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v3.21.1

Income Taxes (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Income Taxes |
Schedule of Deferrred Tax Assets and Liabilities |
|  | March 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 559,181 |  |  | $ | - |
Claims reserve discount |  |  | 901,585 |  |  |  | 838,030 |
Unearned premium |  |  | 3,783,502 |  |  |  | 3,880,275 |
Deferred ceding commission revenue |  |  | 19,597 |  |  |  | 19,639 |
Other |  |  | 608,485 |  |  |  | 648,691 |
Total deferred tax assets |  |  | 5,872,350 |  |  |  | 5,386,635 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 4,063,918 |  |  |  | 4,229,928 |
Intangible asset |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 908,157 |  |  |  | 954,446 |
Net unrealized gains of securities - available-for-sale |  |  | 3,173,963 |  |  |  | 3,494,631 |
Total deferred tax liabilities |  |  | 9,010,581 |  |  |  | 9,543,548 |
Net deferred income tax liability |  | $ | (3,138,231 | ) |  | $ | (4,156,913 | )
Schedule of net operating loss carryovers |
|  | March 31, |  |  | December 31, |  |  |  |
Type of NOL |  | 2021 |  |  | 2020 |  |  | Expiration |
Federal only, current year (A) |  | $ | 559,181 |  |  | $ | 1,200,056 |  |  |  |
NOL carried back |  |  | - |  |  |  | (1,200,056 | ) |  |  |
Federal only, current year |  | $ | 559,181 |  |  | $ | - |  |  | None |
State only (B) |  |  | 1,931,884 |  |  |  | 1,815,546 |  |  | December 31, 2040 |
Valuation allowance |  |  | (1,931,884 | ) |  |  | (1,815,546 | ) |  |  |
State only, net of valuation allowance |  |  | - |  |  |  | - |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 559,181 |  |  | $ | - |  |  |  |

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