Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001065201 | ||
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-28249 | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0207447 | ||
Entity Address, Address Line One | 25 Church Street, Continental Building | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Country | BM | ||
Entity Address, Postal Zip Code | HM GX | ||
City Area Code | 441 | ||
Local Phone Number | 295-2185 | ||
Title of 12(g) Security | COMMON SHARES, PAR VALUE $1.00 PER SHARE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 995,253 | ||
Entity Public Float | $ 3,055,298 | ||
Auditor Name | Deloitte Ltd. | ||
Auditor Location | Hamilton Bermuda | ||
Auditor Firm ID | 5230 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents (Note 3) | $ 2,414,077 | $ 3,477,714 |
Property and equipment (Note 5) | 644,133 | 898,560 |
Deferred income taxes | 232,000 | 1,059,000 |
Prepaid expenses and other assets (Note 6) | 792,245 | 1,091,815 |
TOTAL ASSETS | 4,082,455 | 6,527,089 |
LIABILITIES | ||
Accrued expenses and other liabilities (Note 7) | 2,346,805 | 2,860,876 |
TOTAL LIABILITIES | 2,346,805 | 2,860,876 |
COMMITMENTS AND CONTINGENCIES (Note 14) | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2022 and 2021: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,287,293 | 6,287,293 |
Retained earnings | 3,725,600 | 5,656,163 |
Shares held by Subsidiary (375,861 shares) at cost | (9,272,496) | (9,272,496) |
TOTAL SHAREHOLDERS’ EQUITY | 1,735,650 | 3,666,213 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 4,082,455 | $ 6,527,089 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common shares, issued (in shares) | 995,253 | 995,253 |
Common shares, outstanding (in shares) | 995,253 | 995,253 |
Shares held by Subsidiary (in shares) | 375,861 | 375,861 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUES | ||
Net premiums earned (Note 10) | $ 0 | $ 2,581,408 |
Commission income | 2,262,272 | 3,404,698 |
Net investment income (Note 4) | 8,517 | 205,851 |
Net realized and unrealized gain (loss) on investments (Note 4) | 0 | 426,933 |
TOTAL REVENUES | 2,270,789 | 6,618,890 |
LOSSES AND EXPENSES | ||
Losses and loss adjustment expenses | 0 | 1,478,366 |
Policy acquisition costs | 0 | 1,405,774 |
Operating and management expenses (Note 11) | 3,389,829 | 4,766,924 |
TOTAL LOSSES AND EXPENSES | 3,389,829 | 7,651,064 |
LOSS BEFORE TAX | (1,119,040) | (1,032,174) |
Tax expense (Note 8) | 811,523 | 561,857 |
NET LOSS AFTER TAX | $ (1,930,563) | $ (1,594,031) |
NET LOSS PER SHARE | ||
Basic (in dollars per share) | $ (3.12) | $ (2.57) |
Diluted (in dollars per share) | $ (3.12) | $ (2.57) |
Weighted average number of common shares outstanding for the year | ||
Basic (in shares) | 619,392 | 619,822 |
Diluted (in shares) | 619,392 | 619,822 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (1,930,563) | $ (1,594,031) |
OTHER COMPREHENSIVE LOSS | ||
Net unrealized holding gains arising during the period | 0 | (239,546) |
Reclassification adjustment for gains included in net income | 0 | (343,350) |
TOTAL OTHER COMPREHENSIVE LOSS | 0 | (582,896) |
COMPREHENSIVE LOSS | $ (1,930,563) | $ (2,176,927) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Shares Held By Subsidiary [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 995,253 | |||||
Balance at Dec. 31, 2020 | $ 6,287,293 | $ 7,250,194 | $ 582,896 | $ (9,216,579) | $ 5,899,057 | |
Net loss | 0 | (1,594,031) | 0 | 0 | (1,594,031) | |
Other comprehensive loss Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | (582,896) | 0 | (582,896) | |
Purchase of shares by subsidiary, net | (55,917) | (55,917) | ||||
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | (582,896) | 0 | (582,896) | |
Balance (in shares) at Dec. 31, 2021 | 995,253 | |||||
Balance at Dec. 31, 2021 | 6,287,293 | 5,656,163 | 0 | (9,272,496) | 3,666,213 | |
Net loss | 0 | (1,930,563) | 0 | 0 | (1,930,563) | |
Other comprehensive loss Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | 0 | 0 | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Dec. 31, 2022 | 995,253 | |||||
Balance at Dec. 31, 2022 | $ 6,287,293 | $ 3,725,600 | $ 0 | $ (9,272,496) | $ 1,735,650 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,930,563) | $ (1,594,031) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of net premiums on investments | 0 | 62,811 |
Depreciation and amortization on property and equipment | 366,466 | 347,337 |
Net realized and unrealized (gains) on investments | 0 | (426,933) |
Changes in assets and liabilities: | ||
Assumed reinsurance premiums receivable | 0 | 2,221,664 |
Accrued investment income | 0 | 147,975 |
Deferred income taxes | 827,000 | 555,000 |
Deferred policy acquisition costs | 0 | 724,509 |
Prepaid expenses and other assets | 299,570 | 384,372 |
Liability for losses and loss adjustment expenses | 0 | (20,936,677) |
Unearned premiums | 0 | (4,622,666) |
Assumed reinsurance payable | 0 | (3,175,098) |
Accrued expenses and other liabilities | (514,071) | (828,744) |
Net cash used in operating activities | (951,598) | (27,140,481) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (112,039) | (147,477) |
Purchases of available-for-sale securities | 0 | (5,545,313) |
Proceeds from sales of available-for-sale securities | 0 | 1,684,014 |
Proceeds from redemptions of fixed maturity investments | 0 | 21,650,652 |
Proceeds from maturities of fixed maturity investments | 0 | 2,336,000 |
Net cash provided by investing activities | (112,039) | 19,977,876 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Purchase of shares by subsidiary, net | 0 | (55,917) |
Net cash used in financing activities | 0 | (55,917) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,063,637) | (7,218,522) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 3,477,714 | 10,696,236 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ 2,414,077 | $ 3,477,714 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. AmerInst Insurance Group, Ltd., (“AmerInst,” “Company,” “we,” “our” or “us.”) was formed under the laws of Bermuda in 1998. December 31, 2008. December 30, 2020, Agency Agreements with C&F and ISMIE On September 25, 2009, 50 In 2021, March 31, 2022. no March 31, 2022. Effective January 1, 2022, Reinsurance Agreement We previously conducted reinsurance business through AMIC Ltd., our subsidiary, which was a registered insurer in Bermuda. On September 25, 2009, 50% not 50% During the third 2021, March 31, 2021, October 2021. not May 17, 2022, 3A Historical Relationship with CAMICO From June 1, 2005 May 31, 2009, not May 31, 2009. May 31, 2009. During the first 2022, December 31, 2021, March 2022. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of AmerInst and its operating wholly-owned subsidiaries, AmerInst Mezco, Ltd. (“Mezco”), AMIC Ltd., and Protexure. Intercompany accounts and transactions have been eliminated on consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s financial statements include but are not Cash and cash equivalents Cash equivalents include money market funds. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Property and Equipment Property and equipment are depreciated using the straight-line method with estimated useful lives ranging from 3 to 7 years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. Developmental costs for internal use software are capitalized in accordance with the provisions of the Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) topic 350 not Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is more likely than not not Earnings per common share Basic earnings per share is determined as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the impact of the Company’s stock option plan. Commission Income Our primary source of revenue is derived from commissions earned on the placement of lawyers’ and accountants’ professional liability insurance under the ISMIE Agency Agreement. We recognize revenue for most of these arrangements as of a point in time at the later of the policy inception date or when the policy placement is complete because this is viewed as the date when control is transferred and all obligations are complete. New Accounting Pronouncements New Accounting Standards Adopted in 2022 No 2022. |
Note 3 - Pledged Assets
Note 3 - Pledged Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | 3. Cash and Cash Equivalents at December 31, 2022 2021 |
Note 4 - Investments
Note 4 - Investments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Information on sales and maturities of investments during the twelve December 31, 2022 2021 2022 2021 Total proceeds on sales of available-for-sale securities $ — $ 1,684,014 Total proceeds from redemptions of fixed maturity investments — 21,650,652 Total proceeds from maturities of fixed maturity investments — 2,336,000 Gross gains on sales — 499,859 Gross losses on sales — (72,926 ) Total $ — $ 426,933 Major categories of net interest and dividend income are summarized as follows: 2022 2021 Interest earned: Fixed maturity investments $ — $ 235,090 Short term investments and cash and cash equivalents 8,517 7,637 Dividends earned — 13,508 Investment expenses — (50,384 ) Net investment income $ 8,517 $ 205,851 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment, all associated with Protexure, at December 31, 2022 2021 Cost Accumulated Depreciation and Amortization Total December 31, 2022 Furniture and fixtures $ 36,705 $ 35,284 $ 1,421 Office equipment 107,392 100,027 7,365 Computer equipment 24,129 22,532 1,597 Internal use software 1,869,464 1,235,714 633,750 Total $ 2,037,690 $ 1,393,558 $ 644,133 Cost Accumulated Depreciation and Amortization Total December 31, 2021 Furniture and fixtures $ 36,705 $ 34,337 $ 2,368 Office equipment 107,392 84,992 22,400 Computer equipment 24,129 20,529 3,600 Internal use software 1,757,425 887,233 870,192 Total $ 1,925,651 $ 1,027,091 $ 898,560 |
Note 6 - Prepaid Expenses and O
Note 6 - Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Prepaid expenses and other assets as at December 31, 2022 2021 2022 2021 Prepaid expenses 68,823 171,342 Accounts receivable 462,567 520,117 Policy acquisition costs and other assets 213,735 258,996 Building right of use asset 47,120 141,360 $ 792,245 $ 1,091,815 |
Note 7 - Accrued Expenses and O
Note 7 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 7. Accrued expenses and other liabilities as at December 31, 2022 2021 2022 2021 Premiums payable $ 1,686,066 $ 2,143,468 Accounts payable and accrued liabilities 361,497 293,169 Unearned commission income 138,222 176,693 Building lease liability 51,651 136,816 Other liabilities 109,369 110,730 $ 2,346,805 $ 2,860,876 |
Note 8 - Taxation
Note 8 - Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Under current Bermuda law, the Company and its subsidiaries are not 2035. However, Protexure which is a Delaware corporation domiciled in the state of Illinois is subject to taxation in the United States. Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies could change in the near term, perhaps materially, which may The actual income tax rate differed from the amount computed by applying the effective rate of 0% under Bermuda law to earnings before income taxes as shown in the following reconciliation: 2022 2021 Earnings before income tax $ (1,119,040 ) $ (1,032,174 ) Expected tax — — Foreign taxes at local expected rates (15,477 ) 6,857 Change in deferred tax asset of US subsidiary (132,000 ) (69,000 ) Deferred tax expense from enacted rate reductions — — Change in valuation allowance 959,000 624,000 Net tax expense $ 811,523 $ 561,857 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Management has reduced deferred tax assets by a valuation allowance as the ability of the Company to realize these benefits is not 2022 2021 Capitalized start-up expenses $ 29,000 $ 44,000 Operating loss carryforwards 136,000 945,000 Unearned commission income 40,000 50,000 Depreciation and amortization 27,000 20,000 Deferred tax assets $ 232,000 $ 1,059,000 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. EQUITY AmerInst currently does not not On February 25, 2011, October 2020, may |
Note 10 - Premiums Written
Note 10 - Premiums Written | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Premiums Written [Text Block] | 10. Premiums written were $0 and ($2,041,258) during 2022 2021, 2022 |
Note 11 - Operating and Managem
Note 11 - Operating and Management Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Operating and Management Expense Disclosure [Text Block] | 11. With the exception of Protexure, AmerInst and its other direct and indirect subsidiaries have no may not 2022 2021, Operating and management expenses include compensation accrued for payment to members of the Board of Directors and various committees of the Board totaling $59,350 in 2022 2021. |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. AmerInst has two 1 2 December 31, 2022 December 31, 2021. As of and for the Year Ended December 31, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 8,515 $ 2,262,274 $ 2,270,789 Total losses and expenses 655,967 3,545,385 4,201,352 Segment loss (647,452 ) (1,283,111 ) (1,930,563 ) Identifiable assets — 644,133 644,133 As of and for the Year Ended December 31, 2021 Reinsurance and Corporate Insurance Segment Total Revenues $ 3,213,768 $ 3,405,122 $ 6,618,890 Total losses and expenses 4,013,676 4,199,245 8,212,921 Segment loss (799,908 ) (794,123 ) (1,594,031 ) Identifiable assets — 898,560 898,560 |
Note 13 - Stock Compensation
Note 13 - Stock Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. Phantom Shares: Protexure has employment agreements with two may For these two January 1, 2015. 62,920 phantom shares were outstanding at December 31, 2022 December 31, 2021. December 31, 2022: Number of Phantom Shares Outstanding—beginning 62,920 Granted—arising from dividends declared during the year. — Forfeited—due to death — Outstanding—ending 62,920 The liability relating to these phantom shares is recalculated quarterly based on the net book value of our common shares at the end of each quarter. As a result of the overall decrease in the net book value of our common shares since the grant dates, we have not December 31, 2022. Stock Option Plan: A summary of the status of the stock option plan as of December 31, 2022 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2022 34,200 $ 28.43 10,800 $ 28.86 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2022 43,100 $ 28.45 1,900 $ 30.46 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 0.2 1.2 0.3 A summary of the status of the stock option plan as of December 31, 2021 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2021 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2021 34,200 $ 28.43 10,800 $ 28.86 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 1.2 1.4 1.3 Information pertaining to options outstanding at December 31, 2022 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) $ 27.99 — 0.0 $ 27.99 35,000 $ 27.99 0.0 $ 30.58 1,400 1.0 $ 30.58 5,600 $ 30.58 1.0 $ 30.14 500 1.8 $ 30.14 2,500 $ 30.14 1.8 Information pertaining to options outstanding at December 31, 2021 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) $ 27.99 7,000 1.0 $ 27.99 28,000 $ 27.99 1.0 $ 30.58 2,800 2.0 $ 30.58 4,200 $ 30.58 2.0 $ 30.14 1,000 2.8 $ 30.14 2,000 $ 30.14 2.8 At December 31, 2022, March 3, 2017, January 1, 2018 October 1, 2018 The Company accounts for these options in accordance with GAAP, which requires that the fair value of the equity awards be recognized as compensation expense over the period during which the employee is required to provide service in exchange for such an award. The Company is amortizing compensation expense over the vesting period, or five December 31, 2022 2021. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Protexure leases office space under a non-cancellable lease agreement. The lease is renewable at the option of the lessee under certain conditions. In March 2023, July 31, 2024. December 31, 2022 2023 2024. |
Note 15 - Unaudited Condensed Q
Note 15 - Unaudited Condensed Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. 2022 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ — $ — $ — $ — Commission income 777,506 475,838 489,998 518,930 Net investment income 31 21 1,400 7,065 Net realized and unrealized gain — — — — Total revenues $ 777,537 $ 475,859 $ 491,398 $ 525,995 Net (loss) $ (210,261 ) $ (400,654 ) $ (441,709 ) $ (877,939 ) Basic (loss) per share $ (0.34 ) $ (0.65 ) $ (0.71 ) $ (1.42 ) Diluted (loss) per share $ (0.34 ) $ (0.65 ) $ (0.71 ) $ (1.42 ) 2021 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,070,381 $ 2,248,830 $ (1,737,803 ) $ — Commission income 1,033,475 814,161 808,896 748,166 Net investment income 70,989 75,742 57,893 1,227 Net realized and unrealized gain 30,558 51,523 344,852 — Total revenues $ 3,205,403 $ 3,190,256 $ (526,162 ) $ 749,393 Net (loss) income $ 344,147 $ (93,078 ) $ (955,112 ) $ (889,988 ) Basic (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) Diluted (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of AmerInst and its operating wholly-owned subsidiaries, AmerInst Mezco, Ltd. (“Mezco”), AMIC Ltd., and Protexure. Intercompany accounts and transactions have been eliminated on consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s financial statements include but are not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include money market funds. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are depreciated using the straight-line method with estimated useful lives ranging from 3 to 7 years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. Developmental costs for internal use software are capitalized in accordance with the provisions of the Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) topic 350 not |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is more likely than not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share Basic earnings per share is determined as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the impact of the Company’s stock option plan. |
Revenue [Policy Text Block] | Commission Income Our primary source of revenue is derived from commissions earned on the placement of lawyers’ and accountants’ professional liability insurance under the ISMIE Agency Agreement. We recognize revenue for most of these arrangements as of a point in time at the later of the policy inception date or when the policy placement is complete because this is viewed as the date when control is transferred and all obligations are complete. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 2022 No 2022. |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Realized Gain (Loss) on Investments [Table Text Block] | 2022 2021 Total proceeds on sales of available-for-sale securities $ — $ 1,684,014 Total proceeds from redemptions of fixed maturity investments — 21,650,652 Total proceeds from maturities of fixed maturity investments — 2,336,000 Gross gains on sales — 499,859 Gross losses on sales — (72,926 ) Total $ — $ 426,933 |
Condensed Cash Flow Statement [Table Text Block] | 2022 2021 Interest earned: Fixed maturity investments $ — $ 235,090 Short term investments and cash and cash equivalents 8,517 7,637 Dividends earned — 13,508 Investment expenses — (50,384 ) Net investment income $ 8,517 $ 205,851 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation and Amortization Total December 31, 2022 Furniture and fixtures $ 36,705 $ 35,284 $ 1,421 Office equipment 107,392 100,027 7,365 Computer equipment 24,129 22,532 1,597 Internal use software 1,869,464 1,235,714 633,750 Total $ 2,037,690 $ 1,393,558 $ 644,133 Cost Accumulated Depreciation and Amortization Total December 31, 2021 Furniture and fixtures $ 36,705 $ 34,337 $ 2,368 Office equipment 107,392 84,992 22,400 Computer equipment 24,129 20,529 3,600 Internal use software 1,757,425 887,233 870,192 Total $ 1,925,651 $ 1,027,091 $ 898,560 |
Note 6 - Prepaid Expenses and_2
Note 6 - Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2022 2021 Prepaid expenses 68,823 171,342 Accounts receivable 462,567 520,117 Policy acquisition costs and other assets 213,735 258,996 Building right of use asset 47,120 141,360 $ 792,245 $ 1,091,815 |
Note 7 - Accrued Expenses and_2
Note 7 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Other Liabilities [Table Text Block] | 2022 2021 Premiums payable $ 1,686,066 $ 2,143,468 Accounts payable and accrued liabilities 361,497 293,169 Unearned commission income 138,222 176,693 Building lease liability 51,651 136,816 Other liabilities 109,369 110,730 $ 2,346,805 $ 2,860,876 |
Note 8 - Taxation (Tables)
Note 8 - Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Earnings before income tax $ (1,119,040 ) $ (1,032,174 ) Expected tax — — Foreign taxes at local expected rates (15,477 ) 6,857 Change in deferred tax asset of US subsidiary (132,000 ) (69,000 ) Deferred tax expense from enacted rate reductions — — Change in valuation allowance 959,000 624,000 Net tax expense $ 811,523 $ 561,857 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Capitalized start-up expenses $ 29,000 $ 44,000 Operating loss carryforwards 136,000 945,000 Unearned commission income 40,000 50,000 Depreciation and amortization 27,000 20,000 Deferred tax assets $ 232,000 $ 1,059,000 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Year Ended December 31, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 8,515 $ 2,262,274 $ 2,270,789 Total losses and expenses 655,967 3,545,385 4,201,352 Segment loss (647,452 ) (1,283,111 ) (1,930,563 ) Identifiable assets — 644,133 644,133 As of and for the Year Ended December 31, 2021 Reinsurance and Corporate Insurance Segment Total Revenues $ 3,213,768 $ 3,405,122 $ 6,618,890 Total losses and expenses 4,013,676 4,199,245 8,212,921 Segment loss (799,908 ) (794,123 ) (1,594,031 ) Identifiable assets — 898,560 898,560 |
Note 13 - Stock Compensation (T
Note 13 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2022 34,200 $ 28.43 10,800 $ 28.86 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2022 43,100 $ 28.45 1,900 $ 30.46 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 0.2 1.2 0.3 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2021 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2021 34,200 $ 28.43 10,800 $ 28.86 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 1.2 1.4 1.3 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) $ 27.99 — 0.0 $ 27.99 35,000 $ 27.99 0.0 $ 30.58 1,400 1.0 $ 30.58 5,600 $ 30.58 1.0 $ 30.14 500 1.8 $ 30.14 2,500 $ 30.14 1.8 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) $ 27.99 7,000 1.0 $ 27.99 28,000 $ 27.99 1.0 $ 30.58 2,800 2.0 $ 30.58 4,200 $ 30.58 2.0 $ 30.14 1,000 2.8 $ 30.14 2,000 $ 30.14 2.8 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Number of Phantom Shares Outstanding—beginning 62,920 Granted—arising from dividends declared during the year. — Forfeited—due to death — Outstanding—ending 62,920 |
Note 15 - Unaudited Condensed_2
Note 15 - Unaudited Condensed Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ — $ — $ — $ — Commission income 777,506 475,838 489,998 518,930 Net investment income 31 21 1,400 7,065 Net realized and unrealized gain — — — — Total revenues $ 777,537 $ 475,859 $ 491,398 $ 525,995 Net (loss) $ (210,261 ) $ (400,654 ) $ (441,709 ) $ (877,939 ) Basic (loss) per share $ (0.34 ) $ (0.65 ) $ (0.71 ) $ (1.42 ) Diluted (loss) per share $ (0.34 ) $ (0.65 ) $ (0.71 ) $ (1.42 ) 2021 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,070,381 $ 2,248,830 $ (1,737,803 ) $ — Commission income 1,033,475 814,161 808,896 748,166 Net investment income 70,989 75,742 57,893 1,227 Net realized and unrealized gain 30,558 51,523 344,852 — Total revenues $ 3,205,403 $ 3,190,256 $ (526,162 ) $ 749,393 Net (loss) income $ 344,147 $ (93,078 ) $ (955,112 ) $ (889,988 ) Basic (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) Diluted (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended |
Oct. 31, 2021 | Mar. 31, 2022 | |
Payments for Reinsurance | $ 26,076,000 | $ 15,000 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Capitalized Internal Use Software Costs [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 3 - Pledged Assets (Detail
Note 3 - Pledged Assets (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents, at Carrying Value, Total | $ 2,414,077 | $ 3,477,714 |
Cash and Cash Equivalents Held by AmerInst Professional Services, Limited in a Fiduciary Capacity [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 1,293,876 | $ 1,794,001 |
Note 4 - Investments - Sales an
Note 4 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total proceeds on sales of available-for-sale securities | $ 0 | $ 1,684,014 |
Proceeds from redemptions of fixed maturity investments | 0 | 21,650,652 |
Proceeds from maturities of fixed maturity investments | 0 | 2,336,000 |
Gross gains on sales | 0 | 499,859 |
Gross losses on sales | 0 | (72,926) |
Net realized and unrealized gain (loss) on investments | $ 0 | $ 426,933 |
Note 4 - Investments - Major Ca
Note 4 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fixed maturity investments | $ 0 | $ 235,090 |
Short term investments and cash and cash equivalents | 8,517 | 7,637 |
Dividends earned | 0 | (13,508) |
Investment expenses | 0 | (50,384) |
Net investment income | $ 8,517 | $ 205,851 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment, Net, Total | $ 644,133 | $ 898,560 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cost | $ 2,037,690 | $ 1,925,651 |
Amortization | 1,393,558 | 1,027,091 |
Property and equipment (Note 5) | 644,133 | 898,560 |
Furniture and Fixtures [Member] | ||
Cost | 36,705 | 36,705 |
Amortization | 35,284 | 34,337 |
Property and equipment (Note 5) | 1,421 | 2,368 |
Office Equipment [Member] | ||
Cost | 107,392 | 107,392 |
Amortization | 100,027 | 84,992 |
Property and equipment (Note 5) | 7,365 | 22,400 |
Computer Equipment [Member] | ||
Cost | 24,129 | 24,129 |
Amortization | 22,532 | 20,529 |
Property and equipment (Note 5) | 1,597 | 3,600 |
Software Development [Member] | ||
Cost | 1,869,464 | 1,757,425 |
Amortization | 1,235,714 | 887,233 |
Property and equipment (Note 5) | $ 633,750 | $ 870,192 |
Note 6 - Prepaid Expenses and_3
Note 6 - Prepaid Expenses and Other Assets - Prepaid Expenses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid expenses | $ 68,823 | $ 171,342 |
Accounts receivable | 462,567 | 520,117 |
Policy acquisition costs and other assets | 213,735 | 258,996 |
Prepaid Expense and Other Assets | 792,245 | 1,091,815 |
Prepaid Expenses and Other Assets [Member] | ||
Building right of use asset | $ 47,120 | $ 141,360 |
Note 7 - Accrued Expenses and_3
Note 7 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Premiums payable | $ 1,686,066 | $ 2,143,468 |
Accounts payable and accrued liabilities | 361,497 | 293,169 |
Unearned commission income | 138,222 | 176,693 |
Other liabilities | 109,369 | 110,730 |
Accounts Payable and Accrued Liabilities, Total | 2,346,805 | 2,860,876 |
Accrued Expenses and Other Liabilities [Member] | ||
Building lease liability | $ 51,651 | $ 136,816 |
Note 8 - Taxation (Details Text
Note 8 - Taxation (Details Textual) Pure in Thousands | 12 Months Ended |
Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0% |
Note 8 - Taxation - Effective I
Note 8 - Taxation - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings before income tax | $ (1,119,040) | $ (1,032,174) |
Expected tax | 0 | 0 |
Foreign taxes at local expected rates | (15,477) | 6,857 |
Change in deferred tax asset of US subsidiary | (132,000) | (69,000) |
Deferred tax expense from enacted rate reductions | 0 | 0 |
Change in valuation allowance | 959,000 | 624,000 |
Net tax expense | $ 811,523 | $ 561,857 |
Note 8 - Taxation - Deferred Ta
Note 8 - Taxation - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Capitalized start-up expenses | $ 29,000 | $ 44,000 |
Operating loss carryforwards | 136,000 | 945,000 |
Unearned commission income | 40,000 | 50,000 |
Depreciation and amortization | 27,000 | 20,000 |
Deferred tax assets | $ 232,000 | $ 1,059,000 |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Details Textual) | Feb. 25, 2011 USD ($) |
Stock Repurchase Program, Authorized Amount | $ 500,000 |
Note 10 - Premiums Written (Det
Note 10 - Premiums Written (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assumed Premiums Written | $ 0 | $ (2,041,258) |
Note 11 - Operating and Manag_2
Note 11 - Operating and Management Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other General and Administrative Expense | $ 147,500 | $ 352,322 |
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 59,350 | $ 148,924 |
Maximum [Member] | ||
Termination Notice for Management Agreement (Day) | 90 days | |
Minimum [Member] | ||
Termination Notice for Management Agreement (Day) | 60 days |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Number of Reportable Segments | 2 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 525,995 | $ 491,398 | $ 475,859 | $ 777,537 | $ 749,393 | $ (526,162) | $ 3,190,256 | $ 3,205,403 | $ 2,270,789 | $ 6,618,890 |
Total losses and expenses | 4,201,352 | |||||||||
Segment loss | (877,939) | $ (441,709) | $ (400,654) | $ (210,261) | (889,988) | $ (955,112) | $ (93,078) | $ 344,147 | (1,930,563) | (1,594,031) |
Property, Plant and Equipment, Net, Total | 644,133 | 898,560 | 644,133 | 898,560 | ||||||
Total losses and expenses | 8,212,921 | |||||||||
Reinsurance Segment [Member] | ||||||||||
Revenues | 8,515 | 3,213,768 | ||||||||
Total losses and expenses | 655,967 | |||||||||
Segment loss | (647,452) | (799,908) | ||||||||
Property, Plant and Equipment, Net, Total | 0 | 0 | 0 | 0 | ||||||
Total losses and expenses | 4,013,676 | |||||||||
Insurance Segment [Member] | ||||||||||
Revenues | 2,262,274 | 3,405,122 | ||||||||
Total losses and expenses | 3,545,385 | |||||||||
Segment loss | (1,283,111) | (794,123) | ||||||||
Property, Plant and Equipment, Net, Total | $ 644,133 | $ 898,560 | $ 644,133 | 898,560 | ||||||
Total losses and expenses | $ 4,199,245 |
Note 13 - Stock Compensation (D
Note 13 - Stock Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 5,000 | 7,000 | 35,000 | 0 | |
Share Price (in dollars per share) | $ 2.80 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 30.14 | $ 30.58 | $ 27.99 | $ 0 | |
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 48,762 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Requisite Employee Age (Year) | 65 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 62,920 | 62,920 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 |
Note 13 Stock Compensation - Su
Note 13 Stock Compensation - Summary of Vested Phantom Shares (Details) - Phantom Share Units (PSUs) [Member] | 12 Months Ended |
Dec. 31, 2022 shares | |
Outstanding (in shares) | 62,920 |
Granted—arising from dividends declared during the year. (in shares) | 0 |
Forfeited—due to death (in shares) | 0 |
Outstanding (in shares) | 62,920 |
Note 13 - Stock Compensation -
Note 13 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 12 Months Ended | ||||
Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, vested (in shares) | 34,200 | 25,300 | |||
Balance, weighted average exercise price per share (in dollars per share) | $ 28.43 | $ 28.40 | |||
Balance, non-vested shares (in shares) | 10,800 | 19,700 | |||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.86 | $ 28.71 | |||
Balance (in shares) | 45,000 | 45,000 | |||
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 | |||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | 0 | 0 | |||
Granted, weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.58 | $ 27.99 | 0 | |
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | $ 0 | $ 0 | |||
Vested, vested (in shares) | 8,900 | 8,900 | |||
Vested, weighted average exercise price per share (in dollars per share) | $ 28.52 | $ 28.52 | |||
Vested, non-vested shares (in shares) | (8,900) | (8,900) | |||
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.52 | $ 28.52 | |||
Balance, vested (in shares) | 43,100 | 34,200 | |||
Balance, weighted average exercise price per share (in dollars per share) | $ 28.45 | $ 28.43 | |||
Balance, non-vested shares (in shares) | 1,900 | 10,800 | |||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.46 | $ 28.86 | |||
Balance (in shares) | 45,000 | 45,000 | |||
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 | |||
Remaining contractual life (years), vested (Year) | 2 months 12 days | 1 year 2 months 12 days | |||
Remaining contractual life (years), non-vested shares (Year) | 1 year 2 months 12 days | 1 year 4 months 24 days | |||
Remaining contractual life (years), outstanding shares (Year) | 3 months 18 days | 1 year 3 months 18 days | |||
Granted, non-vested shares (in shares) | 5,000 | 7,000 | 35,000 | 0 | |
Forfeited, non-vested shares (in shares) | 0 |
Note 13 - Stock Compensation _2
Note 13 - Stock Compensation - Summary of Options Outstanding by Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Exercise Price Range 1 [Member] | ||
Outstanding number (in shares) | 0 | 7,000 |
Outstanding weighted average remaining life (Year) | 0 years | 1 year |
Outstanding, weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable number (in shares) | 35,000 | 28,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable, weighted average remaining contractual life (Year) | 0 years | 1 year |
Exercise Price Range 2 [Member] | ||
Outstanding number (in shares) | 1,400 | 2,800 |
Outstanding weighted average remaining life (Year) | 1 year | 2 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.58 | $ 30.58 |
Exercisable number (in shares) | 5,600 | 4,200 |
Exercisable weighted average exercise price (in dollars per share) | $ 30.58 | $ 30.58 |
Exercisable, weighted average remaining contractual life (Year) | 1 year | 2 years |
Exercise Price Range 3 [Member] | ||
Outstanding number (in shares) | 500 | 1,000 |
Outstanding weighted average remaining life (Year) | 1 year 9 months 18 days | 2 years 9 months 18 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.14 |
Exercisable number (in shares) | 2,500 | 2,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.14 |
Exercisable, weighted average remaining contractual life (Year) | 1 year 9 months 18 days | 2 years 9 months 18 days |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 101,578 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | $ 57,746 |
Note 15 - Unaudited Condensed_3
Note 15 - Unaudited Condensed Quarterly Financial Data - Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net premiums earned (Note 10) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,737,803) | $ 2,248,830 | $ 2,070,381 | $ 0 | $ 2,581,408 |
Commission income | 2,262,272 | 3,404,698 | ||||||||
Net investment income | 7,065 | 1,400 | 21 | 31 | 1,227 | 57,893 | 75,742 | 70,989 | ||
Net realized and unrealized (loss) gain | 0 | 0 | 0 | 0 | 0 | 344,852 | 51,523 | 30,558 | ||
Total revenues | 525,995 | 491,398 | 475,859 | 777,537 | 749,393 | (526,162) | 3,190,256 | 3,205,403 | 2,270,789 | 6,618,890 |
Net loss | $ (877,939) | $ (441,709) | $ (400,654) | $ (210,261) | $ (889,988) | $ (955,112) | $ (93,078) | $ 344,147 | $ (1,930,563) | $ (1,594,031) |
Basic (loss) per share (in dollars per share) | $ (1.42) | $ (0.71) | $ (0.65) | $ (0.34) | $ (1.43) | $ (1.54) | $ (0.15) | $ 0.55 | $ (3.12) | $ (2.57) |
Diluted (loss) per share (in dollars per share) | $ (1.42) | $ (0.71) | $ (0.65) | $ (0.34) | $ (1.43) | $ (1.54) | $ (0.15) | $ 0.55 | $ (3.12) | $ (2.57) |
Financial Service [Member] | ||||||||||
Commission income | $ 518,930 | $ 489,998 | $ 475,838 | $ 777,506 | $ 748,166 | $ 808,896 | $ 814,161 | $ 1,033,475 |