Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 9,451,000 $ (1,337,000)
Adjustments to reconcile income (loss) to net cash used in operating activities:    
Amortization of patents 74,000 72,000
Stock-based compensation 59,000 72,000
Loss from equity method investment 210,000 293,000
Amortization of right of use asset, net 0 32,000
Unrealized loss on marketable securities 23,000 220,000
Deferred tax expense 1,724,000 0
Changes in operating asset and liabilities:    
Royalty receivables (18,692,000) 199,000
Other current assets 32,000 23,000
Income taxes payable 890,000 0
Security deposit 8,000 0
Accounts payable (232,000) (207,000)
Operating lease obligations 0 (33,000)
Accrued expenses 5,078,000 (872,000)
NET CASH USED IN OPERATING ACTIVITIES (1,375,000) (1,538,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 4,499,000 10,919,000
Purchases of marketable securities (2,293,000) (4,001,000)
Development of patents (8,000) (8,000)
Convertible note investment (1,000,000) 0
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,198,000 6,910,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (1,206,000) (1,211,000)
Repurchases of common stock, inclusive of commissions 0 (154,000)
NET CASH USED IN FINANCING ACTIVITIES (1,206,000) (1,365,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,383,000) 4,007,000
CASH AND CASH EQUIVALENTS, beginning of period 25,505,000 22,587,000
CASH AND CASH EQUIVALENTS, end of period 24,122,000 26,594,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for Interest 0 0
Cash paid for Income taxes 0 0
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 10,000 $ 19,000