INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Investments

Investment income

	Three Months Ended September 30						Nine Months Ended September 30
	2021			2020			2021			2020
Investment income:
Fixed maturities	$	440,961		$	499,649		$	1,513,099		$	1,551,380
Equity securities		24,009			5,888			66,783			12,220
Short-term investments and cash equivalents		1,129			4,582			1,851			24,496
Gross investment income		466,099			510,119			1,581,733			1,588,096
Less investment expenses		(38,855	)		(32,974	)		(110,887	)		(100,761	)
Net investment income		427,244			477,145			1,470,846			1,487,335
Net realized investment gains		57,173			38,214			218,982			39,789
Net realized gain on sale of real estate		-			-			3,693,858			-
Net unrealized investment gains (losses) on equity securities		(147,722	)		19,670			18,559			42,629
Net investment income, realized investment gains, realized gains on real estate sale and unrealized investment gains	$	336,695		$	535,029		$	5,402,245		$	1,569,753

Fixed maturity investments

	Amortized		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gains		Losses			Value
September 30, 2021
Available-for-sale fixed maturities:
U.S. Treasury securities	$	7,271,118	$	109,947	$	(33,948	)	$	7,347,117
Corporate securities		46,124,041		1,472,998		(127,520	)		47,469,519
Agency mortgage-backed securities		23,452,719		479,517		(39,682	)		23,892,554
Total Available-for sale fixed maturities		76,847,878		2,062,462		(201,150	)		78,709,190
Held-to-maturity fixed securities:
Certificates of deposits		548,000		-		-			548,000
Total fixed maturities	$	77,395,878	$	2,062,462	$	(201,150	)	$	79,257,190

	Amortized		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gains		Losses			Value
December 31, 2020
Available-for-sale fixed maturities:
U.S. Treasury securities	$	10,596,808	$	235,373	$	-		$	10,832,181
Corporate securities		44,159,926		2,347,826		(55,847	)		46,451,905
Agency mortgage-backed securities		25,314,546		833,336		(22,274	)		26,125,608
Total Available-for sale fixed maturities		80,071,280		3,416,535		(78,121	)		83,409,694
Held-to-maturity fixed securities:
Certificates of deposits		798,000		-		-			798,000
Total fixed maturities	$	80,869,280	$	3,416,535	$	(78,121	)	$	84,207,694

Unrealized gains (losses) on investments

	September 30			December 31
	2021			2020
Gross unrealized gains on fixed maturities	$	2,062,462		$	3,416,535
Gross unrealized losses on fixed maturities		(201,150	)		(78,121	)
Net unrealized gains on fixed maturities		1,861,312			3,338,414
Deferred federal tax expense		(390,876	)		(701,067	)
Net unrealized gains, net of deferred income taxes	$	1,470,436		$	2,637,347

Components of investments in unrealized loss position for continuous period of time

Maturities by Year at September 30, 2021	Par  Value		Amortized Cost		Fair Value		Weighted Average Yield
Due in one year	$	14,995,000	$	15,011,137	$	15,178,570		2.19	%
Due after one year through five years		22,696,119		22,804,524		23,363,295		1.82	%
Due after five years through ten years		18,717,649		18,793,070		19,502,697		2.41	%
Due after ten years and beyond		20,319,818		20,787,147		21,212,628		2.34	%
Total	$	76,728,586	$	77,395,878	$	79,257,190		2.17	%

Maturities by Year at December 31, 2020	Par  Value		Amortized Cost		Fair Value		Weighted Average Yield
Due in one year	$	11,070,641	$	11,064,202	$	11,169,232		2.57	%
Due after one year through five years		30,065,671		30,090,910		31,260,694		2.59	%
Due after five years through ten years		18,363,570		18,476,051		19,806,444		2.51	%
Due after ten years and beyond		20,927,571		21,238,117		21,971,324		2.63	%
Total	$	80,427,453	$	80,869,280	$	84,207,694		2.58	%

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
September 30, 2021
U.S. Treasury securities	$	960,235	$	(33,947	)		2	$	-	$	-			-
Corporate securities		12,229,369		(67,056	)		14		1,186,701		(60,464	)		1
Agency mortgage-backed securities		1,521,290		(15,100	)		2		472,074		(24,583	)		1
Total debt securities		14,710,894		(116,103	)		18		1,658,775		(85,047	)		2
Equity securities		1,315,491		(109,566	)		32		84,903		(10,138	)		4
Total	$	16,026,385	$	(225,669	)		50	$	1,743,678	$	(95,185	)		6

	Less than 12 Months					12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses		Number of Securities
December 31, 2020
Corporate securities	$	2,101,986	$	(55,847	)		2	$	-		-		-
Agency mortgage-backed securities		3,223,329		(22,274	)		12		-		-		-
Total debt securities		5,325,315		(78,121	)		14		-		-		-
Equity securities		723,346		(37,357	)		25		-		-		-
Total	$	6,048,661	$	(115,478	)		39	$	-	$	-		-

Fixed maturities sold and called

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2021			2020		2021			2020
Fixed maturities securities sold
Number of securities sold		-			6		3			7
Amortized cost of sold securities	$	-		$	2,923,386	$	2,193,393		$	3,524,702
Realized gains on sales	$	-		$	30,057	$	710		$	31,171
Fixed maturities securities called
Number of securities called		4			1		7			(3)
Amortized cost of called securities	$	2,929,834		$	249,998	$	5,323,613		$	1,949,536
Realized (losses) gains on calls	$	(166	)	$	2	$	(18,613	)	$	464

Equity securities

	September 30		December 31
	2021		2020
Cost	$	3,466,331	$	2,548,440
Unrealized gains		216,823		198,266
Fair market value of equity securities	$	3,683,154	$	2,746,706

State held deposits

	September 30		December 31
	2021		2020
Certificates of deposit	$	300,000	$	200,000
Short-term investments		200,000		200,000
Total state held deposits	$	500,000	$	400,000

Short-term investments

	September 30		December 31
	2021		2020
U.S. Treasury bills	$	1,499,822	$	-
Short-term bonds		961,868		-
Certificates of deposit		200,000		200,000
Total short-term investments	$	2,661,690	$	200,000