Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 04, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | US Alliance Corp | |
Entity Central Index Key | 0001463913 | |
Trading Symbol | usac | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 7,741,272 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(g) Security | Common Stock, $0.10 par value per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Available for sale fixed maturity securities (amortized cost: $32,635,261 and $30,823,397 as of June 30, 2020 and December 31, 2019, respectively) | $ 36,152,521 | $ 33,152,892 |
Mortgage loans on real estate | 962,690 | |
Funds withheld under coinsurance agreement, at fair value | 41,294,491 | |
Policy loans | 154,088 | 118,930 |
Total investments | 87,705,290 | 43,413,325 |
Cash and cash equivalents | 7,376,813 | 6,678,805 |
Investment income due and accrued | 370,326 | 321,362 |
Reinsurance related assets | 922,104 | 188,382 |
Deferred acquisition costs, net | 8,310,532 | 2,652,674 |
Value of business acquired, net | 549,843 | 559,994 |
Property, equipment and software, net | 38,722 | 43,841 |
Goodwill | 277,542 | 277,542 |
Deferred tax asset, net of valuation allowance | 431,158 | 431,158 |
Other assets | 890,771 | 372,166 |
Total assets | 106,873,101 | 54,939,249 |
Liabilities: | ||
Deposit-type contracts | 70,647,008 | 19,396,614 |
Policyholder benefit reserves | 18,976,406 | 17,326,524 |
Dividend accumulation | 114,290 | 123,038 |
Advance premiums | 80,727 | 78,709 |
Total policy liabilities | 89,818,431 | 36,924,885 |
Accounts payable and accrued expenses | 148,434 | 122,981 |
Federal Home Loan Bank advance | (2,000,000) | (1,000,000) |
Other liabilities | 20,464 | 15,186 |
Total liabilities | 91,987,329 | 38,063,052 |
Shareholders' Equity: | ||
Common stock, $0.10 par value. Authorized 20,000,000 shares; issued and outstanding 7,741,229 and 7,734,004 shares as of June 30, 2020 and December 31, 2019, respectively | 774,124 | 773,401 |
Additional paid-in capital | 23,161,098 | 23,210,257 |
Accumulated deficit | (12,566,699) | (9,436,956) |
Accumulated other comprehensive income | 3,517,249 | 2,329,495 |
Total shareholders' equity | 14,885,772 | 16,876,197 |
Total liabilities and shareholders' equity | 106,873,101 | 54,939,249 |
Fixed Maturities [Member] | ||
Assets | ||
Available for sale fixed maturity securities (amortized cost: $32,635,261 and $30,823,397 as of June 30, 2020 and December 31, 2019, respectively) | 36,152,521 | 33,152,892 |
Equity Securities [Member] | ||
Assets | ||
Available for sale fixed maturity securities (amortized cost: $32,635,261 and $30,823,397 as of June 30, 2020 and December 31, 2019, respectively) | $ 9,141,500 | $ 10,141,503 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Available for sale securities, amortized cost | $ 32,635,261 | $ 30,823,397 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 7,741,229 | 7,734,004 |
Common stock, shares outstanding (in shares) | 7,741,229 | 7,734,004 |
Fixed Maturities [Member] | ||
Available for sale securities, amortized cost | $ 32,635,261 | $ 30,823,397 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income: | ||||
Premium income | $ 2,368,017 | $ 2,527,714 | $ 5,083,778 | $ 4,920,690 |
Net investment income | 741,303 | 451,106 | 1,256,011 | 861,038 |
Net investment gains (losses) | 11,656 | 104,086 | (1,359,105) | 831,289 |
Other income | 14,052 | 12,259 | 27,708 | 25,058 |
Total income | 3,135,028 | 3,095,165 | 5,008,392 | 6,638,075 |
Expenses: | ||||
Death claims | 440,944 | 328,649 | 922,656 | 724,316 |
Policyholder benefits | 1,398,622 | 1,168,467 | 2,647,705 | 2,305,295 |
Increase in policyholder reserves | 689,445 | 757,098 | 1,612,693 | 1,437,658 |
Commissions, net of deferrals | 164,614 | 194,064 | 371,570 | 413,599 |
Amortization of deferred acquisition costs | 172,162 | 117,825 | 747,372 | 180,727 |
Amortization of value of business acquired | 5,075 | 5,076 | 10,151 | 10,152 |
Salaries & benefits | 253,880 | 250,895 | 517,085 | 502,727 |
Other operating expenses | 436,658 | 307,873 | 1,308,903 | 722,515 |
Total expense | 3,561,400 | 3,129,947 | 8,138,135 | 6,296,989 |
Net income (loss) | $ (426,372) | $ (34,782) | $ (3,129,743) | $ 341,086 |
Net income (loss) per common share, basic and diluted (in dollars per share) | $ (0.06) | $ (0.40) | $ 0.04 | |
Unrealized net holding gains arising during the period | $ 2,910,478 | $ 1,327,537 | $ 1,247,443 | $ 2,573,315 |
Reclassification adjustment for (gains) losses included in net loss | (17,693) | 14,528 | (59,689) | 14,528 |
Other comprehensive income | 2,892,785 | 1,342,065 | 1,187,754 | 2,587,843 |
Comprehensive income (loss) | $ 2,466,814 | $ 1,307,283 | $ (1,941,989) | $ 2,928,929 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 7,650,551 | |||||||||
Balance at Dec. 31, 2018 | $ 1,098,760 | $ (1,098,760) | $ 765,056 | $ 22,989,443 | $ (2,184,429) | $ (8,937,404) | $ 12,632,666 | |||
Common stock issued, $7 per share (in shares) | 56,539 | |||||||||
Common stock issued, $7 per share | $ 5,654 | 390,119 | 395,773 | |||||||
Costs associated with common stock issued | (237,870) | (237,870) | ||||||||
Other comprehensive income | 2,587,843 | 2,587,843 | ||||||||
Net income (loss) | 341,086 | 341,086 | ||||||||
Balance (in shares) at Jun. 30, 2019 | 7,707,090 | |||||||||
Balance at Jun. 30, 2019 | $ 770,710 | 23,141,692 | 1,502,174 | (9,695,078) | 15,719,498 | |||||
Balance (in shares) at Mar. 31, 2019 | 7,693,408 | |||||||||
Balance at Mar. 31, 2019 | $ 769,342 | 23,142,047 | 160,109 | (9,660,296) | 14,411,202 | |||||
Common stock issued, $7 per share (in shares) | 13,682 | |||||||||
Common stock issued, $7 per share | $ 1,368 | 94,406 | 95,774 | |||||||
Costs associated with common stock issued | (94,761) | (94,761) | ||||||||
Other comprehensive income | 1,342,065 | 1,342,065 | ||||||||
Net income (loss) | (34,782) | (34,782) | ||||||||
Balance (in shares) at Jun. 30, 2019 | 7,707,090 | |||||||||
Balance at Jun. 30, 2019 | $ 770,710 | 23,141,692 | 1,502,174 | (9,695,078) | 15,719,498 | |||||
Balance (in shares) at Dec. 31, 2019 | 7,734,004 | |||||||||
Balance at Dec. 31, 2019 | $ 773,401 | 23,210,257 | 2,329,495 | (9,436,956) | 16,876,197 | |||||
Common stock issued, $7 per share (in shares) | 7,225 | |||||||||
Common stock issued, $7 per share | $ 723 | 49,852 | 50,575 | |||||||
Costs associated with common stock issued | (99,011) | (99,011) | ||||||||
Other comprehensive income | 1,187,754 | 1,187,754 | ||||||||
Net income (loss) | (3,129,743) | (3,129,743) | ||||||||
Balance (in shares) at Jun. 30, 2020 | 7,741,229 | |||||||||
Balance at Jun. 30, 2020 | $ 774,124 | 23,161,098 | 3,517,249 | (12,566,699) | 14,885,772 | |||||
Balance (in shares) at Mar. 31, 2020 | 7,740,700 | |||||||||
Balance at Mar. 31, 2020 | $ 774,071 | 23,204,894 | 624,464 | (12,140,327) | 12,463,102 | |||||
Common stock issued, $7 per share (in shares) | 529 | |||||||||
Common stock issued, $7 per share | $ 53 | 3,650 | 3,703 | |||||||
Costs associated with common stock issued | (47,446) | (47,446) | ||||||||
Other comprehensive income | 2,892,785 | 2,892,785 | ||||||||
Net income (loss) | (426,372) | (426,372) | ||||||||
Balance (in shares) at Jun. 30, 2020 | 7,741,229 | |||||||||
Balance at Jun. 30, 2020 | $ 774,124 | $ 23,161,098 | $ 3,517,249 | $ (12,566,699) | $ 14,885,772 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2020 | Jun. 30, 2019 |
Common Stock [Member] | ||
Common stock, price per share (in dollars per share) | $ 7 | $ 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Cash Flows from operating activities: | |||||
Net income (loss) | $ (426,372) | $ (34,782) | $ (3,129,743) | $ 341,086 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 5,119 | 5,118 | |||
Net realized losses on the sale of securities | 5,925 | 14,528 | 224,878 | 14,528 | |
Unrealized (gains) losses on equity securities | 497,194 | (845,817) | $ (1,098,760) | ||
Change in fair value of funds withheld embedded derivative | 637,033 | ||||
Amortization of investment securities, net | 75,873 | 17,055 | |||
Deferred acquisition costs capitalized | (511,691) | (176,056) | |||
Deferred acquisition costs amortized | 747,373 | 180,727 | |||
Value of business acquired amortized | 5,075 | 5,076 | 10,151 | 10,152 | |
Interest credited on deposit type contracts | 479,157 | 328,583 | |||
(Increase) decrease in operating assets: | |||||
Change in funds withheld | (170,516) | ||||
Investment income due and accrued | (48,964) | 1,237 | |||
Reinsurance related assets | (50,475) | (19,513) | |||
Other assets | 196,689 | (10,830) | |||
Increase (decrease) in operating liabilities: | |||||
Policyowner benefit reserves | 1,649,882 | 1,474,338 | |||
Dividend accumulation | (8,748) | (8,180) | |||
Advance premiums | 2,018 | 16,590 | |||
Other liabilities | 5,278 | (14,533) | |||
Accounts payable and accrued expenses | 25,453 | (143,134) | |||
Net cash provided by operating activities | 635,961 | 1,171,351 | |||
Cash Flows from investing activities: | |||||
Purchase of fixed income investments | (2,028,449) | (984,288) | |||
Purchase of equity investments | (4,186,434) | (179,039) | |||
Purchase of mortgage investments | (962,632) | ||||
Proceeds from fixed income sales and repayments | 1,619,318 | 393,163 | |||
Proceeds from equity sales and repayments | 2,985,691 | 268,101 | |||
Transferred to funds withheld | (2,334,966) | ||||
Interest on policy loans | (5,199) | (723) | |||
Increase (decrease) in policy loans | (29,959) | 179 | |||
Net cash used in investing activities | (4,942,630) | (502,607) | |||
Cash Flows from financing activities: | |||||
Receipts on deposit-type contracts | 5,019,037 | 1,921,482 | |||
Withdrawals on deposit-type contracts | (965,923) | (882,725) | |||
Proceeds from FHLB advance | 1,000,000 | ||||
Proceeds received from issuance of common stock, net of costs of issuance | (48,437) | 157,903 | |||
Net cash provided by financing activities | 5,004,677 | 1,196,660 | |||
Net increase in cash and cash equivalents | 698,008 | 1,865,404 | |||
Cash and cash equivalents: | |||||
Beginning | 6,678,805 | 2,077,646 | 2,077,646 | ||
Ending | $ 7,376,813 | $ 3,943,050 | 7,376,813 | 3,943,050 | $ 6,678,805 |
Supplemental Disclosure of Non-Cash Information | |||||
Funds withheld assumed deposits on deposit-type contracts | 46,763,118 | ||||
Funds withheld assumed withdrawals on deposit-type contracts | 44,995 | ||||
Commissions and expense allowances deducted from funds withheld | $ 6,608,834 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Description of business April 24, 2009 4123 240, 66604. 785 228 0200 www.usalliancecorporation.com USAC has five June 9, 2011, April 23, 2012, April 23, 2012 August 1, 2017 December 14, 2018. USAC terminated its initial public offering on February 24, 2013. 2013, first May 1, 2013. 2014 2015. February 24, 2015, February 24, 2016. February 24, 2016, February 24, 2017 April 1, 2016. February 24, 2021. 4th 2017, USALSC and DCLIC seek opportunities to develop and market additional products. Our business model also anticipates the acquisition by USAC and/or USALSC of other insurance and insurance related companies, including third Basis of presentation: 10 10 X. not The results of operation for the three six June 30, 2020 not December 31, 2020 not 10 December 31, 2019. Principles of consolidation Area of Operation: Reclassifications no Common stock and income (loss) per share: $0.10 20,000,000 June 30, 2020, December 31, 2019, 7,741,229 7,734,004 Earnings (loss) per share attributable to USAC's common stockholders were computed based on the net loss and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the quarters ended June 30, 2020 2019 7,740,876 7,697,969 six June 30, 2020 2019 7,737,418 7,673,690 six June 30, 2020 2019. New accounting pronouncements Revenue from Contracts with Customers In May 2014, not The following steps are applied in the updated guidance: ( 1 2 3 4 5 In July 2015, one March 31, 2018. December 31, 2019. not Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance was effective for the Company for the year ended December 31, 2019 10,987,539 1,098,760 1,098,760 2019. 2016 01, $1.1 December 31, 2019 Leases In February 2016, 12 two no not The updated guidance is effective for reporting periods beginning after December 15, 2018, December 15, 2020. not Measurement of Credit Losses on Financial Instruments In June 2016, The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. December 15, 2022. not Classification of Certain C ash R eceipts and Cash P ayment In August 2016, eight not December 15, 2017, December 15, 2018. not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On December 22, 2017, H.R.1, 2018 February 2018, December 15, 2018, not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 2018 12 not 2018 12 December 15, 2023, Fair Value Measurement This guidance is part of the FASB's disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2019, not All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not The Company's significant account policies are discussed in Note 1 2019 Funds Withheld under Coinsurance Agreement : 2020. Embedded Derivatives : 815, not Mortgage Loans on Real Estate : not 90 A mortgage loan is considered to be impaired when, based on the current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon inherent losses expected by management to be realized in connection with future dispositions or settlement of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan's original effective interest rate, the value of the loan's collateral if the loan is in the process of foreclosure or is otherwise collateral-dependent, or the loan's market value if the loan is being sold. These evaluations are revised as conditions change and new information becomes available. In addition to historical experience, management considers qualitative factors that include the impact of changing macro-economic conditions, which may not Any interest accrued or received on the net carrying amount of the impaired loan will be included in investment income or applied to the principal of the loan, depending on the assessment of the collectibility of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the valuation allowances and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses), net on the consolidated statements of income (loss). The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring. In a troubled debt restructuring, the Company grants concessions related to the borrower's financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may may not may |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | Note 2 . Investments Fixed Maturities The amortized cost and fair value of available for sale investments as of June 30, 2020 December 31, 2019 June 30, 2020 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 573,039 $ 101,726 $ - $ 674,765 Corporate bonds 19,240,984 2,816,255 (182,565 ) 21,874,674 Municipal bonds 5,959,395 872,610 - 6,832,005 Redeemable preferred stock 3,213,953 4,224 (159,884 ) 3,058,293 Mortgage backed and asset backed securities 3,647,890 81,386 (16,492 ) 3,712,784 Total available for sale $ 32,635,261 $ 3,876,201 $ (358,941 ) $ 36,152,521 December 31, 2019 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 608,477 $ 24,162 $ - $ 632,639 Corporate bonds 18,407,211 1,697,265 (20,079 ) 20,084,397 Municipal bonds 6,538,883 518,059 (1,883 ) 7,055,059 Redeemable preferred stock 2,097,206 36,687 - 2,133,893 Mortgage backed and asset backed securities 3,171,620 77,593 (2,309 ) 3,246,904 Total available for sale $ 30,823,397 $ 2,353,766 $ (24,271 ) $ 33,152,892 The amortized cost and fair value of debt securities as of June 30, 2020 December 31, 2019, may may As of June 30, 2020 As of December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Amounts maturing in: One year or less $ - $ - $ 99,987 $ 100,239 After one year through five years 1,623,810 1,726,647 1,424,337 1,471,552 After five years through ten years 3,087,409 3,570,764 3,286,937 3,574,191 More than 10 years 21,062,199 24,084,033 20,743,310 22,626,113 Redeemable preferred stocks 3,213,953 3,058,293 2,097,206 2,133,893 Mortgage backed and asset backed securities 3,647,890 3,712,784 3,171,620 3,246,904 Total amortized cost and fair value $ 32,635,261 $ 36,152,521 $ 30,823,397 $ 33,152,892 Proceeds from the sale of securities, maturities, and asset paydowns for the first six 2020 2019 $4,605,009 $661,264 Six Months Ended June 30, (unaudited) 2020 2019 Gross gains $ 64,907 $ 3,951 Gross losses (289,785 ) (18,479 ) Net security losses $ (224,878 ) $ (14,528 ) Proceeds from the sale of securities, maturities, and asset paydowns for the three June 30, 2020 2019 $1,115,733 $608,682 Three Months Ended June 30, (unaudited) 2020 2019 Gross gains $ 20,612 $ 3,951 Gross losses (26,537 ) (18,479 ) Net security losses $ (5,925 ) $ (14,528 ) Gross unrealized losses by duration for available for sale securities are summarized as follows: Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss June 30, 2020 (unaudited) Available for sale: Fixed maturities: Corporate bonds $ 1,731,912 $ (182,565 ) $ - $ - $ 1,731,912 $ (182,565 ) Redeemable preferred stock 2,779,058 (159,884 ) - - 2,779,058 (159,884 ) Mortgage backed and asset backed securities 457,526 (16,492 ) - - 457,526 (16,492 ) Total fixed maturities $ 4,968,496 $ (358,941 ) $ - $ - $ 4,968,496 $ (358,941 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2019 Available for sale: Fixed maturities: Corporate bonds $ 967,848 $ (20,079 ) $ - $ - $ 967,848 $ (20,079 ) Municipal bonds 46,646 (1,883 ) - - 46,646 (1,883 ) Mortgage backed and asset backed securities - - 296,576 (2,309 ) 296,576 (2,309 ) Total fixed maturities $ 1,014,494 $ (21,962 ) $ 296,576 $ (2,309 ) $ 1,311,070 $ (24,271 ) Unrealized losses occur from market price declines that may The total number of available for sale securities in the investment portfolio in an unrealized loss position as of June 30, 2020 24, $358,941 24 8 7 9 no June 30, 2020 December 31, 2019. Mortgage loans on Real Estate The Company's mortgage loans by property type as of June 30, 2020 December 31, 2019 June 30,2020 December 31, 2019 (unaudited) Commerical mortgage loans by property type Student housing $ 786,736 $ - Multi-family 175,954 - Total commerical mortgages $ 962,690 $ - The Company's mortgage loans by loan-to-value ratio as of June 30, 2020 December 31, 2019 June 30,2020 December 31, 2019 (unaudited) Loan to value ratio Over 20 to 30% $ 175,954 $ - Over 10 to 20% 786,736 - Total $ 962,690 $ - The Company's mortgage loans by maturity date as of June 30, 2020 December 31, 2019 June 30,2020 December 31, 2019 (unaudited) Maturity Date One year or less $ 962,690 $ - Investment Income , Net of Expenses The components of net investment income for the six June 30, 2020 2019 Six Months Ended June 30, 2020 2019 (unaudited) Fixed maturities $ 617,418 $ 585,033 Mortgages 5,851 - Equity securities 289,450 285,076 Funds withheld 364,033 - Cash and cash equivalents 11,376 13,978 1,288,128 884,087 Less investment expenses (32,117 ) (23,049 ) $ 1,256,011 $ 861,038 The components of net investment income for the three June 30, 2020 2019 Three Months Ended June 30, 2020 2019 (unaudited) Fixed maturities $ 309,943 $ 282,739 Mortgages 5,851 $ - Equity securities 139,261 170,491 Funds withheld 304,778 - Cash and cash equivalents 2,064 9,779 761,897 463,009 Less investment expenses (20,594 ) (11,903 ) $ 741,303 $ 451,106 |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 3 . Derivative Instruments Accounting for Derivative Instruments See Note 1 Types of Derivatives used by the Company The Company's derivatives consists solely of embedded derivatives on funds withheld on coinsurance assets. Summary of Derivative Positions The fair value of the Company's derivative financial instruments on the consolidated balance sheets as of June 30, 2020 June 30, 2020 December 31, 2019 (unaudited) Derivative Derivative Balance Asset Liability Asset Liability Reported In Derivatives: Embedded derivatives: Funds withheld embedded derivative $ - $ 637,033 $ - $ - Funds withheld The following table shows the change in the fair value of the derivative financial instruments in the consolidated statements of comprehensive income: Period Ending Period Ending Balance June 30,2020 June 30,2019 Reported In (unaudited) (unaudited) Derivatives: Embedded derivatives: Change in funds withheld embedded derivative $ (637,033 ) $ - Net investment gains (losses) |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4 . Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1 ● Level 2 1 ● Level 3 Investments, available for sale third Equity securities: third Embedded derivative: not 3 no June 30, 2020. The following table presents the amounts of assets measured at fair value on a recurring basis as of June 30, 2020 December 31, 2019: June 30, 2020 Total Level 1 Level 2 Level 3 (unaudited) Fixed maturities: US Treasury securities $ 674,765 $ 674,765 $ - $ - Corporate bonds 21,874,674 - 21,683,074 191,600 Municipal bonds 6,832,005 - 6,832,005 - Redeemable preferred stock 3,058,293 - 3,058,293 - Mortgage backed and asset backed securities 3,712,784 - 3,712,784 - Total fixed maturities 36,152,521 674,765 35,286,156 191,600 Equities: Common stock 7,162,008 7,071,608 90,400 - Preferred stock 1,979,492 - 1,979,492 - Total equities 9,141,500 7,071,608 2,069,892 - Funds withheld embedded derivative (637,033 ) - - (637,033 ) Total $ 44,656,988 $ 7,746,373 $ 37,356,048 $ (445,433 ) December 31, 2019 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 632,639 $ 632,639 $ - $ - Corporate bonds 20,084,397 - 19,892,797 191,600 Municipal bonds 7,055,059 - 7,055,059 - Redeemable preferred stock 2,133,893 - 2,133,893 - Mortgage backed and asset backed securities 3,246,904 - 3,246,904 - Total fixed maturities 33,152,892 632,639 32,328,653 191,600 Equities: Common stock 9,214,694 9,169,694 45,000 - Preferred stock 926,809 - 926,809 - Total equities 10,141,503 9,169,694 971,809 - Total $ 43,294,395 $ 9,802,333 $ 33,300,462 $ 191,600 The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 For the Six Months Ended June 30, 2020 Corporate Funds Bonds Withheld Fair value, beginnig of period $ 191,600 $ - Investment related gains (losses), net - (637,033 ) Fair value, end of period $ 191,600 $ (637,033 ) For the Three Months Ended June 30, 2020 Corporate Funds Bonds Withheld Fair value, beginnig of period $ 191,600 $ - Investment related gains (losses), net - (637,033 ) Fair value, end of period $ 191,600 $ (637,033 ) The Company discloses the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not Cash and cash equivalents Investment income due and accrued: Funds withheld: not may 3 Policy loans Federal Home Loan Bank Advances: Policyholder deposits in deposit-type contracts The estimated fair values of the Company's financial assets and liabilities at June 30, 2020 December 31, 2019 June 30, 2020 (unaudited) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 7,376,813 $ 7,376,813 $ 7,376,813 $ - $ - Investment income due and accrued 370,326 370,326 - 370,326 - Funds withheld 41,931,524 41,294,491 - - 41,294,491 Policy loans 154,088 154,088 - - 154,088 Total Financial Assets (excluding available for sale investments) $ 49,832,751 $ 49,195,718 $ 7,376,813 $ 370,326 $ 41,448,579 Financial Liabilities: Federal Home Loan Bank advance $ 2,000,000 $ 2,000,000 $ - $ - $ 2,000,000 Policyholder deposits in deposit-type contracts 70,647,008 73,033,465 - - 73,033,465 Total Financial Liabilities $ 72,647,008 $ 75,033,465 $ - $ - $ 75,033,465 December 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 6,678,805 $ 6,678,805 $ 6,678,805 $ - $ - Investment income due and accrued 321,362 321,362 - 321,362 - Policy loans 118,930 118,930 - - 118,930 Total Financial Assets (excluding available for sale investments) $ 7,119,097 $ 7,119,097 $ 6,678,805 $ 321,362 $ 118,930 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 19,396,614 19,186,265 - - 19,186,265 Total Financial Liabilities $ 20,396,614 $ 20,186,265 $ - $ - $ 20,186,265 |
Note 5 - Income Tax Provision
Note 5 - Income Tax Provision | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 . Income Tax Provision No June 30, 2020 2019 The net operating loss carryforwards for the Company are $12,965,591 $12,567,367 June 30, 2020 December 31, 2019, $431,158 June 30, 2020 December 31, 2019. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 6 . Subsequent Events All of the effects of subsequent events that provide additional evidence about conditions that existed at the balance sheet date, including the estimates inherent in the process of preparing the consolidated financial statements, are recognized in the consolidated financial statements. The Company does not not The Company has evaluated subsequent events through August 12, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation: 10 10 X. not The results of operation for the three six June 30, 2020 not December 31, 2020 not 10 December 31, 2019. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
Area of Operation, Policy [Policy Text Block] | Area of Operation: |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Earnings Per Share, Policy [Policy Text Block] | Common stock and income (loss) per share: $0.10 20,000,000 June 30, 2020, December 31, 2019, 7,741,229 7,734,004 Earnings (loss) per share attributable to the Company's common stockholders were computed based on the net loss and the weighted average number of shares outstanding during each year. The weighted average number of shares outstanding during the quarters ended June 30, 2020 2019 7,740,876 7,697,969 six June 30, 2020 2019 7,737,418 7,673,690 six June 30, 2020 2019. |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements Revenue from Contracts with Customers In May 2014, not The following steps are applied in the updated guidance: ( 1 2 3 4 5 In July 2015, one March 31, 2018. December 31, 2019. not Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, This guidance was effective for the Company for the year ended December 31, 2019 10,987,539 1,098,760 1,098,760 2019. 2016 01, $1.1 December 31, 2019 Leases In February 2016, 12 two no not The updated guidance is effective for reporting periods beginning after December 15, 2018, December 15, 2020. not Measurement of Credit Losses on Financial Instruments In June 2016, The updated guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no The updated guidance is effective for reporting periods beginning after December 15, 2019. December 15, 2018. December 15, 2022. not Classification of Certain C ash R eceipts and Cash P ayment In August 2016, eight not December 15, 2017, December 15, 2018. not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On December 22, 2017, H.R.1, 2018 February 2018, December 15, 2018, not Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, 2018 12 2018 12 not 2018 12 December 15, 2023, Fair Value Measurement This guidance is part of the FASB's disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2019, not All other new accounting standards and updates of existing standards issued through the date of this filing were considered by management and did not The Company's significant account policies are discussed in Note 1 2019 Funds Withheld under Coinsurance Agreement : 2020. Embedded Derivatives : 815, not Mortgage Loans on Real Estate : not 90 A mortgage loan is considered to be impaired when, based on the current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon inherent losses expected by management to be realized in connection with future dispositions or settlement of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan's original effective interest rate, the value of the loan's collateral if the loan is in the process of foreclosure or is otherwise collateral-dependent, or the loan's market value if the loan is being sold. These evaluations are revised as conditions change and new information becomes available. In addition to historical experience, management considers qualitative factors that include the impact of changing macro-economic conditions, which may not Any interest accrued or received on the net carrying amount of the impaired loan will be included in investment income or applied to the principal of the loan, depending on the assessment of the collectability of the loan. Mortgage loans deemed to be uncollectible or that have been foreclosed are charged off against the valuation allowances and subsequent recoveries, if any, are credited to the valuation allowances. Changes in valuation allowances are reported in investment related gains (losses), net on the consolidated statements of income (loss). The Company evaluates whether a mortgage loan modification represents a troubled debt restructuring. In a troubled debt restructuring, the Company grants concessions related to the borrower's financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the continuous monitoring process, the Company may may not may |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30, 2020 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (unaudited) Available for sale: Fixed maturities: US Treasury securities $ 573,039 $ 101,726 $ - $ 674,765 Corporate bonds 19,240,984 2,816,255 (182,565 ) 21,874,674 Municipal bonds 5,959,395 872,610 - 6,832,005 Redeemable preferred stock 3,213,953 4,224 (159,884 ) 3,058,293 Mortgage backed and asset backed securities 3,647,890 81,386 (16,492 ) 3,712,784 Total available for sale $ 32,635,261 $ 3,876,201 $ (358,941 ) $ 36,152,521 December 31, 2019 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available for sale: Fixed maturities: US Treasury securities $ 608,477 $ 24,162 $ - $ 632,639 Corporate bonds 18,407,211 1,697,265 (20,079 ) 20,084,397 Municipal bonds 6,538,883 518,059 (1,883 ) 7,055,059 Redeemable preferred stock 2,097,206 36,687 - 2,133,893 Mortgage backed and asset backed securities 3,171,620 77,593 (2,309 ) 3,246,904 Total available for sale $ 30,823,397 $ 2,353,766 $ (24,271 ) $ 33,152,892 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of June 30, 2020 As of December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (unaudited) Amounts maturing in: One year or less $ - $ - $ 99,987 $ 100,239 After one year through five years 1,623,810 1,726,647 1,424,337 1,471,552 After five years through ten years 3,087,409 3,570,764 3,286,937 3,574,191 More than 10 years 21,062,199 24,084,033 20,743,310 22,626,113 Redeemable preferred stocks 3,213,953 3,058,293 2,097,206 2,133,893 Mortgage backed and asset backed securities 3,647,890 3,712,784 3,171,620 3,246,904 Total amortized cost and fair value $ 32,635,261 $ 36,152,521 $ 30,823,397 $ 33,152,892 |
Realized Gain (Loss) on Investments [Table Text Block] | Six Months Ended June 30, (unaudited) 2020 2019 Gross gains $ 64,907 $ 3,951 Gross losses (289,785 ) (18,479 ) Net security losses $ (224,878 ) $ (14,528 ) Three Months Ended June 30, (unaudited) 2020 2019 Gross gains $ 20,612 $ 3,951 Gross losses (26,537 ) (18,479 ) Net security losses $ (5,925 ) $ (14,528 ) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss June 30, 2020 (unaudited) Available for sale: Fixed maturities: Corporate bonds $ 1,731,912 $ (182,565 ) $ - $ - $ 1,731,912 $ (182,565 ) Redeemable preferred stock 2,779,058 (159,884 ) - - 2,779,058 (159,884 ) Mortgage backed and asset backed securities 457,526 (16,492 ) - - 457,526 (16,492 ) Total fixed maturities $ 4,968,496 $ (358,941 ) $ - $ - $ 4,968,496 $ (358,941 ) Less than 12 months Greater than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss December 31, 2019 Available for sale: Fixed maturities: Corporate bonds $ 967,848 $ (20,079 ) $ - $ - $ 967,848 $ (20,079 ) Municipal bonds 46,646 (1,883 ) - - 46,646 (1,883 ) Mortgage backed and asset backed securities - - 296,576 (2,309 ) 296,576 (2,309 ) Total fixed maturities $ 1,014,494 $ (21,962 ) $ 296,576 $ (2,309 ) $ 1,311,070 $ (24,271 ) |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30,2020 December 31, 2019 (unaudited) Commerical mortgage loans by property type Student housing $ 786,736 $ - Multi-family 175,954 - Total commerical mortgages $ 962,690 $ - |
Schedule of Mortage Loans by Loan-to-Value Ratio [Table Text Block] | June 30,2020 December 31, 2019 (unaudited) Loan to value ratio Over 20 to 30% $ 175,954 $ - Over 10 to 20% 786,736 - Total $ 962,690 $ - |
Schedule of Mortgage Loans by Maturity Date [Table Text Block] | June 30,2020 December 31, 2019 (unaudited) Maturity Date One year or less $ 962,690 $ - |
Investment Income [Table Text Block] | Six Months Ended June 30, 2020 2019 (unaudited) Fixed maturities $ 617,418 $ 585,033 Mortgages 5,851 - Equity securities 289,450 285,076 Funds withheld 364,033 - Cash and cash equivalents 11,376 13,978 1,288,128 884,087 Less investment expenses (32,117 ) (23,049 ) $ 1,256,011 $ 861,038 Three Months Ended June 30, 2020 2019 (unaudited) Fixed maturities $ 309,943 $ 282,739 Mortgages 5,851 $ - Equity securities 139,261 170,491 Funds withheld 304,778 - Cash and cash equivalents 2,064 9,779 761,897 463,009 Less investment expenses (20,594 ) (11,903 ) $ 741,303 $ 451,106 |
Note 3 - Derivative Instrumen_2
Note 3 - Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block] | June 30, 2020 December 31, 2019 (unaudited) Derivative Derivative Balance Asset Liability Asset Liability Reported In Derivatives: Embedded derivatives: Funds withheld embedded derivative $ - $ 637,033 $ - $ - Funds withheld Period Ending Period Ending Balance June 30,2020 June 30,2019 Reported In (unaudited) (unaudited) Derivatives: Embedded derivatives: Change in funds withheld embedded derivative $ (637,033 ) $ - Net investment gains (losses) |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2020 Total Level 1 Level 2 Level 3 (unaudited) Fixed maturities: US Treasury securities $ 674,765 $ 674,765 $ - $ - Corporate bonds 21,874,674 - 21,683,074 191,600 Municipal bonds 6,832,005 - 6,832,005 - Redeemable preferred stock 3,058,293 - 3,058,293 - Mortgage backed and asset backed securities 3,712,784 - 3,712,784 - Total fixed maturities 36,152,521 674,765 35,286,156 191,600 Equities: Common stock 7,162,008 7,071,608 90,400 - Preferred stock 1,979,492 - 1,979,492 - Total equities 9,141,500 7,071,608 2,069,892 - Funds withheld embedded derivative (637,033 ) - - (637,033 ) Total $ 44,656,988 $ 7,746,373 $ 37,356,048 $ (445,433 ) December 31, 2019 Total Level 1 Level 2 Level 3 Available for sale: Fixed maturities: US Treasury securities $ 632,639 $ 632,639 $ - $ - Corporate bonds 20,084,397 - 19,892,797 191,600 Municipal bonds 7,055,059 - 7,055,059 - Redeemable preferred stock 2,133,893 - 2,133,893 - Mortgage backed and asset backed securities 3,246,904 - 3,246,904 - Total fixed maturities 33,152,892 632,639 32,328,653 191,600 Equities: Common stock 9,214,694 9,169,694 45,000 - Preferred stock 926,809 - 926,809 - Total equities 10,141,503 9,169,694 971,809 - Total $ 43,294,395 $ 9,802,333 $ 33,300,462 $ 191,600 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the Six Months Ended June 30, 2020 Corporate Funds Bonds Withheld Fair value, beginnig of period $ 191,600 $ - Investment related gains (losses), net - (637,033 ) Fair value, end of period $ 191,600 $ (637,033 ) For the Three Months Ended June 30, 2020 Corporate Funds Bonds Withheld Fair value, beginnig of period $ 191,600 $ - Investment related gains (losses), net - (637,033 ) Fair value, end of period $ 191,600 $ (637,033 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, 2020 (unaudited) Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 7,376,813 $ 7,376,813 $ 7,376,813 $ - $ - Investment income due and accrued 370,326 370,326 - 370,326 - Funds withheld 41,931,524 41,294,491 - - 41,294,491 Policy loans 154,088 154,088 - - 154,088 Total Financial Assets (excluding available for sale investments) $ 49,832,751 $ 49,195,718 $ 7,376,813 $ 370,326 $ 41,448,579 Financial Liabilities: Federal Home Loan Bank advance $ 2,000,000 $ 2,000,000 $ - $ - $ 2,000,000 Policyholder deposits in deposit-type contracts 70,647,008 73,033,465 - - 73,033,465 Total Financial Liabilities $ 72,647,008 $ 75,033,465 $ - $ - $ 75,033,465 December 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 6,678,805 $ 6,678,805 $ 6,678,805 $ - $ - Investment income due and accrued 321,362 321,362 - 321,362 - Policy loans 118,930 118,930 - - 118,930 Total Financial Assets (excluding available for sale investments) $ 7,119,097 $ 7,119,097 $ 6,678,805 $ 321,362 $ 118,930 Financial Liabilities: Federal Home Loan Bank advance $ 1,000,000 $ 1,000,000 $ - $ - $ 1,000,000 Policyholder deposits in deposit-type contracts 19,396,614 19,186,265 - - 19,186,265 Total Financial Liabilities $ 20,396,614 $ 20,186,265 $ - $ - $ 20,186,265 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Wholly-Owned Operating Subsidiaries | 5 | 5 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||||||
Common Stock, Shares Authorized (in shares) | shares | 20,000,000 | 20,000,000 | 20,000,000 | ||||||
Common Stock, Shares, Issued, Total (in shares) | shares | 7,741,229 | 7,741,229 | 7,734,004 | ||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) | shares | 7,740,876 | 7,697,969 | 7,737,418 | 7,673,690 | |||||
Equity Securities, FV-NI | $ 10,987,539 | ||||||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (497,194) | $ 845,817 | 1,098,760 | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 14,885,772 | $ 15,719,498 | $ 14,885,772 | 15,719,498 | 16,876,197 | $ 12,463,102 | $ 14,411,202 | $ 12,632,666 | |
Equity Securities, FV-NI, Gain (Loss), Total | $ 1,100,000 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares | 7,741,229 | 7,741,229 | 7,734,004 | ||||||
AOCI Attributable to Parent [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 3,517,249 | 1,502,174 | $ 3,517,249 | 1,502,174 | $ 2,329,495 | 624,464 | 160,109 | (2,184,429) | |
Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (12,566,699) | $ (9,695,078) | $ (12,566,699) | $ (9,695,078) | $ (9,436,956) | $ (12,140,327) | $ (9,660,296) | (8,937,404) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | |||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | 1,098,760 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (1,098,760) | ||||||||
Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 1,098,760 | ||||||||
Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | |||||||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ (1,098,760) |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Proceeds from Sale, Maturity and Collection of Investments, Total | $ 1,115,733 | $ 608,682 | $ 4,605,009 | $ 661,264 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 24 | 24 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | $ 358,941 | $ 358,941 | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | |||
Fixed Income Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 8 | 8 | |||
Collateralized Mortgage Backed Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 7 | 7 | |||
Preferred Stock [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 9 | 9 |
Note 2 - Investments - Amortize
Note 2 - Investments - Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Investments (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt securities, amortized cost | $ 32,635,261 | $ 30,823,397 |
Gross Unrealized Gains | 3,876,201 | 2,353,766 |
Gross Unrealized Losses | (358,941) | (24,271) |
Investments in available-for-sale securities, at fair value | 36,152,521 | 33,152,892 |
Fixed Maturities [Member] | ||
Debt securities, amortized cost | 32,635,261 | 30,823,397 |
Investments in available-for-sale securities, at fair value | 36,152,521 | 33,152,892 |
US Treasury Securities [Member] | Fixed Maturities [Member] | ||
Debt securities, amortized cost | 573,039 | 608,477 |
Gross Unrealized Gains | 101,726 | 24,162 |
Gross Unrealized Losses | ||
Investments in available-for-sale securities, at fair value | 674,765 | 632,639 |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt securities, amortized cost | 19,240,984 | 18,407,211 |
Gross Unrealized Gains | 2,816,255 | 1,697,265 |
Gross Unrealized Losses | (182,565) | (20,079) |
Investments in available-for-sale securities, at fair value | 21,874,674 | 20,084,397 |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Debt securities, amortized cost | 5,959,395 | 6,538,883 |
Gross Unrealized Gains | 872,610 | 518,059 |
Gross Unrealized Losses | (1,883) | |
Investments in available-for-sale securities, at fair value | 6,832,005 | 7,055,059 |
Redeemable Preferred Stock [Member] | Fixed Maturities [Member] | ||
Debt securities, amortized cost | 3,213,953 | 2,097,206 |
Gross Unrealized Gains | 4,224 | 36,687 |
Gross Unrealized Losses | (159,884) | |
Investments in available-for-sale securities, at fair value | 3,058,293 | 2,133,893 |
Collateralized Mortgage Backed Securities [Member] | Fixed Maturities [Member] | ||
Debt securities, amortized cost | 3,647,890 | 3,171,620 |
Gross Unrealized Gains | 81,386 | 77,593 |
Gross Unrealized Losses | (16,492) | (2,309) |
Investments in available-for-sale securities, at fair value | $ 3,712,784 | $ 3,246,904 |
Note 2 - Investments - Amorti_2
Note 2 - Investments - Amortized Cost and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt securities, amortized cost | $ 32,635,261 | $ 30,823,397 |
Debt securities, fair value | 36,152,521 | 33,152,892 |
Fixed Maturities [Member] | ||
One year or less, amortized cost | 99,987 | |
One year or less, fair value | 100,239 | |
After one year through five years, amortized cost | 1,623,810 | 1,424,337 |
After one year through five years, fair value | 1,726,647 | 1,471,552 |
After five years through ten years, amortized cost | 3,087,409 | 3,286,937 |
After five years through ten years, fair value | 3,570,764 | 3,574,191 |
More than 10 years, amortized cost | 21,062,199 | 20,743,310 |
More than 10 years, fair value | 24,084,033 | 22,626,113 |
Debt securities, amortized cost | 32,635,261 | 30,823,397 |
Debt securities, fair value | 36,152,521 | 33,152,892 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | ||
Debt securities, amortized cost | 3,213,953 | 2,097,206 |
Debt securities, fair value | 3,058,293 | 2,133,893 |
Debt securities, amortized cost | 3,213,953 | 2,097,206 |
Debt securities, fair value | 3,058,293 | 2,133,893 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Debt securities, amortized cost | 3,647,890 | 3,171,620 |
Debt securities, fair value | 3,712,784 | 3,246,904 |
Debt securities, amortized cost | 3,647,890 | 3,171,620 |
Debt securities, fair value | $ 3,712,784 | $ 3,246,904 |
Note 2 - Investments - Realized
Note 2 - Investments - Realized Gains and Losses Related to the Sale of Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gross gains | $ 20,612 | $ 3,951 | $ 64,907 | $ 3,951 |
Gross losses | (26,537) | (18,479) | (289,785) | (18,479) |
Net security losses | $ (5,925) | $ (14,528) | $ (224,878) | $ (14,528) |
Note 2 - Investments - Gross Un
Note 2 - Investments - Gross Unrealized Losses (Details) - Fixed Maturities [Member] - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale securities, less than 12 months, fair value | $ 4,968,496 | $ 1,014,494 |
Available-for-sale securities, less than 12 months, unrealized loss | (358,941) | (21,962) |
Available-for-sale securities, greater than 12 months, fair value | 296,576 | |
Available-for-sale securities, greater than 12 months, unrealized loss | (2,309) | |
Available-for-sale securities, fair value | 4,968,496 | 1,311,070 |
Available-for-sale securities, unrealized loss | (358,941) | (24,271) |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 1,731,912 | 967,848 |
Available-for-sale securities, less than 12 months, unrealized loss | (182,565) | (20,079) |
Available-for-sale securities, greater than 12 months, fair value | ||
Available-for-sale securities, greater than 12 months, unrealized loss | ||
Available-for-sale securities, fair value | 1,731,912 | 967,848 |
Available-for-sale securities, unrealized loss | (182,565) | (20,079) |
Redeemable Preferred Stock [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 2,779,058 | |
Available-for-sale securities, less than 12 months, unrealized loss | (159,884) | |
Available-for-sale securities, greater than 12 months, fair value | ||
Available-for-sale securities, greater than 12 months, unrealized loss | ||
Available-for-sale securities, fair value | 2,779,058 | |
Available-for-sale securities, unrealized loss | (159,884) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 46,646 | |
Available-for-sale securities, less than 12 months, unrealized loss | (1,883) | |
Available-for-sale securities, greater than 12 months, fair value | ||
Available-for-sale securities, greater than 12 months, unrealized loss | ||
Available-for-sale securities, fair value | 46,646 | |
Available-for-sale securities, unrealized loss | (1,883) | |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities, less than 12 months, fair value | 457,526 | |
Available-for-sale securities, less than 12 months, unrealized loss | (16,492) | |
Available-for-sale securities, greater than 12 months, fair value | 296,576 | |
Available-for-sale securities, greater than 12 months, unrealized loss | (2,309) | |
Available-for-sale securities, fair value | 457,526 | 296,576 |
Available-for-sale securities, unrealized loss | $ (16,492) | $ (2,309) |
Note 2 - Investments - Mortgage
Note 2 - Investments - Mortgage Loans by Property Type (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Total commerical mortgages | $ 962,690 | |
Student Housing [Member] | ||
Total commerical mortgages | 786,736 | |
Multifamily [Member] | ||
Total commerical mortgages | $ 175,954 |
Note 2 - Investments - Mortga_2
Note 2 - Investments - Mortgage Loans by Loan-to-Value Ratio (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Total commerical mortgages | $ 962,690 | |
Debt-to-Value Ratio, 20 to 30 Percent [Member] | ||
Total commerical mortgages | 175,954 | |
Debt-to-Value Ratio, 10 to 20 Percent [Member] | ||
Total commerical mortgages | $ 786,736 |
Note 2 - Investments - Mortga_3
Note 2 - Investments - Mortgage Loans by Maturity Date (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
One year or less | $ 962,690 |
Note 2 - Investments - Componen
Note 2 - Investments - Components of Net Investment Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investment income | $ 761,897 | $ 463,009 | $ 1,288,128 | $ 884,087 |
Less investment expenses | (20,594) | (11,903) | (32,117) | (23,049) |
Investment income, net | 741,303 | 451,106 | 1,256,011 | 861,038 |
Fixed Maturities [Member] | ||||
Investment income | 309,943 | 282,739 | 617,418 | 585,033 |
Mortgages [Member] | ||||
Investment income | 5,851 | 5,851 | ||
Equity Securities [Member] | ||||
Investment income | 139,261 | 170,491 | 289,450 | 285,076 |
Funds Withheld on Coinsurance Assets [Member] | ||||
Investment income | 304,778 | 364,033 | ||
Cash and Cash Equivalents [Member] | ||||
Investment income | $ 2,064 | $ 9,779 | $ 11,376 | $ 13,978 |
Note 3 - Derivative Instrumen_3
Note 3 - Derivative Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Funds withheld embedded derivative, asset | |||
Funds withheld embedded derivative, liability | 637,033 | ||
Change in funds withheld embedded derivative | $ (637,033) |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | Jun. 30, 2020USD ($) |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Investments in available-for-sale securities, at fair value | $ 36,152,521 | $ 33,152,892 |
Funds withheld embedded derivative | (637,033) | |
Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 44,656,988 | 43,294,395 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 7,746,373 | 9,802,333 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 37,356,048 | 33,300,462 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 191,600 | |
Total including embeded derivative | (445,433) | |
Fixed Maturities [Member] | ||
Investments in available-for-sale securities, at fair value | 36,152,521 | 33,152,892 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 36,152,521 | 33,152,892 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 674,765 | 632,639 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 35,286,156 | 32,328,653 |
Fixed Maturities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 191,600 | 191,600 |
Fixed Maturities [Member] | US Treasury Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 674,765 | 632,639 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 674,765 | 632,639 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 674,765 | 632,639 |
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 21,874,674 | 20,084,397 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 21,874,674 | 20,084,397 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 21,683,074 | 19,892,797 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | 191,600 | 191,600 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 6,832,005 | 7,055,059 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 6,832,005 | 7,055,059 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 6,832,005 | 7,055,059 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | ||
Investments in available-for-sale securities, at fair value | 3,058,293 | 2,133,893 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 3,058,293 | 2,133,893 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 3,058,293 | 2,133,893 |
Fixed Maturities [Member] | Redeemable Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 3,712,784 | 3,246,904 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 3,712,784 | 3,246,904 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 3,712,784 | 3,246,904 |
Fixed Maturities [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Equity Securities [Member] | ||
Investments in available-for-sale securities, at fair value | 9,141,500 | 10,141,503 |
Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 9,141,500 | 10,141,503 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 7,071,608 | 9,169,694 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 2,069,892 | 971,809 |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Equity Securities [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 7,162,008 | 9,214,694 |
Equity Securities [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | 7,071,608 | 9,169,694 |
Equity Securities [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 90,400 | 45,000 |
Equity Securities [Member] | Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Equity Securities [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Investments in available-for-sale securities, at fair value | 1,979,492 | 926,809 |
Equity Securities [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Equity Securities [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments in available-for-sale securities, at fair value | 1,979,492 | 926,809 |
Equity Securities [Member] | Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments in available-for-sale securities, at fair value | ||
Funds Withheld on Coinsurance Assets [Member] | Fair Value, Recurring [Member] | ||
Funds withheld embedded derivative | (637,033) | |
Funds Withheld on Coinsurance Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Funds withheld embedded derivative | ||
Funds Withheld on Coinsurance Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Funds withheld embedded derivative | ||
Funds Withheld on Coinsurance Assets [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Funds withheld embedded derivative | $ (637,033) |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Corporate Debt Securities [Member] | ||
Fair value, corporate bonds, beginnig of period | $ 191,600 | $ 191,600 |
Investment related gains (losses), corporate bonds, net | ||
Fair value, corporate bonds, end of period | 191,600 | 191,600 |
Funds Withheld on Coinsurance Assets [Member] | ||
Fair value, funds withheld, beginnig of period | ||
Investment related gains (losses), funds withheld, net | (637,033) | (637,033) |
Fair value, funds withheld, end of period | $ (637,033) | $ (637,033) |
Note 4 - Fair Value Measureme_6
Note 4 - Fair Value Measurements - Estimated Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 7,376,813 | $ 6,678,805 |
Investment income due and accrued | 370,326 | 321,362 |
Funds withheld | 41,931,524 | |
Policy loans | 154,088 | 118,930 |
Total Financial Assets (excluding available for sale investments) | 49,832,751 | 7,119,097 |
Federal Home Loan Bank advance | 2,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 70,647,008 | 19,396,614 |
Total Financial Liabilities | 72,647,008 | 20,396,614 |
Federal Home Loan Bank advance | 2,000,000 | 1,000,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 7,376,813 | 6,678,805 |
Investment income due and accrued | 370,326 | 321,362 |
Funds withheld | 41,294,491 | |
Policy loans | 154,088 | 118,930 |
Total Financial Assets (excluding available for sale investments) | 49,195,718 | 7,119,097 |
Federal Home Loan Bank advance | 2,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 73,033,465 | 19,186,265 |
Total Financial Liabilities | 75,033,465 | 20,186,265 |
Federal Home Loan Bank advance | 2,000,000 | 1,000,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 7,376,813 | 6,678,805 |
Investment income due and accrued | ||
Funds withheld | ||
Policy loans | ||
Total Financial Assets (excluding available for sale investments) | 7,376,813 | 6,678,805 |
Federal Home Loan Bank advance | ||
Policyholder deposits in deposit-type contracts | ||
Total Financial Liabilities | ||
Federal Home Loan Bank advance | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Investment income due and accrued | 370,326 | 321,362 |
Funds withheld | ||
Policy loans | ||
Total Financial Assets (excluding available for sale investments) | 370,326 | 321,362 |
Federal Home Loan Bank advance | ||
Policyholder deposits in deposit-type contracts | ||
Total Financial Liabilities | ||
Federal Home Loan Bank advance | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Investment income due and accrued | ||
Funds withheld | 41,294,491 | |
Policy loans | 154,088 | 118,930 |
Total Financial Assets (excluding available for sale investments) | 41,448,579 | 118,930 |
Federal Home Loan Bank advance | 2,000,000 | 1,000,000 |
Policyholder deposits in deposit-type contracts | 73,033,465 | 19,186,265 |
Total Financial Liabilities | 75,033,465 | 20,186,265 |
Federal Home Loan Bank advance | $ 2,000,000 | $ 1,000,000 |
Note 5 - Income Tax Provision (
Note 5 - Income Tax Provision (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | |
Operating Loss Carryforwards, Total | 12,965,591 | $ 12,567,367 | |
Deferred Income Tax Assets, Net, Total | $ 431,158 | $ 431,158 |