Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | HMGX | |
City Area Code | 441 | |
Local Phone Number | 295-2185 | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 995,253 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 1,288,071 | $ 2,414,077 |
Property and equipment (Note 2) | 414,843 | 644,133 |
Deferred income taxes | 0 | 232,000 |
Prepaid expenses and other assets (Note 3) | 901,149 | 792,245 |
TOTAL ASSETS | 2,604,063 | 4,082,455 |
LIABILITIES | ||
Accrued expenses and other liabilities (Note 4) | 2,548,613 | 2,346,805 |
TOTAL LIABILITIES | 2,548,613 | 2,346,805 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2023 and 2022: 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 | 2,045,400 | 3,725,600 |
Shares held by Subsidiary (375,861 shares) at cost | (9,272,496) | (9,272,496) |
TOTAL SHAREHOLDERS’ EQUITY | 55,450 | 1,735,650 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 2,604,063 | $ 4,082,455 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Comprehensive (Loss) Income and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUE | ||||
Commission income | $ 572,119 | $ 489,998 | $ 1,711,014 | $ 1,743,342 |
Net investment income (Note 5) | 352 | 1,400 | 1,122 | 1,452 |
TOTAL REVENUE | 572,471 | 491,398 | 1,712,136 | 1,744,794 |
LOSSES AND EXPENSES | ||||
Operating and management expenses | 1,187,124 | 463,082 | 3,163,024 | 2,407,713 |
TOTAL LOSSES AND EXPENSES | 1,187,124 | 463,082 | 3,163,024 | 2,407,713 |
NET (LOSS) INCOME BEFORE TAX | (614,653) | 28,316 | (1,450,888) | (662,919) |
Income tax expense (benefit) | 117,730 | 470,025 | 229,310 | 389,705 |
NET LOSS AFTER TAX | (732,385) | (441,709) | (1,680,200) | (1,052,624) |
OTHER COMPREHENSIVE LOSS | ||||
Net unrealized holding losses arising during the period | 0 | 0 | 0 | 0 |
OTHER COMPREHENSIVE LOSS | 0 | 0 | 0 | 0 |
COMPREHENSIVE LOSS | (732,383) | (441,709) | (1,680,200) | (1,052,624) |
RETAINED EARNINGS, BEGINNING OF PERIOD | 2,777,785 | 5,045,248 | 3,725,600 | 5,656,163 |
Net (loss) income | (732,385) | (441,709) | (1,680,200) | (1,052,624) |
Dividends | 0 | 0 | 0 | 0 |
RETAINED EARNINGS, END OF PERIOD | $ 2,045,400 | $ 4,603,539 | $ 2,045,400 | $ 4,603,539 |
Net loss per share | ||||
Basic (in dollars per share) | $ (1.18) | $ (0.71) | $ (2.71) | $ (1.7) |
Diluted (in dollars per share) | (1.18) | (0.71) | (2.71) | (1.7) |
Dividends (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding for the entire period | ||||
Basic (in shares) | 619,392 | 619,392 | 619,392 | 619,392 |
Diluted (in shares) | 619,392 | 619,392 | 619,392 | 619,392 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 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, 2021 | 995,253 | |||||
Balance at Dec. 31, 2021 | $ 6,287,293 | $ 5,656,163 | $ 0 | $ (9,272,496) | $ 3,666,213 | |
Net (loss) income | 0 | (210,261) | 0 | 0 | (210,261) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Mar. 31, 2022 | 995,253 | |||||
Balance at Mar. 31, 2022 | 6,287,293 | 5,445,902 | 0 | (9,272,496) | 3,455,952 | |
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) income | (1,052,624) | |||||
Unrealized gain on securities, net of reclassification adjustment | 0 | |||||
Balance (in shares) at Sep. 30, 2022 | 995,253 | |||||
Balance at Sep. 30, 2022 | 6,287,293 | 4,603,539 | 0 | (9,272,496) | 2,613,589 | |
Balance (in shares) at Mar. 31, 2022 | 995,253 | |||||
Balance at Mar. 31, 2022 | 6,287,293 | 5,445,902 | 0 | (9,272,496) | 3,455,952 | |
Net (loss) income | 0 | (400,654) | 0 | 0 | (400,654) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Jun. 30, 2022 | 995,253 | |||||
Balance at Jun. 30, 2022 | 6,287,293 | 5,045,248 | 0 | (9,272,496) | 3,055,298 | |
Net (loss) income | 0 | (441,709) | 0 | 0 | (441,709) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Sep. 30, 2022 | 995,253 | |||||
Balance at Sep. 30, 2022 | 6,287,293 | 4,603,539 | 0 | (9,272,496) | 2,613,589 | |
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 | |
Net (loss) income | 0 | (387,843) | 0 | 0 | (387,843) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Mar. 31, 2023 | 995,253 | |||||
Balance at Mar. 31, 2023 | 6,287,293 | 3,337,757 | 0 | (9,272,496) | 1,347,807 | |
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 | |
Net (loss) income | (1,680,200) | |||||
Unrealized gain on securities, net of reclassification adjustment | 0 | |||||
Balance (in shares) at Sep. 30, 2023 | 995,253 | |||||
Balance at Sep. 30, 2023 | 6,287,293 | 2,045,400 | 0 | (9,272,496) | 55,450 | |
Balance (in shares) at Mar. 31, 2023 | 995,253 | |||||
Balance at Mar. 31, 2023 | 6,287,293 | 3,337,757 | 0 | (9,272,496) | 1,347,807 | |
Net (loss) income | 0 | (559,972) | 0 | 0 | (559,972) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Jun. 30, 2023 | 995,253 | |||||
Balance at Jun. 30, 2023 | 6,287,293 | 2,777,785 | 0 | (9,272,496) | 787,835 | |
Net (loss) income | 0 | (732,385) | 0 | 0 | (732,385) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Sep. 30, 2023 | 995,253 | |||||
Balance at Sep. 30, 2023 | $ 6,287,293 | $ 2,045,400 | $ 0 | $ (9,272,496) | $ 55,450 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net Cash used in Operating Activities | $ (1,118,981) | $ (1,364,524) |
INVESTING ACTIVITIES | ||
Purchases of property and equipment | (7,025) | (76,144) |
Net Cash used in Investing Activities | (7,025) | (76,144) |
FINANCING ACTIVITIES | ||
Net Cash provided by Financing Activities | 0 | 0 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,126,006) | (1,440,668) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 2,414,077 | 3,477,714 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 1,288,071 | $ 2,037,046 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Consolidation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. (“AmerInst”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). These financial statements reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not December 31, 2022 10 Going Concern In accordance with ASC Subtopic 205 40, 205 40” one 205 40, not not In performing this evaluation, we concluded that under the standards of ASC 205 40 On October 31, 2023, 43, $1.5 Now that the Asset Sale is completed, we have no no not not The financial statements do not New Accounting Pronouncements New Accounting Standards Adopted in 2023 No 2023. Accounting Standards Not No not |
Note 2 - Property and Equipment
Note 2 - Property and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property and equipment, all associated with Protexure, at September 30, 2023 December 31, 2022 Cost Accumulated Depreciation and Amortization Total September 30, 2023 Furniture and fixtures $ 36,705 $ 35,994 $ 711 Office equipment 107,392 105,551 1,841 Computer equipment 24,129 23,215 914 Internal use software 1,876,489 1,465,112 411,377 Total $ 2,044,715 $ 1,629,872 $ 414,843 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 |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 3. Prepaid expenses and other assets as at September 30, 2023 December 31, 2022 2023 2022 Prepaid expenses and other assets 78,326 68,823 Accounts receivable 560,351 462,567 Policy acquisition costs 182,505 213,735 Building right of use asset 79,967 47,120 $ 901,149 $ 792,245 |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 4. Accrued expenses and other liabilities as at September 30, 2023 December 31, 2022 2023 2022 Premiums payable $ 1,699,005 $ 1,686,066 Accounts payable and accrued liabilities 558,602 361,497 Unearned commission income 101,476 138,222 Building lease liability 80,270 51,651 Other liabilities 109,260 109,369 $ 2,548,613 $ 2,346,805 |
Note 5 - Investments
Note 5 - Investments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Major categories of net investment income during the nine September 30, 2023 2022 September 30, 2023 September 30, 2022 Interest earned: Short term investments and cash and cash equivalents $ 1,122 $ 1,452 Net investment income $ 1,122 $ 1,452 Major categories of net investment income during the three September 30, 2023 2022 September 30, 2023 September 30, 2022 Interest earned: Short term investments and cash and cash equivalents $ 352 $ 1,400 Net investment income $ 352 $ 1,400 |
Note 6 - Segment Information
Note 6 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. AmerInst has two 1 2 nine September 30, 2023 2022. As of and for the Nine Months Ended September 30, 2023 Corporate Segment Insurance Segment Total Revenues $ 1,122 $ 1,711,014 $ 1,712,136 Total expenses 715,059 2,677,277 3,392,336 Segment loss (713,937 ) (966,263 ) (1,680,200 ) Identifiable assets — 414,843 414,843 As of and for the Nine Months Ended September 30, 2022 Corporate Segment Insurance Segment Total Revenues $ 1,450 $ 1,743,344 $ 1,744,794 Total expenses 438,696 2,358,722 2,797,418 Segment loss (437,246 ) (615,378 ) (1,052,624 ) Identifiable assets — 700,980 700,980 The tables below summarize the results of our reportable segments as of and for the three September 30, 2023 2022. As of and for the Three Months Ended September 30, 2023 Reinsurance and Corporate Insurance Segment Total Revenues $ 352 $ 572,119 $ 572,471 Total expenses 344,817 960,039 1,304,855 Segment loss (344,465 ) (387,920 ) (732,385 ) Identifiable assets — 414,843 414,843 As of and for the Three Months Ended September 30, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 1,400 $ 489,998 $ 491,398 Total expenses 116,547 816,560 933,107 Segment loss (115,147 ) (326,562 ) (441,709 ) Identifiable assets — 700,980 700,980 |
Note 7 - Stock Compensation
Note 7 - Stock Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. Phantom Shares: Protexure has employment agreements with two may For these two January 1, 2015. 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 September 30, 2023. Stock Option Plan: The Company has a nonqualified stock option plan to advance the development, growth and financial condition of the Company. This plan provides incentives through participation in the appreciation of its common stock in order to secure, retain and motivate directors and employees and align such person’s interests with those of its shareholders. A total of 100,000 shares are authorized under the stock option plan. A summary of the status of the stock option plan as of September 30, 2023 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, 2023 43,100 $ 28.45 1,900 $ 30.46 45,000 $ 28.54 Granted — — — — — — Forfeited (35,000 ) 27.99 — — (35,000 ) 27.99 Exercised — — — — — — Vested 1,400 30.58 (1,400 ) 30.58 — — Outstanding September 30, 2023 9,500 $ 30.46 500 $ 30.14 10,000 $ 30.45 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — — — — — Remaining contractual life (years) 0.5 1.0 0.5 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 The Company accounts for these options in accordance with U.S. 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 nine September 30, 2023 2022, |
Note 8 - Subsequent Event
Note 8 - Subsequent Event | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. As noted in Note 1, October 31, 2023, October 26, 2023 The assets sold in the Asset Sale include Protexure’s property and equipment, a building right of use asset and a prepaid expense. Protexure retained its cash and cash equivalents and other assets specifically excluded from the Asset Sale. The Purchaser assumed certain obligations and duties related to the assets it is purchasing and certain liabilities arising from the lease between Protexure and the lessor of the premises located at 4200 102, 60532. As the Asset Sale closed on October 31, 2023, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Going Concern [Policy Text Block] | Going Concern In accordance with ASC Subtopic 205 40, 205 40” one 205 40, not not In performing this evaluation, we concluded that under the standards of ASC 205 40 On October 31, 2023, 43, $1.5 Now that the Asset Sale is completed, we have no no not not The financial statements do not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 2023 No 2023. Accounting Standards Not No not |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation and Amortization Total September 30, 2023 Furniture and fixtures $ 36,705 $ 35,994 $ 711 Office equipment 107,392 105,551 1,841 Computer equipment 24,129 23,215 914 Internal use software 1,876,489 1,465,112 411,377 Total $ 2,044,715 $ 1,629,872 $ 414,843 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 |
Note 3 - Prepaid Expenses and_2
Note 3 - Prepaid Expenses and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2023 2022 Prepaid expenses and other assets 78,326 68,823 Accounts receivable 560,351 462,567 Policy acquisition costs 182,505 213,735 Building right of use asset 79,967 47,120 $ 901,149 $ 792,245 |
Note 4 - Accrued Expenses and_2
Note 4 - Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Other Liabilities [Table Text Block] | 2023 2022 Premiums payable $ 1,699,005 $ 1,686,066 Accounts payable and accrued liabilities 558,602 361,497 Unearned commission income 101,476 138,222 Building lease liability 80,270 51,651 Other liabilities 109,260 109,369 $ 2,548,613 $ 2,346,805 |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Condensed Cash Flow Statement [Table Text Block] | September 30, 2023 September 30, 2022 Interest earned: Short term investments and cash and cash equivalents $ 1,122 $ 1,452 Net investment income $ 1,122 $ 1,452 September 30, 2023 September 30, 2022 Interest earned: Short term investments and cash and cash equivalents $ 352 $ 1,400 Net investment income $ 352 $ 1,400 |
Note 6 - Segment Information (T
Note 6 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Nine Months Ended September 30, 2023 Corporate Segment Insurance Segment Total Revenues $ 1,122 $ 1,711,014 $ 1,712,136 Total expenses 715,059 2,677,277 3,392,336 Segment loss (713,937 ) (966,263 ) (1,680,200 ) Identifiable assets — 414,843 414,843 As of and for the Nine Months Ended September 30, 2022 Corporate Segment Insurance Segment Total Revenues $ 1,450 $ 1,743,344 $ 1,744,794 Total expenses 438,696 2,358,722 2,797,418 Segment loss (437,246 ) (615,378 ) (1,052,624 ) Identifiable assets — 700,980 700,980 As of and for the Three Months Ended September 30, 2023 Reinsurance and Corporate Insurance Segment Total Revenues $ 352 $ 572,119 $ 572,471 Total expenses 344,817 960,039 1,304,855 Segment loss (344,465 ) (387,920 ) (732,385 ) Identifiable assets — 414,843 414,843 As of and for the Three Months Ended September 30, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 1,400 $ 489,998 $ 491,398 Total expenses 116,547 816,560 933,107 Segment loss (115,147 ) (326,562 ) (441,709 ) Identifiable assets — 700,980 700,980 |
Note 7 - Stock Compensation (Ta
Note 7 - Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 43,100 $ 28.45 1,900 $ 30.46 45,000 $ 28.54 Granted — — — — — — Forfeited (35,000 ) 27.99 — — (35,000 ) 27.99 Exercised — — — — — — Vested 1,400 30.58 (1,400 ) 30.58 — — Outstanding September 30, 2023 9,500 $ 30.46 500 $ 30.14 10,000 $ 30.45 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — — — — — Remaining contractual life (years) 0.5 1.0 0.5 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 |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation and Consolidation (Details Textual) $ in Millions | Oct. 31, 2023 USD ($) |
Protexure and Protexure Risk Purchasing Group, Inc [Member] | MAC 43, LLC [Member] | Subsequent Event [Member] | |
Disposal Group, Not Discontinued Operation, Consideration | $ 1.5 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Property, Plant and Equipment, Net | $ 414,843 | $ 644,133 | $ 700,980 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Cost | $ 2,044,715 | $ 2,037,690 | |
Amortization | 1,629,872 | 1,393,558 | |
Property and equipment (Note 2) | 414,843 | 644,133 | $ 700,980 |
Furniture and Fixtures [Member] | |||
Cost | 36,705 | 36,705 | |
Amortization | 35,994 | 35,284 | |
Property and equipment (Note 2) | 711 | 1,421 | |
Office Equipment [Member] | |||
Cost | 107,392 | 107,392 | |
Amortization | 105,551 | 100,027 | |
Property and equipment (Note 2) | 1,841 | 7,365 | |
Computer Equipment [Member] | |||
Cost | 24,129 | 24,129 | |
Amortization | 23,215 | 22,532 | |
Property and equipment (Note 2) | 914 | 1,597 | |
Software Development [Member] | |||
Cost | 1,876,489 | 1,869,464 | |
Amortization | 1,465,112 | 1,235,714 | |
Property and equipment (Note 2) | $ 411,377 | $ 633,750 |
Note 3 - Prepaid Expenses and_3
Note 3 - Prepaid Expenses and Other Assets - Prepaid Expenses (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Prepaid expenses and other assets | $ 78,326 | $ 68,823 |
Accounts receivable | 560,351 | 462,567 |
Policy acquisition costs | 182,505 | 213,735 |
Prepaid Expense and Other Assets | 901,149 | 792,245 |
Prepaid Expenses and Other Assets [Member] | ||
Building right of use asset | $ 79,967 | $ 47,120 |
Note 4 - Accrued Expenses and_3
Note 4 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Premiums payable | $ 1,699,005 | $ 1,686,066 |
Accounts payable and accrued liabilities | 558,602 | 361,497 |
Unearned commission income | 101,476 | 138,222 |
Other liabilities | 109,260 | 109,369 |
Accounts Payable and Accrued Liabilities | 2,548,613 | 2,346,805 |
Accrued Expenses and Other Liabilities [Member] | ||
Building lease liability | $ 80,270 | $ 51,651 |
Note 5 - Investments - Major Ca
Note 5 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Short term investments and cash and cash equivalents | $ 352 | $ 1,400 | $ 1,122 | $ 1,452 |
Net investment income | $ 352 | $ 1,400 | $ 1,122 | $ 1,452 |
Note 6 - Segment Information (D
Note 6 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 2 |
Note 6 - Segment Information -
Note 6 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenues | $ 572,471 | $ 491,398 | $ 1,712,136 | $ 1,744,794 | |||||
Total expenses | 1,304,855 | 933,107 | 3,392,336 | 2,797,418 | |||||
Segment loss | (732,385) | $ (559,972) | $ (387,843) | (441,709) | $ (400,654) | $ (210,261) | (1,680,200) | (1,052,624) | |
Property, Plant and Equipment, Net | 414,843 | 700,980 | 414,843 | 700,980 | $ 644,133 | ||||
Corporate Segment [Member] | |||||||||
Revenues | 1,122 | 1,450 | |||||||
Total expenses | 715,059 | 438,696 | |||||||
Segment loss | (713,937) | (437,246) | |||||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | 0 | |||||
Reinsurance Segment [Member] | |||||||||
Revenues | 352 | 1,400 | |||||||
Total expenses | 344,817 | 116,547 | |||||||
Segment loss | (344,465) | (115,147) | |||||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | 0 | |||||
Insurance Segment [Member] | |||||||||
Revenues | 572,119 | 489,998 | 1,711,014 | 1,743,344 | |||||
Total expenses | 960,039 | 816,560 | 2,677,277 | 2,358,722 | |||||
Segment loss | (387,920) | (326,562) | (966,263) | (615,378) | |||||
Property, Plant and Equipment, Net | $ 414,843 | $ 700,980 | $ 414,843 | $ 700,980 |
Note 7 - Stock Compensation (De
Note 7 - Stock Compensation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
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 | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 0 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 |
Note 7 - Stock Compensation - S
Note 7 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 |
Granted, vested (in shares) | 0 | 0 |
Granted, weighted average exercise price per share (in dollars per share) | $ 0 | $ 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Forfeited, vested (in shares) | (35,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 27.99 | |
Forfeited, non-vested shares (in shares) | 0 | 0 |
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | $ 0 | $ 0 |
Exercised, vested (in shares) | 0 | |
Exercised, weighted average exercise price per share (in dollars per share) | $ 0 | |
Exercised, vested (in shares) | 0 | |
Vested, vested (in shares) | 1,400 | 8,900 |
Vested, weighted average exercise price per share (in dollars per share) | $ 30.58 | $ 28.52 |
Vested, non-vested shares (in shares) | (1,400) | (8,900) |
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.58 | $ 28.52 |
Balance, vested (in shares) | 9,500 | 43,100 |
Balance, weighted average exercise price per share (in dollars per share) | $ 30.46 | $ 28.45 |
Balance, non-vested shares (in shares) | 500 | 1,900 |
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.14 | $ 30.46 |
Balance (in shares) | 10,000 | 45,000 |
Balance, weighted average exercise price (in dollars per share) | $ 30.45 | $ 28.54 |
Options exercisable at year end, vested (in shares) | 0 | |
Options exercisable at year end, weighted average exercise price per share, vested (in dollars per share) | $ 0 | |
Options exercisable at year end (in shares) | 0 | |
Remaining contractual life (years), vested (Year) | 6 months | 2 months 12 days |
Remaining contractual life (years), non-vested shares (Year) | 1 year | 1 year 2 months 12 days |
Remaining contractual life (years), outstanding shares (Year) | 6 months | 3 months 18 days |
Note 8 - Subsequent Event (Deta
Note 8 - Subsequent Event (Details Textual) | Oct. 31, 2023 USD ($) |
Protexure and Protexure Risk Purchasing Group, Inc [Member] | MAC 43, LLC [Member] | Subsequent Event [Member] | |
Professional Fees | $ 790,000 |