XML 16 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Net premiums earned $ 30,303,612 $ 29,508,196 $ 59,123,514 $ 57,763,149
Ceding commission revenue 4,561,961 5,412,210 9,129,072 10,857,617
Net investment income 1,764,596 1,451,356 3,267,456 2,992,848
Net (losses) gains on investments (233,606) 197,142 492,785 1,422,013
Other income 105,552 151,084 254,465 312,124
Total revenues 36,502,115 36,719,988 72,267,292 73,347,751
Expenses        
Loss and loss adjustment expenses 14,238,308 19,580,702 32,097,895 44,620,112
Commission expense 8,232,480 8,471,182 16,084,292 17,010,944
Other underwriting expenses 5,900,525 6,683,638 11,781,130 13,555,257
Other operating expenses 800,966 763,414 1,579,048 1,426,048
Depreciation and amortization 619,934 778,502 1,216,447 1,586,632
Interest expense 989,723 1,005,974 1,983,598 2,015,865
Total expenses 30,781,936 37,283,412 64,742,410 80,214,858
Income (loss) from operations before taxes 5,720,179 (563,424) 7,524,882 (6,867,107)
Income tax expense (benefit) 1,205,242 (41,407) 1,583,266 (1,290,380)
Net income (loss) 4,514,937 (522,017) 5,941,616 (5,576,727)
Other comprehensive income (loss), net of taxes        
Gross change in unrealized gains (losses) on available-for-sale-securities 109,784 (1,132,528) (450,563) 1,334,898
Reclassification adjustment for net realized losses included in net income (loss) 4,662 10,381 7,529 13,020
Net change in unrealized gains (losses), on available-for-sale-securities 114,446 (1,122,147) (443,034) 1,347,918
Income tax (expense) benefit related to items of other comprehensive income (loss) (24,034) 235,651 93,038 (283,062)
Other comprehensive income (loss), net of tax 90,412 (886,496) (349,996) 1,064,856
Comprehensive income (loss) $ 4,605,349 $ (1,408,513) $ 5,591,620 $ (4,511,871)
Earnings (loss) per common share:        
Earning per share - Basic $ 0.41 $ (0.05) $ 0.54 $ (0.52)
Earning per share - Diluted $ 0.37 $ (0.05) $ 0.50 $ (0.52)
Weighted average common shares outstanding        
Basic 11,019,347 10,755,848 11,009,442 10,753,974
Diluted 12,110,946 10,755,848 11,987,976 10,753,974