Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2024
Dec. 31, 2023
ASSETS   CURRENT ASSETS:    
Cash and cash equivalents $ 18,105,000 $ 16,896,000
Marketable securities, at fair value 25,289,000 28,571,000
Other current assets 218,000 206,000
  TOTAL CURRENT ASSETS 43,612,000 45,673,000
  OTHER ASSETS:    
Patents, net of accumulated amortization 1,296,000 1,326,000
Equity investment 4,621,000 5,249,000
Operating leases right-of-use asset 75,000 16,000
Security deposit 13,000 13,000
  Total Other Assets 6,005,000 6,604,000
  TOTAL ASSETS 49,617,000 52,277,000
  LIABILITIES AND STOCKHOLDERS’ EQUITY: CURRENT LIABILITIES:    
Accounts payable 306,000 125,000
Accrued payroll 378,000
Other accrued expenses 182,000 297,000
Operating lease obligation, current 57,000 23,000
Total Current Liabilities 545,000 823,000
  LONG TERM LIABILITIES:    
Deferred tax liability 615,000 762,000
Operating lease obligation, non-current 24,000
  TOTAL LIABILITIES 1,184,000 1,585,000
  STOCKHOLDERS’ EQUITY    
Preferred stock, $0.01 par value, authorized 10,000,000 shares; none issued and outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,552,561 and 23,553,908 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 235,000 235,000
Additional paid-in capital 67,560,000 67,446,000
Accumulated deficit (19,362,000) (16,989,000)
TOTAL STOCKHOLDERS’ EQUITY 48,433,000 50,692,000
  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 49,617,000 $ 52,277,000