Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 42,459,000 $ 44,497,000
Marketable securities, at fair value 14,076,000 15,126,000
Other current assets 111,000 150,000
TOTAL CURRENT ASSETS 56,646,000 59,773,000
OTHER ASSETS:    
Patents, net of accumulated amortization 1,833,000 1,384,000
Equity investment 2,218,000 2,651,000
Convertible note investment 1,000,000 1,000,000
Security deposits 13,000 13,000
Total other assets 5,064,000 5,048,000
TOTAL ASSETS 61,710,000 64,821,000
CURRENT LIABILITIES:    
Income taxes payable 2,952,000 2,952,000
Accounts payable 490,000 459,000
Accrued contingency fees and related costs 147,000 137,000
Accrued payroll 161,000 380,000
Other accrued expenses 261,000 180,000
Total current liabilities 4,011,000 4,108,000
LONG TERM LIABILITIES:    
Deferred tax liability 102,000 554,000
TOTAL LIABILITIES 4,113,000 4,662,000
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,883,024 and 23,792,212 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 239,000 238,000
Additional paid-in capital 66,415,000 66,361,000
Accumulated deficit (9,042,000) (6,428,000)
Accumulated other comprehensive loss (15,000) (12,000)
TOTAL STOCKHOLDERS’ EQUITY 57,597,000 60,159,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 61,710,000 $ 64,821,000