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9. Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of deferrred tax assets and liabilities

		September 30,				December 31,
		2019				2018
Deferred tax asset:
Net operating loss carryovers (1)		$	2,418,344			$	90,438
Claims reserve discount			526,114				343,905
Unearned premium			3,735,054				3,145,682
Deferred ceding commission revenue			384,063				564,202
Other			680,204				383,733
Total deferred tax assets			7,743,779				4,527,960
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,303,229				3,760,625
Intangibles			105,000				140,700
Depreciation and amortization			515,487				664,194
Net unrealized gains (losses) of securities - available for sale			1,520,225				(1,151,335	)
Total deferred tax liabilities			7,203,484				4,173,727
Net deferred income tax asset		$	540,295			$	354,233

Losses subject to annual limitation

		September 30,				December 31,
Type of NOL		2019				2018				Expiration
Federal only, current year		$	2,347,962			$	-				None
Amount subject to Annual Limitation, federal only			-				2,100			December 31, 2019
Total federal only			2,347,962				2,100
State only (A)			1,454,929				1,305,365			December 31, 2039
Valuation allowance			(1,384,547	)			(1,217,027	)
State only, net of valuation allowance			70,382				88,338
Total deferred tax asset from net operating loss carryovers		$	2,418,344			$	90,438

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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
-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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