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, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 14,281,000 $ (1,709,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of patents 295,000 292,000
Stock-based compensation 238,000 302,000
Loss from equity investment 999,000 787,000
Deferred tax expense (benefit) 1,508,000 (954,000)
Amortization of right of use asset 41,000
Unrealized (gain) loss on marketable securities 148,000 (88,000)
Changes in operating assets and liabilities:    
Royalty receivables 343,000
Other current assets (30,000) (22,000)
Accounts payable (142,000) 180,000
Income taxes payable 2,952,000
Security deposit 8,000
Operating lease obligations (41,000)
Accrued expenses (758,000) 366,000
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 19,499,000 (503,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 17,154,000 24,216,000
Purchases of marketable securities (13,059,000) (17,859,000)
Development of patents (101,000) (51,000)
Convertible note investment (1,000,000)
  NET CASH PROVIDED BY INVESTING ACTIVITIES 2,994,000 6,306,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,410,000) (2,471,000)
Value of shares delivered to fund withholding taxes (14,000) (161,000)
Repurchases of common stock, inclusive of commissions (1,077,000) (253,000)
NET CASH USED IN FINANCING ACTIVITIES (3,501,000) (2,885,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS 18,992,000 2,918,000
CASH AND CASH EQUIVALENTS, beginning of year 25,505,000 22,587,000
CASH AND CASH EQUIVALENTS, end of year 44,497,000 25,505,000
Cash paid during the years for:    
Interest
Income taxes
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 20,000 $ 31,000