XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (1,649,305) $ (19,419,128)
Adjustments to reconcile net loss to net cash from operations:    
Depreciation and amortization 416,631 567,639
Bond amortization, net (243,365) (16,989)
Stock based compensation 11,589 0
Bad debt expense (165,837) 7,139
Net realized investment gains (218,982) (31,635)
Net realized gain on real estate sale 3,693,858 0
Net unrealized investment gains on equity securities (18,559) (42,629)
Changes in assets and liabilities:    
Net receivables (300,873) 142,703
Accrued investment income (35,012) 0
Reinsurance recoverable (2,323,987) (8,823,570)
Deferred policy acquisition costs 447,879 635
Other assets (146,533) (26,428)
Unpaid losses and loss adjustment expenses 3,643,386 19,267,419
Unearned premiums 4,582,109 822,093
Advance premium and premium deposits (64,598) 140,991
Accrued expenses and other liabilities (662,318) 233,990
Income taxes deferred 310,191 3,543,153
Net cash used by operating activities (111,442) (3,634,617)
Cash flows from investing activities:    
Purchase of fixed maturity investments (26,757,588) (14,757,414)
Purchase of equity securities (1,841,681) (1,515,228)
Proceeds from maturity of fixed maturity investments 23,082,609 12,318,203
Proceeds from sale or call of fixed maturity investments 7,373,846 6,138,690
Proceeds from sale of equity securities 1,160,676 0
(Purchases) sales of short-term investments (2,461,690) 1,996,815
Proceeds from sale of real estate held for sale 12,028,876 0
Purchase of property and equipment (640,714) (612,907)
Net cash provided by investing activities 11,944,334 3,568,159
Cash flows from financing activities:    
Repurchase of common stock (102) (9,518)
Net cash used by financing activities (102) (9,518)
Net change in cash and restricted cash 11,832,790 (75,976)
Cash and restricted cash at beginning of period 3,957,980 5,781,639
Cash and restricted cash at end of period 15,790,770 5,705,663
Cash paid during period for:    
Income taxes $ 8,800 $ 8,800