Internet Patents Corporation, a Folsom-based patent licensing business, recently reported a loss of $2.66 million for all of 2013.
The company was first established as an online insurance marketplace back in 1995 under the name InsWeb Corporation. The goal was to create a place where consumers could research, compare and shop for auto, life, health and property insurance policies. In 2011, InsWeb sold the majority of its assets to Bankrate, Inc. and started up a new venture using its remaining portfolio of e-commerce patents.
Internet Patents Corporation now operates exclusively online, licensing and enforcing its patents while using its team of software and systems engineers to research new ways to "leverage the power of the internet."
The company's most recent loss is actually slightly better than the $2.72 million loss reported in 2012. IPC's patent portfolio currently consists of just six patents, but the company is dead set on continuing to license and enforce its IP rights in an effort to increase shareholder value.
While some might frown upon the "trolling" ways of such a company, General Counsel and Secretary for IPC, Eric Loewe, claims that "We are the inventors of these technologies. We have property rights and we want to enforce them... We are excited about our technology, and there should be companies interested in licensing it."
In an effort to even further decrease future losses, IPC has reduced its operating expenses to roughly $2.7 million last year with a move from headquarters in Rancho Cordova to a smaller site in Folsom and lower patent litigation costs than expected.
According to the company's 2013 filing with the Securities and Exchange Commission, IPC has a reserve of roughly $33 million in cash and cash equivalents. The filing also notes that "The number of shares of Internet Patents Corporation common stock issued and outstanding was 7,751,952."
For more information on Internet Patents Corporation, visit their website here.