Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001463913 | |
Entity Registrant Name | US Alliance Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-55627 | |
Entity Incorporation, State or Country Code | KS | |
Entity Tax Identification Number | 26-4824142 | |
Entity Address, Address Line One | 1303 SW First American Pl, Suite 200 | |
Entity Address, City or Town | Topeka | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66604 | |
City Area Code | 785 | |
Local Phone Number | 228-0200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common stock, $0.10 par value | |
Entity Common Stock, Shares Outstanding | 7,746,922 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Available for sale fixed maturity securities (amortized cost: $35,888,401 and $35,256,039 as of June 30, 2022 and December 31, 2021, respectively) | $ 32,198,208 | $ 37,942,657 |
Equity securities, at fair value | 7,764,065 | 9,157,193 |
Mortgage loans on real estate | 4,063,276 | 3,653,142 |
Funds withheld under coinsurance agreement, at fair value | 49,681,473 | 49,018,974 |
Policy loans | 49,645 | 173,341 |
Real estate, net of depreciation | 1,388,427 | 1,403,137 |
Total investments | 95,145,094 | 101,348,444 |
Cash and cash equivalents | 9,472,845 | 7,955,348 |
Investment income due and accrued | 567,974 | 698,504 |
Reinsurance related assets | 0 | 3,438 |
Deferred acquisition costs, net | 6,002,490 | 6,354,875 |
Value of business acquired, net | 2,564,603 | 2,610,813 |
Property, equipment and software, net | 141,491 | 92,785 |
Goodwill | 277,542 | 277,542 |
Deferred tax asset, net of valuation allowance | 1,560,767 | 1,560,767 |
Other assets | 1,199,014 | 582,318 |
Total assets | 116,931,820 | 121,484,834 |
Liabilities: | ||
Deposit-type contracts | 78,769,056 | 75,567,873 |
Policyholder benefit reserves | 27,357,838 | 25,204,578 |
Dividend accumulation | 119,761 | 118,262 |
Advance premiums | 137,811 | 136,229 |
Total policy liabilities | 106,384,466 | 101,026,942 |
Accounts payable and accrued expenses | 223,458 | 689,065 |
Federal Home Loan Bank advance | (1,000,000) | (2,000,000) |
Other liabilities | 834,653 | 187,071 |
Total liabilities | 108,442,577 | 103,903,078 |
Shareholders' Equity: | ||
Common stock, $0.10 par value. Authorized 20,000,000 shares; issued and outstanding 7,746,922 and 7,745,404 shares as of June 30, 2022 and December 31, 2021, respectively | 774,693 | 774,541 |
Additional paid-in capital | 22,955,458 | 22,948,637 |
Accumulated deficit | (11,385,828) | (8,663,152) |
Accumulated other comprehensive income (loss) | (3,855,080) | 2,521,730 |
Total shareholders' equity | 8,489,243 | 17,581,756 |
Total liabilities and shareholders' equity | $ 116,931,820 | $ 121,484,834 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Available for sale securities, amortized cost | $ 35,888,401 | $ 35,256,039 |
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) | 7,746,922 | 7,745,404 |
Common stock, shares outstanding (in shares) | 7,746,922 | 7,745,404 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Premium income | $ 3,363,953 | $ 3,304,921 | $ 6,726,209 | $ 6,352,098 |
Net investment income | 1,419,065 | 1,332,580 | 2,570,687 | 2,631,572 |
Net investment gains (losses) | (1,421,654) | 191,122 | (2,154,307) | 73,790 |
Other income | 80,621 | 77,974 | 160,186 | 157,402 |
Total income | 3,441,985 | 4,906,597 | 7,302,775 | 9,214,862 |
Expenses: | ||||
Death claims | 727,887 | 530,632 | 1,525,175 | 1,101,796 |
Policyholder benefits | 1,953,399 | 1,745,769 | 3,613,384 | 3,448,788 |
Increase in policyholder reserves | 947,280 | 1,145,738 | 2,143,630 | 2,332,241 |
Commissions, net of deferrals | 201,881 | 194,253 | 392,215 | 373,461 |
Amortization of deferred acquisition costs | 306,206 | 284,808 | 581,904 | 554,865 |
Amortization of value of business acquired | 23,105 | 23,105 | 46,210 | 46,210 |
Salaries & benefits | 360,261 | 282,167 | 684,320 | 538,195 |
Other operating expenses | 497,211 | 485,422 | 1,038,613 | 940,820 |
Total expense | 5,017,230 | 4,691,894 | 10,025,451 | 9,336,376 |
Net income (loss) | $ (1,575,245) | $ 214,703 | $ (2,722,676) | $ (121,514) |
Net income (loss) per common share, basic and diluted (in dollars per share) | $ (0.20) | $ 0.03 | $ (0.35) | $ (0.02) |
Unrealized net holding gains (losses) arising during the period, net of tax | $ (3,157,631) | $ 1,493,525 | $ (6,376,041) | $ (786,174) |
Reclassification adjustment for gains included in net income (loss) | (1,118) | (126,899) | (769) | (113,049) |
Other comprehensive income (loss) | (3,158,749) | 1,366,626 | (6,376,810) | (899,223) |
Comprehensive income (loss) | $ (4,733,994) | $ 1,581,329 | $ (9,099,486) | $ (1,020,737) |
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, 2020 | 7,741,487 | ||||
Balance at Dec. 31, 2020 | $ 774,150 | $ 23,063,273 | $ 3,564,875 | $ (8,997,507) | $ 18,404,791 |
Common stock issued, $7 per share (in shares) | 3,917 | ||||
Common stock issued, $7 per share | $ 391 | 27,028 | 0 | 0 | 27,419 |
Costs associated with common stock issued | 0 | (92,157) | 0 | 0 | (92,157) |
Other comprehensive income (loss) | 0 | 0 | (899,223) | 0 | (899,223) |
Net loss | $ 0 | 0 | 0 | (121,514) | (121,514) |
Balance (in shares) at Jun. 30, 2021 | 7,745,404 | ||||
Balance at Jun. 30, 2021 | $ 774,541 | 22,998,144 | 2,665,652 | (9,119,021) | 17,319,316 |
Balance (in shares) at Mar. 31, 2021 | 7,742,573 | ||||
Balance at Mar. 31, 2021 | $ 774,258 | 23,023,211 | 1,299,026 | (9,333,724) | 15,762,771 |
Common stock issued, $7 per share (in shares) | 2,831 | ||||
Common stock issued, $7 per share | $ 283 | 19,534 | 0 | 0 | 19,817 |
Costs associated with common stock issued | 0 | (44,601) | 0 | 0 | (44,601) |
Other comprehensive income (loss) | 0 | 0 | 1,366,626 | 0 | 1,366,626 |
Net loss | $ 0 | 0 | 0 | 214,703 | 214,703 |
Balance (in shares) at Jun. 30, 2021 | 7,745,404 | ||||
Balance at Jun. 30, 2021 | $ 774,541 | 22,998,144 | 2,665,652 | (9,119,021) | 17,319,316 |
Balance (in shares) at Dec. 31, 2021 | 7,745,404 | ||||
Balance at Dec. 31, 2021 | $ 774,541 | 22,948,637 | 2,521,730 | (8,663,152) | 17,581,756 |
Common stock issued, $7 per share (in shares) | 1,518 | ||||
Common stock issued, $7 per share | $ 152 | 10,474 | 0 | 0 | 10,626 |
Costs associated with common stock issued | 0 | (3,653) | 0 | 0 | (3,653) |
Other comprehensive income (loss) | 0 | 0 | (6,376,810) | 0 | (6,376,810) |
Net loss | $ 0 | 0 | 0 | (2,722,676) | (2,722,676) |
Balance (in shares) at Jun. 30, 2022 | 7,746,922 | ||||
Balance at Jun. 30, 2022 | $ 774,693 | 22,955,458 | (3,855,080) | (11,385,828) | 8,489,243 |
Balance (in shares) at Mar. 31, 2022 | 7,746,672 | ||||
Balance at Mar. 31, 2022 | $ 774,668 | 22,955,681 | (696,331) | (9,810,583) | 13,223,435 |
Common stock issued, $7 per share (in shares) | 250 | ||||
Common stock issued, $7 per share | $ 25 | 1,725 | 0 | 0 | 1,750 |
Costs associated with common stock issued | 0 | (1,948) | 0 | 0 | (1,948) |
Other comprehensive income (loss) | 0 | 0 | (3,158,749) | 0 | (3,158,749) |
Net loss | $ 0 | 0 | 0 | (1,575,245) | (1,575,245) |
Balance (in shares) at Jun. 30, 2022 | 7,746,922 | ||||
Balance at Jun. 30, 2022 | $ 774,693 | $ 22,955,458 | $ (3,855,080) | $ (11,385,828) | $ 8,489,243 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Common stock, price per share (in dollars per share) | $ 7 | $ 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (2,722,676) | $ (121,514) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 22,407 | 16,628 |
Net (gains) losses realized on the sale of securities | (623) | (215,613) |
Unrealized (gains) losses on equity securities | 1,463,629 | (103,297) |
Change in fair value of funds withheld embedded derivative | 691,300 | 245,120 |
Amortization of investment securities, net | 82,645 | 88,887 |
Deferred acquisition costs capitalized | (229,519) | (215,483) |
Deferred acquisition costs amortized | 581,904 | 554,865 |
Value of business acquired amortized | 46,210 | 46,210 |
Interest credited on deposit type contracts | 832,549 | 911,256 |
(Increase) decrease in operating assets: | ||
Change in funds withheld | (1,055,238) | (1,197,116) |
Investment income due and accrued | 130,530 | (147,457) |
Reinsurance related assets | (647,898) | (102,892) |
Other assets | (232,267) | 824,443 |
Increase (decrease) in operating liabilities: | ||
Policyowner benefit reserves | 2,153,260 | 2,331,913 |
Dividend accumulation | 1,499 | 1,872 |
Advance premiums | 1,582 | (2,073) |
Other liabilities | 647,582 | 703,212 |
Accounts payable and accrued expenses | (465,607) | (1,372,153) |
Net cash provided by operating activities | 1,301,269 | 2,246,808 |
Cash Flows from investing activities: | ||
Purchase of equity investments | (937,554) | (598,398) |
Purchase of mortgage investments | (3,494,797) | (1,013,404) |
Proceeds from equity sales | 422,909 | 422,035 |
Proceeds from mortgage repayments | 3,084,662 | 1,482,567 |
Transfers from funds withheld | 0 | 300,000 |
(Increase) decrease in policy loans | 123,696 | (63) |
Purchase of property, equipment and software | (56,401) | (31,276) |
Net cash provided by (used in) investing activities | (1,127,725) | 654,180 |
Cash Flows from financing activities: | ||
Receipts on deposit-type contracts | 3,365,026 | 2,124,176 |
Withdrawals on deposit-type contracts | (1,028,046) | (1,083,954) |
Repayment of FHLB advance | (1,000,000) | 0 |
Proceeds received from issuance of common stock, net of costs of issuance | 6,973 | (64,738) |
Net cash provided by financing activities | 1,343,953 | 975,484 |
Net increase in cash and cash equivalents | 1,517,497 | 3,876,472 |
Cash and Cash Equivalents: | ||
Beginning | 7,955,348 | 4,320,759 |
Ending | 9,472,845 | 8,197,231 |
Supplemental Disclosure of Non-Cash Information | ||
Funds withheld assumed deposits on deposit-type contracts | 601,270 | 1,409,036 |
Funds withheld assumed withdrawals on deposit-type contracts | (569,616) | (889,113) |
Commissions and expense allowances deducted from funds withheld | (950,700) | (923,920) |
Fixed Income Investments [Member] | ||
Cash Flows from investing activities: | ||
Purchase of fixed income investments | (933,183) | (913,512) |
Proceeds from fixed income sales and repayments | $ 662,943 | $ 1,006,231 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of business April 24, 2009 1303 200, 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, 2023. fourth 2017, USALSC received a Certificate of Authority from the Kansas Insurance Department ("KID") effective January 2, 2012, first May 1, 2013. January 24, 2012. USALSC and DCLIC seek opportunities to develop and market additional products. The Company’s 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 six June 30, 2022 not December 31, 2022 not 10 December 31, 2021. Principles of consolidation Area of Operation: Reclassifications no Common stock and income (loss) per share: June 30, 2022, December 31, 2021, Income (loss) per share attributable to USAC’s common stockholders were computed based on the net income (loss) and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the six June 30, 2022 2021 three June 30, 2022 2021 six three June 30, 2022 2021. New accounting standards Leases In February 2016, 12 two no not The adoption of this guidance did not not Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, 2019 12 March 31, 2021. 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 was effective for reporting periods beginning after December 15, 2019. December 15, 2018. December 15, 2022. not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 2018 12 not 2018 12 December 15, 2023, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | US Alliance Corporation Notes to Consolidated Financial Statements (unaudited) Note 2. Fixed Maturity The amortized cost and fair value of available for sale investments as of June 30, 2022 December 31, 2021 June 30, 2022 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: (unaudited) Fixed maturities: US Treasury securities $ 303,451 $ 55,858 $ - $ 359,309 Corporate bonds 19,563,739 11,855 (2,344,887 ) 17,230,707 Municipal bonds 5,911,439 36,258 (386,509 ) 5,561,188 Redeemable preferred stock 4,044,005 - (495,473 ) 3,548,532 Mortgage backed and asset backed securities 6,065,767 1,373 (568,668 ) 5,498,472 Total available for sale $ 35,888,401 $ 105,344 $ (3,795,537 ) $ 32,198,208 December 31, 2021 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 303,195 $ 144,570 $ - $ 447,765 Corporate bonds 19,397,461 2,101,518 (177,700 ) 21,321,279 Municipal bonds 6,306,387 671,263 (14,292 ) 6,963,358 Redeemable preferred stock 3,612,625 29,995 (21,094 ) 3,621,526 Mortgage backed and asset backed securities 5,636,371 22,617 (70,259 ) 5,588,729 Total available for sale $ 35,256,039 $ 2,969,963 $ (283,345 ) $ 37,942,657 The amortized cost and fair value of debt securities as of June 30, 2022 December 31, 2021, may may As of June 30, 2022 As of December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: (unaudited) One year or less $ 408,288 $ 413,641 $ - $ - After one year through five years 1,767,797 1,730,772 1,987,421 2,087,132 After five years through ten years 2,434,768 2,401,025 2,540,089 2,865,020 More than 10 years 21,167,776 18,605,766 21,479,533 23,780,250 Redeemable preferred stocks 4,044,005 3,548,532 3,612,625 3,621,526 Mortgage backed and asset backed securities 6,065,767 5,498,472 5,636,371 5,588,729 Total amortized cost and fair value $ 35,888,401 $ 32,198,208 $ 35,256,039 $ 37,942,657 Proceeds from the sale of securities, maturities, and asset paydowns in the six June 30, 2022 2021 Six Months Ended June 30, (unaudited) 2022 2021 Gross gains $ 3,164 $ 216,011 Gross losses (2,541 ) (398 ) Realized gains $ 623 $ 215,613 Proceeds from the sale of securities, maturities, and asset paydowns in the three June 30, 2022 2021 Three Months Ended June 30, (unaudited) 2022 2021 Gross gains $ 1,264 $ 163,220 Gross losses - (3 ) Net security losses $ 1,264 $ 163,217 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 June 30, 2022 Available for sale: (unaudited) Fixed maturities: Corporate bonds $ 13,035,236 $ (1,427,669 ) $ 2,833,974 $ (917,218 ) $ 15,869,210 $ (2,344,887 ) Municipal bonds 4,072,408 (374,802 ) 96,376 (11,707 ) 4,168,784 (386,509 ) Redeemable preferred stock 3,548,532 (495,473 ) - - 3,548,532 (495,473 ) Mortgage backed and asset backed securities 4,395,703 (442,709 ) 830,312 (125,959 ) 5,226,015 (568,668 ) Total fixed maturities $ 25,051,879 $ (2,740,653 ) $ 3,760,662 $ (1,054,884 ) $ 28,812,541 $ (3,795,537 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2021 Available for sale: Fixed maturities: Corporate bonds $ 4,496,456 $ (177,700 ) $ - $ - $ 4,496,456 $ (177,700 ) Municipal bonds 927,122 (14,292 ) - - 927,122 (14,292 ) Redeemable preferred stock 1,394,650 (21,094 ) - - 1,394,650 (21,094 ) Mortgage backed and asset backed securities 4,386,306 (70,259 ) - - 4,386,306 (70,259 ) Total fixed maturities $ 11,204,534 $ (283,345 ) $ - $ - $ 11,204,534 $ (283,345 ) Unrealized losses occur from market price declines that may The total number of available for sale securities in the investment portfolio in an unrealized loss position as of June 30, 2022 196, December 31, 2021 no June 30, 2022 December 31, 2021. Mortgage Loans on Real Estate The Company has invested in various mortgage loans through participation agreements with the original issuing entity. The Company’s mortgage loans by property type as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Commercial mortgage loans by property type (unaudited) Condominium $ 1,547,202 $ 1,960,547 Multi-property 1,179,501 1,157,950 Multi-family 336,573 534,645 Retail 1,000,000 - Total commercial mortgages $ 4,063,276 $ 3,653,142 The Company utilizes loan-to-value of individual mortgage loans to evaluate the credit quality of its mortgage loan portfolio. The loan-to-value measures the loan's carrying value to its appraised value. The Company’s mortgage loans by loan-to-value ratio as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Loan to value ratio (unaudited) Over 60 to 70% $ 2,547,202 $ 1,960,547 Over 40 to 50% 336,573 339,335 Over 30 to 40% - 195,310 Over 10 to 20% 1,179,501 1,157,950 Total $ 4,063,276 $ 3,653,142 The Company’s mortgage loans by maturity date as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Maturity Date (unaudited) One year or less $ 1,547,202 $ 2,155,857 After one year through five years 2,516,074 1,497,285 Total $ 4,063,276 $ 3,653,142 The Company had no mortgage loans that were on non-accrued status as of June 30, 2022 December 31, 2021. June 30, 2022 December 31, 2021. not June 30, 2022 December 31, 2021. Investment Income, Net of Expenses The components of net investment income for the six June 30, 2022 2021 Six Months Ended June 30, 2022 2021 (unaudited) Fixed maturities $ 559,262 $ 553,641 Mortgages 116,350 189,259 Equity securities 312,498 302,641 Funds withheld 1,621,509 1,649,276 Cash and cash equivalents 5,471 868 2,615,090 2,695,685 Less investment expenses (44,403 ) (64,113 ) $ 2,570,687 $ 2,631,572 The components of net investment income for the three June 30, 2022 2021 Three Months Ended June 30, 2022 2021 (unaudited) Fixed maturities $ 283,929 $ 276,152 Mortgages 88,959 $ 116,342 Equity securities 157,824 154,710 Funds withheld 921,201 821,279 Cash and cash equivalents 5,011 560 1,456,924 1,369,043 Less investment expenses (37,859 ) (36,463 ) $ 1,419,065 $ 1,332,580 Net Investment Gains Accounting standards require that the unrealized gains and losses on equity securities be reported as income on the consolidated statements of comprehensive loss. For the six June 30, 2022, six June 30, 2021, three June 30, 2022, three June 30, 2021, |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 3. Types of Derivatives used by the Company The Company’s derivatives consists solely of embedded derivatives on funds withheld on coinsurance assets. Summary of Derivative Positions The fair value of the Company’s derivative financial instruments on the consolidated balance sheets is as follows: June 30, 2022 December 31, 2021 Derivative Derivative Balance Asset Liability Asset Liability Reported In Derivatives: (unaudited) Embedded derivatives: Funds withheld embedded derivative $ - $ 146,532 $ 544,768 $ - Funds withheld The following table shows the change in the fair value of the derivative financial instruments in the consolidated statements of comprehensive income: Six Months Ending Six Months Ending Balance June 30, 2022 June 30, 2021 Reported In Derivatives: (unaudited) (unaudited) Embedded derivatives: Change in funds withheld embedded derivative $ (691,300 ) $ (245,120 ) Net investment losses |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. 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 Equity securities: third Embedded derivative not 3 not three six June 30, 2022 2021. The table below presents the amounts of assets measured at fair value on a recurring basis as of June 30, 2022 December 31, 2021: June 30, 2022 Total Level 1 Level 2 Level 3 (unaudited) Fixed maturities: US Treasury securities $ 359,309 $ - $ 359,309 $ - Corporate bonds 17,230,707 - 17,049,107 181,600 Municipal bonds 5,561,188 - 5,561,188 - Redeemable preferred stock 3,548,532 - 3,548,532 - Mortgage backed and asset backed securities 5,498,472 - 5,498,472 - Total fixed maturities 32,198,208 - 32,016,608 181,600 Equities: Common stock 6,298,209 6,204,809 93,400 - Preferred stock 1,465,856 - 1,465,856 - Total equities 7,764,065 6,204,809 1,559,256 - Funds withheld embedded derivative (146,532 ) - - (146,532 ) Total $ 39,815,741 $ 6,204,809 $ 33,575,864 $ 35,068 December 31, 2021 Total Level 1 Level 2 Level 3 Fixed maturities: US Treasury securities $ 447,765 $ - $ 447,765 $ - Corporate bonds 21,321,279 - 21,139,679 181,600 Municipal bonds 6,963,358 - 6,963,358 - Redeemable preferred stock 3,621,526 - 3,621,526 - Mortgage backed and asset backed securities 5,588,729 - 5,588,729 - Total fixed maturities 37,942,657 - 37,761,057 181,600 Equities: Common stock 7,319,584 7,226,584 93,000 - Preferred stock 1,837,609 - 1,837,609 - Total equities 9,157,193 7,226,584 1,930,609 - Funds withheld embedded derivative 544,768 - - 544,768 Total $ 47,644,618 $ 7,226,584 $ 39,691,666 $ 726,368 The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 For the Six Months Ended June 30, 2022 Corporate Funds Bonds Withheld Fair value, beginning of period $ 181,600 $ 544,768 Investment related losses - (691,300 ) Fair value, end of period $ 181,600 $ (146,532 ) For the Three Months Ended June 30, 2022 Corporate Funds Bonds Withheld Fair value, beginning of period $ 181,600 $ 262,551 Investment related gains (losses), net - (409,083 ) Fair value, end of period $ 181,600 $ (146,532 ) 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: Mortgage loans on real estate: Funds withheld not may 3 Policy loans Federal Home Loan Bank Advances: Policyholder deposits in deposit-type contracts The estimated fair values of the Company’s financial assets and liabilities at June 30, 2022 December 31, 2021 June 30, 2022 (unaudited) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 9,472,845 $ 9,472,845 $ 9,472,845 $ - $ - Mortgage loans on real estate 4,063,276 4,063,276 - - 4,063,276 Investment income due and accrued 567,974 567,974 - - 567,974 Funds withheld 49,828,005 49,681,473 - - 49,681,473 Policy loans 49,645 49,645 - - 49,645 Total Financial Assets (excluding available for sale investments) $ 63,981,745 $ 63,835,213 $ 9,472,845 $ - $ 54,362,368 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 78,769,056 71,117,548 - - 71,117,548 Total Financial Liabilities $ 79,769,056 $ 72,117,548 $ - $ - $ 72,117,548 December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 7,955,348 $ 7,955,348 $ 7,955,348 $ - $ - Mortgage loans on real estate 3,653,142 3,653,142 - - 3,653,142 Investment income due and accrued 698,504 698,504 - - 698,504 Funds withheld 48,474,206 49,018,974 - - 49,018,974 Policy loans 173,341 173,341 - - 173,341 Total Financial Assets (excluding available for sale investments) $ 60,954,541 $ 61,499,309 $ 7,955,348 $ - $ 53,543,961 Financial Liabilities: Federal Home Loan Bank advance $ 2,000,000 $ 2,000,000 $ - $ - $ 2,000,000 Policyholder deposits in deposit-type contracts 75,567,873 78,359,733 - - 78,359,733 Total Financial Liabilities $ 77,567,873 $ 80,359,733 $ - $ - $ 80,359,733 |
Note 5 - Income Tax Provision
Note 5 - Income Tax Provision | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5. No income tax expense or (benefit) has been reflected for the six three June 30, 2022 2021 The net operating loss carryforwards for the Company are $9,198,976 as of December 31, 2021 June 30, 2022. June 30, 2022 December 31, 2021. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 6. 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 August 11, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation 10 10 X. not The results of operation for the three six June 30, 2022 not December 31, 2022 not 10 December 31, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Area of Operation, Policy [Policy Text Block] | Area of Operation: |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Earnings Per Share, Policy [Policy Text Block] | Common stock and income (loss) per share: June 30, 2022, December 31, 2021, Income (loss) per share attributable to USAC’s common stockholders were computed based on the net income (loss) and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the six June 30, 2022 2021 three June 30, 2022 2021 six three June 30, 2022 2021. |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards Leases In February 2016, 12 two no not The adoption of this guidance did not not Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, 2019 12 March 31, 2021. 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 was effective for reporting periods beginning after December 15, 2019. December 15, 2018. December 15, 2022. not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 2018 12 not 2018 12 December 15, 2023, 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) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | June 30, 2022 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: (unaudited) Fixed maturities: US Treasury securities $ 303,451 $ 55,858 $ - $ 359,309 Corporate bonds 19,563,739 11,855 (2,344,887 ) 17,230,707 Municipal bonds 5,911,439 36,258 (386,509 ) 5,561,188 Redeemable preferred stock 4,044,005 - (495,473 ) 3,548,532 Mortgage backed and asset backed securities 6,065,767 1,373 (568,668 ) 5,498,472 Total available for sale $ 35,888,401 $ 105,344 $ (3,795,537 ) $ 32,198,208 December 31, 2021 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 303,195 $ 144,570 $ - $ 447,765 Corporate bonds 19,397,461 2,101,518 (177,700 ) 21,321,279 Municipal bonds 6,306,387 671,263 (14,292 ) 6,963,358 Redeemable preferred stock 3,612,625 29,995 (21,094 ) 3,621,526 Mortgage backed and asset backed securities 5,636,371 22,617 (70,259 ) 5,588,729 Total available for sale $ 35,256,039 $ 2,969,963 $ (283,345 ) $ 37,942,657 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: (unaudited) One year or less $ 408,288 $ 413,641 $ - $ - After one year through five years 1,767,797 1,730,772 1,987,421 2,087,132 After five years through ten years 2,434,768 2,401,025 2,540,089 2,865,020 More than 10 years 21,167,776 18,605,766 21,479,533 23,780,250 Redeemable preferred stocks 4,044,005 3,548,532 3,612,625 3,621,526 Mortgage backed and asset backed securities 6,065,767 5,498,472 5,636,371 5,588,729 Total amortized cost and fair value $ 35,888,401 $ 32,198,208 $ 35,256,039 $ 37,942,657 |
Realized Gain (Loss) on Investments [Table Text Block] | Six Months Ended June 30, (unaudited) 2022 2021 Gross gains $ 3,164 $ 216,011 Gross losses (2,541 ) (398 ) Realized gains $ 623 $ 215,613 Three Months Ended June 30, (unaudited) 2022 2021 Gross gains $ 1,264 $ 163,220 Gross losses - (3 ) Net security losses $ 1,264 $ 163,217 |
Debt Securities, Available-for-Sale, 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 June 30, 2022 Available for sale: (unaudited) Fixed maturities: Corporate bonds $ 13,035,236 $ (1,427,669 ) $ 2,833,974 $ (917,218 ) $ 15,869,210 $ (2,344,887 ) Municipal bonds 4,072,408 (374,802 ) 96,376 (11,707 ) 4,168,784 (386,509 ) Redeemable preferred stock 3,548,532 (495,473 ) - - 3,548,532 (495,473 ) Mortgage backed and asset backed securities 4,395,703 (442,709 ) 830,312 (125,959 ) 5,226,015 (568,668 ) Total fixed maturities $ 25,051,879 $ (2,740,653 ) $ 3,760,662 $ (1,054,884 ) $ 28,812,541 $ (3,795,537 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2021 Available for sale: Fixed maturities: Corporate bonds $ 4,496,456 $ (177,700 ) $ - $ - $ 4,496,456 $ (177,700 ) Municipal bonds 927,122 (14,292 ) - - 927,122 (14,292 ) Redeemable preferred stock 1,394,650 (21,094 ) - - 1,394,650 (21,094 ) Mortgage backed and asset backed securities 4,386,306 (70,259 ) - - 4,386,306 (70,259 ) Total fixed maturities $ 11,204,534 $ (283,345 ) $ - $ - $ 11,204,534 $ (283,345 ) |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2022 December 31, 2021 Commercial mortgage loans by property type (unaudited) Condominium $ 1,547,202 $ 1,960,547 Multi-property 1,179,501 1,157,950 Multi-family 336,573 534,645 Retail 1,000,000 - Total commercial mortgages $ 4,063,276 $ 3,653,142 |
Schedule of Mortage Loans by Loan-to-Value Ratio [Table Text Block] | June 30, 2022 December 31, 2021 Loan to value ratio (unaudited) Over 60 to 70% $ 2,547,202 $ 1,960,547 Over 40 to 50% 336,573 339,335 Over 30 to 40% - 195,310 Over 10 to 20% 1,179,501 1,157,950 Total $ 4,063,276 $ 3,653,142 |
Schedule of Mortgage Loans by Maturity Date [Table Text Block] | June 30, 2022 December 31, 2021 Maturity Date (unaudited) One year or less $ 1,547,202 $ 2,155,857 After one year through five years 2,516,074 1,497,285 Total $ 4,063,276 $ 3,653,142 |
Investment Income [Table Text Block] | Six Months Ended June 30, 2022 2021 (unaudited) Fixed maturities $ 559,262 $ 553,641 Mortgages 116,350 189,259 Equity securities 312,498 302,641 Funds withheld 1,621,509 1,649,276 Cash and cash equivalents 5,471 868 2,615,090 2,695,685 Less investment expenses (44,403 ) (64,113 ) $ 2,570,687 $ 2,631,572 Three Months Ended June 30, 2022 2021 (unaudited) Fixed maturities $ 283,929 $ 276,152 Mortgages 88,959 $ 116,342 Equity securities 157,824 154,710 Funds withheld 921,201 821,279 Cash and cash equivalents 5,011 560 1,456,924 1,369,043 Less investment expenses (37,859 ) (36,463 ) $ 1,419,065 $ 1,332,580 |
Note 3 - Derivative Instrumen_2
Note 3 - Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | June 30, 2022 December 31, 2021 Derivative Derivative Balance Asset Liability Asset Liability Reported In Derivatives: (unaudited) Embedded derivatives: Funds withheld embedded derivative $ - $ 146,532 $ 544,768 $ - Funds withheld Six Months Ending Six Months Ending Balance June 30, 2022 June 30, 2021 Reported In Derivatives: (unaudited) (unaudited) Embedded derivatives: Change in funds withheld embedded derivative $ (691,300 ) $ (245,120 ) Net investment losses |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2022 Total Level 1 Level 2 Level 3 (unaudited) Fixed maturities: US Treasury securities $ 359,309 $ - $ 359,309 $ - Corporate bonds 17,230,707 - 17,049,107 181,600 Municipal bonds 5,561,188 - 5,561,188 - Redeemable preferred stock 3,548,532 - 3,548,532 - Mortgage backed and asset backed securities 5,498,472 - 5,498,472 - Total fixed maturities 32,198,208 - 32,016,608 181,600 Equities: Common stock 6,298,209 6,204,809 93,400 - Preferred stock 1,465,856 - 1,465,856 - Total equities 7,764,065 6,204,809 1,559,256 - Funds withheld embedded derivative (146,532 ) - - (146,532 ) Total $ 39,815,741 $ 6,204,809 $ 33,575,864 $ 35,068 December 31, 2021 Total Level 1 Level 2 Level 3 Fixed maturities: US Treasury securities $ 447,765 $ - $ 447,765 $ - Corporate bonds 21,321,279 - 21,139,679 181,600 Municipal bonds 6,963,358 - 6,963,358 - Redeemable preferred stock 3,621,526 - 3,621,526 - Mortgage backed and asset backed securities 5,588,729 - 5,588,729 - Total fixed maturities 37,942,657 - 37,761,057 181,600 Equities: Common stock 7,319,584 7,226,584 93,000 - Preferred stock 1,837,609 - 1,837,609 - Total equities 9,157,193 7,226,584 1,930,609 - Funds withheld embedded derivative 544,768 - - 544,768 Total $ 47,644,618 $ 7,226,584 $ 39,691,666 $ 726,368 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the Six Months Ended June 30, 2022 Corporate Funds Bonds Withheld Fair value, beginning of period $ 181,600 $ 544,768 Investment related losses - (691,300 ) Fair value, end of period $ 181,600 $ (146,532 ) For the Three Months Ended June 30, 2022 Corporate Funds Bonds Withheld Fair value, beginning of period $ 181,600 $ 262,551 Investment related gains (losses), net - (409,083 ) Fair value, end of period $ 181,600 $ (146,532 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2022 (unaudited) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 9,472,845 $ 9,472,845 $ 9,472,845 $ - $ - Mortgage loans on real estate 4,063,276 4,063,276 - - 4,063,276 Investment income due and accrued 567,974 567,974 - - 567,974 Funds withheld 49,828,005 49,681,473 - - 49,681,473 Policy loans 49,645 49,645 - - 49,645 Total Financial Assets (excluding available for sale investments) $ 63,981,745 $ 63,835,213 $ 9,472,845 $ - $ 54,362,368 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 78,769,056 71,117,548 - - 71,117,548 Total Financial Liabilities $ 79,769,056 $ 72,117,548 $ - $ - $ 72,117,548 December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 7,955,348 $ 7,955,348 $ 7,955,348 $ - $ - Mortgage loans on real estate 3,653,142 3,653,142 - - 3,653,142 Investment income due and accrued 698,504 698,504 - - 698,504 Funds withheld 48,474,206 49,018,974 - - 49,018,974 Policy loans 173,341 173,341 - - 173,341 Total Financial Assets (excluding available for sale investments) $ 60,954,541 $ 61,499,309 $ 7,955,348 $ - $ 53,543,961 Financial Liabilities: Federal Home Loan Bank advance $ 2,000,000 $ 2,000,000 $ - $ - $ 2,000,000 Policyholder deposits in deposit-type contracts 75,567,873 78,359,733 - - 78,359,733 Total Financial Liabilities $ 77,567,873 $ 80,359,733 $ - $ - $ 80,359,733 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 $ / shares shares | Jun. 30, 2021 shares | Jun. 30, 2022 $ / shares shares | Jun. 30, 2021 shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Number of Wholly-Owned Operating Subsidiaries | 5 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 7,746,922 | 7,746,922 | 7,745,404 | |||
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 7,746,755 | 7,743,517 | 7,746,069 | 7,742,384 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 1,128,044 | $ 2,550,646 | $ 4,170,514 | $ 2,910,833 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 3,795,537 | $ 3,795,537 | $ 283,345 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 196 | 196 | 76 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||||
Mortgage Loans, Non-accrued Status | $ 0 | 0 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 0 | 0 | |||
Allowance for Loan and Lease Losses, Real Estate | 0 | 0 | |||
Debt and Equity Securities, Unrealized Gain (Loss), Total | (1,013,834) | 70,378 | (1,463,629) | 103,297 | |
Debt and Equity Securities, Realized Gain (Loss), Total | 1,264 | 163,217 | 623 | 215,613 | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net, Total | $ (409,083) | $ (42,473) | $ (691,300) | $ (245,120) | |
Fixed Income Securities [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 118 | 118 | 29 | ||
Collateralized Mortgage-Backed Securities [Member] | |||||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 568,668 | $ 568,668 | $ 70,259 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 62 | 62 | 41 | ||
Preferred Stock [Member] | |||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 16 | 16 | 6 |
Note 2 - Investments - Amortize
Note 2 - Investments - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Investments (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Cost or Amortized Cost | $ 35,888,401 | $ 35,256,039 |
Debt Securities, Gross Unrealized Gains | 105,344 | |
Debt Securities, Gross Unrealized Losses | (3,795,537) | (283,345) |
Investments in available-for-sale securities, at fair value | 32,198,208 | 37,942,657 |
Debt Securities, Gross Unrealized Gain | 2,969,963 | |
US Treasury Securities [Member] | ||
Cost or Amortized Cost | 303,451 | 303,195 |
Debt Securities, Gross Unrealized Gains | 55,858 | |
Debt Securities, Gross Unrealized Losses | 0 | 0 |
Investments in available-for-sale securities, at fair value | 359,309 | 447,765 |
Debt Securities, Gross Unrealized Gain | 144,570 | |
Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 19,563,739 | 19,397,461 |
Debt Securities, Gross Unrealized Gains | 11,855 | |
Debt Securities, Gross Unrealized Losses | (2,344,887) | (177,700) |
Investments in available-for-sale securities, at fair value | 17,230,707 | 21,321,279 |
Debt Securities, Gross Unrealized Gain | 2,101,518 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 5,911,439 | 6,306,387 |
Debt Securities, Gross Unrealized Gains | 36,258 | |
Debt Securities, Gross Unrealized Losses | (386,509) | (14,292) |
Investments in available-for-sale securities, at fair value | 5,561,188 | 6,963,358 |
Debt Securities, Gross Unrealized Gain | 671,263 | |
Redeemable Preferred Stock [Member] | ||
Cost or Amortized Cost | 4,044,005 | 3,612,625 |
Debt Securities, Gross Unrealized Gains | 0 | |
Debt Securities, Gross Unrealized Losses | (495,473) | (21,094) |
Investments in available-for-sale securities, at fair value | 3,548,532 | 3,621,526 |
Debt Securities, Gross Unrealized Gain | 29,995 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Cost or Amortized Cost | 6,065,767 | 5,636,371 |
Debt Securities, Gross Unrealized Gains | 1,373 | |
Debt Securities, Gross Unrealized Losses | (568,668) | (70,259) |
Investments in available-for-sale securities, at fair value | $ 5,498,472 | 5,588,729 |
Debt Securities, Gross Unrealized Gain | $ 22,617 |
Note 2 - Investments - Amorti_2
Note 2 - Investments - Amortized Cost and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
One year or less, amortized cost | $ 408,288 | $ 0 |
One year or less, fair value | 413,641 | 0 |
After one year through five years, amortized cost | 1,767,797 | 1,987,421 |
After one year through five years, fair value | 1,730,772 | 2,087,132 |
After five years through ten years, amortized cost | 2,434,768 | 2,540,089 |
After five years through ten years, fair value | 2,401,025 | 2,865,020 |
More than 10 years, amortized cost | 21,167,776 | 21,479,533 |
More than 10 years, fair value | 18,605,766 | 23,780,250 |
Available for sale securities, amortized cost | 35,888,401 | 35,256,039 |
Available for sale fixed maturity securities (amortized cost: $35,888,401 and $35,256,039 as of June 30, 2022 and December 31, 2021, respectively) | 32,198,208 | 37,942,657 |
Redeemable Preferred Stock [Member] | ||
Debt securities, amortized cost | 4,044,005 | 3,612,625 |
Debt securities, fair value | 3,548,532 | 3,621,526 |
Available for sale securities, amortized cost | 4,044,005 | 3,612,625 |
Available for sale fixed maturity securities (amortized cost: $35,888,401 and $35,256,039 as of June 30, 2022 and December 31, 2021, respectively) | 3,548,532 | 3,621,526 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities, amortized cost | 6,065,767 | 5,636,371 |
Debt securities, fair value | 5,498,472 | 5,588,729 |
Available for sale securities, amortized cost | 6,065,767 | 5,636,371 |
Available for sale fixed maturity securities (amortized cost: $35,888,401 and $35,256,039 as of June 30, 2022 and December 31, 2021, respectively) | $ 5,498,472 | $ 5,588,729 |
Note 2 - Investments - Realized
Note 2 - Investments - Realized Gains and Losses Related to the Sale of Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Gross gains | $ 1,264 | $ 163,220 | $ 3,164 | $ 216,011 |
Gross losses | 0 | (3) | (2,541) | (398) |
Realized gains | $ 1,264 | $ 163,217 | $ 623 | $ 215,613 |
Note 2 - Investments - Gross Un
Note 2 - Investments - Gross Unrealized Losses (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale securities, less than 12 months, fair value | $ 25,051,879 | $ 11,204,534 |
Available-for-sale securities, less than 12 months, unrealized loss | (2,740,653) | (283,345) |
Available-for-sale securities, greater than 12 months, fair value | 3,760,662 | 0 |
Available-for-sale securities, greater than 12 months, unrealized loss | (1,054,884) | 0 |
Available-for-sale securities, fair value | 28,812,541 | 11,204,534 |
Debt Securities, Gross Unrealized Loss | (3,795,537) | (283,345) |
Available-for-sale securities, greater than 12 months, unrealized loss | 1,054,884 | 0 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 13,035,236 | 4,496,456 |
Available-for-sale securities, less than 12 months, unrealized loss | (1,427,669) | (177,700) |
Available-for-sale securities, greater than 12 months, fair value | 2,833,974 | 0 |
Available-for-sale securities, greater than 12 months, unrealized loss | (917,218) | 0 |
Available-for-sale securities, fair value | 15,869,210 | 4,496,456 |
Debt Securities, Gross Unrealized Loss | (2,344,887) | (177,700) |
Available-for-sale securities, greater than 12 months, unrealized loss | 917,218 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 4,072,408 | 927,122 |
Available-for-sale securities, less than 12 months, unrealized loss | (374,802) | (14,292) |
Available-for-sale securities, greater than 12 months, fair value | 96,376 | 0 |
Available-for-sale securities, greater than 12 months, unrealized loss | (11,707) | 0 |
Available-for-sale securities, fair value | 4,168,784 | 927,122 |
Debt Securities, Gross Unrealized Loss | (386,509) | (14,292) |
Available-for-sale securities, greater than 12 months, unrealized loss | 11,707 | 0 |
Redeemable Preferred Stock [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 3,548,532 | 1,394,650 |
Available-for-sale securities, less than 12 months, unrealized loss | (495,473) | (21,094) |
Available-for-sale securities, greater than 12 months, fair value | 0 | 0 |
Available-for-sale securities, greater than 12 months, unrealized loss | 0 | 0 |
Available-for-sale securities, fair value | 3,548,532 | 1,394,650 |
Debt Securities, Gross Unrealized Loss | (495,473) | (21,094) |
Available-for-sale securities, greater than 12 months, unrealized loss | 0 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 4,395,703 | 4,386,306 |
Available-for-sale securities, less than 12 months, unrealized loss | (442,709) | (70,259) |
Available-for-sale securities, greater than 12 months, fair value | 830,312 | 0 |
Available-for-sale securities, greater than 12 months, unrealized loss | (125,959) | 0 |
Available-for-sale securities, fair value | 5,226,015 | 4,386,306 |
Debt Securities, Gross Unrealized Loss | (568,668) | (70,259) |
Available-for-sale securities, greater than 12 months, unrealized loss | $ 125,959 | $ 0 |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans by Property Type (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Total commercial mortgages | $ 4,063,276 | $ 3,653,142 |
Condominium [Member] | ||
Total commercial mortgages | 1,547,202 | 1,960,547 |
Multi-property [Member] | ||
Total commercial mortgages | 1,179,501 | 1,157,950 |
Multifamily [Member] | ||
Total commercial mortgages | 336,573 | 534,645 |
Retail [Member] | ||
Total commercial mortgages | $ 1,000,000 | $ 0 |
Note 2 - Investments - Mortga_2
Note 2 - Investments - Mortgage Loans by Loan-to-value Ratio (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Total commercial mortgages | $ 4,063,276 | $ 3,653,142 |
Debt-to-Value Ratio, 60 to 70 Percent [Member] | ||
Total commercial mortgages | 2,547,202 | 1,960,547 |
Debt-to-Value Ratio, 40 to 50 Percent [Member] | ||
Total commercial mortgages | 336,573 | 339,335 |
Debt-to-Value Ratio, 30 to 40 Percent [Member] | ||
Total commercial mortgages | 0 | 195,310 |
Debt-to-Value Ration, 10 to 30 Percent [Member] | ||
Total commercial mortgages | $ 1,179,501 | $ 1,157,950 |
Note 2 - Investments - Mortga_3
Note 2 - Investments - Mortgage Loans by Maturity Date (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
One year or less | $ 1,547,202 | $ 2,155,857 |
After one year through five years | 2,516,074 | 1,497,285 |
Total commercial mortgages | $ 4,063,276 | $ 3,653,142 |
Note 2 - Investments - Componen
Note 2 - Investments - Components of Net Investment Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investment income | $ 1,456,924 | $ 1,369,043 | $ 2,615,090 | $ 2,695,685 |
Less investment expenses | (37,859) | (36,463) | (44,403) | (64,113) |
Investment income, net | 1,419,065 | 1,332,580 | 2,570,687 | 2,631,572 |
Fixed Maturities [Member] | ||||
Investment income | 283,929 | 276,152 | 559,262 | 553,641 |
Mortgages [Member] | ||||
Investment income | 88,959 | 116,342 | 116,350 | 189,259 |
Equity Securities [Member] | ||||
Investment income | 157,824 | 154,710 | 312,498 | 302,641 |
Funds Withheld on Coinsurance Assets [Member] | ||||
Investment income | 921,201 | 821,279 | 1,621,509 | 1,649,276 |
Cash and Cash Equivalents [Member] | ||||
Investment income | $ 5,011 | $ 560 | $ 5,471 | $ 868 |
Note 3 - Derivative Instrumen_3
Note 3 - Derivative Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Funds withheld embedded derivative, asset | $ 0 | $ 0 | $ 544,768 | ||
Funds withheld embedded derivative | 146,532 | 146,532 | 0 | ||
Funds withheld embedded derivative, asset | 0 | 0 | $ 544,768 | ||
Change in fair value of funds withheld embedded derivative | $ 409,083 | $ 42,473 | $ 691,300 | $ 245,120 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Investments in available-for-sale securities, at fair value | $ 32,198,208 | $ 37,942,657 |
Funds withheld embedded derivative | 146,532 | 0 |
Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 32,198,208 | 37,942,657 |
Equity securities, fair value | 7,764,065 | 9,157,193 |
Funds withheld embedded derivative | 544,768 | |
Investments, fair value | 39,815,741 | 47,644,618 |
Fair Value, Recurring [Member] | Funds Withheld on Coinsurance Assets [Member] | ||
Funds withheld embedded derivative | (146,532) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Equity securities, fair value | 6,204,809 | 7,226,584 |
Funds withheld embedded derivative | 0 | |
Investments, fair value | 6,204,809 | 7,226,584 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Funds Withheld on Coinsurance Assets [Member] | ||
Funds withheld embedded derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 32,016,608 | 37,761,057 |
Equity securities, fair value | 1,559,256 | 1,930,609 |
Funds withheld embedded derivative | 0 | |
Investments, fair value | 33,575,864 | 39,691,666 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Funds Withheld on Coinsurance Assets [Member] | ||
Funds withheld embedded derivative | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 181,600 | 181,600 |
Equity securities, fair value | 0 | 0 |
Funds withheld embedded derivative | 544,768 | |
Investments, fair value | 35,068 | 726,368 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Funds Withheld on Coinsurance Assets [Member] | ||
Funds withheld embedded derivative | (146,532) | |
US Treasury Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 359,309 | 447,765 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 359,309 | 447,765 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 359,309 | 447,765 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 17,230,707 | 21,321,279 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 17,230,707 | 21,321,279 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 17,049,107 | 21,139,679 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 181,600 | 181,600 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 5,561,188 | 6,963,358 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 5,561,188 | 6,963,358 |
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 | 0 | 0 |
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 | 5,561,188 | 6,963,358 |
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 | 0 | 0 |
Redeemable Preferred Stock [Member] | ||
Investments in available-for-sale securities, at fair value | 3,548,532 | 3,621,526 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 3,548,532 | 3,621,526 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 3,548,532 | 3,621,526 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 5,498,472 | 5,588,729 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 5,498,472 | 5,588,729 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 5,498,472 | 5,588,729 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities, fair value | 6,298,209 | 7,319,584 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities, fair value | 6,204,809 | 7,226,584 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities, fair value | 93,400 | 93,000 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities, fair value | 0 | 0 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities, fair value | 1,465,856 | 1,837,609 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities, fair value | 0 | 0 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities, fair value | 1,465,856 | 1,837,609 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities, fair value | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Investment related losses | $ 0 | $ (409,083) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |||
Fair value, beginning of period | 181,600 | $ 181,600 | |
Investment related losses | 0 | ||
Fair value, end of period | 181,600 | 181,600 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Funds Withheld on Coinsurance Assets [Member] | |||
Fair value, beginning of period | 262,551 | 544,768 | |
Investment related losses | (691,300) | ||
Fair value, end of period | $ (146,532) | $ (146,532) | $ (146,532) |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 9,472,845 | $ 7,955,348 |
Mortgage loans on real estate | 4,063,276 | 3,653,142 |
Investment income due and accrued | 567,974 | 698,504 |
Funds withheld | 49,828,005 | 48,474,206 |
Policy loans | 49,645 | 173,341 |
Total Financial Assets (excluding available for sale investments) | 63,981,745 | 60,954,541 |
Federal Home Loan Bank advance | 1,000,000 | 2,000,000 |
Policyholder deposits in deposit-type contracts | 78,769,056 | 75,567,873 |
Total Financial Liabilities | 79,769,056 | 77,567,873 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 9,472,845 | 7,955,348 |
Mortgage loans on real estate | 4,063,276 | 3,653,142 |
Investment income due and accrued | 567,974 | 698,504 |
Funds withheld | 49,681,473 | 49,018,974 |
Policy loans | 49,645 | 173,341 |
Total Financial Assets (excluding available for sale investments) | 63,835,213 | 61,499,309 |
Federal Home Loan Bank advance | 1,000,000 | 2,000,000 |
Policyholder deposits in deposit-type contracts | 71,117,548 | 78,359,733 |
Total Financial Liabilities | 72,117,548 | 80,359,733 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 9,472,845 | 7,955,348 |
Mortgage loans on real estate | 0 | 0 |
Investment income due and accrued | 0 | 0 |
Funds withheld | 0 | 0 |
Policy loans | 0 | 0 |
Total Financial Assets (excluding available for sale investments) | 9,472,845 | 7,955,348 |
Federal Home Loan Bank advance | 0 | 0 |
Policyholder deposits in deposit-type contracts | 0 | 0 |
Total Financial Liabilities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Mortgage loans on real estate | 0 | 0 |
Investment income due and accrued | 0 | 0 |
Funds withheld | 0 | 0 |
Policy loans | 0 | 0 |
Total Financial Assets (excluding available for sale investments) | 0 | 0 |
Federal Home Loan Bank advance | 0 | 0 |
Policyholder deposits in deposit-type contracts | 0 | 0 |
Total Financial Liabilities | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Mortgage loans on real estate | 4,063,276 | 3,653,142 |
Investment income due and accrued | 567,974 | 698,504 |
Funds withheld | 49,681,473 | 49,018,974 |
Policy loans | 49,645 | 173,341 |
Total Financial Assets (excluding available for sale investments) | 54,362,368 | 53,543,961 |
Federal Home Loan Bank advance | 1,000,000 | 2,000,000 |
Policyholder deposits in deposit-type contracts | 71,117,548 | 78,359,733 |
Total Financial Liabilities | $ 72,117,548 | $ 80,359,733 |
Note 5 - Income Tax Provision (
Note 5 - Income Tax Provision (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | |
Deferred Income Tax Assets, Net | 1,560,767 | $ 1,560,767 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | $ 9,500,000 | $ 9,198,976 |