Revision of Previously Issued Consolidated Financial Statements

3 Months Ended

Mar. 31, 2025

Revision of Previously Issued Consolidated Financial Statements [Abstract]

Revision of Previously Issued Consolidated Financial Statements

Note 11 – Revision of Previously Issued Consolidated Financial Statements

As disclosed in Note 16 of the December 31, 2024 Form 10-K filing, the Company identified an error in its previously issued December 31, 2023 Consolidated Financial Statements related to the classification of certain investment types on the Consolidated Balance Sheets. The impact of the error to the December 31, 2023 Consolidated Financial Statements was not considered to be material. Certain exchange traded funds ("ETFs") were previously classified as fixed maturities, available for sale. To comply with GAAP reporting requirements, the Company has reclassified $24,325,291 of exchange traded funds out of fixed maturities, available for sale, to equity securities, at fair value. The ETFs were appropriately classified for year-end December 31, 2024.

To improve the consistency and comparability of the 2024 quarterly condensed consolidated financial statements, Management will revise the March 31, 2024 condensed consolidated financial statements and related disclosures to correct the error.

		As Previously
March 31, 2024		Reported		Adjustments		As Restated
Consolidated Statements of Operations
Net investment income	$	3,048,789	$	(95,407)	$	2,953,382
Change in fair value of equity securities		12,020,406		355,857		12,376,263
Income tax expense (benefit)		2,432,629		170,177		2,602,806
Net income attributable to common shareholders		9,149,506		90,273		9,239,779
Basic income per share		2.88		0.04		2.92
Diluted income per share		2.88		0.04		2.92
Consolidated Statements of Comprehensive Income (Loss)
Net income	$	9,178,523	$	90,273	$	9,268,796
Unrealized holding gains (losses) arising during the period, pre-tax		(1,443,139)		658,251		(784,888)
Tax (expense) benefit on unrealized holding gains (losses) arising during the period		303,060		(138,233)		164,827
Unrealized holding gains (losses) during period, net of tax		(1,140,079)		520,018		(620,061)
Subtotal: Other comprehensive income (loss), net of tax		(1,140,079)		520,018		(620,061)
Consolidated Statements of Cash Flows
Net income	$	9,178,523	$	90,273	$	9,268,796
Accretion of investments		(350,050)		95,407		(254,643)
Change in fair value of equity securities		(12,020,406)		(355,857)		(12,376,263)
Change in deferred income taxes		2,387,424		170,177		2,557,601