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, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,107,000 $ 1,766,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of Patents 1,655,000 1,650,000
Stock-based compensation 272,000 333,000
Deferred tax provision $ (215,000) 916,000
Loss on sale of marketable securities $ 51,000
Impairment of other investments $ 576,000
Source (use) of cash from changes in operating assets and liabilities:    
Royalty receivables (288,000) $ (435,000)
Other current assets 46,000 34,000
Accounts payable (199,000) 202,000
Accrued expense (321,000) 1,245,000
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 5,633,000 5,762,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (1,096,000)
Proceeds from sale of marketable securities 510,000
Additional patent costs $ (75,000) (96,000)
Acquisition of Investments, at cost (380,000)
NET CASH USED IN INVESTING ACTIVITIES $ (75,000) (1,062,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares delivered to fund withholding taxes on exercise of options (1,014,000)
Repurchases of common stock $ (2,612,000) (4,477,000)
Repurchase of warrants (505,000)
Proceeds from exercise of options and warrants 20,000
NET CASH USED IN FINANCING ACTIVITIES $ (2,612,000) (5,976,000)
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS 2,946,000 (1,276,000)
CASH AND CASH EQUIVALENTS, beginning of year 17,662,000 18,938,000
CASH AND CASH EQUIVALENTS, end of year $ 20,608,000 $ 17,662,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the years for interest
Cash paid during the years for taxes $ 107,000 $ 31,000