BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Earnings Per Share

The following table presents the earnings per share after preferred stock dividends calculation for the periods shown:

BASIS OF PRESENTATION

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Numerator
Net income	$	456,191		$	896,799		$	1,656,427		$	2,304,302
Accrued preferred stock dividends		(361,071	)		(256,452	)		(1,083,213	)		(769,356	)
Net income applicable to common shares	$	95,120		$	640,347		$	573,214		$	1,534,946
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 - basic and diluted	$	0.02		$	0.13		$	0.12		$	0.31