Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (2,326,000) $ 14,281,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Amortization of patents 316,000 295,000
Stock-based compensation 585,000 238,000
Loss allocated from equity investment 1,639,000 999,000
Deferred tax expense 607,000 1,508,000
Amortization of right of use asset, net 43,000
Gain on equity method investment (3,883,000)
Accrued interest on convertible note (86,000)
Gain on conversion of note (271,000)
Unrealized loss on marketable securities 880,000 148,000
Changes in operating assets and liabilities:    
Other current assets (208,000) (30,000)
Prepaid taxes (167,000)
Accounts payable 48,000 (142,000)
Income taxes payable (2,837,000) 2,952,000
Security deposit 13,000 8,000
Operating lease obligations (31,000)
Accrued expenses 242,000 (758,000)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (5,436,000) 19,499,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 13,156,000 17,154,000
Purchases of marketable securities (33,903,000) (13,059,000)
Development of patents (524,000) (101,000)
Equity Investment (1,000,000)
Convertible note investment (1,000,000)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (22,271,000) 2,994,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,453,000) (2,410,000)
Value of shares delivered to fund withholding taxes (355,000) (14,000)
Repurchases of common stock, inclusive of commissions (534,000) (1,077,000)
NET CASH USED IN FINANCING ACTIVITIES (3,342,000) (3,501,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (31,049,000) 18,992,000
CASH AND CASH EQUIVALENTS, beginning of year 44,497,000 25,505,000
CASH AND CASH EQUIVALENTS, end of year 13,448,000 44,497,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest
Income taxes 3,004,000
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units 37,000 20,000
Right of use asset obtained in exchange for lease liability 204,000
Conversion of note receivable $ 1,086,000