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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of provision for income taxes from continuing operations

Years ended ended December 31,		2021				2020
Current federal income tax expense (benefit)		$	167,622			$	(5,366,759	)
Current state income tax expense (benefit)			1,675				(2,736	)
Deferred federal and state income tax (benefit) expense			(2,200,433	)			3,109,295
Income tax benefit		$	(2,031,136	)		$	(2,260,200	)

Schedule of a reconciliation of the federal statutory rate

Years ended December 31,		2021								2020
Computed expected tax benefit		$	(1,975,982	)			21.0	%		$	(270,440	)			21.0	%
State taxes, net of Federal benefit			(221,879	)			2.4				(233,752	)			18.2
State valuation allowance			224,117				(2.4	)			292,087				(22.7	)
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			(152,147	)			1.6				(118,113	)			9.2
Non-taxable investment income			(75,045	)			0.8				(55,752	)			4.3
Stock-based compensation			55,486				(0.6	)			125,923				(9.8	)
Other permanent differences			56,798				(0.6	)			46,108				(3.6	)
Prior year tax matters			107,173				(1.1	)			(77,625	)			6.0
Other			(49,657	)			0.5				60,658				(4.7	)
Income tax benefit, as reported		$	(2,031,136	)			21.6	%		$	(2,260,200	)			175.5	%

Schedule of Deferrred Tax Assets and Liabilities

		December 31,				December 31,
		2021				2020
Deferred tax asset:
Net operating loss carryovers (1)		$	1,112,318			$	-
Claims reserve discount			1,186,789				838,030
Unearned premium			3,246,364				3,880,275
Deferred ceding commission revenue			2,047,187				19,639
Other			1,220,898				648,691
Total deferred tax assets			8,813,556				5,386,635
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,670,187				4,229,928
Intangibles			105,000				105,000
Depreciation and amortization			1,046,817				954,446
Net unrealized gains of securities			2,039,756				3,494,631
Total deferred tax liabilities			8,621,303				9,543,548
Net deferred income tax asset (liability)		$	192,253			$	(4,156,913	)

Schedule of net operating loss carryovers

		December 31,				December 31,
Type of NOL		2021				2020				Expiration
Federal only, current year (A)			1,112,318				1,200,056
NOL carried back			-				(1,200,056	)
Federal only, current year		$	1,112,318			$	-			None
State only (B)			2,099,239				1,815,546			December 31, 2041
Valuation allowance			(2,099,239	)			(1,815,546	)
State only, net of valuation allowance			-				-
Total deferred tax asset from net operating loss carryovers		$	1,112,318			$	-

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

Decrease in net deferred income tax assets		$	(4,349,166	)
Deferred tax benefit allocated to other comprehensive income			(2,148,733	)
Deferred income tax benefit		$	(2,200,433	)

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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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