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Marketable Securities
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6 Months Ended |
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Jun. 30, 2012
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| Notes to Financial Statements | |
| Marketable Securities |
Note E – 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.
Through the six months ended June 30, 2012 we sold a total of 455,095 YNG shares for total proceeds of $130,780 respectively. Additionally, we distributed 43,400 shares of YNG stock during the three months ended June 30, 2012 to Blane Wilson, a former officer of the Company, for final payment of commissions payable to him related to our Jerritt Canyon operations. Additionally, we transferred 37,100 shares of YNG stock to Tracy A. Madsen, our Chief Financial Officer as part of his annual bonus. These shares were valued at $10,314.
As of June 30, 2012, we had 1,112,405 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 June 30, 2012, the market price for YNG shares was $.327. |