XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net (loss) earnings $ (160,140) $ 1,161,941
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities    
Net realized investment gains (207,585) (186,709)
Net unrealized losses (gains) on equity securities 1,292,692 (876,316)
Depreciation 159,695 159,680
Deferred income tax (234,026) 271,546
Amortization of bond premium and discount 62,566 67,997
Stock-based compensation expense 141,098 120,866
Change in:    
Accrued investment income (67,148) (39,360)
Premiums and reinsurance balances receivable (210,325) 908,120
Ceded unearned premiums 19,022 (1,009)
Reinsurance balances payable (864,638) (23,689)
Reinsurance balances recoverable (1,567,475) (991,294)
Deferred policy acquisition costs (617,926) (291,657)
Unpaid losses and settlement expenses 5,572,567 232,302
Unearned premiums 1,296,802 679,060
Accrued expenses (1,266,826) (450,758)
Current federal income tax 163,924 34,078
Other (118,260) (292,181)
Net cash provided by operating activities 3,394,017 482,617
Purchases of:    
Fixed maturity securities, available-for-sale (4,818,111) (2,494,500)
Other invested assets (100,000)  
Property held for investment (402,375) (30,018)
Property and equipment (170,989) (80,497)
Proceeds from sales, maturities and calls of:    
Fixed maturity securities, available-for-sale 2,445,125 3,484,432
Other invested assets 9,209  
Property held for investment   243,588
Property and equipment 5,789 1,007
Net cash used in investing activities (3,391,480) (1,502,846)
Cash flows from financing activities:    
Repayments of borrowed funds (3,054) (2,960)
Purchase of treasury stock (25,574) (19,174)
Net cash used in financing activities (28,628) (22,134)
Net decrease in cash and cash equivalents (26,091) (1,042,363)
Cash and cash equivalents at beginning of year 4,606,378 6,598,842
Cash and cash equivalents at end of period 4,580,287 5,556,479
Supplemental information:    
Interest paid 59,900 52,600
Common Stocks [Member]    
Purchases of:    
Equity securities (709,822) (3,310,389)
Proceeds from sales, maturities and calls of:    
Equity securities 636,104 687,015
Preferred Stock [Member]    
Purchases of:    
Equity securities (651,918) (81,953)
Proceeds from sales, maturities and calls of:    
Equity securities $ 365,508 $ 78,469