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Equity Investment
9 Months Ended
Sep. 30, 2015
Equity Investment

16. On March 25, 2013, the Company made a $3,687 equity investment in TyraTech Inc. (“TyraTech”), a Delaware corporation that specializes in developing, marketing and selling pesticide products containing essential oils and other natural ingredients, to acquire an ownership position of approximately 29.27%. During 2014 TyraTech completed two separate funding transactions. In February 2014, TyraTech issued 37,391,763 shares and raised approximately £1,870 ($3,100) and then in July 2014, TyraTech issued a further 50,000,000 shares and raised approximately £3,500 ($5,900). Due to these share issuances, the Company recognized a total gain of $954 from the dilution of the Company’s ownership position. In October 2014, the Company exercised warrants in the amount of $500 and purchased 6,155,000 shares in TyraTech. As a result of the share issuances and the exercise of warrants, the Company’s ownership position in TyraTech was approximately 21.18% as of September 30, 2015. The Company utilizes the equity method of accounting with respect to this investment. As a result, our net income includes losses from equity method investments, which represents our proportionate share of TyraTech’s estimated net losses for the current accounting period. The Company recognized a loss of $389 and $580 for the three months and nine months ended September 30, 2015, respectively, as a result of the Company’s ownership position in TyraTech.

The Company’s investment in TyraTech is included in other assets on the condensed consolidated balance sheet. At September 30, 2015, the carrying value of the Company’s investment in TyraTech was $2,592 and the quoted market value of its shareholding was $3,999 based on the London Stock Exchange, Alternative Investment Market (“AIM”).