Note 5 - Income Tax Provision

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Statutory Accounting Practices Disclosure [Text Block]

Note 5. Income Tax Provision

No income tax expense or (benefit) has been reflected for the three months ended March 31, 2024 and 2023 due to loss carryforwards and a change in the valuation allowance pertaining to the deferred tax asset. 

The net operating loss carryforwards for the Company are $7,425,956 as of December 31, 2023 and estimated to be $7,400,000 as of March 31, 2024. The components of the deferred tax assets and liabilities due to book and tax differences are the following: fixed asset depreciation, net operating loss carryforward, net unrealized gains (losses) on investment securities, policyowner benefit reserves and deferred acquisition costs. The deferred tax asset net of valuation allowance is $3,888,907 as of both March 31, 2024 and December 31, 2023.