Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,626,000 $ 8,493,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,000 9,000
Stock-based compensation 316,000 303,000
Non-cash consulting fee    5,000
Source (use) of cash from changes in operating assets and liabilities:    
Royalty receivables (15,000) 579,000
Other current assets (16,000) 21,000
Security deposits    (13,000)
Deferred tax asset 709,000 (6,903,000)
Accounts payable and accrued expenses (956,000) (527,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,673,000 1,967,000
CASH FLOWS USED IN INVESTING ACTIVITIES:    (561,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares delivered to fund withholding taxes (487,000) (283,000)
Repurchase of treasury stock (880,000) (1,973,000)
Proceeds from exercises of options and warrants 16,000 163,000
NET CASH (USED IN) FINANCING ACTIVITIES (1,351,000) (2,093,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,322,000 (687,000)
CASH AND CASH EQUIVALENTS, Beginning 20,661,000 21,348,000
CASH AND CASH EQUIVALENTS, Ending 21,983,000 20,661,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest      
Taxes $ 266,000 $ 123,000