Note 2 - Investments (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Debt Securities, Available-for-Sale [Table Text Block]

	September 30, 2023
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Available for sale:	(unaudited)
Fixed maturities:
US Treasury securities	$	788,823	$	-	$	(98,068	)	$	690,755
Corporate bonds		19,268,536		3,796		(3,906,741	)		15,365,591
Municipal bonds		6,212,897		-		(942,149	)		5,270,748
Redeemable preferred stock		3,625,096		940		(438,045	)		3,187,991
Term loans		18,986,548		148,003		(298,775	)		18,835,776
Mortgage backed and asset backed securities		25,038,945		353,378		(1,526,370	)		23,865,953
Total available for sale	$	73,920,845	$	506,117	$	(7,210,148	)	$	67,216,814

	December 31, 2022
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Available for sale:
Fixed maturities:
US Treasury securities	$	993,805	$	36,313	$	(5,031	)	$	1,025,087
Corporate bonds		19,018,738		722		(3,150,382	)		15,869,078
Municipal bonds		6,228,636		-		(808,227	)		5,420,409
Redeemable preferred stock		3,875,526		-		(519,911	)		3,355,615
Term loans		18,086,124		209,989		(146,395	)		18,149,718
Mortgage backed and asset backed securities		22,412,895		157,795		(1,074,520	)		21,496,170
Total available for sale	$	70,615,724	$	404,819	$	(5,704,466	)	$	65,316,077

Investments Classified by Contractual Maturity Date [Table Text Block]

	As of September 30, 2023				As of December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amounts maturing in:	(unaudited)
One year or less	$	102,457	$	97,506	$	442,846	$	450,461
After one year through five years		17,269,255		17,191,862		17,048,721		17,035,270
After five years through ten years		6,312,529		5,897,906		5,498,364		5,340,498
More than 10 years		21,577,332		16,980,297		21,337,372		17,638,063
Redeemable preferred stocks		3,620,327		3,183,290		3,875,526		3,355,615
Mortgage backed and asset backed securities		25,038,945		23,865,953		22,412,895		21,496,170
Total amortized cost and fair value	$	73,920,845	$	67,216,814	$	70,615,724	$	65,316,077

Realized Gain (Loss) on Investments [Table Text Block]

	Nine Months Ended September 30,
	(unaudited)
	2023			2022
Gross gains	$	14,399		$	3,617
Gross losses		(233,486	)		(18,905	)
Realized gains (losses)	$	(219,087	)	$	(15,288	)
Mortgage loans on real estate		115,762			-
Decrease in allowance for credit losses	$	115,762		$	-

	Three Months Ended September  30,
	(unaudited)
	2023			2022
Gross gains	$	4,542		$	453
Gross losses		(144,746	)		(16,364	)
Net security losses	$	(140,204	)	$	(15,911	)
Mortgage loans on real estate		-			-
Decrease in allowance for credit losses	$	-		$	-

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

	Less than 12 months					Greater than 12 months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
September 30, 2023
Available for sale:	(unaudited)
Fixed maturities:
US Treasury securities	$	690,755	$	(98,068	)	$	-	$	-		$	690,755	$	(98,068	)
Corporate bonds		690,775		(32,855	)		14,401,537		(3,873,886	)		15,092,312		(3,906,741	)
Municipal bonds		744,392		(48,764	)		4,526,356		(893,385	)		5,270,748		(942,149	)
Redeemable preferred stock		59,531		(2,380	)		3,006,899		(435,665	)		3,066,430		(438,045	)
Term loans		8,191,836		(298,775	)		-		-			8,191,836		(298,775	)
Mortgage backed and asset backed securities		10,769,360		(590,189	)		4,743,609		(936,181	)		15,512,969		(1,526,370	)
Total fixed maturities	$	21,146,649	$	(1,071,031	)	$	26,678,401	$	(6,139,117	)	$	47,825,050	$	(7,210,148	)

	Less than 12 months					Greater than 12 months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
December 31, 2022
Available for sale:
Fixed maturities:
US Treasury securities	$	398,375	$	(5,031	)	$	-	$	-		$	398,375	$	(5,031	)
Corporate bonds		12,378,486		(1,883,706	)		3,206,913		(1,266,676	)		15,585,399		(3,150,382	)
Municipal bonds		4,711,896		(587,053	)		708,514		(221,174	)		5,420,410		(808,227	)
Redeemable preferred stock		2,384,771		(363,193	)		970,844		(156,718	)		3,355,615		(519,911	)
Term loans		6,309,005		(146,395	)		-		-			6,309,005		(146,395	)
Mortgage backed and asset backed securities		10,358,560		(458,754	)		3,281,132		(615,766	)		13,639,692		(1,074,520	)
Total fixed maturities	$	36,541,093	$	(3,444,132	)	$	8,167,402	$	(2,260,334	)	$	44,708,495	$	(5,704,466	)

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	September 30, 2023			December 31, 2022
	(unaudited)
Commercial mortgage loans by property type
Condominium	$	902,657		$	1,696,975
Land		-			1,902,277
Multi-property		9,795,198			9,539,738
Multi-family		5,634,612			5,016,424
Retail/Office		5,424,726			5,634,659
Total commercial mortgages	$	21,757,193		$	23,790,073
Allowance for credit losses		(34,611	)		-
Carrying value	$	21,722,582		$	23,790,073

Schedule of Mortage Loans by Loan-to-Value Ratio [Table Text Block]

	September 30, 2023			December 31, 2022
	(unaudited)
Loan to value ratio
Over 70 to 80%	$	7,995,198		$	8,219,763
Over 60 to 70%		3,136,506			5,196,975
Over 50 to 60%		4,669,053			4,682,750
Over 40 to 50%		2,151,326			3,235,951
Over 30 to 40%		902,657			-
Over 20 to 30%		1,800,000			1,319,975
Over 10 to 20%		1,102,453			1,134,659
Total	$	21,757,193		$	23,790,073
Allowance for credit losses		(34,611	)		-
Carrying value	$	21,722,582		$	23,790,073

Schedule of Mortgage Loans by Maturity Date [Table Text Block]

	September 30, 2023			December 31, 2022
	(unaudited)
Maturity Date
One year or less	$	18,105,867		$	15,354,542
After one year through five years		3,651,326			8,435,531
Total	$	21,757,193		$	23,790,073
Allowance for credit losses		(34,611	)		-
Carrying value	$	21,722,582		$	23,790,073

Financing Receivable, Allowance for Credit Loss [Table Text Block]

	Nine Months Ended September 30, 2023
	(unaudited)
	Specific Allowance		General Allowance
Beginning allowance balance	$	-	$	-
Cumulative adjustment for changes in accounting principles		-		150,373
Charge-offs		-		-
Recoveries		-		-
Change in provision for credit losses		-		(115,762	)
Ending Allowance	$	-	$	34,611

Investment Income [Table Text Block]

	Nine Months Ended September 30,
	2023			2022
	(unaudited)
Fixed maturities	$	3,520,865		$	856,256
Mortgages		1,520,564			207,865
Equity securities		552,098			488,436
Funds withheld		-			2,932,068
Other invested assets		159,935			-
Cash and cash equivalents		67,353			26,797
		5,820,815			4,511,422
Less investment expenses		(727,952	)		(82,130	)
	$	5,092,863		$	4,429,292

	Three Months Ended September 30,
	2023		2022
	(unaudited)
Fixed maturities	$	625,328	$	296,994
Mortgages		517,551	$	91,515
Equity securities		157,298		175,938
Funds withheld		-		1,310,559
Other invested assets		59,070		-
Cash and cash equivalents		31,393		21,326
		1,390,640		1,896,332
Less investment expenses		412,729		(37,727	)
	$	1,803,369	$	1,858,605