Quarterly report pursuant to sections 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
3 Months Ended
Mar. 31, 2014
Accounting Policies [Abstract]  
DISCONTINUED OPERATIONS

During June 2012, the Company decided to discontinue its exploration and potential development of uranium and vanadium minerals business and prior periods have been restated in the Company’s consolidated financial statements and related footnotes to conform to this presentation. Additionally, in November 2012, the Company decided to discontinue its real estate business and intends to sell and dispose its remaining real estate holdings during fiscal 2013. The Company is now engaged in the acquisition, development and monetization of intellectual property through both the prosecution and licensing of its own patent portfolio, the acquisition of additional intellectual property or partnering with others to defend and enforce their patent rights.

 

The remaining liabilities of discontinued operations are presented in the balance sheet under the caption “Liabilities of discontinued operation" and relates to the discontinued operations of the uranium and vanadium minerals business and real estate business. The carrying amounts of the major classes of the assets and liabilities are summarized as follows:

 

   

March 31,

2014

   

December 31,

2013

 
Assets:            
Assets of discontinued operations   $ -     $ -  
                 
Liabilities:                
Accounts payables and accrued expenses   $ 30,664     $ 30,664  
Liabilities of discontinued operations   $ 30,664     $ 30,664  

 

The following table indicates selected financial data of the Company’s discontinued operations of its uranium and vanadium minerals business and real estate business.

 

    For the Three Months Ended March 31, 2014     For the Three Months Ended March 31, 2013  
Revenues – real estate   $ -     $ 986,951  
Cost of sales- real estate     -       (817,483 )
Gross profit     -       169,468  
Operating and other non-operating expenses     -       (60,688 )
                 
Income from discontinued operations, net of tax   $ -     $ 108,780