Andrea Electronics Corp. (ANDR), the patent assertion company run by CEO Douglas Andrea, on Monday posted a wider net loss on higher patent monetization expenses and lower licensing revenue.
The net loss widened to $2.89 million, or 5 cents a share in 2014, from $1.12 million or 2 cents a share, a year ago.
The Bohemia, N.Y.-based company said it had $1.69 million in patent monetization expenses in 2014, versus no such expenses in 2013.
At the same time, net revenue fell to $2.8 million from $3.25 million.
General administrative and selling expenses fell to $1.9 million from $2.2 million.
The company had cash and cash equivalents of $3.57 million as of Dec. 31, 2014, versus $1 million at the end of 2013.
Andrea Electronics is one of at least seven company to have received debt financing from Fortress Investment Group (FIG).
Shares of Andrea Electronics are currently trading at about 8 cents a share.
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