XML 22 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net earnings $ 4,142,779 $ 3,531,364
Adjustments to reconcile net earnings to net cash provided by operating activities    
Net realized investment (gains) losses (982,547) 245,323
Net unrealized gains on equity securities (2,801,991) (2,167,417)
Depreciation 708,378 684,744
Deferred income tax 414,747 509,915
Amortization of bond premium and discount 281,679 292,502
Stock-based compensation expense 556,670 454,977
Paycheck Protection Program loan forgiveness   (1,641,299)
Change in:    
Accrued investment income 1,380 (14,289)
Premiums and reinsurance balances receivable (3,693,633) (1,137,645)
Ceded unearned premiums (106,117) (38,087)
Reinsurance balances payable 997,099 (3,803)
Reinsurance balances recoverable (1,501,354) (1,983,695)
Deferred policy acquisition costs (1,109,224) (160,364)
Unpaid losses and settlement expenses 259,143 4,737,359
Unearned premiums 6,423,432 (603,983)
Accrued expenses 1,969,100 (744,477)
Current federal income tax 177,292 (180,427)
Other (424,907) (167,351)
Net cash provided by operating activities 5,311,926 1,613,347
Purchases of:    
Fixed maturity securities, available-for-sale (21,860,180) (27,284,955)
Other invested assets (1,599,999) (995,567)
Property held for investment (1,725,358) (1,276,802)
Property and equipment (992,314) (385,966)
Proceeds from sales, maturities and calls of:    
Fixed maturity securities, available-for-sale 18,590,418 17,174,787
Other invested assets 315,077 100,000
Property held for investment 1,470,833 86,145
Property and equipment 145,287 18,783
Net cash used in investing activities (12,154,999) (13,110,734)
Cash flows from financing activities:    
Proceeds from loans 9,000,000 11,629,800
Repayments of borrowed funds (4,010,231) (9,514)
Purchase of treasury stock (139,160) (150,642)
Net cash provided by financing activities 4,850,609 11,469,644
Net decrease in cash and cash equivalents (1,992,464) (27,743)
Cash and cash equivalents at beginning of year 6,598,842 6,626,585
Cash and cash equivalents at end of period 4,606,378 6,598,842
Supplemental information:    
Federal income tax paid 145,000 718,000
Interest paid 230,700 200,500
Non-cash transaction: Paycheck Protection Program loan forgiveness   1,641,299
Common Stocks [Member]    
Purchases of:    
Equity securities (8,399,079) (4,300,890)
Proceeds from sales, maturities and calls of:    
Equity securities 3,023,990 5,224,984
Preferred Stock [Member]    
Purchases of:    
Equity securities (1,464,198) (1,768,862)
Proceeds from sales, maturities and calls of:    
Equity securities $ 340,523 $ 297,609