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Income Taxes (Tables)

9 Months Ended

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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- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
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