Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 20,608,000 $ 17,662,000
Marketable securities, available for sale 1,061,000 1,079,000
Royalty receivables 1,537,000 1,249,000
Other current assets 196,000 242,000
Total Current Assets 23,402,000 20,232,000
OTHER ASSETS:    
Deferred tax assets 4,958,000 4,743,000
Patent, net of accumulated amortization $ 2,002,000 3,582,000
Other investments 576,000
Security deposits $ 19,000 19,000
Total Other Assets 6,979,000 8,920,000
TOTAL ASSETS 30,381,000 29,152,000
CURRENT LIABILITIES:    
Accounts payable 139,000 338,000
Accrued expenses 1,552,000 1,873,000
TOTAL LIABILITIES $ 1,691,000 $ 2,211,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares; none issued and outstanding at December 31, 2015 and December 31, 2014
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,211,149 and 24,274,336 issued and outstanding at December 31, 2015 and December 31, 2014, respectively $ 232,000 $ 243,000
Additional paid-in capital 61,249,000 60,977,000
Accumulated deficit (32,756,000) (34,262,000)
Accumulated other comprehensive loss (35,000) (17,000)
TOTAL STOCKHOLDERS' EQUITY 28,690,000 26,941,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30,381,000 $ 29,152,000