Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2016
Oct. 31, 2015
Current assets:    
Cash and cash equivalents $ 2,488,323 $ 4,369,219
Short–term investments in certificates of deposit 750,000 2,400,000
Prepaid expenses and other current assets 162,069 126,528
Total current assets 3,400,392 6,895,747
Patents, net of accumulated amortization of $965,040 and $639,744, respectively 2,071,071 2,396,367
Property and equipment, net of accumulated depreciation of $46,950 and $13,617, respectively 156,644 43,456
Total assets 5,628,107 9,335,570
Current liabilities:    
Accounts payable and accrued expenses 468,756 380,765
Royalties and contingent legal fees payable   213,017
Total current liabilities 468,756 593,782
Patent acquisition obligation (Note 6) 4,171,876 3,688,187
Total liabilities 4,640,632 4,281,969
Commitments and contingencies (Notes 6 and 7)
Shareholders’ equity:    
Preferred stock, par value $100 per share; 19,860 shares authorized; no shares issued or outstanding Series A convertible preferred stock, par value $100 per share; 140 shares authorized, issued and outstanding 14,000 14,000
Common stock, par value $.01 per share; 24,000,000 shares authorized; 8,752,387 and 8,724,878 shares issued and outstanding, respectively 87,524 87,249
Additional paid-in capital 152,051,144 151,101,117
Accumulated deficit (151,165,193) (146,148,765)
Total shareholders’ equity 987,475 5,053,601
Total liabilities and shareholders’ equity 5,628,107 9,335,570
Preferred Stock [Member]    
Shareholders’ equity:    
Preferred stock, par value $100 per share; 19,860 shares authorized; no shares issued or outstanding Series A convertible preferred stock, par value $100 per share; 140 shares authorized, issued and outstanding
Series A Preferred Stock [Member]    
Shareholders’ equity:    
Preferred stock, par value $100 per share; 19,860 shares authorized; no shares issued or outstanding Series A convertible preferred stock, par value $100 per share; 140 shares authorized, issued and outstanding $ 14,000 $ 14,000