Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

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Condensed Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 7,840,329 $ 7,076,827
Certificates of deposit 1,714,848 1,959,573
Royalty receivable 19,111 42,117
Prepaid expenses 650 470,651
Deferred tax asset 18,000 538,000
Total current assets 9,592,938 10,087,168
NOTES AND ACCRUED INTEREST RECEIVABLE 2,520,712 0
FIXED ASSETS:    
Office equipment 9,847 9,847
Accumulated depreciation (7,489) (6,199)
Total fixed assets 2,358 3,648
OTHER ASSETS:    
Patent costs 44,559 52,661
TOTAL ASSETS 12,160,567 10,143,477
CURRENT LIABILITIES:    
Accounts payable 207,363 62,305
Accrued expenses and income taxes payable 404,208 52,044
Total current liabilities 611,571 114,349
COMMITMENTS AND CONTINGENCIES    
SHAREHOLDERS' EQUITY:    
Common stock, $.01 par value; 15,000,000 shares authorized; 4,305,026 shares issued and outstanding at June 30, 2011 and December 31, 2010 43,050 43,050
Additional contributed capital 13,300,545 12,936,327
Accumulated deficit (1,794,599) (2,950,249)
Total shareholders' equity 11,548,996 10,029,128
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 12,160,567 $ 10,143,477