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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (6,803,070) $ 8,480,938
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization (accretion) of investments (81,839) (6,865)
Realized investment gains, net (1,035,610) (4,859,258)
Change in fair value of equity securities 7,185,996 (7,364,291)
Unrealized trading (gains) losses included in income 0 1,086
Realized investment gains (losses), net 0 12,197
Amortization of cost of insurance acquired 330,639 344,174
Depreciation and depletion 318,475 918,168
Stock-based compensation 674,390 486,797
Charges for mortality and administration of universal life and annuity products (2,869,847) (2,995,235)
Interest credited to account balances 1,835,166 1,891,086
Change in accrued investment income (86,472) (13,861)
Change in reinsurance receivables 149,553 832,213
Change in policy liabilities and accruals (2,426,980) (2,016,166)
Change in income taxes receivable (payable) (4,767,718) 66,735
Change in other assets and liabilities, net 1,522,196 2,052,502
Net cash provided by (used in) operating activities (6,055,121) (2,169,780)
Proceeds from investments sold and matured:    
Fixed maturities available for sale 2,045,833 7,628,136
Equity securities 4,285,222 2,806,561
Trading securities 0 17,983
Mortgage loans 1,755,829 961,672
Real estate 4,365,571 8,794,081
Notes receivable 4,338,516 3,921,082
Policy loans 776,616 591,084
Short-term investments 9,740,815 0
Total proceeds from investments sold and matured 27,308,402 24,720,599
Cost of investments acquired:    
Fixed maturities available for sale 0 (1,112,505)
Equity securities (6,292,534) (6,387,281)
Trading securities 0 (32,382)
Mortgage loans (217,864) (1,560,291)
Real estate (3,581,370) (3,271,775)
Notes receivable (2,953,241) (3,910,657)
Policy loans (486,969) (523,039)
Short-term investments (9,701,297) 0
Total cost of investments acquired (23,233,275) (16,797,930)
Net cash provided by (used in) investing activities 4,075,127 7,922,669
Cash flows from financing activities:    
Policyholder contract deposits 2,063,085 2,444,662
Policyholder contract withdrawals (2,300,206) (2,522,908)
Proceeds from notes payable/line of credit 0 9,500,000
Payments of principal on notes payable/line of credit (19,000,000) (26,500,000)
Purchase of treasury stock (231,580) (413,331)
Non controlling contributions (distributions) of consolidated subsidiary 0 600
Net cash used in financing activities (19,468,701) (17,490,977)
Net increase (decrease) in cash and cash equivalents (21,448,695) (11,738,088)
Cash and cash equivalents at beginning of period 45,290,385 30,787,278
Cash and cash equivalents at end of period $ 23,841,690 $ 19,049,190