Cash and cash equivalents and restricted cash

12 Months Ended

Dec. 31, 2012

Cash and Cash Equivalents [Abstract]

Cash Cash Equivalents Short Term and Long Term Investments and Restricted Cash [Text Block]

3. Cash and cash equivalents and restricted cash

Cash and cash equivalents are not restricted as to withdrawal or use. As of December 31, 2012 and 2011, the equivalent United States dollars are denominated in the following currencies:

	December 31,
	2012		2011
Bank accounts:
United States dollar	$	7,139,591	$	4,719,808
Cayman Islands dollar		10,907,483		12,360,952
Bahamian dollar		13,308,338		2,250,883
Belize dollar		2,007,243		1,723,264
Bermudian dollar		11,930		142,363
Mexican Peso		14,198		10,459
Euro		14,264		8,453
Singapore dollar		8,190		-
Indonesian Rupiah		112,442		-
		33,523,679		21,216,182
Short term deposits:
United States dollar		368,976		7,809,598
Bahamian dollar		-		8,598,399
		368,976		16,407,997
Total cash and cash equivalents	$	33,892,655	$	37,624,179

In addition, restricted cash as of December 31, 2011 of $7.5 million represented cash in a short term deposit account that was pledged as collateral for $7.5 million in borrowings under the Company’s non-revolving credit facility. The Company paid off this non-revolving credit facility in April 2012 which allowed for the release of the restriction on the $7.5 million that was pledged as collateral on the $10,000,000 non-revolving credit facility with Scotiabank (Cayman) Ltd.