Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments:

Investment income

	Three Months ended March 31
	2021			2020
Fixed maturities	$	528,167		$	542,407
Equity securities		20,753			1,442
Short-term investments and cash equivalents		384			11,722
Gross investment income		549,304			555,571
Less investment expenses		(34,581	)		(34,879	)
Net investment income		514,723			520,692
Net realized investment gains		55,399			1,114
Net realized gains on real estate sale		3,693,858			-
Net unrealized investment gains (losses) on equity securities		151,667			(44,800	)
Net investment income, realized investment gains, realized gains on real
estate sale and unrealized investment gains (losses)	$	4,415,647		$	477,006

Fixed maturity investments

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2021
Available-for-sale fixed maturities:
U.S. Treasury securities	$	10,754,166	$	180,757	$	(51,882	)	$	10,883,041
Corporate securities		46,200,918		1,601,092		(339,765	)		47,462,245
Agency mortgage-backed securities		29,564,648		705,489		(65,069	)		30,205,068
Held-to-maturity fixed securities:
Certificates of deposits		798,000		-		-			798,000
Total fixed maturities	$	87,317,732	$	2,487,338	$	(456,716	)	$	89,348,354

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2020
Available-for-sale fixed maturities:
U.S. Treasury securities	$	10,596,808	$	235,373	$	-		$	10,832,181
Corporate securities		44,159,926		2,347,826		(55,847	)		46,451,905
Agency mortgage-backed securities		25,314,546		833,336		(22,274	)		26,125,608
Held-to-maturity fixed securities:
Certificates of deposits		798,000		-		-			798,000
Total fixed maturities	$	80,869,280	$	3,416,535	$	(78,121	)	$	84,207,694

Unrealized gains (losses) on investments

	March 31			December 31
	2021			2020
Gross unrealized gains on fixed maturities	$	2,487,338		$	3,416,535
Gross unrealized losses on fixed maturities		(456,716	)		(78,121	)
Net unrealized gains on fixed maturities		2,030,622			3,338,414
Deferred federal tax expense		(426,430	)		(701,067	)
Net unrealized gains, net of deferred income taxes	$	1,604,192		$	2,637,347

Components of investments in unrealized loss position for continuous period of time

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
March 31, 2021
U.S. Treasury securities	$	3,691,882	$	(51,882	)		3	$	-	$	-			-
Corporate securities		9,841,887		(320,480	)		14		891,000		(19,285	)		1
Agency mortgage-backed securities		7,990,649		(65,069	)		11		-		-			-
Total debt securities		21,524,418		(437,431	)		28		891,000		(19,285	)		1
Equity securities		608,807		(24,884	)		34		10,972		(749	)		2
Total	$	22,133,225	$	(462,315	)		62	$	901,972	$	(20,034	)		3

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses		Number of Securities
December 31, 2020
Corporate securities		2,101,986		(55,847	)		2		-		-		-
Agency mortgage-backed securities		3,223,329		(22,274	)		12		-		-		-
Total debt securities		5,325,315		(78,121	)		14		-		-		-
Equity securities		723,346		(37,357	)		25		-		-		-
Total	$	6,048,661	$	(115,478	)		39	$	-	$	-		-

Fixed maturities sold and called

	Three Months Ended March 31
	2021		2020
Fixed maturities securities sold
Number of securities sold		1		1
Amortized cost of sold securities	$	249,995	$	601,316
Realized gains on sales	$	2	$	1,114
Fixed maturities securities called
Number of securities called		2		-
Amortized cost of called securities	$	1,374,901	$	-
Realized gains on calls	$	99	$	-

Equity securities

	March 31		December 31
	2021		2020
Cost	$	2,834,034	$	2,548,440
Unrealized gains		349,933		198,266
Fair market value of equity securities	$	3,183,967	$	2,746,706

State held deposits

	March 31		December 31
	2021		2020
Certificates of deposit	$	200,000	$	200,000
Short-term investments		200,000		200,000
Total state held deposits	$	400,000	$	400,000

Short-term investments

	March 31		December 31
	2021		2020
U.S. Treasury bills	$	2,749,946	$	-
Certificates of deposit		200,000		200,000
Total short-term investments	$	2,949,946	$	200,000