Annual report pursuant to Section 13 and 15(d)

Marketable Securities

v3.3.1.900
Marketable Securities
12 Months Ended
Dec. 31, 2015
Cash Equivalents and Marketable Securities [Abstract]  
Marketable Securities
Cash Equivalents and Marketable Securities
Cash equivalents and marketable securities at December 31, 2015 and 2014 consisted of the following (in thousands): 
 
December 31, 2015
 
Adjusted Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Average
Contractual
Maturities
 
 
 
(in days)
Money market funds
$
11,120

 
$

 
$

 
$
11,120

 
n/a
Common shares of CO2 Solutions
563

 
986

 

 
1,549

 
n/a
Total
$
11,683

 
$
986

 
$

 
$
12,669

 
 

 
December 31, 2014
 
Adjusted Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
Average
Contractual
Maturities
 
 
 
(in days)
Money market funds
$
14,602

 
$

 
$

 
$
14,602

 
n/a
Common shares of CO2 Solutions
563

 
125

 

 
688

 
n/a
Total
$
15,165

 
$
125

 
$

 
$
15,290

 
 

As of December 31, 2015, the total cash and cash equivalents balance of $23.3 million was comprised of money market funds of $11.1 million and cash of $12.2 million held with major financial institutions worldwide. As of December 31, 2014, the total cash and cash equivalents balance of $26.5 million as of December 31, 2014 was comprised of money market funds of $14.6 million and cash of $11.9 million held with major financial institutions worldwide.
In December 2009, we purchased 10,000,000 common shares of CO2 Solutions, a company based in Quebec, Canada, whose shares are publicly traded in Canada on TSX Venture Exchange. Our purchase represented approximately 16.6% of CO2 Solutions’ total common shares outstanding at the time of investment and was made in a private placement subject to a four-month statutory resale restriction. This restriction expired on April 15, 2010. Our investment in CO2 Solutions is classified as available for sale and is recorded at its fair value (See Note 6 - Fair Value Measurements). Through December 31, 2015, we concluded that we did not have the ability to exercise significant influence over CO2 Solutions’ operating and financial policies.
As of December 31, 2015 and 2014, we had no marketable securities in an unrealized loss position.