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FAIR VALUE
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE

7.            FAIR VALUE

 

Fair Value

 

At September 30, 2020 and December 31, 2019, the fair values of cash, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these instruments.

 

   September 30, 2020 
   Carrying Amount   Fair Value 
Debt        
Short-term borrowings, PPP loan, long-term debt  $33,927,711   $33,927,711 

 

   December 31, 2019 
   Carrying Amount   Fair Value 
Debt        
Short-term borrowings and long-term debt  $30,987,918   $30,987,918 

 

We estimated the fair value of debt using market quotes and calculations based on market rates.