3. CASH AND CASH EQUIVALENTS |
3 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Notes to Financial Statements | |
| CASH AND CASH EQUIVALENTS |
As of June 30, 2016 and March 31, 2016, the cash balance totaled $8,702,632 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 June 30, 2016 and March 31, 2016, $8,452,632 and $8,332,244, respectively, of the Company’s cash was in excess of FDIC limits.
As of June 30, 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. |