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Cash, Restricted Cash, and Cash held in Trust
3 Months Ended
Mar. 31, 2022
Cash and Cash Equivalents [Abstract]  
Cash, Restricted Cash, and Cash held in Trust

Note 3 – Cash, Restricted Cash, and Cash held in Trust

 

Cash consist of amounts held as bank deposits, amounts held in escrow and highly liquid debt instruments purchased with an original maturity of three months or less.

 

From time to time, we may maintain bank balances in interest bearing accounts in excess of the $250,000 currently insured by the Federal Deposit Insurance Corporation for interest bearing accounts (there is currently no insurance limit for deposits in noninterest bearing accounts). We have not experienced any losses with respect to cash. Management believes our Company is not exposed to any significant credit risk with respect to its cash.

 

Restricted cash represents $375,000 as part of the SURG settlements proceeds that need to stay in escrow and $8,144 restricted cash that the court on January 28, 2022 awarded the Company with injunction against RWJ defendants, where all fee funds generating from resale should be deposited into GBT blocked account, and therefore RWJ defendants cannot use these funds without court order.

 

As of March 31, 2022 and December 31, 2021, the Company held cash in the amount of $113,617 and $155,106, respectively.

 

As of March 31, 2022 and December 31, 2021, the Company held restricted cash in the amount of $383,144 and $0, respectively.

 

As of March 31, 2022 and December 31, 2021, the Company held cash in the trust account of $54,940 and $112,942, respectively. The cash in the trust account do not have any restrictions.