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Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2020
Income Taxes |
Schedule of deferrred tax assets and liabilities |
|  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 55,845 |  |  | $ | 1,586,247 |
Claims reserve discount |  |  | 771,358 |  |  |  | 839,959 |
Unearned premium |  |  | 3,068,011 |  |  |  | 3,105,344 |
Deferred ceding commission revenue |  |  | 1,465,501 |  |  |  | 1,624,434 |
Other |  |  | 332,021 |  |  |  | 462,019 |
Total deferred tax assets |  |  | 5,692,736 |  |  |  | 7,618,003 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 4,099,692 |  |  |  | 4,333,219 |
Intangible asset |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 302,443 |  |  |  | 312,298 |
Net unrealized gains of securities - available-for-sale |  |  | 2,015,527 |  |  |  | 1,796,891 |
Total deferred tax liabilities |  |  | 7,282,205 |  |  |  | 7,306,951 |
Net deferred income tax (liability) asset |  | $ | (1,589,469 | ) |  | $ | 311,052 |
Schedule of losses subject to annual limitation |
|  | June 30, |  |  | December 31, |  |  |  |
Type of NOL |  | 2020 |  |  | 2019 |  |  | Expiration |
Federal only, current year |  | $ | - |  |  | $ | 1,517,866 |  |  | (A) |
State only (B) |  |  | 1,805,591 |  |  |  | 1,616,568 |  |  | December 31, 2040 |
Valuation allowance |  |  | (1,749,746 | ) |  |  | (1,548,187 | ) |  |  |
State only, net of valuation allowance |  |  | 55,845 |  |  |  | 68,381 |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 55,845 |  |  | $ | 1,586,247 |  |  |  |

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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 + Details
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