XML 24 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Cash, Cash Equivalents, and Marketable Securities
 9 Months Ended
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).