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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Taxes

Schedule of Deferrred Tax Assets and Liabilities

		September 30,				December 31,
		2021				2020
Deferred tax asset:
Net operating loss carryovers (1)		$	2,714,766			$	-
Claims reserve discount			1,186,698				838,030
Unearned premium			4,115,130				3,880,275
Deferred ceding commission revenue			18,448				19,639
Other			693,141				648,691
Total deferred tax assets			8,728,183				5,386,635
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,465,002				4,229,928
Intangible asset			105,000				105,000
Depreciation and amortization			697,742				954,446
Net unrealized gains of securities - available-for-sale			3,238,744				3,494,631
Total deferred tax liabilities			9,266,031				9,543,548
Net deferred income tax liability		$	(537,848	)		$	(4,156,913	)

Schedule of net operating loss carryovers

		September 30,				December 31,
Type of NOL		2021				2020				Expiration
Federal only, current year (A)		$	2,714,766			$	1,200,056
NOL carried back			-				(1,200,056	)
Federal only, current year		$	2,714,766			$	-			None
State only (B)			2,049,485				1,815,546			December 31, 2040
Valuation allowance			(2,049,485	)			(1,815,546	)
State only, net of valuation allowance			-				-
Total deferred tax asset from net operating loss carryovers		$	2,714,766			$	-

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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

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-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

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- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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