EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following tables provide additional disclosure regarding the computation for the three and nine months ended September 30, 2023 and September 30, 2022:

	Three Months Ended September 30, 2023				Three Months Ended September 30, 2022
Net income			$	6,359,727			$	1,500,275
Less dividends:
Common stock	$	3,656,181			$	3,133,869
Preferred stock	1,185,042				1,185,042
			4,841,223				4,318,911
Undistributed earnings (deficit)			$	1,518,504			$	(2,818,636)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.07	$	0.06	$	0.06
Undistributed earnings (deficit)	0.00		0.03		0.00		(0.05)
Total	$	0.00	$	0.10	$	0.06	$	0.01

	Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
Net income			$	14,700,645			$	7,798,926
Less dividends:
Common stock	$	9,923,919			$	9,401,247
Preferred stock	3,555,042				3,555,042
			13,478,961				12,956,289
Undistributed earnings (deficit)			$	1,221,684			$	(5,157,363)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.19	$	0.19	$	0.20	$	0.20
Undistributed earnings (deficit)	0.02		0.02		0.00		(0.11)
Total	$	0.21	$	0.21	$	0.20	$	0.09

Schedule of Weighted Average Number of Shares

	For the three months ended September 30,
	2023	2022
Basic weighted average shares of common stock	52,231,152	52,225,152
Weighted average of non-vested restricted stock	—	6,000
Diluted weighted average shares of common stock outstanding	52,231,152	52,231,152

	For the nine months ended September 30,
	2023	2022
Basic weighted average shares of common stock	52,227,504	47,026,745
Weighted average of non-vested restricted stock	3,648	5,088
Diluted weighted average shares of common stock outstanding	52,231,152	47,031,833