Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 22,587,000 $ 23,763,000
Marketable securities, at fair value 25,730,000 31,228,000
Royalty receivables, net 343,000 444,000
Other current assets 98,000 112,000
Total Current Assets 48,758,000 55,547,000
OTHER ASSETS:    
Deferred tax assets 168,000
Patent, net of accumulated amortization 1,819,000 1,989,000
Equity investment 4,437,000 2,541,000
Operating leases right-of-use asset 41,000
Security deposits 21,000 21,000
Total Other Assets 6,318,000 4,719,000
TOTAL ASSETS 55,076,000 60,266,000
CURRENT LIABILITIES:    
Accounts payable 421,000 67,000
Income taxes payable 50,000 197,000
Accrued contingency fees and related costs 492,000 1,136,000
Accrued payroll 334,000 486,000
Operating lease obligations - current 41,000
Other accrued expenses 231,000 175,000
TOTAL LIABILITIES 1,569,000 2,061,000
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares; none issued and outstanding at December 31, 2019 and December 31, 2018
Common stock, $0.01 par value; authorized 50,000,000 shares;24,036,071 and 23,735,927 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 240,000 237,000
Additional paid-in capital 65,824,000 65,151,000
Accumulated deficit (12,636,000) (7,102,000)
Accumulated other comprehensive income (loss) 79,000 (81,000)
TOTAL STOCKHOLDERS' EQUITY 53,507,000 58,205,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 55,076,000 $ 60,266,000