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Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Going Concern [Policy Text Block]

Going Concern

 

In accordance with ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are issued. As required under ASC 205-40, management’s evaluation should initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the financial statements are issued.

 

In performing this evaluation, we concluded that under the standards of ASC 205-40 the Company’s continued erosion of unrestricted cash resources to fund operating expenses raises substantial doubt about our ability to continue as a going concern.

 

On October 31, 2023, Protexure Insurance Agency, Inc. (“Protexure”) and Protexure Risk Purchasing Group, Inc. (“PRPG”), an Illinois corporation wholly owned by AmerInst Mezco, Ltd. completed the sale of substantially all of the assets of Protexure and PRPG (other than cash and certain excluded assets) to MAC 43, LLC, an Ohio limited liability company (The “Purchaser”), for an aggregate purchase price of $1.5 million which was paid on the closing date (the “Asset Sale”).

 

Now that the Asset Sale is completed, we have no significant assets other than cash, no sources of revenue, and we expect to cease operations and to not engage in any business activities except for dealing with post-closing matters and, subject to further shareholder approval, liquidating our remaining assets, paying any debts and obligations, distributing the remaining proceeds, if any, to shareholders, and doing other acts required to voluntarily liquidate and wind up our business and affairs. The voluntary liquidation of the Company will require shareholder approval, therefore, at this time, the management’s plan is not deemed probable to mitigate the conditions that raise substantial doubt about our ability to continue as a going concern.

 

The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classification of liabilities that might result from the outcome of the uncertainty.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

 

New Accounting Standards Adopted in 2023

 

No new accounting standards adopted in 2023.

 

 

Accounting Standards Not Yet Adopted

 

No accounting standards not yet adopted.