Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,337,000) $ (240,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of Patents 72,000 54,000
Stock -based compensation 72,000 144,000
Loss from equity investment 293,000 96,000
Amortization of right of use asset, net 32,000  
Unrealized (gain) loss on marketable securities 220,000 (14,000)
Deferred tax benefit (65,000)
Changes in operating assets and liabilities:    
Royalty receivables 199,000 (330,000)
Other current assets 23,000 29,000
Operating lease right-of-use assets 33,000
Accounts payable (207,000) 328,000
Operating lease obligations (33,000) (31,000)
Accrued expense (872,000) (1,419,000)
NET CASH USED IN OPERATING ACTIVITIES (1,538,000) (1,415,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 10,919,000 10,586,000
Purchases of marketable securities (4,001,000) (10,068,000)
Development of patents (8,000) (24,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES 6,910,000 494,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (1,211,000) (1,191,000)
Repurchases of common stock, inclusive of commissions (154,000) (1,000)
NET CASH USED IN FINANCING ACTIVITIES (1,365,000) (1,192,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,007,000 (2,113,000)
CASH AND CASH EQUIVALENTS, beginning of period 22,587,000 23,763,000
CASH AND CASH EQUIVALENTS, end of period 26,594,000 21,650,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for: Interest
Cash paid during the period for: Income taxes
NON-CASH FINANCING ACTIVITY    
Accrued dividend rights on restricted stock units $ 19,000 $ 27,000