Investments

As of December 31, 2017, the Company's investments of $1.4 million include equity ownership in the following entities:



Company	Approximate % Ownership
A Vendor Services Company	34.1%
Catchafire, Inc.	3.6%

On July 17, 2015, the Company made an investment of $1.0 million in cash in exchange for a 21.1% equity interest (based on common and preferred shares outstanding) in A Vendor Services Company. During the twelve months ended December 31, 2016, the Company purchased additional equity interests in exchange for cash, increasing it's ownership to 34.1%. The Company uses the equity method of accounting for this investment since the ownership percentage is greater than 20% and the Company exercises significant influence.

As of December 31, 2017, the Company has an investment of $0.4 million in Catchafire, Inc., an entity that matches professionally skilled volunteers with non-profits and social enterprises, that is accounted for using the cost method. In January, 2017, Catchafire, Inc. raised additional funding in a round in which the Company did not participate resulting in a decrease in its equity interest to 3.6%.

On July 2, 2015, the Company contributed $1.5 million in cash in exchange for a 17.6% equity interest (based on common and preferred shares outstanding) in Jetaport, a hotel room block marketplace technology company. During the three months ended June 30, 2017, the Company determined that impairment indicators existed in its investment. As of June 30, 2017, Jetaport, Inc. had not yet raised additional capital, and based upon Jetaport, Inc.'s financial condition, an other-than-temporary impairment of $1.0 million was recorded to reduce its carrying value of Jetaport, Inc. to zero. The impairment is included in “Loss in equity interests” within the 2017 Consolidated Statement of Operations.

On January 16, 2014 the Company entered into an agreement to contribute $4 million in cash in exchange for a minority equity interest of approximately 3% in Touch Media International Holdings ("Touch Media"), During the year ended December 31, 2015, the Company determined that impairment indicators existed based upon consistent material underperformance to Touch Media's financial projections and a weak financial condition. As a result, the Company recorded an impairment charge of $4.0 million to reduce it's investment to $0.

The Company's proportionate shares of the operating results of its equity method investments, including GigMasters through September 30, 2015, are recorded in gain (loss) in equity interests in the Company's Consolidated Statements of Operations.

(Loss) gain in equity interests for the years ended December 31, 2017, 2016 and 2015 were $(1.2) million, $(0.3) million, and $0.5 million, respectively.