|
ASSETS
|
||||||||
|
2008
|
2007
|
|||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 19,342 | $ | 41,886 | ||||
|
Marketable
securities
|
66,670 | 45,223 | ||||||
|
Interest
receivable
|
24 | 15 | ||||||
|
Prepaids
and other current assets
|
109 | 175 | ||||||
|
Total
current assets
|
86,145 | 87,299 | ||||||
|
PROPERTY
AND EQUIPMENT, NET
|
1,032 | 1,381 | ||||||
|
Total
assets
|
$ | 87,177 | $ | 88,680 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 383 | $ | 618 | ||||
|
Total
current liabilities
|
383 | 618 | ||||||
|
Deferred
rent
|
410 | 343 | ||||||
|
Total
liabilities
|
793 | 961 | ||||||
|
COMMITMENTS
AND CONTINGENCIES
|
||||||||
|
STOCKHOLDERS'
EQUITY:
|
||||||||
|
Preferred
stock, $.0001 par value; 5,000,000 shares authorized; none
issued
|
-- | -- | ||||||
|
Common
stock, $.0001 par value; 100,000,000 shares authorized;
|
||||||||
|
17,441,747
and 17,441,747 shares issued; and 17,366,747 and
17,366,747
|
||||||||
|
outstanding
in 2008 and 2007, respectively
|
2 | 2 | ||||||
|
Additional
paid-in capital
|
370,504 | 369,827 | ||||||
|
Accumulated
deficit
|
(284,523 | ) | (282,121 | ) | ||||
|
Less
treasury stock, 75,000 shares at cost
|
(2 | ) | (2 | ) | ||||
|
Accumulated
other comprehensive gain
|
403 | 13 | ||||||
|
Total
stockholders' equity
|
86,384 | 87,719 | ||||||
|
|
||||||||
|
Total
liabilities and stockholders' equity
|
$ | 87,177 | $ | 88,680 | ||||
|
THREE
MONTHS
|
YEARS
ENDED
|
|||||||||||||||
|
ENDED
DECEMBER 31,
|
DECEMBER
31,
|
|||||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
REVENUES:
|
||||||||||||||||
|
Total
revenues
|
$ | -- | $ | -- | $ | -- | $ | -- | ||||||||
|
OPERATING
EXPENSES:
|
||||||||||||||||
|
General
and administrative
|
954 | 1,123 | 4,517 | 3,767 | ||||||||||||
|
Transaction
expense
|
-- | (21 | ) | -- | (13 | ) | ||||||||||
|
Depreciation
|
89 | 89 | 356 | 359 | ||||||||||||
|
Total
operating expenses
|
1,043 | 1,191 | 4,873 | 4,113 | ||||||||||||
| OPERATING LOSS | (1,043 | ) | (1,191 | ) | (4,873 | ) | (4,113 | ) | ||||||||
|
OTHER
EXPENSE
|
2 | 5 | 2 | 6 | ||||||||||||
|
INTEREST
INCOME
|
558 | 997 | 2,473 | 4,239 | ||||||||||||
|
NET
(LOSS) INCOME BEFORE TAXES
|
$ | (487 | ) | $ | (199 | ) | $ | (2,402 | ) | $ | 120 | |||||
|
INCOME
TAXES
|
-- | 3 | -- | 3 | ||||||||||||
|
NET
(LOSS) INCOME
|
$ | (487 | ) | $ | (202 | ) | $ | (2,402 | ) | $ | 117 | |||||
|
Net
(loss) income per common share:
|
||||||||||||||||
|
Basic
|
$ | (0.03 | ) | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.01 | |||||
|
Diluted
|
$ | (0.03 | ) | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.01 | |||||
|
Weighted
average shares outstanding:
|
||||||||||||||||
|
Basic
|
16,867 | 16,684 | 16,867 | 16,658 | ||||||||||||
|
Diluted
|
16,867 | 16,684 | 16,867 | 17,051 | ||||||||||||
|
2008
|
2007
|
|||||||
|
OPERATING
ACTIVITIES:
|
||||||||
|
Net
(loss) income
|
$ | (2,402 | ) | $ | 117 | |||
|
Adjustments
to reconcile net (loss) income to net cash used in operating
activities:
|
||||||||
|
Depreciation
of property and equipment
|
356 | 359 | ||||||
|
Amortization
of discount on securities, net
|
(1,945 | ) | (2,929 | ) | ||||
|
Equity
compensation
|
677 | 444 | ||||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
Decrease
in interest receivable, prepaids and other current assets
|
57 | 419 | ||||||
|
Decrease
in accounts payable and accrued liabilities
|
(235 | ) | (62 | ) | ||||
|
Increase
in deferred rent
|
67 | 66 | ||||||
|
Net
cash used in operating activities
|
(3,425 | ) | (1,586 | ) | ||||
|
INVESTING
ACTIVITIES:
|
||||||||
|
Purchase
of marketable securities
|
(110,105 | ) | (150,803 | ) | ||||
|
Proceeds
from the sale and maturity of marketable securities
|
90,993 | 191,147 | ||||||
|
Disposal
of property and equipment
|
-- | 7 | ||||||
|
Purchase
of property and equipment
|
(7 | ) | (48 | ) | ||||
|
Net
cash (used in) provided by investing activities
|
(19,119 | ) | 40,303 | |||||
|
FINANCING
ACTIVITIES:
|
||||||||
|
Proceeds
from the exercise of stock options
|
-- | 1,438 | ||||||
|
Net
cash provided by financing activities
|
-- | 1,438 | ||||||
|
CHANGE
IN CASH AND CASH EQUIVALENTS
|
(22,544 | ) | 40,155 | |||||
|
CASH
AND CASH EQUIVALENTS, beginning of year
|
41,886 | 1,731 | ||||||
|
CASH
AND CASH EQUIVALENTS, end of year
|
$ | 19,342 | $ | 41,886 | ||||