Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 40,138,000 $ 11,520,000
Receivables 115,000 35,000
Prepaid expenses and other current assets 315,000 0
Total current assets 40,568,000 11,555,000
Property and equipment, net 350,000 4,000
Licensed technology, net 6,609,000 4,991,000
Goodwill 32,466,000 0
Other assets 62,000 32,000
Total assets 80,055,000 16,582,000
Current liabilities    
Accounts payable 875,000 1,896,000
Short-terms note payable 0 400,000
Current portion of deferred revenue 602,000 602,000
Total current liabilities 1,477,000 2,898,000
Contingent consideration liability 2,591,000 0
Payable due Licensor 4,000,000 4,000,000
Long-term deferred revenue 4,266,000 4,868,000
Total liabilities $ 12,334,000 $ 11,766,000
Commitments and contingencies
Stockholders' equity    
Common stock - $.01 par value; authorized 200,000,000 shares; issued 32,743,013 at December 31, 2015; issued 19,960,801 at December 31, 2014 $ 328,000 $ 200,000
Additional paid-in capital 377,993,000 300,690,000
Accumulated deficit (310,600,000) (296,074,000)
Total stockholders' equity 67,721,000 4,816,000
Total liabilities and stockholders' equity $ 80,055,000 $ 16,582,000