Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents

Cash and Cash Equivalents

5. Cash and Cash Equivalents

Cash and Cash Equivalents

The Company has reported $2.4 million and $3.8 million Cash and cash equivalents on the interim Condensed Consolidated Balance Sheets at March 31, 2024 and at December 31, 2023 respectively. The December 31, 2023 balance included approximately $153,000 that was unavailable for use due to a court order freezing the bank accounts of one of the Company’s subsidiaries in Mexico related to a lawsuit. The restrictions were lifted and the bank accounts were unfrozen during the first quarter of 2024 as the Company reached an agreement to settle the lawsuit for $250,000 (see Notes 16 and 19).

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.