Overstock.com 2004 Annual Report Download - page 79

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In February 2003, the Company closed its follow-on public offering, pursuant to which it sold 1,725 shares of common stock, with proceeds to the
Company of approximately $23,968, net of $613 of issuance costs.
In June 2004, the Company closed its second follow-on public offering, pursuant to which it sold 1,300 shares of common stock, with proceeds to the
Company of approximately $37,857, net of $405 of issuance costs.
In November 2004, the Company closed another follow-on public offering, pursuant to which it sold 1,380 shares of common stock, with proceeds to the
Company of approximately $75,207, net of $215 of issuance costs. Concurrently in November 2004, the Company issued convertible senior notes pursuant to
which it received $116,199, net of $3,801 of initial purchaser's discount and debt issuance costs.
4. MARKETABLE SECURITIES
The Company's marketable securities consist of funds deposited into capital management accounts managed by two financial institutions. The financial
institutions invested these funds in municipal, government, and corporate bonds at December 31, 2003, as follows:
Cost Basis
Unrealized
Gains
Unrealized
Losses
Estimated
Market Value
U.S. government and government agency securities $ 9,299 $ 1 $ (7) $ 9,293
Corporate securities 296 — — 296
Money market securities 748 1 — 749
Mortgage based securities 1,169 — (7) 1,162
$ 11,512 $ 2 $ (14) $ 11,500
The financial institutions have invested these funds in municipal, government, and corporate bonds at December 31, 2004, as follows:
Cost Basis
Unrealized
Gains
Unrealized
Losses
Estimated
Market Value
U.S. government and government agency securities $ 27,225 $ 45 $ (117) $ 27,153
Corporate securities 55,197 — (17) 55,180
Mortgage based securities 6,483 — (14) 6,469
$ 88,905 $ 45 $ (148) $ 88,802
All marketable securities mature between 2005 and 2045.
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