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, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (234,000) $ (859,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of patents 216,000 212,000
Stock-based compensation 242,000 425,000
Loss from equity investment 644,000 345,000
Deferred tax benefit 0 (36,000)
Amortization of right of use asset, net 41,000 76,000
Unrealized gain on marketable securities (10,000) (17,000)
Changes in operating asset and liabilities:    
Royalty receivables 343,000 (49,000)
Other current assets 68,000 81,000
Accounts payable (350,000) 178,000
Income taxes payable 0 (197,000)
Operating lease obligations (41,000) (74,000)
Accrued expenses (812,000) (1,473,000)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 107,000 (1,388,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 17,539,000 30,836,000
Purchases of marketable securities (13,145,000) (30,691,000)
Development of patents (50,000) (55,000)
Equity investment   (2,500,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 4,344,000 (2,410,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,456,000) (2,428,000)
Value of shares delivered to fund withholding taxes (109,000) (499,000)
Repurchases of common stock, inclusive of commissions (252,000) (408,000)
Proceeds from exercise of options 0 107,000
NET CASH USED IN FINANCING ACTIVITIES: (2,817,000) (3,228,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,634,000 (7,026,000)
CASH AND CASH EQUIVALENTS, beginning of period 22,587,000 23,763,000
CASH AND CASH EQUIVALENTS, end of period 24,221,000 16,737,000
Cash paid during the period for:    
Interest 0 0
Income taxes 0 0
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 31,000 $ 50,000