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3. CASH AND CASH EQUIVALENTS
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9 Months Ended |
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Dec. 31, 2013
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| Notes to Financial Statements | |
| CASH AND CASH EQUIVALENTS |
As of December 31, 2013 and March 31, 2013 cash and cash equivalents included deposits in U.S. banks in the amount of $8,665,136 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 December 31, 2013 the Company placed $6,508,588 in an investment account. The Company can convert this amount into cash in a short period of time not exceeding one week. |
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- Details
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- Definition
The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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