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FAIR VALUE
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE

 

6. FAIR VALUE
   

Fair Value

 

At September 30, 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.

 

    September 30, 2023  
   

Carrying

Amount

    Fair Value  
Debt            
Short-term borrowings and long-term debt   $ 20,860,375     $ 20,860,375  

 

    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.