Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2017
Oct. 31, 2016
Current assets:    
Cash and cash equivalents $ 3,339,374 $ 2,488,323
Short–term investments in certificates of deposit 3,500,000 750,000
Prepaid expenses and other current assets 174,566 162,069
Total current assets 7,013,940 3,400,392
Patents, net of accumulated amortization of $1,290,336 and $965,040, respectively 1,745,775 2,071,071
Property and equipment, net of accumulated depreciation of $35,725 and $46,950, respectively 52,701 156,644
Total assets 8,812,416 5,628,107
Current liabilities:    
Accounts payable 480,324 373,224
Accrued expenses 409,169 95,532
Total current liabilities 889,493 468,756
Patent acquisition obligation (Note 4) 4,171,876
Total liabilities 889,493 4,640,632
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 and Series A convertible preferred stock, par value $100 per share; 140 shares authorized, -0- and 140 shares issued and outstanding at October 31, 2017 and 2016, respectively 14,000
Common stock, par value $.01 per share; 24,000,000 shares authorized; 16,602,759 and 8,752,387 shares issued and outstanding at October 31, 2017 and 2016, respectively 166,028 87,524
Additional paid-in capital 163,931,079 152,051,144
Accumulated deficit (156,174,184) (151,165,193)
Total shareholders’ equity 7,922,923 987,475
Total liabilities and shareholders’ equity 8,812,416 5,628,107
Series A Preferred Stock [Member]    
Shareholders’ equity:    
Preferred stock, par value $100 per share; 19,860 shares authorized; no shares issued or outstanding and Series A convertible preferred stock, par value $100 per share; 140 shares authorized, -0- and 140 shares issued and outstanding at October 31, 2017 and 2016, respectively 14,000
Preferred Stock [Member]    
Shareholders’ equity:    
Preferred stock, par value $100 per share; 19,860 shares authorized; no shares issued or outstanding and Series A convertible preferred stock, par value $100 per share; 140 shares authorized, -0- and 140 shares issued and outstanding at October 31, 2017 and 2016, respectively