Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,921,000) $ (448,000)
used in operating activities:    
Amortization of patents 144,000 141,000
Stock-based compensation 157,000 271,000
Loss from equity investment 498,000 149,000
Deferred tax benefit 0 (103,000)
Amortization of right of use asset, net 41,000 67,000
Unrealized (gain) on marketable securities (1,000) (45,000)
Changes in operating asset and liabilities:    
Royalty receivables 215,000 (197,000)
Other current assets 48,000 54,000
Accounts payable (384,000) 133,000
Operating lease obligations (41,000) (67,000)
Accrued expenses (829,000) (1,297,000)
NET CASH USED IN OPERATING ACTIVITIES (2,073,000) (1,342,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 13,169,000 21,611,000
Purchases of marketable securities (11,209,000) (22,291,000)
Development of patents (39,000) (35,000)
Equity investment 0 (1,000,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,921,000 (1,715,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (1,211,000) (1,191,000)
Value of shares delivered to fund withholding taxes 0 (366,000)
Repurchases of common stock, inclusive of commissions (252,000) (333,000)
Proceeds from exercise of options 0 107,000
NET CASH USED IN FINANCING ACTIVITIES (1,463,000) (1,783,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,615,000) (4,840,000)
CASH AND CASH EQUIVALENTS, beginning of period 22,587,000 23,763,000
CASH AND CASH EQUIVALENTS, end of period 20,972,000 18,923,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Income taxes 0 0
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 19,000 $ 27,000