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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Schedule of provision for income taxes from continuing operations |
Years ended ended December 31, |  | 2022 |  |  | 2021 |
Current federal income tax expense |  | $ | - |  |  | $ | 167,622 |
Current state income tax expense |  |  | 1,630 |  |  |  | 1,675 |
Deferred federal and state income benefit |  |  | (5,419,176 | ) |  |  | (2,200,433 | )
Income tax benefit |  | $ | (5,417,546 | ) |  | $ | (2,031,136 | )
Schedule of a reconciliation of the federal statutory rate |
Years ended December 31, |  | 2022 |  |  | 2021 |
Computed expected tax benefit |  | $ | (5,867,891 | ) |  |  | 21.0 | % |  | $ | (1,975,982 | ) |  |  | 21.0 | %
State taxes, net of Federal benefit |  |  | (190,894 | ) |  |  | 0.7 |  |  |  | (221,879 | ) |  |  | 2.4 |
State valuation allowance |  |  | 198,217 |  |  |  | (0.7 | ) |  |  | 224,117 |  |  |  | (2.4 | )
Benefit of higher tax brackets in NOL carryback - current year |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Benefit of higher tax brackets in NOL carryback - prior year |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Permanent differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends received deduction |  |  | (122,331 | ) |  |  | 0.4 |  |  |  | (152,147 | ) |  |  | 1.6 |
Non-taxable investment income |  |  | (95,763 | ) |  |  | 0.3 |  |  |  | (75,045 | ) |  |  | 0.8 |
Stock-based compensation |  |  | 117,700 |  |  |  | (0.4 | ) |  |  | 55,486 |  |  |  | (0.6 | )
Sale leaseback transaction |  |  | 385,634 |  |  |  | (1.4 | ) |  |  | - |  |  |  | - |
Other permanent differences |  |  | 152,601 |  |  |  | (0.5 | ) |  |  | 56,798 |  |  |  | (0.6 | )
Prior year tax matters |  |  | (24,116 | ) |  |  | 0.1 |  |  |  | 107,173 |  |  |  | (1.1 | )
Other |  |  | 29,297 |  |  |  | (0.1 | ) |  |  | (49,657 | ) |  |  | 0.5 |
Income tax benefit, as reported |  | $ | (5,417,546 | ) |  |  | 19.4 | % |  | $ | (2,031,136 | ) |  |  | 21.6 | %
Schedule of Deferrred Tax Assets and Liabilities |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 3,828,947 |  |  | $ | 1,112,318 |
Claims reserve discount |  |  | 1,238,544 |  |  |  | 1,186,789 |
Unearned premium |  |  | 3,574,840 |  |  |  | 3,246,364 |
Deferred ceding commission revenue |  |  | 2,230,109 |  |  |  | 2,047,187 |
Net unrealized losses on securities |  |  | 4,920,837 |  |  |  | - |
Other |  |  | 503,692 |  |  |  | 1,220,898 |
Total deferred tax assets |  |  | 16,296,969 |  |  |  | 8,813,556 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 5,002,085 |  |  |  | 4,670,187 |
Intangibles |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 99,183 |  |  |  | 1,046,817 |
Net unrealized gains on securities |  |  | - |  |  |  | 2,039,756 |
Total deferred tax liabilities |  |  | 5,965,811 |  |  |  | 8,621,303 |
Net deferred income tax asset |  | $ | 10,331,158 |  |  | $ | 192,253 |
Schedule of net operating loss carryovers |
|  | December 31, |  |  | December 31, |  |  |  |
Type of NOL |  | 2022 |  |  | 2021 |  |  | Expiration |
Federal only, NOL from 2022 and 2021 |  | $ | 3,828,947 |  |  | $ | 1,112,318 |  |  | None |
State only (A) |  |  | 2,276,595 |  |  |  | 2,099,239 |  |  | December 2027 - December 2042 |
Valuation allowance |  |  | (2,276,595 | ) |  |  | (2,099,239 | ) |  |  |
State only, net of valuation allowance |  |  | - |  |  |  | - |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 3,828,947 |  |  | $ | 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 |  | $ | (10,138,905 | )
Deferred tax benefit allocated to other comprehensive income |  |  | (4,719,729 | )
Deferred income tax benefit |  | $ | (5,419,176 | )

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