XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Net income (loss) $ 963,851 $ (2,722,676)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 23,727 22,407
Net gains realized on the sale of securities and net credit losses recognized in operations (36,879) (623)
Unrealized (gains) losses on equity securities (356,444) 1,463,629
Change in fair value of embedded derivative (497,153) 691,301
(Accretion) amortization of investment securities, net (245,851) 82,644
Deferred acquisition costs capitalized (250,627) (229,519)
Deferred acquisition costs amortized 691,710 581,904
Value of business acquired amortized 46,210 46,210
Interest credited on deposit type contracts 980,230 832,549
(Increase) decrease in operating assets:    
Change in funds withheld 0 (1,055,238)
Investment income due and accrued (276,750) 130,530
Reinsurance related assets 284,858 (647,898)
Other assets (432,892) (232,267)
Increase (decrease) in operating liabilities:    
Policyowner benefit reserves 2,018,885 2,153,260
Dividend accumulation (4,451) 1,499
Advance premiums (35,574) 1,582
Other liabilities 140,789 647,582
Accounts payable and accrued expenses 549,138 (465,607)
Net cash provided by operating activities 3,562,777 1,301,269
Cash Flows from investing activities:    
Purchase of equity investments (114,548) (937,554)
Purchase of limited partnership interests (262,000) 0
Purchase of mortgage investments (2,844,209) (3,494,797)
Purchase of other invested assets (247,232) 0
Proceeds from equity sales 348,298 422,909
Proceeds from mortgage repayments 2,192,464 3,084,662
(Increase) decrease in policy loans (2,248) 123,696
Purchase of property, equipment and software (168,871) (56,401)
Net cash used in investing activities (2,261,517) (1,127,725)
Cash Flows from financing activities:    
Receipts on deposit-type contracts 3,269,039 3,365,026
Withdrawals on deposit-type contracts (4,773,289) (1,028,046)
Repayment of FHLB advance 0 (1,000,000)
Proceeds received from issuance of common stock, net of costs of issuance 9,232 6,973
Net cash provided by (used in) financing activities (1,495,018) 1,343,953
Net increase (decrease) in cash and cash equivalents (193,758) 1,517,497
Cash and Cash Equivalents:    
Beginning 4,091,507 7,955,348
Ending 3,897,749 9,472,845
Supplemental Disclosure of Non-Cash Information    
Funds withheld assumed deposits on deposit-type contracts 0 601,270
Funds withheld assumed withdrawals on deposit-type contracts 0 (569,616)
Commissions and expense allowances deducted from funds withheld 0 (950,700)
Fixed Income Investments [Member]    
Cash Flows from investing activities:    
Purchase of fixed income investments (4,388,722) (933,183)
Proceeds from fixed income sales and repayments $ 3,225,551 $ 662,943