Quarterly report pursuant to Section 13 or 15(d)

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

9 Months Ended

Sep. 30, 2017

The Company places cash investments in high quality financial institutions insured by the Federal Deposit Insurance Corporation ("FDIC"). At September 30, 2017, the Company maintained a cash balance of $51,366,000 in excess of FDIC limits.

The Company considers all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents.

Cash and cash equivalents as of September 30, 2017 and December 31, 2016 were composed of:

	September 30, 2017		December 31, 2016

Cash	$	9,395,000	$	9,452,000
Money market fund		42,870,000		41,466,000
Total	$	52,265,000	$	50,918,000

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

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