Investments, Debt and Equity Securities

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities:

Available-for-sale Securities

INVESTMENTS AVAILABLE FOR SALE

Investments that the Company designated as available-for-sale are reported at fair value, with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive loss.  The Company bases the cost of the investment sold on the specific identification method.  The available-for-sale investments consist of mutual funds.  If an available-for-sale investment is other than temporarily impaired, the loss is charged to either earnings or stockholders’ (deficit) equity depending on our intent and ability to retain the security until we recover the full cost basis and the extent of the loss attributable to the creditworthiness of the issuer.

On September 30, 2015 and December 31, 2014, the fair value for all of the Company’s investments was determined based upon quoted prices in active markets for identical assets (Level 1).

The carrying amount, gross unrealized holding gains, gross unrealized holding losses, and fair value of available-for-sale securities by major security type and class of security at September 30, 2015 and December 31, 2014 were as follows:

	Aggregate cost basis		Gross unrealized holding gains		Gross unrealized holding (losses)		Aggregate fair value
At September 30, 2015
Available-for-sale:
Mutual Funds	$	13,000	$	-	$	-	$	13,000
At December 31, 2014
Available-for-sale:
Mutual Funds	$	13,000	$	-	$	-	$	13,000

The aggregate fair value of mutual funds as of September 30, 2015 and December 31, 2014 was $13,000. As of September 30, 2015 and December 31, 2014, there were no mutual funds that had unrealized losses.  The mutual funds contain investments that seek a high level of current income. The funds normally invest at least 80% of net assets, plus the amount of any borrowings for investment purposes, in floating or adjustable rate senior loans of any maturity or