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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Taxes

Schedule of deferrred tax assets and liabilities

		March 31,				December 31,
		2024				2023
Deferred tax asset:
Net operating loss carryovers (1)		$	4,810,024			$	5,283,016
Claims reserve discount			1,221,272				1,204,334
Unearned premium			3,165,074				2,742,603
Deferred ceding commission revenue			1,950,921				1,986,782
Net unrealized losses on securities			3,170,352				3,357,463
Other			1,101,750				1,153,903
Total deferred tax assets			15,419,393				15,728,101
Deferred tax liability:
Investment in KICO (2)			759,543				759,543
Deferred acquisition costs			4,079,702				4,158,538
Intangibles			105,000				105,000
Depreciation and amortization			184,281				153,201
Total deferred tax liabilities			5,128,526				5,176,282
Net deferred income tax asset		$	10,290,867			$	10,551,819

Schedule of net operating loss carryovers

		March 31,				December 31,
Type of NOL		2024				2023				Expiration
Federal only, NOL from 2023 and 2022		$	4,810,024			$	5,283,016			None
State only (A)			2,645,169				2,560,372			December 2027 - December 2044
Valuation allowance			(2,645,169	)			(2,560,372	)
State only, net of valuation allowance			-				-
Total deferred tax asset from net operating loss carryovers		$	4,810,024			$	5,283,016

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
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