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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash Flows from operating activities:          
Net income (loss) $ 1,072,155 $ 42,446 $ (2,057,588) $ 383,532  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization     7,678 7,678  
Net realized losses on the sale of securities (52,527) (543) 172,351 13,985  
Unrealized (gains) losses on equity securities     126,205 (951,575) $ (1,098,760)
Change in fair value of funds withheld embedded derivative     138,529  
Amortization of investment securities, net     100,026 27,664  
Deferred acquisition costs capitalized     (591,987) (254,723)  
Deferred acquisition costs amortized     757,333 293,033  
Value of business acquired amortized 5,076 5,076 15,227 15,228  
Interest credited on deposit type contracts     811,403 495,623  
(Increase) decrease in operating assets:          
Change in funds withheld     (518,388)  
Investment income due and accrued     (48,980) (19,453)  
Reinsurance related assets     189,532 (12,981)  
Other assets     130,235 6,687  
Increase (decrease) in operating liabilities:          
Policyowner benefit reserves     2,595,292 2,045,227  
Dividend accumulation     (7,833) (49,481)  
Advance premiums     43,706 39,972  
Other liabilities     165,790 (11,117)  
Accounts payable and accrued expenses     20,541 (207,403)  
Net cash provided by operating activities     2,049,072 1,821,896  
Cash Flows from investing activities:          
Purchase of fixed income investments     (2,496,724) (1,230,636)  
Purchase of equity investments     (5,013,668) (179,496)  
Purchase of mortgage investments     (2,317,154)  
Proceeds from fixed income sales and repayments     1,928,744 528,750  
Proceeds from equity sales     3,437,262 268,101  
Proceeds from mortgage repayments     5,223  
Transfers to funds withheld     (4,391,824)  
Interest on policy loans     (8,934) (675)  
Increase in policy loans     (35,861) (11,560)  
Net cash used in investing activities     (8,892,936) (625,516)  
Cash Flows from financing activities:          
Receipts on deposit-type contracts     5,883,499 2,779,027  
Withdrawals on deposit-type contracts     (1,440,545) (1,180,666)  
Proceeds from FHLB advance     1,000,000  
Proceeds received from issuance of common stock, net of costs of issuance     (93,385) 273,152  
Net cash provided by financing activities     5,349,569 1,871,513  
Net increase (decrease) in cash and cash equivalents     (1,494,295) 3,067,893  
Cash and Cash Equivalents:          
Beginning     6,678,805 2,077,646 2,077,646
Ending $ 5,184,510 $ 5,145,539 5,184,510 5,145,539 $ 6,678,805
Supplemental Disclosure of Non-Cash Information          
Funds withheld assumed deposits on deposit-type contracts     47,097,503  
Funds withheld assumed withdrawals on deposit-type contracts     86,229  
Commissions and expense allowances deducted from funds withheld     $ 6,808,484