DERIVATIVE INSTRUMENTS AND FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2014

DERIVATIVE INSTRUMENTS AND FAIR VALUE [Abstract]

Fair values of cash, accounts receivable, accounts payable and accrued expenses

At June 30, 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.

	June 30, 2014
	Carrying Amount	Fair Value
Debt
Short-term borrowings and long-term debt	$32,604,204	$32,604,204

	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 June 30, 2014 and December 31, 2013:

		Fair Value Measurements June 30, 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	$ 24,975	--	$ 24,975	--
Total	$ 24,975	--	$ 24,975	--

		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	--

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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