Note 5 - Income Tax Provision

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 5.    Income Tax Provision

No income tax expense or (benefit) has been reflected for the three months ended March 31, 2023 and 2022 due to loss carryforwards and a change in the valuation allowance pertaining to the deferred tax asset. 

The net operating loss carryforwards for the Company are $9,630,952 as of December 31, 2022 and estimated to be $9,500,000 as of March 31, 2023. The components of the deferred tax assets and liabilities due to book and tax differences are the following: fixed asset depreciation, net operating loss carryforward, net unrealized gains (losses) on investment securities, policyowner benefit reserves and deferred acquisition costs. The deferred tax asset net of valuation allowance is $3,294,522 as of both March 31, 2023 and December 31, 2022.