Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
9 Months Ended
Sep. 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 disposed of 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.

 

Since there was no remaining activity and no expected recovery or cost associated with the business, the remaining liabilities were written off as of September 30, 2014. The carrying historical amounts of the major classes of the assets and liabilities are summarized as follows:

 

   

 September 30,

2014

   

December 31,

2013

 
Liabilities:                
Accounts payables and accrued expenses   $ -     $ 30,664  
Liabilities of discontinued operations   $ -     $ 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 September 30, 2014     For the Three Months ended September 30, 2013     For the Nine Months ended September 30, 2014     For the Nine Months endedSeptember 30, 2013  
Revenues - Real Estate   $ -     $ -     $ -     $ 1,270,916  
Cost of Sales - Real Estate     -       -       -       (1,064,320 )
Gross Profit             -               206,596  
Operating and other non-operating expenses     -       (23,009 )     -       (111,352 )
Gain on sale of assets of discontinued operations     -       168,216       -       168,216  
                                 
Income from discontinued operations   $ -     $ 145,207     $ -     $ 263,460