Note 2 - Investments (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

	September 30, 2024
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(unaudited)
Available for sale:
Fixed maturities:
US Treasury securities	$	798,365	$	1,314	$	(56,967	)	$	742,712
Corporate bonds		19,863,377		180,815		(2,129,319	)		17,914,873
Municipal bonds		5,170,581		6,448		(438,190	)		4,738,839
Redeemable preferred stock		2,563,224		619		(114,353	)		2,449,490
Term loans		16,558,603		36,266		(12,117	)		16,582,752
Mortgage backed and asset backed securities		36,043,987		1,142,624		(751,215	)		36,435,396
Total available for sale	$	80,998,137	$	1,368,086	$	(3,502,161	)	$	78,864,062

	December 31, 2023
	Cost or		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
Available for sale:
Fixed maturities:
US Treasury securities	$	790,976	$	-	$	(66,308	)	$	724,668
Corporate bonds		20,234,444		95,085		(2,516,167	)		17,813,362
Municipal bonds		6,207,596		4,044		(575,547	)		5,636,093
Redeemable preferred stock		3,622,572		1,699		(318,702	)		3,305,569
Term loans		17,177,179		162,011		(286,770	)		17,052,420
Mortgage backed and asset backed securities		30,621,025		520,599		(1,164,216	)		29,977,408
Total available for sale	$	78,653,792	$	783,438	$	(4,927,710	)	$	74,509,520

Investments Classified by Contractual Maturity Date [Table Text Block]

	As of September 30, 2024				As of December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(unaudited)
Amounts maturing in:
One year or less	$	328,710	$	328,710	$	152,840	$	147,835
After one year through five years		16,649,480		16,744,573		16,397,124		16,461,777
After five years through ten years		4,973,769		5,004,230		6,371,607		6,112,389
More than 10 years		20,438,967		17,901,663		21,488,624		18,504,542
Redeemable preferred stocks		2,563,224		2,449,490		3,622,572		3,305,569
Mortgage backed and asset backed securities		36,043,987		36,435,396		30,621,025		29,977,408
Total amortized cost and fair value	$	80,998,137	$	78,864,062	$	78,653,792	$	74,509,520

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

	Nine Months Ended September 30,
	(unaudited)
	2024			2023
Gross gains	$	48,824		$	193,318
Gross losses		(188,450	)		(412,405	)
Realized gains (losses)	$	(139,626	)	$	(219,087	)
Fixed maturity securities		-			-
Mortgage loans on real estate		(32,150	)		115,762
(Increase) Decrease in allowance for credit losses	$	(32,150	)	$	115,762

	Three Months Ended September 30,
	(unaudited)
	2024			2023
Gross gains	$	26,754		$	4,541
Gross losses		(121,426	)		(144,745	)
Net security losses	$	(94,672	)	$	(140,204	)
Fixed maturity securities		116,563			-
Mortgage loans on real estate		(23,013	)		-
Decrease in allowance for credit losses	$	93,550		$	-

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, 2024
	(unaudited)
Available for sale:
Fixed maturities:
US Treasury securities	$	-	$	-		$	289,974	$	(56,967	)	$	289,974	$	(56,967	)
Corporate bonds		-		-			13,162,902		(2,129,319	)		13,162,902		(2,129,319	)
Municipal bonds		279,531		(2,651	)		3,741,659		(435,539	)		4,021,190		(438,190	)
Redeemable preferred stock		-		-			2,376,031		(114,353	)		2,376,031		(114,353	)
Term loans		-		-			2,470,314		(12,117	)		2,470,314		(12,117	)
Mortgage backed and asset backed securities		4,957,905		(181,898	)		5,065,200		(569,317	)		10,023,105		(751,215	)
Total fixed maturities	$	5,237,436	$	(184,549	)	$	27,106,080	$	(3,317,612	)	$	32,343,516	$	(3,502,161	)

	Less than 12 months					Greater than 12 months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
December 31, 2023
Available for sale:
Fixed maturities:
US Treasury securities	$	724,668	$	(66,308	)	$	-	$	-		$	724,668	$	(66,308	)
Corporate bonds		262,673		(863	)		15,653,914		(2,515,304	)		15,916,587		(2,516,167	)
Municipal bonds		523,744		(4,792	)		4,825,568		(570,755	)		5,349,312		(575,547	)
Redeemable preferred stock		-		-			3,305,569		(318,702	)		3,305,569		(318,702	)
Term loans		3,739,859		(174,955	)		3,534,621		(111,815	)		7,274,480		(286,770	)
Mortgage backed and asset backed securities		9,549,515		(219,946	)		6,228,220		(944,270	)		15,777,735		(1,164,216	)
Total fixed maturities	$	14,800,459	$	(466,864	)	$	33,547,892	$	(4,460,846	)	$	48,348,351	$	(4,927,710	)

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

	September 30, 2024			December 31, 2023
	(unaudited)
Commercial mortgage loans by property type
Condominium	$	-		$	377,621
Mixed use		2,143,632			-
Lodging		2,495,882			-
Multi-property		3,729,359			8,923,604
Multi-family		3,388,102			2,855,008
Industrial		1,800,000			1,000,000
Retail/Office		12,159,406			6,482,664
Total commercial mortgages	$	25,716,381		$	19,638,897
Allowance for credit losses		(53,794	)		(21,644	)
Carrying value	$	25,662,587		$	19,617,253

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

	September 30, 2024			December 31, 2023
	(unaudited)
Loan to value ratio
Over 70 to 80%	$	1,648,463		$	7,123,604
Over 60 to 70%		7,386,630			3,137,953
Over 50 to 60%		7,670,659			2,322,273
Over 40 to 50%		2,322,344			2,327,436
Over 30 to 40%		4,646,654			377,621
Over 20 to 30%		-			2,689,619
Over 10 to 20%		2,041,631			1,660,391
Total	$	25,716,381		$	19,638,897
Allowance for credit losses		(53,794	)		(21,644	)
Carrying value	$	25,662,587		$	19,617,253

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

	September 30, 2024			December 31, 2023
	(unaudited)
Maturity Date
One year or less	$	9,351,927		$	14,599,568
After one year through five years		16,364,454			5,039,329
Total	$	25,716,381		$	19,638,897
Allowance for credit losses		(53,794	)		(21,644	)
Carrying value	$	25,662,587		$	19,617,253

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

	Nine Months Ended September 30, 2024
	(unaudited)
	Individually Evaluated Allowance		General Allowance
Beginning allowance balance	$	-	$	21,644
Cumulative adjustment for changes in accounting principals		-		-
Charge-offs		-		-
Recoveries		-		-
Change in provision for credit losses		-		32,150
Ending Allowance	$	-	$	53,794

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

	Three Months Ended September 30, 2024
	(unaudited)
	Specific Allowance
Beginning allowance balance	$	116,563
Cumulative adjustment for changes in accounting principals		-
Charge-offs		-
Recoveries		-
Change in provision for credit losses		(116,563	)
Ending Allowance	$	-

Investment Income [Table Text Block]

	Nine Months Ended September 30,
	2024			2023
	(unaudited)
Fixed maturities	$	4,366,080		$	3,520,865
Mortgages		915,208			1,520,564
Equity securities		239,092			552,098
Other invested assets		253,174			159,935
Cash and cash equivalents		255,426			67,353
		6,028,980			5,820,815
Less investment expenses		(722,768	)		(727,952	)
	$	5,306,212		$	5,092,863

	Three Months Ended September 30,
	2024			2023
	(unaudited)
Fixed maturities	$	1,477,931		$	625,328
Mortgages		8,689			517,551
Equity securities		74,947			157,298
Other invested assets		194,360			59,070
Cash and cash equivalents		60,851			31,393
		1,816,778			1,390,640
Less investment expenses		(506,046	)		412,729
	$	1,310,732		$	1,803,369

Gain (Loss) on Securities [Table Text Block]

	Nine Months Ended September 30,
	(unaudited)
	2024			2023
Recognized gains (losses) on sale of investments	$	(139,626	)	$	(219,087	)
Change in allowance for credit loss recognized in earnings		(32,150	)		115,762
Unrealized net gains (losses) recognized in earnings		1,006,400			311,127
Embedded Derivative		(265,846	)		425,122
Net investment gains (losses)	$	568,778		$	632,924

	Three Months Ended September 30,
	(unaudited)
	2024			2023
Recognized gains (losses) on sale of investments	$	(94,672	)	$	(140,204	)
Change in allowance for credit loss recognized in earnings		93,550			-
Unrealized net gains (losses) recognized in earnings		419,301			(45,317	)
Embedded Derivative		(362,061	)		(72,031	)
Net investment gains (losses)	$	56,118		$	(257,552	)