Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 18,012,000 $ 17,662,000
Marketable securities, available for sale 1,079,000 1,079,000
Royalty receivables 1,700,000 1,249,000
Other current assets 116,000 242,000
Total Current Assets 20,907,000 20,232,000
OTHER ASSETS:    
Deferred tax assets 3,815,000 4,743,000
Patent, net of accumulated amortization 2,379,000 3,582,000
Other investments 190,000 576,000
Security deposits 19,000 19,000
Total Other Assets 6,403,000 8,920,000
TOTAL ASSETS 27,310,000 29,152,000
CURRENT LIABILITIES:    
Accounts payable 173,000 338,000
Accrued expenses 790,000 1,873,000
TOTAL LIABILITIES $ 963,000 $ 2,211,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at September 30, 2015 and December 31, 2014
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,239,951 and 24,274,336 shares issued and outstanding at September 30,2015 and December 31, 2014, respectively $ 232,000 $ 243,000
Additional paid-in capital 61,218,000 60,977,000
Accumulated deficit (35,086,000) (34,262,000)
Accumulated other comprehensive loss (17,000) (17,000)
TOTAL STOCKHOLDERS' EQUITY 26,347,000 26,941,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 27,310,000 $ 29,152,000