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Condensed Consolidated Income Statements (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
[1]
Sep. 30, 2017
Sep. 30, 2018
[1]
Sep. 30, 2017
Revenue:        
Total Revenues $ 8,168,081 $ 6,516,108 $ 23,108,264 $ 20,742,243
Costs and expenses:        
Research and development 162,625 356,847 569,648 949,359
General and administrative 2,232,077 2,175,501 6,345,662 6,916,501
Total Cost and Expenses 2,394,702 2,532,348 6,915,310 7,865,860
Operating income 5,773,379 3,983,760 16,192,954 12,876,383
Other income:        
Interest income 359,637 193,462 851,334 436,210
Other income 0 14,667 96,663 40,651
Total other income 359,637 208,129 947,997 476,861
Income before income tax expense 6,133,016 4,191,889 17,140,951 13,353,244
Provision for income tax expense (1,089,966) (1,477,057) (3,271,366) (4,669,569)
Net income $ 5,043,050 $ 2,714,832 $ 13,869,585 $ 8,683,675
Basic net income per share (in dollars per share) $ 0.69 $ 0.38 $ 1.92 $ 1.21
Diluted net income per share (in dollars per share) $ 0.69 $ 0.37 $ 1.89 $ 1.19
Shares used in computation of basic net income per share (in shares) 7,281,388 7,164,934 7,230,106 7,166,470
Shares used in computation of diluted net income per share (in shares) 7,356,885 7,314,609 7,327,029 7,325,602
Royalties [Member]        
Revenue:        
Total Revenues $ 8,168,081 $ 6,511,700 $ 23,068,585 $ 20,729,017
Licensing Revenues [Member]        
Revenue:        
Total Revenues $ 0 $ 4,408 $ 39,679 $ 13,226
[1] As of January 1, 2018, the Company adopted the requirements of ASC 606 using the modified retrospective adoption method, and as a result, there is a lack of comparability of certain amounts to the prior periods presented. 3-Summary of Significant Accounting Policies for additional discussion.