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Restricted Cash

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Restricted Cash

Note 4. Restricted Cash

As a condition of the SVB Loan Facility entered into on June 18, 2021 as further discussed in Note 10, the Company is required at all times to maintain on deposit with SVB as cash collateral in a segregated money market bank account in the name of the Company, unrestricted and unencumbered cash (other than a lien in favor of SVB) in an amount of at least 100% of the aggregate outstanding amount of the SVB loan facility. SVB may restrict withdrawals or transfers by or on behalf of the Company that would violate this requirement. The required reserve totaled $6.0 million as of September 30, 2022 and December 31, 2021. This amount is presented in part as restricted cash in other non-current assets on the accompanying condensed consolidated balance sheets.

The following table reconciles cash and cash equivalents and restricted cash per the balance sheet to the condensed statements of cash flows:

Schedule of Cash and Cash Equivalents and Restricted Cash

		September 30, 2022				September 30, 2021
Cash and cash equivalents		$	26,938,090			$	25,648,849
Money market investments, restricted			6,000,000				6,000,000
Total		$	32,938,090			$	31,648,849

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- Definition

The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.

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