|
ASSETS
|
||||||||
|
2009
|
2008
|
|||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 58,363 | $ | 19,342 | ||||
|
Marketable
securities
|
24,059 | 66,670 | ||||||
|
Interest
receivable
|
6 | 24 | ||||||
|
Prepaids
and other current assets
|
667 | 109 | ||||||
|
Total
current assets
|
83,095 | 86,145 | ||||||
|
PROPERTY
AND EQUIPMENT, NET
|
696 | 1,032 | ||||||
|
Total
assets
|
$ | 83,791 | $ | 87,177 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 1,713 | $ | 383 | ||||
|
Total
current liabilities
|
1,713 | 383 | ||||||
|
Deferred
rent
|
446 | 410 | ||||||
|
Total
liabilities
|
2,159 | 793 | ||||||
|
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 2009 and 2008, respectively
|
2 | 2 | ||||||
|
Additional
paid-in capital
|
370,994 | 370,504 | ||||||
|
Accumulated
deficit
|
(289,368 | ) | (284,523 | ) | ||||
|
Less
treasury stock, 75,000 shares at cost
|
(2 | ) | (2 | ) | ||||
|
Accumulated
other comprehensive income
|
6 | 403 | ||||||
|
|
||||||||
|
Total
stockholders' equity
|
81,632 | 86,384 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 83,791 | $ | 87,177 | ||||
|
THREE
MONTHS
|
YEARS
ENDED
|
|||||||||||||||
|
ENDED
DECEMBER 31,
|
DECEMBER
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
OPERATING
EXPENSES:
|
||||||||||||||||
|
General
and administrative
|
$ | 853 | $ | 954 | $ | 3,597 | $ | 4,517 | ||||||||
|
Transaction
expense
|
1,581 | -- | 1,613 | -- | ||||||||||||
|
Depreciation
|
82 | 89 | 342 | 356 | ||||||||||||
|
Total
operating expenses
|
2,516 | 1,043 | 5,552 | 4,873 | ||||||||||||
|
OPERATING
LOSS
|
(2,516 | ) | (1,043 | ) | (5,552 | ) | (4,873 | ) | ||||||||
|
OTHER
EXPENSE.
|
-- | 2 | -- | 2 | ||||||||||||
|
INTEREST
INCOME.
|
37 | 558 | 701 | 2,473 | ||||||||||||
|
NET
LOSS BEFORE TAXES
|
$ | (2,479 | ) | $ | (487 | ) | $ | (4,851 | ) | $ | (2,402 | ) | ||||
|
INCOME
TAX BENEFIT
|
(6 | ) | -- | (6 | ) | -- | ||||||||||
|
NET
LOSS
|
$ | (2,473 | ) | $ | (487 | ) | $ | (4,845 | ) | $ | (2,402 | ) | ||||
|
Net
loss per common share:
|
||||||||||||||||
|
Basic
|
$ | (0.15 | ) | $ | (0.03 | ) | $ | (0.29 | ) | $ | (0.14 | ) | ||||
|
Diluted
|
$ | (0.15 | ) | $ | (0.03 | ) | $ | (0.29 | ) | $ | (0.14 | ) | ||||
|
Weighted
average shares outstanding:
|
||||||||||||||||
|
Basic
|
16,867 | 16,867 | 16,867 | 16,867 | ||||||||||||
|
Diluted
|
16,867 | 16,867 | 16,867 | 16,867 | ||||||||||||
|
2009
|
2008
|
|||||||
|
OPERATING
ACTIVITIES:
|
||||||||
|
Net
loss
|
$ | (4,845 | ) | $ | (2,402 | ) | ||
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
|
Depreciation
of property and equipment
|
342 | 356 | ||||||
|
Amortization
of discount on securities, net
|
(466 | ) | (1,945 | ) | ||||
|
Equity
compensation
|
490 | 677 | ||||||
|
Non-cash
reductions to property and equipment
|
1 | -- | ||||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
(Increase)
decrease in interest receivable, prepaids and other current
assets
|
(540 | ) | 57 | |||||
|
Increase
(decrease) in accounts payable and accrued liabilities
|
1,330 | (235 | ) | |||||
|
Increase
in deferred rent
|
36 | 67 | ||||||
|
Net
cash used in operating activities
|
(3,652 | ) | (3,425 | ) | ||||
|
INVESTING
ACTIVITIES:
|
||||||||
|
Purchase
of marketable securities
|
(48,943 | ) | (110,105 | ) | ||||
|
Proceeds
from the sale and maturity of marketable securities
|
91,623 | 90,993 | ||||||
|
Purchase
of property and equipment
|
(7 | ) | (7 | ) | ||||
|
Net
cash provided by (used in) investing activities
|
42,673 | (19,119 | ) | |||||
|
FINANCING
ACTIVITIES:
|
||||||||
|
Proceeds
from the exercise of stock options
|
-- | -- | ||||||
|
Net
cash provided by financing activities
|
-- | -- | ||||||
|
CHANGE
IN CASH AND CASH EQUIVALENTS
|
39,021 | (22,544 | ) | |||||
|
CASH
AND CASH EQUIVALENTS, beginning of year
|
19,342 | 41,886 | ||||||
|
CASH
AND CASH EQUIVALENTS, end of year
|
$ | 58,363 | $ | 19,342 | ||||