New York
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13-2682108
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
x
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Item
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Description
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71
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1.
|
Kalra P, Anagnostopoulos C, Bolger AP et al. The Regulation and Measurement of Plasma Volume in Heart Failure.
JACC
. 2002; 391: 1901-1908.
|
2.
|
Shevde K, Pagala M, Tyagaraj C et al. Preoperative Blood Volume Deficit Influences Blood Transfusion Requirements in Females and Males Undergoing Coronary Bypass Graft Surgery.
J Clin Anesth
. 2002; 14:512-517.
|
3.
|
Alrawi SJ, Miranda LS, Cunningham JN et al. Correlation of Blood Volume Values and Pulmonary Artery Catheter Measurements.
Saudi Med J
. 2002; 23:1367-1372.
|
4.
|
Fouad-Tarazi FM and Feldschuh, J. Cognitive Outcomes Following Cardiopulmonary Bypass.
JAMA
. 2002; 287:3077.
|
5.
|
Androne AS, Katz SD, Lund L et al. Hemodilution is Common in Patients with Advanced Heart Failure.
Circulation
. 2003; 107:226-229.
|
6.
|
James KB, Stelmach K, Armstrong R et al. Plasma Volume and Outcome in Pulmonary Hypertension.
Tex Heart Inst J
. 2003; 30:305-307.
|
7.
|
Mancini DM, Katz SD, Lang CC et al. Effect of Erythropoietin on Exercise Capacity in Patients with Moderate to Severe Chronic Heart Failure.
Circulation
. 2003; 107:294-299.
|
8.
|
Katz SD, Mancini D, Androne AS et al. Treatment of Anemia in Patients with Chronic Heart Failure.
J Card Fail
. 2004; 10 (Suppl 1): S13-S16.
|
9.
|
Androne AS, Hryniewicz K, Hudaihed A et al. Relation of Unrecognized Hypervolemia in Chronic Heart Failure to Clinical Status, Hemodynamics, and Patient Outcomes.
Am J Cardiol
. 2004; 93:1254-1259.
|
10.
|
James KB, Troughton RW, Feldschuh J et al. Blood Volume and Brain Natriuretic Peptide in Congestive Heart Failure: A Pilot Study.
Am Heart J
, 2005; 150:984.e1-984.e6.
|
11.
|
Katz, SD. Unrecognized Volume Overload in Congestive Heart Failure.
US Cardiology
, 2004; 141-144
|
12.
|
Jacob G, Raj S, Ketch T et al. Postural Pseudoanemia: Posture-Dependent Change in Hematocrit.
Mayo Clin Proc
. 2005; 80:611-614.
|
13.
|
Raj SR, Biaggioni I, Yamhure PC et al. Renin-Aldosterone Paradox and Perturbed Blood Volume Regulation Underlying Postural Tachycardia Syndrome.
Circulation
. 2005; 111:1574-1582.
|
14.
|
Dworkin HJ, Premo M, Dees S. Comparison of Red Cell and Whole Blood Volume as Performed Using Both Chromium-51 Tagged Red Cells and Iodine-125 Tagged Albumin and Using I-131 Tagged Albumin and Extrapolated Red Cell Volume.
Am J Med Sci
, 2007; 334:37-40.
|
15.
|
Feldschuh J and Katz S. The Importance of Correct Norms in Blood Volume Measurement.
Am J Med Sci
, 2007; 334:41-46.
|
16.
|
Fouad-Tarazi F, Calcatti J, Christian R et al. Blood Volume Measurement as a Tool in Diagnosing Syncope.
Am J Med Sci
. 2007; 334:53-56.
|
17.
|
Katz, SD. Blood Volume Assessment in the Diagnosis and Treatment of Chronic Heart Failure.
Am J Med Sci
, 2007; 334:47-52.
|
18.
|
Abramov D, Cohen RS, Katz SD et al. Comparison of Blood Volume Characteristics in Anemic Patients with Low Versus Preserved Left Ventricular Ejection Fractions.
Am J Cardiol
. 2008; 102:1069-1072.
|
19.
|
Yamauchi H, Buik-Aghai EN, Yu M et al. Circulating Blood Volume Measurements Correlate Poorly with Pulmonary Artery Catheter Measurements.
Hawai’I Medical Journal
. 2008; 67:8-11.
|
20.
|
Takanishi DM, Yu M, Lurie F et al. Peripheral Blood Hematocrit in Critically Ill Surgical Patients: An Imprecise Surrogate of True Red Blood Cell Volume.
Anesth Analg
. 2008; 106:1808-1812.
|
21.
|
Takanishi DM, Biuk-Aghai EN, Yu M et al. The Availability of Circulating Blood Volume Values Alters Fluid Management in Critically Ill Surgical Patients.
Am J Surg
. 2009; 197:232-237.
|
22.
|
Feldschuh J. (2009). Blood Volume Measurements in Critical Care. In Civetta, Taylor and Kirby (Eds.),
Critical Care
, Fourth Edition (pp.283-295). Philadelphia, PA: Lippincott Williams & Wilkins.
|
23.
|
Saltzberg, MT. Blood Volume Analysis Coupled with Ultrafiltration in the Management of Congestive Heart Failure – Guided Therapy to Achieve Euvolemia.
US Cardiology
. 2010: 7:72-75.
|
1.
|
2006 Heart Failure Society of America Poster Presentations - Columbia Presbyterian College of Surgeons and Physicians, New York, NY -The Administration of Subcutaneous Erythropoietin in Elderly Patients with Heart Failure and Normal Ejection Fraction Over Three Months is Safe and Effective
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2.
|
2007 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – Do Blood Volume and Brain Natriuretic Peptide Correlate?
|
3.
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2008 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – Right Ventricular End Diastolic Volume and Brain Natriuretic Peptide May Not Reflect Intravascular Volume Status in Critically Ill Patients.
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4.
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2008 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – Stroke Volume Variation as a Marker of Intravascular Volume Compared to Blood Volume Measurement
|
5.
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2008 American Society of Nephrology – NYU School of Medicine, New York, NY – Accuracy of Anemia Evaluation is Improved in Acutely and Chronically Ill Patients by Accounting for Volume Status
|
6.
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2009 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – A Comparison of Pulse Pressure Variation and Blood Volume Measurement
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7.
|
2010 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – A Prospective Randomized Trial Using Blood Volume Analysis vs. Pulmonary Artery Catheter Measurements to Guide Fluid and Red Cell Management
|
8.
|
2010 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – Elevated Transcapillary Albumin Escape: A Marker of Increased Mortality
|
9.
|
2010 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – Activated Protein C and Corticosteroids Decrease the Rate of Albumin Transudation in Septic Shock
|
10.
|
2010 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – The Relationship Between Inferior Vena Cava Collapsibility Ratio and Measured Whole Blood Volume in Surgical Critical Care Patients
|
11.
|
2010 Society of Critical Care Medicine Poster Presentation – The Queen’s Medical Center, Honolulu, HI – A Comparison of Pulse Pressure and Blood Volume Measurement
|
12.
|
2010 Western Trauma Association Annual Meeting Oral Presentation – Oregon Health and Science University, Portland, OR – Blood Volume Analysis can Distinguish True Anemia from Hemodilution in Critically Ill Trauma Patients
|
13.
|
2010 Society of Cardiovascular Anesthesiologists – The Virginia Commonwealth University, Richmond, VA – Red Cell Mass is Not Well Conserved Following Elective Cardiac Surgery Despite Use of Cell Salvage and Transfusion Guided by Peripheral Hematocrit
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14.
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2010 Society of Cardiovascular Anesthesiologists – The Virginia Commonwealth University, Richmond, VA – Patients are Not Normovolemic Following Cardiac Surgery Despite Concerted Efforts to Manage Fluid and Volume Status
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●
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Level 1
– Acceptance by the Director of Nuclear Medicine and laboratory technicians so that they will agree to perform the test.
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●
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Level 2
– Convince physicians to order and utilize the test.
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●
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Level 3
– Administrative acceptance of the test.
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●
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Tennessee Board of Pharmacy on November 30, 2007.
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●
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Underwriters Laboratory on May 4, 2009.
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●
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New York City Bureau of Radiation Safety in November of 2007.
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●
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New York City Fire Department in May of 2008.
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1.
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The Company’s investment goals are capital preservation, maintaining returns on capital with a high degree of safety and generating income from dividends and option sales to help offset operating losses.
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2.
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In order to achieve these goals, the Company maintains a diversified securities portfolio comprised primarily of electric utility common and preferred stocks. The Company also sells covered calls on portions of its portfolio and also sells puts on stocks it is willing to own. It also sells uncovered calls and may have net short positions in common stock up to 15% of the value of the portfolio. The Company’s net short position may temporarily rise to 15% of the Company’s portfolio without any specific action because of changes in valuation, but should not exceed this amount. The Company’s investment policy is to maintain a minimum of 80% of its portfolio in electric utilities. The Board of Directors has authorized this minimum to be temporarily lowered to 70% when Company management deems it to be necessary. Investments in utilities are primarily in electric companies. Investments in non-utility stocks will generally not exceed 20% of the value of the portfolio.
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3.
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Investment in speculative issues, including short sales, maximum of 15%.
|
|
4.
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Limited use of options to increase yearly investment income.
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a.
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The use of “Call” Options
. Covered options can be sold up to a maximum of 20% of the value of the portfolio. This provides extra income in addition to dividends received from the company’s investments. The risk of this strategy is that investments may be called away, which the company may have preferred to retain. Therefore, a limitation of 20% is placed on the amount of stock on which options can be written. The amount of the portfolio on which options are actually written is usually between 3-10% of the portfolio. The historical turnover of the portfolio is such that the average holding period is in excess of five years for available for sale securities.
|
|
b.
|
The use of “Put” options
. Put options are written on stocks which the company is willing to purchase. While the company does not have a high rate of turnover in its portfolio, there is some turnover; for example, due to preferred stocks being called back by the issuing company, or stocks being called away because call options have been written. If the stock does not go below the put exercise price, the company records the proceeds from the sale as income. If the put is exercised, the cost basis is reduced by the proceeds received from the sale of the put option. There may be occasions where the cost basis of the stock is lower than the market price at the time the option is exercised.
|
|
c.
|
Speculative Short Sales/Short Options
. The company normally limits its speculative transactions to no more than 15% of the value of the portfolio. The company may sell uncovered calls on certain stocks. If the stock price does not rise to the price of the call, the option is not exercised and the company records the proceeds from the sale of the call as income. If the call is exercised, the company will have a short position in the related stock. The company then has the choice of covering the short position, or selling a put against it. If the put is exercised, then the short position is covered. The company’s current accounting policy is to mark to the market at the end of each quarter any short positions, and include it in the income statement. While the company may have so-called speculative positions equal to 15% of its accounts, in actual practice the net short stock positions usually account for less than 10% of the assets of the company.
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5.
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In the event of a merger, the Company will elect to receive shares in the new company if this is an option. If the proposed merger is a cash only offer, the Company will receive cash and be forced to sell the stock.
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2009
|
High
|
Low
|
|||||||
First Quarter
|
$ | 16.70 | $ | 14.10 | |||||
Second Quarter
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$ | 15.60 | $ | 10.06 | |||||
Third Quarter
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$ | 13.00 | $ | 9.78 | |||||
Fourth Quarter
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$ | 15.10 | $ | 11.00 |
2008
|
High
|
Low
|
|||||||
First Quarter
|
$ | 14.75 | $ | 8.51 | |||||
Second Quarter
|
$ | 19.00 | $ | 11.55 | |||||
Third Quarter
|
$ | 18.53 | $ | 14.99 | |||||
Fourth Quarter
|
$ | 16.98 | $ | 13.47 |
Year Ended December 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
Total operating revenues
|
$ | 1,688,826 | $ | 1,761,055 | $ | 1,869,779 | $ | 1,486,449 | $ | 1,343,538 | ||||||||||
Costs and expenses:
|
||||||||||||||||||||
Operations of laboratories & costs of production
|
704,866 | 717,278 | 682,786 | 631,567 | 565,742 | |||||||||||||||
Research and development
|
2,825,151 | 2,438,423 | 2,576,708 | 2,332,399 | 2,152,261 | |||||||||||||||
Selling, general and administrative
|
3,267,997 | 3,812,506 | 4,041,155 | 3,947,404 | 3,528,560 | |||||||||||||||
Total costs and expenses
|
6,798,014 | 6,968,207 | 7,300,649 | 6,911,370 | 6,246,563 | |||||||||||||||
Loss from operations
|
(5,109,188 | ) | (5,207,152 | ) | (5,430,870 | ) | (5,424,921 | ) | (4,903,025 | ) | ||||||||||
Other income and expenses:
|
||||||||||||||||||||
Dividend income
|
2,936,976 | 2,509,966 | 2,419,476 | 2,273,737 | 2,511,054 | |||||||||||||||
Gains on sale of investments
|
9,689,425 | 17,249,716 | 14,853,934 | 3,316,710 | 1,515,653 | |||||||||||||||
Mark to market of short positions
|
(79,755 | ) | 5,364,215 | 357,337 | (544,629 | ) | (204,225 | ) | ||||||||||||
Other revenues
|
11,854 | 11,924 | 11,112 | 13,838 | 14,686 | |||||||||||||||
Investment recovery
|
— | — | — | — | 75,000 | |||||||||||||||
Admin expense relating to portfolio investments
|
(134,457 | ) | (99,935 | ) | (55,538 | ) | (44,564 | ) | (36,842 | ) | ||||||||||
Interest expense, net of interest Income
|
(162,983 | ) | (147,501 | ) | (197,211 | ) | (363,952 | ) | (296,114 | ) | ||||||||||
Total other income and expenses
|
12,261,060 | 24,888,385 | 17,389,110 | 4,651,140 | 3,579,212 | |||||||||||||||
Income (loss) before income taxes
|
7,151,872 | 19,681,233 | 11,958,240 | (773,781 | ) | (1,323,813 | ) | |||||||||||||
Provision for income taxes
|
1,329,114 | 4,557,964 | 1,311,024 | 11,750 | 12,168 | |||||||||||||||
Net Income (loss)
|
$ | 5,822,758 | $ | 15,123,269 | $ | 10,647,216 | $ | (785,531 | ) | $ | (1,335,981 | ) | ||||||||
Weighted average number of common shares outstanding - basic
|
4,262,643 | 4,350,951 | 4,572,119 | 4,625,168 | 4,638,384 | |||||||||||||||
Weighted average number of common shares outstanding - diluted
|
4,284,643 | 4,375,623 | 4,572,119 | 4,625,168 | 4,638,384 | |||||||||||||||
Income (loss) per common equivalent share - basic
|
$ | 1.37 | $ | 3.48 | $ | 2.33 | $ | (0.17 | ) | $ | (0.29 | ) | ||||||||
Income (loss) per common equivalent share - diluted
|
$ | 1.36 | $ | 3.46 | $ | 2.33 | $ | (0.17 | ) | $ | (0.29 | ) | ||||||||
Dividends paid per common share
|
$ | 1.35 | $ | 1.50 | — | — | — |
Year Ended December 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
Total assets
|
$ | 75,186,990 | $ | 76,824,181 | $ | 102,560,500 | $ | 78,166,312 | $ | 59,565,053 | ||||||||||
Total liabilities*
|
$ | 27,561,653 | $ | 33,363,540 | $ | 47,644,615 | $ | 32,528,520 | $ | 20,820,252 | ||||||||||
Stockholders’ equity
|
$ | 47,625,337 | $ | 43,460,641 | $ | 54,915,885 | $ | 45,637,792 | $ | 38,744,801 |
Equipment Sales
and Related Services:
|
Kit Sales Year Ended
December 31, 2009
|
Equipment Sales and Other Year Ended
December 31, 2009
|
Total Year Ended
December 31, 2009
|
|||
Revenue
|
$1,139,262
|
$204,348
|
$1,343,610
|
|||
Cost of Goods Sold
|
606,926
|
56,190
|
663,116
|
|||
Gross Profit
|
532,336
|
148,158
|
680,494
|
|||
Gross Profit Percentage
|
46.7%
|
72.5%
|
50.7%
|
Equipment Sales
and Related Services:
|
Kit Sales Year Ended
December 31, 2008
|
Equipment Sales and Other Year Ended
December 31, 2008
|
Total Year Ended
December 31, 2008
|
|||
Revenue
|
$1,005,981
|
$375,124
|
$1,381,105
|
|||
Cost of Goods Sold
|
516,054
|
158,522
|
674,576
|
|||
Gross Profit
|
489,927
|
216,602
|
706,529
|
|||
Gross Profit Percentage
|
48.7%
|
57.7%
|
51.2%
|
Equipment Sales
and Related Services:
|
Kit Sales Year Ended
December 31, 2007
|
Equipment Sales and Other Year Ended
December 31, 2007
|
Total Year Ended
December 31, 2007
|
|||
Revenue
|
$963,318
|
$489,883
|
$1,453,201
|
|||
Cost of Goods Sold
|
397,429
|
237,509
|
634,938
|
|||
Gross Profit
|
565,889
|
252,374
|
818,263
|
|||
Gross Profit Percentage
|
58.7%
|
51.5%
|
56.3%
|
Less Than Twelve Months
|
Tweleve Months or Greater
|
Total
|
||||||||||||||||||||||||||
Total
|
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||||||||||
Security
|
Cost
|
Fair Value
|
Loss
|
Fair Value
|
Loss
|
Fair Value
|
Loss
|
|||||||||||||||||||||
Citigroup Inc.
|
$ | 1,768,630 | $ | 852,325 | $ | 757,099 | $ | 73,836 | $ | 85,370 | $ | 926,161 | $ | 842,469 | ||||||||||||||
USEC, Inc.
|
1,499,494 | 387,695 | 220,385 | 482,405 | 409,009 | 870,100 | 629,394 | |||||||||||||||||||||
Dynegy, Inc.
|
1,943,858 | 1,338,314 | 429,109 | 45,431 | 131,004 | 1,383,745 | 560,113 | |||||||||||||||||||||
Total
|
$ | 5,211,982 | $ | 2,578,334 | $ | 1,406,593 | $ | 601,672 | $ | 625,383 | $ | 3,180,006 | $ | 2,031,976 |
Valuation Date:
|
Fair Market Value
|
Cost
|
Net Unrealized Gain
|
Unrealized Gains
|
Unrealized Losses
|
|||||||||||||||
December 31, 2009
|
$ | 53,270,726 | $ | 28,630,149 | $ | 24,640,577 | $ | 27,141,931 | $ | (2,501,354 | ) | |||||||||
December 31, 2008
|
68,339,143 | 50,709,601 | 17,629,542 | 28,469,540 | (10,839,998 | ) | ||||||||||||||
December 31, 2007
|
74,919,193 | 29,987,157 | 44,932,036 | 47,386,399 | (2,454,363 | ) | ||||||||||||||
December 31, 2006
|
66,968,446 | 23,307,390 | 43,661,056 | 43,927,770 | (266,714 | ) | ||||||||||||||
December 31, 2005
|
57,246,006 | 25,649,467 | 31,596,539 | 32,440,131 | (843,592 | ) |
1.
|
The Company’s investment goals are capital preservation, maintaining returns on capital with a high degree of safety and generating income from dividends and option sales to help offset operating losses.
|
|
2.
|
In order to achieve these goals, the Company maintains a diversified securities portfolio comprised primarily of electric utility common and preferred stocks. The Company also sells covered calls on portions of its portfolio and also sells puts on stocks it is willing to own. It also sells uncovered calls and may have net short positions in common stock up to 15% of the value of the portfolio. The Company’s net short position may temporarily rise to 15% of the Company’s portfolio without any specific action because of changes in valuation, but should not exceed this amount. The Company’s investment policy is to maintain a minimum of 80% of its portfolio in electric utilities. The Board of Directors has authorized this minimum to be temporarily lowered to 70% when Company management deems it to be necessary. Investments in utilities are primarily in electric companies. Investments in non-utility stocks will generally not exceed 20% of the value of the portfolio.
|
|
3.
|
Investment in speculative issues, including short sales, maximum of 15%.
|
|
4.
|
Limited use of options to increase yearly investment income.
|
a.
|
The use of “Call” Options
. Covered options can be sold up to a maximum of 20% of the value of the portfolio. This provides extra income in addition to dividends received from the company’s investments. The risk of this strategy is that investments may be called away, which the company may have preferred to retain. Therefore, a limitation of 20% is placed on the amount of stock on which options can be written. The amount of the portfolio on which options are actually written is usually between 3-10% of the portfolio. The historical turnover of the portfolio is such that the average holding period is in excess of five years for available for sale securities.
|
|
b.
|
The use of “Put” options
. Put options are written on stocks which the company is willing to purchase. While the company does not have a high rate of turnover in its portfolio, there is some turnover; for example, due to preferred stocks being called back by the issuing company, or stocks being called away because call options have been written. If the stock does not go below the put exercise price, the company records the proceeds from the sale as income. If the put is exercised, the cost basis is reduced by the proceeds received from the sale of the put option. There may be occasions where the cost basis of the stock is lower than the market price at the time the option is exercised.
|
|
c.
|
Speculative Short Sales/Short Options
. The company normally limits its speculative transactions to no more than 15% of the value of the portfolio. The company may sell uncovered calls on certain stocks. If the stock price does not rise to the price of the call, the option is not exercised and the company records the proceeds from the sale of the call as income. If the call is exercised, the company will have a short position in the related stock. The company then has the choice of covering the short position, or selling a put against it. If the put is exercised, then the short position is covered. The company’s current accounting policy is to mark to the market at the end of each quarter any short positions, and include it in the income statement. While the company may have so-called speculative positions equal to 15% of its accounts, in actual practice the net short stock positions usually account for less than 10% of the assets of the company.
|
5.
|
In the event of a merger, the Company will elect to receive shares in the new company if this is an option. If the proposed merger is a cash only offer, the Company will receive cash and be forced to sell the stock.
|
·
|
The extent to which the market value has been less than cost.
|
|
·
|
An evaluation of the financial condition of an issuer including a review of their profit and loss statements for the most recent completed fiscal year and the preceding two years.
|
·
|
The examination of the general market outlook of the issuer. This could include but is not limited to the issuer having a unique product or technology which would appear likely to have a positive impact on future earnings.
|
|
·
|
A review of the general market conditions.
|
|
·
|
Our intent and ability to retain the investment for a period of time sufficient to allow for the anticipated recovery in market value.
|
|
·
|
Specific adverse conditions related to the financial health of, and business outlook for, the issuer.
|
|
·
|
Changes in technology in the industry and its affect on the issuer
|
|
·
|
Changes in the issuer’s credit rating
.
|
Payments Due By Period
|
||||||||||||||||||||
Contractual Obligations
|
Total
|
Less Than
1 Year
|
1 – 3 Years
|
3 – 5 Years
|
More Than
5 years
|
|||||||||||||||
(Long-Term Debt Obligations)
1
|
$ | 444,352 | $ | 71,190 | $ | 373,162 | — | — | ||||||||||||
(Capital Lease Obligations)
|
— | — | — | — | — | |||||||||||||||
(Operating Lease Obligations)
2
|
$ | 1,884,240 | $ | 314,040 | $ | 628,080 | $ | 628,080 | $ | 314,040 | ||||||||||
(Purchase Obligations)
|
— | — | — | — | — | |||||||||||||||
(Other Long-Term Liabilities Reflected on the Registrant’s Balance Sheet under GAAP)
|
— | — | — | — | — | |||||||||||||||
Total
|
$ | 2,328,592 | $ | 385,230 | $ | 1,001,242 | $ | 628,080 | $ | 314,040 |
Description
|
Percent of Portfolio Cost
|
Market Value
|
Cost
|
Unrealized Gains
|
Unrealized Losses
|
Dividends and Interest
|
||||||||||||||||||
Utilities-Common Stock
|
84.96 | % | $ | 49,368,191 | $ | 24,324,721 | $ | 26,389,467 | $ | (1,345,997 | ) | $ | 2,209,834 | |||||||||||
Non-Utilities Common
|
8.20 | % | 1,839,463 | 2,348,334 | 382,277 | (891,148 | ) | 10,712 | ||||||||||||||||
Total Common Stock
|
93.16 | % | 51,207,654 | 26,673,055 | 26,771,744 | (2,237,145 | ) | 2,220,546 | ||||||||||||||||
Utilities-Preferred Stock
|
0.95 | % | 455,388 | 270,497 | 186,541 | (1,650 | ) | 26,523 | ||||||||||||||||
Non-Utilities-Preferred
|
5.89 | % | 1,607,684 | 1,686,597 | 183,646 | (262,559 | ) | 112,393 | ||||||||||||||||
Total Preferred Stock
|
6.84 | % | 2,063,072 | 1,957,094 | 370,187 | (264,209 | ) | 138,916 | ||||||||||||||||
Total Portfolio
|
100.00 | % | $ | 53,270,726 | $ | 28,630,149 | $ | 27,141,931 | $ | (2,501,354 | ) | $ | 2,359,462 |
Description
|
Market Value
|
Proceeds Received
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Puts
|
$ | 3,201,918 | $ | 8,113,249 | $ | 4,963,279 | $ | (51,948 | ) | |||||||
Calls
|
$ | 1,047,205 | $ | 1,492,227 | $ | 1,006,742 | $ | (561,720 | ) | |||||||
Total Puts and Calls
|
$ | 4,249,123 | $ | 9,605,476 | $ | 5,970,021 | $ | (613,668 | ) |
Description
|
Percent of Portfolio Cost
|
Market Value
|
Cost
|
Unrealized Gains
|
Unrealized Losses
|
Dividends and Interest
|
||||||||||||||||||
Utilities-Common Stock
|
63.25 | % | $ | 53,875,289 | $ | 32,074,124 | $ | 27,660,548 | $ | (5,859,383 | ) | $ | 2,096,733 | |||||||||||
Non-Utilities Common
|
30.95 | % | 12,035,699 | 15,692,238 | 610,069 | (4,266,608 | ) | 124,453 | ||||||||||||||||
Total Common Stock
|
94.20 | % | 65,910,988 | 47,766,362 | 28,270,617 | (10,125,991 | ) | 2,221,186 | ||||||||||||||||
Mutual Funds- Non-Utilities
|
0.34 | % | 165,500 | 172,710 | — | (7,210 | ) | |||||||||||||||||
Utilities-Preferred Stock
|
0.53 | % | 438,884 | 270,498 | 173,317 | (4,931 | ) | 26,523 | ||||||||||||||||
Non-Utilities-Preferred
|
4.87 | % | 1,823,771 | 2,467,026 | 25,606 | (668,861 | ) | 123,134 | ||||||||||||||||
Total Preferred Stock
|
5.40 | % | 2,262,655 | 2,737,524 | 198,923 | (673,792 | ) | 149,657 | ||||||||||||||||
Total Equities
|
99.94 | % | 68,339,143 | 50,676,596 | 28,469,540 | (10,806,993 | ) | 2,370,843 | ||||||||||||||||
Utilities-Bonds
|
.06 | % | — | 33,005 | — | (33,005 | ) | — | ||||||||||||||||
Total Portfolio
|
100.00 | % | $ | 68,339,143 | $ | 50,709,601 | $ | 28,469,540 | $ | (10,839,998 | ) | $ | 2,370,843 |
Description
|
Proceeds Received
|
Market Value
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Puts
|
$ | 7,125,645 | $ | 7,118,277 | $ | 2,364,802 | $ | (2,357,434 | ) | |||||||
Calls
|
$ | 6,686,330 | $ | 1,306,082 | $ | 5,575,222 | $ | (194,974 | ) | |||||||
Total Puts and Calls
|
$ | 13,811,975 | $ | 8,424,359 | $ | 7,940,024 | $ | (2,552,408 | ) |
Type of Security
|
Total Fair Market Value
|
Total Cost
|
Total Net Unrealized Gain
|
|||||||||
Common Stock
|
$ | 51,207,654 | $ | 26,673,055 | $ | 24,534,599 | ||||||
Preferred Stock
|
2,063,072 | 1,957,094 | 105,978 | |||||||||
Total Portfolio
|
$ | 53,270,726 | $ | 28,630,149 | $ | 24,640,577 |
Total Proceeds Received
on open positions at 01/01/09 |
Sale of
Options from 01/01/09-12/31/09 |
Expirations
and Assignments of Options from 01/01/09-12/31/09 |
Proceeds Received
on open positions at 12/31/09 |
Market Value
at 12/31/09 |
Unrealized
Appreciation at 12/31/09 |
|||||||||||||||
$ 13,811,975
|
$ | 26,044,493 | $ | 30,250,992 | $ | 9,605,476 | $ | 4,249,123 | $ | 5,356,353 |
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 2,874,316 | $ | 1,451,436 | $ | 1,917,505 | $ | 1,049,918 | $ | 4,791,821 | $ | 2,501,354 |
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 4,025,079 | $ | 696,783 | $ | 44,453,826 | $ | 26,445,148 | $ | 48,478,905 | $ | 27,141,931 |
Type of Security
|
Total Fair Market Value
|
Total Cost
|
Total Net Unrealized Gain (Loss)
|
|||||||||
Common Stock
|
$ | 65,910,988 | $ | 47,766,362 | $ | 18,144,626 | ||||||
Mutual Funds
|
165,500 | 172,710 | (7,210 | ) | ||||||||
Preferred Stock
|
2,262,655 | 2,737,524 | (474,869 | ) | ||||||||
Total Equities
|
$ | 68,339,143 | $ | 50,676,596 | $ | 17,662,547 | ||||||
Bonds
|
— | 33,005 | (33,005 | ) | ||||||||
Total Portfolio
|
$ | 68,339,143 | $ | 50,709,601 | $ | 17,629,542 |
Total Proceeds Received on open positions
at 01/01/08
|
Sale of Options from
01/01/08-12/31/08
|
Expirations and Assignments of Options from
01/01/08-12/31/08
|
Proceeds Received on open positions
at 12/31/08
|
Market Value at
12/31/08
|
Unrealized Appreciation
at 12/31/08
|
|||||||||||||||
$ 7,645,833
|
$ | 34,377,992 | $ | 28,211,850 | $ | 13,811,975 | $ | 8,424,359 | $ | 5,387,616 |
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 14,232,869 | $ | 7,675,656 | $ | 2,106,718 | $ | 3,131,337 | $ | 16,339,587 | $ | 10,806,993 | ||||||||||||
Corporate Bonds
|
— | — | — | $ | 33,005 | — | 33,005 | |||||||||||||||||
Total
|
$ | 14,232,869 | $ | 7,675,656 | $ | 2,106,718 | $ | 3,164,342 | $ | 16,339,587 | $ | 10,839,998 |
Less Than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 4,842,933 | $ | 691,610 | $ | 47,156,623 | $ | 27,777,930 | $ | 51,999,556 | $ | 28,469,540 | ||||||||||||
Corporate Bonds
|
— | — | — | $ | — | — | — | |||||||||||||||||
Total
|
$ | 4,842,933 | $ | 691,610 | $ | 47,156,623 | $ | 27,777,930 | $ | 51,999,556 | $ | 28,469,540 |
Page | ||
42 | ||
43 | ||
44 | ||
45 | ||
46 | ||
47 |
/s/ Rotenberg Meril Solomon Bertiger & Guttilla, P.C. |
|
2009
|
2008
|
2007
|
||||||||||
REVENUES:
|
||||||||||||
Operating revenues - equipment sales and related services
|
$
|
1,343,610
|
$
|
1,381,105
|
$
|
1,453,201
|
||||||
Operating revenues - cryobanking and related services
|
345,216
|
379,950
|
416,578
|
|||||||||
Total Revenues
|
1,688,826
|
1,761,055
|
1,869,779
|
|||||||||
Costs of Sales:
|
||||||||||||
Cost of sales - equipment sales and related services
|
663,116
|
674,576
|
634,938
|
|||||||||
Cost of sales - cryobanking and related services
|
41,750
|
42,702
|
47,848
|
|||||||||
Total Costs of Sales
|
704,866
|
717,278
|
682,786
|
|||||||||
Gross Profit
|
983,960
|
1,043,777
|
1,186,993
|
|||||||||
OPERATING EXPENSES:
|
||||||||||||
Research and development expenses:
|
||||||||||||
Research and development - equipment sales and related services
|
2,630,997
|
2,257,601
|
2,390,352
|
|||||||||
Research and development - cryobanking and related services
|
194,154
|
180,822
|
186,356
|
|||||||||
Total Research and Development Expenses
|
2,825,151
|
2,438,423
|
2,576,708
|
|||||||||
Selling, General & Administrative Expenses:
|
||||||||||||
Selling, general, and administrative - equipment sales and related services
|
2,524,224
|
3,085,575
|
3,326,211
|
|||||||||
Selling, general & administrative - cryobanking and related services
|
743,773
|
726,931
|
714,944
|
|||||||||
Total Selling, General & Administrative Expenses
|
3,267,997
|
3,812,506
|
4,041,155
|
|||||||||
Total Operating Expenses
|
6,093,148
|
6,250,929
|
6,617,863
|
|||||||||
Loss from Operations
|
(5,109,188
|
)
|
(5,207,152
|
)
|
(5,430,870
|
)
|
||||||
Other income (expenses):
|
||||||||||||
Dividend income-investment portfolio
|
2,936,976
|
2,509,966
|
2,419,476
|
|||||||||
Realized gains on sale of securities, net
|
9,689,425
|
17,249,716
|
14,853,934
|
|||||||||
Mark to market of short positions
|
(79,755
|
)
|
5,364,215
|
357,337
|
||||||||
Other revenues
|
11,854
|
11,924
|
11,112
|
|||||||||
Interest expense, net of interest income of $15,116, $37,408 and $12,838
|
(162,983
|
)
|
(147,501
|
)
|
(197,211
|
)
|
||||||
Administrative expenses relating to portfolio investments
|
(134,457
|
)
|
(99,935
|
)
|
(55,538
|
)
|
||||||
Total Other income, net
|
12,261,060
|
24,888,385
|
17,389,110
|
|||||||||
Income before income taxes
|
|
7,151,872
|
|
19,681,233
|
|
11,958,240
|
||||||
Provision for income taxes
|
1,329,114
|
4,557,964
|
1,311,024
|
|||||||||
Net Income
|
$
|
5,822,758
|
$
|
15,123,269
|
$
|
10,647,216
|
||||||
Weighted average number of shares outstanding - basic
|
4,262,643
|
4,350,951
|
4,572,119
|
|||||||||
Net income per common equivalent share - basic
|
$
|
1.37
|
$
|
3.48
|
$
|
2.33
|
||||||
Weighted average number of shares outstanding - diluted
|
4,284,643
|
4,375,623
|
4,572,119
|
|||||||||
Net income per common equivalent share - diluted
|
$
|
1.36
|
$
|
3.46
|
$
|
2.33
|
Common Stock
|
||||||||||||||||||||||||||||||
Number of Shares Outstanding
|
Amount
|
Additional Paid in Capital
|
Accumulated Other Comprehensive Income
|
Retained Earnings
|
Treasury Stock
|
Total
|
Comprehensive Income (Loss)
|
|||||||||||||||||||||||
Balances, December 31, 2006
|
4,615,326 | $ | 53,165 | $ | 10,381,882 | $ | 28,379,687 | $ | 12,840,155 | $ | (6,017,097 | ) | $ | 45,637,792 | ||||||||||||||||
Change in unrealized gain on securities, net of $444,843 deferred taxes
|
826,136 | 826,136 | $ | 826,136 | ||||||||||||||||||||||||||
Option based compensation expense
|
43,937 | 43,937 | ||||||||||||||||||||||||||||
Net income
|
10,647,216 | 10,647,216 | 10,647,216 | |||||||||||||||||||||||||||
Treasury stock issued upon exercise of stock options
|
17,100 | 168,342 | 91,578 | 259,920 | ||||||||||||||||||||||||||
Purchase of treasury stock
|
(163,808 | ) | (2,499,116 | ) | (2,499,116 | ) | ||||||||||||||||||||||||
Comprehensive Income
|
$ | 11,473,352 | ||||||||||||||||||||||||||||
Balances, December 31, 2007
|
4,468,618 | $ | 53,165 | $ | 10,594,161 | $ | 29,205,823 | $ | 23,487,371 | $ | (8,424,635 | ) | $ | 54,915,885 | ||||||||||||||||
Change in unrealized gain on securities, net of $9,555,873 deferred taxes
|
(17,746,620 | ) | (17,746,620 | ) | $ | (17,746,620 | ) | |||||||||||||||||||||||
Option based compensation expense
|
66,386 | 66,386 | ||||||||||||||||||||||||||||
Net income
|
15,123,269 | 15,123,269 | 15,123,269 | |||||||||||||||||||||||||||
Common Stock Dividends
|
(6,452,502 | ) | (6,452,502 | ) | ||||||||||||||||||||||||||
Purchase of treasury stock
|
(179,500 | ) | (2,445,777 | ) | (2,445,777 | ) | ||||||||||||||||||||||||
Comprehensive Loss
|
$ | (2,623,351 | ) | |||||||||||||||||||||||||||
Balances, December 31, 2008
|
4,289,118 | $ | 53,165 | $ | 10,660,547 | $ | 11,459,203 | $ | 32,158,138 | $ | (10,870,412 | ) | $ | 43,460,641 | ||||||||||||||||
Change in unrealized gain on securities, net of $2,453,861 deferred taxes
|
4,557,172 | 4,557,172 | $ | 4,557,172 | ||||||||||||||||||||||||||
Option based compensation expense
|
14,681 | 14,681 | ||||||||||||||||||||||||||||
Net income
|
5,822,758 | 5,822,758 | 5,822,758 | |||||||||||||||||||||||||||
Common Stock Dividends
|
(5,739,299 | ) | (5,739,299 | ) | ||||||||||||||||||||||||||
Purchase of treasury stock
|
(38,800 | ) | (490,616 | ) | (490,616 | ) | ||||||||||||||||||||||||
Comprehensive Income
|
$ | 10,379,930 | ||||||||||||||||||||||||||||
Balances, December 31, 2009
|
4,250,318 | $ | 53,165 | $ | 10,675,228 | $ | 16,016,375 | $ | 32,241,597 | $ | (11,361,028 | ) | $ | 49,592,175 |
2009
|
2008
|
2007
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net income
|
$ | 5,822,758 | $ | 15,123,269 | $ | 10,647,216 | ||||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||||||
Depreciation & amortization
|
278,907 | 288,748 | 229,929 | |||||||||
Deferred Income Taxes
|
106,666 | 1,896,483 | — | |||||||||
Provision for bad debts
|
3,776 | 30,990 | 23,492 | |||||||||
Gain on sale of fixed assets
|
(49,900 | ) | (213,814 | ) | (151,016 | ) | ||||||
Loss on disposal of fixed assets
|
18,134 | 81,315 | 73,384 | |||||||||
Non-cash consideration received on instrument sale (1)
|
— | — | (65,000 | ) | ||||||||
Stock dividend income received on investments
|
(41,433 | ) | — | — | ||||||||
Stock based compensation associated with employee stock option plans
|
14,681 | 66,386 | 43,937 | |||||||||
Non-cash research and development expense (1)
|
— | — | 65,000 | |||||||||
Gains on sale of investments, net
|
(9,689,425 | ) | (17,249,716 | ) | (14,853,934 | ) | ||||||
Marked to market adjustments on options and shorts
|
79,755 | (5,364,215 | ) | (357,337 | ) | |||||||
Change in operating assets and operating liabilities:
|
||||||||||||
Increase in accounts receivable
|
(38,823 | ) | (22,224 | ) | (63,717 | ) | ||||||
Decrease (increase) in prepaid expenses & other current assets
|
27,481 | 13,915 | (30,716 | ) | ||||||||
Increase in inventory
|
(27,581 | ) | (170,992 | ) | (84,838 | ) | ||||||
Increase in other assets
|
— | — | (5,000 | ) | ||||||||
(Decrease) increase in accounts payable and accrued liabilities
|
(70,789 | ) | 106,208 | 99,071 | ||||||||
(Decrease) increase in Income Taxes Payable
|
(1,700,883 | ) | 1,348,290 | 1,281,842 | ||||||||
Increase in deferred income
|
13,553 | 25,932 | 4,662 | |||||||||
Net cash used in operating activities
|
(5,253,123 | ) | (4,039,425 | ) | (3,143,025 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Purchase of property and equipment
|
(2,166,724 | ) | (666,310 | ) | (1,642,489 | ) | ||||||
Proceeds from sale of fixed assets
|
55,000 | 260,000 | 195,500 | |||||||||
(Decrease) increase in securities sold, not received
|
(10,567,129 | ) | 12,404,409 | (5,301,646 | ) | |||||||
Increase (decrease) in securities borrowed
|
10,663,408 | (20,254,388 | ) | 9,696,537 | ||||||||
Purchases of put and call options
|
(2,700,175 | ) | (430,233 | ) | (772,799 | ) | ||||||
Sale of put and call options
|
26,046,162 | 34,377,992 | 18,662,703 | |||||||||
Purchase of investments
|
(35,119,377 | ) | (72,322,528 | ) | (31,263,920 | ) | ||||||
Sales of investments
|
39,328,708 | 42,717,984 | 25,195,606 | |||||||||
Net cash provided by (used in) investing activities
|
25,539,873 | (3,913,074 | ) | 14,769,492 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from bank loan
|
250,000 | 1,225,000 | 1,400,000 | |||||||||
Repayment of bank loan
|
(1,285,000 | ) | (1,690,000 | ) | (1,400,000 | ) | ||||||
Proceeds from margin loan payable
|
55,631,139 | 94,420,864 | 40,045,820 | |||||||||
Repayment of margin loan payable
|
(70,880,620 | ) | (76,552,567 | ) | (50,710,095 | ) | ||||||
Proceeds from loans from officer
|
1,140,000 | — | — | |||||||||
Repayment of loans from officer
|
(1,140,000 | ) | — | — | ||||||||
Proceeds from mortgage
|
— | — | 500,000 | |||||||||
Dividends paid
|
(5,739,299 | ) | (6,452,502 | ) | — | |||||||
Repayment of mortgage
|
(40,306 | ) | (37,313 | ) | (32,089 | ) | ||||||
Purchase of treasury stock
|
(490,616 | ) | (2,445,777 | ) | (2,499,116 | ) | ||||||
Proceeds from sale of treasury stock
|
— | — | 259,920 | |||||||||
Net cash (used in) provided by financing activities
|
(22,554,702 | ) | 8,467,705 | (12,435,560 | ) | |||||||
Net (decrease) increase in cash and cash equivalents
|
(2,267,952 | ) | 515,206 | (809,093 | ) | |||||||
Cash and cash equivalents at beginning of year
|
2,545,040 | 2,029,834 | 2,838,927 | |||||||||
Cash and cash equivalents at end of year
|
$ | 277,088 | $ | 2,545,040 | $ | 2,029,834 |
|
1.
|
The Company owed a hospital $65,000 of credits for Volumex Kits that were paid for and used in a research study.
|
1.
|
The Company’s investment goals are capital preservation, maintaining returns on capital with a high degree of safety and generating income from dividends and option sales to help offset operating losses.
|
|
2.
|
In order to achieve these goals, the Company maintains a diversified securities portfolio comprised primarily of electric utility common and preferred stocks. The Company also sells covered calls on portions of its portfolio and also sells puts on stocks it is willing to own. It also sells uncovered calls and may have net short positions in common stock up to 15% of the value of the portfolio. The Company’s net short position may temporarily rise to 15% of the Company’s portfolio without any specific action because of changes in valuation, but should not exceed this amount. The Company’s investment policy is to maintain a minimum of 80% of its portfolio in electric utilities. The Board of Directors has authorized this minimum to be temporarily lowered to 70% when Company management deems it to be necessary. Investments in utilities are primarily in electric companies. Investments in non-utility stocks will generally not exceed 20% of the value of the portfolio.
|
|
3.
|
Investment in speculative issues, including short sales, maximum of 15%.
|
|
4.
|
Limited use of options to increase yearly investment income.
|
a.
|
The use of “Call” Options
. Covered
options can be sold up to a maximum of 20% of the value of the portfolio. This provides extra income in addition to dividends received from the company’s investments. The risk of this strategy is that investments may be called away, which the company may have preferred to retain. Therefore, a limitation of 20% is placed on the amount of stock on which options can be written. The amount of the portfolio on which options are actually written is usually between 3-10% of the portfolio. The historical turnover of the portfolio is such that the average holding period is in excess of five years for available for sale securities.
|
|
b.
|
The use of “Put” options
. Put options are written on stocks which the company is willing to purchase. While the company does not have a high rate of turnover in its portfolio, there is some turnover; for example, due to preferred stocks being called back by the issuing company, or stocks being called away because call options have been written. If the stock does not go below the put exercise price, the company records the proceeds from the sale as income. If the put is exercised, the cost basis is reduced by the proceeds received from the sale of the put option. There may be occasions where the cost basis of the stock is lower than the market price at the time the option is exercised.
|
|
c.
|
Speculative Short Sales/Short Options
. The company normally limits its speculative transactions to no more than 15% of the value of the portfolio. The company may sell uncovered calls on certain stocks. If the stock price does not rise to the price of the call, the option is not exercised and the company records the proceeds from the sale of the call as income. If the call is exercised, the company will have a short position in the related stock. The company then has the choice of covering the short position, or selling a put against it. If the put is exercised, then the short position is covered. The company’s current accounting policy is to mark to the market at the end of each quarter any short positions, and include it in the income statement. While the company may have so-called speculative positions equal to 15% of its accounts, in actual practice the net short stock positions usually account for less than 10% of the assets of the company.
|
5.
|
In the event of a merger, the Company will elect to receive shares in the new company if this is an option. If the proposed merger is a cash only offer, the Company will receive cash and be forced to sell the stock.
|
Year ended
December 31, 2009 |
Year ended
December 31, 2008 |
Year ended
December 31, 2007 |
||||||||||
Basic shares
|
4,262,643 | 4,350,951 | 4,572,119 | |||||||||
Dilutions: stock options
|
22,000 | 24,672 | — | |||||||||
Diluted shares
|
4,284,643 | 4,375,623 | 4,572,119 | |||||||||
Net income
|
$ | 5,822,758 | $ | 15,123,269 | $ | 10,647,216 | ||||||
Basic earnings per share
|
$ | 1.37 | $ | 3.48 | $ | 2.33 | ||||||
Diluted earnings per share
|
$ | 1.36 | $ | 3.46 | $ | 2.33 |
Type of Security
|
Market Value
|
Cost Basis
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Equity
|
$ | 53,270,726 | $ | 28,630,149 | $ | 27,141,931 | $ | (2,501,354 | ) |
Description
|
Market Value
|
Proceeds Received
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Puts
|
$ | 3,201,918 | $ | 8,113,249 | $ | 4,963,279 | $ | (51,948 | ) | |||||||
Calls
|
$ | 1,047,205 | $ | 1,492,227 | $ | 1,006,742 | $ | (561,720 | ) | |||||||
Total Puts and Calls
|
$ | 4,249,123 | $ | 9,605,476 | $ | 5,970,021 | $ | (613,668 | ) |
Type of Security
|
Market Value
|
Proceeds Received
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Equity
|
$ | 10,771,279 | $ | 9,598,612 | $ | 112,446 | $ | (1,285,113 | ) |
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 2,874,316 | $ | 1,451,436 | $ | 1,917,505 | $ | 1,049,918 | $ | 4,791,821 | $ | 2,501,354 |
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 4,025,079 | $ | 696,783 | $ | 44,453,826 | $ | 26,445,148 | $ | 48,478,905 | $ | 27,141,931 |
Type of Security
|
Market Value
|
Cost Basis
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Equity
|
$ | 68,339,143 | $ | 50,676,596 | $ | 28,469,540 | $ | (10,806,993 | ) | |||||||
Debt
|
$ | — | $ | 33,005 | $ | — | $ | (33,005 | ) | |||||||
Total Securities
|
$ | 68,339,143 | $ | 50,709,601 | $ | 28,469,540 | $ | (10,839,998 | ) |
Description
|
Market Value
|
Proceeds Received
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Puts
|
$ | 7,118,277 | $ | 7,125,645 | $ | 2,364,802 | $ | (2,357,434 | ) | |||||||
Calls
|
$ | 1,306,082 | $ | 6,686,330 | $ | 5,575,222 | $ | (194,974 | ) | |||||||
Total Puts and Calls
|
$ | 8,424,359 | $ | 13,811,975 | $ | 7,940,024 | $ | (2,552,408 | ) |
Type of Security
|
Market Value
|
Proceeds Received
|
Unrealized Gains
|
Unrealized Losses
|
||||||||||||
Equity
|
$ | 107,871 | $ | 108,287 | $ | 544 | $ | (128 | ) |
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 14,232,869 | $ | 7,675,656 | $ | 2,106,718 | $ | 3,131,337 | $ | 16,339,587 | $ | 10,806,993 | ||||||||||||
Corporate Bonds
|
— | — | — | $ | 33,005 | — | 33,005 | |||||||||||||||||
Total
|
$ | 14,232,869 | $ | 7,675,656 | $ | 2,106,718 | $ | 3,164,342 | $ | l6,339,587 | $ | 10,839,998 |
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
Fair Value
|
Unrealized Gains
|
|||||||||||||||||||
Marketable Equity Securities
|
$ | 4,842,933 | $ | 691,610 | $ | 47,156,623 | $ | 27,777,930 | $ | 51,999,556 | $ | 28,469,540 | ||||||||||||
Corporate Bonds
|
— | — | — | $ | — | — | — | |||||||||||||||||
Total
|
$ | 4,842,933 | $ | 691,610 | $ | 47,156,623 | $ | 27,777,930 | $ | 51,999,556 | $ | 28,469,540 |
·
|
The extent to which the market value has been less than cost.
|
|
·
|
An evaluation of the financial condition of an issuer including a review of their profit and loss statements for the most recent completed fiscal year and the preceding two years.
|
|
·
|
The examination of the general market outlook of the issuer. This could include but is not limited to the issuer having a unique product or technology which would appear likely to have a positive impact on future earnings.
|
|
·
|
A review of the general market conditions.
|
·
|
Our intent and ability to retain the investment for a period of time sufficient to allow for the anticipated recovery in market value.
|
|
·
|
Specific adverse conditions related to the financial health of, and business outlook for, the issuer.
|
|
·
|
Changes in technology in the industry and its affect on the issuer
|
|
·
|
Changes in the issuer’s credit rating
.
|
Less Than Twelve Months
|
Tweleve Months or Greater
|
Total
|
||||||||||||||||||||||||||
Total
|
Unrealized
|
Unrealized
|
Unrealized
|
|||||||||||||||||||||||||
Security
|
Cost
|
Fair Value
|
Loss
|
Fair Value
|
Loss
|
Fair Value
|
Loss
|
|||||||||||||||||||||
Citigroup Inc.
|
$ | 1,768,630 | $ | 852,325 | $ | 757,099 | $ | 73,836 | $ | 85,370 | $ | 926,161 | $ | 842,469 | ||||||||||||||
USEC, Inc.
|
1,499,494 | 387,695 | 220,385 | 482,405 | 409,009 | 870,100 | 629,394 | |||||||||||||||||||||
Dynegy, Inc.
|
1,943,858 | 1,338,314 | 429,109 | 45,431 | 131,004 | 1,383,745 | 560,113 | |||||||||||||||||||||
Total
|
$ | 5,211,982 | $ | 2,578,334 | $ | 1,406,593 | $ | 601,672 | $ | 625,383 | $ | 3,180,006 | $ | 2,031,976 |
Balance at
Beginning of
Year
|
Charged to
Costs and
Expenses
|
Deductions
From Reserves
|
Balance at
End of Year
|
|||||||||||||
Classifications
|
||||||||||||||||
Year ended December 31, 2007
|
||||||||||||||||
Allowance for Doubtful Accounts
|
$ | 34,163 | $ | 23,492 | $ | — | $ | 57,655 | ||||||||
Year ended December 31, 2008
|
||||||||||||||||
Allowance for Doubtful Accounts
|
$ | 57,655 | $ | 36,000 | $ | 5,010 | $ | 88,645 | ||||||||
Year ended December 31, 2009
|
||||||||||||||||
Allowance for Doubtful Accounts
|
$ | 88,645 | $ | 10,000 | $ | 6,224 | $ | 92,421 |
2009
|
2008
|
|||||||
Machinery and Equipment
|
$ | 1,866,683 | $ | 1,431,842 | ||||
BVA Equipment on trial
|
629,000 | 578,000 | ||||||
Land and Land Improvements
|
196,991 | 196,991 | ||||||
Buildings
|
598,422 | 598,422 | ||||||
Furniture and fixtures
|
369,204 | 364,732 | ||||||
Construction in progress
|
1,707,748 | 311,152 | ||||||
Building Improvements
|
300,662 | 300,662 | ||||||
Leasehold improvements
|
310,903 | 310,903 | ||||||
5,979,613 | 4,092,704 | |||||||
Accumulated depreciation
|
(1,806,475 | ) | (1,784,149 | ) | ||||
Property and equipment, net
|
$ | 4,173,138 | $ | 2,308,555 |
Column A
|
Column B
|
Column C
|
Column D
|
Column E
|
Column F
|
|||||||||||||||
Category of
aggregate
short-term
borrowings
|
Balance at
the end of
period
|
Weighted
average
interest
rate at end
of the
period
|
Maximum
amount
outstanding
during this
period
|
Average
amount
outstanding
during the
period
|
Weighted
average
interest
rates during
the period
|
|||||||||||||||
2009
|
||||||||||||||||||||
Banks
|
$ | — | — | % | $ | 900,000 | $ | 218,750 | 1.75 | % | ||||||||||
Brokers
|
$ | — | — | % | $ | 17,721,817 | $ | 9,507,655 | 1.50 | % | ||||||||||
All Categories
|
$ | — | — | % | $ | 18,621,817 | $ | 9,726,405 | 1.51 | % | ||||||||||
2008
|
||||||||||||||||||||
Banks
|
$ | 1,035,000 | 1.75 | % | $ | 1,500,000 | $ | 872,500 | 3.86 | % | ||||||||||
Brokers
|
$ | 12,017,162 | 2.35 | % | $ | 12,017,162 | $ | 3,389,129 | 3.46 | % | ||||||||||
All Categories
|
$ | 13,052,162 | 2.30 | % | $ | 13,517,162 | $ | 4,261,629 | 3.54 | % |
12/31/10
|
12/31/11
|
12/31/12
|
||||||
$43,431
|
46,798 | 300,063 |
Put and Call Options
|
Selling price
|
Fair value
|
Mark to Market Adjustment
|
||||||
December 31, 2009
|
9,605,476 | 4,249,123 | 5,356,353 | ||||||
December 31, 2008
|
13,811,975 | 8,424,359 | 5,387,616 |
Number of
Shares
|
Weighted
Average
Exercise Price
|
|||||||
Outstanding, December 31, 2006
|
96,500 | $ | 19.36 | |||||
Granted
|
30,200 | 16.84 | ||||||
Exercised
|
(17,100 | ) | 15.20 | |||||
Cancelled/Expired
|
(19,600 | ) | 21.06 | |||||
Outstanding, December 31, 2007
|
90,000 | $ | 18.93 | |||||
Granted
|
28,100 | 13.13 | ||||||
Cancelled/Expired
|
(4,800 | ) | 19.55 | |||||
Outstanding, December 31, 2008
|
113,300 | $ | 17.47 | |||||
Granted
|
— | — | ||||||
Cancelled/Expired
|
(46,000 | ) | 19.10 | |||||
Outstanding and exercisable, December 31, 2009
|
67,300 | $ | 16.35 |
Options Outstanding |
Options Exercisable
|
||||||||||||||||
Range of
Exercise Prices
|
Number
Outstanding
at
December 31,
2009
|
Weighted-
Average
Remaining
Contractual
Life
|
Weighted-
Average
Exercise
Price
|
Number
Exercisable
December 31,
2008
|
Weighted-
Average
Exercise
Price
|
||||||||||||
Below – $16.00
|
38,700 |
2.47 years
|
$ | 13.23 | 38,700 | $ | 13.23 | ||||||||||
$16.01 – $18.00
|
6,000 |
0.42 years
|
$ | 16.40 | 33,000 | $ | 16.99 | ||||||||||
$18.01 – $20.00
|
6,100 |
3.57 years
|
$ | 19.40 | 6,100 | $ | 19.40 | ||||||||||
$20.01 – $22.00
|
7,500 |
1.08 years
|
$ | 21.43 | 21,500 | $ | 21.44 | ||||||||||
$22.01 – $25.00
|
5,000 |
0.48 years
|
$ | 22.05 | 10,000 | $ | 22.63 | ||||||||||
$25.01 – above
|
4,000 |
0.12 years
|
$ | 25.20 | 4,000 | $ | 25.20 | ||||||||||
67,300 |
1.95 years
|
$ | 16.35 | 113,300 | $ | 17.47 |
2009
|
2008
|
2007
|
||||||||||
Federal
|
||||||||||||
Regular Tax
|
$ | 926,936 | $ | 901,380 | $ | — | ||||||
Undistributed PHC tax
|
197,067 | 1,165,733 | 1,021,164 | |||||||||
AMT Tax
|
— | 576,845 | 219,977 | |||||||||
State Franchise taxes
|
98,445 | 17,523 | 69,883 | |||||||||
Total Current Income Tax Provision
|
1,222,448 | 2,661,481 | 1,311,024 | |||||||||
Deferred taxes
|
106,666 | 1,896,483 | — | |||||||||
Total Tax Provision
|
$ | 1,329,114 | $ | 4,557,964 | $ | 1,311,024 |
2009
|
2009
|
2008
|
2008
|
2007
|
2007
|
|||||||||||||||||||
Computed expected provision at the Statutory rates
|
2,465,822 | 35.0 | % | 6,874,902 | 35.0 | % | 3,726,525 | 35.00 | % | |||||||||||||||
Non-deductible items
|
(17,500 | ) | -0.2 | % | — | 0.00 | % | 459,110 | 4.3 | % | ||||||||||||||
Under accrual of prior year overpayments
|
(710,297 | ) | -10.1 | % | — | — | — | — | ||||||||||||||||
Undistributed PHC tax
|
197,067 | 2.8 | % | 1,165,733 | 5.9 | % | 69,883 | 0.7 | % | |||||||||||||||
Tax Credits
|
(62,386 | ) | -0.9 | % | — | — | — | — | ||||||||||||||||
AMT Tax
|
— | — | 576,845 | 2.9 | % | 1,021,164 | 9.6 | % | ||||||||||||||||
Franchise tax, net of tax benefit
|
98,445 | 1.4 | % | 11,390 | 0.1 | % | 219,977 | 2.1 | % | |||||||||||||||
Dividends Deduction
|
(718,297 | ) | -10.2 | % | (614,942 | ) | -3.1 | % | (592,771 | ) | -5.6 | % | ||||||||||||
NOL Utilization
|
— | — | (3,429,272 | ) | -17.5 | % | (3,592,864 | ) | -33.8 | % | ||||||||||||||
Tax Bracket benefit
|
(49,911 | ) | -0.7 | % | (26,692 | ) | -0.1 | % | — | — | ||||||||||||||
Other
|
126,801 | 1.8 | % | — | — | — | — | |||||||||||||||||
1,329,114 | 18.9 | % | 4,557,964 | 23.2 | % | 1,311,024 | 12.3 | % |
2009
|
2008
|
|||||||
Deferred Tax Liabilities (Assets):
|
||||||||
Fair market value adjustment
for available -for -sale securities
|
$ | 8,624,202 | $ | 6,170,340 | ||||
Mark to market short positions
|
1,896,483 | 1,896,483 | ||||||
Property and Equipment
|
128,426 | — | ||||||
Stock Options
|
(10,942 | ) | — | |||||
Other
|
(10,818 | ) | — | |||||
$ | 10,627,351 | $ | 8,066,823 |
2010
|
$ | 314,040 | ||
2011
|
314,040 | |||
2012
|
314,040 | |||
2013
|
314,040 | |||
2014
|
314,040 | |||
2015
|
314,040 | |||
Total
|
$ | 1,884,240 |
December 31, 2009 | ||||||||||||||||
Equipment Sales and Related Services
|
Cryobanking and Related Services
|
Investment Activity
|
Total
|
|||||||||||||
Revenues
|
$ | 1,343,610 | $ | 345,216 | $ | — | $ | 1,688,826 | ||||||||
Expenses
|
||||||||||||||||
Cost of Sales
|
663,116 | 41,750 | — | 704,866 | ||||||||||||
Research and Development
|
2,630,997 | 194,154 | — | 2,825,151 | ||||||||||||
Selling, general and administrative expenses
|
2,524,224 | 743,773 | — | 3,267,997 | ||||||||||||
Total Costs and Expenses
|
5,818,337 | 979,677 | — | 6,798,014 | ||||||||||||
Operating Loss
|
(4,474,727 | ) | (634,461 | ) | — | (5,109,188 | ) | |||||||||
Investment income, net
|
||||||||||||||||
Dividends
|
— | — | 2,936,976 | 2,936,976 | ||||||||||||
Gain on sale of securities, net
|
— | — | 9,689,425 | 9,689,425 | ||||||||||||
Mark to market of short positions
|
— | — | (79,755 | ) | (79,755 | ) | ||||||||||
Administrative expenses relating to portfolio investments
|
— | — | (134,457 | ) | (134,457 | ) | ||||||||||
Total investment income, net
|
— | — | 12,412,189 | 12,412,189 | ||||||||||||
Interest expense, net of interest income of $15,116
|
(30,884 | ) | — | (132,099 | ) | (162,983 | ) | |||||||||
Other income
|
11,854 | — | — | 11,854 | ||||||||||||
Income (loss) before income taxes
|
(4,493,757 | ) | (634,461 | ) | 12,280,090 | 7,151,872 | ||||||||||
Income tax expense
|
96,980 | 1,465 | 1,230,669 | 1,329,114 | ||||||||||||
Net income (loss)
|
$ | (4,590,737 | ) | $ | (635,926 | ) | $ | 11,049,421 | $ | 5,822,758 | ||||||
Total Assets
|
$ | 5,103,298 | $ | 183,539 | $ | 69,900,153 | $ | 75,186,990 |
December 31, 2008 | ||||||||||||||||
Equipment Sales and
Related Services |
Cryobanking and Related Services
|
Investment
Activity |
Total
|
|||||||||||||
Revenues
|
$ | 1,381,105 | $ | 379,950 | $ | — | $ | 1,761,055 | ||||||||
Expenses
|
||||||||||||||||
Cost of Sales
|
674,576 | 42,702 | — | 717,278 | ||||||||||||
Research and Development
|
2,257,601 | 180,822 | — | 2,438,423 | ||||||||||||
Selling, general and administrative expenses
|
3,085,575 | 726,931 | — | 3,812,506 | ||||||||||||
Total Costs and Expenses
|
6,017,752 | 950,455 | — | 6,968,207 | ||||||||||||
Operating Loss
|
(4,636,647 | ) | (570,505 | ) | — | (5,207,152 | ) | |||||||||
Investment income, net
|
||||||||||||||||
Dividends
|
— | — | 2,509,966 | 2,509,966 | ||||||||||||
Gain on sale of securities, net
|
— | — | 17,749,716 | 17,749,716 | ||||||||||||
Mark to market of short positions
|
— | — | 5,364,215 | 5,364,215 | ||||||||||||
Administrative expenses relating to portfolio investments
|
— | — | (99,935 | ) | (99,935 | ) | ||||||||||
Total investment income, net
|
— | — | 25,023,962 | 25,023,962 | ||||||||||||
Interest expense, net of interest income of $37,408
|
(33,877 | ) | — | (113,624 | ) | (147,501 | ) | |||||||||
Other income
|
11,478 | 446 | — | 11,924 | ||||||||||||
Income (loss) before income taxes
|
(4,659,046 | ) | (570,059 | ) | 24,910,338 | 19,681,233 | ||||||||||
Income tax expense
|
(30,242 | ) | (133 | ) | 4,588,339 | 4,557,964 | ||||||||||
Net income (loss)
|
$ | (4,628,804 | ) | $ | (569,926 | ) | $ | 20,321,999 | $ | 15,123,269 | ||||||
Total Assets
|
$ | 5,449,389 | $ | 205,670 | $ | 71,169,122 | $ | 76,824,181 |
December 31, 2007 | ||||||||||||||||
Equipment Sales and Related Services
|
Cryobanking and Related Services
|
Investment Activity
|
Total
|
|||||||||||||
Revenues
|
$ | 1,453,201 | $ | 416,578 | $ | — | $ | 1,869,779 | ||||||||
Expenses
|
||||||||||||||||
Cost of Sales
|
634,938 | 47,848 | — | 682,786 | ||||||||||||
Research and Development
|
2,390,352 | 186,356 | — | 2,576,708 | ||||||||||||
Selling, general and administrative expenses
|
3,326,211 | 714,944 | — | 4,041,155 | ||||||||||||
Total Costs and Expenses
|
6,351,501 | 949,148 | — | 7,300,649 | ||||||||||||
Operating Loss
|
(4,898,300 | ) | (532,570 | ) | — | (5,430,870 | ) | |||||||||
Investment income, net
|
||||||||||||||||
Dividends
|
— | — | 2,419,476 | 2,419,476 | ||||||||||||
Gain on sale of securities, net
|
— | — | 14,853,934 | 14,853,934 | ||||||||||||
Mark to market of short positions
|
— | — | 357,337 | 357,337 | ||||||||||||
Administrative expenses relating to portfolio investments
|
— | — | (55,538 | ) | (55,538 | ) | ||||||||||
Total investment income, net
|
— | — | 17,575,209 | 17,575,209 | ||||||||||||
Interest expense, net of interest income of $12,838
|
(33,169 | ) | — | (164,042 | ) | (197,211 | ) | |||||||||
Other income
|
11,022 | 90 | — | 11,112 | ||||||||||||
Income (loss) before income taxes
|
(4,920,447 | ) | (532,480 | ) | 17,411,167 | 11,958,240 | ||||||||||
Income tax expense
|
56,328 | 563 | 1,254,133 | 1,311,024 | ||||||||||||
Net income (loss)
|
$ | (4,976,775 | ) | $ | (533,043 | ) | $ | 16,157,034 | $ | 10,647,216 | ||||||
Total Assets
|
$ | 4,594,491 | $ | 146,990 | $ | 97,819,019 | $ | 102,560,500 |
Description
|
Quarter ended 03/31/09
|
Quarter ended 06/30/09
|
Quarter ended 09/30/09
|
Quarter ended 12/31/09
|
||||||||||||
Operating Revenues
|
$ | 434,037 | $ | 380,420 | $ | 414,376 | $ | 459,993 | ||||||||
Operating Expenses including Cost of Sales
|
$ | 1,548,533 | $ | 1,726,526 | $ | 1,661,809 | $ | 1,861,146 | ||||||||
Other (Loss) Income
|
$ | (304,015 | ) | $ | 7,970,995 | $ | 3,946,122 | $ | 647,958 | |||||||
Income Taxes
|
$ | 124,774 | $ | 386,193 | $ | 72,847 | $ | 745,300 | ||||||||
Net Income(Loss)
|
$ | (1,543,285 | ) | $ | 6,238,696 | $ | 2,625,842 | $ | (1,498,495 | ) | ||||||
Income(Loss) Per Share-Basic
|
$ | (0.36 | ) | $ | 1.46 | $ | 0.62 | $ | (0.35 | ) | ||||||
Income(Loss) Per Share-Diluted
|
$ | (0.36 | ) | $ | 1.46 | $ | 0.62 | $ | (0.35 | ) |
Description
|
Quarter ended
03/31/08 |
Quarter ended 06/30/08
|
Quarter ended 09/30/08
|
Quarter ended 12/31/08
|
||||||||||||
Operating Revenues
|
$ | 420,913 | $ | 556,587 | $ | 451,253 | $ | 332,302 | ||||||||
Operating Expenses including Cost of Sales
|
$ | 1,689,714 | $ | 1,780,838 | $ | 1,672,976 | $ | 1,824,679 | ||||||||
Other Income
|
$ | 8,589,809 | $ | 3,129,093 | $ | 9,948,065 | $ | 3,221,418 | ||||||||
Income Taxes
|
— | $ | 400,000 | $ | 2,325,000 | $ | 1,832,964 | |||||||||
Net Income(Loss)
|
$ | 7,321,008 | $ | 1,504,842 | $ | 6,401,342 | $ | (103,923 | ) | |||||||
Income(Loss) Per Share-Basic
|
$ | 1.66 | $ | 0.35 | $ | 1.48 | $ | (0.01 | ) | |||||||
Income(Loss) Per Share-Diluted
|
$ | 1.66 | $ | 0.34 | $ | 1.47 | $ | (0.01 | ) |
Description
|
Quarter ended 03/31/07
|
Quarter ended 06/30/07
|
Quarter ended 09/30/07
|
Quarter ended 12/31/07
|
||||||||||||
Operating Revenues
|
$ | 505,882 | $ | 545,318 | $ | 349,547 | $ | 469,032 | ||||||||
Operating Expenses including Cost of Sales
|
$ | 1,711,749 | $ | 1,779,579 | $ | 1,918,386 | $ | 1,890,935 | ||||||||
Other Income
|
$ | 4,265,861 | $ | 3,574,176 | $ | 3,524,442 | $ | 6,024,631 | ||||||||
Income Taxes
|
— | — | — | $ | 1,311,024 | |||||||||||
Net Income
|
$ | 3,059,994 | $ | 2,339,915 | $ | 1,955,603 | $ | 3,291,704 | ||||||||
Income Per Share-Basic
|
$ | 0.66 | $ | 0.51 | $ | 0.43 | $ | 0.73 | ||||||||
Income Per Share-Diluted
|
$ | 0.66 | $ | 0.51 | $ | 0.43 | $ | 0.73 |
DAXOR CORPORATION
|
|||||
by: | /s/ Joseph Feldschuh | ||||
Joseph Feldschuh, M.D
|
|||||
President and Chief Executive Officer
|
|||||
Chairman of the Board of Directors
|
|||||
Principal Executive Officer
|
|||||
Dated: March 26, 2010
|
Signature
|
Title
|
Date
|
||
/s/ Joseph Feldschuh
|
President and Chief Executive Officer, Chairman of the Board of Directors, Principal Executive Officer
|
March 26, 2010
|
||
Joseph Feldschuh, M.D.
|
||||
/s/ David Frankel
|
Chief Financial Officer
Principal Financial and Accounting Officer |
March 26, 2010
|
||
David Frankel
|
||||
/s/ Robert Willens
|
Director
|
March 26, 2010
|
||
Robert Willens
|
||||
/s/ James Lombard
|
Director
|
March 26, 2010
|
||
James Lombard
|
||||
/s/ Martin Wolpoff
|
Director
|
March 26, 2010
|
||
Martin Wolpoff
|
||||
/s/ Mario Biaggi
|
Director
|
March 26, 2010
|
||
Mario Biaggi, ESQ
|
||||
/s/ Bernhard Saxe
|
Director
|
March 26, 2010
|
||
Bernhard Saxe, ESQ
|
||||
/s/ Stanley Epstein
|
Director
|
March 26, 2010
|
||
Stanley Epstein, M.D.
|
Exhibit
Number |
Description | |
3.2*
|
Bylaws
|
|
4.1*
|
Specimen Stock Certificate
|
|
10.1*
|
Agreement of lease dated as of December 19, 2002
|
|
21.1*
|
Subsidiaries of the Registrant.
|
|
23.1*
|
Consent of Rotenberg Meril Solomon Bertiger & Guttilla, P.C.
|
|
31.1*
|
Certification of the Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2*
|
Certification of the Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1*
|
Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.2*
|
Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
*
|
Filed herewith.
|
EXHIBIT 3.2
EXHIBIT 10.1
Name | State of Organization | |
Scientific Medical Systems Corp. | New York |
1.
|
I have reviewed this annual report on Form 10-K for the period ended December 31, 2009 of Daxor Corporation (the registrant);
|
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Joseph Feldschuh, M.D.
|
|
|
|
Joseph Feldschuh, M.D.
|
President | |
|
Chief Executive Officer
Chairman of the Board of Directors Principal Executive Officer |
1.
|
I have reviewed this annual report on Form 10-K for the period ended December 31, 2009 of Daxor Corporation (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ David Frankel
|
|
|
|
David Frankel
|
|
Chief Financial Officer
|
Principal Financial Officer
Principal Accounting Officer |
|
/s/ Joseph Feldschuh, M.D.
|
|
|
|
Joseph Feldshcuh
|
|
President
Chief Executive Officer Chairman of the Board of Directors Principal Executive Officer |
|
March 26, 2010
|
A signed original of this written statement required by Section 906 has been provided to Daxor Corporation and will be retained by Daxor Corporation and furnished to the Securities and Exchange Commission or its staff upon request. |
|
/s/ David Frankel
|
|
|
|
David Frankel
|
|
Chief Financial Officer
|
Principal Financial Officer | |
Principal Accounting Officer | |
|
March 26, 2010
|
A signed original of this written statement required by Section 906 has been provided to Daxor Corporation and will be retained by Daxor Corporation and furnished to the Securities and Exchange Commission or its staff upon request. |