Cash Equivalents and Equity Securities
|12 Months Ended|
Dec. 31, 2019
|Debt Securities, Available-for-sale [Abstract]|
|Cash Equivalents and Equity Securities||Cash Equivalents and Equity Securities
Cash equivalents at December 31, 2019 and cash equivalents and equity securities at December 31, 2018 consisted of the following (in thousands):
(1) Money market funds are classified in cash and cash equivalents on our consolidated balance sheets.
(2) Common shares of CO2 Solutions are classified in equity securities on our consolidated balance sheets.
As of December 31, 2019, the total cash and cash equivalents balance of $90.5 million was comprised of money market funds of $71.2 million and cash of $19.3 million held with major financial institutions worldwide. As of December 31, 2018, the total cash and cash equivalents balance of $53.0 million was comprised of money market funds of $31.2 million and cash of $21.8 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 2 -month statutory resale restriction. This restriction expired on April 15, 2010. Our investment in CO Solutions is recorded at its fair value. See Note 7, “Fair Value Measurements.”
In the third quarter of 2019, we sold 1.3 million common shares of our investment in CO2 Solutions and received proceeds of $0.1 million. In addition, we also reviewed our investment in the common shares of CO2 Solutions in conjunction with CO2 Solutions' announcement to file under the Bankruptcy and Insolvency Act (Canada), concurrent with the suspension in trading of its equity securities. We assessed the fair market value of the investment given no available observable market pricing and concluded to write down the investment to zero. We recognized an unrealized loss of $0.5 million and $84 thousand related to our investment in CO2 Solutions in other expense, in the consolidated statements of operations for the years ended December 31, 2019, and 2018, respectively.
The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss).
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef