Cash and cash equivalents

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents

Cash and cash equivalents

3. Cash and cash equivalents

Cash and cash equivalents are not restricted by the terms of the Company’s bank accounts as to withdrawal or use. As of December 31, 2022 and 2021, the equivalent United States dollars of the Company’s cash and cash equivalents, including those accounts denominated in currencies other than the U.S. dollar, are as follows:

	December 31,
	2022		2021
Bank accounts:
United States dollar	$	24,573,161	$	15,891,277
Cayman Islands dollar		14,956,162		12,784,358
Bahamian dollar		5,698,100		3,944,208
		45,227,423		32,619,843
Short term deposits:
United States dollar		5,484,328		5,324,258
Cayman Islands dollar		—		2,413,958
		5,484,328		7,738,216
Total cash and cash equivalents	$	50,711,751	$	40,358,059

Transfers from the Company’s Bahamas bank accounts to Company bank accounts in other countries require the approval of the Central Bank of The Bahamas.