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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Income Tax Liability | The Company’s income tax liability is summarized as follows: Summary of Income Tax Liability
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Current |  | $ | 246,437 |  |  | $ | 16,352,190 |
Deferred |  |  | 13,506,544 |  |  |  | 14,358,337 |
Total |  | $ | 13,752,981 |  |  | $ | 30,710,527 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are approximately as follows: Schedule of Deferred Tax Assets and Liabilities
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |  |  |
Future policy benefits |  | $ | 14,902,816 |  |  | $ | 14,605,453 |
Loan loss reserve |  |  | 142,281 |  |  |  | 448,673 |
Unearned premium |  |  | 534,203 |  |  |  | 582,459 |
Net operating loss |  |  | 1,050,770 |  |  |  | 237,855 |
Deferred compensation |  |  | 2,138,385 |  |  |  | 2,166,593 |
Tax on unrealized appreciation |  |  | 491,271 |  |  |  | 2,590,726 |
Other |  |  | 917,335 |  |  |  | 601,335 |
Less: Valuation allowance |  |  | - |  |  |  | (1,506,144 | )
Total deferred tax assets |  |  | 20,177,061 |  |  |  | 19,726,950 |
Liabilities |  |  |  |  |  |  |  |
Deferred policy acquisition costs |  |  | 18,478,562 |  |  |  | 17,511,778 |
Basis difference in property, equipment and real estate |  |  | 11,054,092 |  |  |  | 11,959,391 |
Value of business acquired |  |  | 1,778,199 |  |  |  | 2,058,785 |
Deferred gains |  |  | 1,308,365 |  |  |  | 1,490,946 |
Trusts |  |  | 1,064,387 |  |  |  | 1,064,387 |
Total deferred tax liabilities |  |  | 33,683,605 |  |  |  | 34,085,287 |
Net deferred tax liability |  | $ | 13,506,544 |  |  | $ | 14,358,337 |
Schedule of Components of Income Tax Expense (Benefit) | The Company’s income tax expense is summarized as follows: Schedule of Components of Income Tax Expense (Benefit)
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |
Federal |  | $ | 4,091,306 |  |  | $ | 15,346,331 |
State |  |  | 209,537 |  |  |  | 3,294,234 |
Total Current Income Tax Expense (Benefit) |  |  | 4,300,843 |  |  |  | 18,640,565 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (2,139,124 | ) |  |  | (7,400,620 | )
State |  |  | (356,365 | ) |  |  | (2,553,385 | )
Total Deferred Income Tax Expense (Benefit) |  |  | (2,495,489 | ) |  |  | (9,954,005 | )
Total |  | $ | 1,805,354 |  |  | $ | 8,686,560 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income tax expense at the U.S. federal statutory rates is as follows: Schedule of Effective Income Tax Rate Reconciliation
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Computed expense at statutory rate |  | $ | 3,423,086 |  |  | $ | 7,219,141 |
State tax expense (benefit), net of federal tax benefit |  |  | (115,994 | ) |  |  | 585,269 |
Change in valuation allowance |  |  | (1,506,144 | ) |  |  | 623,609 |
Other, net |  |  | 4,406 |  |  |  | 258,541 |
Income tax expense |  | $ | 1,805,354 |  |  | $ | 8,686,560 |
Summary of Operating Loss Carryforwards | Summary of Operating Loss Carryforwards
Net Operating Losses and Tax Credit Carryforwards:
Year of Expiration |  |  |  |
2024 |  | $ | - |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | - |
2028 |  |  | - |
Thereafter up through 2038 |  |  | 903,042 |
Indefinite carryforwards |  |  | 2,396,389 |
|  | $ | 3,299,431 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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