XML 22 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Cash, Cash Equivalents, and Marketable Securities
 3 Months Ended
Mar. 31, 2023
Cash, Cash Equivalents, and Marketable Securities [Abstract]  
Cash, Cash Equivalents, and Marketable Securities
4.Cash, Cash Equivalents, and Marketable Securities

 

Cash and cash equivalents as of March 31, 2023 and December 31, 2022 consist of the following:

 

   March 31, 2023 
   Contracted    
   Maturity  Balance 
        
Cash  Demand  $8,748,662 
Treasury bills and money market funds  Demand   316,455,980 
      $325,204,642 

 

        
   December 31, 2022
   Contracted    
   Maturity  Balance 
        
Cash  Demand  $3,519,674 
Treasury bills and money market funds  Demand   333,649,605 
      $337,169,279 

 

Cash and cash equivalents are carried at amortized cost, which approximates their fair market value.

 

Marketable securities consist of term deposits of $1,100,000 as of March 31, 2023 and December 31, 2022. The Group did not have any long-term investments as of March 31, 2023 or December 31, 2022 except for the investment in a joint venture.

 

As of March 31, 2023, the Group entered into a guarantee/ standby letter of credit for $1,257,500 which will be used towards the issuance of credit for running the day-to-day business operations (December 31, 2022 - $1,257,500).