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Investment at Cost
9 Months Ended
Sep. 30, 2016
Schedule of Investments [Abstract]  
Investment at Cost

Note 6 - Investment at Cost

 

Spondoolies

 

The Company had total investment of approximately $2.3 million to Spondoolies Tech Ltd. (“Spondoolies”) as of December 31, 2015.

 

On May 5, 2016, the Company was informed that, on May 4, 2016, a hearing was held in the district court in Beersheva, Israel during which certain parties sought appointment of a temporary liquidator for Spondoolies. As a result of the liquidation the Company is no longer pursuing the acquisition of Spondoolies. The Company assessed impairment for the Spondoolies investment and determined that this investment is not recoverable and as such fully impaired.

 

During the nine months ended September 30, 2016, the Company recorded impairment loss of approximately $2.3 million.