Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,746,922 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Available for sale fixed maturity securities (amortized cost: $70,218,924 and $70,615,724 as of March 31, 2023 and December 31, 2022, respectively) | $ 65,716,665 | $ 65,316,077 |
Equity securities, at fair value | 7,578,511 | 7,395,044 |
Mortgage loans on real estate (net of allowance for credit losses of $137,148 as of March 31, 2023) | 25,284,983 | 23,790,073 |
Other invested assets | 1,985,441 | 1,760,777 |
Policy loans | 35,747 | 34,980 |
Real estate, net of depreciation | 1,366,360 | 1,373,716 |
Total investments | 101,967,707 | 99,670,667 |
Cash and cash equivalents | 4,044,010 | 4,091,507 |
Investment income due and accrued | 2,189,269 | 2,086,365 |
Reinsurance related assets | 290,777 | 125,549 |
Deferred acquisition costs, net | 5,393,700 | 5,629,002 |
Value of business acquired, net | 2,495,288 | 2,518,393 |
Property, equipment and software, net | 164,320 | 132,475 |
Goodwill | 277,542 | 277,542 |
Deferred tax asset, net of valuation allowance | 3,294,522 | 3,294,522 |
Other assets | 458,546 | 472,275 |
Total assets | 120,575,681 | 118,298,297 |
Liabilities: | ||
Deposit-type contracts | 78,341,879 | 79,035,350 |
Policyholder benefit reserves | 30,464,718 | 29,411,984 |
Dividend accumulation | 122,662 | 121,687 |
Advance premiums | 165,199 | 168,782 |
Total policy liabilities | 109,094,458 | 108,737,803 |
Accounts payable and accrued expenses | 1,375,809 | 448,805 |
Federal Home Loan Bank advance | (1,000,000) | (1,000,000) |
Other liabilities | 78,134 | 42,295 |
Total liabilities | 111,548,401 | 110,228,903 |
Shareholders' Equity: | ||
Common stock, $0.10 par value. Authorized 20,000,000 shares; issued and outstanding 7,746,922 shares as of March 31, 2023 and December 31, 2022 | 774,693 | 774,693 |
Additional paid-in capital | 22,955,458 | 22,955,458 |
Accumulated deficit | (11,694,559) | (11,819,637) |
Accumulated other comprehensive loss | (3,008,312) | (3,841,120) |
Total shareholders' equity | 9,027,280 | 8,069,394 |
Total liabilities and shareholders' equity | $ 120,575,681 | $ 118,298,297 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) | Mar. 31, 2023 USD ($) $ / shares shares |
Available for sale securities, amortized cost | $ | $ 70,218,924 |
Allowance for credit loss | $ | $ 137,148 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 |
Common stock, shares authorized (in shares) | 20,000,000 |
Common stock, shares issued (in shares) | 7,746,922 |
Common stock, shares outstanding (in shares) | 7,746,922 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Premium income | $ 3,341,325 | $ 3,362,256 |
Net investment income | 1,505,610 | 1,151,622 |
Net investment gains (losses) | 347,102 | (732,653) |
Other income | 83,788 | 79,565 |
Total income | 5,277,825 | 3,860,790 |
Expenses: | ||
Death claims | 941,702 | 797,288 |
Policyholder benefits | 1,564,035 | 1,659,985 |
Increase in policyholder reserves | 1,047,878 | 1,196,350 |
Commissions, net of deferrals | 171,731 | 190,334 |
Amortization of deferred acquisition costs | 367,122 | 275,698 |
Amortization of value of business acquired | 23,105 | 23,105 |
Salaries & benefits | 363,288 | 324,059 |
Other operating expenses | 523,513 | 541,402 |
Total expense | 5,002,374 | 5,008,221 |
Net income (loss) | $ 275,451 | $ (1,147,431) |
Net income (loss) per common share, basic and diluted (in dollars per share) | $ 0.04 | $ (0.15) |
Unrealized net holding gains (losses) arising during the period, net of tax | $ 832,285 | $ (3,218,556) |
Reclassification adjustment for losses included in net income (loss) | 523 | 495 |
Other comprehensive income (loss) | 832,808 | (3,218,061) |
Comprehensive income (loss) | $ 1,108,259 | $ (4,365,492) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
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) | 1,268 | |||||||||
Common stock issued, $7 per share | $ 127 | 8,749 | 0 | 0 | 8,876 | |||||
Costs associated with common stock issued | 0 | (1,705) | 0 | 0 | (1,705) | |||||
Other comprehensive income (loss) | 0 | 0 | (3,218,061) | 0 | (3,218,061) | |||||
Net income (loss) | $ 0 | 0 | 0 | (1,147,431) | (1,147,431) | |||||
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 | |||||
Balance (in shares) at Dec. 31, 2022 | 7,746,922 | |||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ (150,373) | $ (150,373) | $ 774,693 | 22,955,458 | (3,841,120) | (11,819,637) | 8,069,394 |
Other comprehensive income (loss) | 0 | 0 | 832,808 | 0 | 832,808 | |||||
Net income (loss) | $ 0 | 0 | 0 | 275,451 | 275,451 | |||||
Balance (in shares) at Mar. 31, 2023 | 7,746,922 | |||||||||
Balance at Mar. 31, 2023 | $ 774,693 | $ 22,955,458 | $ (3,008,312) | $ (11,694,559) | $ 9,027,280 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) | Mar. 31, 2022 $ / shares |
Common stock, price per share (in dollars per share) | $ 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 275,451 | $ (1,147,431) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 11,862 | 10,543 |
Net (gains) losses realized on the sale of securities and net credit losses recognized in operations | (198,310) | 641 |
Unrealized (gains) losses on equity securities | (246,126) | 449,795 |
Change in fair value of embedded derivative | 97,334 | 282,217 |
(Accretion) amortization of investment securities, net | (127,339) | 43,567 |
Deferred acquisition costs capitalized | (131,820) | (108,618) |
Deferred acquisition costs amortized | 367,122 | 275,698 |
Value of business acquired amortized | 23,105 | 23,105 |
Interest credited on deposit type contracts | 431,983 | 304,017 |
(Increase) decrease in operating assets: | ||
Change in funds withheld | 0 | (454,194) |
Investment income due and accrued | (102,904) | 184,610 |
Reinsurance related assets | (165,228) | 8,627 |
Other assets | 13,729 | 166,827 |
Increase (decrease) in operating liabilities: | ||
Policyowner benefit reserves | 1,052,734 | 1,213,223 |
Dividend accumulation | 975 | 548 |
Advance premiums | (3,583) | 30,829 |
Other liabilities | 35,839 | 11,493 |
Accounts payable and accrued expenses | 927,004 | 11,612 |
Net cash provided by operating activities | 2,261,828 | 1,307,109 |
Cash Flows from investing activities: | ||
Purchase of equity investments | (1,308) | (843,310) |
Purchase of mortgage investments | (1,673,256) | (2,101,335) |
Purchase of other invested assets | (120,091) | 0 |
Proceeds from equity sales | 44,835 | 309,668 |
Proceeds from mortgage repayments | 1,503 | 2,528,264 |
Increase in policy loans | (767) | (40,629) |
Purchase of property, equipment and software | (36,353) | (3,602) |
Net cash used in investing activities | (1,183,871) | (405,655) |
Cash Flows from financing activities: | ||
Receipts on deposit-type contracts | 1,518,509 | 1,129,420 |
Withdrawals on deposit-type contracts | (2,643,963) | (567,239) |
Proceeds received from issuance of common stock, net of costs of issuance | 0 | 7,171 |
Net cash provided by (used in) financing activities | (1,125,454) | 569,352 |
Net increase (decrease) in cash and cash equivalents | (47,497) | 1,470,806 |
Cash and Cash Equivalents: | ||
Beginning | 4,091,507 | 7,955,348 |
Ending | 4,044,010 | 9,426,154 |
Supplemental Disclosure of Non-Cash Information | ||
Funds withheld assumed deposits on deposit-type contracts | 0 | 379,827 |
Funds withheld assumed withdrawals on deposit-type contracts | 0 | (260,972) |
Commissions and expense allowances deducted from funds withheld | 0 | (277,439) |
Fixed Income Investments [Member] | ||
Cash Flows from investing activities: | ||
Purchase of fixed income investments | (1,088,214) | (459,249) |
Proceeds from fixed income sales and repayments | $ 1,689,780 | $ 204,538 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. Description of Business and Significant Accounting Policies 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, 2024. 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 March 31, 2023 not December 31, 2023 not 10 December 31, 2022. Principles of consolidation Area of Operation: Reclassifications no Common stock and income (loss) per share: March 31, 2023, December 31, 2022, Income (loss) per share attributable to USAC’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 three March 31, 2023 2022 no three March 31, 2023 2022. New accounting standards 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 31, 2022 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 | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | Note 2. Investments Fixed Maturity The amortized cost and fair value of available for sale investments as of March 31, 2023 December 31, 2022 March 31, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 781,660 $ 895 $ (41,739 ) $ 740,816 Corporate bonds 18,991,120 1,175 (2,643,662 ) 16,348,633 Municipal bonds 6,223,405 8,958 (582,559 ) 5,649,804 Redeemable preferred stock 3,871,039 587 (445,298 ) 3,426,328 Term loans 18,141,181 164,592 (150,865 ) 18,154,908 Mortgage backed and asset backed securities 22,210,519 258,327 (1,072,670 ) 21,396,176 Total available for sale $ 70,218,924 $ 434,534 $ (4,936,793 ) $ 65,716,665 December 31, 2022 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 993,805 $ 36,313 $ (5,031 ) $ 1,025,087 Corporate bonds 19,018,738 722 (3,150,382 ) 15,869,078 Municipal bonds 6,228,636 - (808,227 ) 5,420,409 Redeemable preferred stock 3,875,526 - (519,911 ) 3,355,615 Term loans 18,086,124 209,989 (146,395 ) 18,149,718 Mortgage backed and asset backed securities 22,412,895 157,795 (1,074,520 ) 21,496,170 Total available for sale $ 70,615,724 $ 404,819 $ (5,704,466 ) $ 65,316,077 The amortized cost and fair value of debt securities as of March 31, 2023 December 31, 2022, may may As of March 31, 2023 As of December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Amounts maturing in: One year or less $ 100,631 $ 99,638 $ 442,846 $ 450,461 After one year through five years 17,148,985 17,104,575 17,048,721 17,035,270 After five years through ten years 5,563,633 5,469,445 5,498,364 5,340,498 More than 10 years 21,324,117 18,220,503 21,337,372 17,638,063 Redeemable preferred stocks 3,871,039 3,426,328 3,875,526 3,355,615 Mortgage backed and asset backed securities 22,210,519 21,396,176 22,412,895 21,496,170 Total amortized cost and fair value $ 70,218,924 $ 65,716,665 $ 70,615,724 $ 65,316,077 Proceeds from the sale of securities, maturities, and asset paydowns in the three March 31, 2023 2022 Three Months Ended March 31, (unaudited) 2023 2022 Gross gains $ 188,777 $ 1,900 Gross losses (3,692 ) (2,541 ) Realized gains (losses) $ 185,085 $ (641 ) Mortgage loans on real estate Decrease in allowance for credit losses $ 13,225 $ - Net gains (losses) realized on the sale of securities and net credit losses recognized in operations $ 198,310 $ (641 ) 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, 2023 (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 538,754 $ (41,739 ) $ - $ - $ 538,754 $ (41,739 ) Corporate bonds 8,676,598 (810,883 ) 7,302,004 (1,832,779 ) 15,978,602 (2,643,662 ) Municipal bonds 4,380,766 (314,727 ) 999,757 (267,832 ) 5,380,523 (582,559 ) Redeemable preferred stock 278,213 (26,958 ) 3,029,054 (418,340 ) 3,307,267 (445,298 ) Term loans 8,705,391 (150,865 ) - - 8,705,391 (150,865 ) Mortgage backed and asset backed securities 9,426,743 (412,421 ) 4,205,258 (660,249 ) 13,632,001 (1,072,670 ) Total fixed maturities $ 32,006,465 $ (1,757,593 ) $ 15,536,073 $ (3,179,200 ) $ 47,542,538 $ (4,936,793 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2022 Available for sale: Fixed maturities: US Treasury securities $ 398,375 $ (5,031 ) $ - $ - $ 398,375 $ (5,031 ) Corporate bonds 12,378,486 (1,883,706 ) 3,206,913 (1,266,676 ) 15,585,399 (3,150,382 ) Municipal bonds 4,711,896 (587,053 ) 708,514 (221,174 ) 5,420,410 (808,227 ) Redeemable preferred stock 2,384,771 (363,193 ) 970,844 (156,718 ) 3,355,615 (519,911 ) Term loans 6,309,005 (146,395 ) - - 6,309,005 (146,395 ) Mortgage backed and asset backed securities 10,358,560 (458,754 ) 3,281,132 (615,766 ) 13,639,692 (1,074,520 ) Total fixed maturities $ 36,541,093 $ (3,444,132 ) $ 8,167,402 $ (2,260,334 ) $ 44,708,495 $ (5,704,466 ) Unrealized losses occur from market price declines due to changes in interest rates. The total number of available for sale fixed maturity securities in the investment portfolio in an unrealized loss position as of March 31, 2023 230 December 31, 2022 230 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (unaudited) Commercial mortgage loans by property type Condominium $ 1,696,975 $ 1,696,975 Land 1,902,277 1,902,277 Multi-property 9,870,383 9,539,738 Multi-family 5,334,609 5,016,424 Retail/Office 6,617,887 5,634,659 Total commercial mortgages $ 25,422,131 $ 23,790,073 Allowance for credit losses (137,148 ) - Carrying value $ 25,284,983 $ 23,790,073 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 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (unaudited) Loan to value ratio Over 70 to 80% $ 8,230,409 $ 8,219,763 Over 60 to 70% 5,196,975 5,196,975 Over 50 to 60% 5,002,438 4,682,750 Over 40 to 50% 3,234,448 3,235,951 Over 20 to 30% 2,639,974 1,319,975 Over 10 to 20% 1,117,887 1,134,659 Total $ 25,422,131 $ 23,790,073 Allowance for credit losses (137,148 ) - Carrying value $ 25,284,983 $ 23,790,073 The Company’s mortgage loans by maturity date as of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 (unaudited) Maturity Date One year or less $ 18,876,776 $ 15,354,542 After one year through five years 6,545,355 8,435,531 Total $ 25,422,131 $ 23,790,073 Allowance for credit losses (137,148 ) - Carrying value $ 25,284,983 $ 23,790,073 The Company evaluates its commercial mortgage loan portfolio for the establishment of a loan loss allowance by specific identification of impaired loans. A mortgage loan is impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. If the Company determines that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's effective interest rate, or the fair value of the underlying collateral less estimated costs to sell. The Company had no mortgage loans that were on non-accrued status as of March 31, 2023 December 31, 2022. March 31, 2023 December 31, 2022. The Company analyzes our commercial mortgage loan portfolio for the need of a general loan allowance for expected credit losses on all other loans on a quantitative and qualitative basis by grouping assets with similar risk characteristics when there is not not not three March 31, 2023 March 31, 2022. The Company's commercial mortgage loans are pooled by risk rating and property collateral type and an estimated loss ratio is applied against each risk pool. The loss ratios are generally based upon historical loss experience for each risk pool and are adjusted for current and forecasted economic factors management believes to be relevant and supportable. Economic factors are forecasted for two The following table presents a roll-forward of our specific and general valuation allowances for our commercial mortgage loan portfolio: Three Months Ended March 31, 2023 (unaudited) Specific Allowance General Allowance Beginning allowance balance $ - $ - Cumulative adjustment for changes in accounting principals - 150,373 Charge-offs - - Recoveries - - Change in provision for credit losses - (13,225 ) Ending Allowance $ - $ 137,148 The specific allowance represents the total credit loss allowances on loans which are individually evaluated for impairment. The general allowance is for the group of loans discussed above which are collectively evaluated for impairment. Charge-offs include allowances that have been established on loans that were satisfied either by taking ownership of the collateral or by some other means such as discounted pay-off or loan sale. When ownership of the property is taken it is recorded at the lower of the loan's carrying value or the property's fair value (based on appraised values) less estimated costs to sell. The real estate owned is recorded as a component of other investments and the loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third not three March 31, 2023 2022. Investment Income, Net of Expenses The components of net investment income for the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 (unaudited) Fixed maturities $ 1,039,423 $ 275,333 Mortgages 509,022 27,391 Equity securities 210,370 154,674 Funds withheld - 700,308 Other invested assets 45,940 - Cash and cash equivalents 14,021 460 1,818,776 1,158,166 Less investment expenses (313,166 ) (6,544 ) $ 1,505,610 $ 1,151,622 Net Investment Gains (Losses) Accounting standards require that the unrealized gains and losses on equity securities be reported as income on the consolidated statements of comprehensive income (loss). For the three March 31, 2023, three March 31, 2022, |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 3. Derivative Instruments Types of Derivatives used by the Company The Company’s derivatives consists of embedded derivatives on funds withheld on coinsurance assets which was eliminated in October 2022 October 2022. Summary of Derivative Positions The fair value of the Company’s derivative financial instruments on the consolidated balance sheets is as follows: March 31, 2023 December 31, 2022 Derivative Derivative Balance Asset Liability Asset Liability Reported In (Unaudited) Derivatives: Embedded derivatives: Reinsurance contract allocated hedge $ 726,077 - $ 724,998 $ - Reinsurance related assets The following table shows the change in the fair value of the derivative financial instruments in the consolidated statements of comprehensive income: Three Months Ending Three Months Ending Balance March 31, 2023 March 31, 2022 Reported In (unaudited) (unaudited) Derivatives: Embedded derivatives: Change in funds withheld embedded derivative $ - $ (282,217 ) Net investment gains (losses) Change in reinsurance contract allocated hedge $ 1,079 $ - Net investment gains (losses) |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. 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 Equity securities: third Embedded derivative not 3 not three March 31, 2023 2022. The table below presents the amounts of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 December 31, 2022: March 31, 2023 Total Level 1 Level 2 Level 3 (unaudited) Fixed maturities: US Treasury securities $ 740,816 $ 740,816 $ - $ - Corporate bonds 16,348,633 - 16,172,633 176,000 Municipal bonds 5,649,804 - 5,649,804 - Redeemable preferred stock 3,426,328 - 3,426,328 - Term loans 18,154,908 - - 18,154,908 Mortgage backed and asset backed securities 21,396,176 - 21,002,426 393,750 Total fixed maturities 65,716,665 740,816 46,251,191 18,724,658 Equities: Common stock 6,129,740 6,034,240 95,500 - Preferred stock 1,448,771 - 1,448,771 - Total equities 7,578,511 6,034,240 1,544,271 - Other invested assets 1,985,441 - - 1,985,441 Reinsurance contract allocated hedge 726,077 - - 726,077 Total $ 76,006,694 $ 6,775,056 $ 47,795,462 $ 21,436,176 December 31, 2022 Total Level 1 Level 2 Level 3 Fixed maturities: US Treasury securities $ 1,025,087 $ 1,025,087 $ - $ - Corporate bonds 15,869,078 - 15,687,478 181,600 Municipal bonds 5,420,409 - 5,420,409 - Redeemable preferred stock 3,355,615 - 3,355,615 - Term loans 18,149,718 - - 18,149,718 Mortgage backed and asset backed securities 21,496,170 - 21,099,920 396,250 Total fixed maturities 65,316,077 1,025,087 45,563,422 18,727,568 Equities: Common stock 6,024,224 5,929,624 94,600 - Preferred stock 1,370,820 - 1,370,820 - Total equities 7,395,044 5,929,624 1,465,420 - Other invested assets 1,760,777 - - 1,760,777 Reinsurance contract allocated hedge 724,998 - - 724,998 Total $ 75,196,896 $ 6,954,711 $ 47,028,842 $ 21,213,343 The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 Mortgage For the Three Months Ended March 31, 2023 Corporate Backed Term Hedge (unaudited) Bonds Securities Loans Derivative Fair value, beginning of period $ 181,600 $ 396,250 $ 18,149,718 $ 724,998 Principal payment (5,600 ) (2,500 ) (135,042 ) Acquisition - - 109,837 - Investment related gains - - 30,395 1,079 Fair value, end of period $ 176,000 $ 393,750 $ 18,154,908 $ 726,077 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: Reinsurance contract allocated hedge 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 March 31, 2023 December 31, 2022 March 31, 2023 (unaudited) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 4,044,010 $ 4,044,010 $ 4,044,010 $ - $ - Mortgage loans on real estate 25,284,983 25,284,983 - - 25,284,983 Investment income due and accrued 2,189,269 2,189,269 - - 2,189,269 Reinsurance contract allocated hedge 726,077 726,077 - - 726,077 Policy loans 35,747 35,747 - - 35,747 Total Financial Assets (excluding available for sale investments) $ 32,280,086 $ 32,280,086 $ 4,044,010 $ - $ 28,236,076 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 78,341,879 65,582,459 - - 65,582,459 Total Financial Liabilities $ 79,341,879 $ 66,582,459 $ - $ - $ 66,582,459 December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 4,091,507 $ 4,091,507 $ 4,091,507 $ - $ - Mortgage loans on real estate 23,790,073 23,790,073 - - 23,790,073 Investment income due and accrued 2,086,365 2,086,365 - - 2,086,365 Reinsurance contract allocated hedge 724,998 724,998 - - 724,998 Policy loans 34,980 34,980 - - 34,980 Total Financial Assets (excluding available for sale investments) $ 30,727,923 $ 30,727,923 $ 4,091,507 $ - $ 26,636,416 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 79,035,350 67,741,524 - - 67,741,524 Total Financial Liabilities $ 80,035,350 $ 68,741,524 $ - $ - $ 68,741,524 |
Note 5 - Income Tax Provision
Note 5 - Income Tax Provision | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5. Income Tax Provision No three March 31, 2023 2022 The net operating loss carryforwards for the Company are $9,630,952 as of December 31, 2022 March 31, 2023. March 31, 2023 December 31, 2022. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 6. 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 15, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 not December 31, 2023 not 10 December 31, 2022. |
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: March 31, 2023, December 31, 2022, Income (loss) per share attributable to USAC’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 three March 31, 2023 2022 no three March 31, 2023 2022. |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards 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 31, 2022 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) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 781,660 $ 895 $ (41,739 ) $ 740,816 Corporate bonds 18,991,120 1,175 (2,643,662 ) 16,348,633 Municipal bonds 6,223,405 8,958 (582,559 ) 5,649,804 Redeemable preferred stock 3,871,039 587 (445,298 ) 3,426,328 Term loans 18,141,181 164,592 (150,865 ) 18,154,908 Mortgage backed and asset backed securities 22,210,519 258,327 (1,072,670 ) 21,396,176 Total available for sale $ 70,218,924 $ 434,534 $ (4,936,793 ) $ 65,716,665 December 31, 2022 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 993,805 $ 36,313 $ (5,031 ) $ 1,025,087 Corporate bonds 19,018,738 722 (3,150,382 ) 15,869,078 Municipal bonds 6,228,636 - (808,227 ) 5,420,409 Redeemable preferred stock 3,875,526 - (519,911 ) 3,355,615 Term loans 18,086,124 209,989 (146,395 ) 18,149,718 Mortgage backed and asset backed securities 22,412,895 157,795 (1,074,520 ) 21,496,170 Total available for sale $ 70,615,724 $ 404,819 $ (5,704,466 ) $ 65,316,077 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of March 31, 2023 As of December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Amounts maturing in: One year or less $ 100,631 $ 99,638 $ 442,846 $ 450,461 After one year through five years 17,148,985 17,104,575 17,048,721 17,035,270 After five years through ten years 5,563,633 5,469,445 5,498,364 5,340,498 More than 10 years 21,324,117 18,220,503 21,337,372 17,638,063 Redeemable preferred stocks 3,871,039 3,426,328 3,875,526 3,355,615 Mortgage backed and asset backed securities 22,210,519 21,396,176 22,412,895 21,496,170 Total amortized cost and fair value $ 70,218,924 $ 65,716,665 $ 70,615,724 $ 65,316,077 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, (unaudited) 2023 2022 Gross gains $ 188,777 $ 1,900 Gross losses (3,692 ) (2,541 ) Realized gains (losses) $ 185,085 $ (641 ) Mortgage loans on real estate Decrease in allowance for credit losses $ 13,225 $ - Net gains (losses) realized on the sale of securities and net credit losses recognized in operations $ 198,310 $ (641 ) |
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 March 31, 2023 (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 538,754 $ (41,739 ) $ - $ - $ 538,754 $ (41,739 ) Corporate bonds 8,676,598 (810,883 ) 7,302,004 (1,832,779 ) 15,978,602 (2,643,662 ) Municipal bonds 4,380,766 (314,727 ) 999,757 (267,832 ) 5,380,523 (582,559 ) Redeemable preferred stock 278,213 (26,958 ) 3,029,054 (418,340 ) 3,307,267 (445,298 ) Term loans 8,705,391 (150,865 ) - - 8,705,391 (150,865 ) Mortgage backed and asset backed securities 9,426,743 (412,421 ) 4,205,258 (660,249 ) 13,632,001 (1,072,670 ) Total fixed maturities $ 32,006,465 $ (1,757,593 ) $ 15,536,073 $ (3,179,200 ) $ 47,542,538 $ (4,936,793 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2022 Available for sale: Fixed maturities: US Treasury securities $ 398,375 $ (5,031 ) $ - $ - $ 398,375 $ (5,031 ) Corporate bonds 12,378,486 (1,883,706 ) 3,206,913 (1,266,676 ) 15,585,399 (3,150,382 ) Municipal bonds 4,711,896 (587,053 ) 708,514 (221,174 ) 5,420,410 (808,227 ) Redeemable preferred stock 2,384,771 (363,193 ) 970,844 (156,718 ) 3,355,615 (519,911 ) Term loans 6,309,005 (146,395 ) - - 6,309,005 (146,395 ) Mortgage backed and asset backed securities 10,358,560 (458,754 ) 3,281,132 (615,766 ) 13,639,692 (1,074,520 ) Total fixed maturities $ 36,541,093 $ (3,444,132 ) $ 8,167,402 $ (2,260,334 ) $ 44,708,495 $ (5,704,466 ) |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2023 December 31, 2022 (unaudited) Commercial mortgage loans by property type Condominium $ 1,696,975 $ 1,696,975 Land 1,902,277 1,902,277 Multi-property 9,870,383 9,539,738 Multi-family 5,334,609 5,016,424 Retail/Office 6,617,887 5,634,659 Total commercial mortgages $ 25,422,131 $ 23,790,073 Allowance for credit losses (137,148 ) - Carrying value $ 25,284,983 $ 23,790,073 |
Schedule of Mortage Loans by Loan-to-Value Ratio [Table Text Block] | March 31, 2023 December 31, 2022 (unaudited) Loan to value ratio Over 70 to 80% $ 8,230,409 $ 8,219,763 Over 60 to 70% 5,196,975 5,196,975 Over 50 to 60% 5,002,438 4,682,750 Over 40 to 50% 3,234,448 3,235,951 Over 20 to 30% 2,639,974 1,319,975 Over 10 to 20% 1,117,887 1,134,659 Total $ 25,422,131 $ 23,790,073 Allowance for credit losses (137,148 ) - Carrying value $ 25,284,983 $ 23,790,073 |
Schedule of Mortgage Loans by Maturity Date [Table Text Block] | March 31, 2023 December 31, 2022 (unaudited) Maturity Date One year or less $ 18,876,776 $ 15,354,542 After one year through five years 6,545,355 8,435,531 Total $ 25,422,131 $ 23,790,073 Allowance for credit losses (137,148 ) - Carrying value $ 25,284,983 $ 23,790,073 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2023 (unaudited) Specific Allowance General Allowance Beginning allowance balance $ - $ - Cumulative adjustment for changes in accounting principals - 150,373 Charge-offs - - Recoveries - - Change in provision for credit losses - (13,225 ) Ending Allowance $ - $ 137,148 |
Investment Income [Table Text Block] | Three Months Ended March 31, 2023 2022 (unaudited) Fixed maturities $ 1,039,423 $ 275,333 Mortgages 509,022 27,391 Equity securities 210,370 154,674 Funds withheld - 700,308 Other invested assets 45,940 - Cash and cash equivalents 14,021 460 1,818,776 1,158,166 Less investment expenses (313,166 ) (6,544 ) $ 1,505,610 $ 1,151,622 |
Note 3 - Derivative Instrumen_2
Note 3 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2023 December 31, 2022 Derivative Derivative Balance Asset Liability Asset Liability Reported In (Unaudited) Derivatives: Embedded derivatives: Reinsurance contract allocated hedge $ 726,077 - $ 724,998 $ - Reinsurance related assets Three Months Ending Three Months Ending Balance March 31, 2023 March 31, 2022 Reported In (unaudited) (unaudited) Derivatives: Embedded derivatives: Change in funds withheld embedded derivative $ - $ (282,217 ) Net investment gains (losses) Change in reinsurance contract allocated hedge $ 1,079 $ - Net investment gains (losses) |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2023 Total Level 1 Level 2 Level 3 (unaudited) Fixed maturities: US Treasury securities $ 740,816 $ 740,816 $ - $ - Corporate bonds 16,348,633 - 16,172,633 176,000 Municipal bonds 5,649,804 - 5,649,804 - Redeemable preferred stock 3,426,328 - 3,426,328 - Term loans 18,154,908 - - 18,154,908 Mortgage backed and asset backed securities 21,396,176 - 21,002,426 393,750 Total fixed maturities 65,716,665 740,816 46,251,191 18,724,658 Equities: Common stock 6,129,740 6,034,240 95,500 - Preferred stock 1,448,771 - 1,448,771 - Total equities 7,578,511 6,034,240 1,544,271 - Other invested assets 1,985,441 - - 1,985,441 Reinsurance contract allocated hedge 726,077 - - 726,077 Total $ 76,006,694 $ 6,775,056 $ 47,795,462 $ 21,436,176 December 31, 2022 Total Level 1 Level 2 Level 3 Fixed maturities: US Treasury securities $ 1,025,087 $ 1,025,087 $ - $ - Corporate bonds 15,869,078 - 15,687,478 181,600 Municipal bonds 5,420,409 - 5,420,409 - Redeemable preferred stock 3,355,615 - 3,355,615 - Term loans 18,149,718 - - 18,149,718 Mortgage backed and asset backed securities 21,496,170 - 21,099,920 396,250 Total fixed maturities 65,316,077 1,025,087 45,563,422 18,727,568 Equities: Common stock 6,024,224 5,929,624 94,600 - Preferred stock 1,370,820 - 1,370,820 - Total equities 7,395,044 5,929,624 1,465,420 - Other invested assets 1,760,777 - - 1,760,777 Reinsurance contract allocated hedge 724,998 - - 724,998 Total $ 75,196,896 $ 6,954,711 $ 47,028,842 $ 21,213,343 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Mortgage For the Three Months Ended March 31, 2023 Corporate Backed Term Hedge (unaudited) Bonds Securities Loans Derivative Fair value, beginning of period $ 181,600 $ 396,250 $ 18,149,718 $ 724,998 Principal payment (5,600 ) (2,500 ) (135,042 ) Acquisition - - 109,837 - Investment related gains - - 30,395 1,079 Fair value, end of period $ 176,000 $ 393,750 $ 18,154,908 $ 726,077 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2023 (unaudited) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 4,044,010 $ 4,044,010 $ 4,044,010 $ - $ - Mortgage loans on real estate 25,284,983 25,284,983 - - 25,284,983 Investment income due and accrued 2,189,269 2,189,269 - - 2,189,269 Reinsurance contract allocated hedge 726,077 726,077 - - 726,077 Policy loans 35,747 35,747 - - 35,747 Total Financial Assets (excluding available for sale investments) $ 32,280,086 $ 32,280,086 $ 4,044,010 $ - $ 28,236,076 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 78,341,879 65,582,459 - - 65,582,459 Total Financial Liabilities $ 79,341,879 $ 66,582,459 $ - $ - $ 66,582,459 December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 4,091,507 $ 4,091,507 $ 4,091,507 $ - $ - Mortgage loans on real estate 23,790,073 23,790,073 - - 23,790,073 Investment income due and accrued 2,086,365 2,086,365 - - 2,086,365 Reinsurance contract allocated hedge 724,998 724,998 - - 724,998 Policy loans 34,980 34,980 - - 34,980 Total Financial Assets (excluding available for sale investments) $ 30,727,923 $ 30,727,923 $ 4,091,507 $ - $ 26,636,416 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 79,035,350 67,741,524 - - 67,741,524 Total Financial Liabilities $ 80,035,350 $ 68,741,524 $ - $ - $ 68,741,524 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | 3 Months Ended | ||
Mar. 31, 2023 $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2022 $ / 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 | |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | |
Common Stock, Shares, Outstanding (in shares) | 7,746,922 | 7,746,922 | |
Weighted Average Number of Shares Outstanding, Basic (in shares) | 7,746,922 | 7,745,827 | |
Common Stock, Shares, Issued (in shares) | 7,746,922 | 7,746,922 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Proceeds from Sale, Maturity and Collection of Investments | $ 1,736,118 | $ 3,042,470 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 230 | 230 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 4,936,793 | $ 5,704,466 | |
Mortgage Loans, Non-accrued Status | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 0 | ||
Debt and Equity Securities, Unrealized Gain (Loss) | 246,126 | (449,795) | |
Debt and Equity Securities, Realized Gain (Loss) | 198,310 | (641) | |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (97,334) | $ (282,217) | |
Fixed Income Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 135 | 131 | |
Collateralized Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 70 | 73 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,072,670 | $ 1,074,520 | |
Term Loans [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 10 | 10 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 150,865 | $ 146,395 | |
Preferred Stock [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 15 | 16 |
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, 2023 | Dec. 31, 2022 |
Cost or Amortized Cost | $ 70,218,924 | $ 70,615,724 |
Debt Securities, Gross Unrealized Gains | 434,534 | |
Debt Securities, Gross Unrealized Losses | (4,936,793) | (5,704,466) |
Investments in available-for-sale securities, at fair value | 65,716,665 | 65,316,077 |
Debt Securities, Gross Unrealized Gain | 404,819 | |
US Treasury Securities [Member] | ||
Cost or Amortized Cost | 781,660 | 993,805 |
Debt Securities, Gross Unrealized Gains | 895 | |
Debt Securities, Gross Unrealized Losses | (41,739) | (5,031) |
Investments in available-for-sale securities, at fair value | 740,816 | 1,025,087 |
Debt Securities, Gross Unrealized Gain | 36,313 | |
Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 18,991,120 | 19,018,738 |
Debt Securities, Gross Unrealized Gains | 1,175 | |
Debt Securities, Gross Unrealized Losses | (2,643,662) | (3,150,382) |
Investments in available-for-sale securities, at fair value | 16,348,633 | 15,869,078 |
Debt Securities, Gross Unrealized Gain | 722 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 6,223,405 | 6,228,636 |
Debt Securities, Gross Unrealized Gains | 8,958 | |
Debt Securities, Gross Unrealized Losses | (582,559) | (808,227) |
Investments in available-for-sale securities, at fair value | 5,649,804 | 5,420,409 |
Debt Securities, Gross Unrealized Gain | 0 | |
Redeemable Preferred Stock [Member] | ||
Cost or Amortized Cost | 3,871,039 | 3,875,526 |
Debt Securities, Gross Unrealized Gains | 587 | |
Debt Securities, Gross Unrealized Losses | (445,298) | (519,911) |
Investments in available-for-sale securities, at fair value | 3,426,328 | 3,355,615 |
Debt Securities, Gross Unrealized Gain | 0 | |
Term Loans [Member] | ||
Cost or Amortized Cost | 18,141,181 | 18,086,124 |
Debt Securities, Gross Unrealized Gains | 164,592 | |
Debt Securities, Gross Unrealized Losses | (150,865) | (146,395) |
Investments in available-for-sale securities, at fair value | 18,154,908 | 18,149,718 |
Debt Securities, Gross Unrealized Gain | 209,989 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Cost or Amortized Cost | 22,210,519 | 22,412,895 |
Debt Securities, Gross Unrealized Gains | 258,327 | |
Debt Securities, Gross Unrealized Losses | (1,072,670) | (1,074,520) |
Investments in available-for-sale securities, at fair value | $ 21,396,176 | 21,496,170 |
Debt Securities, Gross Unrealized Gain | $ 157,795 |
Note 2 - Investments - Amorti_2
Note 2 - Investments - Amortized Cost and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
One year or less, amortized cost | $ 100,631 | $ 442,846 |
One year or less, fair value | 99,638 | 450,461 |
After one year through five years, amortized cost | 17,148,985 | 17,048,721 |
After one year through five years, fair value | 17,104,575 | 17,035,270 |
After five years through ten years, amortized cost | 5,563,633 | 5,498,364 |
After five years through ten years, fair value | 5,469,445 | 5,340,498 |
More than 10 years, amortized cost | 21,324,117 | 21,337,372 |
More than 10 years, fair value | 18,220,503 | 17,638,063 |
Available for sale securities, amortized cost | 70,218,924 | 70,615,724 |
Available for sale fixed maturity securities (amortized cost: $70,218,924 and $70,615,724 as of March 31, 2023 and December 31, 2022, respectively) | 65,716,665 | 65,316,077 |
Redeemable Preferred Stock [Member] | ||
Debt securities, amortized cost | 3,871,039 | 3,875,526 |
Debt securities, fair value | 3,426,328 | 3,355,615 |
Available for sale securities, amortized cost | 3,871,039 | 3,875,526 |
Available for sale fixed maturity securities (amortized cost: $70,218,924 and $70,615,724 as of March 31, 2023 and December 31, 2022, respectively) | 3,426,328 | 3,355,615 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities, amortized cost | 22,210,519 | 22,412,895 |
Debt securities, fair value | 21,396,176 | 21,496,170 |
Available for sale securities, amortized cost | 22,210,519 | 22,412,895 |
Available for sale fixed maturity securities (amortized cost: $70,218,924 and $70,615,724 as of March 31, 2023 and December 31, 2022, respectively) | $ 21,396,176 | $ 21,496,170 |
Note 2 - Investments - Realized
Note 2 - Investments - Realized Gains and Losses Related to the Sale of Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gross gains | $ 188,777 | $ 1,900 |
Gross losses | (3,692) | (2,541) |
Realized gains (losses) | 185,085 | (641) |
Decrease in allowance for credit losses | (13,225) | 0 |
Net gains (losses) realized on the sale of securities and net credit losses recognized in operations | $ 198,310 | $ (641) |
Note 2 - Investments - Gross Un
Note 2 - Investments - Gross Unrealized Losses (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities, less than 12 months, fair value | $ 32,006,465 | $ 36,541,093 |
Available-for-sale securities, less than 12 months, unrealized loss | (1,757,593) | (3,444,132) |
Available-for-sale securities, fair value | 47,542,538 | 44,708,495 |
Debt Securities, Gross Unrealized Loss | (4,936,793) | (5,704,466) |
Available-for-sale securities, greater than 12 months, fair value | 15,536,073 | 8,167,402 |
Available-for-sale securities, greater than 12 months, unrealized loss | (3,179,200) | (2,260,334) |
US Treasury Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 538,754 | 398,375 |
Available-for-sale securities, less than 12 months, unrealized loss | (41,739) | (5,031) |
Available-for-sale securities, fair value | 538,754 | 398,375 |
Debt Securities, Gross Unrealized Loss | (41,739) | (5,031) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 8,676,598 | 12,378,486 |
Available-for-sale securities, less than 12 months, unrealized loss | (810,883) | (1,883,706) |
Available-for-sale securities, fair value | 15,978,602 | 15,585,399 |
Debt Securities, Gross Unrealized Loss | (2,643,662) | (3,150,382) |
Available-for-sale securities, greater than 12 months, fair value | 7,302,004 | 3,206,913 |
Available-for-sale securities, greater than 12 months, unrealized loss | (1,832,779) | (1,266,676) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 4,380,766 | 4,711,896 |
Available-for-sale securities, less than 12 months, unrealized loss | (314,727) | (587,053) |
Available-for-sale securities, fair value | 5,380,523 | 5,420,410 |
Debt Securities, Gross Unrealized Loss | (582,559) | (808,227) |
Available-for-sale securities, greater than 12 months, fair value | 999,757 | 708,514 |
Available-for-sale securities, greater than 12 months, unrealized loss | (267,832) | (221,174) |
Redeemable Preferred Stock [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 278,213 | 2,384,771 |
Available-for-sale securities, less than 12 months, unrealized loss | (26,958) | (363,193) |
Available-for-sale securities, fair value | 3,307,267 | 3,355,615 |
Debt Securities, Gross Unrealized Loss | (445,298) | (519,911) |
Available-for-sale securities, greater than 12 months, fair value | 3,029,054 | 970,844 |
Available-for-sale securities, greater than 12 months, unrealized loss | (418,340) | (156,718) |
Term Loans [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 8,705,391 | 6,309,005 |
Available-for-sale securities, less than 12 months, unrealized loss | (150,865) | (146,395) |
Available-for-sale securities, fair value | 8,705,391 | 6,309,005 |
Debt Securities, Gross Unrealized Loss | (150,865) | (146,395) |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 9,426,743 | 10,358,560 |
Available-for-sale securities, less than 12 months, unrealized loss | (412,421) | (458,754) |
Available-for-sale securities, fair value | 13,632,001 | 13,639,692 |
Debt Securities, Gross Unrealized Loss | (1,072,670) | (1,074,520) |
Available-for-sale securities, greater than 12 months, fair value | 4,205,258 | 3,281,132 |
Available-for-sale securities, greater than 12 months, unrealized loss | $ (660,249) | $ (615,766) |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans by Property Type (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Commercial mortgage loans | $ 25,422,131 | $ 25,422,131 | $ 23,790,073 |
Allowance for credit losses | (137,148) | (137,148) | 0 |
Total commercial mortgages | 25,284,983 | $ 25,284,983 | 23,790,073 |
Condominium [Member] | |||
Commercial mortgage loans | 1,696,975 | 1,696,975 | |
Land [Member] | |||
Commercial mortgage loans | 1,902,277 | 1,902,277 | |
Multi-property [Member] | |||
Commercial mortgage loans | 9,870,383 | 9,539,738 | |
Multifamily [Member] | |||
Commercial mortgage loans | 5,334,609 | 5,016,424 | |
Retail [Member] | |||
Commercial mortgage loans | $ 6,617,887 | $ 5,634,659 |
Note 2 - Investments - Mortga_2
Note 2 - Investments - Mortgage Loans by Loan-to-value Ratio (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Total commercial mortgages | $ 137,148 | $ 137,148 | $ 0 |
Commercial mortgage loans | 25,422,131 | 25,422,131 | 23,790,073 |
Allowance for credit losses | (137,148) | (137,148) | 0 |
Total commercial mortgages | $ 25,284,983 | 25,284,983 | 23,790,073 |
Debt-to-Value Ratio, 70 to 80 Percent [Member] | |||
Total commercial mortgages | 8,230,409 | 8,219,763 | |
Allowance for credit losses | (8,230,409) | (8,219,763) | |
Debt-to-Value Ratio, 60 to 70 Percent [Member] | |||
Total commercial mortgages | 5,196,975 | 5,196,975 | |
Allowance for credit losses | (5,196,975) | (5,196,975) | |
Debt-to-Value Ratio, 50 to 60 Percent [Member] | |||
Total commercial mortgages | 5,002,438 | 4,682,750 | |
Allowance for credit losses | (5,002,438) | (4,682,750) | |
Debt-to-Value Ratio, 40 to 50 Percent [Member] | |||
Total commercial mortgages | 3,234,448 | 3,235,951 | |
Allowance for credit losses | (3,234,448) | (3,235,951) | |
Debt-to-Value Ratio, 30 to 40 Percent [Member] | |||
Total commercial mortgages | 2,639,974 | 1,319,975 | |
Allowance for credit losses | (2,639,974) | (1,319,975) | |
Debt-to-Value Ratio, 20 to 30 Percent [Member] | |||
Total commercial mortgages | 1,117,887 | 1,134,659 | |
Allowance for credit losses | $ (1,117,887) | $ (1,134,659) |
Note 2 - Investments - Mortga_3
Note 2 - Investments - Mortgage Loans by Maturity Date (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
One year or less | $ 18,876,776 | $ 15,354,542 | |
After one year through five years | 6,545,355 | 8,435,531 | |
Total | $ 25,422,131 | 25,422,131 | 23,790,073 |
Allowance for credit losses | (137,148) | (137,148) | 0 |
Total commercial mortgages | $ 25,284,983 | $ 25,284,983 | $ 23,790,073 |
Note 2 - Investments - Valuatio
Note 2 - Investments - Valuation Allowance on Commercial Loan Portfolio (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in provision for credit losses | $ (13,225) | $ 0 |
Real Estate Loan [Member] | Specific Allowance [Member] | ||
Beginning allowance balance | 0 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Change in provision for credit losses | 0 | |
Ending Allowance | 0 | |
Real Estate Loan [Member] | Specific Allowance [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning allowance balance | 0 | |
Real Estate Loan [Member] | General Allowance [Member] | ||
Beginning allowance balance | 0 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Change in provision for credit losses | (13,225) | |
Ending Allowance | 137,148 | |
Real Estate Loan [Member] | General Allowance [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning allowance balance | $ 150,373 |
Note 2 - Investments - Componen
Note 2 - Investments - Components of Net Investment Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment income | $ 1,818,776 | $ 1,158,166 |
Less investment expenses | (313,166) | (6,544) |
Investment income, net | 1,505,610 | 1,151,622 |
Fixed Maturities [Member] | ||
Investment income | 1,039,423 | 275,333 |
Mortgages [Member] | ||
Investment income | 509,022 | 27,391 |
Equity Securities [Member] | ||
Investment income | 210,370 | 154,674 |
Funds Withheld on Coinsurance Assets [Member] | ||
Investment income | 0 | 700,308 |
Other Invested Assets [Member] | ||
Investment income | 45,940 | 0 |
Cash and Cash Equivalents [Member] | ||
Investment income | $ 14,021 | $ 460 |
Note 3 - Derivative Instrumen_3
Note 3 - Derivative Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Change in fair value of derivative financial instruments | $ (97,334) | $ (282,217) | |
Reinsurer [Member] | |||
Reinsurance contract allocated hedge | 726,077 | $ 724,998 | |
Fair value of derivative financial instruments, liability | 0 | $ 0 | |
Change in fair value of derivative financial instruments | 1,079 | 0 | |
Funds Withheld on Coinsurance Assets [Member] | |||
Change in fair value of derivative financial instruments | $ 0 | $ (282,217) |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investments in available-for-sale securities, at fair value | $ 65,716,665 | $ 65,316,077 |
Other invested assets | 1,985,441 | 1,760,777 |
Other invested assets | 1,985,441 | 1,760,777 |
Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 65,716,665 | 65,316,077 |
Equity securities, fair value | 7,578,511 | 7,395,044 |
Other invested assets | 1,985,441 | 1,760,777 |
Investments, fair value | 76,006,694 | 75,196,896 |
Other invested assets | 1,985,441 | 1,760,777 |
Fair Value, Recurring [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 740,816 | 1,025,087 |
Equity securities, fair value | 6,034,240 | 5,929,624 |
Other invested assets | 0 | 0 |
Investments, fair value | 6,775,056 | 6,954,711 |
Other invested assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 0 | 0 |
Reinsurance contract allocated hedge | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 46,251,191 | 45,563,422 |
Equity securities, fair value | 1,544,271 | 1,465,420 |
Other invested assets | 0 | 0 |
Investments, fair value | 47,795,462 | 47,028,842 |
Other invested assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 0 | 0 |
Reinsurance contract allocated hedge | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 18,724,658 | 18,727,568 |
Equity securities, fair value | 0 | 0 |
Other invested assets | 1,985,441 | 1,760,777 |
Investments, fair value | 21,436,176 | 21,213,343 |
Other invested assets | 1,985,441 | 1,760,777 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Reinsurance contract allocated hedge | 726,077 | 724,998 |
US Treasury Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 740,816 | 1,025,087 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 740,816 | 1,025,087 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 740,816 | 1,025,087 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
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 | 16,348,633 | 15,869,078 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 16,348,633 | 15,869,078 |
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 | 16,172,633 | 15,687,478 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 176,000 | 181,600 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 5,649,804 | 5,420,409 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 5,649,804 | 5,420,409 |
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 | 5,649,804 | 5,420,409 |
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 | 3,426,328 | 3,355,615 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 3,426,328 | 3,355,615 |
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 | 3,426,328 | 3,355,615 |
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 |
Term Loans [Member] | ||
Investments in available-for-sale securities, at fair value | 18,154,908 | 18,149,718 |
Term Loans [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 18,154,908 | 18,149,718 |
Term Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Term Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 0 | 0 |
Term Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 18,154,908 | 18,149,718 |
Collateralized Mortgage-Backed Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 21,396,176 | 21,496,170 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 21,396,176 | 21,496,170 |
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 | 21,002,426 | 21,099,920 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 393,750 | 396,250 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities, fair value | 6,129,740 | 6,024,224 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities, fair value | 6,034,240 | 5,929,624 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities, fair value | 95,500 | 94,600 |
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 | 1,448,771 | 1,370,820 |
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 | 1,448,771 | 1,370,820 |
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) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Recurring [Member] | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Corporate Debt Securities [Member] | |
Fair value, beginning of period | $ 181,600 |
Principal payment | (5,600) |
Acquisition | 0 |
Investment related gains | 0 |
Fair value, end of period | 176,000 |
Collateralized Mortgage-Backed Securities [Member] | |
Fair value, beginning of period | 396,250 |
Principal payment | (2,500) |
Acquisition | 0 |
Investment related gains | 0 |
Fair value, end of period | 393,750 |
Term Loans [Member] | |
Fair value, beginning of period | 18,149,718 |
Principal payment | (135,042) |
Acquisition | 109,837 |
Investment related gains | 30,395 |
Fair value, end of period | 18,154,908 |
Derivative [Member] | |
Fair value, beginning of period | 724,998 |
Principal payment | |
Acquisition | 0 |
Investment related gains | 1,079 |
Fair value, end of period | $ 726,077 |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Reinsurer [Member] | ||
Reinsurance contract allocated hedge | $ 726,077 | $ 724,998 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 4,044,010 | 4,091,507 |
Mortgage loans on real estate | 25,284,983 | 23,790,073 |
Investment income due and accrued | 2,189,269 | 2,086,365 |
Policy loans | 35,747 | 34,980 |
Total Financial Assets (excluding available for sale investments) | 32,280,086 | 30,727,923 |
Federal Home Loan Bank advance | 1,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 78,341,879 | 79,035,350 |
Total Financial Liabilities | 79,341,879 | 80,035,350 |
Reported Value Measurement [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 4,044,010 | 4,091,507 |
Mortgage loans on real estate | 25,284,983 | 23,790,073 |
Investment income due and accrued | 2,189,269 | 2,086,365 |
Policy loans | 35,747 | 34,980 |
Total Financial Assets (excluding available for sale investments) | 32,280,086 | 30,727,923 |
Federal Home Loan Bank advance | 1,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 65,582,459 | 67,741,524 |
Total Financial Liabilities | 66,582,459 | 68,741,524 |
Estimate of Fair Value Measurement [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 726,077 | 724,998 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 4,044,010 | 4,091,507 |
Mortgage loans on real estate | 0 | 0 |
Investment income due and accrued | 0 | 0 |
Policy loans | 0 | 0 |
Total Financial Assets (excluding available for sale investments) | 4,044,010 | 4,091,507 |
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 1 [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | |
Mortgage loans on real estate | 0 | |
Investment income due and accrued | 0 | |
Reinsurance contract allocated hedge | 0 | |
Policy loans | 0 | |
Total Financial Assets (excluding available for sale investments) | 0 | |
Federal Home Loan Bank advance | 0 | |
Policyholder deposits in deposit-type contracts | 0 | |
Total Financial Liabilities | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Mortgage loans on real estate | 25,284,983 | 23,790,073 |
Investment income due and accrued | 2,189,269 | 2,086,365 |
Policy loans | 35,747 | 34,980 |
Total Financial Assets (excluding available for sale investments) | 28,236,076 | 26,636,416 |
Federal Home Loan Bank advance | 1,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 65,582,459 | 67,741,524 |
Total Financial Liabilities | 66,582,459 | 68,741,524 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Reinsurer [Member] | ||
Reinsurance contract allocated hedge | $ 726,077 | $ 724,998 |
Note 5 - Income Tax Provision (
Note 5 - Income Tax Provision (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred Income Tax Assets, Net | $ 3,294,522 | $ 3,294,522 |
Domestic Tax Authority [Member] | ||
Operating Loss, Capital Loss, Carryforwards | $ 9,500,000 | $ 9,630,952 |