XML 17 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
MARKETABLE EQUITY SECURITIES
 6 Months Ended
Jun. 30, 2012
MARKETABLE EQUITY SECURITIES  
MARKETABLE EQUITY SECURITIES

NOTE 3   MARKETABLE EQUITY SECURITIES

 

These securities are valued at fair value.  Any resulting gain or loss is recorded to an unrealized gain and loss account (accumulated other comprehensive (loss)) that is reported as a separate line item in the shareholders’ equity section of the balance sheet.  The gains and losses on available-for-sale securities are not reported on the statement of operations until the securities are sold or are other-than-temporarily impaired.  As at June 30, 2012, the Company deemed most of its available-for-sale securities to be other-than-temporarily impaired and as a result recorded an impairment of $2.0 million in the statement of operations and comprehensive loss for the three and six months ended June 30, 2012.  The Company does not intend to hold the securities for a period of time sufficient to allow for any anticipated recovery in fair value.

 

Changes in the Company’s holdings of marketable securities for the six months ended June 30, 2012 and year ended December 31, 2011 are as follows (in thousands):

 

 

 

Six Months Ended June 30,

 

Year Ended December 31,

 

 

 

2012

 

2011

 

Opening Balance

 

$

1,480

 

$

4,576

 

Purchases

 

—

 

284

 

Proceeds from sale

 

—

 

(1,853

)

Gain on sale

 

—

 

19

 

Unrealized loss

 

—

 

(1,546

)

Realized loss

 

(994

)

—

 

Ending Balance

 

$

486

 

$

1,480