It is not expected that the cash flows included in the maturity analysis could occur  significantly  earlier, or at significantly different amounts. 31  Carrying  Contractual  Millions amount  cash flow  2015  2016  2017  2018  Thereafter  Tenure agreement  $  0.60  $ 0.63  $  0.08  $ 0.08  $  0.08  $ 0.08  $ 0.31  Accounts payable  and accrued  liabilities  0.62  0.62  0.62  -  -  -  -  Long-term bank loan  14.80  17.20  0.80  0.80 15.60 -  -  Total contractual obligations  $ 16.02  $ 18.45  $ 1.50  $ 0.88 $ 15.68 $  0.08  $ 0.31  The following are the contractual maturities of financial liabilities, including estimated interest  payments and excluding the impact of netting agreements. The long-term bank loan is describedin note 10(a).  19. Financial risk management(continued):  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:  (d) Liquidity risk:  2014  2013  Long-term bank loan  $ 14,804,733  $  -  Total borrowings  $ 14,804,733  $  -  DIVERSIFIED ROYALTY CORP .  Notes toConsolidatedFinancial Statements  (Unaudited)  (Expressed in Canadian dollars) Year ended December 31, 2014 