Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Carrying Value and Estimated Fair Value of Financial Instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2015 and 2014:

	December 31, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents	$	4,060,677	$	4,060,677	$	1,881,195	$	1,881,195
Restricted Cash		14,060,523		14,060,523		4,440,098		4,440,098
Commercial Loan Investments		38,331,956		38,460,467		30,208,074		30,266,498
Long-Term Debt		168,459,722		174,235,174		103,940,011		103,940,011

The following table presents the fair value of assets by Level at December 31, 2015:

			Fair Value at Reporting Date Using
	12/31/2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-Sale Securities
Available-for-Sale Debt Securities	$	802,500	$	-	$	802,500	$	-
Available-for-Sale Equity Securities		4,901,267		4,901,267		-		-
Total Available-for-Sale Securities		5,703,767		4,901,267		802,500		-
Total	$	5,703,767	$	4,901,267	$	802,500	$	-

NOTE 7.

FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

The following table presents the fair value of assets by Level at December 31, 2014:

			Fair Value at Reporting Date Using
	12/31/2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available-for-Sale Securities
Available-for-Sale Equity Securities	$	821,436	$	821,436	$	-	$	-
Total Available-for-Sale Securities		821,436		821,436		-		-
Total	$	821,436	$	821,436	$	-	$	-