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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes from continuing operations

Years ended ended December 31,		2023				2022
Current federal income tax expense		$	-			$	-
Current state income tax expense			2,730				1,630
Deferred federal and state income benefit			(1,199,915	)			(5,419,176	)
Income tax benefit		$	(1,197,185	)		$	(5,417,546	)

Schedule of a reconciliation of the federal statutory rate

Years ended December 31,		2023								2022
Computed expected tax benefit		$	(1,546,925	)			21.0	%		$	(5,867,891	)			21.0	%
State taxes, net of Federal benefit			(271,543	)			3.7				(190,894	)			0.7
State valuation allowance			282,864				(3.8	)			198,217				(0.7	)
Permanent differences
Dividends received deduction			(74,323	)			1.0				(122,331	)			0.4
Non-taxable investment income			(98,767	)			1.3				(95,763	)			0.3
Stock-based compensation			62,801				(0.9	)			117,700				(0.4	)
Sale leaseback transaction			315,894				(4.3	)			385,634				(1.4	)
Other permanent differences			96,789				(1.3	)			152,601				(0.5	)
Prior year tax matters			27,460				(0.4	)			(24,116	)			0.1
Other			8,565				(0.1	)			29,297				(0.1	)
Income tax benefit, as reported		$	(1,197,185	)			16.3	%		$	(5,417,546	)			19.4	%

Schedule of Deferrred Tax Assets and Liabilities

		December 31,				December 31,
		2023				2022
Deferred tax asset:
Net operating loss carryovers (1)		$	5,283,016			$	3,828,947
Claims reserve discount			1,204,334				1,238,544
Unearned premium			2,742,603				3,574,840
Deferred ceding commission revenue			1,986,782				2,230,109
Net unrealized losses on securities			3,357,463				4,920,837
Other			1,153,903				503,692
Total deferred tax assets			15,728,101				16,296,969
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,158,538				5,002,085
Intangibles			105,000				105,000
Depreciation and amortization			153,201				99,183
Total deferred tax liabilities			5,176,282				5,965,811
Net deferred income tax asset		$	10,551,819			$	10,331,158

Schedule of net operating loss carryovers

		December 31,				December 31,
Type of NOL		2023				2022				Expiration
Federal only, NOL from 2023 and 2022		$	5,283,016			$	3,828,947			None
State only (A)			2,560,372				2,276,595			December 2027 - December 2043
Valuation allowance			(2,560,372	)			(2,276,595	)
State only, net of valuation allowance			-				-
Total deferred tax asset from net operating loss carryovers		$	5,283,016			$	3,828,947

Schedule of changes in net deferred income tax liability to the deferred income tax provision

Increase in net deferred income tax assets		$	(220,661	)
Less: Deferred tax expense allocated to other comprehensive income			979,254
Deferred income tax benefit		$	(1,199,915	)

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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