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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

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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.

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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

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