Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 20,661,000 $ 21,348,000
Marketable securities 556,000  
Royalty receivables 760,000 1,339,000
Other current assets 156,000 89,000
Total Current Assets 22,133,000 22,776,000
OTHER ASSETS:    
Deferred tax asset 6,903,000  
Patent, net of accumulated amortization 74,000 83,000
Security deposits 19,000 6,000
Total Other Assets 6,996,000 89,000
TOTAL ASSETS 29,129,000 22,865,000
CURRENT LIABILITIES:    
Accounts payable 180,000 78,000
Accrued expenses 1,551,000 2,092,000
TOTAL LIABILITIES 1,731,000 2,170,000
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; authorized 50,000,000 shares; 25,037,518 and 25,931,879 issued and outstanding at December 31, 2011 and 2010, respectively 250,000 259,000
Additional paid-in capital 57,728,000 57,266,000
Accumulated deficit (30,575,000) (36,830,000)
Other comprehensive income (loss) (5,000)  
TOTAL STOCKHOLDERS' EQUITY 27,398,000 20,695,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,129,000 $ 22,865,000