INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Investments

Investment income

	Three Months Ended March 31
	2022			2021
Investment income:
Fixed maturities	$	373,350		$	528,167
Equity securities		27,051			20,753
Short-term investments and cash equivalents		3,007			384
Gross investment income		403,408			549,304
Less investment expenses		(74,626	)		(34,581	)
Net investment income		328,782			514,723
Net realized investment gains		61,733			55,399
Net realized gain on sale of real estate	-				3,693,858
Net unrealized investment gains (losses) on equity securities		(180,069	)		151,667
Net investment income, realized investment
gains, realized gains on real
estate sale and unrealized investment gains	$	210,446		$	4,415,647

Fixed maturity investments

	Amortized		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gains		Losses			Value
March 31, 2022
Available-for-sale fixed maturities:
U.S. Treasury securities	$	5,785,095	$	5,944	$	(98,208	)	$	5,692,831
Corporate securities		42,463,486		164,910		(1,008,254	)		41,620,142
Agency mortgage-backed securities		19,007,275		10,888		(486,472	)		18,531,691
Total Available-for-sale fixed maturities		67,255,856		181,742		(1,592,934	)		65,844,664
Held-to-maturity fixed securities:
Certificates of deposits		300,000		-		-			300,000
Total fixed maturities	$	67,555,856	$	181,742	$	(1,592,934	)	$	66,144,664

	Amortized		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gains		Losses			Value
December 31, 2021
Available-for-sale fixed maturities:
U.S. Treasury securities	$	6,278,764	$	67,516	$	(36,475	)	$	6,309,805
Corporate securities		44,370,193		1,076,288		(196,508	)		45,249,973
Agency mortgage-backed securities		20,569,448		352,466		(68,287	)		20,853,627
Total Available-for-sale fixed maturities		71,218,405		1,496,270		(301,270	)		72,413,405
Held-to-maturity fixed securities:
Certificates of deposits		300,000		-		-			300,000
Total fixed maturities	$	71,518,405	$	1,496,270	$	(301,270	)	$	72,713,405

Unrealized gains (losses) on investments

	March 31			December 31
	2022			2021
Gross unrealized gains on fixed maturities	$	181,742		$	1,496,270
Gross unrealized losses on fixed maturities		(1,592,934	)		(301,270	)
Net unrealized gains (losses) on fixed maturities		(1,411,192	)		1,195,000
Deferred federal tax expense (benefit)		296,350			(250,950	)
Net unrealized gains (losses), net of deferred income taxes	$	(1,114,842	)	$	944,050

Maturities by Year at March 31, 2022	Amortized Cost		Fair Value		Weighted Average Yield
Due in one year	$	17,978,044	$	17,974,935		1.83	%
Due after one year through five years		15,417,501		15,283,963		2.11	%
Due after five years through ten years		19,091,698		18,372,496		2.43	%
Due after ten years and beyond		15,068,613		14,513,270		2.36	%
Total	$	67,555,856	$	66,144,664		2.18	%

Maturities by Year at December 31, 2021	Amortized Cost		Fair Value		Weighted Average Yield
Due in one year	$	15,758,755	$	15,875,423		2.21	%
Due after one year through five years		19,349,200		19,681,599		1.80	%
Due after five years through ten years		19,335,034		19,832,093		2.39	%
Due after ten years and beyond		17,075,416		17,324,290		2.35	%
Total	$	71,518,405	$	72,713,405		2.18	%

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, 2022
U.S. Treasury securities	$	-	$	-			-	$	896,328	$	(98,208	)		2
Corporate securities		21,182,647		(755,757	)		29		1,806,455		(252,497	)		4
Agency mortgage-backed securities		15,248,602		(394,717	)		37		860,650		(91,755	)		2
Total debt securities		36,431,249		(1,150,474	)		66		3,563,433		(442,460	)		8
Equity securities		1,162,916		(103,530	)		100		84,921		(11,312	)		11
Total	$	37,594,165	$	(1,254,004	)		166	$	3,648,354	$	(453,772	)		19

	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, 2021
U.S. Treasury Securities	$	481,875	$	(15,785	)		1	$	476,016		(20,690	)		1
Corporate securities		13,152,240		(128,502	)		15		1,179,235		(68,006	)		1
Agency mortgage-backed securities		5,086,187		(43,019	)		8		471,479		(25,268	)		1
Total debt securities		18,720,302		(187,306	)		24		2,126,730		(113,964	)		3
Equity securities		665,100		(55,156	)		18		76,454		(4,703	)		3
Total	$	19,385,402	$	(242,462	)		42	$	2,203,184	$	(118,667	)		6

Fixed maturities sold and called

	Three Months Ended
	March 31
	2022		2021
Fixed maturities securities sold
Number of securities sold		-		1
Amortized cost of sold securities	$	-	$	249,995
Realized gains on sales	$	-	$	2
Fixed maturities securities called
Number of securities called		1		2
Amortized cost of called securities	$	524,987	$	1,374,901
Realized gains on calls	$	13	$	99

Equity securities

	March 31		December 31
	2022		2021
Cost	$	3,613,060	$	3,532,026
Unrealized gains		417,828		599,127
Estimated fair value of equity securities	$	4,030,888	$	4,131,153

State held deposits

	March 31		December 31
	2022		2021
Certificates of deposit	$	300,000	$	300,000
Short-term investments		100,000		200,000
Total state held deposits	$	400,000	$	500,000

Short-term investments

	March 31		December 31
	2022		2021
Short-term bonds	$	951,230	$	954,750
Certificates of deposit		100,000		200,000
Total short-term investments	$	1,051,230	$	1,154,750