RESTRICTED CASH

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

RESTRICTED CASH

4. RESTRICTED CASH

As a condition of the SVB Loan Facility entered into on June 18, 2021, as further discussed in Note 9, the Company was required at all times to maintain on deposit with SVB as cash collateral in a segregated money market bank account in the name of the Company, unrestricted and unencumbered cash (other than a lien in favor of SVB) in an amount of at least 100% of the aggregate outstanding amount of the SVB loan facility. SVB could restrict withdrawals or transfers by or on behalf of the Company that would violate this requirement. The loan was repaid in full during the quarter ended June 30, 2023, thus removing this requirement. The required reserve totaled $6.0 million as of December 31, 2022. This amount is presented in part as restricted cash in current and other non-current assets on the accompanying consolidated balance sheets.

The following table reconciles cash and cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows:

	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	5,838,566	$	11,492,841
Money market investments, restricted		-		6,000,000
Total	$	5,838,566	$	17,492,841