|
Marketable Securities
|
9 Months Ended |
|---|---|
|
Sep. 30, 2012
|
|
| 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.
Through the three and nine months ended September 30, 2012, we sold a total of 117,700 and 572,795 YNG shares for total proceeds of $33,369 and$164,149 respectively. Additionally, we distributed 43,400 shares of YNG stock during the nine months ended September 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 on the date of transfer.
As of September 30, 2012, we had 994,705 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, 2012, the market price for YNG shares was $.294.
|