Income Tax Matters (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

	Year Ended December 31,
	2016			2015
Deferred tax assets:
Loss carryforwards	$	9,705,974		$	8,962,587
Capitalized costs		667,264			667,264
Unrealized losses on investments		436,949			356,495
Benefit reserves		984,640			1,071,997
Total deferred tax assets		11,794,827			11,058,343
Less valuation allowance		(10,170,638	)		(9,287,024	)
Total deferred tax assets, net of valuation allowance		1,624,189			1,771,319
Deferred tax liabilities:
Policy acquisition costs		571,148			593,654
Due premiums		228,136			234,468
Value of business acquired		586,905			693,297
Intangible assets		238,000			238,000
Property and equipment		-			11,900
Total deferred tax liabilities		1,624,189			1,771,319
Net deferred tax assets	$	-		$	-

Schedule of Effective Tax Rate Reconciliation

	Year Ended December 31,
	2016			2015
Computed expected income tax benefit	$	(1,308,293	)	$	(856,129	)
Increase (reduction) in income taxes resulting from:
Bargain purchase gain		(451,019	)		(307,557	)
Meals, entertainment and political contributions		18,956			46,315
Goodwill impairment		384,140			-
Other (Benefit reserves and NOL true-up/merger of First Wyoming 2015)		(53,722	)		178,519
		(101,645	)		(82,767	)
Tax benefit before valuation allowance		(1,409,938	)		(938,896	)
Change in valuation allowance		1,409,938			938,896
Net income tax expenses	$	-		$	-