XML 20 R10.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Fair Value Measurements

Note 4 - Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

		March 31, 2022
		Level 1				Level 2				Level 3				Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	-			$	-			$	-			$	-

Political subdivisions of States, Territories and Possessions			-				15,618,791				-				15,618,791

Corporate and other bonds industrial and miscellaneous			82,255,848				503,090				-				82,758,938

Residential mortgage and other asset backed securities			-				53,519,767				-				53,519,767
Total fixed maturities			82,255,848				69,641,648				-				151,897,496
Equity securities			31,765,409				-				-				31,765,409
Total investments		$	114,021,257			$	69,641,648			$	-			$	183,662,905

		December 31, 2021
		Level 1				Level 2				Level 3				Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	-			$	-			$	-			$	-

Political subdivisions of States, Territories and Possessions			-				17,285,514				-				17,285,514

Corporate and other bonds industrial and miscellaneous			82,500,779				510,475				-				83,011,254

Residential mortgage and other asset backed securities			-				57,783,342				-				57,783,342
Total fixed maturities			82,500,779				75,579,331				-				158,080,110
Equity securities			39,687,002				-				-				39,687,002
Total investments		$	122,187,781			$	75,579,331			$	-			$	197,767,112

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of March 31, 2022 and December 31, 2021. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category		March 31, 2022				December 31, 2021

Other Investments
Hedge fund		$	6,625,883			$	7,561,415

The hedge fund investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership’s changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive loss within net (losses) gains on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s long-term debt as of March 31, 2022 and December 31, 2021 not measured at fair value is as follows:

		March 31, 2022
		Level 1				Level 2				Level 3				Total
Debt

Senior Notes due 2022		$	-			$	28,819,199			$	-			$	28,819,199

		December 31, 2021
		Level 1				Level 2				Level 3				Total
Debt

Senior Notes due 2022		$	-			$	28,436,019			$	-			$	28,436,019

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details