|
MARCH
31,
|
DECEMBER
31,
|
|||||||
|
2009
|
2008
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 56,314 | $ | 19,342 | ||||
|
Marketable
securities
|
28,777 | 66,670 | ||||||
|
Interest
receivable
|
29 | 24 | ||||||
|
Prepaids
and other current assets
|
151 | 109 | ||||||
|
Total
current assets
|
85,271 | 86,145 | ||||||
|
PROPERTY
AND EQUIPMENT, NET
|
946 | 1,032 | ||||||
|
TOTAL
ASSETS
|
$ | 86,217 | $ | 87,177 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 188 | $ | 383 | ||||
|
Total
current liabilities
|
188 | 383 | ||||||
|
Deferred
rent
|
409 | 410 | ||||||
|
Total
liabilities
|
597 | 793 | ||||||
|
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 2009 and 2008,
respectively
|
2 | 2 | ||||||
|
Additional
paid-in capital
|
370,643 | 370,504 | ||||||
|
Accumulated
deficit
|
(285,124 | ) | (284,523 | ) | ||||
|
Treasury
stock, at cost
|
(2 | ) | (2 | ) | ||||
|
Accumulated
other comprehensive gain
|
101 | 403 | ||||||
|
Total
stockholders' equity
|
85,620 | 86,384 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 86,217 | $ | 87,177 | ||||
|
THREE
MONTHS ENDED
|
||||||||
|
MARCH
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
REVENUES:
|
$ | -- | $ | -- | ||||
|
Total
revenues
|
-- | -- | ||||||
|
OPERATING
EXPENSES:
|
||||||||
|
General
and administrative
|
923 | 1,150 | ||||||
|
Depreciation
expense
|
89 | 89 | ||||||
|
Total
operating expenses
|
1,012 | 1,239 | ||||||
|
OPERATING
LOSS
|
(1,012 | ) | (1,239 | ) | ||||
|
INTEREST
INCOME
|
411 | 822 | ||||||
|
NET
(LOSS)
|
$ | (601 | ) | $ | (417 | ) | ||
|
(Loss)
per common share:
|
||||||||
|
Basic
|
$ | (0.04 | ) | $ | (0.02 | ) | ||
|
Diluted
|
$ | (0.04 | ) | $ | (0.02 | ) | ||
|
Weighted
average common shares outstanding:
|
||||||||
|
Basic
|
16,867 | 16,867 | ||||||
|
Diluted
|
16,867 | 16,867 | ||||||
|
THREE
MONTHS ENDED
|
||||||||
|
MARCH
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net
(loss)
|
$ | (601 | ) | $ | (417 | ) | ||
|
Adjustments
to reconcile net (loss)to net cash used in operating
activities:
|
||||||||
|
Depreciation
on property and equipment
|
89 | 89 | ||||||
|
Amortization
of equity compensation plans
|
139 | 198 | ||||||
|
Amortization
of discount on securities, net
|
(324 | ) | (595 | ) | ||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
(Increase)/decrease
in interest receivable, prepaids and other current assets
|
(47 | ) | 104 | |||||
|
Decrease
in accounts payable and accrued liabilities
|
(195 | ) | (248 | ) | ||||
|
(Decrease)/increase
in deferred rent
|
(1 | ) | 17 | |||||
|
NET
CASH USED IN OPERATING ACTIVITIES
|
(940 | ) | (852 | ) | ||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Purchase
of marketable securities
|
-- | (27,641 | ) | |||||
|
Proceeds
from maturity of marketable securities
|
37,915 | 9,000 | ||||||
|
Purchase
of property and equipment
|
(3 | ) | -- | |||||
|
NET
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
|
37,912 | (18,641 | ) | |||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
NET
CASH PROVIDED BY FINANCING ACTIVITIES
|
-- | -- | ||||||
|
CHANGE
IN CASH AND CASH EQUIVALENTS
|
36,972 | (19,493 | ) | |||||
|
CASH
AND CASH EQUIVALENTS, beginning of period
|
19,342 | 41,886 | ||||||
|
CASH
AND CASH EQUIVALENTS, end of period
|
$ | 56,314 | $ | 22,393 | ||||
|
SUPPLEMENTAL
DISCLOSURE:
|
||||||||
|
Cash
paid for franchise and property taxes
|
$ | 70 | $ | 161 | ||||