Divestment of investments and discontinued activities

12 Months Ended

Dec. 31, 2011

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Divestment of investments and discontinued activities

On March 31, 2010 the Company sold its stock in Medicexchange and various non-core investments to an unrelated third party in return for consideration of £750 ($1,136).  This consideration was deferred and to be paid in instalments through March 2011.  As of December 31, 2010 £506 ($766) had been received.  The final instalment of £244 ($370) was paid on March 29, 2011.

The investments disposed of and the related consideration is as follows:

Asset	Consideration
Medicexchange Limited	$	927
Medicexchange Inc.		1
Hipcricket, Inc.		205
Eurindia Limited		1
XShares equity		1
XShares convertible notes		1
Total	$	1,136

Eurindia Limited (“Eurindia”) and the XShares Group, Inc. (“XShares”) convertible notes and equity investment had been fully impaired in previous periods so the consideration received of $3 represents the gain on sale recorded in the Consolidated Statement of Operations.  HipCricket had a carrying value of $224 when sold meaning a loss on sales of $19 was recorded.

Before their disposal, Medicexchange Limited and Medicexchange Inc. were consolidated into the MGT consolidated financial statements.  Consideration of $928 was allocated to Medicexchange and MGT recorded a profit on disposal of $149, net of tax. This gain on sale has been recognized in discontinued operations. The operations of Medicexchange have been presented in discontinued operations through the date of disposal, March 31, 2010.

Medicexchange’s operating results are as follows for the years ended December 31:

	2011		2010
Revenue	$	—	$	15
Operating expenses		—		(249	)
Net loss from operations		—		(234	)