Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2015
Oct. 31, 2014
Current assets:    
Cash and cash equivalents $ 5,160,845 $ 3,361,246
Short-term investments in certificates of deposit $ 2,400,000 2,500,000
Accounts receivable   400,000
Prepaid expenses and other current assets $ 193,612 60,577
Total current assets 7,754,457 6,321,823
Patents, net of accumulated amortization of $558,425 and $314,453, respectively 2,477,687 2,721,658
Property and equipment, net of accumulated depreciation of $9,786 and $48,842, respectively 47,287 11,875
Total assets 10,279,431 9,055,356
Current liabilities:    
Accounts payable and accrued expenses 436,126 1,249,426
Royalties and contingent legal fees payable 275,540 560,076
Total current liabilities 711,666 1,809,502
Patent acquisition obligation 3,570,060 3,236,281
Total liabilities $ 4,281,726 $ 5,045,783
Commitments and contingencies (Note 10)    
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 issued and outstanding, respectively $ 14,000 $ 14,000
Common stock, par value $.01 per share; 24,000,000 shares authorized; 8,720,878 and 8,788,176 shares issued and outstanding, respectively 87,209 87,882
Additional paid-in capital 150,752,848 148,677,413
Accumulated deficit (144,856,352) (144,769,722)
Total shareholders’ equity 5,997,705 4,009,573
Total liabilities and shareholders’ equity $ 10,279,431 $ 9,055,356
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 issued and outstanding, respectively    
Total shareholders’ equity $ 14,000 $ 14,000
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 issued and outstanding, respectively $ 14,000 $ 14,000