XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 15,682,901 $ (6,803,070)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Accretion of investments (399,110) (81,839)
Realized investment gains, net (451,590) (1,035,610)
Change in fair value of equity securities (18,869,400) 7,185,996
Amortization of cost of insurance acquired 317,908 330,639
Provision for deferred income taxes 3,898,349 (2,081,472)
Depreciation and depletion 789,739 318,475
Stock-based compensation 299,314 674,390
Charges for mortality and administration of universal life and annuity products (2,737,821) (2,869,847)
Interest credited to account balances 1,794,213 1,835,166
Change in accrued investment income 10,282 (86,472)
Change in reinsurance receivables 697,801 149,553
Change in policy liabilities and accruals (2,173,115) (2,426,980)
Change in income taxes receivable (payable) 24,563 (4,767,718)
Change in other assets and liabilities, net (325,402) 3,603,668
Net cash used in operating activities (1,441,368) (6,055,121)
Proceeds from investments sold and matured:    
Fixed maturities available for sale 5,000,000 2,045,833
Equity securities 4,813,238 4,285,222
Trading securities 102,699 0
Mortgage loans 1,844,701 1,755,829
Notes receivable 754,667 4,338,516
Real estate 2,503,900 4,365,571
Policy loans 680,012 776,616
Short-term investments 22,500,000 9,740,815
Total proceeds from investments sold and matured 38,199,217 27,308,402
Cost of investments acquired:    
Equity securities (7,198,349) (6,292,534)
Trading securities (102,699) 0
Mortgage loans (2,111,502) (217,864)
Notes receivable (800,000) (2,953,241)
Real estate (11,396,924) (3,581,370)
Policy loans (488,597) (486,969)
Short-term investments (950,925) (9,701,297)
Total cost of investments acquired (23,048,996) (23,233,275)
Net cash provided by investing activities 15,150,221 4,075,127
Cash flows from financing activities:    
Policyholder contract deposits 2,049,905 2,063,085
Policyholder contract withdrawals (2,233,320) (2,300,206)
Payments of principal on notes payable/line of credit (19,000,000) (19,000,000)
Purchase of treasury stock (216,745) (231,580)
Net cash used in financing activities (19,400,160) (19,468,701)
Net decrease in cash and cash equivalents (5,691,307) (21,448,695)
Cash and cash equivalents at beginning of period 41,185,196 45,290,385
Cash and cash equivalents at end of period $ 35,493,889 $ 23,841,690