Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 18,938,000 $ 21,983,000
Marketable securities 530,000 547,000
Royalty receivables 814,000 775,000
Other current assets 276,000 222,000
Total Current Assets 20,558,000 23,527,000
OTHER ASSETS:    
Deferred tax asset 5,659,000 6,194,000
Patent, net of accumulated amortization 5,136,000 65,000
Other Investments 196,000   
Security deposits 19,000 19,000
Total Other Assets 11,010,000 6,278,000
TOTAL ASSETS 31,568,000 29,805,000
CURRENT LIABILITIES:    
Accounts payable 136,000 232,000
Accrued expenses 628,000 593,000
TOTAL LIABILITIES 764,000 825,000
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; authorized 50,000,000 shares; 25,854,548 and 25,392,269 issued and outstanding at December 31, 2013 and December 31, 2012, respectively 259,000 254,000
Additional paid-in capital 61,129,000 58,046,000
Accumulated deficit (30,553,000) (29,306,000)
Other comprehensive income (loss) (31,000) (14,000)
TOTAL STOCKHOLDERS' EQUITY 30,804,000 28,980,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 31,568,000 $ 29,805,000