Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 21,983,000 $ 20,661,000
Marketable securities 547,000 556,000
Royalty receivables 775,000 760,000
Other current assets 222,000 156,000
Total Current Assets 23,527,000 22,133,000
OTHER ASSETS:    
Deferred tax asset 6,194,000 6,903,000
Patent, net of accumulated amortization 65,000 74,000
Security deposits 19,000 19,000
Total Other Assets 6,278,000 6,996,000
TOTAL ASSETS 29,805,000 29,129,000
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 232,000 180,000
Accrued expenses 593,000 1,551,000
TOTAL LIABILITIES 825,000 1,731,000
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; authorized 50,000,000 shares; 25,392,269 and 25,037,518 issued and outstanding at December 31, 2012 and December 31, 2011, respectively 254,000 250,000
Additional paid-in capital 58,046,000 57,728,000
Accumulated deficit (29,306,000) (30,575,000)
Other comprehensive income (loss) (14,000) (5,000)
TOTAL STOCKHOLDERS' EQUITY 28,980,000 27,398,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,805,000 $ 29,129,000