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v3.24.1

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 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

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- Definition The tax effect as of the balance sheet date of the amount of the estimated future tax deductions arising from estimated policyholder reserves, which will be deductible from future taxable income when actual costs are incurred, and which can only be realized if sufficient tax-basis income is generated in future periods to enable the tax deduction to be taken. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-6 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-8 + Details
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