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RESTRICTED CASH | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
RESTRICTED CASH | 4. RESTRICTED CASH As a condition of the SVB Loan Facility entered into on June 18, 2021 as further discussed in Note 11, 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 December 31, 2022 and 2021. This amount is presented in part as restricted cash for $1.5 million in current assets and $4.5 million in other non-current assets on the accompanying condensed consolidated balance sheets. On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. Although the Department of the Treasury, the Federal Reserve and the FDIC stated all depositors of SVB would have access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts, borrowers under credit agreements, letters of credit and certain other financial instruments with SVB, or any other financial institution that is placed into receivership by the FDIC may be impacted. by other disruptions to the U.S. banking system caused by the recent developments involving SVB. The following table reconciles cash and cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|  | December 31, 2022 |  |  | December 31, 2021 |
Cash and cash equivalents |  | $ | 11,492,841 |  |  | $ | 19,586,272 |
Money market investments, restricted |  |  | 6,000,000 |  |  |  | 6,000,000 |
Total |  | $ | 17,492,841 |  |  | $ | 25,586,272 |

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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. + References No definition available. + Details
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