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EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share The following tables provide additional disclosure regarding the computation for the years ended December 31, 2022 and December 31, 2021:
 
 Year Ended December 31, 2022Year Ended December 31, 2021
Net income $9,863,660 $10,527,222 
Less dividends expense:  
Common stock$12,535,116  $8,980,832 
Preferred stock4,740,000  3,112,500 
  17,275,116 — 12,093,332 
Undistributed earnings (deficit) $(7,411,456)$(1,566,110)
Unvested Share-Based
Payment Awards
Common Stock
Unvested Share-Based
Payment Awards
Common Stock
Distributed earnings$0.26 $0.26 $0.36 $0.36 
Undistributed earnings (deficit)$— $(0.15)— (0.06)
Total$0.26 $0.11 $0.36 $0.30 
Schedule of Weighted Average Number of Shares
For the years ended December 31,
20222021
Basic weighted average shares of common stock outstanding48,337,029 24,941,324 
Weighted average of non-vested restricted stock5,318 4,500 
Diluted weighted average shares of common stock outstanding48,342,347 24,945,824