Spherix Inc. (SPEX), the patent assertion company run by CEO Anthony Hayes, posted a net loss of $5.14 million in the third quarter on revenue of only $2,000, meaning that so far at least it has received little or nothing from an August settlement with AT&T Inc.

The loss and revenue figures were unveiled in a 10Q filing with the Securities and Exchange Commission today.

Bethesda, Maryland-based Spherix filed the suit — Guidance IP LLC v. AT&T Inc. and AT&T Mobility — in U.S. District Court in the Northern District of Texas in December 2013. AT&T filed a counter claim against Guidance in the case.

Guidance IP’s claim and AT&T's counterclaim were dismissed by Judge Ed Kinkeade on Aug. 13. The parties also were ordered to be responsible for their own attorneys’ fees in the matter.

The case is one of two infringement suits brought by Spherix with regard to cell phone location patent number 5,719,584. The other case was filed Aug. 1, 2013 against T-Mobile Inc. in the U.S. District Court for the Middle District of Florida. That case was later transferred to the U.S. District Court for the Western District of Washington.

Hayes declined to comment.

Shares of Spherix gained 4.99 cents to $1.42 trading today. They’ve traded between 75 cents and $13.70 over the past year.

Spherix valued its patent portfolio at $57.48 million as of Sept. 30, 2014, down from $64.84 million on Dec. 31.

The company has cash and cash equivalents of $5.55 million as of Sept. 30.

The company said in a securities filing that its existing liquidity “is not sufficient to fund its operations, anticipated capital expenditures, working capital for the foreseeable future.

“Absent generation of sufficient revenue from the execution of the company’s 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.”

In May, Spherix raised $20 million in a registered direct offering of common stock issued to Hudson Bay Capital Management and microcap financier Barry Honig.

The company needed the money to make payments to Rockstar Consortium LP in connection with the acquisition of a patent portfolio.

In December 2013, Spherix issued $60 million in convertible securities to Rockstar in a series of convertible preferred stock issuances.

Under the series I issuance Spherix was required to redeem $20 million of convertible preferred stock by Dec. 31, 2015.

Spherix also said in its filing that on Sept. 18 agreed to pay $266,000 to Elizabethan Court Associates III LP as part of a settlement of a dispute over the landlord’s refusal to consent to an assignment of a lease held by Spherix to the purchaser of Spherix Consulting.

The lawsuit, Spherix Inc. v.  Elizabethean Court Associates III Limited Partnership, Case No., 377142 was decided in favor of Elizabethean on March 28.

On April 24, Elizabethean filed a motion for an award of attorneys’ fees and costs.

Spherix had accrued an estimated $50,000 for the potential legal costs as of June 30.

The company said it will continue to use the leased property in the normal course of its business and make the monthly rental payments in accordance with the terms of the lease.

To reach the reporter responsible for this story please call Dan Lonkevich at 707 318-7899 or email him at dan@thepatentinvestor.com