Annual report pursuant to Section 13 and 15(d)

Investment in Securities Held for Resale

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Investment in Securities Held for Resale
12 Months Ended
Dec. 31, 2014
Investment in Securities Held for Resale [Abstract]  
INVESTMENT IN SECURITIES HELD FOR RESALE
10. INVESTMENT IN SECURITIES HELD FOR RESALE

 

The Company owned common stock in DecisionPoint Systems, Inc. (DPSI), MEDL Mobile Holdings, Inc. (MEDL) and Endexx Corporation (EDXC) as a result of certain 2012 and 2013 business transactions of MacroSolve. These securities were revalued at fair market value on June 3, 2014 as part of the reverse merger accounting. During the second quarter, the Company sold 607,284 shares of DPSI and 147,692 shares of MEDL, representing all of its holdings in those securities, with losses of $21,635 and $3,686 recorded respectively. The Company received a total of $168,704 net cash proceeds from the sales. The Company holds 125,000 shares of EDXC, but has been unable to liquidate the shares due to issues with Endexx Corporation not being a fully-reporting company. The Company has determined that the EDXC shares are impaired and has charged off the $17,500 carrying value. A total of $42,821 was recorded as loss on sale of securities for the year ended December 31, 2014.