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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Assets    
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,699,498 at September 30, 2023 and $6,600,388 at December 31, 2022) $ 7,053,825 $ 7,766,140
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $154,459,849 at September 30, 2023 and $174,918,427 at December 31, 2022) 132,786,899 154,715,163
Equity securities, at fair value (cost of $17,986,783 at September 30, 2023 and $18,086,700 at December 31, 2022) 13,907,651 13,834,390
Other investments 3,213,318 2,771,652
Total investments 156,961,693 179,087,345
Cash and cash equivalents 15,132,969 11,958,228
Premiums receivable, net 13,326,369 13,880,504
Reinsurance receivables, net 84,257,926 66,465,061
Deferred policy acquisition costs 20,532,322 23,819,453
Intangible assets 500,000 500,000
Property and equipment, net 9,594,500 10,541,935
Deferred income taxes, net 12,789,160 10,331,158
Other assets 3,893,322 3,748,847
Total assets 316,988,261 320,332,531
Liabilities    
Loss and loss adjustment expense reserves 121,674,947 118,339,513
Unearned premiums 103,161,550 107,492,777
Advance premiums 6,288,223 2,839,028
Reinsurance balances payable 20,263,484 13,061,966
Deferred ceding commission revenue 9,393,051 10,619,569
Accounts payable, accrued expenses and other liabilities 4,453,452 6,651,723
Debt, net 25,224,693 25,158,523
Total liabilities 290,459,400 284,163,099
Stockholders' Equity    
Preferred stock, $.01 par value; authorized 2,500,000 shares 0 0
Common stock, $.01 par value; authorized 20,000,000 shares; issued 12,227,562 shares at September 30, 2023 and 12,171,512 shares at December 31, 2022; outstanding 10,756,156 shares at September 30, 2023 and 10,700,106 shares at December 31, 2022 122,275 121,715
Capital in excess of par 75,153,808 74,519,590
Accumulated other comprehensive loss (17,119,479) (15,958,428)
Accumulated deficit (26,060,262) (16,945,964)
Stockholders' Equity before Treasury Stock 32,096,342 41,736,913
Treasury stock, at cost, 1,471,406 shares at September 30, 2023 and December 31, 2022 (5,567,481) (5,567,481)
Total stockholders' equity 26,528,861 36,169,432
Total liabilities and stockholders' equity $ 316,988,261 $ 320,332,531