1. BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Earnings per share

	Three months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
Numerator
Net income	$	620,421		$	359,911		$	1,407,503		$	786,387
Accrued preferred stock dividends		(256,452	)		(256,452	)		(512,904	)		(512,904	)
Net income applicable to common shares	$	363,969		$	103,459		$	894,599		$	273,483
Denominator
Weighted-average common shares outstanding		4,964,529			4,964,529			4,964,529			4,964,529
Earnings per common share after preferred dividends	$	0.07		$	0.02		$	0.18		$	0.06