XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.19.1

9. Income Taxes (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Deferrred Tax Assets and Liabilities |
|  | March 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 70,381 |  |  | $ | 90,438 |
Claims reserve discount |  |  | 454,206 |  |  |  | 343,905 |
Unearned premium |  |  | 3,217,985 |  |  |  | 3,145,682 |
Deferred ceding commission revenue |  |  | 576,531 |  |  |  | 564,202 |
Other |  |  | 874 |  |  |  | 383,733 |
Total deferred tax assets |  |  | 4,319,977 |  |  |  | 4,527,960 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 3,812,399 |  |  |  | 3,760,625 |
Intangibles |  |  | 122,850 |  |  |  | 140,700 |
Depreciation and amortization |  |  | 626,962 |  |  |  | 664,194 |
Net unrealized gains (losses) of securities - available for sale |  |  | 38,864 |  |  |  | (1,151,335 | )
Total deferred tax liabilities |  |  | 5,360,618 |  |  |  | 4,173,727 |
Net deferred income tax (liability) asset |  | $ | (1,040,641 | ) |  | $ | 354,233 |
(1) | The deferred tax assets from net operating loss carryovers (“NOL”) are as follows:
Losses Subject to Annual Limitation |
Type of NOL |  | 2019 |  |  | 2018 |  | Expiration
State only (A) |  | $ | 1,436,689 |  |  | $ | 1,305,365 |  | December 31, 2039
Valuation allowance |  |  | (1,366,308 | ) |  |  | (1,217,027 | ) |
State only, net of valuation allowance |  |  | 70,381 |  |  |  | 88,338 |  |
Amount subject to Annual Limitation, federal only (B) |  |  | - |  |  |  | 2,100 |  | December 31, 2019
Total deferred tax asset from net operating loss carryovers |  | $ | 70,381 |  |  | $ | 90,438 |  |
(A) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of March 31, 2019 and December 31, 2018 was approximately $22,103,000 and $20,083,000, respectively. KICO is not subject to state income taxes. KICO’s state tax obligations are paid through a gross premiums tax, which is included in the condensed consolidated statements of operations and comprehensive income (loss) within other underwriting expenses. A valuation allowance has been recorded due to the uncertainty of generating enough state taxable income to utilize 100% of the available state NOLs over their remaining lives, which expire between 2027 and 2039.
(2) | Deferred tax liability – Investment in KICO

X
- Definition Custom Element. + References No definition available. + Details
Name: | KINS_LossesSubjectToAnnualLimitationTableTextBlock
Namespace Prefix: | KINS_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration