Lot Network Inc
- Assets
- $4.4m
- Revenue
- $5.1m
- Investments
- $0.0
- Employees
- 5
- Location
- Tempe, AZ
- Founding
- 02/2018
- Data as of
- 12/2021
- EIN
- 46-5160062
Organization Overview
Lot Network Inc is located in Tempe, AZ. The organization was established in 2018. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Lot Network Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lot Network Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Lot Network Inc generated $5.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.5% each year . All expenses for the organization totaled $4.1m during the year ending 12/2021. While expenses have increased by 23.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LOT NETWORK PROMOTES INNOVATION BY REDUCING THE RISK OF LITIGATION FROM PATENT ASSERTION ENTITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONFERENCE SPEAKING ENGAGEMENTS, MARKETING/PUBLIC RELATIONS AND WEBSITE DEVELOPMENT - EACH OF THESE ACTIVITIES HELPED PROMOTE THE MISSION OF THE ORGANIZATION TO BOTH MEMBERS AND THE GENERAL PUBLIC. DUE TO THESE EFFORTS, THE ORGANIZATION HAS BEEN REFERENCED IN NUMEROUS PUBLICATIONS AROUND THE WORLD REGARDING RISKS RELATED TO PATENT ASSERTION ENTITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Seddon CEO | Officer | 45 | $450,000 |
Ilja Bedner Licensing Executive | 40 | $410,250 | |
John Bronsnan Licensing Executive | 40 | $333,000 | |
Steve Mcdevitt Svp, Head Of Global Business | 40 | $240,389 | |
Andrew Block Licensing Executive | 40 | $150,000 | |
Hideki Sanatake Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Skaled Consulting Consulting | 12/30/21 | $144,215 |
Render Strategies Llc Promotion And Communication | 12/30/21 | $163,553 |
Hisao Yamasaki Licensing | 12/30/21 | $360,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $5,062,682 |
| Investment income | $48 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,062,730 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $504,400 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $774,740 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $95,131 |
| Payroll taxes | $62,468 |
| Fees for services: Management | $78,750 |
| Fees for services: Legal | $200,650 |
| Fees for services: Accounting | $84,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,182,077 |
| Advertising and promotion | $880,993 |
| Office expenses | $50,066 |
| Information technology | $3,442 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $56,326 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,200 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,306 |
| Insurance | $5,588 |
| All other expenses | $0 |
| Total functional expenses | $4,076,070 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,012,162 |
| Savings and temporary cash investments | $545,906 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,739,052 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $107,907 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,405,027 |
| Accounts payable and accrued expenses | $1,577,355 |
| Grants payable | $0 |
| Deferred revenue | $697,911 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,275,266 |
| Net assets without donor restrictions | $2,129,761 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,405,027 |
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