Thursday, May 21, 2015 9:57:26 AM
NOTE 4 – SECURITIES AVAILABLE FOR SALE
On January 16, 2014, the Company acquired 2,000,000 restricted common shares of a publicly traded company. The investment was acquired at market value of $0.03 per share, and is held for future trade. The value of the investment will be adjusted quarterly to reflect the change in market value of the holding. The investment does not represent a controlling interest in the publicly traded company. The company has elected the fair value option under ASC 825 allowing gains and losses to be recorded in earnings each period. From receipt of the shares on January 16, 2014 through March 31, 2015 the securities were reduced in value from $60,000 to $200 due to a change in the publicly traded company’s stock price. These securities are measured under level 1 of ASC 820.
The Company reported an unrealized loss on investment of $19,800 and $20,000 during the three and nine months ending March 31, 2015 and 2014, respectively.
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