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v3.23.2

Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2023
Income Taxes |
Schedule of Deferrred Tax Assets and Liabilities |
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 5,108,128 |  |  | $ | 3,828,947 |
Claims reserve discount |  |  | 1,189,834 |  |  |  | 1,238,544 |
Unearned premium |  |  | 3,510,180 |  |  |  | 3,574,840 |
Deferred ceding commission revenue |  |  | 2,034,934 |  |  |  | 2,230,109 |
Net unrealized losses on securities |  |  | 4,191,215 |  |  |  | 4,920,837 |
Other |  |  | 794,410 |  |  |  | 503,692 |
Total deferred tax assets |  |  | 16,828,701 |  |  |  | 16,296,969 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 4,502,433 |  |  |  | 5,002,085 |
Intangibles |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 123,249 |  |  |  | 99,183 |
Total deferred tax liabilities |  |  | 5,490,225 |  |  |  | 5,965,811 |
Net deferred income tax asset |  | $ | 11,338,476 |  |  | $ | 10,331,158 |
Schedule of net operating loss carryovers |
|  | June 30, |  |  | December 31, |  |  |  |
Type of NOL |  | 2023 |  |  | 2022 |  |  | Expiration |
Federal only, NOL from 2021 - 2023 |  | $ | 5,108,128 |  |  | $ | 3,828,947 |  |  | None |
State only (A) |  |  | 2,479,077 |  |  |  | 2,276,595 |  |  | December 2027 - December 2043 |
Valuation allowance |  |  | (2,479,077 | ) |  |  | (2,276,595 | ) |  |  |
State only, net of valuation allowance |  |  | - |  |  |  | - |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 5,108,128 |  |  | $ | 3,828,947 |  |  |  |

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