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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash Flows from operating activities:          
Net income (loss) $ (426,372) $ (34,782) $ (3,129,743) $ 341,086  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization     5,119 5,118  
Net realized losses on the sale of securities 5,925 14,528 224,878 14,528  
Unrealized (gains) losses on equity securities     497,194 (845,817) $ (1,098,760)
Change in fair value of funds withheld embedded derivative     637,033  
Amortization of investment securities, net     75,873 17,055  
Deferred acquisition costs capitalized     (511,691) (176,056)  
Deferred acquisition costs amortized     747,373 180,727  
Value of business acquired amortized 5,075 5,076 10,151 10,152  
Interest credited on deposit type contracts     479,157 328,583  
(Increase) decrease in operating assets:          
Change in funds withheld     (170,516)  
Investment income due and accrued     (48,964) 1,237  
Reinsurance related assets     (50,475) (19,513)  
Other assets     196,689 (10,830)  
Increase (decrease) in operating liabilities:          
Policyowner benefit reserves     1,649,882 1,474,338  
Dividend accumulation     (8,748) (8,180)  
Advance premiums     2,018 16,590  
Other liabilities     5,278 (14,533)  
Accounts payable and accrued expenses     25,453 (143,134)  
Net cash provided by operating activities     635,961 1,171,351  
Cash Flows from investing activities:          
Purchase of fixed income investments     (2,028,449) (984,288)  
Purchase of equity investments     (4,186,434) (179,039)  
Purchase of mortgage investments     (962,632)  
Proceeds from fixed income sales and repayments     1,619,318 393,163  
Proceeds from equity sales and repayments     2,985,691 268,101  
Transferred to funds withheld     (2,334,966)  
Interest on policy loans     (5,199) (723)  
Increase (decrease) in policy loans     (29,959) 179  
Net cash used in investing activities     (4,942,630) (502,607)  
Cash Flows from financing activities:          
Receipts on deposit-type contracts     5,019,037 1,921,482  
Withdrawals on deposit-type contracts     (965,923) (882,725)  
Proceeds from FHLB advance     1,000,000  
Proceeds received from issuance of common stock, net of costs of issuance     (48,437) 157,903  
Net cash provided by financing activities     5,004,677 1,196,660  
Net increase in cash and cash equivalents     698,008 1,865,404  
Cash and cash equivalents:          
Beginning     6,678,805 2,077,646 2,077,646
Ending $ 7,376,813 $ 3,943,050 7,376,813 3,943,050 $ 6,678,805
Supplemental Disclosure of Non-Cash Information          
Funds withheld assumed deposits on deposit-type contracts     46,763,118  
Funds withheld assumed withdrawals on deposit-type contracts     44,995  
Commissions and expense allowances deducted from funds withheld     $ 6,608,834