v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets    
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,967,140 at June 30, 2025 and $5,959,265 at December 31, 2024) $ 7,045,231 $ 7,047,342
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $228,986,581 at June 30, 2025 and $202,308,158 at December 31, 2024) 217,679,350 186,893,438
Equity securities, at fair value (cost of $13,546,654 at June 30, 2025 and $13,527,554 at December 31, 2024) 10,027,099 10,296,505
Other investments 5,083,438 4,380,656
Total investments 239,835,118 208,617,941
Cash and cash equivalents 33,714,432 28,669,441
Premiums receivable, net of allowance for credit losses of $461,200 at June 30, 2025, 2025 and $402,290 at December 31, 2024 17,277,970 21,766,988
Reinsurance receivables, net 55,439,043 69,322,436
Prepaid reinsurance 3,649,273 0
Deferred policy acquisition costs 23,848,030 24,732,371
Intangible assets 500,000 500,000
Property and equipment, net 7,853,192 9,283,970
Deferred income taxes, net 5,107,644 5,597,920
Other assets 6,196,823 6,424,776
Total assets 393,421,525 374,915,843
Liabilities    
Loss and loss adjustment expense reserves 133,927,454 126,210,428
Unearned premiums 130,263,096 134,701,733
Advance premiums 5,712,581 3,503,063
Reinsurance balances payable 5,440,516 10,509,121
Deferred ceding commission revenue 6,995,648 11,541,239
Accounts payable, accrued expenses and other liabilities 7,984,147 10,570,388
Income taxes payable 3,159,483 0
Debt, net (current $1,259,559 and long-term $3,801,149 at June 30, 2025, current $6,849,257 and long-term $4,322,163 at December 31, 2024) 5,060,708 11,171,420
Total liabilities 298,543,633 308,207,392
Commitments and Contingencies (Note 11)
Stockholders' Equity    
Preferred stock, $0.01 par value; authorized 2,500,000 shares 0 0
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 15,661,240 shares at June 30, 2025 and 14,448,205 shares at December 31, 2024; outstanding 14,137,115 shares at June 30, 2025 and 12,924,080 shares at December 31, 2024 156,612 144,482
Capital in excess of par 98,840,728 89,063,326
Accumulated other comprehensive loss (8,930,559) (12,175,476)
Retained earnings (accumulated deficit) 10,379,118 (4,755,874)
Stockholders' Equity before treasury stock 100,445,899 72,276,458
Treasury stock, at cost, 1,524,125 shares at June 30, 2025 and 1,524,125 at December 31, 2024 (5,568,007) (5,568,007)
Total stockholders' equity 94,877,892 66,708,451
Total liabilities and stockholders' equity $ 393,421,525 $ 374,915,843