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FAIR VALUE
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE

 

6. FAIR VALUE
   

Fair Value

 

At March 31, 2023 and December 31, 2022, the fair values of cash, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these instruments.

         
   March 31, 2023 
  

Carrying

Amount

   Fair Value 
Debt        
Short-term borrowings and long-term debt  $22,146,587   $22,146,587 

 

   December 31, 2022 
  

Carrying

Amount

   Fair Value 
Debt        
Short-term borrowings and long-term debt  $22,790,747   $22,790,747 

 

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