XML 14 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net (loss) income $ (7,420,972) $ 3,973,093
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities:    
Net losses on sale of investments 54,759 377,303
Net unrealized (gains) losses of equity investments (3,196,260) 141,976
Net unrealized gains of other investments (570,679) (241,444)
Depreciation and amortization 1,876,202 1,273,975
Amortization of bond premium, net 283,620 284,204
Amortization of discount and issuance costs on long-term debt 132,135 124,241
Stock-based compensation 1,116,921 481,812
Deferred income tax expense (2,133,486) 136,032
(Increase) decrease in operating assets:    
Premiums receivable, net (390,922) (266,849)
Reinsurance receivables, net (213,334) 3,500,669
Deferred policy acquisition costs (2,583,831) (2,276,012)
Other assets (882,320) (1,824,401)
Increase (decrease) in operating liabilities:    
Loss and loss adjustment expense reserves 21,212,317 5,143,335
Unearned premiums 11,036,552 9,926,741
Advance premiums 1,629,862 1,411,027
Reinsurance balances payable (1,123,540) (840,122)
Deferred ceding commission revenue (857,805) (1,748,944)
Accounts payable, accrued expenses and other liabilities 1,568,746 (1,379,309)
Net cash flows provided by operating activities 19,537,965 18,197,327
Cash flows from investing activities:    
Purchase - fixed-maturity securities available-for-sale (15,373,113) (43,957,529)
Purchase - equity securities (6,657,676) (10,357,210)
Sale and redemption - fixed-maturity securities held-to-maturity 400,000 624,963
Sale or maturity - fixed-maturity securities available-for-sale 9,835,464 17,740,260
Sale - equity securities 2,941,492 5,694,121
Acquisition of property and equipment (3,231,483) (2,044,440)
Net cash flows used in investing activities (12,085,316) (32,299,835)
Cash flows from financing activities:    
Proceeds from exercise of stock options 23,552 74,139
Withholding taxes paid on net exercise of stock options 0 (674,651)
Withholding taxes paid on vested retricted stock awards (148,278) (39,871)
Purchase of treasury stock 0 (540,253)
Dividends paid (2,827,276) (3,204,813)
Net cash flows used in financing activities (2,952,002) (4,385,449)
Increase (decrease) in cash and cash equivalents 4,500,647 (18,487,957)
Cash and cash equivalents, beginning of period 21,138,403 48,381,633
Cash and cash equivalents, end of period 25,639,050 29,893,676
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 388,000 1,250,000
Cash paid for interest $ 825,000 $ 875,417