FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2017

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments

	September 30, 2017				December 31, 2016
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Cash and Cash Equivalents - Level 1	$	5,944,544	$	5,944,544	$	7,779,562	$	7,779,562
Restricted Cash - Level 1		7,027,196		7,027,196		9,855,469		9,855,469
Commercial Loan Investments - Level 2		11,910,611		12,025,860		23,960,467		24,228,242
Commercial Loan Investments - Held for Sale - Level 2		15,000,000		15,181,779		—		—
Long-Term Debt - Level 2		173,651,530		178,222,572		166,245,201		171,111,337

Schedule of fair value of assets measured on recurring basis by Level

The following table presents the fair value of assets measured on a recurring basis by Level as of September 30, 2017:

			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
	September 30,		for Identical		Observable Inputs		Inputs
	2017		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	409,985	$	—	$	409,985	$	—
Total	$	409,985	$	—	$	409,985	$	—

The following table presents the fair value of assets measured on a recurring basis by Level as of December 31, 2016:

			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
	December 31,		for Identical		Observable Inputs		Inputs
	2016		Assets (Level 1)		(Level 2)		(Level 3)
Cash Flow Hedge - Interest Rate Swap	$	416,590	$	—	$	416,590	$	—
Total	$	416,590	$	—	$	416,590	$	—