BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Numerator
Net income	$	1,077,551		$	620,421		$	1,200,236		$	1,407,503
Accrued preferred stock dividends		(362,506	)		(256,452	)		(722,142	)		(512,904	)
Net income applicable to common shares	$	715,045		$	363,969		$	478,094		$	894,599
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	$	0.14		$	0.07		$	0.10		$	0.18