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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Net loss $ (121,514) $ (3,129,743)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 16,628 5,119
Net (gains) losses realized on the sale of securities (215,613) 224,878
Unrealized (gains) losses on equity securities (103,297) 497,194
Change in fair value of funds withheld embedded derivative 245,120 637,033
Amortization of investment securities, net 88,887 75,873
Deferred acquisition costs capitalized (215,483) (511,691)
Deferred acquisition costs amortized 554,865 747,373
Value of business acquired amortized 46,210 10,151
Interest credited on deposit type contracts 911,256 479,157
(Increase) decrease in operating assets:    
Change in funds withheld (1,197,116) (170,516)
Investment income due and accrued (147,457) (48,964)
Reinsurance related assets (102,892) (50,475)
Other assets 824,443 196,689
Increase (decrease) in operating liabilities:    
Policyowner benefit reserves 2,331,913 1,649,882
Dividend Accumulation 1,872 (8,748)
Advance premiums (2,073) 2,018
Other liabilities 703,212 5,278
Accounts payable and accrued expenses (1,372,153) 25,453
Net cash provided by operating activities 2,246,808 635,961
Cash Flows from investing activities:    
Purchase of fixed income investments (913,512) (2,028,449)
Purchase of equity investments (598,398) (4,186,434)
Purchase of mortgage investments (1,013,404) (962,632)
Proceeds from fixed income sales and repayments 1,006,231 1,619,318
Proceeds from equity sales 422,035 2,985,691
Proceeds from mortgage repayments 1,482,567 0
Transfers from (to) funds withheld 300,000 (2,334,966)
Interest on policy loans 0 (5,199)
Increase in policy loans (63) (29,959)
Purchase of property, equipment and software (31,276) 0
Net cash provided by (used in) investing activities 654,180 (4,942,630)
Cash Flows from financing activities:    
Receipts on deposit-type contracts 2,124,176 5,019,037
Withdrawals on deposit-type contracts (1,083,954) (965,923)
Proceeds from FHLB advance 0 1,000,000
Proceeds received from issuance of common stock, net of costs of issuance (64,738) (48,437)
Net cash provided by financing activities 975,484 5,004,677
Net increase in cash and cash equivalents 3,876,472 698,008
Cash and Cash Equivalents:    
Beginning 4,320,759 6,678,805
Ending 8,197,231 7,376,813
Supplemental Disclosure of Non-Cash Information    
Funds withheld assumed deposits on deposit-type contracts 1,409,036 46,763,118
Funds withheld assumed withdrawals on deposit-type contracts (889,113) (44,995)
Commissions and expense allowances deducted from funds withheld $ (923,920) $ (6,608,834)