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CASH AND CASH EQUIVALENTS
 12 Months Ended
Dec. 31, 2021
CASH AND CASH EQUIVALENTS

6. CASH AND CASH EQUIVALENTS

 

   December 31, 2021   December 31, 2020 
Cash held in banks  $22,729,212   $1,839,871 
Guaranteed investment certificates   346,501    142,545 
Cash and Cash Equivalents  $23,075,713   $1,982,416 

 

On March 27, 2020, the Company purchased a $142,000 guaranteed investment certificate (“GIC”) to secure its credit cards. The terms of the GIC are for 1 year at a rate of 0.50% per annum. On March 27, 2021 the company renewed the GIC for $142,710 for 1 year at a rate of 0.10% per annum.

 

On May 28, 2021, the Company purchased an additional $140,000 GIC to further secure its credit cards. The terms of the GIC are for 1 year at a rate of 0.35% per annum.

 

On December 21, 2021, the Company purchased an additional $50,000 USD GIC to further secure its credit cards. The terms of the GIC are for 1 year at 0.05% per annum.

 

All GIC’s must be maintained and renewed upon maturity until such time as the associated credit cards are cancelled.