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Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2024
Income Taxes |
Schedule of deferrred tax assets and liabilities |
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax asset: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 3,183,385 |  |  | $ | 5,283,016 |
Claims reserve discount |  |  | 1,191,193 |  |  |  | 1,204,334 |
Unearned premium |  |  | 3,647,887 |  |  |  | 2,742,603 |
Deferred ceding commission revenue |  |  | 1,948,187 |  |  |  | 1,986,782 |
Net unrealized losses on securities |  |  | 3,119,422 |  |  |  | 3,357,463 |
Other |  |  | 1,132,771 |  |  |  | 1,153,903 |
Total deferred tax assets |  |  | 14,222,845 |  |  |  | 15,728,101 |
Deferred tax liability: |  |  |  |  |  |  |  |
Investment in KICO (2) |  |  | 759,543 |  |  |  | 759,543 |
Deferred acquisition costs |  |  | 4,110,700 |  |  |  | 4,158,538 |
Intangibles |  |  | 105,000 |  |  |  | 105,000 |
Depreciation and amortization |  |  | 186,011 |  |  |  | 153,201 |
Total deferred tax liabilities |  |  | 5,161,254 |  |  |  | 5,176,282 |
Net deferred income tax asset |  | $ | 9,061,591 |  |  | $ | 10,551,819 |
Schedule of net operating loss carryovers |
|  | June 30, |  |  | December 31, |  |  |  |
Type of NOL |  | 2024 |  |  | 2023 |  |  | Expiration |
Federal only, NOL from 2022-2024 |  | $ | 3,183,385 |  |  | $ | 5,283,016 |  |  | None |
State only (A) |  |  | 2,752,386 |  |  |  | 2,560,372 |  |  | December 2027 - December 2044 |
Valuation allowance |  |  | (2,752,386 | ) |  |  | (2,560,372 | ) |  |  |
State only, net of valuation allowance |  |  | - |  |  |  | - |  |  |  |
Total deferred tax asset from net operating loss carryovers |  | $ | 3,183,385 |  |  | $ | 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
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