XML 29 R11.htm IDEA: XBRL DOCUMENT  v2.3.0.11
(5) INVESTMENTS AVAILABLE-FOR-SALE
6 Months Ended
Jun. 30, 2011
Investment [Text Block]
(5)         INVESTMENTS AVAILABLE-FOR-SALE

Investment securities consist of equity securities, which are classified as available-for-sale securities. Available-for-sale securities are recorded at fair value and unrealized holding gains and losses are excluded from earnings and are reported as a separate component of comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in the carrying amount to fair value. Any resulting impairment is charged to other expense and a new cost basis for the security is established.

The Company held one investment available-for-sale asset, which was comprised of 2,518,260 shares of its Australian licensee eBet Limited (eBet), an Australian gaming technology corporation. The Company’s holding in eBet represented less than 1% of eBet’s current outstanding shares.  During the three months ended June 30, 2011, the Company began selling its shares of eBet, and as of June 30, 2011, the Company had sold 1,672,605 shares for net proceeds of approximately US $90,000.  The Company recognized a loss on the sale of these shares of approximately $18,000 for the three months ended June 30, 2011, which is included in other income (expense), net. Based on the closing market price at June 30, 2011, the value of the remaining 845,655 shares was approximately $45,000.  The unrealized loss of the remaining investment was $11,000 at June 30, 2011 compared to an unrealized gain of $20,000 for the 2,518,260 shares at December 31, 2010.  The unrealized gains and losses of this investment are recorded in accumulated other comprehensive income in the Company’s consolidated balance sheets (see Note 9).  As of the filing of this Form 10-Q, the Company sold the remaining shares of its eBet investment.