XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 2,267,703 $ (1,043,826)
Adjustments to reconcile net loss to net cash from operations:    
Depreciation and amortization 105,373 188,085
Bond amortization, net (331,776) (6,711)
Bad debt expense 5,506 (25)
Net realized investment gains (97,772) (1,114)
Net realized gains on real estate sale (3,693,858) 0
Net unrealized investment losses (gains) on equity securities (151,667) 44,800
Changes in assets and liabilities:    
Net receivables and accrued investment income (367,356) (73,468)
Reinsurance recoverable 663,272 (353,724)
Deferred policy acquisition costs (64,390) (68,385)
Other assets 58,364 (38,153)
Unpaid losses and loss adjustment expenses (491,176) 1,073,118
Unearned premium 1,094,910 297,061
Advance premium and premium deposits (65,302) 125,944
Accrued expenses and other liabilities 1,928,922 (48,814)
Income taxes current/deferred 274,636 (101,672)
Net cash used by operating activities 1,135,389 (6,884)
Cash Flows from Investing Activities:    
Purchase of fixed maturity investments (11,008,996) (1,735,823)
Purchase of equity securities (285,594) (502,484)
Proceeds from maturity of fixed maturity investments 3,491,804 1,328,128
Proceeds from sale or call of fixed maturity investments 1,498,288 603,543
Purchase of short-term investments (2,749,946) (1,202)
Proceeds from sale of real estate held for sale 12,028,875 0
Additions to property and equipment (295,043) (184,652)
Net cash provided (used) by investing activities 2,679,388 (492,490)
Cash Flows from Financing Activities:    
Repurchase of common stock 0 (6,240)
Net cash used by financing activities 0 (6,240)
Net (decrease) increase in cash and cash equivalents 3,814,777 (505,614)
Cash and cash equivalents beginning of period 3,957,980 5,781,639
Cash and cash equivalents end of period 7,772,757 5,276,025
Cash paid during the period for:    
Interest 0 0
Income taxes $ 0 $ 8,800