Marketable Securities | 9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Notes to Financial Statements | |
| Marketable Securities |
As part of our settlement with YNG, we received 2,000,000 restricted common shares of YNG with an initial fair value of $1,152,000 (utilizing the sale price quoted on the Toronto Stock Exchange of $.576 a Level 1 input). We have classified the shares as available for sale.
During the three-month period ended September 30, 2011 we sold 210,000 shares of YNG common stock at prices ranging from $.53 per share to $.44 per share. The sale of shares resulted in a loss of $21,483 during the period. We generated net cash of $99,477 from the sale of these shares. During the nine-month period ended September 30, 2011 we sold 350,000 shares of YNG common stock at prices ranging from $.53 per share to $.44 per share. The sale of shares resulted in a loss of $33,499 during the period. We generated net cash of $168,161 from the sale of these shares.
As of September 30, 2011 we had 1,650,000 shares available for sale. Subsequent adjustments to the fair value of the shares are reflected in the carrying amount as of the balance sheet date, and fluctuations in the fair value affect other comprehensive income. As of September 30, 2011, the market price for YNG shares was $.28. |