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## 19. Financial risk management(continued): 

(d) Liquidity risk: 

Liquidity risk is the risk that the Company will enco unter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity risk is to monitor consolidated cash flow to ensure that there will always be sufficient liquidity to meet liabilities when due. 

At December 31, 2014, the Company has a cash and cash equivalents balance of $ 34,510,514 (December 31, 2013 - $68,999,809) and positive working c apital of $33,878,764 (December31, 2013 - $68,382,722). Management believes the Company has sufficient cash resources to meet amounts due. 

The Company hasthe followingborrowings outstandin g at December 31, 2014 and 2013: 

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The long-term bank loan is describedin note 10(a). 

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements. 

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It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. 

