INVESTMENTS

12 Months Ended

Dec. 31, 2019

INVESTMENTS

INVESTMENTS

NOTE 5 INVESTMENTS

The Company’s investment portfolio consists of marketable equity securities and warrants of certain publicly-traded companies.

The following is a summary of the activity in investments for the years ended December 31, 2019 and 2018:

	As at		Additions/		Net gain		Disposals/		Unrealized		Fair value
	December 31,		transfers during		(loss) on		transfers during		gain (loss) on		December 31,
	2018		period		securities sold		period		securities held		2019
Marketable equity securities	$	2,718	$	2,314	$	3,396	$	(7,279)	$	736	$	1,885
Warrants		413		—		1,127		(1,540)		—		—
Investments	$	3,131	$	2,314	$	4,523	$	(8,819)	$	736	$	1,885

	As at		Additions/		Net gain		Disposals/		Unrealized		Fair value
	December 31,		transfers during		(loss) on		transfers during		gain (loss) on		December 31,
	2017		period		securities sold		period		securities held		2018
Marketable equity securities	$	6,404	$	1,882	$	(767)	$	(2,895)	$	(1,906)	$	2,718
Warrants		1,567		201		—		(704)		(651)		413
Investments	$	7,971	$	2,083	$	(767)	$	(3,599)	$	(2,557)	$	3,131

During the years ended December 31, 2019, 2018 and 2017, the Company sold marketable equity securities for $6.8 million, $2.9 million and $2.2 million, respectively.

As of December 31, 2019, the cost of the marketable equity securities was $1.3 million (December 31, 2018 – cost of marketable equity securities and warrants was $2.9 million).

The Company maintained a portfolio of warrants in equity interests of publicly-traded companies for investment purposes which are not used in any hedging activities. The Company recorded warrants at fair value using the Black-Scholes option pricing model. As the warrants met the definition of derivative instruments, gains or losses arising from their revaluation are recorded in the Statement of Operations. During the year ended December 31, 2019, the Company exercised all of its warrants and transferred the balance to marketable equity securities.