3. CASH AND CASH EQUIVALENTS |
9 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Shareholders Equity | |
| CASH AND CASH EQUIVALENTS |
As of December 31, 2016 and March 31, 2016, the cash balance totaled $8,547,152 and $8,633,244, respectively.
The Company is exposed to concentrations of credit risk related to cash deposits. The Company maintains cash at a financial institution where the total cash balance is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to its limit. At any given time, the Company’s cash balance may exceed the balance insured by the FDIC. As of December 31, 2016 and March 31, 2016, $8,347,987 and $8,332,244, respectively, of the Company’s cash was in excess of FDIC limits.
As of December 31, 2016 and March 31, 2016, the cash balance included restricted cash in the amount of $8,533,566, respectively, which corresponds to the deferred distribution payments liability. |