Income Tax Matters (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Matters [Abstract]

Schedule of Deferred Tax Assets and Liabilities

	September 30, 2015			December 31, 2014
Deferred tax assets:
Loss carryforwards	$	7,946,696		$	7,598,830
Capitalized costs		686,512			802,000
Unrealized losses on investments		256,033			121,110
Benefit reserves		1,327,875			1,239,298
Total deferred tax assets		10,217,116			9,761,238
Less valuation allowance		(8,508,966	)		(8,112,743	)
Total deferred tax assets, net of valuation allowance		1,708,150			1,648,495
Deferred tax liabilities:
Policy acquisition costs		674,684			908,021
Due premiums		229,775			220,823
Value of business acquired		543,591			249,351
Intangible assets		238,000			238,000
Property and equipment		22,100			32,300
Total deferred tax liabilities		1,708,150			1,648,495
Net deferred tax assets	$	-		$	-

Schedule of Effective Tax Rate Reconciliation

	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Computed expected income tax benefit	$	(159,751	)	$	(144,621	)	$	(704,841	)	$	(923,615	)
Increase (reduction) in income taxes resulting from:
Meals, entertainment and political contributions		-			9,939			24,084			23,865
Dividends received deduction		7,550			-			(44	)		-
Noncontrolling interests		-			7,401			-			10,597
True-up of benefit reserves and 2014 NOL		160,280			(126,363	)		419,501			(87,864	)
		167,830			(109,023	)		443,541			(53,402	)
Tax benefit before valuation allowance		8,079			(253,644	)		(261,300	)		(977,017	)
Change in valuation allowance		(8,079	)		253,644			261,300			977,017
Net income tax expense	$	-		$	-		$	-		$	-