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CONSOLIDATED BALANCE SHEETS - USD ($) | Oct. 31, 2015 | Oct. 31, 2014
--- | --- | ---
Current assets: |  |
Cash and cash equivalents | $ 4,369,219 | $ 3,361,246
Short–term investments in certificates of deposit | 2,400,000 | 2,500,000
Accounts receivable |  | 400,000
Prepaid expenses and other current assets | 126,528 | 60,577
Total current assets | 6,895,747 | 6,321,823
Patents, net of accumulated amortization of $639,744 and $314,453, respectively | 2,396,367 | 2,721,658
Property and equipment, net of accumulated depreciation of $13,617 and $48,842, respectively | 43,456 | 11,875
Total assets | 9,335,570 | 9,055,356
Current liabilities: |  |
Accounts payable and accrued expenses | 380,765 | 1,249,426
Royalties and contingent legal fees payable | 213,017 | 560,076
Total current liabilities | 593,782 | 1,809,502
Patent acquisition obligation (Note 7) | 3,688,187 | 3,236,281
Total liabilities | $ 4,281,969 | $ 5,045,783
Commitments and contingencies (Notes 7 and 8) |  |
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; 8,724,878 and 8,788,176 shares issued and outstanding, respectively | 87,249 | 87,882
Additional paid-in capital | 151,101,117 | 148,677,413
Accumulated deficit | (146,148,765) | (144,769,722)
Total shareholders’ equity | 5,053,601 | 4,009,573
Total liabilities and shareholders’ equity | $ 9,335,570 | $ 9,055,356
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

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