4. Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

4. Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	March 31, 2020
	Level 1	Level 2	Level 3	Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$     5,136,240	$                  -	$                  -	$     5,136,240
Political subdivisions of
States, Territories and
Possessions	-	9,414,959	-	9,414,959
Corporate and other
bonds industrial and
miscellaneous	111,099,020	2,390,602	-	113,489,622
Residential mortgage backed securities	-	23,839,073	-	23,839,073
Total fixed maturities	116,235,260	35,644,634	-	151,879,894
Equity securities	18,368,893	-	-	18,368,893
Total investments	$ 134,604,153	$ 35,644,634	$                  -	$ 170,248,787

	December 31, 2019
	Level 1	Level 2	Level 3	Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$     7,061,100	$                  -	$                  -	$     7,061,100
Political subdivisions of
States, Territories and
Possessions	-	9,321,812	-	9,321,812
Corporate and other
bonds industrial and
miscellaneous	123,010,772	2,611,267	-	125,622,039
Residential mortgage backed securities	-	26,231,230	-	26,231,230
Total fixed maturities	130,071,872	38,164,309	-	168,236,181
Equity securities	24,661,382	-	-	24,661,382
Total investments	$ 154,733,254	$ 38,164,309	$                  -	$ 192,897,563

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of March 31, 2020 and December 31, 2019. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category	March 31, 2020	December 31, 2019
Other Investments:
Hedge fund	$              1,987,522	$              2,584,913
Total	$              1,987,522	$              2,584,913

The investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership's changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive loss within net gains (losses) on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s long-term debt as of March 31, 2020 and December 31, 2019 not measured at fair value is as follows:

	March 31, 2020
	Level 1	Level 2	Level 3	Total
Long-term debt
Senior Notes due 2022	$                    -	$ 27,281,870	$                  -	$   27,281,870

	December 31, 2019
	Level 1	Level 2	Level 3	Total
Long-term debt
Senior Notes due 2022	$                    -	$ 27,313,994	$                  -	$   27,313,994