|
March 31,
|
December 31,
|
|||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 56,938 | $ | 58,363 | ||||
|
Marketable
securities
|
23,691 | 24,059 | ||||||
|
Interest
receivable
|
3 | 6 | ||||||
|
Prepaids
and other current assets
|
80 | 667 | ||||||
|
Total
current assets
|
80,712 | 83,095 | ||||||
|
PROPERTY
AND EQUIPMENT, NET
|
637 | 696 | ||||||
|
TOTAL
ASSETS
|
$ | 81,349 | $ | 83,791 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Accounts
payable and accrued liabilities
|
$ | 1,500 | $ | 1,713 | ||||
|
Total
current liabilities
|
1,500 | 1,713 | ||||||
|
Deferred
rent
|
458 | 446 | ||||||
|
Total
liabilities
|
1,958 | 2,159 | ||||||
|
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 2010 and 2009, respectively
|
2 | 2 | ||||||
|
Additional
paid-in-capital
|
371,112 | 370,994 | ||||||
|
Accumulated
deficit
|
(291,723 | ) | (289,368 | ) | ||||
|
Treasury
stock, at cost
|
(2 | ) | (2 | ) | ||||
|
Accumulated
other comprehensive gain
|
2 | 6 | ||||||
|
Total
stockholders' equity
|
79,391 | 81,632 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 81,349 | $ | 83,791 | ||||
|
THREE MONTHS ENDED
MARCH 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
OPERATING
EXPENSES:
|
||||||||
|
General
and administrative
|
$ | 789 | $ | 923 | ||||
|
Depreciation
|
79 | 89 | ||||||
|
Transaction
costs
|
1,509 | - | ||||||
|
Total
operating expenses
|
2,377 | 1,012 | ||||||
|
OPERATING
LOSS
|
(2,377 | ) | (1,012 | ) | ||||
|
INTEREST
INCOME
|
22 | 411 | ||||||
|
NET
LOSS
|
$ | (2,355 | ) | $ | (601 | ) | ||
|
Loss
per common share:
|
||||||||
|
Basic
|
$ | (0.14 | ) | $ | (0.04 | ) | ||
|
Diluted
|
$ | (0.14 | ) | $ | (0.04 | ) | ||
|
Weighted
average common shares outstanding:
|
||||||||
|
Basic
|
16,867 | 16,867 | ||||||
|
Diluted
|
16,867 | 16,867 | ||||||
|
THREE MONTHS ENDED
MARCH 31,
|
||||||||
|
2010
|
2009
|
|||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net
loss
|
$ | (2,355 | ) | $ | (601 | ) | ||
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
|
Depreciation
on property and equipment
|
79 | 89 | ||||||
|
Amortization
of equity compensation plans
|
118 | 139 | ||||||
|
Amortization
of discount on securities, net
|
(11 | ) | (324 | ) | ||||
|
Changes
in operating assets and liablities:
|
||||||||
|
Decrease/(increase)
in interest receivable, prepaids and other other current
assets
|
590 | (47 | ) | |||||
|
Decrease
in accounts payable and accrued liabilities
|
(213 | ) | (195 | ) | ||||
|
Increase
in deferred rent
|
12 | (1 | ) | |||||
|
NET
CASH USED IN OPERATING ACTIVITIES
|
(1,780 | ) | (940 | ) | ||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Purchase
of marketable securities
|
(9,140 | ) | - | |||||
|
Proceeds
from maturity of marketable securities
|
9,515 | 37,915 | ||||||
|
Purchase
of equipment
|
(20 | ) | (3 | ) | ||||
|
NET
CASH PROVIDED BY INVESTING ACTIVITIES
|
355 | 37,912 | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
| - | - | |||||||
|
NET
CASH PROVIDED BY FINANCING ACTIVITIES
|
- | - | ||||||
|
CHANGE
IN CASH AND CASH EQUIVALENTS
|
(1,425 | ) | 36,972 | |||||
|
CASH
AND CASH EQUIVALENTS, beginning of period
|
58,363 | 19,342 | ||||||
|
CASH
AND CASH EQUIVALENTS, end of period
|
$ | 56,938 | $ | 56,314 | ||||
|
SUPPLEMENTAL
DISCLOSURE:
|
||||||||
|
Cash
paid for franchise and property taxes
|
$ | 250 | $ | 70 | ||||