Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (859,000) $ 8,283,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of patents 212,000 209,000
Stock-based compensation 425,000 571,000
Loss from equity investment 345,000
Deferred tax benefit (36,000)
Amortization of right of use asset, net 76,000
Unrealized gain on marketable securities (17,000)
Changes in operating assets and liabilities:    
Royalty receivables (49,000) (1,286,000)
Prepaid taxes 125,000
Other current assets 81,000 65,000
Accounts payable 178,000 (85,000)
Income taxes payable (197,000) 744,000
Operating lease obligations (74,000)
Accrued expenses (1,473,000) (1,334,000)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (1,388,000) 7,292,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 30,836,000
Increase in security deposit (2,000)
Purchases of marketable securities (30,691,000) (26,601,000)
Development of patents (55,000) (102,000)
Equity Investment (2,500,000)
NET CASH USED IN INVESTING ACTIVITY (2,410,000) (26,705,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,428,000) (2,445,000)
Value of shares delivered to fund withholding taxes (499,000) (545,000)
Repurchases of common stock, net of commissions (408,000) (1,535,000)
Proceeds from exercise of options 107,000 30,000
NET CASH USED IN FINANCING ACTIVITIES (3,228,000) (4,495,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (7,026,000) (23,908,000)
CASH AND CASH EQUIVALENTS, beginning of period 23,763,000 51,101,000
CASH AND CASH EQUIVALENTS, end of period 16,737,000 27,193,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid during the period for: Interest
Cash paid during the period for: Income taxes 1,501,000
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 50,000 $ 61,000