Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | TEXAS REPUBLIC CAPITAL CORPORATION | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 15,546,619 | |
Amendment Flag | false | |
Entity Central Index Key | 0001560452 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55621 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 45-5311713 | |
Title of 12(b) Security | Common stock $0.01 par | |
Entity Address, Address Line One | 13215 Bee Cave Parkway, Ste. A120 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78738 | |
City Area Code | 512 | |
Local Phone Number | 330-0099 | |
Entity Interactive Data Current | Yes |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Available-for-sale fixed maturity securities at fair value (Amortized cost: $8,226,578 and $8,620,783 as of March 31, 2023 and December 31, 2022, respectively) | $ 7,864,841 | $ 8,137,190 |
Mortgage loans, net of allowance | 17,415,914 | 18,573,709 |
Policy loans | 9,847 | 21,496 |
Other long-term investments | 3,416,766 | 3,763,011 |
Total investments | 28,707,368 | 30,495,406 |
Cash and cash equivalents | 5,870,893 | 4,417,837 |
Accrued investment income | 209,675 | 216,677 |
Due premium | 65,314 | 4,103 |
Deferred policy acquisition costs | 2,716,984 | 2,453,849 |
Deferred sales inducement costs | 386,119 | 445,373 |
Advances and notes receivable, net of allowance | 71,791 | 66,006 |
Leased property - right to use | 407,330 | 429,151 |
Prepaid assets | 14,997 | 40,881 |
Intangible assets, net of accumulated amortization | 282,724 | 295,017 |
Furniture and equipment, net | 22,069 | 20,729 |
Other assets | 1,576,878 | 1,370,109 |
Total assets | 40,332,142 | 40,255,138 |
Liabilities and Shareholders’ Equity | ||
Policyholders’ account balances | 27,884,127 | 28,305,422 |
Future policy benefits | 1,767,683 | 1,832,092 |
Policy claims and other benefits | 579,615 | 650,182 |
Liability for deposit-type contracts | 250,446 | 261,855 |
Other policyholder liabilities | 34,204 | 48,808 |
Total policy liabilities | 30,516,075 | 31,098,359 |
Lease liability | 407,330 | 429,151 |
Other liabilities | 388,415 | 212,122 |
Total liabilities | 31,311,820 | 31,739,632 |
Shareholders’ equity | ||
Common stock, par value $.01 per share, 25,000,000 shares authorized, 15,600,539 issued as of March 31, 2023 and December 31, 2022, 15,546,619 outstanding as of March 31, 2023 and December 31, 2022, and 131,107 subscribed as of March 31, 2023 | 157,316 | 156,005 |
Additional paid-in capital | 22,824,310 | 21,854,321 |
Treasury stock, at cost (53,920 shares as of March 31, 2023 and December 31, 2022) | (52,130) | (52,130) |
Accumulated other comprehensive loss | (361,737) | (483,593) |
Accumulated deficit | (13,547,437) | (12,959,097) |
Total shareholders’ equity | 9,020,322 | 8,515,506 |
Total liabilities and shareholders’ equity | $ 40,332,142 | $ 40,255,138 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parentheticals) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Available-for-sale fixed maturity securities Amortized cost (in Dollars) | $ 8,226,578 | $ 8,620,783 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 15,600,539 | 15,600,539 |
Common stock, shares outstanding | 15,546,619 | 15,546,619 |
Common stock, shares subscribed | 131,107 | |
Treasury stock, shares | 53,920 | 53,920 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Premiums and other considerations | $ 721,523 | $ 429,680 |
Net investment income | 543,376 | 363,458 |
Net realized gains on investments | 0 | 18,304 |
Commission income | 13,072 | 28,266 |
Total revenues | 1,277,971 | 839,708 |
Benefits, claims and expenses | ||
Increase in future policy benefits | 15,486 | 208,859 |
Death and other benefits | 200,772 | 76,443 |
Interest credited to policyholders | 570,123 | 271,111 |
Total benefits and claims | 786,381 | 556,413 |
Policy acquisition costs deferred | (348,129) | (194,480) |
Policy acquisition costs amortized | 84,994 | 47,925 |
Commissions | 463,661 | 294,521 |
Salaries and employee benefits | 534,862 | 368,919 |
Office rent | 24,122 | 23,999 |
Third-party administration fees | 15,437 | 67,710 |
Travel, meals and entertainment | 13,831 | 22,775 |
Professional fees | 193,075 | 194,909 |
Other general and administrative expenses | 98,077 | 93,878 |
Total benefits, claims and expenses | 1,866,311 | 1,476,569 |
Net loss | $ (588,340) | $ (636,861) |
Net loss per common share outstanding (in Dollars per share) | $ (0.04) | $ (0.04) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (588,340) | $ (636,861) |
Other comprehensive gain (loss) | ||
Total net unrealized gains (losses) arising during the period | 121,856 | (623,898) |
Less net realized investment gains | 0 | 18,304 |
Net unrealized investment gains (losses) | 121,856 | (642,202) |
Total other comprehensive gain (loss) | 121,856 | (642,202) |
Total comprehensive loss | $ (466,484) | $ (1,279,063) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 148,671 | $ 17,538,618 | $ (64,280) | $ 798,073 | $ (11,809,113) | $ 6,611,969 |
Treasury shares issued | 5,000 | 5,000 | ||||
Other comprehensive income | (642,202) | (642,202) | ||||
Net loss | (636,861) | (636,861) | ||||
Balance at Mar. 31, 2022 | 148,671 | 17,538,618 | (59,280) | 155,871 | (12,445,974) | 5,337,906 |
Balance at Dec. 31, 2022 | 156,005 | 21,854,321 | (52,130) | (483,593) | (12,959,097) | 8,515,506 |
Common stock shares subscribed | 1,311 | 969,989 | 971,300 | |||
Other comprehensive income | 121,856 | 121,856 | ||||
Net loss | (588,340) | (588,340) | ||||
Balance at Mar. 31, 2023 | $ 157,316 | $ 22,824,310 | $ (52,130) | $ (361,737) | $ (13,547,437) | $ 9,020,322 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Operating activities | |||
Net loss | $ (588,340) | $ (636,861) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Accretion of discount on investments | (118,521) | (81,156) | |
Net realized capital gains | 0 | (18,304) | |
Provision for depreciation | 13,937 | 13,525 | |
Policy acquisition costs deferred | (348,129) | (194,480) | |
Policy acquisition costs amortized | 84,994 | 47,925 | |
Mortgage loan origination fees deferred | (32,139) | 0 | |
Amortization of mortgage loan origination fees | 4,046 | 11,263 | |
Provision for estimated mortgage loan losses | (5,959) | 12,545 | |
Provision for estimated uncollectible advances and notes receivable | (1,611) | 5,833 | |
Interest credited to policyholders | 570,123 | 271,111 | |
Non-cash salary expense | 0 | 5,000 | |
Change in assets and liabilities: | |||
Accrued investment income | 7,002 | (16,362) | |
Due premium | (61,211) | (38,292) | |
Advances and notes receivable | (4,174) | 95,485 | |
Prepaid and other assets | 25,884 | (8,492) | |
Other assets | (206,769) | (62,218) | |
Future policy benefits | (64,409) | 243,938 | |
Policy claims | (70,567) | (254,063) | |
Other policy liabilities | (14,604) | (42,244) | |
Other liabilities | 176,293 | 34,880 | |
Net cash used in operating activities | (634,154) | (610,967) | |
Investing activities | |||
Purchase of furniture and equipment | (2,984) | 0 | |
Sales of available for sale securities | 405,469 | 900,240 | $ 1,111,464 |
Purchase of mortgage loans | (2,670,872) | (4,133,575) | |
Payments on mortgage loans | 3,864,735 | 1,640,598 | |
Policy loans | 11,649 | 0 | |
Purchase of other long-term investments | 0 | (198,059) | |
Payments on other long-term investments | 451,486 | 234,089 | |
Net cash used in investing activities | 2,059,483 | (1,556,707) | |
Financing activities | |||
Proceeds from the issuance of common stock | 971,300 | 548,450 | |
Policyholder deposits | 84,208 | 0 | |
Policyholder withdrawals | (1,016,372) | (278,439) | |
Deposit-type contracts - deposits | 0 | 538 | |
Deposit-type contracts - withdrawals | (11,409) | 0 | |
Net cash provided by financing activities | 27,727 | 270,549 | |
Increase (decrease) in cash and cash equivalents | 1,453,056 | (1,897,125) | |
Cash and cash equivalents, | 4,417,837 | 8,224,914 | 8,224,914 |
Cash and cash equivalents, | 5,870,893 | 6,327,789 | $ 4,417,837 |
Supplemental disclosure of non-cash financing activities | |||
Treasury stock issued as compensation | $ 0 | $ 5,000 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Organization and Significant Accounting Policies Nature of Operations Texas Republic Capital Corporation (the “Company”) is the parent holding company of Texas Republic Life Insurance Company (“TRLIC”), Texas Republic Life Solutions, Inc. (“TRLS”), and Axis Insurance Solutions, LLC (“AIS”). The Company was incorporated in Texas on May 15, 2012, for the primary purpose of forming and capitalizing a life insurance company subsidiary. The Texas Department of Insurance approved TRLIC’s life insurance charter on August 1, 2016. The Company capitalized TRLIC with $3,000,000 and owns 100% of TRLIC. TRLIC began insurance operations on April 3, 2017 and is currently selling life and annuity products in the state of Texas. In 2018 the Company made additional capital contributions totaling $2,750,000 for the entire year. In 2019 the Company made two more capital contributions to TRLIC. The first contribution consisted of mortgage loans valued at $857,133 and the second one was a $1,300,000 cash contribution. In 2021 and 2022, the Company made additional total capital contributions of $2,100,000 and $2,100,000, respectively. During the first quarter of 2023, the Company made a $250,000 capital contribution. Total capitalization of TRLIC was $12,357,133 at March 31, 2023. TRLS, a life and health insurance agency, was incorporated February 1, 2017. The Company capitalized TRLS with $50,000 and owns 100% of TRLS. In 2018 and 2020 the Company made additional capital contributions of $100,000 and $200,000, respectively. In 2021 and 2022, the Company made additional total capital contributions of $50,000 and $150,000, respectively. Total capitalization of TRLS was $550,000 at March 31, 2023. AIS, a property & casualty insurance agency, was formed on April 6, 2021. The Company capitalized AIS with $25,000 and owns 100% of AIS. From incorporation through April 2, 2017 the Company was involved in the sale of common stock to provide working capital. During this time, the Company completed an organizational offering, three private placement stock offerings and an intrastate public stock offering in the state of Texas. The Company raised $10,336,500 and incurred $1,215,569 of offering costs through the issuance of 12,865,000 shares from the organizational offering and three private placement offerings. The intrastate public stock offering was registered to raise $25,000,000 by offering 5,000,000 shares of its common stock and ended on April 2, 2017. Through this offering the Company raised an additional $10,010,485 and incurred another $1,444,127 of offering costs through the sale of 2,002,097 shares of common stock. On May 31, 2022, the Company began a rights offering to existing shareholders only. The rights offering ended on September 30, 2022. Through this rights offering, the Company raised $4,400,652 and incurred $77,615 of offering costs through the sale of 733,442 shares of its common stock. On January 1, 2023, the Company began a six-million-dollar private placement offering with a possible 10% oversubscription. This offering will end on January 1, 2024, unless all of the shares are sold before then or the offering is extended. These shares will be sold in reliance on the exemption from the registration requirements of the Securities Act of 1933 (the “ 1933 Act Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ended December 31, 2023 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2022. Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Reclassifications Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on the previously reported net loss or shareholders’ equity. Investments Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value net of any necessary valuation allowance for credit losses with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is generally adjusted for amortization of premium and accretion of discount. Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The Company monitors all fixed maturity securities on an on-going basis relative to changes in credit ratings, market prices, earnings trends and financial performance, in addition to specific region or industry reviews. The Company evaluates whether a credit impairment exists for fixed maturity securities by considering primarily the following factors: (a) changes in the financial condition of the security's underlying collateral; (b) whether the issuer is current on contractually obligated interest and principal payments; (c) changes in the financial condition, credit rating and near-term prospects of the issuer; and (d) the payment structure of the security. The Company's best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process. Quantitative review includes information received from third-party sources such as financial statements, pricing and rating changes, liquidity and other statistical information. Qualitative factors include judgments related to business strategies, economic impacts on the issuer, overall judgment related to estimates and industry factors as well as the Company's intent to sell the security, or if it is more likely than not that the Company would be required to sell a security before recovery of its amortized cost. The Company's best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value. In addition, projections of expected future fixed maturity security cash flows may change based upon new information regarding the performance of the issuer. Any credit losses are presented as an allowance rather than as a write-down of available-for-sale fixed maturity securities, with the change in allowance reported in net loss on the consolidated statements of operations. Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis and is included in net investment income. The Company’s mortgage loan portfolio is comprised entirely of residential properties with loan to appraised value ratios below 90%. Mortgage loans are carried at current book value. A mortgage loan allowance has been established for any unforeseen losses using an industry approach, which establishes a reserve for possible loan losses charged to expense which represents, in the Company’s judgement, the known and estimated credit losses existing in the loan portfolio. This reserve reduces the carrying value of investment in mortgage loans on the consolidated statement of financial position. The fair values for mortgage loans are estimated using discounted cash flow analysis. The discount rate used to calculate fair values was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. The Company’s other long-term investments are comprised of lottery prize cash flows holdings held at amortized cost. Payments on these investments are made by state run lotteries. Since state run lotteries are unlikely to default even in the most dire economic situations, no allowance for credit losses are necessary. Interest income and the accretion of discount are included in net investment income. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and money market instruments. Deferred Policy Acquisition Costs Costs that relate to and vary with the successful production of new business are deferred over the life of the policy. Deferred acquisition costs (“DAC”) consist of commissions and policy issuance, underwriting and agency expenses. DAC expenses are amortized primarily over the premium-paying period of life policies and as profits emerge on annuity products. Amortization uses the same assumptions as were used in computing liabilities for future policy benefits. There was $348,129 of DAC deferred and $84,994 of DAC amortized for the three months ended March 31, 2023. There was $194,480 of DAC deferred and $47,925 of DAC amortized for the three months ended March 31, 2022. Deferred Sales Inducement Costs Sales inducement costs (“SIC”) are related to policy bonuses issued on some of the Company’s annuity products. SIC is deferred at the issuance of the policy and amortized over the bonus period on a straight-line basis. The amount deferred is based on the difference between the fund value with the bonus and the fund value without the bonus. There was $386,119 and $445,373 of SIC deferred at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 there was $0 of SIC deferred and $59,254 of SIC amortized. There was $0 of SIC deferred and $63,775 of SIC amortized during the three months ended March 31, 2022. Advances and Notes Receivable Advances and notes receivable are recorded at unpaid principal balances. Management evaluates the collectability of advances and notes receivable on the specific identification basis. Management had an allowance for possible uncollectable agent balances of $14,260 and $15,870 as of March 31, 2023 and December 31, 2022, respectively. Leased Property Right to Use Asset In February 2016, the FASB issued ASU 2016-02, Lease Accounting (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee is required to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company’s home office lease had an original term greater than one year, and the Company recognizes on the balance sheet a right of use (“ROU”) operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the income statement over the lease term on a straight-line basis. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company has a lease asset and liability of $407,330 as of March 31, 2023 compared to $429,151 as of December 31, 2022. Intangible assets Intangible assets are stated at cost less accumulated amortization and reflect amounts paid for the Company’s computer software costs during the application development stage. The software costs placed in service are amortized using the straight-line method over the seven-year estimated useful life of the software. The asset is tested for impairment at least annually. Subsequent modifications or upgrades to internal-use software are capitalized only to the extent that additional functionality is provided. Furniture and Equipment Furniture and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and EDP equipment are recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over a period that approximates the estimated useful life of the respective assets of three to seven years. Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed as incurred. Upon sale or retirement, the cost and related accumulated depreciation and amortization is removed from the related accounts, and the resulting gain or loss, if any, is reflected in income. Policyholders Account Balances The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus applicable bonus and interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 1.55% to 5.50%. Future Policy Benefits Future policy benefit reserves have been computed by the net level premium method with assumptions as to investment yields, mortality and withdrawals based upon the Company’s experience. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of policy liabilities and the increase in future policy benefit reserves. Management’s judgments and estimates for future policy benefit reserves provide for possible unfavorable deviation. Actual experience may emerge differently from that originally estimated. Any such difference would be recognized in the current year’s consolidated statement of operations. Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 per share. Treasury Stock Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, are recorded at cost. Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax basis. Net Loss Per Common Share Outstanding Net loss per common share is calculated using the weighted average number of common shares outstanding and subscribed during the year. The weighted average common shares outstanding and subscribed were 15,621,501 and 14,805,194 for the three months ended March 31, 2023 and 2022, respectively. Related Party Transactions The Company entered into an agreement with First Trinity Financial Corporation (FTFC) where FTFC will use its resources to source mortgage loans on real estate and lottery bonds. FTFC will present to the Company investments based on criteria the Company has established. The Company has the option to purchase the presented investment assets directly from the seller or to decline the purchase based on the Company’s analysis of the investment. The Chairman of the Company is also the Chairman, President, and Chief Executive Officer of FTFC. The Company paid $32,139 for the quarter ending March 31, 2023 and $51,498 for the year ending December 31, 2022. The Company entered into a coinsurance reinsurance agreement with Family Benefit Life Insurance Company (FBLIC), which is a subsidiary of FTFC. The Company will cede a portion of new business from our TrueFlex product related to specific groups to FBLIC as mutually agreed upon in advance. This new agreement became effective on January 1, 2022, and as of March 31, 2023 there have been three groups covered under this agreement. Subsequent Events Management has evaluated subsequent events for recognition and disclosure in the financial statements through the date the financial statements were available to be issued. The Company did not identify any subsequent events requiring recognition or disclosure. Recently Adopted Accounting Pronouncements In September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2022, the FASB issued amendments (Accounting Standards Update 2022-2) for the accounting of troubled debt restructuring and disclosures. The amendments introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulties. The amendments promulgate that an entity must apply specific loan refinancing and restructuring guidance to determine whether a modification results in a new loan or the continuation of an existing loan. The amendments also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. The amendments in this guidance are effective for fiscal years beginning after December 15, 2022, and should be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or liquidity. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) Targeted Improvements to the Accounting for Long-Duration Contracts In December 2022, the FASB issued amendments (Accounting Standards Update 2022-5) to Accounting Standards Update 2018-12 (Targeted Improvements for Long-Duration Contracts) that originally required an insurance entity to apply a retrospective transition method as of the beginning of the earliest period presented or the beginning of the prior fiscal year if early application was elected. This updated guidance reduces implementation costs and complexity associated with the adoption of targeted improvements in accounting for long-duration contracts that have been derecognized in accordance with Accounting Standards Update 2018-12 before the delayed effective date. Without the amendments in this Update, an insurance entity would be required to reclassify a portion of gains or losses previously recognized in the sale or disposal of insurance contracts or legal entities because of the adoption of a new accounting standard. Because there is no effect on an insurance entity’s future cash flows, this reclassification may not be useful to users of financial information. The amendments in this guidance are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial condition and results of operations. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | 2. Investments Fixed Maturity Securities Available-For-Sale Investments in fixed maturity securities available-for-sale as of March 31, 2023 and December 31, 2022 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair March 31, 2023 (Unaudited) Cost Gains Losses Value Fixed maturity securities Corporate bonds $ 6,737,354 $ 13,083 $ 371,481 $ 6,378,956 U.S. Treasury securities 1,489,224 - 3,339 1,485,885 Total fixed maturity securities $ 8,226,578 $ 13,083 $ 374,820 $ 7,864,841 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Fixed maturity securities Corporate bonds $ 7,144,489 $ 1,153 $ 478,242 $ 6,667,400 U.S. Treasury securities 1,476,294 - 6,504 1,469,790 Total fixed maturity securities $ 8,620,783 $ 1,153 $ 484,746 $ 8,137,190 For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2023 and December 31, 2022 are summarized as follows: Unrealized Number of March 31, 2023 (Unaudited) Fair Value Loss Securities Fixed maturity securities Less than 12 months Corporate bonds $ 3,834,475 $ 131,220 30 U.S. Treasury securities 1,485,885 3,339 1 Greater than 12 months Corporate bonds 1,882,929 240,261 15 Total fixed maturity securities $ 7,203,289 374,820 46 Unrealized Number of December 31, 2022 Fair Value Loss Securities Fixed maturity securities Less than 12 months Corporate bonds $ 6,565,489 $ 478,242 48 U.S. Treasury securities 1,469,790 6,504 1 Greater than 12 months Corporate bonds - - - Total fixed maturity securities $ 8,035,279 $ 484,746 49 As of March 31, 2023, the fixed maturity securities in a less than and greater than 12-month loss position had an average fair value to amortized cost ratio of 97.0% and 88.8%, respectively. As of December 31, 2022, the fixed maturity securities in a less than 12-month loss position had an average fair value to amortized cost ratio of 94.3%. As of March 31, 2023 and December 31, 2022, there were no fixed maturity securities that were below investment grade as rated by taking the median of Fitch’s, Moody’s, and Standard and Poor’s ratings, respectively. The Company monitors all fixed maturity securities on an on-going basis relative to changes in credit ratings, market prices, earnings trends and financial performance, in addition to specific region or industry reviews. The Company evaluates whether a credit impairment exists for fixed maturity securities by considering primarily the following factors: (a) changes in the financial condition of the security's underlying collateral; (b) whether the issuer is current on contractually obligated interest and principal payments; (c) changes in the financial condition, credit rating and near-term prospects of the issuer; and (d) the payment structure of the security. The Company's best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process. Quantitative review includes information received from third-party sources such as financial statements, pricing and rating changes, liquidity and other statistical information. Qualitative factors include judgments related to business strategies, economic impacts on the issuer, overall judgment related to estimates and industry factors as well as the Company's intent to sell the security, or if it is more likely than not that the Company would be required to sell a security before recovery of its amortized cost. The Company's best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value. In addition, projections of expected future fixed maturity security cash flows may change based upon new information regarding the performance of the issuer. Any credit losses are presented as an allowance rather than as a write-down of available-for-sale fixed maturity securities. As of March 31, 2023, the Company determined that no allowances for credit losses were necessary for the fixed maturity securities based on the current holdings, the respective economic factors, and the Company's historical experience. The unrealized depreciation shown herein are primarily the result of the current interest rate environment rather than credit factors. Net unrealized losses included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows: (Unaudited) March 31, 2023 December 31, 2022 Unrealized depreciation on available-for-sale securities $ (361,737 ) $ (483,593 ) Net unrealized depreciation on available-for-sale securities $ (361,737 ) $ (483,593 ) The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2023, by contractual maturity, are summarized as follows: (Unaudited) Amortized Cost Fair Value Due in one year or less $ 2,239,707 $ 2,231,946 Due after one year through five years 3,188,347 3,078,126 Due after five years through ten years 855,740 820,554 Due after ten years 1,942,783 1,734,215 Total fixed maturity securities $ 8,226,577 $ 7,864,841 For the three months ended March 31, 2023, the Company received $405,469 of proceeds from sales and maturities of investments in available-for-sale securities and did not have any gross gains and gross losses realized, respectively. For the year ended December 31, 2022, the Company received $1,111,464 of proceeds from sales and maturities of investments in available-for-sale securities and had $20,643 of gross gains and $3,008 of gross losses realized, respectively. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of other long-term investments (which consists of lottery prize cash flows) as of March 31, 2023, by contractual maturity, are summarized as follows: (Unaudited) Amortized Cost Fair Value Due in one year or less $ 1,099,211 $ 1,193,457 Due after one year through five years 2,083,329 2,183,875 Due after five years through ten years 234,226 261,283 Total other long-term investments $ 3,416,766 $ 3,638,615 Other long-term investments by geographic distribution: (Unaudited) March 31, 2023 % December 31, 2022 % California $ 487,576 14.3 % $ 482,073 12.8 % Florida 250,144 7.3 305,478 8.1 Georgia 584,547 17.1 690,211 18.3 Indiana 141,890 4.2 149,263 4.0 Massachusetts 1,085,863 31.8 1,187,513 31.6 New York 444,424 13.0 514,540 13.7 Ohio 121,945 3.6 120,468 3.2 Oregon 90,645 2.6 89,932 2.4 Pennsylvania 209,732 6.1 223,533 5.9 Total $ 3,416,766 100.0 % $ 3,763,011 100.0 % Mortgage Loans on Real Estate The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). Currently, all of the Company’s mortgage loans are loans on residential properties. The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2023 and December 31, 2022 are summarized as follows: Loan-To-Value-Ratio (Unaudited) March 31, 2023 December 31, 2022 80% to 90% $ 415,484 $ 415,486 70% to 80% 3,640,877 4,917,690 60% to 70% 8,989,070 8,745,288 50% to 60% 2,292,260 2,241,720 Less than 50% 2,078,223 2,253,525 Total $ 17,415,914 $ 18,573,709 Mortgage loans by geographic distribution: State (Unaudited) March 31, 2023 % December 31, 2022 % Alabama $ 1,529,668 8.8 % $ 1,717,499 9.3 % Arkansas 210,194 1.2 210,194 1.1 Arizona 132,339 0.8 132,475 0.7 California 562,282 3.2 563,448 3.0 Colorado 151,877 0.9 152,158 0.8 Florida 1,327,650 7.6 1,505,508 8.1 Georgia 1,358,579 7.8 1,167,321 6.3 Illinois 729,717 4.2 732,223 3.9 Indiana 239,912 1.4 338,596 1.8 Kansas - - 189,100 1.0 Kentucky 218,737 1.2 220,057 1.2 Louisiana 1,113,994 6.4 874,216 4.7 Maryland 254,800 1.5 - - Michigan 182,941 1.0 182,941 1.0 Missouri 2,516,611 14.5 2,518,454 13.6 North Carolina 658,317 3.8 878,212 4.7 New Jersey 443,224 2.5 444,162 2.4 Pennsylvania 528,813 3.0 607,020 3.3 South Carolina 627,876 3.6 628,601 3.4 Tennessee 1,349,046 7.8 3,572,294 19.2 Texas 3,036,994 17.4 1,439,182 7.8 Virginia - - 257,705 1.4 Wisconsin 242,343 1.4 242,343 1.3 Total $ 17,415,914 100.0 % $ 18,573,709 100.0 % There were 2 mortgage loans with a principal balance of $118,287 that were 90 days or more past due and still accruing interest as of March 31, 2023. One of those two mortgage loans had a principal balance of $42,609 and was in the process of foreclosure as of March 31, 2023. The Company expects to fully recover the principal balance outstanding plus any accrued interest along with all fees and expenses. There were 2 mortgage loans with principal balances of $118,218 that were 90 days or more past due and still accruing interest as of December 31, 2022. The Company had a mortgage loan allowance of $86,818 and $92,777 as of March 31, 2023 and December 31, 2022, respectively. (Unaudited) March 31, 2023 December 31, 2022 Beginning of year: mortgage loan allowance balance $ 92,777 $ 65,575 Current year change in provision of estimated mortgage loan losses (5,959 ) 27,202 End of year: mortgage loan allowance balance $ 86,818 $ 92,777 Major categories of net investment income for the three months ended March 31, 2023 and 2022 are summarized as follows: For the Three Months Ended March 31, 2023 2022 Fixed maturity securities $ 85,430 $ 85,888 Other long-term assets 105,241 66,889 Mortgage loans 296,008 287,295 Short-term and other investments 64,795 24,906 Gross investment income 551,474 464,978 Investment expenses (8,098 ) (101,520 ) Net investment income $ 543,376 $ 363,458 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) on the measurement date. The Company also considers the impact on fair value of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity. The Company holds fixed maturity securities that are measured and reported at fair market value on the statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows: Level 1 Level 2 Level 3 The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting the levels of the fair value hierarchy are reported as transfers in and out of the specific level category as of the beginning of the period in which the reclassifications occur. The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 (Unaudited) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale Corporate bonds $ - $ 6,378,956 $ - $ 6,378,956 U.S. Treasury securities 1,485,885 1,485,885 Total fixed maturity securities $ - $ 7,864,841 $ - $ 7,864,841 December 31, 2022 Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale Corporate bonds $ - $ 6,667,400 $ - $ 6,667,400 U.S. Treasury securities - 1,469,790 - 1,469,790 Total fixed maturity securities $ - $ 8,137,190 $ - $ 8,137,190 Fair values for Level 2 assets for the Company’s fixed maturity securities available-for-sale are primarily based on prices supplied by a third-party investment service. The third-party investment service provides quoted prices which use observable inputs in developing such rates. The Company analyzes market valuations received to verify reasonableness and to understand the key assumptions used and the sources. Since the fixed maturity securities owned by the Company do not trade on a daily basis, the third-party investment service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings, and matrix pricing. As the fair value estimates of the Company’s fixed maturity securities are based on observable market information rather than market quotes, the estimates of fair value on these fixed maturity securities are included in Level 2 of the hierarchy. The Company’s Level 2 investments include corporate bonds and U.S. treasury securities. The Company’s fixed maturity securities available-for-sale portfolio is highly liquid and allows for substantially all of the portfolio to be priced through pricing services. Fair Value of Financial Instruments The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of March 31, 2023 and December 31, 2022 and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis are summarized as follows: Financial Instruments Disclosed, But Not Carried, at Fair Value: March 31, 2023 (Unaudited) Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 5,870,893 $ 5,870,893 $ 5,870,893 $ - $ - Mortgage loans on real estate 17,415,914 15,769,488 - - 15,769,488 Policy loans 9,847 9,847 9,847 Other long-term investments 3,416,766 3,638,615 - - 3,638,615 Accrued investment income 209,675 209,675 - - 209,675 Advances and notes receivable 71,791 71,791 - - 71,791 Total financial assets $ 26,994,886 $ 25,570,309 $ 5,870,893 $ - $ 19,699,416 Financial liabilities Policyholders’ account balances $ 27,884,127 $ 18,249,255 $ - $ - $ 18,249,255 Policy claims and other benefits 579,615 579,615 - - 579,615 Total financial liabilities $ 28,463,742 $ 18,828,870 $ - $ - $ 18,828,870 December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 4,417,837 $ 4,417,837 $ 4,417,837 $ - $ - Mortgage loans on real estate 18,573,709 17,151,922 - - 17,151,922 Policy loans 21,496 21,496 - - 21,496 Other long-term investments 3,763,011 4,011,887 - - 4,011,887 Accrued investment income 216,677 216,677 - - 216,677 Advances and notes receivable 66,006 66,006 - - 66,006 Total financial assets $ 27,058,736 $ 25,885,825 $ 4,417,837 $ - $ 21,467,988 Financial liabilities Policyholders’ account balances $ 28,305,422 $ 17,854,082 $ - $ - $ 17,854,082 Policy claims and other benefits 650,182 650,182 - - 650,182 Total financial liabilities $ 28,955,604 $ 18,504,264 $ - $ - $ 18,504,264 The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto: Fixed Maturity Securities The fair value of fixed maturity securities is based on the principles previously discussed as Level 1, Level 2 and Level 3. Cash and Cash Equivalents, Policy loans, Accrued Investment Income and Advances and Notes Receivable The carrying value of these financial instruments approximates their fair values due to the expected short-term nature until the cash settlement of these items. Cash and cash equivalents are included in Level 1 of the fair value hierarchy due to their highly liquid nature. Policy loans, accrued investment income, and advances and notes receivable are included in Level 3 of the fair value hierarchy due to little or no availability of market activity for these types of assets. Mortgage loans on Real Estate The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios at or below 90%. The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. Other Long-Term Investments Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average FTSE Pension Liability Index in effect at the end of each period. Policyholders Account Balances The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities. The fair values for insurance contracts other than investment-type contracts are not required to be disclosed. Policy Claims and other benefits The carrying amounts reported for these liabilities approximate their fair value. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 4. Income Taxes The Company files a consolidated return with its subsidiaries TRLS and AIS. The Company’s other subsidiary TRLIC files a separate federal return for life insurance companies. TRLIC is taxed as a life insurance company under the provisions of the Internal Revenue Code. Life insurance companies must file separate tax returns until they have been a member of the consolidated filing group for five years. Certain items included in income reported for financial statement purposes are not included in taxable income for the current period, resulting in deferred income taxes. Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company cannot currently conclude that it is more likely than not that the remaining deferred tax assets will be utilized. Therefore, the Company’s deferred tax assets have been fully offset by a valuation allowance. As a result, our effective tax rate from continuing operations was zero percent for the quarter ended March 31, 2023. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences will become deductible. For the purpose of federal income tax, the Company has net operating loss carryforwards as of March 31, 2023, which expire between 2031 and 2037. Net operating losses generated in 2018 and beyond do not expire and annual utilizations are limited to 80% of taxable income. The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, 2020, repeals the 80 percent limitation for taxable years beginning before January 1, 2021. The Company and its subsidiaries have no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. The Company files U.S. federal income tax returns, income tax returns in various state jurisdictions, and franchise tax returns in the state of Texas. The 2019 through 2021 U.S. federal tax years are subject to income tax examination by tax authorities. The Company classifies any interest and penalties (if applicable) as income tax expense in the financial statements. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 5. Concentrations of Credit Risk The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures non-interest-bearing accounts up to $250,000. Uninsured balances aggregate $436,614 as of March 31, 2023. The Company monitors the solvency of all financial institutions in which it has funds to minimize the exposure for loss. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Stock Incentive Plan
Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | 6. Stock Incentive Plan The Company’s life subsidiary, TRLIC had an Agent Stock Incentive Plan (“ASIP”). The plan was approved in August 2018 by the Texas State Securities Board. The plan was suspended by the Company in April 2022. The plan awarded shares of Texas Republic Capital Corporation common stock to agents based on certain production levels achieved in sales of life and annuity products. Calculation of awards are based on production for the previous year ended and issued in the subsequent year. There have been no shares issued in 2023. 12,150 total shares were issued in 2022. The ASIP issued 7,150 of those shares in 2022 based on 2021 production. The Company granted 5,000 total shares in 2022 as part of employment agreements and/or bonuses to employees. In addition, the Company issued stock options to one of its employees at the beginning of 2023. The Company granted a share option of up to 5,000 shares of common stock to this individual. This option award will vest over a 5-year period of continuous service at a rate of 20% per year, and the exercise price is equal to zero. |
Lease Commitment
Lease Commitment | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | 7. Lease Commitment The Company rents office space for its administrative operations under an agreement that expires in 2027. In determining the present value of lease payments, the Company uses its incremental borrowing rate obtained from its main commercial bank. Future payments under operating lease arrangements accounted for under ASC Topic 842 as of March 31, 2023 are as follows: 2023 $ 72,002 2024 98,810 2025 101,773 2026 104,831 2027 98,723 Total operating lease payments, undiscounted $ 476,139 Less: interest (68,809 ) Lease liability, at present value $ 407,330 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ended December 31, 2023 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2022. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on the previously reported net loss or shareholders’ equity. |
Investment, Policy [Policy Text Block] | Investments Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value net of any necessary valuation allowance for credit losses with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is generally adjusted for amortization of premium and accretion of discount. Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The Company monitors all fixed maturity securities on an on-going basis relative to changes in credit ratings, market prices, earnings trends and financial performance, in addition to specific region or industry reviews. The Company evaluates whether a credit impairment exists for fixed maturity securities by considering primarily the following factors: (a) changes in the financial condition of the security's underlying collateral; (b) whether the issuer is current on contractually obligated interest and principal payments; (c) changes in the financial condition, credit rating and near-term prospects of the issuer; and (d) the payment structure of the security. The Company's best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process. Quantitative review includes information received from third-party sources such as financial statements, pricing and rating changes, liquidity and other statistical information. Qualitative factors include judgments related to business strategies, economic impacts on the issuer, overall judgment related to estimates and industry factors as well as the Company's intent to sell the security, or if it is more likely than not that the Company would be required to sell a security before recovery of its amortized cost. The Company's best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value. In addition, projections of expected future fixed maturity security cash flows may change based upon new information regarding the performance of the issuer. Any credit losses are presented as an allowance rather than as a write-down of available-for-sale fixed maturity securities, with the change in allowance reported in net loss on the consolidated statements of operations. Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis and is included in net investment income. The Company’s mortgage loan portfolio is comprised entirely of residential properties with loan to appraised value ratios below 90%. Mortgage loans are carried at current book value. A mortgage loan allowance has been established for any unforeseen losses using an industry approach, which establishes a reserve for possible loan losses charged to expense which represents, in the Company’s judgement, the known and estimated credit losses existing in the loan portfolio. This reserve reduces the carrying value of investment in mortgage loans on the consolidated statement of financial position. The fair values for mortgage loans are estimated using discounted cash flow analysis. The discount rate used to calculate fair values was indexed to the LIBOR yield curve adjusted for an appropriate credit spread. Policy loans are carried at unpaid principal balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. The Company’s other long-term investments are comprised of lottery prize cash flows holdings held at amortized cost. Payments on these investments are made by state run lotteries. Since state run lotteries are unlikely to default even in the most dire economic situations, no allowance for credit losses are necessary. Interest income and the accretion of discount are included in net investment income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and money market instruments. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Deferred Policy Acquisition Costs Costs that relate to and vary with the successful production of new business are deferred over the life of the policy. Deferred acquisition costs (“DAC”) consist of commissions and policy issuance, underwriting and agency expenses. DAC expenses are amortized primarily over the premium-paying period of life policies and as profits emerge on annuity products. Amortization uses the same assumptions as were used in computing liabilities for future policy benefits. There was $348,129 of DAC deferred and $84,994 of DAC amortized for the three months ended March 31, 2023. There was $194,480 of DAC deferred and $47,925 of DAC amortized for the three months ended March 31, 2022. |
Deferred Charges, Policy [Policy Text Block] | Deferred Sales Inducement Costs Sales inducement costs (“SIC”) are related to policy bonuses issued on some of the Company’s annuity products. SIC is deferred at the issuance of the policy and amortized over the bonus period on a straight-line basis. The amount deferred is based on the difference between the fund value with the bonus and the fund value without the bonus. There was $386,119 and $445,373 of SIC deferred at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023 there was $0 of SIC deferred and $59,254 of SIC amortized. There was $0 of SIC deferred and $63,775 of SIC amortized during the three months ended March 31, 2022. |
Receivable [Policy Text Block] | Advances and Notes Receivable Advances and notes receivable are recorded at unpaid principal balances. Management evaluates the collectability of advances and notes receivable on the specific identification basis. Management had an allowance for possible uncollectable agent balances of $14,260 and $15,870 as of March 31, 2023 and December 31, 2022, respectively. |
Lessee, Leases [Policy Text Block] | Leased Property Right to Use Asset In February 2016, the FASB issued ASU 2016-02, Lease Accounting (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee is required to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company’s home office lease had an original term greater than one year, and the Company recognizes on the balance sheet a right of use (“ROU”) operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the income statement over the lease term on a straight-line basis. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company has a lease asset and liability of $407,330 as of March 31, 2023 compared to $429,151 as of December 31, 2022. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets Intangible assets are stated at cost less accumulated amortization and reflect amounts paid for the Company’s computer software costs during the application development stage. The software costs placed in service are amortized using the straight-line method over the seven-year estimated useful life of the software. The asset is tested for impairment at least annually. Subsequent modifications or upgrades to internal-use software are capitalized only to the extent that additional functionality is provided. |
Property, Plant and Equipment, Policy [Policy Text Block] | Furniture and Equipment Furniture and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and EDP equipment are recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over a period that approximates the estimated useful life of the respective assets of three to seven years. Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed as incurred. Upon sale or retirement, the cost and related accumulated depreciation and amortization is removed from the related accounts, and the resulting gain or loss, if any, is reflected in income. |
Policyholder Accounts, Policy [Policy Text Block] | Policyholders Account Balances The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus applicable bonus and interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 1.55% to 5.50%. |
Liability for Future Policy Benefit [Policy Text Block] | Future Policy Benefits Future policy benefit reserves have been computed by the net level premium method with assumptions as to investment yields, mortality and withdrawals based upon the Company’s experience. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of policy liabilities and the increase in future policy benefit reserves. Management’s judgments and estimates for future policy benefit reserves provide for possible unfavorable deviation. Actual experience may emerge differently from that originally estimated. Any such difference would be recognized in the current year’s consolidated statement of operations. |
Stockholders' Equity, Policy [Policy Text Block] | Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 per share. |
Treasure Stock [Policy Text Block] | Treasury Stock Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, are recorded at cost. |
Income Tax, Policy [Policy Text Block] | Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax basis. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Common Share Outstanding Net loss per common share is calculated using the weighted average number of common shares outstanding and subscribed during the year. The weighted average common shares outstanding and subscribed were 15,621,501 and 14,805,194 for the three months ended March 31, 2023 and 2022, respectively. |
Related Party Transactions, Policy [Policy Text Block] | Related Party Transactions The Company entered into an agreement with First Trinity Financial Corporation (FTFC) where FTFC will use its resources to source mortgage loans on real estate and lottery bonds. FTFC will present to the Company investments based on criteria the Company has established. The Company has the option to purchase the presented investment assets directly from the seller or to decline the purchase based on the Company’s analysis of the investment. The Chairman of the Company is also the Chairman, President, and Chief Executive Officer of FTFC. The Company paid $32,139 for the quarter ending March 31, 2023 and $51,498 for the year ending December 31, 2022. The Company entered into a coinsurance reinsurance agreement with Family Benefit Life Insurance Company (FBLIC), which is a subsidiary of FTFC. The Company will cede a portion of new business from our TrueFlex product related to specific groups to FBLIC as mutually agreed upon in advance. This new agreement became effective on January 1, 2022, and as of March 31, 2023 there have been three groups covered under this agreement. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has evaluated subsequent events for recognition and disclosure in the financial statements through the date the financial statements were available to be issued. The Company did not identify any subsequent events requiring recognition or disclosure. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2022, the FASB issued amendments (Accounting Standards Update 2022-2) for the accounting of troubled debt restructuring and disclosures. The amendments introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulties. The amendments promulgate that an entity must apply specific loan refinancing and restructuring guidance to determine whether a modification results in a new loan or the continuation of an existing loan. The amendments also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. The amendments in this guidance are effective for fiscal years beginning after December 15, 2022, and should be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position or liquidity. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) Targeted Improvements to the Accounting for Long-Duration Contracts In December 2022, the FASB issued amendments (Accounting Standards Update 2022-5) to Accounting Standards Update 2018-12 (Targeted Improvements for Long-Duration Contracts) that originally required an insurance entity to apply a retrospective transition method as of the beginning of the earliest period presented or the beginning of the prior fiscal year if early application was elected. This updated guidance reduces implementation costs and complexity associated with the adoption of targeted improvements in accounting for long-duration contracts that have been derecognized in accordance with Accounting Standards Update 2018-12 before the delayed effective date. Without the amendments in this Update, an insurance entity would be required to reclassify a portion of gains or losses previously recognized in the sale or disposal of insurance contracts or legal entities because of the adoption of a new accounting standard. Because there is no effect on an insurance entity’s future cash flows, this reclassification may not be useful to users of financial information. The amendments in this guidance are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial condition and results of operations. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Debt Securities, Available-for-Sale [Table Text Block] | Investments in fixed maturity securities available-for-sale as of March 31, 2023 and December 31, 2022 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair March 31, 2023 (Unaudited) Cost Gains Losses Value Fixed maturity securities Corporate bonds $ 6,737,354 $ 13,083 $ 371,481 $ 6,378,956 U.S. Treasury securities 1,489,224 - 3,339 1,485,885 Total fixed maturity securities $ 8,226,578 $ 13,083 $ 374,820 $ 7,864,841 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Fixed maturity securities Corporate bonds $ 7,144,489 $ 1,153 $ 478,242 $ 6,667,400 U.S. Treasury securities 1,476,294 - 6,504 1,469,790 Total fixed maturity securities $ 8,620,783 $ 1,153 $ 484,746 $ 8,137,190 |
Schedule of Unrealized Loss on Investments [Table Text Block] | For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2023 and December 31, 2022 are summarized as follows: Unrealized Number of March 31, 2023 (Unaudited) Fair Value Loss Securities Fixed maturity securities Less than 12 months Corporate bonds $ 3,834,475 $ 131,220 30 U.S. Treasury securities 1,485,885 3,339 1 Greater than 12 months Corporate bonds 1,882,929 240,261 15 Total fixed maturity securities $ 7,203,289 374,820 46 Unrealized Number of December 31, 2022 Fair Value Loss Securities Fixed maturity securities Less than 12 months Corporate bonds $ 6,565,489 $ 478,242 48 U.S. Treasury securities 1,469,790 6,504 1 Greater than 12 months Corporate bonds - - - Total fixed maturity securities $ 8,035,279 $ 484,746 49 |
Unrealized Gain (Loss) on Investments [Table Text Block] | Net unrealized losses included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows: (Unaudited) March 31, 2023 December 31, 2022 Unrealized depreciation on available-for-sale securities $ (361,737 ) $ (483,593 ) Net unrealized depreciation on available-for-sale securities $ (361,737 ) $ (483,593 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2023, by contractual maturity, are summarized as follows: (Unaudited) Amortized Cost Fair Value Due in one year or less $ 2,239,707 $ 2,231,946 Due after one year through five years 3,188,347 3,078,126 Due after five years through ten years 855,740 820,554 Due after ten years 1,942,783 1,734,215 Total fixed maturity securities $ 8,226,577 $ 7,864,841 (Unaudited) Amortized Cost Fair Value Due in one year or less $ 1,099,211 $ 1,193,457 Due after one year through five years 2,083,329 2,183,875 Due after five years through ten years 234,226 261,283 Total other long-term investments $ 3,416,766 $ 3,638,615 |
Investment Holdings, Schedule of Investments [Table Text Block] | (Unaudited) March 31, 2023 % December 31, 2022 % California $ 487,576 14.3 % $ 482,073 12.8 % Florida 250,144 7.3 305,478 8.1 Georgia 584,547 17.1 690,211 18.3 Indiana 141,890 4.2 149,263 4.0 Massachusetts 1,085,863 31.8 1,187,513 31.6 New York 444,424 13.0 514,540 13.7 Ohio 121,945 3.6 120,468 3.2 Oregon 90,645 2.6 89,932 2.4 Pennsylvania 209,732 6.1 223,533 5.9 Total $ 3,416,766 100.0 % $ 3,763,011 100.0 % State (Unaudited) March 31, 2023 % December 31, 2022 % Alabama $ 1,529,668 8.8 % $ 1,717,499 9.3 % Arkansas 210,194 1.2 210,194 1.1 Arizona 132,339 0.8 132,475 0.7 California 562,282 3.2 563,448 3.0 Colorado 151,877 0.9 152,158 0.8 Florida 1,327,650 7.6 1,505,508 8.1 Georgia 1,358,579 7.8 1,167,321 6.3 Illinois 729,717 4.2 732,223 3.9 Indiana 239,912 1.4 338,596 1.8 Kansas - - 189,100 1.0 Kentucky 218,737 1.2 220,057 1.2 Louisiana 1,113,994 6.4 874,216 4.7 Maryland 254,800 1.5 - - Michigan 182,941 1.0 182,941 1.0 Missouri 2,516,611 14.5 2,518,454 13.6 North Carolina 658,317 3.8 878,212 4.7 New Jersey 443,224 2.5 444,162 2.4 Pennsylvania 528,813 3.0 607,020 3.3 South Carolina 627,876 3.6 628,601 3.4 Tennessee 1,349,046 7.8 3,572,294 19.2 Texas 3,036,994 17.4 1,439,182 7.8 Virginia - - 257,705 1.4 Wisconsin 242,343 1.4 242,343 1.3 Total $ 17,415,914 100.0 % $ 18,573,709 100.0 % |
Mortgage Loan on Real Estate [Table Text Block] | The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). Currently, all of the Company’s mortgage loans are loans on residential properties. The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2023 and December 31, 2022 are summarized as follows: Loan-To-Value-Ratio (Unaudited) March 31, 2023 December 31, 2022 80% to 90% $ 415,484 $ 415,486 70% to 80% 3,640,877 4,917,690 60% to 70% 8,989,070 8,745,288 50% to 60% 2,292,260 2,241,720 Less than 50% 2,078,223 2,253,525 Total $ 17,415,914 $ 18,573,709 |
Financing Receivable, Past Due [Table Text Block] | There were 2 mortgage loans with a principal balance of $118,287 that were 90 days or more past due and still accruing interest as of March 31, 2023. One of those two mortgage loans had a principal balance of $42,609 and was in the process of foreclosure as of March 31, 2023. The Company expects to fully recover the principal balance outstanding plus any accrued interest along with all fees and expenses. There were 2 mortgage loans with principal balances of $118,218 that were 90 days or more past due and still accruing interest as of December 31, 2022. The Company had a mortgage loan allowance of $86,818 and $92,777 as of March 31, 2023 and December 31, 2022, respectively. (Unaudited) March 31, 2023 December 31, 2022 Beginning of year: mortgage loan allowance balance $ 92,777 $ 65,575 Current year change in provision of estimated mortgage loan losses (5,959 ) 27,202 End of year: mortgage loan allowance balance $ 86,818 $ 92,777 |
Investment Income [Table Text Block] | Major categories of net investment income for the three months ended March 31, 2023 and 2022 are summarized as follows: For the Three Months Ended March 31, 2023 2022 Fixed maturity securities $ 85,430 $ 85,888 Other long-term assets 105,241 66,889 Mortgage loans 296,008 287,295 Short-term and other investments 64,795 24,906 Gross investment income 551,474 464,978 Investment expenses (8,098 ) (101,520 ) Net investment income $ 543,376 $ 363,458 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 (Unaudited) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale Corporate bonds $ - $ 6,378,956 $ - $ 6,378,956 U.S. Treasury securities 1,485,885 1,485,885 Total fixed maturity securities $ - $ 7,864,841 $ - $ 7,864,841 December 31, 2022 Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale Corporate bonds $ - $ 6,667,400 $ - $ 6,667,400 U.S. Treasury securities - 1,469,790 - 1,469,790 Total fixed maturity securities $ - $ 8,137,190 $ - $ 8,137,190 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Financial Instruments Disclosed, But Not Carried, at Fair Value: March 31, 2023 (Unaudited) Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 5,870,893 $ 5,870,893 $ 5,870,893 $ - $ - Mortgage loans on real estate 17,415,914 15,769,488 - - 15,769,488 Policy loans 9,847 9,847 9,847 Other long-term investments 3,416,766 3,638,615 - - 3,638,615 Accrued investment income 209,675 209,675 - - 209,675 Advances and notes receivable 71,791 71,791 - - 71,791 Total financial assets $ 26,994,886 $ 25,570,309 $ 5,870,893 $ - $ 19,699,416 Financial liabilities Policyholders’ account balances $ 27,884,127 $ 18,249,255 $ - $ - $ 18,249,255 Policy claims and other benefits 579,615 579,615 - - 579,615 Total financial liabilities $ 28,463,742 $ 18,828,870 $ - $ - $ 18,828,870 December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 4,417,837 $ 4,417,837 $ 4,417,837 $ - $ - Mortgage loans on real estate 18,573,709 17,151,922 - - 17,151,922 Policy loans 21,496 21,496 - - 21,496 Other long-term investments 3,763,011 4,011,887 - - 4,011,887 Accrued investment income 216,677 216,677 - - 216,677 Advances and notes receivable 66,006 66,006 - - 66,006 Total financial assets $ 27,058,736 $ 25,885,825 $ 4,417,837 $ - $ 21,467,988 Financial liabilities Policyholders’ account balances $ 28,305,422 $ 17,854,082 $ - $ - $ 17,854,082 Policy claims and other benefits 650,182 650,182 - - 650,182 Total financial liabilities $ 28,955,604 $ 18,504,264 $ - $ - $ 18,504,264 |
Lease Commitment (Tables)
Lease Commitment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Future payments under operating lease arrangements accounted for under ASC Topic 842 as of March 31, 2023 are as follows: 2023 $ 72,002 2024 98,810 2025 101,773 2026 104,831 2027 98,723 Total operating lease payments, undiscounted $ 476,139 Less: interest (68,809 ) Lease liability, at present value $ 407,330 |
Organization and Significant _2
Organization and Significant Accounting Policies (Details) | 3 Months Ended | 4 Months Ended | 12 Months Ended | 59 Months Ended | ||||||||
Apr. 06, 2021 USD ($) | Feb. 01, 2017 USD ($) | Aug. 01, 2016 USD ($) | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Apr. 02, 2017 USD ($) shares | |
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Investments | $ 28,707,368 | $ 30,495,406 | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 983,302 | $ 4,400,652 | ||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 131,107 | 733,442 | ||||||||||
Payments of Stock Issuance Costs | $ 12,002 | $ 77,615 | ||||||||||
Public Stock Offering, Maximum | $ 25,000,000 | |||||||||||
Possible Oversubscription, Percentage | 10% | |||||||||||
Deferred Policy Acquisition Cost, Capitalization | $ 348,129 | $ 194,480 | ||||||||||
Deferred Policy Acquisition Costs, Amortization Expense | 84,994 | 47,925 | ||||||||||
Deferred Sale Inducement Cost | 386,119 | 445,373 | ||||||||||
Deferred Sale Inducement Cost, Capitalization | 0 | 0 | ||||||||||
Deferred Sales Inducement Cost, Amortization Expense | 59,254 | $ 63,775 | ||||||||||
Accounts Receivable, Allowance for Credit Loss | 14,260 | 15,870 | ||||||||||
Operating Lease, Payments | $ 407,330 | $ 429,151 | ||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | shares | 15,621,501 | 14,805,194 | ||||||||||
Minimum [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||
Liability for Policyholder Contract Deposits, Interest Rate | 1.55% | |||||||||||
Maximum [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||||||
Liability for Policyholder Contract Deposits, Interest Rate | 5.50% | |||||||||||
Texas Republic Life Insurance Company [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 3,000,000 | $ 2,750,000 | ||||||||||
Proceeds from Contributed Capital | $ 250,000 | $ 2,100,000 | $ 2,100,000 | $ 1,300,000 | ||||||||
Investments | 12,357,133 | |||||||||||
Texas Republic Life Solutions [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 50,000 | 150,000 | $ 50,000 | $ 200,000 | $ 100,000 | |||||||
Investments | $ 550,000 | |||||||||||
Axis Insurance Solutions LLC AIS [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Payments to Acquire Businesses, Gross | $ 25,000 | |||||||||||
Common Class A [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Public Stock Offering, Shares (in Shares) | shares | 5,000,000 | |||||||||||
Texas Republic Life Insurance Company [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 100% | |||||||||||
Texas Republic Life Solutions [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 100% | |||||||||||
Axis Insurance Solutions LLC AIS [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 100% | |||||||||||
Contribution #1 [Member] | Texas Republic Life Insurance Company [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Proceeds from Contributed Capital | $ 857,133 | |||||||||||
Mortgages [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio | 90% | |||||||||||
Related Party Transaction, Amounts of Transaction | $ 32,139 | $ 51,498 | ||||||||||
Private Placement [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Number of Private Placement Stock Offerings | 3 | |||||||||||
Proceeds from Issuance or Sale of Equity | $ 10,010,485 | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,002,097 | |||||||||||
Payments of Stock Issuance Costs | $ 1,444,127 | |||||||||||
Intrastate Public Offering [Member] | ||||||||||||
Organization and Significant Accounting Policies (Details) [Line Items] | ||||||||||||
Number of Private Placement Stock Offerings | 3 | |||||||||||
Proceeds from Issuance or Sale of Equity | $ 10,336,500 | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 1,215,569 | |||||||||||
Payments of Stock Issuance Costs | $ 12,865,000 |
Investments (Details)
Investments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investments (Details) [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 405,469 | $ 900,240 | $ 1,111,464 |
Debt and Equity Securities, Realized Gain (Loss) | 20,643 | ||
Debt and Equity Securities, Unrealized Gain (Loss) | (3,008) | ||
Mortgage Loans in Process of Foreclosure, Amount | 42,609 | ||
Financing Receivable, Allowance for Credit Loss, Current | 86,818 | 92,777 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Investments (Details) [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 118,287 | $ 118,218 | |
Corporate Bond Securities [Member] | Fixed Maturity Securities in a Less than 12-Month Loss Position [Member] | One Fixed Security [Member] | |||
Investments (Details) [Line Items] | |||
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio | 97% | 94.30% | |
Corporate Bond Securities [Member] | Fixed Maturity Securities in a Greater than 12-Month Loss Position [Member] | One Fixed Security [Member] | |||
Investments (Details) [Line Items] | |||
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio | 88.80% |
Investments (Details) - Debt Se
Investments (Details) - Debt Securities, Available-for-sale - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fixed maturity securities | ||
Fixed Maturity Securities, Amortized Cost | $ 8,226,578 | $ 8,620,783 |
Fixed Maturity Securities, Gross Unrealized Gains | 13,083 | 1,153 |
Fixed Maturity Securities, Gross Unrealized Losses | 374,820 | 484,746 |
Fixed Maturity Securities, Fair Value | 7,864,841 | 8,137,190 |
Corporate Bond Securities [Member] | ||
Fixed maturity securities | ||
Fixed Maturity Securities, Amortized Cost | 6,737,354 | 7,144,489 |
Fixed Maturity Securities, Gross Unrealized Gains | 13,083 | 1,153 |
Fixed Maturity Securities, Gross Unrealized Losses | 371,481 | 478,242 |
Fixed Maturity Securities, Fair Value | 6,378,956 | 6,667,400 |
US Treasury Securities [Member] | ||
Fixed maturity securities | ||
Fixed Maturity Securities, Amortized Cost | 1,489,224 | 1,476,294 |
Fixed Maturity Securities, Gross Unrealized Gains | 0 | 0 |
Fixed Maturity Securities, Gross Unrealized Losses | 3,339 | 6,504 |
Fixed Maturity Securities, Fair Value | $ 1,485,885 | $ 1,469,790 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Unrealized Loss on Investments | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items] | ||
Corporate bonds greater than 12 months, fair value | $ 1,882,929 | |
Corporate bonds greater than 12 months, unrealized loss | $ 240,261 | |
Corporate bonds greater than 12 months, number of securities | 15 | |
Total fixed maturity securities, fair value | $ 7,203,289 | $ 8,035,279 |
Total fixed maturity securities, unrealized loss | $ 374,820 | $ 484,746 |
Total fixed maturity securities, number of securities | 46 | 49 |
Corporate Bond Securities [Member] | ||
Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items] | ||
Corporate bonds less than than 12 months, fair value | $ 3,834,475 | $ 6,565,489 |
Corporate bonds less than 12 months, unrealized loss | $ 131,220 | $ 478,242 |
Corporate bonds less than 12 months, number of securities | 30 | 48 |
Corporate bonds greater than 12 months, fair value | $ 0 | |
Corporate bonds greater than 12 months, unrealized loss | $ 0 | |
Corporate bonds greater than 12 months, number of securities | 0 | |
US Treasury Securities [Member] | ||
Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items] | ||
Corporate bonds less than than 12 months, fair value | $ 1,485,885 | $ 1,469,790 |
Corporate bonds less than 12 months, unrealized loss | $ 3,339 | $ 6,504 |
Corporate bonds less than 12 months, number of securities | 1 | 1 |
Investments (Details) - Unreali
Investments (Details) - Unrealized Gain (Loss) on Investments - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Unrealized Gain Loss On Investments Abstract | ||
Unrealized depreciation on available-for-sale securities | $ (361,737) | $ (483,593) |
Net unrealized depreciation on available-for-sale securities | $ (361,737) | $ (483,593) |
Investments (Details) - Investm
Investments (Details) - Investments Classified by Contractual Maturity Date - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fixed Maturities [Member] | ||
Investments (Details) - Investments Classified by Contractual Maturity Date [Line Items] | ||
Due in one year or less, Amortized Cost | $ 2,239,707 | |
Due in one year or less, Fair Value | 2,231,946 | |
Due after one year through five years, Amortized Cost | 3,188,347 | |
Due after one year through five years, Fair Value | 3,078,126 | |
Due after five years through ten years, Amortized Cost | 855,740 | |
Due after five years through ten years, Fair Value | 820,554 | |
Due after ten years, Amortized Cost | 1,942,783 | |
Due after ten years, Fair Value | 1,734,215 | |
Total, Amortized Cost | 8,226,577 | |
Total, Fair Value | 7,864,841 | |
Other Long-Term Investments [Member] | ||
Investments (Details) - Investments Classified by Contractual Maturity Date [Line Items] | ||
Due in one year or less, Amortized Cost | 1,099,211 | |
Due in one year or less, Fair Value | 1,193,457 | |
Due after one year through five years, Amortized Cost | 2,083,329 | |
Due after one year through five years, Fair Value | 2,183,875 | |
Due after five years through ten years, Amortized Cost | 234,226 | |
Due after five years through ten years, Fair Value | 261,283 | |
Total, Amortized Cost | 3,416,766 | $ 3,763,011 |
Total, Fair Value | $ 3,638,615 |
Investments (Details) - Inves_2
Investments (Details) - Investment Holdings, Schedule of Investments - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 3,416,766 | $ 3,763,011 |
Investment, Percentage | 100% | 100% |
Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 100% | 100% |
Mortgage assets | $ 17,415,914 | $ 18,573,709 |
CALIFORNIA | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 487,576 | $ 482,073 |
Investment, Percentage | 14.30% | 12.80% |
CALIFORNIA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 3.20% | 3% |
Mortgage assets | $ 562,282 | $ 563,448 |
FLORIDA | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 250,144 | $ 305,478 |
Investment, Percentage | 7.30% | 8.10% |
FLORIDA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 7.60% | 8.10% |
Mortgage assets | $ 1,327,650 | $ 1,505,508 |
GEORGIA | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 584,547 | $ 690,211 |
Investment, Percentage | 17.10% | 18.30% |
GEORGIA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 7.80% | 6.30% |
Mortgage assets | $ 1,358,579 | $ 1,167,321 |
INDIANA | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 141,890 | $ 149,263 |
Investment, Percentage | 4.20% | 4% |
INDIANA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 1.40% | 1.80% |
Mortgage assets | $ 239,912 | $ 338,596 |
MASSACHUSETTS | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 1,085,863 | $ 1,187,513 |
Investment, Percentage | 31.80% | 31.60% |
NEW YORK | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 444,424 | $ 514,540 |
Investment, Percentage | 13% | 13.70% |
OHIO | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 121,945 | $ 120,468 |
Investment, Percentage | 3.60% | 3.20% |
OREGON | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 90,645 | $ 89,932 |
Investment, Percentage | 2.60% | 2.40% |
PENNSYLVANIA | Other Long-Term Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term Investment | $ 209,732 | $ 223,533 |
Investment, Percentage | 6.10% | 5.90% |
PENNSYLVANIA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 3% | 3.30% |
Mortgage assets | $ 528,813 | $ 607,020 |
ALABAMA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 8.80% | 9.30% |
Mortgage assets | $ 1,529,668 | $ 1,717,499 |
ARKANSAS | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 1.20% | 1.10% |
Mortgage assets | $ 210,194 | $ 210,194 |
ARIZONA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 0.80% | 0.70% |
Mortgage assets | $ 132,339 | $ 132,475 |
COLORADO | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 0.90% | 0.80% |
Mortgage assets | $ 151,877 | $ 152,158 |
ILLINOIS | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 4.20% | 3.90% |
Mortgage assets | $ 729,717 | $ 732,223 |
KANSAS | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 0% | 1% |
Mortgage assets | $ 0 | $ 189,100 |
KENTUCKY | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 1.20% | 1.20% |
Mortgage assets | $ 218,737 | $ 220,057 |
LOUISIANA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 6.40% | 4.70% |
Mortgage assets | $ 1,113,994 | $ 874,216 |
MARYLAND | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 1.50% | 0% |
Mortgage assets | $ 254,800 | $ 0 |
MICHIGAN | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 1% | 1% |
Mortgage assets | $ 182,941 | $ 182,941 |
MISSOURI | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 14.50% | 13.60% |
Mortgage assets | $ 2,516,611 | $ 2,518,454 |
NORTH CAROLINA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 3.80% | 4.70% |
Mortgage assets | $ 658,317 | $ 878,212 |
NEW JERSEY | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 2.50% | 2.40% |
Mortgage assets | $ 443,224 | $ 444,162 |
SOUTH CAROLINA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 3.60% | 3.40% |
Mortgage assets | $ 627,876 | $ 628,601 |
TENNESSEE | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 7.80% | 19.20% |
Mortgage assets | $ 1,349,046 | $ 3,572,294 |
TEXAS | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 17.40% | 7.80% |
Mortgage assets | $ 3,036,994 | $ 1,439,182 |
VIRGINIA | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 0% | 1.40% |
Mortgage assets | $ 0 | $ 257,705 |
WISCONSIN | Mortgages [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, Percentage | 1.40% | 1.30% |
Mortgage assets | $ 242,343 | $ 242,343 |
Investments (Details) - Mortgag
Investments (Details) - Mortgage Loan on Real Estate - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investments (Details) - Mortgage Loan on Real Estate [Line Items] | ||
Mortgage loans on real estate | $ 17,415,914 | $ 18,573,709 |
Debt-to-Value Ratio, 70 to 80 Percent [Member] | ||
Investments (Details) - Mortgage Loan on Real Estate [Line Items] | ||
Mortgage loans on real estate | 415,484 | 415,486 |
Debt-to-Value Ratio, 70 to 80 Percent [Member] | ||
Investments (Details) - Mortgage Loan on Real Estate [Line Items] | ||
Mortgage loans on real estate | 3,640,877 | 4,917,690 |
Debt-to-Value Ratio, 60 to 70 Percent [Member] | ||
Investments (Details) - Mortgage Loan on Real Estate [Line Items] | ||
Mortgage loans on real estate | 8,989,070 | 8,745,288 |
Debt-to-Value Ratio, 50 to 60 Percent [Member] | ||
Investments (Details) - Mortgage Loan on Real Estate [Line Items] | ||
Mortgage loans on real estate | 2,292,260 | 2,241,720 |
Debt-to-Value Ratio, Less than 50% [Member] | ||
Investments (Details) - Mortgage Loan on Real Estate [Line Items] | ||
Mortgage loans on real estate | $ 2,078,223 | $ 2,253,525 |
Investments (Details) - Financi
Investments (Details) - Financing Receivable, Past Due - Mortgages [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Beginning of year: mortgage loan allowance balance | $ 92,777 | $ 65,575 |
Current year change in provision of estimated mortgage loan losses | (5,959) | 27,202 |
End of year: mortgage loan allowance balance | $ 86,818 | $ 92,777 |
Investments (Details) - Inves_3
Investments (Details) - Investment Income - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 551,474 | $ 464,978 | |
Investment expenses | (8,098) | (101,520) | |
Net investment income | 543,376 | $ 363,458 | 363,458 |
Fixed Maturities [Member] | |||
Net Investment Income [Line Items] | |||
Gross investment income | 85,430 | 85,888 | |
Other Long-Term Investments [Member] | |||
Net Investment Income [Line Items] | |||
Gross investment income | 105,241 | 66,889 | |
Mortgages [Member] | |||
Net Investment Income [Line Items] | |||
Gross investment income | 296,008 | 287,295 | |
Short-Term Investments [Member] | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 64,795 | $ 24,906 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | Mar. 31, 2023 |
Mortgages [Member] | |
Fair Value Measurements (Details) [Line Items] | |
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio | 90% |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | $ 7,864,841 | $ 8,137,190 |
Corporate Debt Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 6,378,956 | 6,667,400 |
US Treasury Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 1,485,885 | 1,469,790 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 7,864,841 | 8,137,190 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 6,378,956 | 6,667,400 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 1,485,885 | 1,469,790 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items] | ||
Fixed Maturity Securities | $ 0 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Fair Value, by Balance Sheet Grouping - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 5,870,893 | $ 4,417,837 |
Cash and cash equivalents | 5,870,893 | 4,417,837 |
Mortgages on real estate | 17,415,914 | 18,573,709 |
Mortgages on real estate | 15,769,488 | 17,151,922 |
Policy loans | 9,847 | 21,496 |
Policy loans | 9,847 | 21,496 |
Other long-term assets | 3,416,766 | 3,763,011 |
Other long-term assets | 3,638,615 | 4,011,887 |
Accrued investment income | 209,675 | 216,677 |
Accrued investment income | 209,675 | 216,677 |
Notes receivable | 71,791 | 66,006 |
Notes receivable | 71,791 | 66,006 |
Total financial assets | 26,994,886 | 27,058,736 |
Total financial assets | 25,570,309 | 25,885,825 |
Policyholders’ account balances | 27,884,127 | 28,305,422 |
Policyholders’ account balances | 18,249,255 | 17,854,082 |
Policy claims | 579,615 | 650,182 |
Policy claims | 579,615 | 650,182 |
Total financial liabilities | 28,463,742 | 28,955,604 |
Total financial liabilities | 18,828,870 | 18,504,264 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 5,870,893 | 4,417,837 |
Mortgages on real estate | 0 | 0 |
Policy loans | 0 | |
Other long-term assets | 0 | 0 |
Accrued investment income | 0 | 0 |
Notes receivable | 0 | 0 |
Total financial assets | 5,870,893 | 4,417,837 |
Policyholders’ account balances | 0 | 0 |
Policy claims | 0 | 0 |
Total financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Mortgages on real estate | 0 | 0 |
Policy loans | 0 | |
Other long-term assets | 0 | 0 |
Accrued investment income | 0 | 0 |
Notes receivable | 0 | 0 |
Total financial assets | 0 | 0 |
Policyholders’ account balances | 0 | 0 |
Policy claims | 0 | 0 |
Total financial liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Mortgages on real estate | 15,769,488 | 17,151,922 |
Policy loans | 9,847 | 21,496 |
Other long-term assets | 3,638,615 | 4,011,887 |
Accrued investment income | 209,675 | 216,677 |
Notes receivable | 71,791 | 66,006 |
Total financial assets | 19,699,416 | 21,467,988 |
Policyholders’ account balances | 18,249,255 | 17,854,082 |
Policy claims | 579,615 | 650,182 |
Total financial liabilities | $ 18,828,870 | $ 18,504,264 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Percent | 0% |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details) | Mar. 31, 2023 USD ($) |
Risks and Uncertainties [Abstract] | |
Cash, FDIC Insured Amount | $ 250,000 |
Cash, Uninsured Amount | $ 436,614 |
Stock Incentive Plan (Details)
Stock Incentive Plan (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Stock Incentive Plan (Details) [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 5,000 | 12,150 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 0 | |
Employment Contracts [Member] | ||
Stock Incentive Plan (Details) [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 5,000 | |
Performance Shares [Member] | ||
Stock Incentive Plan (Details) [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 7,150 |
Lease Commitment (Details) - Le
Lease Commitment (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee Operating Lease Liability Maturity Abstract | ||
2023 | $ 72,002 | |
2024 | 98,810 | |
2025 | 101,773 | |
2026 | 104,831 | |
2027 | 98,723 | |
Total operating lease payments, undiscounted | 476,139 | |
Less: interest | (68,809) | |
Lease liability, at present value | $ 407,330 | $ 429,151 |