Our executive, administrative and operating offices are located in approximately 19,000 square feet of leased office space in Darien, Illinois under a lease that expires on December 31, 2006. We believe that suitable office space will be available on commercially reasonable terms when our lease expires. We also own a 43,000 square foot office building in Evergreen, Colorado, that was one of the assets acquired in the May 2004 Life Quotes transaction. This building is currently being offered for sale and/or lease.
The following tables set forth unaudited quarterly statements of operations data for 2005 and 2004. The information for each of these quarters has been prepared on substantially the same basis as the audited financial statements included elsewhere in this annual report, and, in our opinion, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of operations for these periods. Historical results are not necessarily indicative of the results to be expected in the future, and results of interim periods are not necessarily indicative of results for the entire year.
Intangible assets acquired in 2001 in the acquisition of Insurance News Network, LLC were amortized on a straight-line basis over three years. These assets were fully amortized as of December 31, 2004.
Goodwill is not subject to amortization. Allocation of intangible assets between goodwill and other intangible assets and the determination of estimated useful lives are based on valuations that we receive from independent appraisers. The calculations of these amounts are based on estimates and assumptions using historical and pro forma data and recognized valuation methods. The use of different estimates or assumptions could produce different results.
No income tax credits have been recognized relating to our tax loss carryforwards due to uncertainties relating to future taxable income.
Operations. Operations expenses more than doubled to $6.5 million in 2004 from $3.0 million in 2003. Operations expenses for our Life Quotes division, which began operating after the May 2004 acquisition of Life Quotes, accounted for $3.0 million of that increase.
We had no income tax credit for 2004 and 2003 due to valuation allowances provided against net deferred tax assets.
We currently expect that the cash and fixed maturity investments of $9.1 million at December 31, 2005 will be sufficient to meet our anticipated cash requirements for at least the next 12 months. The timing and amounts of our working capital expenditures are difficult to predict, and if they vary materially, we may require additional financing. If we require additional equity financing, it may be dilutive to our stockholders and the equity securities issued in a subsequent offering may have rights or privileges senior to our common stock. If debt financing is available, it may require additional restrictive covenants with respect to dividends, raising capital and other financial and operational matters, which could impact or restrict our operations. If we cannot obtain adequate financing on acceptable terms, we may be required to reduce the scope of our marketing or operations, which could harm our business, results of operations and our financial condition.
Cash used for investing activities in 2005 totaled $759,000, consisting of the purchase of fixed income investments in excess of investment maturities of $503,000, and the purchase of fixed assets of $256,000. Cash used for investing activities in 2004 totaled $12.5 million, consisting primarily of the acquisition of Life Quotes. Fixed maturity securities were sold, generating $11.9 million, to help fund the $18.7 million acquisition. The purchase of securities in excess of maturities used $5.5 million of cash. Cash used for investing activities totaling $247,000 in 2003 consisted of the purchase of fixed income investments in excess of investment maturities and sales of $182,000, and the purchase of fixed assets of $65,000.
In the normal course of business, we enter into financing transactions, lease agreements, or other commitments. These commitments may obligate us to certain cash flows during future periods. The following table summarizes such obligations as of December 31, 2005: