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Cash, Cash Equivalents and Short-Term Investments | 9 Months Ended
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Sep. 30, 2020
Cash and Cash Equivalents [Abstract] |
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 3. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash, cash equivalents and short-term investments (at amortized cost plus accrued interest) consisted of the following:
|  | As of September 30, 2020 |  |  | As of December 31, 2019 |
Cash and cash equivalents |  | $ | 3,918,157 |  |  | $ | 6,293,293 |
Short-term investments |  |  | 1,992,538 |  |  |  | 2,480,753 |
Total |  | $ | 5,910,695 |  |  | $ | 8,774,046 |
Held to maturity securities (certificates of deposit) are carried at amortized cost. In compliance with a bank debt covenant, we held at least $1,400,000 of otherwise unrestricted cash, cash equivalents and short-term investments in an escrow account (a non-current asset) in favor of the bank as of September 30, 2020. As of December 31, 2019, we were required to maintain at least $2,000,000 of otherwise unrestricted cash, cash equivalents and short-term investments in compliance with a bank debt covenant.

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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=120391452&loc=d3e13212-122682 + Details
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