Note 5 - Assets Measured at Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

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ASSETS MEASURED AT FAIR VALUE

The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into

three

levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability,

not

on assumptions specific to the entity.

The

three

levels of fair value hierarchy are described below:

●

Level

- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;

●

Level

- Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets;

●

Level

- Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.

The following major categories of assets were measured at fair value as of

March 31, 2021

and

December 31, 2020:

	Level 3:			March 31,
	Significant			2021
	Unobservable			(Unaudited)
	Inputs			Total

Assets
Investment in Sentinel Omaha, LLC ("Omaha")	$	52,133,590		$	52,133,590
Reserve for fair value of investment		(10,426,739	)		(10,426,739	)

Total assets	$	41,706,851		$	41,706,851

	Level 3:			December 31,
	Significant			2020
	Unobservable			(Audited)
	Inputs			Total

Assets
Investment in Sentinel Omaha, LLC	$	59,615,139		$	59,615,139
Reserve for fair value of investment		(11,923,033	)		(11,923,033	)

Total assets	$	47,692,106		$	47,692,106

The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level

) during the periods ended

March 31, 2021

and

December 31, 2020:

	Investment in			Reserve for
	Sentinel			fair value
	Omaha, LLC			of investment			Total

Balance at January 1, 2020	$	51,977,702		$	(10,395,545	)	$	41,582,157
Equity in net income of investment		7,637,437			-			7,637,437
(Increase) in reserve		-			(1,527,488	)		(1,527,488	)
Balance at December 31, 2020		59,615,139			(11,923,033	)		47,692,106
Equity in net income of investment		3,318,451			-			3,318,451
Distribution from investment		(10,800,000	)					(10,800,000	)
Decrease in reserve		-			1,496,294			1,496,294
Balance at March 31, 2021	$	52,133,590		$	(10,426,739	)	$	41,706,851

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