Note

. Investments

Fixed Maturities

The amortized cost and fair value of available for sale investments as of

June 30, 2020

and

December

31,

2019

is as follows:

	June 30, 2020
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(unaudited)
Available for sale:
Fixed maturities:
US Treasury securities	$	573,039	$	101,726	$	-		$	674,765
Corporate bonds		19,240,984		2,816,255		(182,565	)		21,874,674
Municipal bonds		5,959,395		872,610		-			6,832,005
Redeemable preferred stock		3,213,953		4,224		(159,884	)		3,058,293
Mortgage backed and asset backed securities		3,647,890		81,386		(16,492	)		3,712,784
Total available for sale	$	32,635,261	$	3,876,201	$	(358,941	)	$	36,152,521

	December 31, 2019
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Available for sale:
Fixed maturities:
US Treasury securities	$	608,477	$	24,162	$	-		$	632,639
Corporate bonds		18,407,211		1,697,265		(20,079	)		20,084,397
Municipal bonds		6,538,883		518,059		(1,883	)		7,055,059
Redeemable preferred stock		2,097,206		36,687		-			2,133,893
Mortgage backed and asset backed securities		3,171,620		77,593		(2,309	)		3,246,904
Total available for sale	$	30,823,397	$	2,353,766	$	(24,271	)	$	33,152,892

The amortized cost and fair value of debt securities as of

June 30, 2020

and

December 31, 2019,

by contractual maturity, are shown in the following table. Actual maturities

may

differ from contractual maturities because borrowers

may

have the right to call or prepay obligations with or without call or prepayment penalties.

	As of June 30, 2020				As of December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(unaudited)
Amounts maturing in:
One year or less	$	-	$	-	$	99,987	$	100,239
After one year through five years		1,623,810		1,726,647		1,424,337		1,471,552
After five years through ten years		3,087,409		3,570,764		3,286,937		3,574,191
More than 10 years		21,062,199		24,084,033		20,743,310		22,626,113
Redeemable preferred stocks		3,213,953		3,058,293		2,097,206		2,133,893
Mortgage backed and asset backed securities		3,647,890		3,712,784		3,171,620		3,246,904
Total amortized cost and fair value	$	32,635,261	$	36,152,521	$	30,823,397	$	33,152,892

Proceeds from the sale of securities, maturities, and asset paydowns for the

first

six

months of

2020

and

2019

were

$4,605,009

and

$661,264

respectively. Realized gains and losses related to the sale of securities are summarized below:

	Six Months Ended June 30,
	(unaudited)
	2020			2019
Gross gains	$	64,907		$	3,951
Gross losses		(289,785	)		(18,479	)
Net security losses	$	(224,878	)	$	(14,528	)

Proceeds from the sale of securities, maturities, and asset paydowns for the

three

months ended

June 30, 2020

and

2019

were

$1,115,733

and

$608,682

respectively. Realized gains and losses related to the sale of securities are summarized below:

	Three Months Ended June 30,
	(unaudited)
	2020			2019
Gross gains	$	20,612		$	3,951
Gross losses		(26,537	)		(18,479	)
Net security losses	$	(5,925	)	$	(14,528	)

Gross unrealized losses by duration for available for sale securities are summarized as follows:

	Less than 12 months					Greater than 12 months				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Loss			Value		Loss		Value		Loss
June 30, 2020	(unaudited)
Available for sale:
Fixed maturities:
Corporate bonds	$	1,731,912	$	(182,565	)	$	-	$	-	$	1,731,912	$	(182,565	)
Redeemable preferred stock		2,779,058		(159,884	)		-		-		2,779,058		(159,884	)
Mortgage backed and asset backed securities		457,526		(16,492	)		-		-		457,526		(16,492	)
Total fixed maturities	$	4,968,496	$	(358,941	)	$	-	$	-	$	4,968,496	$	(358,941	)

	Less than 12 months					Greater than 12 months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
December 31, 2019
Available for sale:
Fixed maturities:
Corporate bonds	$	967,848	$	(20,079	)	$	-	$	-		$	967,848	$	(20,079	)
Municipal bonds		46,646		(1,883	)		-		-			46,646		(1,883	)
Mortgage backed and asset backed securities		-		-			296,576		(2,309	)		296,576		(2,309	)
Total fixed maturities	$	1,014,494	$	(21,962	)	$	296,576	$	(2,309	)	$	1,311,070	$	(24,271	)

Unrealized losses occur from market price declines that

may

be due to a number of factors, including economic downturns, changes in interest rates, competitive forces within an industry, issuer specific events, operational difficulties, lawsuits, and market pricing anomalies caused by factors such as temporary lack of liquidity.

The total number of available for sale securities in the investment portfolio in an unrealized loss position as of

June

30,

2020

was

24,

which represented an unrealized loss of

$358,941

of the aggregate carrying value of those securities. The

securities breakdown as follows:

bonds,

mortgage and asset backed securities, and

preferred stocks. The Company determined that

securities were considered to be other-than-temporarily impaired as of

June 30, 2020

and

December 31, 2019.

Mortgage loans on Real Estate

The Company's mortgage loans by property type as of

June 30, 2020

and

December 31, 2019

are summarized as follows:

	June 30,2020		December 31, 2019
	(unaudited)
Commerical mortgage loans by property type
Student housing	$	786,736	$	-
Multi-family		175,954		-
Total commerical mortgages	$	962,690	$	-

The Company's mortgage loans by loan-to-value ratio as of

June 30, 2020

and

December 31, 2019

are summarized as follows:

	June 30,2020		December 31, 2019
	(unaudited)
Loan to value ratio
Over 20 to 30%	$	175,954	$	-
Over 10 to 20%		786,736		-
Total	$	962,690	$	-

The Company's mortgage loans by maturity date as of

June 30, 2020

and

December 31, 2019

are summarized as follows:

	June 30,2020		December 31, 2019
	(unaudited)
Maturity Date
One year or less	$	962,690	$	-

Investment Income

, Net of Expenses

The components of net investment income for the

six

months ended

June 30, 2020

and

2019

are as follows:

	Six Months Ended June 30,
	2020			2019
	(unaudited)
Fixed maturities	$	617,418		$	585,033
Mortgages		5,851			-
Equity securities		289,450			285,076
Funds withheld		364,033			-
Cash and cash equivalents		11,376			13,978
		1,288,128			884,087
Less investment expenses		(32,117	)		(23,049	)
	$	1,256,011		$	861,038

The components of net investment income for the

three

months ended

June 30, 2020

and

2019

are as follows:

	Three Months Ended June 30,
	2020			2019
	(unaudited)
Fixed maturities	$	309,943		$	282,739
Mortgages		5,851		$	-
Equity securities		139,261			170,491
Funds withheld		304,778			-
Cash and cash equivalents		2,064			9,779
		761,897			463,009
Less investment expenses		(20,594	)		(11,903	)
	$	741,303		$	451,106