Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the fair value measurements of the Company’s assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheet on a recurring basis as of June 30, 2020 and December 31, 2019.

June 30, 2020	Level 1		Level 2		Level 3		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	46,407,935	$	-	$	-	$	46,407,935
U.S. special revenue and assessments		-		15,886,213		-		15,886,213
Corporate securities		-		114,291,551		-		114,291,551
Total fixed maturities		46,407,935		130,177,764		-		176,585,699
Equity securities:
Common stocks		23,092,530		16,041,865		27,006,713		66,141,108
Total equity securities		23,092,530		16,041,865		27,006,713		66,141,108
Total financial assets	$	69,500,465	$	146,219,629	$	27,006,713	$	242,726,807

December 31, 2019	Level 1		Level 2		Level 3		Total
Financial assets:
Fixed maturities available for sale:
U.S. Government and government agencies and authorities	$	36,128,743	$	-	$	-	$	36,128,743
U.S. special revenue and assessments		-		15,203,363		-		15,203,363
Corporate securities		-		120,297,267		-		120,297,267
Total fixed maturities		36,128,743		135,500,630		-		171,629,373
Equity securities:
Common stocks		29,888,281		14,258,750		34,514,762		78,661,793
Total equity securities		29,888,281		14,258,750		34,514,762		78,661,793
Total financial assets	$	66,017,024	$	149,759,380	$	34,514,762	$	250,291,166

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur.

	Fixed Maturities, Available for Sale		Equity Securities			Total
Balance at December 31, 2019	$	-	$	34,514,762		$	34,514,762
Total unrealized gain or (losses):
Included in net income (loss)		-		(139,588	)		(139,588	)
Included in other comprehensive income		-		-			-
Purchases		-		3,082,007			3,082,007
Sales		-		(10,450,468	)		(10,450,468	)
Balance at June 30, 2020	$	-	$	27,006,713		$	27,006,713

		June 30, 2020				December 31, 2019
Change in fair value of equity securities included in net income (loss) relating to assets held		$	(139,588	)		$	6,461,670

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value

The carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company.

	Carrying		Estimated
June 30, 2020	Amount		Fair Value		Level 1		Level 2		Level 3
Equity securities, at cost	$	14,417,247		14,417,247		-		-		14,417,247
Mortgage loans on real estate		13,097,827		12,934,172		-		-		12,934,172
Investment real estate		40,725,963		85,158,424		-		-		85,158,424
Notes receivable		19,654,162		23,313,608		-		-		23,313,608
Policy loans		8,709,100		8,709,100		-		-		8,709,100
Short term investments		12,435,481		12,435,481		12,435,481		-		-
Cash and cash equivalents		29,317,455		29,317,455		29,317,455		-		-

	Carrying		Estimated
December 31, 2019	Amount		Fair Value		Level 1		Level 2		Level 3
Equity securities, at cost	$	10,919,247		10,919,247		-		-		10,919,247
Mortgage loans on real estate		8,223,286		7,531,094		-		-		7,531,094
Investment real estate		44,344,236		85,158,424		-		-		85,158,424
Notes receivable		19,487,458		19,332,472		-		-		19,332,472
Policy loans		8,803,876		8,803,876		-		-		8,803,876
Short term investments		10,442,173		10,442,173		10,442,173		-		-
Cash and cash equivalents		28,787,629		28,787,629		28,787,629		-		-