Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item
7A. Quantitative and Qualitative Disclosures About Market Risk
The
primary objective of our investment activities is to preserve capital. We do not utilize hedging contracts or similar instruments.
We are exposed to certain market risks relating primarily to interest rate risk on our cash and cash equivalents and risks relating
to the financial viability of the institutions which hold our capital and through which we have invested our funds. We manage
such risks by investing in short-term, liquid, highly rated instruments. As of December 31, 2020, our cash equivalents are invested
primarily in short-term U.S. treasury bills. We do not believe we have any material exposure to interest rate risk due to the
extremely low interest rate environment and the short duration of the invested funds we hold. Declines in interest rates would
reduce our investment income but would not have a material effect on our financial condition or results of operations. We do not
currently have exposure to foreign currency risk.
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