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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Taxes

Schedule of Deferrred Tax Assets and Liabilities

		March 31,				December 31,
		2023				2022
Deferred tax asset:
Net operating loss carryovers (1)		$	5,284,865			$	3,828,947
Claims reserve discount			1,280,017				1,238,544
Unearned premium			3,513,318				3,574,840
Deferred ceding commission revenue			2,255,280				2,230,109
Net unrealized losses on securities			4,006,763				4,920,837
Other			478,495				503,692
Total deferred tax assets			16,818,738				16,296,969
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,765,329				5,002,085
Intangibles			105,000				105,000
Depreciation and amortization			127,448				99,183
Total deferred tax liabilities			5,757,320				5,965,811
Net deferred income tax asset		$	11,061,418			$	10,331,158

Schedule of net operating loss carryovers

		March 31,				December 31,
Type of NOL		2023				2022				Expiration
Federal only, NOL from 2021 - 2023		$	5,284,865			$	3,828,947			None
State only (A)			2,375,669				2,276,595			December 2027 - December 2043
Valuation allowance			(2,375,669	)			(2,276,595	)
State only, net of valuation allowance			-				-
Total deferred tax asset from net operating loss carryovers		$	5,284,865			$	3,828,947

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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

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-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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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