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, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,457,000) $ (2,326,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of patents 266,000 316,000
Stock-based compensation 508,000 585,000
Loss allocated from equity investment 2,003,000 1,639,000
Deferred tax (benefit) expense (399,000) 607,000
Amortization of right of use asset, net 65,000 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 (gain) loss on marketable securities (103,000) 880,000
Changes in operating assets and liabilities:    
Other current assets 142,000 (208,000)
Prepaid taxes 177,000 (167,000)
Accounts payable (382,000) 48,000
Income taxes payable (115,000) (2,837,000)
Security deposit (13,000) 13,000
Operating lease obligations (70,000) (31,000)
Accrued expenses (291,000) 242,000
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 331,000 (5,436,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 53,521,000 13,156,000
Purchases of marketable securities (46,984,000) (33,903,000)
Development of patents (524,000)
Equity Investment (1,000,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 6,537,000 (22,271,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,371,000) (2,453,000)
Value of shares delivered to fund withholding taxes (83,000) (355,000)
Repurchases of common stock, inclusive of commissions (966,000) (534,000)
NET CASH USED IN FINANCING ACTIVITIES (3,420,000) (3,342,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 3,448,000 (31,049,000)
CASH AND CASH EQUIVALENTS, beginning of year 13,448,000 44,497,000
CASH AND CASH EQUIVALENTS, end of year 16,896,000 13,448,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest
Income taxes 65,000 3,004,000
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units 65,000 37,000
Modification of right-of-use asset 80,000 204,000
Conversion of note receivable $ 1,086,000