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20. Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
20. Quarterly Financial Data | The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2019 and 2018:
|  | 2019 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Total |
Net premiums earned |  | $ | 29,595,889 |  |  | $ | 31,201,279 |  |  | $ | 34,220,010 |  |  | $ | 32,606,264 |  |  | $ | 127,623,442 |
Ceding commission revenue |  |  | 1,277,683 |  |  |  | 675,695 |  |  |  | 1,029,582 |  |  |  | 1,667,891 |  |  |  | 4,650,851 |
Net investment income |  |  | 1,623,712 |  |  |  | 1,719,769 |  |  |  | 1,856,553 |  |  |  | 1,669,312 |  |  |  | 6,869,346 |
Net gains on investments |  |  | 2,035,363 |  |  |  | 678,655 |  |  |  | 998,162 |  |  |  | 878,839 |  |  |  | 4,591,019 |
Total revenues |  |  | 34,898,548 |  |  |  | 34,605,370 |  |  |  | 38,600,003 |  |  |  | 37,459,099 |  |  |  | 145,563,020 |
Loss and loss adjustment expenses |  |  | 29,134,224 |  |  |  | 17,672,308 |  |  |  | 24,781,318 |  |  |  | 18,594,474 |  |  |  | 90,182,324 |
Commission expense and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other underwriting expenses |  |  | 12,989,407 |  |  |  | 12,715,622 |  |  |  | 14,210,078 |  |  |  | 14,698,276 |  |  |  | 54,613,383 |
Net income (loss) |  |  | (7,335,190 | ) |  |  | 1,639,380 |  |  |  | (1,725,162 | ) |  |  | 1,454,619 |  |  |  | (5,966,353 | )
Basic earnings (loss) per share |  | $ | (0.68 | ) |  | $ | 0.15 |  |  | $ | (0.16 | ) |  | $ | 0.13 |  |  | $ | (0.55 | )
Diluted earnings (loss) per share |  | $ | (0.68 | ) |  | $ | 0.15 |  |  | $ | (0.16 | ) |  | $ | 0.13 |  |  | $ | (0.55 | )
|  | 2018 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Total |
Net premiums earned |  | $ | 22,837,617 |  |  | $ | 24,104,614 |  |  | $ | 27,533,907 |  |  | $ | 28,938,577 |  |  | $ | 103,414,715 |
Ceding commission revenue |  |  | 1,695,158 |  |  |  | 1,691,168 |  |  |  | 1,044,529 |  |  |  | 901,775 |  |  |  | 5,332,630 |
Net investment income |  |  | 1,383,989 |  |  |  | 1,556,866 |  |  |  | 1,602,371 |  |  |  | 1,643,022 |  |  |  | 6,186,248 |
Net realized gain (loss) on investments |  |  | (523,127 | ) |  |  | (106,733 | ) |  |  | 352,025 |  |  |  | (2,218,022 | ) |  |  | (2,495,857 | )
Total revenues |  |  | 25,701,870 |  |  |  | 27,546,186 |  |  |  | 30,885,909 |  |  |  | 29,637,933 |  |  |  | 113,771,898 |
Loss and loss adjustment expenses |  |  | 17,266,330 |  |  |  | 11,176,085 |  |  |  | 13,296,708 |  |  |  | 16,556,082 |  |  |  | 58,295,205 |
Commission expense and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other underwriting expenses |  |  | 10,831,451 |  |  |  | 11,093,175 |  |  |  | 11,788,002 |  |  |  | 12,572,851 |  |  |  | 46,285,479 |
Net income |  |  | (2,717,934 | ) |  |  | 2,757,297 |  |  |  | 3,933,730 |  |  |  | (879,847 | ) |  |  | 3,093,246 |
Basic earnings per share |  | $ | (0.28 | ) |  | $ | 0.26 |  |  | $ | 0.37 |  |  | $ | (0.08 | ) |  | $ | 0.29 |
Diluted earnings per share |  | $ | (0.28 | ) |  | $ | 0.25 |  |  | $ | 0.36 |  |  | $ | (0.08 | ) |  | $ | 0.29 |
Due to changes in number of shares outstanding from quarter to quarter, the total earnings per share of the four quarters may not necessarily equal the total earnings per share for the year.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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