Note 5 - Income Tax Provision (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2021			2021
Loss before total federal income tax	$	(3,305,485	)	$	(346,187	)
Tax rate		21	%		21	%
Expected income tax benefit		(694,152	)		(72,700	)
Effect of tax-exempt income		(19,204	)		(19,588	)
Disallowed deductions		-			1,181
Change in unrealized - valuation allowance and unrealized gains		-			56,601
State income tax, net		66,793			-
Return-to-Provision adjustments		(25,529	)		20,471
Prior period adjustments		13,334			107,906
Change in valuation allowance		509,758			(774,413	)
Total	$	(149,000	)	$	(680,542	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred Tax Assets	2022			2021
Net operating and capital loss carryforwards	$	2,364,039		$	2,271,246
Unamortized start-up costs		105,502			126,603
Policyowner benefit reserves		2,752,406			2,806,586
Unrealized Losses		1,367,975			-
Tax DAC		824,896			753,983
Deferred tax asset valuation allowance		(1,834,167	)		(1,324,409	)
		5,580,651			4,634,009
Deferred Tax Liabilities
GAAP DAC		1,177,664			1,334,524
Fixed assets		29,945			21,703
8 Year Spread		116,715			155,620
Value of business acquired		528,862			548,271
Other GAAP to Tax Differences		432,943			233,953
Unrealized gains		-			779,171
		2,286,129			3,073,241
Net Deferred Tax	$	3,294,522		$	1,560,767