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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income:        
Premium income $ 3,353,042 $ 3,297,461 $ 9,955,527 $ 10,023,670
Net investment income 1,803,369 1,858,605 5,092,863 4,429,292
Net investment gains (losses) (257,552) (655,495) 632,924 (2,809,802)
Other income 97,023 92,713 267,766 252,899
Total income 4,995,882 4,593,284 15,949,080 11,896,059
Expenses:        
Death claims 901,546 691,540 2,621,079 2,216,965
Policyholder benefits 1,435,212 1,535,914 4,933,077 5,149,048
Increase in policyholder reserves 1,386,070 1,250,136 3,372,265 3,393,766
Commissions, net of deferrals 198,623 168,334 561,139 560,549
Amortization of deferred acquisition costs 368,263 318,628 1,059,974 900,532
Amortization of value of business acquired 23,105 23,105 69,315 69,315
Salaries & benefits 423,269 362,048 1,159,385 1,046,368
Other operating expenses 428,386 495,009 1,377,587 1,533,622
Total expense 5,164,474 4,844,714 15,153,821 14,870,165
Net income (loss) $ (168,592) $ (251,430) $ 795,259 $ (2,974,106)
Net income (loss) per common share, basic and diluted (in dollars per share) $ (0.02) $ (0.03) $ 0.1 $ (0.38)
Unrealized net holding losses arising during the period, net of tax $ (1,615,296) $ (1,950,515) $ (1,316,832) $ (8,326,556)
Reclassification adjustment for gains included in net income (loss) 0 15,910 589 15,141
Other comprehensive loss (1,615,296) (1,934,605) (1,316,243) (8,311,415)
Comprehensive loss $ (1,783,888) $ (2,186,035) $ (520,984) $ (11,285,521)