Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 4,133,000 $ 23,223,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of Patents 206,000 813,000
Stock -based compensation 949,000 509,000
Deferred tax provision 39,000 4,751,000
Changes in operating assets and liabilities:    
Royalty receivables 2,304,000 (1,342,000)
Prepaid Taxes 1,070,000 (1,195,000)
Other current assets 113,000
Accounts payable 73,000 32,000
Accrued expense (2,000,000) 3,002,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 6,774,000 29,906,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of patents (1,144,000) (42,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends (2,420,000)
Value of shares delivered to fund withholding taxes on vesting of restricted stock units (56,000) (49,000)
Repurchases of common stock, net of commissions (2,096,000) (120,000)
Proceeds from exercises of options and warrants 1,125,000 615,000
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (3,447,000) 446,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,183,000 30,310,000
CASH AND CASH EQUIVALENTS, beginning of year 50,918,000 20,608,000
CASH AND CASH EQUIVALENTS, end of year 53,101,000 50,918,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
CASH PAID DURING THE PERIOD FOR: Interest
CASH PAID DURING THE PERIOD FOR: Income taxes 1,290,000 5,265,000
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 84,000