7. INVESTMENTS

As of June 30, 2015, the Company had both short-term and long-term investments. The short-term investments are classified as available-for-sale securities and the change in value is recognized within accumulated other comprehensive income (loss). The fair market value is determined using quoted market prices (a Level I approach). See Note 14 – Fair Value of Financial Instruments for a description of Level I approach. The long-term investments are comprised of three types of investments; those accounted for under the equity method of accounting, investments in debt securities accounted for as available-for-sale securities and investment in debt securities accounted for under the cost method. For the debt securities, without quoted market prices, the fair values are calculated using other valuation methodologies (a Level II approach).

During the three and six months ended June 30, 2015, the Company recorded $1.4 million and ($1.3) million, respectively, of its share of the equity method investments’ net income (loss).

The long-term investments are as follows (in thousands):

Company	Investment	June 30, 2015		December 31, 2014
Equity Method
Global Cable Technology Ltd.	Stock	$	-	$	49
SB Submarine Systems Co., Ltd.	Stock		12,839		12,882
International Cableship Pte., Ltd.	Stock		1,832		2,111
Sembawang Cable Depot Ptd., Ltd.	Stock		992		808
Huawei Marine Systems Co., Ltd.	Stock		11,777		10,087
Visser Smit Global Marine Partnership	Stock		428		464
Novatel Wireless, Inc.	11,473,799 shares and 1,593,583 warrants		16,599		13,419
Kaneland, LLC	Stock		1,083		1,151
NerVve Technologies, Inc.	885,286 shares of Series A-1 Preferred Stock		5,023		5,538
Benevir Biopharm, Inc.	2,000 shares of Series A-1 Preferred Stock		1,623		1,915
Available-for-sale
Gaming Nation Acquisition Corporation	Convertible Debt and Warrant		16,097		-
Cost Method
DTV America Corporation	Convertible Debt		3,000		-
mParticle	Convertible Debt		500		250
		$	71,793	$	48,674

2015 Activity

Novatel Wireless, Inc. (“Novatel”)

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In February 2015, the Company sold 586,095 shares of common stock and 293,047 warrants for $1.0 million which resulted in a gain of $0.2 million.

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In March 2015, the Company exercised its warrants which converted into 3,824,600 shares of common stock for $8.6 million and also received a new warrant to purchase 1,593,583 shares of common stock at $5.50 per share.

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The Company’s ownership increased to approximately 23% of Novatel’s common stock.

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A basis difference, net of tax for the additional investment in March 2015 of $5.6 million consists of a trade name of $0.6 million (amortized over 15 years), a technology and customer intangible of $0.8 million (amortized over 7 years) and goodwill of $4.2 million.

DTV America Corporation (“DTV”)

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In the first quarter of 2015, the Company purchased $3.0 million of convertible debt.

Gaming Nation Acquisition Corporation

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In April 2015, the Company purchased $16.1 million of convertible debt.