Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 29, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 Place, 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 | ||
Title of 12(b) Security | Common Stock, $0.10 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 7,748,922 | ||
No Trading Symbol Flag | true | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Dallas, Texas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale fixed maturity securities (amortized cost: $78,653,792 and $70,615,724 as of December 31, 2023 and December 31, 2022, respectively) | $ 74,509,520 | $ 65,316,077 |
Equity securities, at fair value | 3,585,885 | 7,395,044 |
Limited partnership interests | 389,827 | 0 |
Mortgage loans on real estate (net of allowance for credit losses of $21,644 as of December 31, 2023) | 19,617,253 | 23,790,073 |
Other invested assets | 2,239,683 | 1,760,777 |
Policy loans | 26,132 | 34,980 |
Real estate, net of depreciation | 1,686,668 | 1,373,716 |
Total investments | 102,054,968 | 99,670,667 |
Cash and cash equivalents | 8,982,138 | 4,091,507 |
Investment income due and accrued | 1,878,620 | 2,086,365 |
Reinsurance related assets | 1,039,274 | 125,549 |
Deferred acquisition costs, net | 4,751,497 | 5,629,002 |
Value of business acquired, net | 2,425,973 | 2,518,393 |
Property, equipment and software, net | 138,256 | 132,475 |
Goodwill | 277,542 | 277,542 |
Federal and state income tax receivable | 146,831 | 144,295 |
Deferred tax asset, net of valuation allowance | 3,888,907 | 3,294,522 |
Other assets | 500,630 | 472,275 |
Total assets | 126,084,636 | 118,442,592 |
Liabilities: | ||
Deposit-type contracts | 78,063,888 | 79,035,350 |
Policyholder benefit reserves | 34,233,185 | 29,411,984 |
Dividend accumulation | 114,842 | 121,687 |
Advance premiums | 151,711 | 168,782 |
Total policy liabilities | 112,563,626 | 108,737,803 |
Accounts payable and accrued expenses | 2,053,363 | 593,100 |
Federal Home Loan Bank advance | (1,000,000) | (1,000,000) |
Other liabilities | 136,570 | 42,295 |
Total liabilities | 115,753,559 | 110,373,198 |
Shareholders' Equity: | ||
Common stock, $0.10 par value. Authorized 20,000,000 shares; issued and outstanding 7,748,922 and 7,746,922 shares as of December 31, 2023 and December 31, 2022 | 774,893 | 774,693 |
Additional paid-in capital | 22,964,490 | 22,955,458 |
Accumulated deficit | (10,491,934) | (11,819,637) |
Accumulated other comprehensive loss | (2,916,372) | (3,841,120) |
Total shareholders' equity | 10,331,077 | 8,069,394 |
Total liabilities and shareholders' equity | $ 126,084,636 | $ 118,442,592 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale securities, amortized cost | $ 78,653,792 | $ 70,615,724 |
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,748,922 | 7,746,922 |
Common stock, shares outstanding (in shares) | 7,748,922 | 7,746,922 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income: | ||
Premium income | $ 13,131,574 | $ 12,815,238 |
Net investment income | 6,412,669 | 4,798,199 |
Net investment gains (losses) | 1,016,561 | (1,925,086) |
Other income | 353,254 | 317,502 |
Total income | 20,914,058 | 16,005,853 |
Expenses: | ||
Death claims | 3,432,119 | 2,994,386 |
Policyholder benefits | 6,342,303 | 6,553,901 |
Increase in policyholder reserves | 4,589,538 | 4,207,703 |
Commissions, net of deferrals | 837,560 | 777,162 |
Amortization of deferred acquisition costs | 1,407,503 | 1,205,554 |
Amortization of value of business acquired | 92,420 | 92,420 |
Salaries & benefits | 1,627,644 | 1,465,259 |
Other operating expenses | 1,959,242 | 2,014,953 |
Total expense | 20,288,329 | 19,311,338 |
Net income (loss) | 625,729 | (3,305,485) |
Federal income tax benefit | 852,347 | 149,000 |
Total federal income tax benefit | 852,347 | 149,000 |
Net Income (loss) | $ 1,478,076 | $ (3,156,485) |
Net income (loss) per common share, basic and diluted (in dollars per share) | $ 0.19 | $ (0.41) |
Unrealized net holding gains (losses) arising during the period, net of tax of (expense) benefit of $(257,962) and $1,679,938 in 2023 and 2022, respectively | $ 924,225 | $ (6,385,127) |
Reclassification adjustment for losses included in net income (loss) | 523 | 22,277 |
Other comprehensive income (loss) | 924,748 | (6,362,850) |
Comprehensive income (loss) | $ 2,402,824 | $ (9,519,335) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized net holding gains (losses), tax | $ (257,962) | $ 1,679,938 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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) | 1,518 | |||||||||
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 loss | 0 | 0 | (6,362,850) | 0 | (6,362,850) | |||||
Net income (loss) | $ 0 | 0 | 0 | (3,156,485) | (3,156,485) | |||||
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 |
Common stock issued, $7 per share (in shares) | 2,000 | |||||||||
Common stock issued, $7 per share | $ 200 | 13,800 | 0 | 0 | 14,000 | |||||
Costs associated with common stock issued | 0 | (4,768) | 0 | 0 | (4,768) | |||||
Other comprehensive loss | 0 | 0 | 924,748 | 0 | 924,748 | |||||
Net income (loss) | $ 0 | 0 | 0 | 1,478,076 | 1,478,076 | |||||
Balance (in shares) at Dec. 31, 2023 | 7,748,922 | |||||||||
Balance at Dec. 31, 2023 | $ 774,893 | $ 22,964,490 | $ (2,916,372) | $ (10,491,934) | $ 10,331,077 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock, price per share (in dollars per share) | $ 7 | $ 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income (loss) | $ 1,478,076 | $ (3,156,485) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 23,107 | 46,133 |
Net (gains) losses realized on the sale of securities and net credit losses recognized in operations | 628,872 | 108,643 |
Unrealized (gains) losses on equity securities | (1,711,411) | 1,638,847 |
Change in fair value of embedded derivative | 65,978 | 177,596 |
(Accretion) amortization of investment securities, net | (302,156) | (55,431) |
Deferred acquisition costs capitalized | (529,998) | (479,681) |
Deferred acquisition costs amortized | 1,407,503 | 1,205,554 |
Value of business acquired amortized | 92,420 | 92,420 |
Interest credited on deposit type contracts | 1,778,460 | 1,597,392 |
(Increase) decrease in operating assets: | ||
Change in funds withheld | 0 | (656,085) |
Investment income due and accrued | 207,745 | (176,441) |
Reinsurance related assets | (847,747) | 720,784 |
Deferred tax assets, net of valuation allowance | (852,347) | (53,817) |
Other assets | (28,355) | 328,735 |
Increase (decrease) in operating liabilities: | ||
Policyowner benefit reserves | 4,597,352 | 4,207,406 |
Dividend accumulation | (6,845) | 3,425 |
Advance premiums | (17,071) | 32,553 |
Other liabilities | 275 | (144,776) |
Accounts payable and accrued expenses | 1,457,727 | (648,869) |
Net cash provided by operating activities | 7,441,585 | 4,787,903 |
Cash Flows from investing activities: | ||
Purchase of fixed income investments | (12,940,382) | (10,865,054) |
Purchase of equity investments | (627,591) | (1,415,492) |
Purchase of mortgage investments | (6,615,666) | (8,295,919) |
Purchase of other invested assets | (898,961) | (156,009) |
Proceeds from fixed income sales and repayments | 4,995,304 | 4,962,353 |
Proceeds from equity sales | 4,763,365 | 1,167,810 |
Proceeds from mortgage repayments | 11,112,833 | 3,748,177 |
Proceeds from other invested assets | 547,952 | 0 |
Transfers from (to) funds withheld | 0 | 967,462 |
Interest on policy loans | 0 | 683 |
Increase in policy loans | 8,848 | 137,678 |
Purchase of property, equipment and software and building improvements | (379,815) | (56,401) |
Net cash provided by (used in) investing activities | 1,382,395 | (9,804,712) |
Cash Flows from financing activities: | ||
Receipts on deposit-type contracts | 4,383,636 | 5,389,262 |
Withdrawals on deposit-type contracts | (8,326,217) | (3,243,267) |
Repayment of FHLB advance | 0 | (1,000,000) |
Proceeds received from issuance of common stock, net of costs of issuance | 9,232 | 6,973 |
Net cash provided by (used in) financing activities | (3,933,349) | 1,152,968 |
Net increase (decrease) in cash and cash equivalents | 4,890,631 | (3,863,841) |
Cash and Cash Equivalents: | ||
Beginning | 4,091,507 | 7,955,348 |
Ending | 8,982,138 | 4,091,507 |
Supplemental Disclosure of Non-Cash Information | ||
Funds withheld assumed deposits on deposit-type contracts | 0 | 639,610 |
Funds withheld assumed withdrawals on deposit-type contracts | 0 | (915,520) |
Commissions and expense allowances deducted from funds withheld | 0 | (908,074) |
Assets transferred on settlement of funds withheld | 0 | 45,800,032 |
Investment income due and accrued transferred on settlement of funds withheld | 0 | 1,211,420 |
Reinsurance related assets transferred on settlement of funds withheld | 0 | 1,049,088 |
Investment expenses payable transferred on settlement of funds withheld | 0 | (408,609) |
Lewer [Member] | ||
Cash Flows from investing activities: | ||
Assumed reinsurance from Lewer | 1,416,508 | 0 |
Deferred Annuity Deposit-type Contracts [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Interest credited on deposit type contracts | 1,775,438 | 1,590,654 |
Cash Flows from financing activities: | ||
Receipts on deposit-type contracts | 4,373,807 | 5,948,185 |
Withdrawals on deposit-type contracts | (8,293,629) | (4,068,636) |
Deferred Annuity Deposit-type Contracts [Member] | Lewer [Member] | ||
Supplemental Disclosure of Non-Cash Information | ||
Deposit-type contract liabilities assumed from Lewer | $ 1,192,659 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION During the three December 31, 2023, none 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 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 four wholly-owned operating subsidiaries. US Alliance Life and Security Company ("USALSC") was formed June 9, 2011, April 23, 2012, April 23, 2012 August 1, 2017 December 31, 2023. 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, 2022. 4th 2017, USALSC received a Certificate of Authority from the Kansas Insurance Department ("KID") effective January 2, 2012, first May 1, 2013. 2023, USALSC seeks 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 Principles of consolidation Area of Operation: Investments Realized gains and losses on securities sold during the year are determined using the specific identification method and included in investment income as a component of net investment gains (losses). Investment income is recognized as earned. For available for sale securities in an unrealized loss position, the Company first not not not Mortgage Loans on Real Estate: not 90 Any changes in the loan valuation allowances are reported in net realized losses on investments. The Company establishes a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include the current state of the borrower’s credit quality, which considers factors such as loan-to-value (“LTV”) ratios, loan performance, underlying collateral type, delinquency status, time to maturity, and original credit scores. Our mortgage loans may may not not Other Invested Assets: 3 Embedded Derivatives: 815, not Policy loans: Investment Real Estate: Cash and cash equivalents three one December 31, 2023. not not Reinsurance not not December 31, 2023 2022. Deferred acquisition costs not not may third may The following table provides information about deferred acquisition costs for the years ended December 31, 2023 2022, Year ended Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 5,629,002 $ 6,354,875 Capitalization of commissions, sales and issue expenses 529,998 479,681 Amortization net of interest (1,407,503 ) (1,205,554 ) Balance at end of period $ 4,751,497 $ 5,629,002 Value of business acquired not not may 30 In addition, we may Property, equipment and software Depreciation is computed by the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over no 5 no 10 December 31, 2023 2022 Year Ended Year Ended December 31, December 31, 2023 2022 Computer $ 36,822 $ 32,182 Furniture and equipment 154,667 158,374 Accumulated depreciation (53,233 ) (58,081 ) Balance at end of period $ 138,256 $ 132,475 Goodwill fourth may Income taxes All of the Company’s tax returns are subject to U.S. federal, state and local income tax examinations by tax authorities. The Company had no known uncertain tax benefits included in its provision for income taxes as of December 31, 2023 2022. The tax years which remain subject to examination by taxing authorities are the years ended December 31, 2020 2023. Pre-paid expenses: Deposit-type contracts Liabilities for deferred annuity deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deferred annuity deposit-type contracts for the years ended December 31, 2023 2022. Year end Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 78,880,542 $ 75,410,339 Acquired from Lewer Companies 1,192,659 - Deposits received 4,373,807 5,948,185 Interest credited 1,775,438 1,590,654 Withdrawals (8,293,629 ) (4,068,636 ) Balance at end of period $ 77,928,817 $ 78,880,542 The premium deposit funds credit interest based upon a fixed interest rate set by the Company. The Company has the ability to change this rate subject to minimums established by law or administrative regulation. Liabilities for premium deposit fund deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less withdrawals. The following table provides information about premium deposit fund deposit-type contracts for the years ended December 31, 2023 2022. Year end Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 154,808 $ 157,534 Deposits received 9,829 80,687 Interest credited 3,022 6,738 Withdrawals (32,588 ) (90,151 ) Balance at end of period $ 135,071 $ 154,808 Benefit reserves Policy claims not not December 31, 2023 2022 Revenue recognition and related expenses Amounts received as payment for annuity contracts without life contingencies are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for contract-holder services, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the Consolidated Statements of Cash Flows. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Leases: Common stock and earnings (loss) per share: December 31, 2023 2022 Earnings per share attributable to the Company’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 years ended December 31, 2023 2022 December 31, 2023 2022. Comprehensive Income (loss) Risk and uncertainties: Use of Estimates: The preparation of consolidated financial statements in conformity with US GAAP, generally accepted accounting principles in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. - Regulatory Factors: The insurance laws North Dakota, Montana, and our other authorized states give insurance regulators broad regulatory authority, including powers to (i) grant and revoke licenses to transact business; (ii) regulate and supervise trade practices and market conduct, (iii) establish guaranty associations; (iv) license agents; (v) approve policy forms; (vi) approve premium rates for some lines of business; (vii) establish reserve requirements; (viii) prescribe the form and content of required financial statements and reports; (ix) determine the reasonableness and adequacy of statutory capital and surplus; and ( x The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Reform Act") reshapes financial regulations in the United States by creating new regulators, regulating new markets and firms, and providing new enforcement powers to regulators. Virtually all major areas of the Reform Act continue to be subject to regulatory interpretation and implementation rules requiring rulemaking that may - Reinsurance: In order to manage the risk of financial exposure to adverse underwriting results, the Company reinsures a portion of its individual and group life risks with other insurance companies. The Company retains $35,000 on its Whole Life products and $25,000 on its term life products. The Company also reinsures 100% of the risk on its individual accidental death benefit rider. The Company retains 25% of the risk for each covered life on its group life product to a maximum of $100,000 on any individual person. The Company retains 25% of the risk for each covered life on its group accidental death and dismemberment product to a maximum of $25,000 on any individual person. The Company also has catastrophic reinsurance coverage to protect against three not - Interest Rate Risk: Interest rate fluctuations could impair an insurance company's ability to pay policyholder benefits with operating and investment cash flows, cash on hand and other cash sources. Annuity products expose the risk that changes in interest rates will reduce any spread, or the difference between the amounts that the insurance company is required to pay under the contracts and the amounts the insurance subsidiary is able to earn on its investments intended to support its obligations under the contracts. Spread is a key component of revenues. To the extent that interest rates credited are less than those generally available in the marketplace, policyholder lapses, policy loans and surrenders, and withdrawals of life insurance policies and annuity contracts may may may Increases in market interest rates may may may Conversely, in a period of prolonged low interest rates it is difficult to invest assets and earn the rate of return necessary to support insurance products. Policy lapses in excess of those actuarially anticipated would have a negative impact on our financial performance. Profitability could be reduced if lapse and surrender rates exceed the assumptions upon which the insurance policies were priced. Policy sales costs are deferred and recognized over the life of a policy. Excess policy lapses, however, cause the immediate expensing or amortizing of deferred policy sales costs. - Investment Risk: Our invested assets are subject to customary risks of defaults and changes in market values. Factors that may - Assumptions Risk: In the life insurance business, assumptions as to expected mortality, lapse rates and other factors in developing the pricing and other terms of life insurance products are made. These assumptions are based on industry experience and are reviewed and revised regularly by an outside actuary to reflect actual experience on a current basis. However, variation of actual experience from that assumed in developing such terms may Reclassifications no New accounting standards 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 Beginning accumulated deficit $ (11,819,637) Cumulative adjustment for change in accounting principle (150,373) Adjusted beginning accumulated deficit $ (11,970,010) Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 944 December 15, 2020. 2018 12 December 15, 2024 In December 2022, 2022 5 2018 12 2018 12 no may not December 15, 2024, Improvements to Income Tax Disclosures In December 2023, 2023 09 740 2023 09" 2023 09 2023 09 5 2023 09 January 1, 2026 ( 2023 09 not 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 | 12 Months Ended |
Dec. 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 December 31 December 31, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 790,976 $ - $ (66,308 ) $ 724,668 Corporate bonds 20,234,444 95,085 (2,516,167 ) 17,813,362 Municipal bonds 6,207,596 4,044 (575,547 ) 5,636,093 Redeemable preferred stock 3,622,572 1,699 (318,702 ) 3,305,569 Term loans 17,177,179 162,011 (286,770 ) 17,052,420 Mortgage backed and asset backed securities 30,621,025 520,599 (1,164,216 ) 29,977,408 Total available for sale $ 78,653,792 $ 783,438 $ (4,927,710 ) $ 74,509,520 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 December 31, 2023 2022, may may As of December 31, 2023 As of December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ 152,840 $ 147,835 $ 442,846 $ 450,461 After one year through five years 16,397,124 16,461,777 17,048,721 17,035,270 After five years through ten years 6,371,607 6,112,389 5,498,364 5,340,498 More than 10 years 21,488,624 18,504,542 21,337,372 17,638,063 Redeemable preferred stocks 3,622,572 3,305,569 3,875,526 3,355,615 Mortgage backed and asset backed securities 30,621,025 29,977,408 22,412,895 21,496,170 Total amortized cost and fair value $ 78,653,792 $ 74,509,520 $ 70,615,724 $ 65,316,077 Proceeds from the sale of securities, maturities, and asset paydowns in 2023 2022 Years Ended December 31, 2023 2022 Gross gains $ 14,399 $ 24,720 Gross losses (772,000 ) (133,363 ) Realized gains (losses) $ (757,601 ) $ (108,643 ) Mortgage loans on real estate 128,729 - Decrease in allowance for credit losses $ 128,729 $ - 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 December 31, 2023 Available for sale: Fixed maturities: US Treasury securities $ 724,668 $ (66,308 ) $ - $ - $ 724,668 $ (66,308 ) Corporate bonds 262,673 (863 ) 15,653,914 (2,515,304 ) 15,916,587 (2,516,167 ) Municipal bonds 523,744 (4,792 ) 4,825,568 (570,755 ) 5,349,312 (575,547 ) Redeemable preferred stock - - 3,182,131 (318,702 ) 3,182,131 (318,702 ) Term loans 3,739,859 (174,955 ) 3,534,621 (111,815 ) 7,274,480 (286,770 ) Mortgage backed and asset backed securities 9,549,515 (219,946 ) 6,228,220 (944,270 ) 15,777,735 (1,164,216 ) Total fixed maturities $ 14,800,459 $ (466,864 ) $ 33,424,454 $ (4,460,846 ) $ 48,224,913 $ (4,927,710 ) 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 December 31, 2023 not not 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Commercial mortgage loans by property type Condominium $ 377,621 $ 1,696,975 Land - 1,902,277 Multi-property 8,923,604 9,539,738 Multi-family 2,855,008 5,016,424 Industrial 1,000,000 - Retail/Office 6,482,664 5,634,659 Total commercial mortgages $ 19,638,897 $ 23,790,073 Allowance for credit losses (21,644 ) - Carrying value $ 19,617,253 $ 23,790,073 The Company’s mortgage loans by loan-to-value ratio as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Loan to value ratio Over 70 to 80% $ 7,123,604 $ 8,219,763 Over 60 to 70% 3,137,953 5,196,975 Over 50 to 60% 2,322,273 4,682,750 Over 40 to 50% 2,327,436 3,235,951 Over 30 to 40% 377,621 - Over 20 to 30% 2,689,619 1,319,975 Over 10 to 20% 1,660,391 1,134,659 Total $ 19,638,897 $ 23,790,073 Allowance for credit losses (21,644 ) - Carrying value $ 19,617,253 $ 23,790,073 The Company’s mortgage loans by maturity date as of December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Maturity Date One year or less $ 14,599,568 $ 15,354,542 After one year through five years 5,039,329 8,435,531 Total $ 19,638,897 $ 23,790,073 Allowance for credit losses (21,644 ) - Carrying value $ 19,617,253 $ 23,790,073 The Company individually evaluates its commercial mortgage loan portfolio for the establishment of a specific loan loss allowance. A mortgage loan requires a specific allowance 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 requires an allowance, 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 December 31, 2023 December 31, 2022. no December 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 December 31, 2023 December 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: Year Ended December 31, 2023 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 - (128,729 ) Ending Allowance $ - $ 21,644 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. The change in provision for credit losses is recorded in net investment gains (losses). 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 December 31, 2023 2022. Investment Income, Net of Expenses The components of net investment income for the years ended December 31, 2023 2022 Years Ended December 31, 2023 2022 Fixed maturities $ 4,712,515 $ 2,159,129 Mortgages 1,678,623 758,362 Equity securities 686,999 669,721 Funds withheld - 1,581,453 Other invested assets 218,784 47,241 Cash and cash equivalents 129,188 47,285 7,426,109 5,263,191 Less investment expenses (1,013,440 ) (464,992 ) $ 6,412,669 $ 4,798,199 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 year ended December 31, 2023, December 31, 2022, |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 3. Derivative Instruments Accounting for Derivative Instruments See Note 1 Types of Derivatives used by the Company The Company’s derivatives consist 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: December 31, 2023 December 31, 2022 Derivative Derivative Balance Asset Liability Asset Liability Reported In Derivatives: Embedded derivatives: Reinsurance contract allocated hedge $ 673,681 - $ 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 (loss): Year Ending Year Ending Balance December 31, 2023 December 31, 2022 Reported In Derivatives: Embedded derivatives: Change in funds withheld embedded derivative $ - $ (544,768 ) Net investment gains (losses) Change in reinsurance contract allocated hedge $ (65,978 ) $ 367,172 Net investment gains (losses) |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31, 2023 December 31, 2022. The table below presents the amounts of assets measured at fair value on a recurring basis as of December 31, 2023 2022: December 31, 2023 Total Level 1 Level 2 Level 3 Fixed maturities: US Treasury securities $ 724,668 $ 724,668 $ - $ - Corporate bonds 17,813,362 - 17,643,762 169,600 Municipal bonds 5,636,093 - 5,636,093 - Redeemable preferred stock 3,305,569 - 3,305,569 - Term loans 17,052,420 - - 17,052,420 Mortgage backed and asset backed securities 29,977,408 - 29,489,908 487,500 Total fixed maturities 74,509,520 724,668 56,075,332 17,709,520 Equities: Common stock 2,116,356 2,017,756 98,600 - Preferred stock 1,469,529 - 1,469,529 - Total equities 3,585,885 2,017,756 1,568,129 - Other invested assets 2,239,683 - - 2,239,683 Reinsurance contract allocated hedge 673,681 - - 673,681 Limited partnership interests 389,827 - - 389,827 Total $ 81,398,596 $ 2,742,424 $ 57,643,461 $ 21,012,711 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 Other For the Year Ended December 31, 2023 Corporate Backed Term Invested Bonds Securities Loans Assets Fair value, beginning of period $ 181,600 $ 396,250 $ 18,149,718 $ 1,760,777 Principal payment (12,000 ) - (2,278,802 ) (547,952 ) Acquisition - - 1,233,677 898,961 Investment related gains (losses) - 91,250 (52,173 ) 127,897 Fair value, end of period $ 169,600 $ 487,500 $ 17,052,420 $ 2,239,683 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: 3 Limited partnership interests 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 December 31 December 31, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 8,982,138 $ 8,982,138 $ 8,982,138 $ - $ - Mortgage loans on real estate 19,617,253 19,617,253 - - 19,617,253 Limited partnership interests 389,827 389,827 - - 389,827 Investment income due and accrued 1,878,620 1,878,620 - - 1,878,620 Reinsurance contract allocated hedge 673,681 673,681 - - 673,681 Policy loans 26,132 26,132 - - 26,132 Total Financial Assets (excluding available for sale investments) $ 31,567,651 $ 31,567,651 $ 8,982,138 $ - $ 22,585,513 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 78,063,888 67,401,118 - - 67,401,118 Total Financial Liabilities $ 79,063,888 $ 68,401,118 $ - $ - $ 68,401,118 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 | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5. Income Tax Provision USAC files federal income tax returns based on the type of return. USAC files a consolidated corporate federal income tax return with USAMC and USAIC. USASLC, and USALSC-MT file a consolidated life insurance federal income tax return. Certain items included in income reported for financial statement purposes are not A reconciliation of federal income tax expense computed by applying the federal income tax rate of 21% to income before federal income tax expense for the years ended December 31, 2023 2022, 2023 2022 Income (loss) before total federal income tax 625,729 (3,305,485 ) Tax rate 21 % 21 % Expected income tax expense (benefit) 131,403 (694,152 ) Effect of tax-exempt income (28,448 ) (19,204 ) Other 6,908 - State income tax, net 25,749 66,793 Return-to-Provision adjustments (89,557 ) (25,529 ) Prior period adjustments 2,741 13,334 Change in valuation allowance (901,143 ) 509,758 Total (852,347 ) (149,000 ) For the year ended December 31, 2023, December 31, 2022, Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets as of December 31, 2023 2022 12/31/2023 12/31/2022 Deferred Tax Assets Net operating and capital loss carryforwards 2,055,140 2,364,039 Unamortized start-up costs 84,402 105,502 Policyowner benefit reserves 2,353,584 2,752,406 Unrealized Losses 887,427 1,367,975 Tax DAC 903,654 824,896 Deferred tax asset valuation allowance (341,684 ) (1,834,167 ) 5,942,523 5,580,651 Deferred Tax Liabilities GAAP DAC 993,388 1,177,664 Fixed assets 89,760 29,945 8 Year Spread 77,810 116,715 Value of business acquired 509,454 528,862 Other GAAP to Tax Differences 383,203 432,943 Unrealized gains - - 2,053,616 2,286,129 Net Deferred Tax 3,888,907 3,294,522 The Company has federal net operating loss ("NOL") and capital loss carryforwards of $7,425,956 and $9,630,952 as of December 31, 2023 2022, December 31, 2009 2017 2027 January 1, 2018 not 382 December 31, 2017, At December 31, 2023 |
Note 6 - Reinsurance
Note 6 - Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Reinsurance [Text Block] | Note 6. Reinsurance A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 December 31, 2022 Balance Sheet Benefits and claim reserves ceded $ 103,944 $ 87,411 Amounts due (to) from ceding company 69,004 39,817 Benefits and claim reserves assumed 50,673,773 53,519,377 Years Ended December 31, 2023 December 31, 2022 Statements of Comprehensive Income (Loss) Ceded premium $ 1,400,079 $ 1,214,932 Assumed premium 4,543,477 4,400,339 Allowances on ceded premium 36,985 22,936 Allowances paid on assumed premium 514,036 515,429 Assumed benefits and policyholder reserve increases 5,234,519 5,566,574 The company currently reinsures business in excess of its retention with General Re Life Corporation, Reliance Standard Life Insurance Company, Unified Life Insurance Company, Hartford Life and Accident Company, and Optimum Re Insurance Company. The Company also currently assumes business under agreements with Unified Life Insurance Company and American Life and Security Corporation. |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 7. Related Party Transactions Brier Development Company, Inc. is owned solely by Jack Brier, President and CEO of the Company. Brier Development Company, Inc. owns 20,000 shares of stock in USAC which are in escrow until 5 December 31, 2023 2022, |
Note 8 - Federal Home Loan Bank
Note 8 - Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 8. Federal Home Loan Bank Advances One of the Company’s subsidiaries, USALSC, is a member of the Federal Home Loan Bank of Topeka (FHLB), which provides access to collateralized borrowings. Any borrowings from FHLB requires the purchase of FHLB common stock in an amount equal to 4.5% of the borrowing. On October 31, 2019, 5th April 23, 2020 June 22, 2020 two two December 31, 2023, As of December 31, 2023, |
Note 9 - Restricted Funds
Note 9 - Restricted Funds | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | Note 9. Restricted Funds As required by North Dakota law, US Alliance Life and Security Company maintains a trust account at the Bank of North Dakota which is jointly owned by the North Dakota Insurance Department. These assets were held in bonds and other invested assets with a statement value of $1,500,000 as of December 31, 2023. December 31, 2022, 2023. |
Note 10 - Statutory Net Income
Note 10 - Statutory Net Income and Surplus | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Statutory Accounting Practices Disclosure [Text Block] | Note 10. Statutory Net Income and Surplus US Alliance Life and Security Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the North Dakota Insurance Department. US Alliance Life and Security Company - Montana is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Montana Insurance Department. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. The following table summarizes the statutory net income (loss) and statutory capital and surplus of US Alliance Life and Security Company and US Alliance Life and Security Company - Montana for the years ended December 31, 2023 2022. Statutory Capital and Surplus as of December 31, December 31, 2023 2022 US Alliance Life and Security Company $ 7,686,967 $ 6,539,207 US Alliance Life and Security Company - Montana 1,874,667 1,840,134 Statutory Net Income (loss) for the years ended December 31, 2023 2022 US Alliance Life and Security Company $ 563,244 $ (2,046,924 ) US Alliance Life and Security Company - Montana 33,599 133,180 The payment of dividends to US Alliance Corporation by US Alliance Life and Security Company is subject to limitations imposed by applicable insurance laws. For example, “extraordinary” dividends may not 12 10% December 31 12 December 31 The payment of dividends to US Alliance Life and Security Company by US Alliance Life and Security Company – Montana is subject to similar limitations. No dividends were paid in 2023 2022. |
Note 11 - Commitments
Note 11 - Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 11. Commitments The Company entered into a subscription agreement with Mutual Capital Investment Fund, LP on November 11, 2022. December 31, 2023, |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12. 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Area of Operation, Policy [Policy Text Block] | Area of Operation: |
Available for Sale Securities, Policy [Policy Text Block] | Investments Realized gains and losses on securities sold during the year are determined using the specific identification method and included in investment income as a component of net investment gains (losses). Investment income is recognized as earned. For available for sale securities in an unrealized loss position, the Company first not not not |
Real Estate, Policy [Policy Text Block] | Mortgage Loans on Real Estate: not 90 Any changes in the loan valuation allowances are reported in net realized losses on investments. The Company establishes a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include the current state of the borrower’s credit quality, which considers factors such as loan-to-value (“LTV”) ratios, loan performance, underlying collateral type, delinquency status, time to maturity, and original credit scores. Our mortgage loans may may not not |
Other Invested Assets [Policy Text Block] | Other Invested Assets: 3 |
Derivatives, Embedded Derivatives [Policy Text Block] | Embedded Derivatives: 815, not |
Policy Loans Receivable, Policy [Policy Text Block] | Policy loans: |
Investment Real Estate, Policy [Policy Text Block] | Investment Real Estate: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three one December 31, 2023. not not |
Reinsurance Accounting Policy [Policy Text Block] | Reinsurance not not December 31, 2023 2022. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Deferred acquisition costs not not may third may The following table provides information about deferred acquisition costs for the years ended December 31, 2023 2022, Year ended Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 5,629,002 $ 6,354,875 Capitalization of commissions, sales and issue expenses 529,998 479,681 Amortization net of interest (1,407,503 ) (1,205,554 ) Balance at end of period $ 4,751,497 $ 5,629,002 |
Present Value of Future Insurance Profits, Policy [Policy Text Block] | Value of business acquired not not may 30 In addition, we may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, equipment and software Depreciation is computed by the straight-line method over the estimated useful lives of the assets. Computer equipment is depreciated over no 5 no 10 December 31, 2023 2022 Year Ended Year Ended December 31, December 31, 2023 2022 Computer $ 36,822 $ 32,182 Furniture and equipment 154,667 158,374 Accumulated depreciation (53,233 ) (58,081 ) Balance at end of period $ 138,256 $ 132,475 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill fourth may |
Income Tax, Policy [Policy Text Block] | Income taxes All of the Company’s tax returns are subject to U.S. federal, state and local income tax examinations by tax authorities. The Company had no known uncertain tax benefits included in its provision for income taxes as of December 31, 2023 2022. The tax years which remain subject to examination by taxing authorities are the years ended December 31, 2020 2023. |
Deferred Charges, Policy [Policy Text Block] | Pre-paid expenses: |
Deposit Contracts, Policy [Policy Text Block] | Deposit-type contracts Liabilities for deferred annuity deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deferred annuity deposit-type contracts for the years ended December 31, 2023 2022. Year end Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 78,880,542 $ 75,410,339 Acquired from Lewer Companies 1,192,659 - Deposits received 4,373,807 5,948,185 Interest credited 1,775,438 1,590,654 Withdrawals (8,293,629 ) (4,068,636 ) Balance at end of period $ 77,928,817 $ 78,880,542 The premium deposit funds credit interest based upon a fixed interest rate set by the Company. The Company has the ability to change this rate subject to minimums established by law or administrative regulation. Liabilities for premium deposit fund deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less withdrawals. The following table provides information about premium deposit fund deposit-type contracts for the years ended December 31, 2023 2022. Year end Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 154,808 $ 157,534 Deposits received 9,829 80,687 Interest credited 3,022 6,738 Withdrawals (32,588 ) (90,151 ) Balance at end of period $ 135,071 $ 154,808 |
Liability for Future Policy Benefit [Policy Text Block] | Benefit reserves |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Policy claims not not December 31, 2023 2022 |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Revenue recognition and related expenses Amounts received as payment for annuity contracts without life contingencies are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for contract-holder services, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the Consolidated Statements of Cash Flows. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. |
Lessee, Leases [Policy Text Block] | Leases: |
Earnings Per Share, Policy [Policy Text Block] | Common stock and earnings (loss) per share: December 31, 2023 2022 Earnings per share attributable to the Company’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 years ended December 31, 2023 2022 December 31, 2023 2022. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (loss) |
Risk and Uncertainties, Policy [Policy Text Block] | Risk and uncertainties: Use of Estimates: The preparation of consolidated financial statements in conformity with US GAAP, generally accepted accounting principles in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. - Regulatory Factors: The insurance laws North Dakota, Montana, and our other authorized states give insurance regulators broad regulatory authority, including powers to (i) grant and revoke licenses to transact business; (ii) regulate and supervise trade practices and market conduct, (iii) establish guaranty associations; (iv) license agents; (v) approve policy forms; (vi) approve premium rates for some lines of business; (vii) establish reserve requirements; (viii) prescribe the form and content of required financial statements and reports; (ix) determine the reasonableness and adequacy of statutory capital and surplus; and ( x The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Reform Act") reshapes financial regulations in the United States by creating new regulators, regulating new markets and firms, and providing new enforcement powers to regulators. Virtually all major areas of the Reform Act continue to be subject to regulatory interpretation and implementation rules requiring rulemaking that may - Reinsurance: In order to manage the risk of financial exposure to adverse underwriting results, the Company reinsures a portion of its individual and group life risks with other insurance companies. The Company retains $35,000 on its Whole Life products and $25,000 on its term life products. The Company also reinsures 100% of the risk on its individual accidental death benefit rider. The Company retains 25% of the risk for each covered life on its group life product to a maximum of $100,000 on any individual person. The Company retains 25% of the risk for each covered life on its group accidental death and dismemberment product to a maximum of $25,000 on any individual person. The Company also has catastrophic reinsurance coverage to protect against three not - Interest Rate Risk: Interest rate fluctuations could impair an insurance company's ability to pay policyholder benefits with operating and investment cash flows, cash on hand and other cash sources. Annuity products expose the risk that changes in interest rates will reduce any spread, or the difference between the amounts that the insurance company is required to pay under the contracts and the amounts the insurance subsidiary is able to earn on its investments intended to support its obligations under the contracts. Spread is a key component of revenues. To the extent that interest rates credited are less than those generally available in the marketplace, policyholder lapses, policy loans and surrenders, and withdrawals of life insurance policies and annuity contracts may may may Increases in market interest rates may may may Conversely, in a period of prolonged low interest rates it is difficult to invest assets and earn the rate of return necessary to support insurance products. Policy lapses in excess of those actuarially anticipated would have a negative impact on our financial performance. Profitability could be reduced if lapse and surrender rates exceed the assumptions upon which the insurance policies were priced. Policy sales costs are deferred and recognized over the life of a policy. Excess policy lapses, however, cause the immediate expensing or amortizing of deferred policy sales costs. - Investment Risk: Our invested assets are subject to customary risks of defaults and changes in market values. Factors that may - Assumptions Risk: In the life insurance business, assumptions as to expected mortality, lapse rates and other factors in developing the pricing and other terms of life insurance products are made. These assumptions are based on industry experience and are reviewed and revised regularly by an outside actuary to reflect actual experience on a current basis. However, variation of actual experience from that assumed in developing such terms may |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting standards 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 Beginning accumulated deficit $ (11,819,637) Cumulative adjustment for change in accounting principle (150,373) Adjusted beginning accumulated deficit $ (11,970,010) Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 944 December 15, 2020. 2018 12 December 15, 2024 In December 2022, 2022 5 2018 12 2018 12 no may not December 15, 2024, Improvements to Income Tax Disclosures In December 2023, 2023 09 740 2023 09" 2023 09 2023 09 5 2023 09 January 1, 2026 ( 2023 09 not 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 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deferred Policy Acquisition Costs [Table Text Block] | Year ended Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 5,629,002 $ 6,354,875 Capitalization of commissions, sales and issue expenses 529,998 479,681 Amortization net of interest (1,407,503 ) (1,205,554 ) Balance at end of period $ 4,751,497 $ 5,629,002 |
Property, Plant and Equipment [Table Text Block] | Year Ended Year Ended December 31, December 31, 2023 2022 Computer $ 36,822 $ 32,182 Furniture and equipment 154,667 158,374 Accumulated depreciation (53,233 ) (58,081 ) Balance at end of period $ 138,256 $ 132,475 |
Deferred Annuity Deposit-type Contracts [Table Text Block] | Year end Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 78,880,542 $ 75,410,339 Acquired from Lewer Companies 1,192,659 - Deposits received 4,373,807 5,948,185 Interest credited 1,775,438 1,590,654 Withdrawals (8,293,629 ) (4,068,636 ) Balance at end of period $ 77,928,817 $ 78,880,542 |
Information About Deposit-type Contracts [Table Text Block] | Year end Year ended December 31, December 31, 2023 2022 Balance at beginning of period $ 154,808 $ 157,534 Deposits received 9,829 80,687 Interest credited 3,022 6,738 Withdrawals (32,588 ) (90,151 ) Balance at end of period $ 135,071 $ 154,808 |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | Beginning accumulated deficit $ (11,819,637) Cumulative adjustment for change in accounting principle (150,373) Adjusted beginning accumulated deficit $ (11,970,010) |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2023 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 790,976 $ - $ (66,308 ) $ 724,668 Corporate bonds 20,234,444 95,085 (2,516,167 ) 17,813,362 Municipal bonds 6,207,596 4,044 (575,547 ) 5,636,093 Redeemable preferred stock 3,622,572 1,699 (318,702 ) 3,305,569 Term loans 17,177,179 162,011 (286,770 ) 17,052,420 Mortgage backed and asset backed securities 30,621,025 520,599 (1,164,216 ) 29,977,408 Total available for sale $ 78,653,792 $ 783,438 $ (4,927,710 ) $ 74,509,520 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 December 31, 2023 As of December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ 152,840 $ 147,835 $ 442,846 $ 450,461 After one year through five years 16,397,124 16,461,777 17,048,721 17,035,270 After five years through ten years 6,371,607 6,112,389 5,498,364 5,340,498 More than 10 years 21,488,624 18,504,542 21,337,372 17,638,063 Redeemable preferred stocks 3,622,572 3,305,569 3,875,526 3,355,615 Mortgage backed and asset backed securities 30,621,025 29,977,408 22,412,895 21,496,170 Total amortized cost and fair value $ 78,653,792 $ 74,509,520 $ 70,615,724 $ 65,316,077 |
Realized Gain (Loss) on Investments [Table Text Block] | Years Ended December 31, 2023 2022 Gross gains $ 14,399 $ 24,720 Gross losses (772,000 ) (133,363 ) Realized gains (losses) $ (757,601 ) $ (108,643 ) Mortgage loans on real estate 128,729 - Decrease in allowance for credit losses $ 128,729 $ - |
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 December 31, 2023 Available for sale: Fixed maturities: US Treasury securities $ 724,668 $ (66,308 ) $ - $ - $ 724,668 $ (66,308 ) Corporate bonds 262,673 (863 ) 15,653,914 (2,515,304 ) 15,916,587 (2,516,167 ) Municipal bonds 523,744 (4,792 ) 4,825,568 (570,755 ) 5,349,312 (575,547 ) Redeemable preferred stock - - 3,182,131 (318,702 ) 3,182,131 (318,702 ) Term loans 3,739,859 (174,955 ) 3,534,621 (111,815 ) 7,274,480 (286,770 ) Mortgage backed and asset backed securities 9,549,515 (219,946 ) 6,228,220 (944,270 ) 15,777,735 (1,164,216 ) Total fixed maturities $ 14,800,459 $ (466,864 ) $ 33,424,454 $ (4,460,846 ) $ 48,224,913 $ (4,927,710 ) 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] | December 31, 2023 December 31, 2022 Commercial mortgage loans by property type Condominium $ 377,621 $ 1,696,975 Land - 1,902,277 Multi-property 8,923,604 9,539,738 Multi-family 2,855,008 5,016,424 Industrial 1,000,000 - Retail/Office 6,482,664 5,634,659 Total commercial mortgages $ 19,638,897 $ 23,790,073 Allowance for credit losses (21,644 ) - Carrying value $ 19,617,253 $ 23,790,073 |
Schedule of Mortage Loans by Loan-to-Value Ratio [Table Text Block] | December 31, 2023 December 31, 2022 Loan to value ratio Over 70 to 80% $ 7,123,604 $ 8,219,763 Over 60 to 70% 3,137,953 5,196,975 Over 50 to 60% 2,322,273 4,682,750 Over 40 to 50% 2,327,436 3,235,951 Over 30 to 40% 377,621 - Over 20 to 30% 2,689,619 1,319,975 Over 10 to 20% 1,660,391 1,134,659 Total $ 19,638,897 $ 23,790,073 Allowance for credit losses (21,644 ) - Carrying value $ 19,617,253 $ 23,790,073 |
Schedule of Mortgage Loans by Maturity Date [Table Text Block] | December 31, 2023 December 31, 2022 Maturity Date One year or less $ 14,599,568 $ 15,354,542 After one year through five years 5,039,329 8,435,531 Total $ 19,638,897 $ 23,790,073 Allowance for credit losses (21,644 ) - Carrying value $ 19,617,253 $ 23,790,073 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2023 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 - (128,729 ) Ending Allowance $ - $ 21,644 |
Investment Income [Table Text Block] | Years Ended December 31, 2023 2022 Fixed maturities $ 4,712,515 $ 2,159,129 Mortgages 1,678,623 758,362 Equity securities 686,999 669,721 Funds withheld - 1,581,453 Other invested assets 218,784 47,241 Cash and cash equivalents 129,188 47,285 7,426,109 5,263,191 Less investment expenses (1,013,440 ) (464,992 ) $ 6,412,669 $ 4,798,199 |
Note 3 - Derivative Instrumen_2
Note 3 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | December 31, 2023 December 31, 2022 Derivative Derivative Balance Asset Liability Asset Liability Reported In Derivatives: Embedded derivatives: Reinsurance contract allocated hedge $ 673,681 - $ 724,998 $ - Reinsurance related assets Year Ending Year Ending Balance December 31, 2023 December 31, 2022 Reported In Derivatives: Embedded derivatives: Change in funds withheld embedded derivative $ - $ (544,768 ) Net investment gains (losses) Change in reinsurance contract allocated hedge $ (65,978 ) $ 367,172 Net investment gains (losses) |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2023 Total Level 1 Level 2 Level 3 Fixed maturities: US Treasury securities $ 724,668 $ 724,668 $ - $ - Corporate bonds 17,813,362 - 17,643,762 169,600 Municipal bonds 5,636,093 - 5,636,093 - Redeemable preferred stock 3,305,569 - 3,305,569 - Term loans 17,052,420 - - 17,052,420 Mortgage backed and asset backed securities 29,977,408 - 29,489,908 487,500 Total fixed maturities 74,509,520 724,668 56,075,332 17,709,520 Equities: Common stock 2,116,356 2,017,756 98,600 - Preferred stock 1,469,529 - 1,469,529 - Total equities 3,585,885 2,017,756 1,568,129 - Other invested assets 2,239,683 - - 2,239,683 Reinsurance contract allocated hedge 673,681 - - 673,681 Limited partnership interests 389,827 - - 389,827 Total $ 81,398,596 $ 2,742,424 $ 57,643,461 $ 21,012,711 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 Other For the Year Ended December 31, 2023 Corporate Backed Term Invested Bonds Securities Loans Assets Fair value, beginning of period $ 181,600 $ 396,250 $ 18,149,718 $ 1,760,777 Principal payment (12,000 ) - (2,278,802 ) (547,952 ) Acquisition - - 1,233,677 898,961 Investment related gains (losses) - 91,250 (52,173 ) 127,897 Fair value, end of period $ 169,600 $ 487,500 $ 17,052,420 $ 2,239,683 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 8,982,138 $ 8,982,138 $ 8,982,138 $ - $ - Mortgage loans on real estate 19,617,253 19,617,253 - - 19,617,253 Limited partnership interests 389,827 389,827 - - 389,827 Investment income due and accrued 1,878,620 1,878,620 - - 1,878,620 Reinsurance contract allocated hedge 673,681 673,681 - - 673,681 Policy loans 26,132 26,132 - - 26,132 Total Financial Assets (excluding available for sale investments) $ 31,567,651 $ 31,567,651 $ 8,982,138 $ - $ 22,585,513 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 78,063,888 67,401,118 - - 67,401,118 Total Financial Liabilities $ 79,063,888 $ 68,401,118 $ - $ - $ 68,401,118 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 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Income (loss) before total federal income tax 625,729 (3,305,485 ) Tax rate 21 % 21 % Expected income tax expense (benefit) 131,403 (694,152 ) Effect of tax-exempt income (28,448 ) (19,204 ) Other 6,908 - State income tax, net 25,749 66,793 Return-to-Provision adjustments (89,557 ) (25,529 ) Prior period adjustments 2,741 13,334 Change in valuation allowance (901,143 ) 509,758 Total (852,347 ) (149,000 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 12/31/2023 12/31/2022 Deferred Tax Assets Net operating and capital loss carryforwards 2,055,140 2,364,039 Unamortized start-up costs 84,402 105,502 Policyowner benefit reserves 2,353,584 2,752,406 Unrealized Losses 887,427 1,367,975 Tax DAC 903,654 824,896 Deferred tax asset valuation allowance (341,684 ) (1,834,167 ) 5,942,523 5,580,651 Deferred Tax Liabilities GAAP DAC 993,388 1,177,664 Fixed assets 89,760 29,945 8 Year Spread 77,810 116,715 Value of business acquired 509,454 528,862 Other GAAP to Tax Differences 383,203 432,943 Unrealized gains - - 2,053,616 2,286,129 Net Deferred Tax 3,888,907 3,294,522 |
Note 6 - Reinsurance (Tables)
Note 6 - Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Effects of Reinsurance [Table Text Block] | December 31, 2023 December 31, 2022 Balance Sheet Benefits and claim reserves ceded $ 103,944 $ 87,411 Amounts due (to) from ceding company 69,004 39,817 Benefits and claim reserves assumed 50,673,773 53,519,377 Years Ended December 31, 2023 December 31, 2022 Statements of Comprehensive Income (Loss) Ceded premium $ 1,400,079 $ 1,214,932 Assumed premium 4,543,477 4,400,339 Allowances on ceded premium 36,985 22,936 Allowances paid on assumed premium 514,036 515,429 Assumed benefits and policyholder reserve increases 5,234,519 5,566,574 |
Note 10 - Statutory Net Incom_2
Note 10 - Statutory Net Income and Surplus (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Statutory Accounting Practices Disclosure [Table Text Block] | Statutory Capital and Surplus as of December 31, December 31, 2023 2022 US Alliance Life and Security Company $ 7,686,967 $ 6,539,207 US Alliance Life and Security Company - Montana 1,874,667 1,840,134 Statutory Net Income (loss) for the years ended December 31, 2023 2022 US Alliance Life and Security Company $ 563,244 $ (2,046,924 ) US Alliance Life and Security Company - Montana 33,599 133,180 |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Significant Accounting Policies 1 (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Wholly-Owned Operating Subsidiaries | 4 | |
Cash, FDIC Insured Amount | $ 250,000 | |
Cash, Uninsured Amount | 0 | |
Reinsurance Recoverable, Allowance for Credit Loss | 0 | $ 0 |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.1 | $ 0.1 |
Common Stock, Shares Authorized (in shares) | shares | 20,000,000 | 20,000,000 |
Common Stock, Shares, Outstanding (in shares) | shares | 7,748,922 | 7,746,922 |
Common Stock, Shares, Issued (in shares) | shares | 7,748,922 | 7,746,922 |
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares | 7,747,618 | 7,746,318 |
Policyholder Benefit Reserves [Member] | ||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information, Other Policy Claim and Benefit Payable | $ 152,739 | $ 131,489 |
Computer Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Significant Accounting Policies 2 (Details Textual) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Reinsurance Contract [Axis]: AccidentalDeathBenefitRiderMember | |
Reinsurance, Reinsured Risk, Percentage | 100% |
Reinsurance Contract [Axis]: CriticalIllnessMember | |
Reinsurance, Reinsured Risk, Percentage | 66% |
Reinsurance Contract [Axis]: GroupAccidentalDeathAndDismembermentMember | |
Reinsurance, Reinsured Risk, Percentage | 25% |
Reinsurance, Amount Retained, Per Life | $ 25,000 |
Reinsurance Contract [Axis]: GroupDisabilityMember | |
Reinsurance, Reinsured Risk, Percentage | 90% |
Reinsurance Contract [Axis]: GroupLifeProductsMember | |
Reinsurance, Reinsured Risk, Percentage | 25% |
Reinsurance, Amount Retained, Per Life | $ 100,000 |
Reinsurance Contract [Axis]: TermLifeProductsMember | |
Reinsurance, Amount Retained, Per Policy | 25,000 |
Reinsurance Contract [Axis]: WholeLifeProductsMember | |
Reinsurance, Amount Retained, Per Policy | $ 35,000 |
Note 1 - Description of Busin_5
Note 1 - Description of Business and Significant Accounting Policies - Information About Deferred Acquisition Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of period | $ 5,629,002 | $ 6,354,875 |
Capitalization of commissions, sales and issue expenses | 529,998 | 479,681 |
Amortization net of interest | (1,407,503) | (1,205,554) |
Balance at end of period | $ 4,751,497 | $ 5,629,002 |
Note 1 - Description of Busin_6
Note 1 - Description of Business and Significant Accounting Policies - Major Categories of Depreciable Assets and Respective Book Values (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated depreciation | $ (53,233) | $ (58,081) |
Property, equipment and software, net | 138,256 | 132,475 |
Computer Equipment [Member] | ||
Property, equipment and software, gross | 36,822 | 32,182 |
Furniture and Equipment [Member] | ||
Property, equipment and software, gross | $ 154,667 | $ 158,374 |
Note 1 - Description of Busin_7
Note 1 - Description of Business and Significant Accounting Policies - Deferred Annuity Deposit-Type Contracts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of period | $ 79,035,350 | |
Receipts on deposit-type contracts | 4,383,636 | $ 5,389,262 |
Interest credited | 1,778,460 | 1,597,392 |
Withdrawals on deposit-type contracts | (8,326,217) | (3,243,267) |
Balance at end of period | 78,063,888 | 79,035,350 |
Deferred Annuity Deposit-type Contracts [Member] | ||
Balance at beginning of period | 78,880,542 | 75,410,339 |
Receipts on deposit-type contracts | 4,373,807 | 5,948,185 |
Interest credited | 1,775,438 | 1,590,654 |
Withdrawals on deposit-type contracts | (8,293,629) | (4,068,636) |
Balance at end of period | 77,928,817 | 78,880,542 |
Deferred Annuity Deposit-type Contracts [Member] | Lewer Companies [Member] | ||
Receipts on deposit-type contracts | $ 1,192,659 | $ 0 |
Note 1 - Description of Busin_8
Note 1 - Description of Business and Significant Accounting Policies - Information About Deposit-type Contracts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at beginning of period | $ 79,035,350 | |
Receipts on deposit-type contracts | 4,383,636 | $ 5,389,262 |
Interest credited | 1,778,460 | 1,597,392 |
Withdrawals on deposit-type contracts | (8,326,217) | (3,243,267) |
Balance at end of period | 78,063,888 | 79,035,350 |
Premium Deposit Fund Deposit-type Contracts [Member] | ||
Balance at beginning of period | 154,808 | 157,534 |
Receipts on deposit-type contracts | 9,829 | 80,687 |
Interest credited | 3,022 | 6,738 |
Withdrawals on deposit-type contracts | (32,588) | (90,151) |
Balance at end of period | $ 135,071 | $ 154,808 |
Note 1 - Description of Busin_9
Note 1 - Description of Business and Significant Accounting Policies - Adoption of New Accounting Standard (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Balance, accumulated deficit | $ (10,491,934) | $ (11,819,637) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, accumulated deficit | $ (150,373) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance, accumulated deficit | $ (11,970,010) |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Proceeds from Sale, Maturity and Collection of Investments | $ 21,419,454 | $ 9,878,340 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 217 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 4,927,710 | 5,704,466 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 0 | 0 |
Debt and Equity Securities, Unrealized Gain (Loss) | 1,711,411 | (1,638,847) |
Debt and Equity Securities, Realized Gain (Loss) | (757,601) | (108,643) |
Financing Receivable, Credit Loss, Expense (Reversal) | (128,729) | 0 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ (65,978) | (177,596) |
Fixed Income Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 128 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 70 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,164,216 | 1,074,520 |
Term Loans [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 10 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | $ 286,770 | $ 146,395 |
Preferred Stock [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 9 |
Note 2 - Investments - Amortize
Note 2 - Investments - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Investments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cost or Amortized Cost | $ 78,653,792 | $ 70,615,724 |
Debt Securities, Gross Unrealized Gains | 783,438 | |
Debt Securities, Gross Unrealized Losses | (4,927,710) | (5,704,466) |
Investments in available-for-sale securities, at fair value | 74,509,520 | 65,316,077 |
Debt Securities, Gross Unrealized Gain | 404,819 | |
US Treasury Securities [Member] | ||
Cost or Amortized Cost | 790,976 | 993,805 |
Debt Securities, Gross Unrealized Gains | 0 | |
Debt Securities, Gross Unrealized Losses | (66,308) | (5,031) |
Investments in available-for-sale securities, at fair value | 724,668 | 1,025,087 |
Debt Securities, Gross Unrealized Gain | 36,313 | |
Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 20,234,444 | 19,018,738 |
Debt Securities, Gross Unrealized Gains | 95,085 | |
Debt Securities, Gross Unrealized Losses | (2,516,167) | (3,150,382) |
Investments in available-for-sale securities, at fair value | 17,813,362 | 15,869,078 |
Debt Securities, Gross Unrealized Gain | 722 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 6,207,596 | 6,228,636 |
Debt Securities, Gross Unrealized Gains | 4,044 | |
Debt Securities, Gross Unrealized Losses | (575,547) | (808,227) |
Investments in available-for-sale securities, at fair value | 5,636,093 | 5,420,409 |
Debt Securities, Gross Unrealized Gain | 0 | |
Redeemable Preferred Stock [Member] | ||
Cost or Amortized Cost | 3,622,572 | 3,875,526 |
Debt Securities, Gross Unrealized Gains | 1,699 | |
Debt Securities, Gross Unrealized Losses | (318,702) | (519,911) |
Investments in available-for-sale securities, at fair value | 3,305,569 | 3,355,615 |
Debt Securities, Gross Unrealized Gain | 0 | |
Term Loans [Member] | ||
Cost or Amortized Cost | 17,177,179 | 18,086,124 |
Debt Securities, Gross Unrealized Gains | 162,011 | |
Debt Securities, Gross Unrealized Losses | (286,770) | (146,395) |
Investments in available-for-sale securities, at fair value | 17,052,420 | 18,149,718 |
Debt Securities, Gross Unrealized Gain | 209,989 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Cost or Amortized Cost | 30,621,025 | 22,412,895 |
Debt Securities, Gross Unrealized Gains | 520,599 | |
Debt Securities, Gross Unrealized Losses | (1,164,216) | (1,074,520) |
Investments in available-for-sale securities, at fair value | $ 29,977,408 | 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 ($) | Dec. 31, 2023 | Dec. 31, 2022 |
One year or less, amortized cost | $ 152,840 | $ 442,846 |
One year or less, fair value | 147,835 | 450,461 |
After one year through five years, amortized cost | 16,397,124 | 17,048,721 |
After one year through five years, fair value | 16,461,777 | 17,035,270 |
After five years through ten years, amortized cost | 6,371,607 | 5,498,364 |
After five years through ten years, fair value | 6,112,389 | 5,340,498 |
More than 10 years, amortized cost | 21,488,624 | 21,337,372 |
More than 10 years, fair value | 18,504,542 | 17,638,063 |
Available for sale securities, amortized cost | 78,653,792 | 70,615,724 |
Available for sale fixed maturity securities (amortized cost: $78,653,792 and $70,615,724 as of December 31, 2023 and December 31, 2022, respectively) | 74,509,520 | 65,316,077 |
Redeemable Preferred Stock [Member] | ||
Debt securities, amortized cost | 3,622,572 | 3,875,526 |
Debt securities, fair value | 3,305,569 | 3,355,615 |
Available for sale securities, amortized cost | 3,622,572 | 3,875,526 |
Available for sale fixed maturity securities (amortized cost: $78,653,792 and $70,615,724 as of December 31, 2023 and December 31, 2022, respectively) | 3,305,569 | 3,355,615 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt securities, amortized cost | 30,621,025 | 22,412,895 |
Debt securities, fair value | 29,977,408 | 21,496,170 |
Available for sale securities, amortized cost | 30,621,025 | 22,412,895 |
Available for sale fixed maturity securities (amortized cost: $78,653,792 and $70,615,724 as of December 31, 2023 and December 31, 2022, respectively) | $ 29,977,408 | $ 21,496,170 |
Note 2 - Investments - Realized
Note 2 - Investments - Realized Gains and Losses Related to the Sale of Securities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gross gains | $ 14,399 | $ 24,720 |
Gross losses | (772,000) | (133,363) |
Realized gains (losses) | (757,601) | (108,643) |
Decrease in allowance for credit losses | (128,729) | 0 |
Real Estate Loan [Member] | ||
Decrease in allowance for credit losses | $ (128,729) | $ 0 |
Note 2 - Investments - Gross Un
Note 2 - Investments - Gross Unrealized Losses (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities, less than 12 months, fair value | $ 14,800,459 | $ 36,541,093 |
Available-for-sale securities, less than 12 months, unrealized loss | (466,864) | (3,444,132) |
Available-for-sale securities, fair value | 48,224,913 | 44,708,495 |
Debt Securities, Gross Unrealized Loss | (4,927,710) | (5,704,466) |
Available-for-sale securities, greater than 12 months, fair value | 33,424,454 | 8,167,402 |
Available-for-sale securities, greater than 12 months, unrealized loss | (4,460,846) | (2,260,334) |
US Treasury Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 724,668 | 398,375 |
Available-for-sale securities, less than 12 months, unrealized loss | (66,308) | (5,031) |
Available-for-sale securities, fair value | 724,668 | 398,375 |
Debt Securities, Gross Unrealized Loss | (66,308) | (5,031) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 262,673 | 12,378,486 |
Available-for-sale securities, less than 12 months, unrealized loss | (863) | (1,883,706) |
Available-for-sale securities, fair value | 15,916,587 | 15,585,399 |
Debt Securities, Gross Unrealized Loss | (2,516,167) | (3,150,382) |
Available-for-sale securities, greater than 12 months, fair value | 15,653,914 | 3,206,913 |
Available-for-sale securities, greater than 12 months, unrealized loss | (2,515,304) | (1,266,676) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 523,744 | 4,711,896 |
Available-for-sale securities, less than 12 months, unrealized loss | (4,792) | (587,053) |
Available-for-sale securities, fair value | 5,349,312 | 5,420,410 |
Debt Securities, Gross Unrealized Loss | (575,547) | (808,227) |
Available-for-sale securities, greater than 12 months, fair value | 4,825,568 | 708,514 |
Available-for-sale securities, greater than 12 months, unrealized loss | (570,755) | (221,174) |
Redeemable Preferred Stock [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 0 | 2,384,771 |
Available-for-sale securities, less than 12 months, unrealized loss | 0 | (363,193) |
Available-for-sale securities, fair value | 3,182,131 | 3,355,615 |
Debt Securities, Gross Unrealized Loss | (318,702) | (519,911) |
Available-for-sale securities, greater than 12 months, fair value | 3,182,131 | 970,844 |
Available-for-sale securities, greater than 12 months, unrealized loss | (318,702) | (156,718) |
Term Loans [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 3,739,859 | 6,309,005 |
Available-for-sale securities, less than 12 months, unrealized loss | (174,955) | (146,395) |
Available-for-sale securities, fair value | 7,274,480 | 6,309,005 |
Debt Securities, Gross Unrealized Loss | (286,770) | (146,395) |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 9,549,515 | 10,358,560 |
Available-for-sale securities, less than 12 months, unrealized loss | (219,946) | (458,754) |
Available-for-sale securities, fair value | 15,777,735 | 13,639,692 |
Debt Securities, Gross Unrealized Loss | (1,164,216) | (1,074,520) |
Available-for-sale securities, greater than 12 months, fair value | 6,228,220 | 3,281,132 |
Available-for-sale securities, greater than 12 months, unrealized loss | $ (944,270) | $ (615,766) |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans by Property Type (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Commercial mortgage loans | $ 19,638,897 | $ 23,790,073 |
Allowance for credit losses | (21,644) | 0 |
Total commercial mortgages | 19,617,253 | 23,790,073 |
Condominium [Member] | ||
Commercial mortgage loans | 377,621 | 1,696,975 |
Land [Member] | ||
Commercial mortgage loans | 0 | 1,902,277 |
Multi-property [Member] | ||
Commercial mortgage loans | 8,923,604 | 9,539,738 |
Multifamily [Member] | ||
Commercial mortgage loans | 2,855,008 | 5,016,424 |
Industrial Property [Member] | ||
Commercial mortgage loans | 1,000,000 | 0 |
Retail [Member] | ||
Commercial mortgage loans | $ 6,482,664 | $ 5,634,659 |
Note 2 - Investments - Mortga_2
Note 2 - Investments - Mortgage Loans by Loan-to-value Ratio (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Total commercial mortgages | $ 21,644 | $ 0 |
Commercial mortgage loans | 19,638,897 | 23,790,073 |
Allowance for credit losses | (21,644) | 0 |
Total commercial mortgages | 19,617,253 | 23,790,073 |
Debt-to-Value Ratio, 70 to 80 Percent [Member] | ||
Total commercial mortgages | 7,123,604 | 8,219,763 |
Allowance for credit losses | (7,123,604) | (8,219,763) |
Debt-to-Value Ratio, 60 to 70 Percent [Member] | ||
Total commercial mortgages | 3,137,953 | 5,196,975 |
Allowance for credit losses | (3,137,953) | (5,196,975) |
Debt-to-Value Ratio, 50 to 60 Percent [Member] | ||
Total commercial mortgages | 2,322,273 | 4,682,750 |
Allowance for credit losses | (2,322,273) | (4,682,750) |
Debt-to-Value Ratio, 40 to 50 Percent [Member] | ||
Total commercial mortgages | 2,327,436 | 3,235,951 |
Allowance for credit losses | (2,327,436) | (3,235,951) |
Debt-to-Value Ratio, 30 to 40 Percent [Member] | ||
Total commercial mortgages | 377,621 | 0 |
Allowance for credit losses | (377,621) | 0 |
Debt-to-Value Ratio, 20 to 30 Percent [Member] | ||
Total commercial mortgages | 2,689,619 | 1,319,975 |
Allowance for credit losses | (2,689,619) | (1,319,975) |
Debt-to-Value Ratio, 10 to 20 Percent [Member] | ||
Total commercial mortgages | 1,660,391 | 1,134,659 |
Allowance for credit losses | $ (1,660,391) | $ (1,134,659) |
Note 2 - Investments - Mortga_3
Note 2 - Investments - Mortgage Loans by Maturity Date (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
One year or less | $ 14,599,568 | $ 15,354,542 |
After one year through five years | 5,039,329 | 8,435,531 |
Total | 19,638,897 | 23,790,073 |
Allowance for credit losses | (21,644) | 0 |
Total commercial mortgages | $ 19,617,253 | $ 23,790,073 |
Note 2 - Investments - Valuatio
Note 2 - Investments - Valuation Allowance on Commercial Loan Portfolio (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in provision for credit losses | $ (128,729) | $ 0 |
Real Estate Loan [Member] | ||
Change in provision for credit losses | (128,729) | 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 | 0 |
Real Estate Loan [Member] | Specific Allowance [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning allowance balance | 0 | |
Ending Allowance | 0 | |
Real Estate Loan [Member] | General Allowance [Member] | ||
Beginning allowance balance | 0 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Change in provision for credit losses | (128,729) | |
Ending Allowance | 21,644 | 0 |
Real Estate Loan [Member] | General Allowance [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning allowance balance | $ 150,373 | |
Ending Allowance | $ 150,373 |
Note 2 - Investments - Componen
Note 2 - Investments - Components of Net Investment Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment income | $ 7,426,109 | $ 5,263,191 |
Less investment expenses | (1,013,440) | (464,992) |
Investment income, net | 6,412,669 | 4,798,199 |
Fixed Maturities [Member] | ||
Investment income | 4,712,515 | 2,159,129 |
Mortgages [Member] | ||
Investment income | 1,678,623 | 758,362 |
Equity Securities [Member] | ||
Investment income | 686,999 | 669,721 |
Funds Withheld on Coinsurance Assets [Member] | ||
Investment income | 0 | 1,581,453 |
Other Invested Assets [Member] | ||
Investment income | 218,784 | 47,241 |
Cash and Cash Equivalents [Member] | ||
Investment income | $ 129,188 | $ 47,285 |
Note 3 - Derivative Instrumen_3
Note 3 - Derivative Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Change in fair value of derivative financial instruments | $ (65,978) | $ (177,596) | |
Reinsurer [Member] | |||
Fair value of derivative financial instruments, asset | 724,998 | $ 673,681 | |
Fair value of derivative financial instruments, liability | 0 | $ 0 | |
Change in fair value of derivative financial instruments | (65,978) | 367,172 | |
Funds Withheld on Coinsurance Assets [Member] | |||
Change in fair value of derivative financial instruments | $ 0 | $ (544,768) |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in available-for-sale securities, at fair value | $ 74,509,520 | $ 65,316,077 |
Other invested assets | 2,239,683 | 1,760,777 |
Limited partnership interests | 389,827 | 0 |
Other invested assets | 2,239,683 | 1,760,777 |
Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 74,509,520 | 65,316,077 |
Equity securities, fair value | 3,585,885 | 7,395,044 |
Other invested assets | 2,239,683 | 1,760,777 |
Reinsurance contract allocated hedge | 673,681 | 724,998 |
Limited partnership interests | 389,827 | |
Investments, fair value | 81,398,596 | 75,196,896 |
Other invested assets | 2,239,683 | 1,760,777 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 724,668 | 1,025,087 |
Equity securities, fair value | 2,017,756 | 5,929,624 |
Other invested assets | 0 | 0 |
Reinsurance contract allocated hedge | 0 | 0 |
Limited partnership interests | 0 | |
Investments, fair value | 2,742,424 | 6,954,711 |
Other invested assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 56,075,332 | 45,563,422 |
Equity securities, fair value | 1,568,129 | 1,465,420 |
Other invested assets | 0 | 0 |
Reinsurance contract allocated hedge | 0 | 0 |
Limited partnership interests | 0 | |
Investments, fair value | 57,643,461 | 47,028,842 |
Other invested assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 17,709,520 | 18,727,568 |
Equity securities, fair value | 0 | 0 |
Other invested assets | 2,239,683 | 1,760,777 |
Reinsurance contract allocated hedge | 673,681 | 724,998 |
Limited partnership interests | 389,827 | |
Investments, fair value | 21,012,711 | 21,213,343 |
Other invested assets | 2,239,683 | 1,760,777 |
US Treasury Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 724,668 | 1,025,087 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 724,668 | 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 | 724,668 | 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 | 17,813,362 | 15,869,078 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 17,813,362 | 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 | 17,643,762 | 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 | 169,600 | 181,600 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 5,636,093 | 5,420,409 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 5,636,093 | 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 | 5,636,093 | 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 | 3,305,569 | 3,355,615 |
Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 3,305,569 | 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 | 3,305,569 | 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 | 17,052,420 | 18,149,718 |
Term Loans [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 17,052,420 | 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 | 17,052,420 | 18,149,718 |
Collateralized Mortgage-Backed Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 29,977,408 | 21,496,170 |
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 29,977,408 | 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 | 29,489,908 | 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 | 487,500 | 396,250 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Equity securities, fair value | 2,116,356 | 6,024,224 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities, fair value | 2,017,756 | 5,929,624 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities, fair value | 98,600 | 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 | 1,469,529 | 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 | 1,469,529 | 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_4
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] | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Corporate Debt Securities [Member] | |
Fair value, beginning of period | $ 181,600 |
Principal payment | (12,000) |
Acquisition | 0 |
Investment related gains (losses) | 0 |
Fair value, end of period | 169,600 |
Collateralized Mortgage-Backed Securities [Member] | |
Fair value, beginning of period | 396,250 |
Principal payment | 0 |
Acquisition | 0 |
Investment related gains (losses) | 91,250 |
Fair value, end of period | 487,500 |
Term Loans [Member] | |
Fair value, beginning of period | 18,149,718 |
Principal payment | (2,278,802) |
Acquisition | 1,233,677 |
Investment related gains (losses) | (52,173) |
Fair value, end of period | 17,052,420 |
Other Invested Assets [Member] | |
Fair value, beginning of period | 1,760,777 |
Principal payment | (547,952) |
Acquisition | 898,961 |
Investment related gains (losses) | 127,897 |
Fair value, end of period | $ 2,239,683 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Limited partnership interests | $ 389,827 | $ 0 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 8,982,138 | 4,091,507 |
Mortgage loans on real estate | 19,617,253 | 23,790,073 |
Limited partnership interests | 389,827 | |
Investment income due and accrued | 1,878,620 | 2,086,365 |
Reinsurance contract allocated hedge | 673,681 | 724,998 |
Policy loans | 26,132 | 34,980 |
Total Financial Assets (excluding available for sale investments) | 31,567,651 | 30,727,923 |
Federal Home Loan Bank advance | 1,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 78,063,888 | 79,035,350 |
Total Financial Liabilities | 79,063,888 | 80,035,350 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 8,982,138 | 4,091,507 |
Mortgage loans on real estate | 19,617,253 | 23,790,073 |
Limited partnership interests | 389,827 | |
Investment income due and accrued | 1,878,620 | 2,086,365 |
Reinsurance contract allocated hedge | 673,681 | 724,998 |
Policy loans | 26,132 | 34,980 |
Total Financial Assets (excluding available for sale investments) | 31,567,651 | 30,727,923 |
Federal Home Loan Bank advance | 1,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 67,401,118 | 67,741,524 |
Total Financial Liabilities | 68,401,118 | 68,741,524 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 8,982,138 | 4,091,507 |
Mortgage loans on real estate | 0 | 0 |
Limited partnership interests | 0 | |
Investment income due and accrued | 0 | 0 |
Reinsurance contract allocated hedge | 0 | 0 |
Policy loans | 0 | 0 |
Total Financial Assets (excluding available for sale investments) | 8,982,138 | 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 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Mortgage loans on real estate | 0 | 0 |
Limited partnership interests | 0 | |
Investment income due and accrued | 0 | 0 |
Reinsurance contract allocated hedge | 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 | 19,617,253 | 23,790,073 |
Limited partnership interests | 389,827 | |
Investment income due and accrued | 1,878,620 | 2,086,365 |
Reinsurance contract allocated hedge | 673,681 | 724,998 |
Policy loans | 26,132 | 34,980 |
Total Financial Assets (excluding available for sale investments) | 22,585,513 | 26,636,416 |
Federal Home Loan Bank advance | 1,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 67,401,118 | 67,741,524 |
Total Financial Liabilities | $ 68,401,118 | $ 68,741,524 |
Note 5 - Income Tax Provision_2
Note 5 - Income Tax Provision (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Income Tax Expense (Benefit) | $ (852,347) | $ (149,000) |
Current Income Tax Expense (Benefit) | 0 | |
Deferred Income Tax Expense (Benefit) | (852,347) | |
Operating Loss, Capital Loss, Carryforwards | $ 2,055,140 | 2,364,039 |
Percentage of Deduction Limitation Based on Pre-NOL Deduction Taxable Income | 80% | |
Domestic Tax Authority [Member] | ||
Operating Loss, Capital Loss, Carryforwards | $ 7,425,956 | $ 9,630,952 |
Note 5 - Income Tax Provision -
Note 5 - Income Tax Provision - Reconciliation of Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income (loss) before total federal income tax | $ 625,729 | $ (3,305,485) |
Tax rate | 21% | 21% |
Expected income tax expense (benefit) | $ 131,403 | $ (694,152) |
Effect of tax-exempt income | (28,448) | (19,204) |
Other | 6,908 | 0 |
State income tax, net | 25,749 | 66,793 |
Return-to-Provision adjustments | (89,557) | (25,529) |
Prior period adjustments | 2,741 | 13,334 |
Change in valuation allowance | (901,143) | 509,758 |
Total | $ (852,347) | $ (149,000) |
Note 5 - Income Tax Provision_3
Note 5 - Income Tax Provision - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating and capital loss carryforwards | $ 2,055,140 | $ 2,364,039 |
Unamortized start-up costs | 84,402 | 105,502 |
Policyowner benefit reserves | 2,353,584 | 2,752,406 |
Unrealized Losses | 887,427 | 1,367,975 |
Tax DAC | 903,654 | 824,896 |
Deferred tax asset valuation allowance | (341,684) | (1,834,167) |
Deferred Tax Assets, Net of Valuation Allowance | 5,942,523 | 5,580,651 |
GAAP DAC | 993,388 | 1,177,664 |
Fixed assets | 89,760 | 29,945 |
8 Year Spread | 77,810 | 116,715 |
Value of business acquired | 509,454 | 528,862 |
Other GAAP to Tax Differences | 383,203 | 432,943 |
Unrealized gains | 0 | 0 |
Deferred Tax Liabilities, Gross | 2,053,616 | 2,286,129 |
Net Deferred Tax | $ 3,888,907 | $ 3,294,522 |
Note 6 - Reinsurance - Summary
Note 6 - Reinsurance - Summary of Significant Reinsurance Amounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Benefits and claim reserves ceded | $ 103,944 | $ 87,411 |
Amounts due (to) from ceding company | 69,004 | 39,817 |
Benefits and claim reserves assumed | 50,673,773 | 53,519,377 |
Ceded premium | 1,400,079 | 1,214,932 |
Assumed premium | 4,543,477 | 4,400,339 |
Allowances on ceded premium | 36,985 | 22,936 |
Allowances paid on assumed premium | 514,036 | 515,429 |
Assumed benefits and policyholder reserve increases | $ 5,234,519 | $ 5,566,574 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Entity Shares Owned Related Party (in shares) | 20,000 | |
Related Party Transaction, Amounts of Transaction | $ 26,773 | $ 26,373 |
Note 8 - Federal Home Loan Ba_2
Note 8 - Federal Home Loan Bank Advances (Details Textual) - Federal Home Loan Bank of Topeka [Member] | 12 Months Ended | ||||
Jun. 22, 2020 | Apr. 23, 2020 | Oct. 31, 2019 USD ($) | Dec. 31, 2019 | Dec. 31, 2023 USD ($) | |
FHLB Stock to be Purchased upon FHLB Borrowing, Percent | 4.50% | ||||
Proceeds from FHLBank Borrowings, Financing Activities | $ 1,000,000 | ||||
Payments to Acquire Federal Home Loan Bank Stock | $ 45,000 | ||||
Debt Instrument, Term (Year) | 2 years | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.28% | 0.37% | 1.66% | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Number of Advances | 2 | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,000,000 | ||||
Mortgage Backed Securities and Us Treasuries [Member] | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,629,734 | ||||
Federal Home Loan Bank Advances [Member] | |||||
Debt Instrument, Term (Year) | 10 years |
Note 9 - Restricted Funds (Deta
Note 9 - Restricted Funds (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Asset, Held-in-Trust | $ 1,500,000 | |
North Dakota Insurance Department [Member] | ||
Asset, Held-in-Trust | $ 1,500,000 | |
Montana Department of Insurance [Member] | US Alliance Life and Security Company ("USALSC") [Member] | ||
Deposit Assets, Total | $ 825,000 |
Note 10 - Statutory Net Incom_3
Note 10 - Statutory Net Income and Surplus (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Dividends Received | $ 0 | $ 0 |
Note 10 - Statutory Net Incom_4
Note 10 - Statutory Net Income and Surplus - Statutory Accounting Practices Disclosure (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
KANSAS | ||
Statutory Capital and Surplus | $ 7,686,967 | $ 6,539,207 |
Statutory Net Loss | 563,244 | (2,046,924) |
MONTANA 1 [Member] | ||
Statutory Capital and Surplus | 1,874,667 | 1,840,134 |
Statutory Net Loss | $ 33,599 | $ 133,180 |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) - Mutual Capital Investment Fund, LP [Member] - USD ($) | Dec. 31, 2023 | Nov. 22, 2022 |
Subscription Agreement, Capital Commitment | $ 2,000,000 | |
Funded Commitments for Investment in Limited Partnership Interest | $ 389,827 |