Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 18,362,000 $ 18,938,000
Marketable securities 524,000 530,000
Royalty receivables 4,520,000 814,000
Other current assets 214,000 276,000
Total Current Assets 23,620,000 20,558,000
OTHER ASSETS:    
Deferred tax asset 4,948,000 5,659,000
Patent, net of accumulated amortization 4,751,000 5,136,000
Other Investments 291,000 196,000
Security deposits 19,000 19,000
Total Other Assets 10,009,000 11,010,000
TOTAL ASSETS 33,629,000 31,568,000
CURRENT LIABILITIES:    
Accounts payable 107,000 136,000
Accrued expenses 1,531,000 628,000
TOTAL LIABILITIES 1,638,000 764,000
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common stock - $0.01 par value; authorized 50,000,000 shares; 25,757,982 and 25,854,548 shares issued and outstanding at March 31,2014 and December 31,2013, respectively 258,000 259,000
Additional paid-in capital 61,155,000 61,129,000
Accumulated deficit (29,385,000) (30,553,000)
Other comprehensive income (loss) (37,000) (31,000)
TOTAL STOCKHOLDERS' EQUITY 31,991,000 30,804,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 33,629,000 $ 31,568,000