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DERIVATIVE INSTRUMENTS AND FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2014
DERIVATIVE INSTRUMENTS AND FAIR VALUE [Abstract]  
Fair values of cash, accounts receivable, accounts payable and accrued expenses
At March 31, 2014 and December 31, 2013, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.


 
March 31, 2014
 
Carrying Amount
Fair Value
Debt
   
Short-term borrowings and long-term debt
$31,795,556
$31,795,556
   


 
December 31, 2013
 
Carrying Amount
Fair Value
Debt
   
Short-term borrowings and long-term debt
$24,568,536
$24,568,536
   
 
Fair value of financial liabilities measured on a recurring basis
The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2014 and December 31, 2013:

   
Fair Value Measurements March 31, 2014
 
Description
Total
Quoted Prices
 in Active
 Markets for
 Identical assets
 (Level 1)
Significant
 Other
 Observable
 Inputs
 (Level 2)
Significant
 Unobservable
 Inputs
 (Level 3)
 
      
Interest Rate Swap, net
$ 26,936
--
$ 26,936
--
 
Total
$ 26,936
--
$ 26,936
--
 
      
           
   
Fair Value Measurements December 31, 2013
   
Description
Total
Quoted Prices
 in Active
 Markets for
 Identical assets
 (Level 1)
Significant
 Other
Observable
 Inputs
 (Level 2)
Significant
 Unobservable
 Inputs
 (Level 3)
     
Interest Rate Swap, net
$31,992
--
$31,992
--
Total
$31,992
--
$31,992
--