Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,909,000) $ (618,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Amortization of patents 236,000 233,000
Stock-based compensation 388,000 407,000
Loss allocated from equity method investment 1,597,000 1,073,000
Unrealized (gain) loss on marketable securities (27,000) 1,079,000
Deferred tax expense (benefit) (278,000) 422,000
Amortization of operating leases – right of use assets 47,000 27,000
Gain on equity method investment (3,727,000)
Accrued interest on convertible note (86,000)
Gain on conversion of note (271,000)
Changes in operating assets and liabilities:    
Other current assets 307,000 32,000
Prepaid taxes (131,000) (326,000)
Security deposit (13,000)
Accounts payable (257,000) (110,000)
Income taxes payable (89,000) (2,948,000)
Operating lease obligations (52,000) (21,000)
Accrued expenses (572,000) (346,000)
  NET CASH USED IN OPERATING ACTIVITIES (753,000) (5,180,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of marketable securities 44,488,000 8,750,000
Purchases of marketable securities (33,138,000) (22,464,000)
Development of patents (524,000)
Equity investment (1,000,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 11,350,000 (15,238,000)
  CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (2,371,000) (2,381,000)
Value of shares delivered to fund withholding taxes (83,000) (112,500)
Repurchases of common stock, inclusive of commissions (705,000) (422,000)
NET CASH USED IN FINANCING ACTIVITIES: (3,159,000) (2,915,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,438,000 (23,333,000)
CASH AND CASH EQUIVALENTS, beginning of period 13,448,000 44,497,000
CASH AND CASH EQUIVALENTS, end of period 20,886,000 21,164,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest
Income taxes 67,000 3,165,000
NON-CASH FINANCING ACTIVITIES    
Accrued dividend rights on restricted stock units 22,000 37,000
Right of use asset obtained in exchange for lease liability 98,000 204,000
Conversion of note receivable $ 1,086,000