Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2016
Oct. 31, 2015
Current assets:    
Cash and cash equivalents $ 2,049,245 $ 4,369,219
Short-term investments in certificates of deposit 1,900,000 2,400,000
Prepaid expenses and other current assets 56,428 126,528
Total current assets 4,005,673 6,895,747
Patents, net of accumulated amortization of $883,716 and $639,744, respectively 2,152,395 2,396,367
Property and equipment, net of accumulated depreciation of $38,532 and $13,617 respectively 163,191 43,456
Total assets 6,321,259 9,335,570
Current liabilities:    
Accounts payable and accrued expenses 531,624 380,765
Royalties and contingent legal fees payable 213,017
Total current liabilities 531,624 593,782
Patent acquisition obligation (Note 9) 4,071,425 3,688,187
Total liabilities 4,603,049 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; 8,747,753 and 8,724,878 shares issued and outstanding, respectively 87,478 87,249
Additional paid-in capital 151,734,255 151,101,117
Accumulated deficit (150,117,523) (146,148,765)
Total shareholders’ equity 1,718,210 5,053,601
Total liabilities and shareholders’ equity 6,321,259 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