Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 50,918,000 $ 20,608,000
Marketable securities, available for sale 1,065,000 1,061,000
Royalty receivables, net 2,879,000 1,537,000
Prepaid Taxes 1,195,000
Other current assets 83,000 196,000
Total Current Assets 56,140,000 23,402,000
OTHER ASSETS:    
Deferred tax assets 207,000 4,958,000
Patent, net of accumulated amortization 1,231,000 2,002,000
Security deposits 19,000 19,000
Total Other Assets 1,457,000 6,979,000
TOTAL ASSETS 57,597,000 30,381,000
CURRENT LIABILITIES:    
Accounts payable 171,000 139,000
Accrued contingency fees and related costs 2,681,000 724,000
Accrued payroll 1,748,000 764,000
Other accrued expenses 125,000 64,000
TOTAL LIABILITIES 4,725,000 1,691,000
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; authorized 10,000,000 shares; none issued and outstanding at December 31, 2016 and December 31, 2015
Common stock, $0.01 par value; authorized 50,000,000 shares; 23,744,829 and 23,211,149 issued and outstanding at December 31, 2016 and December 31, 2015, respectively 238,000 232,000
Additional paid-in capital 62,367,000 61,249,000
Accumulated deficit (9,702,000) (32,756,000)
Accumulated other comprehensive loss (31,000) (35,000)
TOTAL STOCKHOLDERS' EQUITY 52,872,000 28,690,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 57,597,000 $ 30,381,000