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INVESTMENTS | 12 Months Ended
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Dec. 31, 2019
INVESTMENTS |
INVESTMENTS | ​ ​ NOTE 5 INVESTMENTS The Company’s investment portfolio consists of marketable equity securities and warrants of certain publicly-traded companies. The following is a summary of the activity in investments for the years ended December 31, 2019 and 2018: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As at | ​ | Additions/ | ​ | Net gain | ​ | Disposals/ | ​ | Unrealized | ​ | Fair value
​ | ​ | December 31, | ​ | transfers during | ​ | (loss) on | ​ | transfers during | ​ | gain (loss) on | ​ | December 31,
​ |  | 2018 |  | period |  | securities sold |  | period |  | securities held |  | 2019
Marketable equity securities | ​ | $ | 2,718 | ​ | $ | 2,314 | ​ | $ | 3,396 | ​ | $ | (7,279) | ​ | $ | 736 | ​ | $ | 1,885
Warrants | ​ |  | 413 | ​ |  | — | ​ |  | 1,127 | ​ |  | (1,540) | ​ |  | — | ​ |  | —
Investments | ​ | $ | 3,131 | ​ | $ | 2,314 | ​ | $ | 4,523 | ​ | $ | (8,819) | ​ | $ | 736 | ​ | $ | 1,885
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As at | ​ | Additions/ | ​ | Net gain | ​ | Disposals/ | ​ | Unrealized | ​ | Fair value
​ | ​ | December 31, | ​ | transfers during | ​ | (loss) on | ​ | transfers during | ​ | gain (loss) on | ​ | December 31,
​ |  | 2017 |  | period |  | securities sold |  | period |  | securities held |  | 2018
Marketable equity securities | ​ | $ | 6,404 | ​ | $ | 1,882 | ​ | $ | (767) | ​ | $ | (2,895) | ​ | $ | (1,906) | ​ | $ | 2,718
Warrants | ​ |  | 1,567 | ​ | ​ | 201 | ​ | ​ | — | ​ | ​ | (704) | ​ | ​ | (651) | ​ | ​ | 413
Investments | ​ | $ | 7,971 | ​ | $ | 2,083 | ​ | $ | (767) | ​ | $ | (3,599) | ​ | $ | (2,557) | ​ | $ | 3,131
​ ​ During the years ended December 31, 2019, 2018 and 2017, the Company sold marketable equity securities for $6.8 million, $2.9 million and $2.2 million, respectively. As of December 31, 2019, the cost of the marketable equity securities was $1.3 million (December 31, 2018 – cost of marketable equity securities and warrants was $2.9 million). The Company maintained a portfolio of warrants in equity interests of publicly-traded companies for investment purposes which are not used in any hedging activities. The Company recorded warrants at fair value using the Black-Scholes option pricing model. As the warrants met the definition of derivative instruments, gains or losses arising from their revaluation are recorded in the Statement of Operations. During the year ended December 31, 2019, the Company exercised all of its warrants and transferred the balance to marketable equity securities.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
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