Note 4 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	September 30, 2023
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	690,755	$	690,755	$	-	$	-
Corporate bonds		15,365,591		-		15,189,591		176,000
Municipal bonds		5,270,748		-		5,270,748		-
Redeemable preferred stock		3,187,991		-		3,187,991		-
Term loans		18,835,776		-		-		18,835,776
Mortgage backed and asset backed securities		23,865,953		-		23,378,453		487,500
Total fixed maturities		67,216,814		690,755		47,026,783		19,499,276
Equities:
Common stock		5,586,061		5,488,561		97,500		-
Preferred stock		1,392,957		-		1,392,957		-
Total equities		6,979,018		5,488,561		1,490,457		-
Other invested assets		2,118,828		-		-		2,118,828
Total	$	76,314,660	$	6,179,316	$	48,517,240	$	21,618,104

	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						Other
For the Nine Months Ended September 30, 2023	Corporate			Backed		Term			Invested
(unaudited)	Bonds			Securities		Loans			Assets
Fair value, beginning of period	$	181,600		$	396,250	$	18,149,718		$	1,760,777
Principal payment		(5,600	)		-		(298,341	)		(547,952	)
Acquisition		-			-		978,391			810,545
Investment related gains		-			91,250		6,008			95,458
Fair value, end of period	$	176,000		$	487,500	$	18,835,776		$	2,118,828

			Mortgage						Other
For the Three Months Ended September 30, 2023	Corporate		Backed		Term			Invested
(unaudited)	Bonds		Securities		Loans			Assets
Fair value, beginning of period	$	176,000	$	487,500	$	18,065,322		$	2,165,653
Principal payment		-		-		(50,458	)		(547,952	)
Acquisition		-		-		815,948			563,313
Investment related gains (losses), net		-		-		4,964			(62,186	)
Fair value, end of period	$	176,000	$	487,500	$	18,835,776		$	2,118,828

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

	September 30, 2023
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	6,152,829	$	6,152,829	$	6,152,829	$	-	$	-
Mortgage loans on real estate		21,722,582		21,722,582		-		-		21,722,582
Limited partnership interests		221,426		221,426		-		-		221,426
Investment income due and accrued		2,611,928		2,611,928		-		-		2,611,928
Reinsurance related assets		1,332,661		1,332,661		-		-		1,332,661
Policy loans		25,365		25,365		-		-		25,365
Total Financial Assets (excluding available for sale investments)	$	32,066,791	$	32,066,791	$	6,152,829	$	-	$	25,913,962
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		77,518,637		63,107,628		-		-		63,107,628
Total Financial Liabilities	$	78,518,637	$	64,107,628	$	-	$	-	$	64,107,628

	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 related assets		125,549		125,549		-		-		125,549
Policy loans		34,980		34,980		-		-		34,980
Total Financial Assets (excluding available for sale investments)	$	30,128,474	$	30,128,474	$	4,091,507	$	-	$	26,036,967
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