XML 52 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income (loss) $ 2,981,075 $ 6,601,626 $ (1,508,540)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 64,190 50,685 18,949
Stock-based compensation expense 228,485 517,367 1,901,781
Deferred tax assets 1,474,904 (3,047,955) 0
Changes in operating assets and liabilities:      
Accounts receivable (1,845,443) (1,250,792) (459,291)
Prepaid expenses and other current assets 142,160 (65,642) (28,664)
Accounts payable and accrued expenses (242,233) (3,009,109) 24,394
Deferred revenue (372,705) (483,769) (831,111)
Net cash provided by (used in) operating activities from continuing operations 2,430,433 (687,589) (882,482)
Cash flows from investing activities:      
Maturities of marketable securities 5,070,000 5,360,970 4,548,541
Purchases of marketable securities (5,190,000) (5,000,000) (5,360,970)
Payment for royalty buy down (1,500,000) 0 0
Net cash provided by (used in) investing activities from continuing operations (1,620,000) 360,970 (812,429)
Cash flows from financing activities:      
Proceeds from stock option exercises 148,425 82,450 673,375
Repurchases of common stock (1,034,647) (739,551) (458,001)
Excess tax benefits from share-based payment arrangements 262,695 1,709,699 0
Net cash provided by (used in) financing activities from continuing operations (623,527) 1,052,598 215,374
Increase (decrease) in cash and cash equivalents 186,906 725,979 (1,479,537)
Cash and cash equivalents at beginning of year 3,196,831 2,470,852 3,950,389
Cash and cash equivalents at end of year 3,383,737 3,196,831 2,470,852
Cash paid during the year for:      
Interest 0 0 0
Taxes $ 232,000 $ 190,000 $ 9,851