Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets (Unaudited)

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Condensed Balance Sheets (Unaudited) (USD $)
Sep. 30, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 19,193,000 $ 18,938,000
Marketable securities 514,000 530,000
Royalty receivables 1,319,000 814,000
Other current assets 156,000 276,000
Total Current Assets 21,182,000 20,558,000
OTHER ASSETS:    
Deferred tax asset 4,128,000 5,659,000
Patent, net of accumulated amortization 3,988,000 5,136,000
Other Investments 481,000 196,000
Security deposits 19,000 19,000
Total Other Assets 8,616,000 11,010,000
TOTAL ASSETS 29,798,000 31,568,000
CURRENT LIABILITIES:    
Accounts payable 88,000 136,000
Accrued expenses 562,000 628,000
TOTAL LIABILITIES 650,000 764,000
STOCKHOLDERS' EQUITY    
Common stock - $0.01 par value; authorized 50,000,000 shares; 24,829,336 and 25,854,548 shares issued and outstanding at September 30,2014 and December 31,2013, respectively 248,000 259,000
Additional paid-in capital 60,859,000 61,129,000
Accumulated deficit (31,913,000) (30,553,000)
Other comprehensive loss (46,000) (31,000)
TOTAL STOCKHOLDERS' EQUITY 29,148,000 30,804,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,798,000 $ 31,568,000