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Cash, Cash Equivalents, and Marketable Securities | 9 Months Ended
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Sep. 30, 2023
Cash, Cash Equivalents, and Marketable Securities [Abstract] |
Cash, Cash Equivalents, and Marketable Securities |
| 5. | Cash, Cash Equivalents, and Marketable Securities
Cash and cash equivalents consist of the following:
|  | September 30, 2023 |
|  | Contracted |  |  |
|  | Maturity |  | Balance |
Cash |  | Demand |  | $ | 15,379,169 |
Treasury bills and money market funds |  | Demand |  |  | 250,504,703 |
|  |  |  | $ | 265,883,872 |
|  | 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 $1,135,200 as of September 30, 2023 (December 31, 2022 - $1,100,000). The Company did not have any long-term investments as of September 30, 2023 or December 31, 2022. As of September 30, 2023, the Company had a guarantee/ standby letter of credit for $1,362,500 which will be used for the running of the day-to-day business operations (December 31, 2022 - $1,257,500).

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 + Details
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