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CASH
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Note 2. CASH

Cash and Cash Equivalents

 

As of March 31, 2013, the Company held approximately $5,170,000 in cash and cash equivalents. The Company’s cash equivalents consist solely of bank money market funds. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has never experienced any losses related to these balances.

 

Restricted Cash

 

As of March 31, 2013, restricted cash consists of two $250,000 letters of credit issued in favor of one of the Company’s key product development vendors and a $157,463 letter of credit issued in favor of a landlord. As of December 31, 2012, restricted cash consists of one $250,000 letter of credit issued in favor of one of the Company’s key product development vendors and a $157,463 letter of credit issued in favor of a landlord. Non-current restricted cash represents a security deposit on the Company’s leased offices.