Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Condensed Statements Of Income And Comprehensive Income        
ROYALTY REVENUE $ 3,008,000 $ 1,367,000 $ 10,382,000 $ 11,024,000
COST OF REVENUE 927,000 337,000 3,094,000 3,157,000
GROSS PROFIT 2,081,000 1,030,000 7,288,000 7,867,000
OPERATING EXPENSES:        
General and administrative 915,000 668,000 3,139,000 1,881,000
Amortization of patents 413,000 408,000 1,239,000 1,226,000
Stock-based compensation 69,000 45,000 243,000 207,000
TOTAL OPERATING EXPENSES 1,397,000 1,121,000 4,621,000 3,314,000
OPERATING INCOME (LOSS) 684,000 (91,000) 2,667,000 4,553,000
OTHER INCOME:        
Interest income, net 11,000 8,000 44,000 29,000
INCOME (LOSS) BEFORE INCOME TAXES 695,000 (83,000) 2,711,000 4,582,000
INCOME TAXES (BENEFIT)        
Current 26,000 (12,000) 66,000 90,000
Deferred 262,000 (35,000) 928,000 1,531,000
Total Income Taxes (Benefit) 288,000 (47,000) 994,000 1,621,000
NET INCOME (LOSS) $ 407,000 $ (36,000) $ 1,717,000 $ 2,961,000
Net Income (Loss) per share        
Basic $ 0.02 $ (0.00) $ 0.07 $ 0.12
Diluted $ 0.02 $ (0.00) $ 0.07 $ 0.11
Weighted average number of common shares outstanding:        
Basic 23,273,946 24,942,874 23,597,143 25,396,573
Diluted 24,654,699 24,942,874 24,590,487 27,610,979
NET INCOME (LOSS) $ 407,000 $ (36,000) $ 1,717,000 $ 2,961,000
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized holding gain (loss) on securities available - for - sale arising during period 12,000 (5,000) (15,000)
COMPREHENSIVE INCOME (LOSS) $ 419,000 $ (41,000) $ 1,717,000 $ 2,946,000