Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

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

	June 30, 2023
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	726,745	$	726,745	$	-	$	-
Corporate bonds		16,371,631		-		16,195,631		176,000
Municipal bonds		5,628,753		-		5,628,753		-
Redeemable preferred stock		3,215,855		-		3,215,855		-
Term loans		18,065,322		-		-		18,065,322
Mortgage backed and asset backed securities		22,797,911		-		22,310,411		487,500
Total fixed maturities		66,806,217		726,745		47,350,650		18,728,822
Equities:
Common stock		6,335,701		6,239,301		96,400		-
Preferred stock		1,428,219		-		1,428,219		-
Total equities		7,763,920		6,239,301		1,524,619		-
Other invested assets		2,165,653		-		-		2,165,653
Total	$	76,735,790	$	6,966,046	$	48,875,269	$	20,894,475

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	1,025,087	$	1,025,087	$	-	$	-
Corporate bonds		15,869,078		-		15,687,478		181,600
Municipal bonds		5,420,409		-		5,420,409		-
Redeemable preferred stock		3,355,615		-		3,355,615		-
Term loans		18,149,718		-		-		18,149,718
Mortgage backed and asset backed securities		21,496,170		-		21,099,920		396,250
Total fixed maturities		65,316,077		1,025,087		45,563,422		18,727,568
Equities:
Common stock		6,024,224		5,929,624		94,600		-
Preferred stock		1,370,820		-		1,370,820		-
Total equities		7,395,044		5,929,624		1,465,420		-
Other invested assets		1,760,777		-		-		1,760,777
Total	$	74,471,898	$	6,954,711	$	47,028,842	$	20,488,345

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

				Mortgage
For the Six Months Ended June 30, 2023	Corporate			Backed		Term			Hedge
(unaudited)	Bonds			Securities		Loans			Derivative
Fair value, beginning of period	$	181,600		$	396,250	$	18,149,718		$	724,998
Principal payment		(5,600	)		-		(247,883	)		-
Acquisition		-			-		162,443			-
Investment related gains		-			91,250		1,044			288,679
Fair value, end of period	$	176,000		$	487,500	$	18,065,322		$	1,013,677

			Mortgage
For the Three Months Ended June 30, 2023	Corporate		Backed		Term			Hedge
(unaudited)	Bonds		Securities		Loans			Derivative
Fair value, beginning of period	$	176,000	$	393,750	$	18,154,908		$	726,077
Principal payment		-		-		(112,841	)		-
Acquisition		-		-		52,606			-
Investment related gains (losses), net		-		93,750		(29,351	)		287,600
Fair value, end of period	$	176,000	$	487,500	$	18,065,322		$	1,013,677

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

	June 30, 2023
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	3,897,749	$	3,897,749	$	3,897,749	$	-	$	-
Limited partnership interests		262,000		262,000		-		-		262,000
Mortgage loans on real estate		24,294,735		24,294,735		-		-		24,294,735
Investment income due and accrued		2,363,115		2,363,115		-		-		2,363,115
Reinsurance contract allocated hedge		1,013,677		1,013,677		-		-		1,013,677
Policy loans		37,228		37,228		-		-		37,228
Total Financial Assets (excluding available for sale investments)	$	31,868,504	$	31,868,504	$	3,897,749	$	-	$	27,970,755
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		78,511,330		65,826,853		-		-		65,826,853
Total Financial Liabilities	$	79,551,330	$	66,826,853	$	-	$	-	$	66,826,853

	December 31, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	4,091,507	$	4,091,507	$	4,091,507	$	-	$	-
Mortgage loans on real estate		23,790,073		23,790,073		-		-		23,790,073
Investment income due and accrued		2,086,365		2,086,365		-		-		2,086,365
Reinsurance contract allocated hedge		724,998		724,998		-		-		724,998
Policy loans		34,980		34,980		-		-		34,980
Total Financial Assets (excluding available for sale investments)	$	30,727,923	$	30,727,923	$	4,091,507	$	-	$	26,636,416
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		79,035,350		67,741,524		-		-		67,741,524
Total Financial Liabilities	$	80,035,350	$	68,741,524	$	-	$	-	$	68,741,524