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v3.22.2.2

Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2022
Income Taxes |
Schedule Of Deferrred Tax Assets And Liabilities |
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 2,099,013 |  |  | $ | 1,112,318 |
Claims reserve discount |  |  | 1,164,002 |  |  |  | 1,186,789 |
Unearned premium |  |  | 3,607,880 |  |  |  | 3,246,364 |
Deferred ceding commission revenue |  |  | 2,167,278 |  |  |  | 2,047,187 |
Net unrealized losses on securities |  |  | 4,215,667 |  |  |  | - |
Other |  |  | 1,530,488 |  |  |  | 1,220,898 |
Total deferred tax assets |  |  | 14,784,328 |  |  |  | 8,813,556 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 4,873,194 |  |  |  | 4,670,187 |
Intangibles |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 189,643 |  |  |  | 1,046,817 |
Net unrealized gains on securities |  |  | - |  |  |  | 2,039,756 |
Total deferred tax liabilities |  |  | 5,927,380 |  |  |  | 8,621,303 |
Net deferred income tax asset |  | $ | 8,856,948 |  |  | $ | 192,253 |
Schedule Of Net Operating Loss Carryovers |
|  | September 30, |  |  | December 31, |  |  |  |
Type of NOL |  | 2022 |  |  | 2021 |  |  | Expiration |
Federal only, NOL from 2022 and 2021 |  | $ | 2,099,013 |  |  | $ | 1,112,318 |  |  |  |
NOL carried back |  |  | - |  |  |  | - |  |  |  |
Federal only, NOL from 2022 and 2021 |  |  | 2,099,013 |  |  |  | 1,112,318 |  |  | None |
State only (A) |  |  | 2,227,702 |  |  |  | 2,099,239 |  |  | December 2027 - December 2042 |
Valuation allowance |  |  | (2,227,702 | ) |  |  | (2,099,239 | ) |  |  |
State only, net of valuation allowance |  |  | - |  |  |  | - |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 2,099,013 |  |  | $ | 1,112,318 |  |  |  |

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