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Investments (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments |
Schedule of Available for Sale Securities |
|  | June 30, 2023 |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Net |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Unrealized |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) |  | $ | 8,192,900 |  |  | $ | 67 |  |  | $ | (59,420 | ) |  | $ | - |  |  | $ | 8,133,547 |  |  | $ | 59,353 | )
Political subdivisions of States, Territories and Possessions |  |  | 17,089,668 |  |  |  | - |  |  |  | (2,652 | ) |  |  | (3,489,849 | ) |  |  | 13,597,167 |  |  |  | (3,492,501 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 79,190,654 |  |  |  | - |  |  |  | (270,230 | ) |  |  | (7,511,387 | ) |  |  | 71,409,037 |  |  |  | (7,781,617 | )
Residential mortgage and other asset backed securities (2) |  |  | 52,237,241 |  |  |  | 72,673 |  |  |  | (1,621 | ) |  |  | (7,592,927 | ) |  |  | 44,715,366 |  |  |  | (7,521,875 | )
Total fixed-maturity securities |  | $ | 156,710,463 |  |  | $ | 72,740 |  |  | $ | (333,923 | ) |  | $ | (18,594,163 | ) |  | $ | 137,855,117 |  |  | $ | (18,855,346 | )
|  | December 31, 2022 |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Net |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Unrealized |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) |  | $ | 23,874,545 |  |  | $ | 1,479 |  |  | $ | (6,928 | ) |  | $ | - |  |  | $ | 23,869,096 |  |  | $ | (5,449 | )
Political subdivisions of States, Territories and Possessions |  |  | 17,108,154 |  |  |  | - |  |  |  | (2,195,273 | ) |  |  | 1,771,494 | ) |  |  | 13,141,387 |  |  |  | (3,966,767 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 80,338,464 |  |  |  | - |  |  |  | (5,796,994 | ) |  |  | (2,458,985 | ) |  |  | 72,082,485 |  |  |  | (8,255,979 | )
Residential mortgage and other asset backed securities (2) |  |  | 53,597,264 |  |  |  | 58,398 |  |  |  | (882,664 | ) |  |  | (7,150,803 | ) |  |  | 45,622,195 |  |  |  | (7,975,069 | )
Total fixed-maturity securities |  | $ | 174,918,427 |  |  | $ | 59,877 |  |  | $ | (8,881,859 | ) |  | $ | (11,381,282 | ) |  | $ | 154,715,163 |  |  | $ | (20,203,264 | )
Schedule of available for sale fixed maturity securities contractual maturity |
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 8,423,779 |  |  | $ | 8,326,751 |  |  | $ | 16,359,100 |  |  | $ | 16,307,991 |
One to five years |  |  | 47,874,105 |  |  |  | 45,362,923 |  |  |  | 18,605,987 |  |  |  | 14,085,113 |
Five to ten years |  |  | 31,220,830 |  |  |  | 26,281,376 |  |  |  | 54,559,158 |  |  |  | 52,230,283 |
More than 10 years |  |  | 16,954,508 |  |  |  | 13,168,701 |  |  |  | 31,796,918 |  |  |  | 26,469,581 |
Residential mortgage and other asset backed securities |  |  | 52,237,241 |  |  |  | 44,715,366 |  |  |  | 53,597,264 |  |  |  | 45,622,195 |
Total |  | $ | 156,710,463 |  |  | $ | 137,855,117 |  |  | $ | 174,918,427 |  |  | $ | 154,715,163 |
Schedule of equity securities |
|  | June 30, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 13,583,942 |  |  | $ | - |  |  | $ | (3,122,556 | ) |  | $ | 10,461,386 |
Common stocks, mutual funds, and exchange traded funds |  |  | 4,402,841 |  |  |  | 268,887 |  |  |  | (722,632 | ) |  |  | 3,949,096 |
Total |  | $ | 17,986,783 |  |  | $ | 268,887 |  |  | $ | (3,845,188 | ) |  | $ | 14,410,482 |
|  | December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 13,583,942 |  |  | $ | - |  |  | $ | (3,589,313 | ) |  | $ | 9,994,629 |
Common stocks, mutual funds, and exchange traded funds |  |  | 4,502,758 |  |  |  | 158,635 |  |  |  | (821,632 | ) |  |  | 3,839,761 |
Total |  | $ | 18,086,700 |  |  | $ | 158,635 |  |  | $ | (4,410,945 | ) |  | $ | 13,834,390 |
|  | June 30, 2023 |  |  | December 31, 2022 |
|  |  |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Fair Value |  |  | Cost |  |  | Gains |  |  | Fair Value |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge fund |  | $ | 1,987,040 |  |  | $ | 1,562,500 |  |  | $ | 3,549,540 |  |  | $ | 1,987,040 |  |  | $ | 784,612 |  |  | $ | 2,771,652 |
Schedule of Held to Maturity Securities |
|  | June 30, 2023 |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Net |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Unrealized |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | Losses |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,228,708 |  |  | $ | 27,347 |  |  | $ | (36,008 | ) |  | $ | - |  |  | $ | 1,220,047 |  |  | $ | (8,661 | )
Political subdivisions of States, Territories and Possessions |  |  | 498,902 |  |  |  | - |  |  |  | (142 | ) |  |  | - |  |  |  | 498,760 |  |  |  | (142 | )
Exchange traded debt |  |  | 304,111 |  |  |  | - |  |  |  | (62,411 | ) |  |  | - |  |  |  | 241,700 |  |  |  | (62,411 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 5,273,310 |  |  |  | - |  |  |  | (4,554 | ) |  |  | (963,148 | ) |  |  | 4,305,608 |  |  |  | (967,702 | )
Total |  | $ | 7,305,031 |  |  | $ | 27,347 |  |  | $ | (103,115 | ) |  | $ | (963,148 | ) |  | $ | 6,266,115 |  |  | $ | (1,038,916 | )
|  | December 31, 2022 |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Unrealized |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Gains/ |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | (Losses) |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,228,560 |  |  | $ | 28,400 |  |  | $ | (34,077 | ) |  | $ | - |  |  | $ | 1,222,883 |  |  | $ | (5,677 | )
Political subdivisions of States, Territories and Possessions |  |  | 498,638 |  |  |  | 2,092 |  |  |  | - |  |  |  | - |  |  |  | 500,730 |  |  |  | 2,092 |
Exchange traded debt |  |  | 304,111 |  |  |  | - |  |  |  | (29,111 | ) |  |  | - |  |  |  | 275,000 |  |  |  | (29,111 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 5,734,831 |  |  |  | 36,968 |  |  |  | (809,746 | ) |  |  | (360,278 | ) |  |  | 4,601,775 |  |  |  | (1,133,056 | )
Total |  | $ | 7,766,140 |  |  | $ | 67,460 |  |  | $ | (872,934 | ) |  | $ | (360,278 | ) |  | $ | 6,600,388 |  |  | $ | (1,165,752 | )
Schedule of Held to Maturity Securities by contractual maturity |
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 249,927 |  |  | $ | 249,473 |  |  | $ | 708,535 |  |  | $ | 743,575 |
One to five years |  |  | 1,120,894 |  |  |  | 1,084,744 |  |  |  | 1,120,507 |  |  |  | 1,088,522 |
Five to ten years |  |  | 1,408,731 |  |  |  | 1,210,185 |  |  |  | 1,402,704 |  |  |  | 1,200,720 |
More than 10 years |  |  | 4,525,479 |  |  |  | 3,721,713 |  |  |  | 4,534,394 |  |  |  | 3,567,571 |
Total |  | $ | 7,305,031 |  |  | $ | 6,266,115 |  |  | $ | 7,766,140 |  |  | $ | 6,600,388 |
Schedule of Investment Income |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,319,511 |  |  | $ | 457,941 |  |  | $ | 2,737,220 |  |  | $ | 1,598,130 |
Equity securities |  |  | 176,893 |  |  |  | 279,562 |  |  |  | 353,770 |  |  |  | 624,730 |
Cash and cash equivalents |  |  | 39,394 |  |  |  | 2,983 |  |  |  | 72,252 |  |  |  | 3,166 |
Total |  |  | 1,535,798 |  |  |  | 740,486 |  |  |  | 3,163,242 |  |  |  | 2,226,026 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment expenses |  |  | 84,442 |  |  |  | 106,161 |  |  |  | 170,394 |  |  |  | 232,601 |
Net investment income |  | $ | 1,451,356 |  |  | $ | 634,325 |  |  | $ | 2,992,848 |  |  | $ | 1,993,425 |
Schedule of Securities with realized gains and losses on investments |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Realized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 526 |  |  | $ | 17,311 |  |  | $ | 944 |  |  | $ | 102,411 |
Gross realized losses |  |  | (10,907 | ) |  |  | (27,667 | ) |  |  | (13,964 | ) |  |  | (154,091 | )
|  |  | (10,381 | ) |  |  | (10,356 | ) |  |  | (13,020 | ) |  |  | (51,680 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | - |  |  |  | 29,047 |  |  |  | - |  |  |  | 477,353 |
Gross realized losses |  |  | - |  |  |  | (307,352 | ) |  |  | - |  |  |  | (636,573 | )
|  |  | - |  |  |  | (278,305 | ) |  |  | - |  |  |  | (159,220 | )
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Gross realized losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net realized losses |  |  | (10,381 | ) |  |  | (288,661 | ) |  |  | (13,020 | ) |  |  | (210,900 | )
Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross gains |  |  | - |  |  |  | - |  |  |  | 657,145 |  |  |  | - |
Gross losses |  |  | (206,568 | ) |  |  | (2,856,411 | ) |  |  | - |  |  |  | (6,417,045 | )
|  |  | (206,568 | ) |  |  | (2,856,411 | ) |  |  | 657,145 |  |  |  | (6,417,045 | )
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross gains |  |  | 414,091 |  |  |  | - |  |  |  | 777,888 |  |  |  | - |
Gross losses |  |  | - |  |  |  | (1,372,301 | ) |  |  | - |  |  |  | (2,287,833 | )
|  |  | 414,091 |  |  |  | 1,372,301 | ) |  |  | 777,888 |  |  |  | (2,287,833 | )
Net unrealized gains (losses) |  |  | 207,523 |  |  |  | (4,228,712 | ) |  |  | 1,435,033 |  |  |  | (8,704,878 | )
Net gains (losses) on investments |  | $ | 197,142 |  |  | $ | (4,517,373 | ) |  | $ | 1,422,013 |  |  | $ | (8,915,778 | )
Schedule of Securities with Unrealized Losses |
|  | June 30, 2023 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Estimated |  |  |  |  |  | No. of |  |  | Estimated |  |  |  |  |  | No. of |  |  | Estimated |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Positions |  |  | Fair |  |  | Unrealized |  |  | Positions |  |  | Fair |  |  | Unrealized |
Category |  | Value |  |  | Losses |  |  | Held |  |  | Value |  |  | Losses |  |  | Held |  |  | Value |  |  | Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 5,927,580 |  |  | $ | (59,420 | ) |  |  | 1 |  |  | $ | - |  |  |  | - |  |  |  | - |  |  | $ | 5,927,580 |  |  | $ | (59,420 | )
Political subdivisions of States, Territories and Possessions |  |  | 148,703 |  |  |  | (2,652 | ) |  |  | 1 |  |  |  | 13,448,464 |  |  |  | 3,489,849 | ) |  |  | 13 |  |  |  | 13,597,167 |  |  |  | (3,492,501 | )
Corporate and other bonds industrial and miscellaneous |  |  | 6,860,908 |  |  |  | (270,230 | ) |  |  | 12 |  |  |  | 64,548,129 |  |  |  | (7,511,387 | ) |  |  | 77 |  |  |  | 71,409,037 |  |  |  | (7,781,617 | )
Residential mortgage and other asset backed securities |  |  | 101,701 |  |  |  | (1,621 | ) |  |  | 4 |  |  |  | 41,865,274 |  |  |  | (7,592,927 | ) |  |  | 38 |  |  |  | 41,966,975 |  |  |  | (7,594,548 | )
Total fixed-maturity securities |  | $ | 13,038,892 |  |  | $ | (333,923 | ) |  |  | 18 |  |  | $ | 119,861,867 |  |  | $ | (18,594,163 | ) |  |  | 128 |  |  | $ | 132,900,759 |  |  | $ | (18,928,086 | )
|  | December 31, 2022 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Estimated |  |  |  |  |  | No. of |  |  | Estimated |  |  |  |  |  | No. of |  |  | Estimated |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Positions |  |  | Fair |  |  | Unrealized |  |  | Positions |  |  | Fair |  |  | Unrealized |
Category |  | Value |  |  | Losses |  |  | Held |  |  | Value |  |  | Losses |  |  | Held |  |  | Value |  |  | Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 18,918,196 |  |  | $ | (6,928 | ) |  |  | 3 |  |  | $ | - |  |  |  | - |  |  |  | - |  |  | $ | 18,918,196 |  |  | $ | (6,928 | )
Political subdivisions of States, Territories and Possessions |  |  | 7,970,633 |  |  |  | (2,195,273 | ) |  |  | 9 |  |  |  | 5,170,753 |  |  |  | (1,771,494 | ) |  |  | 5 |  |  |  | 13,141,386 |  |  |  | (3,966,767 | )
Corporate and other bonds industrial and miscellaneous |  |  | 56,910,104 |  |  |  | (5,796,994 | ) |  |  | 75 |  |  |  | 15,172,381 |  |  |  | (2,458,985 | ) |  |  | 15 |  |  |  | 72,082,485 |  |  |  | (8,255,979 | )
Residential mortgage and other asset backed securities |  |  | 10,145,880 |  |  |  | 882,664 | ) |  |  | 22 |  |  |  | 34,753,178 |  |  |  | (7,150,803 | ) |  |  | 26 |  |  |  | 44,899,058 |  |  |  | (8,033,467 | )
Total fixed-maturity securities |  | $ | 93,944,813 |  |  | $ | (8,881,859 | ) |  |  | 109 |  |  | $ | 55,096,312 |  |  | $ | (11,381,282 | ) |  |  | 46 |  |  | $ | 149,041,125 |  |  | $ | (20,263,141 | )

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