XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net earnings (loss) $ 2,165,034 $ (4,288,907)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities    
Net realized investment gains (68,447) (744,394)
Net unrealized (gains) losses on equity securities (1,341,432) 5,097,203
Depreciation 355,261 341,014
Deferred income tax 197,139 (1,191,849)
Amortization of bond premium and discount 51,928 115,225
Stock-based compensation expense 297,048 292,509
Change in:    
Accrued investment income (65,141) (47,777)
Premiums and reinsurance balances receivable (1,826,694) (2,560,179)
Ceded unearned premiums 193,337 (14,189)
Reinsurance balances payable (766,122) (555,225)
Reinsurance balances recoverable (989,605) (1,004,895)
Deferred policy acquisition costs (915,464) (617,926)
Unpaid losses and settlement expenses 8,970,320 8,546,274
Unearned premiums 2,995,890 3,299,850
Accrued expenses (1,045,891) (800,707)
Current federal income tax (271,895) (509,561)
Other (137,807) 257,609
Net cash provided by operating activities 7,797,459 5,614,074
Cash flows from investing activities:    
Fixed maturity securities (12,948,130) (10,602,574)
Other invested assets (3,346,778) (725,000)
Property held for investment (962,979) (432,279)
Property and equipment (283,165) (329,264)
Proceeds from sales, maturities and calls of:    
Fixed maturity securities 8,342,783 12,614,074
Other invested assets 17,657 18,518
Property held for investment 1,141,911 278,679
Property and equipment 2,800 7,454
Net cash (used in) provided by investing activities (7,135,740) 1,515,552
Cash flows from financing activities:    
Proceeds from loans 0 5,000,000
Repayments of borrowed funds 0 (8,455,342)
Purchase of treasury stock (267,237) (238,686)
Net cash used in financing activities (267,237) (3,694,029)
Net increase in cash and cash equivalents 394,482 3,435,597
Cash and cash equivalents at beginning of year 3,139,986 4,606,378
Cash and cash equivalents at end of period 3,534,468 8,041,975
Supplemental information:    
Interest paid 86,000 97,900
Common Stock [Member]    
Cash flows from investing activities:    
Equity securities (1,175,966) (1,927,583)
Proceeds from sales, maturities and calls of:    
Equity securities 2,024,336 3,376,818
Preferred Stock [Member]    
Cash flows from investing activities:    
Equity securities (285,649) (1,166,999)
Proceeds from sales, maturities and calls of:    
Equity securities $ 337,440 $ 403,708