EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

The following tables provide additional disclosure regarding the computation for the years ended December 31, 2023 and December 31, 2022:

 

	Year Ended December 31, 2023				Year Ended December 31, 2022
Net income			$	19,714,496			$	9,863,660
Less dividends expense:
Common stock	$	13,581,323			$	12,535,116
Preferred stock	4,740,000				4,740,000
			18,321,323		—		17,275,116
Undistributed earnings (deficit)			$	1,393,173			$	(7,411,456)

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.26	$	0.26	$	0.26	$	0.26
Undistributed earnings (deficit)	$	0.03	$	0.03	—		(0.15)
Total	$	0.29	$	0.29	$	0.26	$	0.11

Schedule of Weighted Average Number of Shares

	For the years ended December 31,
	2023	2022
Basic weighted average shares of common stock outstanding	52,228,567	48,337,029
Weighted average of non-vested restricted stock	2,729	5,318
Diluted weighted average shares of common stock outstanding	52,231,296	48,342,347