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, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,792,000) $ 7,706,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of Patents 285,000 290,000
Stock -based compensation 567,000 687,000
Loss from equity investment 604,000  
Deferred tax expense 168,000
Amortization of right of use asset, net 127,000  
Unrealized gain on marketable securities (5,000)  
Changes in operating assets and liabilities:    
Royalty receivables 101,000 131,000
Prepaid Taxes 125,000
Other current assets 14,000 (31,000)
Accounts payable 351,000 (177,000)
Income taxes payable (147,000) 197,000
Operating lease obligations (126,000)  
Accrued expense (752,000) (835,000)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (605,000) 8,093,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 33,888,000 19,897,000
Purchases of marketable securities (28,225,000) (40,369,000)
Development of patents (115,000) (110,000)
Equity investment (2,500,000) (2,541,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 3,048,000 (23,114,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,416,000) (2,444,000)
Value of shares delivered to fund withholding taxes (538,000) (545,000)
Repurchases of common stock, inclusive of commissions (772,000) (1,608,000)
Proceeds from exercises of stock options 107,000 30,000
NET CASH USED IN FINANCING ACTIVITIES (3,619,000) (4,567,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,176,000) (19,588,000)
CASH AND CASH EQUIVALENTS, beginning of year 23,763,000 43,351,000
CASH AND CASH EQUIVALENTS, end of year 22,587,000 23,763,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the years for: Interest
Cash paid during the years for: Income taxes 1,986,000
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 48,000 $ 63,000