Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 08, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | US Alliance Corp | |
Entity Central Index Key | 0001463913 | |
Trading Symbol | usac | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 7,700,322 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Available for sale securities | $ 40,567,214 | $ 37,869,778 |
Policy loans | 57,435 | 56,539 |
Total investments | 40,624,649 | 37,926,317 |
Cash and cash equivalents | 2,485,374 | 2,077,646 |
Investment income due and accrued | 311,398 | 286,890 |
Reinsurance related assets | 101,315 | 161,846 |
Deferred acquisition costs, net | 2,769,464 | 2,757,404 |
Value of business acquired, net | 575,221 | 580,297 |
Property, equipment and software, net | 51,519 | 54,078 |
Goodwill | 277,542 | 277,542 |
Other assets | 389,936 | 406,969 |
Total assets | 47,586,418 | 44,528,989 |
Liabilities: | ||
Deposit-type contracts | 17,280,482 | 16,626,218 |
Policyholder benefit reserves | 15,329,070 | 14,697,519 |
Dividend accumulation | 166,537 | 176,056 |
Advance premiums | 50,149 | 56,736 |
Total policy liabilities | 32,826,238 | 31,556,529 |
Accounts payable and accrued expenses | 323,545 | 311,082 |
Other liabilities | 25,433 | 28,712 |
Total liabilities | 33,175,216 | 31,896,323 |
Shareholders' Equity: | ||
Common stock, $0.10 par value. Authorized 20,000,000 shares; issued and outstanding 7,693,408 and 7,650,551 shares as of March 31, 2019 and December 31, 2018, respectively | 769,342 | 765,056 |
Additional paid-in capital | 23,142,047 | 22,989,443 |
Accumulated deficit | (9,660,296) | (8,937,404) |
Accumulated other comprehensive income (loss) | 160,109 | (2,184,429) |
Total shareholders' equity | 14,411,202 | 12,632,666 |
Total liabilities and shareholders' equity | 47,586,418 | 44,528,989 |
Fixed Maturities [Member] | ||
Assets | ||
Available for sale securities | 28,671,748 | 26,882,239 |
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Assets | ||
Available for sale securities | $ 11,895,466 | $ 10,987,539 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Available for sale securities, amortized cost | $ 40,779,874 | $ 40,054,185 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,693,408 | 7,650,551 |
Common stock, shares outstanding (in shares) | 7,693,408 | 7,650,551 |
Fixed Maturities [Member] | ||
Available for sale securities, amortized cost | $ 28,510,195 | $ 27,957,697 |
Equities, Including Equity Securities and Other Equity Investments [Member] | ||
Available for sale securities, amortized cost | $ 12,269,679 | $ 12,096,488 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income: | ||
Premium income | $ 2,392,976 | $ 2,432,096 |
Net investment income | 397,646 | 311,560 |
Unrealized gain on equity securites | 727,203 | 0 |
Other income | 12,799 | 9,246 |
Total income | 3,530,624 | 2,752,902 |
Expenses: | ||
Death claims | 395,667 | 235,374 |
Policyholder benefits | 1,136,828 | 1,127,682 |
Increase in policyholder reserves | 680,560 | 796,636 |
Commissions, net of deferrals | 219,535 | 152,157 |
Amortization of deferred acquisition costs | 62,902 | 90,355 |
Amortization of value of business acquired | 5,076 | 5,076 |
Salaries & benefits | 251,832 | 274,848 |
Other operating expenses | 402,356 | 473,532 |
Total expense | 3,154,756 | 3,155,660 |
Net lncome (loss) | $ 375,868 | $ (402,758) |
Net income (loss) per common share, basic and diluted (in dollars per share) | $ 0.05 | $ (0.05) |
Unrealized net holding gains (losses) arising during the period | $ 1,245,778 | $ (988,946) |
Cumulative effect, adoption of accounting guidance on equity securities | 1,098,760 | 0 |
Other comprehensive income (loss) | 2,344,538 | (988,946) |
Comprehensive income (loss) | $ 2,720,406 | $ (1,391,704) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 7,310,939 | ||||
Balance at Dec. 31, 2017 | $ 731,095 | $ 21,280,437 | $ 405,438 | $ (8,481,268) | $ 13,935,702 |
Common stock issued, $7 per share (in shares) | 46,218 | ||||
Common stock issued, $7 per share | $ 4,622 | 318,905 | 323,527 | ||
Costs associated with common stock issued | (119,716) | (119,716) | |||
Other comprehensive loss | (988,946) | (988,946) | |||
Net income (loss) | (402,758) | (402,758) | |||
Balance (in shares) at Mar. 31, 2018 | 7,357,157 | ||||
Balance at Mar. 31, 2018 | $ 735,717 | 21,479,626 | (583,508) | (8,884,026) | 12,747,809 |
Cumulative effect, adoption of accounting guidance for equity sercurities | 0 | ||||
Balance (in shares) at Dec. 31, 2018 | 7,650,551 | ||||
Balance at Dec. 31, 2018 | $ 765,056 | 22,989,443 | (2,184,429) | (8,937,404) | 12,632,666 |
Common stock issued, $7 per share (in shares) | 42,857 | ||||
Common stock issued, $7 per share | $ 4,286 | 295,713 | 299,999 | ||
Costs associated with common stock issued | (143,109) | (143,109) | |||
Other comprehensive loss | 2,344,538 | 2,344,538 | |||
Net income (loss) | 375,868 | 375,868 | |||
Balance (in shares) at Mar. 31, 2019 | 7,693,408 | ||||
Balance at Mar. 31, 2019 | $ 769,342 | 23,142,047 | 160,109 | (9,660,296) | 14,411,202 |
Cumulative effect, adoption of accounting guidance for equity sercurities | $ (1,098,760) | $ (1,098,760) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Common Stock [Member] | ||
Common stock, price per share (in dollars per share) | $ 7 | $ 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 375,868 | $ (402,758) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 2,559 | 8,805 |
Unrealized gain on equity securities | (727,203) | 0 |
Unrealized gain on equity securities | 0 | |
Amortization of investment securities, net | 11,881 | 13,947 |
Deferred acquisition costs capitalized | (74,962) | (64,638) |
Deferred acquisition costs amortized | 62,903 | 90,355 |
Value of business acquired amortized | 5,076 | 5,076 |
Interest credited on deposit type contracts | 160,494 | 131,779 |
(Increase) decrease in operating assets: | ||
Investment income due and accrued | (24,508) | (22,934) |
Reinsurance related assets | 60,531 | 66,976 |
Other assets | 17,033 | 33,164 |
Increase (decrease) in operating liabilities: | ||
Policyowner benefit reserves | 631,551 | 736,552 |
Dividend accumulation | (9,519) | |
Advance premiums | (6,587) | 58,942 |
Other liabilities | (3,279) | 6,833 |
Accounts payable and accrued expenses | 12,463 | (624) |
Net cash provided by operating activities | 494,301 | 661,475 |
Cash Flows from Investing Activities: | ||
Purchase of fixed income investments | (615,289) | (715,128) |
Purchase of equity investments | (173,630) | (300,175) |
Proceeds from fixed income sales and repayments | 52,582 | 28,126 |
Interest on policy loans | (674) | (619) |
Increase in policy loans | (222) | 1,330 |
Net cash used in investing activities | (737,233) | (986,466) |
Cash Flows from Financing Activities: | ||
Receipts on deposit-type contracts | 965,438 | 1,064,900 |
Withdrawals on deposit-type contracts | (471,668) | (424,178) |
Proceeds received from issuance of common stock, net of costs of issuance | 156,890 | 203,811 |
Net cash provided by financing activities | 650,660 | 844,533 |
Net increase in cash and cash equivalents | 407,728 | 519,542 |
Cash and Cash Equivalents: | ||
Beginning | 2,077,646 | 651,809 |
Ending | $ 2,485,374 | $ 1,171,351 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of business April 24, 2009 4123 240, 66604. 785 228 0200 www.usalliancecorporation.com USAC has five June 9, 2011, April 23, 2012, April 23, 2012 August 1, 2017 December 14, 2018. The Company terminated its initial public offering on February 24, 2013. 2013, first May 1, 2013. 2014 2015. February 24, 2015, February 24, 2016. February 24, 2016, February 24, 2017 April 1, 2016. February 24, 2019 February 24, 2020. 4 th 2017, USALSC and DCLIC seek opportunities to develop and market additional products. Our business model also anticipates the acquisition by USAC and/or USALSC of other insurance and insurance related companies, including third Basis of presentation : 10 10 X. not The results of operation for the three March 31, 2019 not December 31, 2019 not 10 December 31, 2018. Principles of consolidation Area of Operation: Reclassifications no Common stock and earnings (loss) per share: $0.10 20,000,000 March 31, 2019, December 31, 2018, 7,693,408 7,650,551 Earnings (loss) per share attributable to the Company’s common stockholders were computed based on the net loss and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the quarters ended March 31, 2019 2018 7,664,837 7,326,345 March 31, 2019 2018. New accounting standards Revenue from Contracts with Customers In May 2014, not The following steps are applied in the updated guidance: ( 1 2 3 4 5 In July 2015, one March 31, 2018. December 31, 2019 December 31, 2019. not Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. December 15, 2018. not not Leases In February 2016, 12 two no not The updated guidance is effective for reporting periods beginning after December 15, 2018, December 15, 2019. not Contingent Put and Call Options in Debt Instruments In March 2016, not December 15, 2016. December 15, 2017. not Measurement of Credit Losses on Financial Instruments In June 2016, The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. December 15, 2020. not Classification of Certain C ash R eceipts and Cash P ayment In August 2016, eight not December 15, 2017, December 15, 2018. not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On December 22, 2017, H.R.1, 2018 February 2018, December 15, 2018, not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 2018 12 not 2018 12 December 15, 2020, All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 2 . Investments The amortized cost and fair value of available for sale and held to maturity investments as of March 31, 2019 December 31, 2018 March 31, 2019 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 599,481 $ 2,330 $ (12,027 ) $ 589,784 Corporate bonds 17,453,101 318,065 (387,999 ) 17,383,167 Municipal bonds 6,555,941 257,170 (13,071 ) 6,800,040 Redeemable preferred stock 99,560 - (360 ) 99,200 Mortgage backed and asset backed securities 3,802,112 36,697 (39,252 ) 3,799,557 Total fixed maturities 28,510,195 614,262 (452,709 ) 28,671,748 Equities: Equities 12,269,679 78,992 (453,205 ) 11,895,466 Total available for sale $ 40,779,874 $ 693,254 $ (905,914 ) $ 40,567,214 December 31, 2018 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 597,265 $ - $ (27,325 ) $ 569,940 Corporate bonds 16,847,623 43,051 (1,048,313 ) 15,842,361 Municipal bonds 6,559,854 118,890 (80,631 ) 6,598,113 Redeemable preferred stock 99,560 - (8,720 ) 90,840 Mortgage backed and asset backed securities 3,853,395 11,425 (83,835 ) 3,780,985 Total fixed maturities 27,957,697 173,366 (1,248,824 ) 26,882,239 Equities: Equities 12,096,488 31,505 (1,140,454 ) 10,987,539 Total available for sale $ 40,054,185 $ 204,871 $ (2,389,278 ) $ 37,869,778 The amortized cost and fair value of debt securities as of March 31, 2019 December 31, 2018, not not may may As of March 31, 2019 As of December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Amounts maturing in: After one year through five years $ 1,573,995 $ 1,591,192 $ 1,472,228 $ 1,462,745 After five years through ten years 2,142,756 2,181,773 2,101,676 2,055,173 More than 10 years 20,891,772 21,000,026 20,430,838 19,492,496 Redeemable preferred stocks 99,560 99,200 99,560 90,840 Mortgage backed and asset backed securities 3,802,112 3,799,557 3,853,395 3,780,985 Total amortized cost and fair value $ 28,510,195 $ 28,671,748 $ 27,957,697 $ 26,882,239 Proceeds from the sale of securities, maturities, and asset paydowns for the first three 2019 2018 $52,582 $28,126 no March 31, 2019 2018. Gross unrealized losses by duration are summarized as follows: Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss March 31, 2019 (unaudited) Available for sale: Fixed maturities: US Treasury securities $ - $ - $ 267,814 $ (12,027 ) $ 267,814 $ (12,027 ) Corporate bonds 811,628 (17,017 ) 7,950,659 (370,982 ) 8,762,287 (387,999 ) Municipal bonds - - 844,658 (13,071 ) 844,658 (13,071 ) Redeemable preferred stock - - 99,200 (360 ) 99,200 (360 ) Mortgage backed and asset backed securities - - 2,437,299 (39,252 ) 2,437,299 (39,252 ) Total fixed maturities 811,628 (17,017 ) 11,599,630 (435,692 ) 12,411,258 (452,709 ) Equities: Equities 1,622,912 (34,956 ) 8,745,952 (418,249 ) 10,368,864 (453,205 ) Total available for sale $ 2,434,540 $ (51,973 ) $ 20,345,582 $ (853,941 ) $ 22,780,122 $ (905,914 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2018 Available for sale: Fixed maturities: US Treasury securities $ 251,206 $ (27,325 ) $ - $ - $ 251,206 $ (27,325 ) Corporate bonds 11,743,222 (948,539 ) 830,239 (99,774 ) 12,573,461 (1,048,313 ) Municipal bonds 2,114,260 (51,267 ) 859,305 (29,364 ) 2,973,565 (80,631 ) Redeemable preferred stock 90,840 (8,720 ) - - 90,840 (8,720 ) Mortgage backed and asset backed securities 544,714 (6,656 ) 2,448,551 (77,179 ) 2,993,265 (83,835 ) Total fixed maturities 14,744,242 (1,042,507 ) 4,138,095 (206,317 ) 18,882,337 (1,248,824 ) Equities: Equities 3,312,528 (228,148 ) 7,440,504 (912,306 ) 10,753,032 (1,140,454 ) Total available for sale $ 18,056,770 $ (1,270,655 ) $ 11,578,599 $ (1,118,623 ) $ 29,635,369 $ (2,389,278 ) Unrealized losses occur from market price declines that may The total number of securities in the investment portfolio in an unrealized loss position as of March 31, 2019 87, $905,914 87 53 21 4 2 2 1 4 no March 31, 2019 December 31, 2018. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3 . Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 ● Level 2 1 ● Level 3 Investments, available for sale third third The following table presents the amounts of assets measured at fair value on a recurring basis as of March 31, 2019 December 31, 2018: March 31, 2019 Total Level 1 Level 2 Level 3 (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 589,784 $ 589,784 $ - $ - Corporate bonds 17,383,167 - 17,187,167 196,000 Municipal bonds 6,800,040 - 6,800,040 - Redeemable preferred stock 99,200 - 99,200 - Mortgage backed and asset backed securities 3,799,557 - 3,799,557 - Total fixed maturities 28,671,748 589,784 27,885,964 196,000 Equities: Equities 11,895,466 11,895,466 - - Total $ 40,567,214 $ 12,485,250 $ 27,885,964 $ 196,000 December 31, 2018 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 569,940 $ 569,940 $ - $ - Corporate bonds 15,842,361 - 15,642,361 200,000 Municipal bonds 6,598,113 - 6,598,113 - Redeemable preferred stock 90,840 - 90,840 - Mortgage backed and asset backed securities 3,780,985 - 3,780,985 - Total fixed maturities 26,882,239 569,940 26,112,299 200,000 Equities: Equities 10,987,539 10,987,539 - - Total $ 37,869,778 $ 11,557,479 $ 26,112,299 $ 200,000 The Company discloses the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not Cash and cash equivalents Investment income due and accrued: Policy loans Policyholder deposits in deposit-type contracts The estimated fair values of the Company’s financial assets and liabilities at March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (unaudited) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 2,485,374 $ 2,485,374 $ 2,077,646 $ 2,077,646 Investment income due and accrued 311,398 311,398 286,890 286,890 Investments, at fair value 40,624,649 40,624,649 37,926,317 37,926,317 Total Financial Assets $ 43,421,421 $ 43,421,421 $ 40,290,853 $ 40,290,853 Financial Liabilities: Policyholder deposits in deposit-type contracts $ 17,280,482 $ 16,197,221 $ 16,626,218 $ 15,361,164 Total Financial Liabilities $ 17,280,482 $ 16,197,221 $ 16,626,218 $ 15,361,164 |
Note 4 - Income Tax Provision
Note 4 - Income Tax Provision | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4 . Income Tax Provision No March 31, 2019 2018 100% The net operating loss carryforwards for the Company are $13,178,265 $12,938,533 March 31, 2019 December 31, 2018, 100 |
Note 5 - Subsequent Events
Note 5 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 5 . Subsequent Events All of the effects of subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the consolidated financial statements, are recognized in the consolidated financial statements. The Company does not not The Company has evaluated subsequent events through May 13, 2019, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation : 10 10 X. not The results of operation for the three March 31, 2019 not December 31, 2019 not 10 December 31, 2018. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Area of Operation, Policy [Policy Text Block] | Area of Operation: |
Reclassification, Policy [Policy Text Block] | Reclassifications no |
Earnings Per Share, Policy [Policy Text Block] | Common stock and earnings (loss) per share: $0.10 20,000,000 March 31, 2019, December 31, 2018, 7,693,408 7,650,551 Earnings (loss) per share attributable to the Company’s common stockholders were computed based on the net loss and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the quarters ended March 31, 2019 2018 7,664,837 7,326,345 March 31, 2019 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards Revenue from Contracts with Customers In May 2014, not The following steps are applied in the updated guidance: ( 1 2 3 4 5 In July 2015, one March 31, 2018. December 31, 2019. not Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance is effective for fiscal years beginning after December 15, 2017. December 15, 2018. not not Leases In February 2016, 12 two no not The updated guidance is effective for reporting periods beginning after December 15, 2018, December 15, 2019. not Contingent Put and Call Options in Debt Instruments In March 2016, not December 15, 2016. December 15, 2017. not Measurement of Credit Losses on Financial Instruments In June 2016, The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. December 15, 2020. not Classification of Certain C ash R eceipts and Cash P ayment In August 2016, eight not December 15, 2017, December 15, 2018. not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On December 22, 2017, H.R.1, 2018 February 2018, December 15, 2018, not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 2018 12 not 2018 12 December 15, 2020, All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2019 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 599,481 $ 2,330 $ (12,027 ) $ 589,784 Corporate bonds 17,453,101 318,065 (387,999 ) 17,383,167 Municipal bonds 6,555,941 257,170 (13,071 ) 6,800,040 Redeemable preferred stock 99,560 - (360 ) 99,200 Mortgage backed and asset backed securities 3,802,112 36,697 (39,252 ) 3,799,557 Total fixed maturities 28,510,195 614,262 (452,709 ) 28,671,748 Equities: Equities 12,269,679 78,992 (453,205 ) 11,895,466 Total available for sale $ 40,779,874 $ 693,254 $ (905,914 ) $ 40,567,214 December 31, 2018 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 597,265 $ - $ (27,325 ) $ 569,940 Corporate bonds 16,847,623 43,051 (1,048,313 ) 15,842,361 Municipal bonds 6,559,854 118,890 (80,631 ) 6,598,113 Redeemable preferred stock 99,560 - (8,720 ) 90,840 Mortgage backed and asset backed securities 3,853,395 11,425 (83,835 ) 3,780,985 Total fixed maturities 27,957,697 173,366 (1,248,824 ) 26,882,239 Equities: Equities 12,096,488 31,505 (1,140,454 ) 10,987,539 Total available for sale $ 40,054,185 $ 204,871 $ (2,389,278 ) $ 37,869,778 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of March 31, 2019 As of December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Amounts maturing in: After one year through five years $ 1,573,995 $ 1,591,192 $ 1,472,228 $ 1,462,745 After five years through ten years 2,142,756 2,181,773 2,101,676 2,055,173 More than 10 years 20,891,772 21,000,026 20,430,838 19,492,496 Redeemable preferred stocks 99,560 99,200 99,560 90,840 Mortgage backed and asset backed securities 3,802,112 3,799,557 3,853,395 3,780,985 Total amortized cost and fair value $ 28,510,195 $ 28,671,748 $ 27,957,697 $ 26,882,239 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss March 31, 2019 (unaudited) Available for sale: Fixed maturities: US Treasury securities $ - $ - $ 267,814 $ (12,027 ) $ 267,814 $ (12,027 ) Corporate bonds 811,628 (17,017 ) 7,950,659 (370,982 ) 8,762,287 (387,999 ) Municipal bonds - - 844,658 (13,071 ) 844,658 (13,071 ) Redeemable preferred stock - - 99,200 (360 ) 99,200 (360 ) Mortgage backed and asset backed securities - - 2,437,299 (39,252 ) 2,437,299 (39,252 ) Total fixed maturities 811,628 (17,017 ) 11,599,630 (435,692 ) 12,411,258 (452,709 ) Equities: Equities 1,622,912 (34,956 ) 8,745,952 (418,249 ) 10,368,864 (453,205 ) Total available for sale $ 2,434,540 $ (51,973 ) $ 20,345,582 $ (853,941 ) $ 22,780,122 $ (905,914 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2018 Available for sale: Fixed maturities: US Treasury securities $ 251,206 $ (27,325 ) $ - $ - $ 251,206 $ (27,325 ) Corporate bonds 11,743,222 (948,539 ) 830,239 (99,774 ) 12,573,461 (1,048,313 ) Municipal bonds 2,114,260 (51,267 ) 859,305 (29,364 ) 2,973,565 (80,631 ) Redeemable preferred stock 90,840 (8,720 ) - - 90,840 (8,720 ) Mortgage backed and asset backed securities 544,714 (6,656 ) 2,448,551 (77,179 ) 2,993,265 (83,835 ) Total fixed maturities 14,744,242 (1,042,507 ) 4,138,095 (206,317 ) 18,882,337 (1,248,824 ) Equities: Equities 3,312,528 (228,148 ) 7,440,504 (912,306 ) 10,753,032 (1,140,454 ) Total available for sale $ 18,056,770 $ (1,270,655 ) $ 11,578,599 $ (1,118,623 ) $ 29,635,369 $ (2,389,278 ) |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2019 Total Level 1 Level 2 Level 3 (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 589,784 $ 589,784 $ - $ - Corporate bonds 17,383,167 - 17,187,167 196,000 Municipal bonds 6,800,040 - 6,800,040 - Redeemable preferred stock 99,200 - 99,200 - Mortgage backed and asset backed securities 3,799,557 - 3,799,557 - Total fixed maturities 28,671,748 589,784 27,885,964 196,000 Equities: Equities 11,895,466 11,895,466 - - Total $ 40,567,214 $ 12,485,250 $ 27,885,964 $ 196,000 December 31, 2018 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 569,940 $ 569,940 $ - $ - Corporate bonds 15,842,361 - 15,642,361 200,000 Municipal bonds 6,598,113 - 6,598,113 - Redeemable preferred stock 90,840 - 90,840 - Mortgage backed and asset backed securities 3,780,985 - 3,780,985 - Total fixed maturities 26,882,239 569,940 26,112,299 200,000 Equities: Equities 10,987,539 10,987,539 - - Total $ 37,869,778 $ 11,557,479 $ 26,112,299 $ 200,000 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2019 December 31, 2018 (unaudited) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 2,485,374 $ 2,485,374 $ 2,077,646 $ 2,077,646 Investment income due and accrued 311,398 311,398 286,890 286,890 Investments, at fair value 40,624,649 40,624,649 37,926,317 37,926,317 Total Financial Assets $ 43,421,421 $ 43,421,421 $ 40,290,853 $ 40,290,853 Financial Liabilities: Policyholder deposits in deposit-type contracts $ 17,280,482 $ 16,197,221 $ 16,626,218 $ 15,361,164 Total Financial Liabilities $ 17,280,482 $ 16,197,221 $ 16,626,218 $ 15,361,164 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | 3 Months Ended | ||
Mar. 31, 2019$ / sharesshares | Mar. 31, 2018shares | Dec. 31, 2018$ / sharesshares | |
Number of Wholly-Owned Operating Subsidiaries | 5 | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.10 | $ 0.10 | |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 | |
Common Stock, Shares, Issued, Total | 7,693,408 | 7,650,551 | |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 7,664,837 | 7,326,345 | |
Common Stock, Shares, Outstanding, Ending Balance | 7,693,408 | 7,650,551 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 52,582 | $ 28,126 | |
Debt and Equity Securities, Realized Gain (Loss), Total | $ 0 | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 87 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | $ 905,914 | $ 2,389,278 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | $ 0 | |
Fixed Income Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 53 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 21 | ||
Preferred Stock [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 4 | ||
Corporate Debt Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 2 | ||
Preferred Stock Index Fund [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 2 | ||
Senior Loan Fund [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | ||
Common Stock [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 4 |
Note 2 - Investments - Amortize
Note 2 - Investments - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Investments (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Cost or Amortized Cost | $ 40,779,874 | $ 40,054,185 |
Gross Unrealized Gains | 693,254 | 204,871 |
Gross Unrealized Losses | (905,914) | (2,389,278) |
Investments in available-for-sale securities, at fair value | 40,567,214 | 37,869,778 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 28,510,195 | 27,957,697 |
Gross Unrealized Gains | 614,262 | 173,366 |
Gross Unrealized Losses | (452,709) | (1,248,824) |
Investments in available-for-sale securities, at fair value | 28,671,748 | 26,882,239 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 12,269,679 | 12,096,488 |
Gross Unrealized Gains | 78,992 | 31,505 |
Gross Unrealized Losses | (453,205) | (1,140,454) |
Investments in available-for-sale securities, at fair value | 11,895,466 | 10,987,539 |
US Treasury Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 599,481 | 597,265 |
Gross Unrealized Gains | 2,330 | |
Gross Unrealized Losses | (12,027) | (27,325) |
Investments in available-for-sale securities, at fair value | 589,784 | 569,940 |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 17,453,101 | 16,847,623 |
Gross Unrealized Gains | 318,065 | 43,051 |
Gross Unrealized Losses | (387,999) | (1,048,313) |
Investments in available-for-sale securities, at fair value | 17,383,167 | 15,842,361 |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 6,555,941 | 6,559,854 |
Gross Unrealized Gains | 257,170 | 118,890 |
Gross Unrealized Losses | (13,071) | (80,631) |
Investments in available-for-sale securities, at fair value | 6,800,040 | 6,598,113 |
Redeemable Preferred Stock [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 99,560 | 99,560 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (360) | (8,720) |
Investments in available-for-sale securities, at fair value | 99,200 | 90,840 |
Collateralized Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Cost or Amortized Cost | 3,802,112 | 3,853,395 |
Gross Unrealized Gains | 36,697 | 11,425 |
Gross Unrealized Losses | (39,252) | (83,835) |
Investments in available-for-sale securities, at fair value | $ 3,799,557 | $ 3,780,985 |
Note 2 - Investments - Amorti_2
Note 2 - Investments - Amortized Cost and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
After one year through five years, amortized cost | $ 1,573,995 | $ 1,472,228 |
After one year through five years, fair value | 1,591,192 | 1,462,745 |
After five years through ten years, amortized cost | 2,142,756 | 2,101,676 |
After five years through ten years, fair value | 2,181,773 | 2,055,173 |
More than 10 years, amortized cost | 20,891,772 | 20,430,838 |
More than 10 years, fair value | 21,000,026 | 19,492,496 |
Total amortized cost and fair value | 28,510,195 | 27,957,697 |
Total amortized cost and fair value | 28,671,748 | 26,882,239 |
Redeemable Preferred Stock [Member] | ||
Debt securities, amortized cost | 99,560 | 99,560 |
Debt securities, fair value | 99,200 | 90,840 |
Collateralized Mortgage Backed Securities [Member] | ||
Debt securities, amortized cost | 3,802,112 | 3,853,395 |
Debt securities, fair value | $ 3,799,557 | $ 3,780,985 |
Note 2 - Investments - Gross Un
Note 2 - Investments - Gross Unrealized Losses (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-sale securities, less than 12 months, fair value | $ 2,434,540 | $ 18,056,770 |
Available-for-sale securities, less than 12 months, unrealized loss | (51,973) | (1,270,655) |
Available-for-sale securities, greater than 12 months, fair value | 20,345,582 | 11,578,599 |
Available-for-sale securities, greater than 12 months, unrealized loss | (853,941) | (1,118,623) |
Available-for-sale securities, fair value | 22,780,122 | 29,635,369 |
Available-for-sale securities, unrealized loss | (905,914) | (2,389,278) |
Fixed Maturities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 811,628 | 14,744,242 |
Available-for-sale securities, less than 12 months, unrealized loss | (17,017) | (1,042,507) |
Available-for-sale securities, greater than 12 months, fair value | 11,599,630 | 4,138,095 |
Available-for-sale securities, greater than 12 months, unrealized loss | (435,692) | (206,317) |
Available-for-sale securities, fair value | 12,411,258 | 18,882,337 |
Available-for-sale securities, unrealized loss | (452,709) | (1,248,824) |
Fixed Maturities [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 251,206 | |
Available-for-sale securities, less than 12 months, unrealized loss | (27,325) | |
Available-for-sale securities, greater than 12 months, fair value | 267,814 | |
Available-for-sale securities, greater than 12 months, unrealized loss | (12,027) | |
Available-for-sale securities, fair value | 267,814 | 251,206 |
Available-for-sale securities, unrealized loss | (12,027) | (27,325) |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 811,628 | 11,743,222 |
Available-for-sale securities, less than 12 months, unrealized loss | (17,017) | (948,539) |
Available-for-sale securities, greater than 12 months, fair value | 7,950,659 | 830,239 |
Available-for-sale securities, greater than 12 months, unrealized loss | (370,982) | (99,774) |
Available-for-sale securities, fair value | 8,762,287 | 12,573,461 |
Available-for-sale securities, unrealized loss | (387,999) | (1,048,313) |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 2,114,260 | |
Available-for-sale securities, less than 12 months, unrealized loss | (51,267) | |
Available-for-sale securities, greater than 12 months, fair value | 844,658 | 859,305 |
Available-for-sale securities, greater than 12 months, unrealized loss | (13,071) | (29,364) |
Available-for-sale securities, fair value | 844,658 | 2,973,565 |
Available-for-sale securities, unrealized loss | (13,071) | (80,631) |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 90,840 | |
Available-for-sale securities, less than 12 months, unrealized loss | (8,720) | |
Available-for-sale securities, greater than 12 months, fair value | 99,200 | |
Available-for-sale securities, greater than 12 months, unrealized loss | (360) | |
Available-for-sale securities, fair value | 99,200 | 90,840 |
Available-for-sale securities, unrealized loss | (360) | (8,720) |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 544,714 | |
Available-for-sale securities, less than 12 months, unrealized loss | (6,656) | |
Available-for-sale securities, greater than 12 months, fair value | 2,437,299 | 2,448,551 |
Available-for-sale securities, greater than 12 months, unrealized loss | (39,252) | (77,179) |
Available-for-sale securities, fair value | 2,437,299 | 2,993,265 |
Available-for-sale securities, unrealized loss | (39,252) | (83,835) |
Equity Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 1,622,912 | 3,312,528 |
Available-for-sale securities, less than 12 months, unrealized loss | (34,956) | (228,148) |
Available-for-sale securities, greater than 12 months, fair value | 8,745,952 | 7,440,504 |
Available-for-sale securities, greater than 12 months, unrealized loss | (418,249) | (912,306) |
Available-for-sale securities, fair value | 10,368,864 | 10,753,032 |
Available-for-sale securities, unrealized loss | $ (453,205) | $ (1,140,454) |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Investments in available-for-sale securities, at fair value | $ 40,567,214 | $ 37,869,778 |
Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 40,567,214 | 37,869,778 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 12,485,250 | 11,557,479 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 27,885,964 | 26,112,299 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 196,000 | 200,000 |
Fixed Maturities [Member] | ||
Investments in available-for-sale securities, at fair value | 28,671,748 | 26,882,239 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 28,671,748 | 26,882,239 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 589,784 | 569,940 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 27,885,964 | 26,112,299 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 196,000 | 200,000 |
Fixed Maturities [Member] | US Treasury Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 589,784 | 569,940 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 589,784 | 569,940 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 589,784 | 569,940 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 17,383,167 | 15,842,361 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 17,383,167 | 15,842,361 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 17,187,167 | 15,642,361 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 196,000 | 200,000 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 6,800,040 | 6,598,113 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 6,800,040 | 6,598,113 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 6,800,040 | 6,598,113 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | ||
Investments in available-for-sale securities, at fair value | 99,200 | 90,840 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 99,200 | 90,840 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 99,200 | 90,840 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 3,799,557 | 3,780,985 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 3,799,557 | 3,780,985 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 3,799,557 | 3,780,985 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Equity Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 11,895,466 | 10,987,539 |
Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 11,895,466 | 10,987,539 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 11,895,466 | 10,987,539 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | $ 2,485,374 | $ 2,077,646 |
Investment income due and accrued | 311,398 | 286,890 |
Investments, at fair value | 40,624,649 | 37,926,317 |
Total Financial Assets | 43,421,421 | 40,290,853 |
Financial Liabilities: | ||
Policyholder deposits in deposit-type contracts | 17,280,482 | 16,626,218 |
Total Financial Liabilities | 17,280,482 | 16,626,218 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 2,485,374 | 2,077,646 |
Investment income due and accrued | 311,398 | 286,890 |
Investments, at fair value | 40,624,649 | 37,926,317 |
Total Financial Assets | 43,421,421 | 40,290,853 |
Financial Liabilities: | ||
Policyholder deposits in deposit-type contracts | 16,197,221 | 15,361,164 |
Total Financial Liabilities | $ 16,197,221 | $ 15,361,164 |
Note 4 - Income Tax Provision (
Note 4 - Income Tax Provision (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | |
Deferred Tax Assets, Valuation Allowance, Percentage | 100.00% | 100.00% | |
Operating Loss Carryforwards, Total | $ 13,178,265 | $ 12,938,533 |