XML 23 R13.htm IDEA: XBRL DOCUMENT v3.23.3
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS
 9 Months Ended
Sep. 30, 2023
Cash And Cash Equivalents And Restricted Cash And Cash Equivalents  
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS

NOTE 4 – CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS

 

Cash equivalents are valued using quoted market prices or other readily available market information. The Company has restricted cash and cash equivalents of $1,115,084 and $6,374,368 as of September 30, 2023 and December 31, 2022, respectively. The amounts of restricted cash and cash equivalents held as of September 30, 2023, are to secure the standby letter of credit with landlords and the amounts of restricted cash and cash equivalents as of December 31, 2022, are held as security for the debt with a financial institution (see Note 15 — Revolving Loan, Short Term Note, and Long-Term Debt) and to secure standby letters of credit with landlords. On June 21, 2023, the Company amended its revolving loan and $5,273,391 of restricted cash and cash equivalents was released. The following table summarizes the components of the Company’s cash and cash equivalents, and restricted cash and cash equivalents as of September 30, 2023 and September 30, 2022:

 

   2023   2022 
Cash and cash equivalents  $4,948,832   $9,044,666 
Restricted cash and cash equivalents   1,115,084    6,368,016 
Cash and cash equivalents, and restricted cash and cash equivalents  $6,063,916   $15,412,682