Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

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DISCONTINUED OPERATIONS
12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
DISCONTINUED OPERATIONS

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 solely in the acquisition of patents and patent rights and the monetization of those rights through both the prosecution and licensing of its own patent portfolios and the acquisition of additional patents or partnering with others in the enforcement of their patent rights.

 

 

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

 

    For the Year Ended December 31, 2014     For the Year Ended December 31, 2013  
Assets:            
Deposits in real estate under contract   $ -     $ -  
Real estate held for sale   $ -     $ -  
Assets of discontinued operations   $ -     $ -  
                 
Liabilities                
Accounts payable and accrued expenses   $ -     $ 30,664  
Liabilities of discontnued 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 Year Ended December 31, 2014     For the Year Ended December 31, 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     -       (111,352 )
Gain on sale of assets of discontinued operations     -       168,216  
                 
Income from discontinued operations   $ -     $ 263,460