Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2016
Oct. 31, 2015
Current assets:    
Cash and cash equivalents $ 2,612,321 $ 4,369,219
Short-term investments in certificates of deposit 2,150,000 2,400,000
Prepaid expenses and other current assets 39,032 126,528
Total current assets 4,801,353 6,895,747
Patents, net of accumulated amortization of $802,393 and $639,744, respectively 2,233,719 2,396,367
Property and equipment, net of accumulated depreciation of $27,473 and $13,617 respectively 170,685 43,456
Total assets 7,205,757 9,335,570
Current liabilities:    
Accounts payable and accrued expenses 512,796 380,765
Royalties and contingent legal fees payable 194,134 213,017
Total current liabilities 706,930 593,782
Patent acquisition obligation 3,939,068 3,688,187
Total liabilities $ 4,645,998 $ 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, respectively $ 14,000 $ 14,000
Common stock, par value $.01 per share; 24,000,000 shares authorized; 8,739,659 and 8,724,878 shares issued and outstanding, respectively 87,397 87,249
Additional paid-in capital 151,472,110 151,101,117
Accumulated deficit (149,013,748) (146,148,765)
Total shareholders’ equity 2,559,759 5,053,601
Total liabilities and shareholders’ equity $ 7,205,757 $ 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, 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