XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Fair Value Measurements | 6 Months Ended
--- | ---
Jun. 30, 2022
Fair Value Measurements |
Note 4 - 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 June 30, 2022 and December 31, 2021 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
|  | June 30, 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 |  |  | - |  |  |  | 14,197,788 |  |  |  | - |  |  |  | 14,197,788 |
Corporate and other bonds industrial and miscellaneous |  |  | 77,185,757 |  |  |  | 497,380 |  |  |  | - |  |  |  | 77,683,137 |
Residential mortgage and other asset backed securities |  |  | - |  |  |  | 49,616,862 |  |  |  | - |  |  |  | 49,616,862 |
Total fixed maturities |  |  | 77,185,757 |  |  |  | 64,312,030 |  |  |  | - |  |  |  | 141,497,787 |
Equity securities |  |  | 26,064,545 |  |  |  | - |  |  |  | - |  |  |  | 26,064,545 |
Total investments |  | $ | 103,250,302 |  |  | $ | 64,312,030 |  |  | $ | - |  |  | $ | 167,562,332 |
|  | 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 June 30, 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 |  | June 30, 2022 |  |  | December 31, 2021 |
Other Investments |  |  |  |  |  |
Hedge fund |  | $ | 5,253,582 |  |  | $ | 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 June 30, 2022 and December 31, 2021 not measured at fair value is as follows:
|  | June 30, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Debt |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes due 2022 |  | $ | - |  |  | $ | 29,207,543 |  |  | $ | - |  |  | $ | 29,207,543 |
|  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Debt |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes due 2022 |  | $ | - |  |  | $ | 28,436,019 |  |  | $ | - |  |  | $ | 28,436,019 |

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueInputsQuantitativeInformationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration