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3. CASH AND CASH EQUIVALENTS
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12 Months Ended |
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Mar. 31, 2014
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| Notes to Financial Statements | |
| CASH AND CASH EQUIVALENTS |
As of March 31, 2014 and March 31, 2013 cash and cash equivalents included deposits in U.S. banks in the amount of $8,587,245 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.
In March 2013 the Company placed $6,502,038 in an investment account. This account was closed in January 2014 and the balance, $6,509,551, was transferred to Company’s savings account. During the fiscal year ended March 31, 2014 the Company recognized interest income from this investment account of $14,480, which was recorded as interest income in these financial statements. |