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Cash and cash equivalents

12 Months Ended

Dec. 31, 2019

Cash and cash equivalents

Cash and cash equivalents

4. Cash and cash equivalents

Cash and cash equivalents are not restricted by the terms of the Company’s bank accounts as to withdrawal or use. As of December 31, 2019 and 2018, the equivalent United States dollars are denominated in the following currencies:

		December 31,
		2019			2018
Bank accounts:
United States dollar		$	16,107,831		$	11,797,054
Cayman Islands dollar			6,690,274			5,626,487
Bahamian dollar			6,353,936			3,301,002
Belize dollar			—			1,130,783
Bermudian dollar			3,084			3,370
Mexican peso			384,895			37,313
Indonesian rupiah			—			22,289
			29,540,020			21,918,298
Short term deposits:
United States dollar			11,100,185			8,379,723
Cayman Islands dollar			1,209,954			—
Bahamian dollar			1,052,510			1,039,456
			13,362,649			9,419,179
Total cash and cash equivalents		$	42,902,669		$	31,337,477

Transfers from the Company’s Bahamas bank accounts to Company bank accounts in other countries require the approval of the Central Bank of the Bahamas.

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- References

No definition available.

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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/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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