Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
6 Months Ended
Jun. 30, 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:

 

   

June 30,

2014

   

December 31,

2013

 
     (unaudited)      (audited)  
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 June 30, 2014     For the Three Months ended June 30, 2013     For the Six Months ended June 30, 2014     For the Six Months ended June 30, 2013  
Revenues - Real Estate   $ -     $ 283,966     $ -     $ 1,270,916  
Cost of Sales - Real Estate     -       (243,837 )     -       (1,061,320 )
Gross Profit             40,129               209,596  
Operating and other non-operating expenses     -       (30,656 )     -       (91,343 )
Gain on sale of assets of discontinued operations     -       -       -       -  
                                 
Income from discontinued operations   $ -     $ 9,473     $ -     $ 118,253