Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 53,101,000 $ 50,918,000
Marketable securities, available for sale 1,054,000 1,065,000
Royalty receivables, net 575,000 2,879,000
Prepaid taxes 125,000 1,195,000
Other current assets 83,000 83,000
Total Current Assets 54,938,000 56,140,000
OTHER ASSETS:    
Deferred tax assets 168,000 207,000
Patent, net of accumulated amortization 2,169,000 1,231,000
Security deposits 19,000 19,000
Total Other Assets 2,356,000 1,457,000
TOTAL ASSETS 57,294,000 57,597,000
CURRENT LIABILITIES:    
Accounts payable 244,000 171,000
Accrued contingency fees and related costs 1,780,000 2,681,000
Accrued payroll 709,000 1,748,000
Other accrued expenses 149,000 125,000
TOTAL LIABILITIES 2,882,000 4,725,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares;none issued and outstanding at December 31, 2017 and December 31, 2016
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,843,915 and 23,744,829 issued and outstanding at December 31, 2017 and December 31, 2016, respectively 238,000 238,000
Additional paid-in capital 64,435,000 62,367,000
Accumulated deficit (10,219,000) (9,702,000)
Accumulated other comprehensive loss (42,000) (31,000)
TOTAL STOCKHOLDERS' EQUITY 54,412,000 52,872,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 57,294,000 $ 57,597,000