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Condensed Consolidated Statements of Operations, Comprehensive Loss and Retained Earnings (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUE        
Net premiums earned $ (1,737,803) $ 3,437,196 $ 2,581,408 $ 8,947,710
Commission income 808,896 1,437,181 2,656,532 4,542,478
Net investment income 57,893 99,444 204,624 308,279
Net realized and unrealized gains (losses) on investments 344,852 988,562 426,933 (1,764,300)
TOTAL REVENUE (526,162) 5,962,383 5,869,497 12,034,167
LOSSES AND EXPENSES        
Losses and loss adjustment expenses (1,259,530) 10,551,676 1,504,764 14,078,405
Policy acquisition costs 579,317 2,058,923 1,405,774 4,097,754
Operating and management expenses 1,135,526 1,592,813 3,699,146 5,019,124
TOTAL LOSSES AND EXPENSES 455,313 14,203,412 6,609,684 23,195,283
NET LOSS BEFORE TAX (981,475) (8,241,029) (740,187) (11,161,116)
Income tax (benefit) expense (26,363) 36,963 (36,144) 129,218
NET LOSS AFTER TAX (955,112) (8,277,992) (704,043) (11,290,334)
OTHER COMPREHENSIVE (LOSS) INCOME        
Net unrealized holding (losses) gains arising during the period (39,164) 47,914 (239,546) 565,531
Reclassification adjustment for gains included in net income (343,350) 0 (343,350) (82,461)
OTHER COMPREHENSIVE (LOSS) INCOME (382,514) 47,914 (582,896) 483,070
COMPREHENSIVE LOSS (1,337,626) (8,230,078) (1,286,939) (10,807,264)
RETAINED EARNINGS, BEGINNING OF PERIOD 7,501,263 18,830,067 7,250,194 21,842,409
Net loss (955,112) (8,277,992) (704,043) (11,290,334)
Dividends 0 0 0 0
RETAINED EARNINGS, END OF PERIOD $ 6,546,151 $ 10,552,075 $ 6,546,151 $ 10,552,075
Net loss per share        
Basic (in dollars per share) $ (1.54) $ (13.23) $ (1.14) $ (18.04)
Diluted (in dollars per share) (1.54) (13.23) (1.14) (18.04)
Dividends (in dollars per share) $ 0 $ 0 $ 0 $ 0
Weighted average number of shares outstanding for the entire period        
Basic (in shares) 619,392 625,677 620,252 625,677
Diluted (in shares) 619,392 625,677 620,252 625,677