Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2016
Oct. 31, 2015
Current assets:    
Cash and cash equivalents $ 3,980,826 $ 4,369,219
Short-term investments in certificates of deposit 2,150,000 2,400,000
Prepaid expenses and other current assets 55,774 126,528
Total current assets 6,186,600 6,895,747
Patents, net of accumulated amortization of $721,069 and $639,744, respectively 2,315,042 2,396,367
Property and equipment, net of accumulated depreciation of $17,465 and $13,617, respectively 145,620 43,456
Total assets 8,647,262 9,335,570
Current liabilities:    
Accounts payable and accrued expenses 1,036,218.00 380,765
Royalties and contingent legal fees payable 207,789 213,017
Total current liabilities 1,244,007 593,782
Patent acquisition obligation (Note 9) 3,812,088 3,688,187
Total liabilities $ 5,056,095 $ 4,281,969
Commitments and contingencies (Note 9)
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 $ 14,000 $ 14,000
Common stock, par value $.01 per share; 24,000,000 shares authorized; 8,730,878 and 8,724,878 shares issued and outstanding, respectively 87,309 87,249
Additional paid-in capital 151,231,712 151,101,117
Accumulated deficit (147,741,854) (146,148,765)
Total shareholders’ equity 3,591,167 5,053,601
Total liabilities and shareholders’ equity $ 8,647,262 $ 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 issued and outstanding
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 $ 14,000 $ 14,000