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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (1,569,399) $ 16,559,619
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization (accretion) of investments (149,951) 24,741
Realized investment gains, net (8,973,842) (6,759,716)
Change in fair value of equity securities 7,209,399 (14,462,029)
Realized trading losses included in income 0 13,283
Amortization of cost of insurance acquired 495,943 516,261
Depreciation and depletion 447,698 1,635,706
Stock-based compensation 674,390 486,797
Charges for mortality and administration of universal life and annuity products (4,288,294) (4,480,817)
Interest credited to account balances 2,741,851 2,831,885
Change in accrued investment income 133,627 31,527
Change in reinsurance receivables 865,679 827,435
Change in policy liabilities and accruals (3,464,745) (3,074,992)
Change in income taxes receivable (payable) (6,611,271) 1,378,658
Change in other assets and liabilities, net 2,764,428 4,194,376
Net cash used in operating activities (9,724,487) (277,266)
Proceeds from investments sold and matured:    
Fixed maturities available for sale 4,058,333 8,628,136
Equity securities 6,861,942 10,735,510
Trading securities 0 17,983
Mortgage loans 17,601,131 1,443,119
Real estate 15,533,712 11,387,025
Notes receivable 4,650,509 3,984,614
Policy loans 1,106,310 903,696
Short-term investments 9,740,815 0
Total proceeds from investments sold and matured 59,552,752 37,100,083
Cost of investments acquired:    
Fixed maturities available for sale 0 (1,112,505)
Equity securities (7,874,161) (12,540,638)
Trading securities 0 (32,382)
Mortgage loans (2,050,124) (1,755,496)
Real estate (4,115,151) (4,236,603)
Notes receivable (3,579,241) (5,870,657)
Policy loans (699,167) (728,348)
Short-term investments (29,300,034) 0
Total cost of investments acquired (47,617,878) (26,276,629)
Net cash provided by investing activities 11,934,874 10,823,454
Cash flows from financing activities:    
Policyholder contract deposits 3,144,884 3,455,489
Policyholder contract withdrawals (3,315,173) (3,400,630)
Proceeds from notes payable/line of credit 2,500,000 19,500,000
Payments of principal on notes payable/line of credit (21,500,000) (35,500,000)
Purchase of treasury stock (765,048) (605,230)
Non controlling contributions (distributions) of consolidated subsidiary 0 0
Net cash used in financing activities (19,935,337) (16,550,371)
Net decrease in cash and cash equivalents (17,724,950) (6,004,183)
Cash and cash equivalents at beginning of period 45,290,385 30,787,278
Cash and cash equivalents at end of period $ 27,565,435 $ 24,783,095