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Quarterly Financial Data (Unaudited)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-URI https://asc.fasb.org/topic&trid=2126967

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306

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