7. Equity and Cost Method Businesses

Equity Method Businesses

The following unaudited summarized financial information relates to Actua’s businesses accounted for under the equity method of accounting as of December 31, 2014 and 2013. This aggregate information has been compiled from the financial statements of those businesses. Balance Sheets (Unaudited)

	December 31,			December 31,
	2014⁽²⁾			2013 ⁽¹⁾
	(in thousands)
Cash and cash equivalents	$	4,487		$	5,909
Other current assets		966			2,002
Non-current assets		51			399
Total assets	$	5,504		$	8,310
Current liabilities	$	9,411		$	11,085
Non-current liabilities		57			65
Long-term debt		-			-
Stockholders' deficit		(3,964	)		(2,840	)
Total liabilities and stockholders' deficit	$	5,504		$	8,310
Total carrying value	$	-		$	775

⁽¹⁾	Includes (Actua voting ownership): Acquirgy (25%).

⁽²⁾	Includes (Actua voting ownership): Acquirgy (25%) and CIML (38%).

As of December 31, 2013, Actua’s aggregate carrying value in its equity method businesses exceeded Actua’s share of the net assets of those businesses by $1.3 million. Of this excess, $0.6 million is allocated to goodwill, which is not amortized, and $0.7 million is allocated to intangibles, which are generally being amortized over five years. Amortization expense associated with those intangibles for the years ended December 31, 2014, 2013 and 2012 was $0.1 million, $0.2 million and $1.2 million, respectively; that amortization expense is included in the table below in the line item “Amortization of intangible assets” and is included in the line item “Equity loss” on Actua’s Consolidated Statements of Operations.

Results of Operations (Unaudited)

	Year Ended December 31,
	2014 ⁽¹⁾			2013 ⁽²⁾			2012
	(in thousands)
Revenue	$	8,763		$	48,316		$	89,958
Net income (loss)	$	(1,110	)	$	(9,238	)	$	(20,159	)
Equity income (loss) excluding impairments and amortization of intangible assets	$	(632	)	$	(2,798	)	$	(7,518	)
Amortization of intangible assets		(144	)		(165	)		(1,154	)
Total equity income (loss)	$	(776	)	$	(2,963	)	$	(8,672	)

⁽¹⁾	Includes Acquirgy and CIML (through September 30, 2014, the date of disposition).

⁽²⁾	Includes Acquirgy, CIML, Freeborders (through October 18, 2013, the date of disposition) and WhiteFence (through October 28, 2013, the date of disposition).

⁽³⁾	Includes Acquirgy, Bolt (through December 27, 2012, the date of consolidation), CIML (through July 11, 2012, the date of consolidation), Freeborders, GoIndustry (through July 5, 2012, the date of disposition) and WhiteFence.

Cost Method Businesses

Actua’s carrying value of its holdings in cost method businesses was $17.7 million and $20.4 million as of December 31, 2014 and 2013, respectively. Those amounts are reflected in the line item “Equity and cost method businesses” on Actua’s Consolidated Balance Sheets as of the relevant dates.

Actua owns approximately 9% of Anthem Ventures Fund, L.P. (formerly eColony, Inc.) and Anthem Ventures Annex Fund, L.P. (collectively, “Anthem”), which invest in technology companies. Actua acquired its interest in Anthem in 2000 and currently has no carrying value in Anthem. Accordingly, the receipt of distributions from Anthem by Actua would result in a gain at the time Actua receives those distributions.

Marketable Securities

Marketable securities represent Actua’s holdings of publicly-traded equity securities and are accounted for as available-for-sale securities. During the year ended December 31, 2012, Actua received, and subsequently sold, publicly-traded equity securities that it has accounted for as marketable securities. Actua did not hold any marketable securities as of December 31, 2014 and 2013, respectively.

Impairments

Actua performs ongoing business reviews of its equity and cost method businesses to determine whether Actua’s carrying value in those businesses is impaired. Actua determined its carrying value in its equity and cost method businesses was not impaired during the years ended December 31, 2014, 2013 and 2012.