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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments

Schedule of Available for Sale Securities

		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

		September 30, 2023								December 31, 2022
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	11,053,509			$	10,894,062			$	16,359,100			$	16,307,991
One to five years			44,834,816				42,323,786				18,605,987				14,085,113
Five to ten years			30,124,267				24,401,458				54,559,158				52,230,283
More than 10 years			16,944,211				12,428,131				31,796,918				26,469,581
Residential mortgage and other asset backed securities			51,503,046				42,739,462				53,597,264				45,622,195
Total		$	154,459,849			$	132,786,899			$	174,918,427			$	154,715,163

Schedule of equity securities

		September 30, 2023
						Gross				Gross				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	13,583,942			$	-			$	(3,384,701	)		$	10,199,241
Common stocks, mutual funds, and exchange traded funds			4,402,841				225,001				(919,432	)			3,708,410
Total		$	17,986,783			$	225,001			$	(4,304,133	)		$	13,907,651

		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

Schedule of Other Investments

		September 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			$	1,226,278			$	3,213,318			$	1,987,040			$	784,612			$	2,771,652

Schedule of Held to Maturity Securities

		September 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		$	1,228,783			$	-			$	(49,795	)		$	(31,495	)		$	1,147,493			$	(81,290	)
Political subdivisions of States, Territories and Possessions			499,036				-				(9,046	)			-				489,990				(9,046	)
Exchange traded debt			304,111				-				(51,611	)			-				252,500				(51,611	)
Corporate and other bonds
Industrial and miscellaneous			5,021,895				-				-				(1,212,380	)			3,809,515				(1,212,380	)
Total		$	7,053,825			$	-			$	(110,452	)		$	(1,243,875	)		$	5,699,498			$	(1,354,327	)

		December 31, 2022
																						Net
		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

		September 30, 2023								December 31, 2022
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	-			$	-			$	708,535			$	743,575
One to five years			1,121,091				1,069,974				1,120,507				1,088,522
Five to ten years			1,411,819				1,166,505				1,402,704				1,200,720
More than 10 years			4,520,915				3,463,019				4,534,394				3,567,571
Total		$	7,053,825			$	5,699,498			$	7,766,140			$	6,600,388

Schedule of Investment Income

		Three months ended								Nine months ended
		September 30,								September 30,
		2023				2022				2023				2022
Income:
Fixed-maturity securities		$	1,245,353			$	1,234,427			$	3,982,573			$	2,832,557
Equity securities			187,018				247,275				540,788				872,005
Cash and cash equivalents			98,763				26,630				171,015				29,796
Total			1,531,134				1,508,332				4,694,376				3,734,358
Expenses:
Investment expenses			86,774				89,811				257,168				322,412
Net investment income		$	1,444,360			$	1,418,521			$	4,437,208			$	3,411,946

Schedule of Securities with realized gains and losses on investments

		Three months ended								Nine months ended
		September 30,								September 30,
		2023				2022				2023				2022
Realized (Losses) Gains
Fixed-maturity securities:
Gross realized gains		$	263			$	363			$	1,207			$	102,774
Gross realized losses			(4,444	)			(4,610	)			(18,408	)			(158,701	)
			(4,181	)			(4,247	)			(17,201	)			(55,927	)
Equity securities:
Gross realized gains			-				907,079				-				1,384,432
Gross realized losses			-				(92,159	)			-				(728,732	)
			-				814,920				-				655,700
Other Investments:
Gross realized gains			-				589,233				-				589,233
Gross realized losses			-				-				-				-
			-				589,233				-				589,233
Net realized (losses) gains			(4,181	)			1,399,906				(17,201	)			1,189,006
Unrealized (Losses) Gains
Equity Securities:
Gross gains			-				-				173,178				-
Gross losses			(483,967	)			(1,132,595	)			-				(7,549,640	)
			(483,967	)			(1,132,595	)			173,178				(7,549,640	)
Other Investments:
Gross gains			-				-				441,666				-
Gross losses			(336,222	)			(664,969	)			-				(2,952,802	)
			(336,222	)			(664,969	)			441,666				(2,952,802	)
Net unrealized (losses) gains			(820,189	)			(1,797,564	)			614,844				(10,502,442	)
Net (losses) gains on investments		$	(824,370	)		$	(397,658	)		$	597,643			$	(9,313,436	)

Schedule of Securities with Unrealized Losses

		September 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		$	8,167,845			$	(56,835	)			2			$	-				-				-			$	8,167,845			$	(56,835	)
Political subdivisions of States, Territories and Possessions			-				-				-				12,414,354				(4,201,015	)			13				12,414,354				(4,201,015	)
Corporate and other bonds industrial and miscellaneous			-				-				-				69,465,238				(8,651,516	)			88				69,465,238				(8,651,516	)
Residential mortgage and other asset backed securities			204,418				(5,987	)			9				38,962,381				(8,821,223	)			38				39,166,799				(8,827,210	)
Total fixed-maturity securities		$	8,372,263			$	(62,822	)			11			$	120,841,973			$	(21,673,754	)			139			$	129,214,236			$	(21,736,576	)

		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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