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v2.4.0.6
4. MARKETABLE SECURITIES AND INVESTMENTS
9 Months Ended
Sep. 30, 2012
Marketable Securities And Investments  
Note 4. MARKETABLE SECURITIES AND INVESTMENTS

 

Marketable securities held by Canaccord and MorganStanley SmithBarney (the holding companies) are held for an indefinite period of time and thus are classified as available-for-sale securities. Realized investment gains and losses are included in the statement of operations, as are provisions for other-than-temporary declines in the market value of available-for-sale securities. Unrealized gains and unrealized losses deemed to be temporary are excluded from earnings (losses), net of applicable taxes, as a component of other comprehensive income (loss). Factors considered in judging whether an impairment is other than temporary include the financial condition, business prospects and creditworthiness of the issuer, the length of time that fair value has been less than cost, the relative amount of decline, and the Company’s ability and intent to hold the investment until the fair value recovers. During 2010, the Company recorded an impairment charge of $8,924 regarding its investment in marketable securities because, based on management’s evaluation of the circumstances, management believed that the decline in fair value below the cost of certain of the Company’s marketable securities was not temporary. During the nine months ended September 30, 2012, the Company recorded an impairment charge of $26,715 regarding its investment in marketable securities because, based on management’s evaluation of the circumstances, management believed that the decline in fair value below the cost of certain of the Company’s marketable securities was not temporary.

 

Included in “Loss on impairment of marketable securities” on the statements of operations are $26,715 and $0 realized gains for the nine months ended September 30, 2012 and 2011, respectively. The Company did not sell any marketable securities during the nine months ended September 30, 2012. The Company recorded $0 and $831 of other comprehensive income (loss) associated with unrealized gains (losses), net of tax effect, on these investments during the nine months ended September, 2012 and 2011, respectively

 

The following is a summary of available-for-sale marketable securities as of September 30, 2012 and December 31, 2011:

 

    September 30, 2012  
    Cost     Unrealized
Gain
    Unrealized
(Losses)
    Market or
Fair Value
 
Equity securities   $ 29,210     $ 0     $ (26,715 )   $ 2,495  
Total   $ 29,210     $ 0     $ (26,715 )   $ 2,495  

 

    December  31, 2011  
    Cost     Unrealized
Gain
    Unrealized
(Losses)
    Market or
Fair Value
 
Equity securities   $ 29,210     $ 0     $ (25,478 )   $ 3,732  
Total   $ 29,210     $ 0     $ (25,478 )   $ 3,732  

 

The following is a summary of unrealized gains and losses as presented in Other Comprehensive Income as of September 30, 2012 and 2011:

 

    September 30, 2012  
            Unrealized     Unrealized     Other  
    Unrealized     (Losses)     (Losses)     Comprehensive  
Description   Gains     Short Term     Long Term     Income (Loss)  
Equity Securities   $ 0     $ 0     $ 0     $ 0  
Total   $ 0     $ 0     $ 0     $ 0  

 

 

 

    September 30, 2011  
            Unrealized     Unrealized     Other  
    Unrealized     (Losses)     (Losses)     Comprehensive  
Description   Gains     Short Term     Long Term     Income (Loss)  
Equity Securities   $ 3,376     $ 0     $ (2,454 )   $ 831  
Total   $ 3,376     $ 0     $ (2,454 )   $ 831  

 

The following is a summary of the loss from impairment of marketable securities and the gains or losses reclassified from Other Comprehensive Income (OCI) as of September 30, 2012:

 

    September  30, 2012  
    Proceeds     Gross     Gross     Gain or (Loss)  
    From     Realized     Realized     Reclassified  
Description   Sales     Gains     (Losses)     From O.C.I  
Equity securities   $ 0     $ 0     $ (25,478 )   $ (25,478 )
Total   $ 0     $ 0     $ (25,478 )   $ (25,478 )

 

The Company classifies securities that have a readily determinable fair value and are not bought and not held principally for the purpose of selling them in the near term as securities available-for-sale, pursuant to FASB ASC 320-10, Investments-Debt & Equity Securities. Under FASB ASC 320-10, unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported in other comprehensive income until realized.