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3. CASH AND CASH EQUIVALENTS
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6 Months Ended |
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Sep. 30, 2013
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| 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. |