Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

6. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

Cash, cash equivalents, and restricted cash are represented by operating accounts or money market accounts maintained with insured financial institutions, including all short-term, highly-liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March 31, 2021 and December 31, 2020. Restricted cash consists of funds that were withheld from the loan amount as an interest reserve as described in Note 15 – Debt Agreements related to the secured loan agreement entered into by AZCOMS. These funds are legally restricted to service the interest on the related debt agreement and are relieved on a monthly basis.

Cash and cash equivalents consisted of the following as of March 31, 2021 and December 31, 2020:

(Amounts in US$’s)	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	10,485,826	$	730,502
Restricted cash		485,124		—
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows	$	10,970,950	$	730,502