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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of provision for income taxes from continuing operations

Years ended December 31,		2020				2019
Current federal income tax expense (benefit)		$	(5,366,759	)		$	174,779
Current state income tax expense (benefit)			(2,736	)			238
Deferred federal and state income tax expense (benefit)			3,109,295				(1,991,208	)
Income tax benefit		$	(2,260,200	)		$	(1,816,191	)

Schedule of a reconciliation of the federal statutory rate

Years ended December 31,		2020								2019
Computed expected tax (benefit) expense		$	(270,440	)			21.0	%		$	(1,634,334	)			21.0	%
State taxes, net of federal benefit			(233,752	)			18.2				(247,909	)			3.2
State valuation allowance			292,087				(22.7	)			261,573				(3.4	)
Benefit of higher tax brackets in NOL carryback - current year			(754,829	)			58.6				-				-
Benefit of higher tax brackets in NOL carryback - prior year			(1,274,465	)			99.0				-				-
Permanent differences
Dividends received deduction			(118,113	)			9.2				(97,631	)			1.3
Non-taxable investment income			(55,752	)			4.3				(39,901	)			0.5
Excess benefit from stock-based compensation			-				-				184				-
Stock-based compensation			125,923				(9.8	)			80,453				(1.0	)
Other permanent differences			46,108				(3.6	)			(15,961	)			0.2
Prior year tax matters			(77,625	)			6.0				(91,748	)			1.2
Other			60,658				(4.7	)			(30,917	)			0.3
Income tax benefit, as reported		$	(2,260,200	)			175.5	%		$	(1,816,191	)			23.3	%

Schedule of Deferrred Tax Assets and Liabilities

		December 31,				December 31,
		2020				2019
Deferred tax asset:
Net operating loss carryovers (1)		$	-			$	1,586,247
Claims reserve discount			838,030				839,959
Unearned premium			3,880,275				3,105,344
Deferred ceding commission revenue			19,639				1,624,434
Other			648,691				462,019
Total deferred tax assets			5,386,635				7,618,003
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,229,928				4,333,219
Intangibles			105,000				105,000
Depreciation and amortization			954,446				312,298
Net unrealized gains (losses) of securities			3,494,631				1,796,891
Total deferred tax liabilities			9,543,548				7,306,951
Net deferred income tax (liability) asset		$	(4,156,913	)		$	311,052

Schedule of net operating loss carryovers

		December 31,				December 31,
Type of NOL		2020				2019				Expiration
Federal only, current year (A)			1,200,056				1,517,866
NOL carried back			(1,200,056	)			(1,517,866	)
Federal only, current year		$	-			$	-
State only (B)			1,815,546				1,616,568			December 31, 2040
Valuation allowance			(1,815,546	)			(1,548,187	)
State only, net of valuation allowance			-				68,381
Total deferred tax asset from net operating loss carryovers		$	-			$	68,381

Schedule of changes in net deferred income tax liability to the deferred income tax provision

Decrease in net deferred income tax assets		$	4,467,965
Deferred tax expense allocated to other comprehensive income			1,358,670
Deferred income tax expense		$	3,109,295

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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