from operations at $2M in fiscal 2013. Cumulative cash used in operating activities totaled $23.4M in 2013, an increase from $14.4M in 2012. At year-end, the entity had $33.6M in cash and cash equivalents.