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Restricted Cash
 9 Months Ended
Sep. 30, 2023
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 was 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 loan was repaid in full during the quarter ended June 30, 2023, thus removing this requirement. The required reserve totaled $6.0 million as of December 31, 2022. This amount is presented in part as restricted cash in current and other non-current assets on the accompanying condensed consolidated balance sheets.

 

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

 

   September 30, 2023   December 31, 2022 
Cash and cash equivalents  $12,884,199   $11,492,841 
Money market investments, restricted cash   -    6,000,000 
Total  $12,884,199   $17,492,841