Quarterly report pursuant to Section 13 or 15(d)

3. CASH AND CASH EQUIVALENTS

v2.4.0.8
3. CASH AND CASH EQUIVALENTS
6 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
CASH AND CASH EQUIVALENTS

As of September 30, 2013 and March 31, 2013 cash and cash equivalents included deposits in U.S. banks in the amount of $9,174,231 and $10,463,531, respectively. The Company’s deposits in U.S. banks are in non-FDIC insured accounts which means they are not insured to the $250,000 FDIC insurance limit. To mitigate this risk, the Company has placed all of its U.S. deposits in a money market account that invests in U.S. Government backed securities.

 

As of September 30, 2013 the Company placed $6,474,801 in an investment account. The Company can convert this amount into cash in a short period of time not exceeding one week.