QPRC Releases 2018 Financial Results, Reports Litigation Funding Deal
Earlier this month, Quest Patent Research Corporation (QPRC) released its 2018 financial results, disclosing cash and cash equivalents of $169K, negative working capital of about $5.7M, and an accumulated deficit of approximately $18.7M as of the balance sheet date of December 31, 2018. The company’s total current assets as of December 31 were inclusive of $150K in cash received from the December sale to a litigation funder of a priority return from future net proceeds resulting from two portfolios received from Intellectual Ventures LLC (IV) (including one acquired last month for $75K). IV is also entitled to a share of proceeds from the assertion of those two portfolios—and from at least two others that it has divested to QPRC—with yet a third entity (which has a security interest in some of QPRC’s patents) also holding a stake in a number of QPRC campaigns. On the litigation front, QPRC continues to file new litigation, and it currently has at least four Markman hearings coming up between now and September.