Cash, Cash Equivalents and Short-Term Investments

6 Months Ended

Jun. 30, 2021

Cash, Cash Equivalents, and Short-term Investments [Abstract]

Cash, Cash Equivalents and Short-Term Investments

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents include items almost as liquid as cash, such as certificates of deposit and time deposits with maturity periods of three months or less when purchased. As of June 30, 2021 and December 31, 2020, the Company’s cash and cash equivalents were composed of:

	June 30, 2021		December 31, 2020
	Unaudited		Audited
Cash	$	33,303	$	20,339
Money market funds	315,821		214,335
Total cash and cash equivalents	$	349,124	$	234,674

The Company also invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments.

As of June 30, 2021 and December 31, 2020, the Company’s short-term investments were:

	June 30, 2021		December 31, 2020
	Unaudited		Audited
Short-term investments	$	549,907	$	607,902

Quoted market prices were applied to determine the fair value of cash equivalents and short-term investments, therefore they were categorized as Level 1 in accordance with ASC 820, “Fair Value Measurements and Disclosures.” The estimated fair value of the Company’s short-term investments as of June 30, 2021 and December 31, 2020 was $549,921 and $607,905, respectively.