Schedule II Condensed Financial Information of Registrant Statements of Cash Flows

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant Statements of Cash Flows

Midwest Holding Inc. (Parent Company)

Condensed Financial Information of Parent

Statements of Cash Flows

	Year Ended December 31,
	2019		2018
Cash Flows from Operating Activities:
Net loss	$	(5,733,658)	$	(5,065,534)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Equity in net loss of consolidated subsidiaries		4,396,148		5,199,248
Depreciation		(3,500)		22,245
Preferred stock dividend		845,536		—
Stock options		21,745		—
Net transfers to noncontrolling interest		124,477		—
Other assets and liabilities		274,451		(17,604)
Net cash (used) provided by operating activities		(74,801)		138,355
Cash Flows from Investing Activities:
Purchase of preferred stock		(500,000)		—
Net (purchases) disposals of property and equipment		—		(2,569)
Net cash used by investing activities		(500,000)		(2,569)
Cash Flows from Financing Activities:
Proceeds from issuance of preferred stock		—		1,500,000
Note payable to American Life		500,000		—
Proceeds for issuance of notes		—		18,938,705
Capital contribution to American Life		—		(20,500,000)
Net cash provided (used) by financing activities		500,000		(61,295)
Net (decrease) increase  in cash and cash equivalents		(74,801)		74,491
Cash and cash equivalents:
Beginning		79,247		4,756
Ending	$	4,446	$	79,247
Supplemental Disclosure of Non-Cash Information
Conversion of notes payable
Book value of note payable	$	(19,100,000)	$	—
Common stock		927,680		—
Additional paid in capital		18,172,320		—
Conversion of preferred stock
Book value of preferred stock		(1,500,000)		—
Common stock		72,855		—
Additional paid in capital		1,427,145		—
	$	—	$	—