Annual report pursuant to Section 13 and 15(d)

Restricted Cash Equivalents and Investments

v3.24.1
Restricted Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2023
Restricted Cash Equivalents and Investments [Abstract]  
Restricted Cash Equivalents and Investments NOTE 8 –RESTRICTED CASH EQUIVALENTS AND INVESTMENTS

The following tables show the Company’s restricted cash equivalents and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash equivalents or short and long-term investments as of December 31, 2023 and 2022.

December 31, 2023

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value

Restricted Cash Equivalents

Short-Term Investments

Long-Term Investments

Cash equivalents:

Money Market funds

$

1,799,357

$

—

$

—

$

1,799,357

$

1,799,357

$

—

$

—

Total

$

1,799,357

$

—

$

—

$

1,799,357

$

1,799,357

$

—

$

—

December 31, 2022

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Fair Value

Cash Equivalents

Short-Term Investments

Long-Term Investments

Cash equivalents:

Money Market funds

$

978,462

$

—

$

—

$

978,462

$

978,462

$

—

$

—

Subtotal

978,462

—

—

978,462

978,462

—

—

Investments:

Corporate Notes/Bonds

2,715,607

—

(48,841)

2,666,766

—

2,666,766

—

Subtotal

2,715,607

—

(48,841)

2,666,766

—

2,666,766

—

Total

$

3,694,069

$

—

$

(48,841)

$

3,645,228

$

978,462

$

2,666,766

$

—

The Company recognized $38,419 and $0 in gross realized gains during the years ended December 31, 2023 and 2022, respectively.

As part of the merger, the Company acquired an investment totaling $250,000 in preferred shares of Kogniz, Inc., a privately owned artificial intelligence company based in Silicon Valley, CA. The Company’s investment represented less than 10% of the outstanding equity of Kogniz. The Company uses the cost method to account for investments in common stock of entities such as Kogniz if the Company does not have the ability to exercise significant influence over the operating and financial matters of the entity. The Company also uses the cost method to account for its investments that are not in the form of common stock or in-substance common stock in entities if the Company does not have the ability to exercise significant influence over the entity’s operating and financial matters. Based on Kogniz’s 2022 performance and overall financial outlook, the Company recognized an impairment loss of $250,000 within operating expenses in the accompanying consolidated statement of operations and comprehensive loss.