Revision of Previously Issued Consolidated Financial Statements

12 Months Ended

Dec. 31, 2023

Revision of Previously Issued Consolidated Financial Statements [Abstract]

Revision of Previously Issued Consolidated Financial Statements

Note 15 – Revision of Previously Issued Consolidated Financial Statements

The Company identified an error in its previously issued December 31, 2022 Consolidated Financial Statements related to the presentation of the Consolidated Statements of Comprehensive Income (Loss). Management evaluated this error in accordance with SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in ASC 250 – Accounting Changes and Error Corrections, and concluded it was not material to any previously reported financial statements.  However, in order to improve the consistency and comparability of the consolidated financial statements, Management will revise the consolidated financial statements and related disclosures to correct the error in future filings. There were no revisions to the Consolidated Balance Sheet, Statements of Operations, Statements of Shareholders’ Equity or the Consolidated Statements of Cash Flows. There were no changes to net income attributable to common shareholders or total shareholders’ equity.

	December 31, 2022
Consolidated Statements of Comprehensive Income (Loss)	As Previously Reported			Adjustments			As Revised
Unrealized holding gains (losses) arising during period, pre-tax	$	(27,824,173	)	$	5,843,076		$	(21,981,097	)
Tax expense (benefit) on unrealized holding gains (losses) arising during the period		5,843,076			(1,227,133	)		4,615,943
Unrealized holding gains (losses) arising during period, net of tax		(21,981,097	)		4,615,943			(17,365,154	)
Subtotal: Other comprehensive income (loss), net of tax		(21,980,680	)		4,615,943			(17,364,737	)
Comprehensive income		12,383,666			4,615,943			16,999,609
Comprehensive income attributable to UTG, Inc.	$	12,277,325		$	4,615,943		$	16,893,268