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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2022
Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited) | Note 20 – Quarterly Financial Data (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2022 and 2021:
|  | 2022 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Total |
Net premiums earned |  | $ | 26,673,380 |  |  | $ | 27,902,068 |  |  | $ | 29,360,976 |  |  | $ | 30,448,107 |  |  | $ | 114,384,531 |
Ceding commission revenue |  |  | 4,681,396 |  |  |  | 4,715,587 |  |  |  | 4,886,094 |  |  |  | 5,036,314 |  |  |  | 19,319,391 |
Net investment income |  |  | 1,359,100 |  |  |  | 634,325 |  |  |  | 1,418,521 |  |  |  | 1,524,832 |  |  |  | 4,936,778 |
Net losses on investments |  |  | (4,398,405 | ) |  |  | (4,517,373 | ) |  |  | (397,658 | ) |  |  | (78,429 | ) |  |  | (9,391,865 | )
Total revenues |  |  | 28,551,295 |  |  |  | 28,979,250 |  |  |  | 35,537,635 |  |  |  | 37,091,110 |  |  |  | 130,159,290 |
Loss and loss adjustment expenses |  |  | 22,941,198 |  |  |  | 18,656,041 |  |  |  | 22,027,516 |  |  |  | 24,765,287 |  |  |  | 88,390,042 |
Commission expense and other underwriting expenses |  |  | 15,167,035 |  |  |  | 15,106,028 |  |  |  | 15,978,291 |  |  |  | 15,027,269 |  |  |  | 61,278,623 |
Net loss |  |  | (9,197,532 | ) |  |  | (5,379,619 | ) |  |  | (3,997,621 | ) |  |  | (3,950,022 | ) |  |  | (22,524,794 | )
Basic loss per share |  | $ | (0.87 | ) |  | $ | (0.51 | ) |  | $ | (0.38 | ) |  | $ | (0.37 | ) |  | $ | (2.12 | )
Diluted loss per share |  | $ | (0.87 | ) |  | $ | (0.51 | ) |  | $ | (0.38 | ) |  | $ | (0.37 | ) |  | $ | (2.12 | )
|  | 2021 |
|  | March 31, |  |  | June 30, |  |  | September 30, |  |  | December 31, |  |  | Total |
Net premiums earned |  | $ | 34,589,218 |  |  | $ | 35,436,426 |  |  | $ | 36,803,251 |  |  | $ | 37,052,824 |  |  | $ | 143,881,719 |
Ceding commission revenue |  |  | (1,065 | ) |  |  | 45,741 |  |  |  | (7,276 | ) |  |  | 52,281 |  |  |  | 89,681 |
Net investment income |  |  | 1,783,196 |  |  |  | 1,678,075 |  |  |  | 1,676,596 |  |  |  | 1,483,525 |  |  |  | 6,621,392 |
Net gains on investments |  |  | 2,960,407 |  |  |  | 2,315,261 |  |  |  | 204,534 |  |  |  | 4,306,753 |  |  |  | 9,786,955 |
Total revenues |  |  | 39,503,202 |  |  |  | 39,600,449 |  |  |  | 38,957,974 |  |  |  | 43,169,616 |  |  |  | 161,231,241 |
Loss and loss adjustment expenses |  |  | 22,560,672 |  |  |  | 20,759,210 |  |  |  | 35,740,235 |  |  |  | 22,912,479 |  |  |  | 101,972,596 |
Commission expense and other underwriting expenses |  |  | 14,690,881 |  |  |  | 14,978,261 |  |  |  | 14,764,678 |  |  |  | 14,934,426 |  |  |  | 59,368,246 |
Net income (loss) |  |  | (311,097 | ) |  |  | 1,323,361 |  |  |  | (10,618,265 | ) |  |  | 2,227,700 |  |  |  | (7,378,301 | )
Basic earnings (loss) per share |  | $ | (0.03 | ) |  | $ | 0.12 |  |  | $ | (1.01 | ) |  | $ | 0.21 |  |  | $ | (0.70 | )
Diluted earnings (loss) per share |  | $ | (0.03 | ) |  | $ | 0.12 |  |  | $ | (1.01 | ) |  | $ | 0.21 |  |  | $ | (0.70 | )
Due to changes in number of shares outstanding from quarter to quarter, the total earnings per share of the four quarters may not necessarily equal the total earnings per share for the year.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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