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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes From Continuing Operations

The provision for income taxes is comprised of the following:

Years ended December 31,						2024						2023
Current federal income tax expense						$	-					$	-
Current state income tax expense						2,160						2,730
Deferred federal and state income tax (benefit)						4,927,561						(1,199,915)
Income tax (benefit)						$	4,929,721					$	(1,197,185)

Schedule of Reconciliation of the Federal Statutory Rate

A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows:

Years ended December 31,						2024												2023
Computed expected tax expense (benefit)						$	4,890,513					21.0		%				$	(1,546,925)					21.0		%
State taxes, net of Federal benefit						(431,749)						(1.9)						(271,543)						3.7
State valuation allowance						439,905						1.9						282,864						(3.8)
Permanent differences
Dividends received deduction						(64,525)						(0.3)						(74,323)						1.0
Non-taxable investment income						(122,194)						(0.5)						(98,767)						1.3
Stock-based compensation						(280,104)						(1.2)						62,801						(0.9)
Sale leaseback transaction						99,775						0.4						315,894						(4.3)
Other permanent differences						191,488						0.8						96,789						(1.3)
Prior year tax matters						173,572						0.8						27,460						(0.4)
Other						33,040						(0.1)						8,565						(0.1)
Income tax expense (benefit), as reported						$	4,929,721					21.2		%				$	(1,197,185)					16.3		%

Schedule of Deferrred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

						December 31, 2024						December 31, 2023
Deferred tax asset:
Net operating loss carryovers (1)						$	419,357					$	5,283,016
Claims reserve discount						1,305,466						1,204,334
Unearned premium						3,810,973						2,742,603
Deferred ceding commission revenue						2,423,660						1,986,782
Net unrealized losses on securities						3,069,900						3,357,463
Other						834,921						1,153,903
Total deferred tax assets						11,864,277						15,728,101
Deferred tax liability:
Investment in KICO (2)						759,543						759,543
Deferred acquisition costs						5,193,798						4,158,538
Intangibles						105,000						105,000
Depreciation and amortization						208,016						153,201
Total deferred tax liabilities						6,266,357						5,176,282
Net deferred income tax asset						$	5,597,920					$	10,551,819

Schedule of Net Operating Loss Carryovers

The deferred tax assets from net operating loss carryovers are as follows:

Type of NOL						December 31, 2024						December 31, 2023						Expiration
Federal only, NOL from 2024 and 2023						$	419,357					$	5,283,016					None
State only (A)						3,075,395						2,560,372						December 2027 - December 2043
Valuation allowance						(3,075,395)						(2,560,372)
State only, net of valuation allowance						-						-
Total deferred tax asset from net operating loss carryovers						$	419,357					$	5,283,016

Schedule Of Changes In Net Deferred Income Tax Liability To Deferred Income Tax Benefit

The table below reconciles the changes in net deferred income tax assets (liabilities) to the deferred income tax benefit for the year ended December 31, 2024:

Decrease in net deferred income tax assets			$	4,953,899
Less: Deferred tax expense allocated to other comprehensive income			26,338
Deferred income tax			$	4,927,561

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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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