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, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,709,000) $ (1,792,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of patents 292,000 285,000
Stock-based compensation 302,000 567,000
Loss from equity investment 787,000 604,000
Deferred tax expense (954,000) 168,000
Amortization of right of use asset 41,000 127,000
Unrealized gain on marketable securities (88,000) (5,000)
Changes in operating assets and liabilities:    
Royalty receivables 343,000 101,000
Other current assets (22,000) 14,000
Accounts payable 180,000 351,000
Operating lease obligations (41,000) (126,000)
Accrued expenses 366,000 (899,000)
NET CASH USED IN OPERATING ACTIVITIES (503,000) (605,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sale of marketable securities 24,216,000 33,888,000
Purchases of marketable securities (17,859,000) (28,225,000)
Development of patents (51,000) (115,000)
Equity investment 0 (2,500,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES 6,306,000 3,048,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,471,000) (2,416,000)
Value of shares delivered to fund withholding taxes (161,000) (538,000)
Repurchases of common stock, inclusive of commissions (253,000) (772,000)
Proceeds from exercises of stock options 0 107,000
NET CASH USED IN FINANCING ACTIVITIES (2,885,000) (3,619,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,918,000 (1,176,000)
CASH AND CASH EQUIVALENTS, beginning of year 22,587,000 23,763,000
CASH AND CASH EQUIVALENTS, end of year 25,505,000 22,587,000
Cash paid during the years for:    
Interest 0 0
Income taxes 0 0
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 31,000 $ 48,000