Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	June 30, 2022
	Total			Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	359,309		$	-	$	359,309	$	-
Corporate bonds		17,230,707			-		17,049,107		181,600
Municipal bonds		5,561,188			-		5,561,188		-
Redeemable preferred stock		3,548,532			-		3,548,532		-
Mortgage backed and asset backed securities		5,498,472			-		5,498,472		-
Total fixed maturities		32,198,208			-		32,016,608		181,600
Equities:
Common stock		6,298,209			6,204,809		93,400		-
Preferred stock		1,465,856			-		1,465,856		-
Total equities		7,764,065			6,204,809		1,559,256		-
Funds withheld embedded derivative		(146,532	)		-		-		(146,532	)
Total	$	39,815,741		$	6,204,809	$	33,575,864	$	35,068

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	447,765	$	-	$	447,765	$	-
Corporate bonds		21,321,279		-		21,139,679		181,600
Municipal bonds		6,963,358		-		6,963,358		-
Redeemable preferred stock		3,621,526		-		3,621,526		-
Mortgage backed and asset backed securities		5,588,729		-		5,588,729		-
Total fixed maturities		37,942,657		-		37,761,057		181,600
Equities:
Common stock		7,319,584		7,226,584		93,000		-
Preferred stock		1,837,609		-		1,837,609		-
Total equities		9,157,193		7,226,584		1,930,609		-
Funds withheld embedded derivative		544,768		-		-		544,768
Total	$	47,644,618	$	7,226,584	$	39,691,666	$	726,368

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

For the Six Months Ended June 30, 2022	Corporate		Funds
	Bonds		Withheld
Fair value, beginning of period	$	181,600	$	544,768
Investment related losses		-		(691,300	)
Fair value, end of period	$	181,600	$	(146,532	)

For the Three Months Ended June 30, 2022	Corporate		Funds
	Bonds		Withheld
Fair value, beginning of period	$	181,600	$	262,551
Investment related gains (losses), net		-		(409,083	)
Fair value, end of period	$	181,600	$	(146,532	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

	June 30, 2022
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	9,472,845	$	9,472,845	$	9,472,845	$	-	$	-
Mortgage loans on real estate		4,063,276		4,063,276		-		-		4,063,276
Investment income due and accrued		567,974		567,974		-		-		567,974
Funds withheld		49,828,005		49,681,473		-		-		49,681,473
Policy loans		49,645		49,645		-		-		49,645
Total Financial Assets (excluding available for sale investments)	$	63,981,745	$	63,835,213	$	9,472,845	$	-	$	54,362,368
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		78,769,056		71,117,548		-		-		71,117,548
Total Financial Liabilities	$	79,769,056	$	72,117,548	$	-	$	-	$	72,117,548

	December 31, 2021
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	7,955,348	$	7,955,348	$	7,955,348	$	-	$	-
Mortgage loans on real estate		3,653,142		3,653,142		-		-		3,653,142
Investment income due and accrued		698,504		698,504		-		-		698,504
Funds withheld		48,474,206		49,018,974		-		-		49,018,974
Policy loans		173,341		173,341		-		-		173,341
Total Financial Assets (excluding available for sale investments)	$	60,954,541	$	61,499,309	$	7,955,348	$	-	$	53,543,961
Financial Liabilities:
Federal Home Loan Bank advance	$	2,000,000	$	2,000,000	$	-	$	-	$	2,000,000
Policyholder deposits in deposit-type contracts		75,567,873		78,359,733		-		-		78,359,733
Total Financial Liabilities	$	77,567,873	$	80,359,733	$	-	$	-	$	80,359,733