v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 15,134,992 $ 5,941,616
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Net realized losses on investments 5,804 425,776
Net unrealized losses (gains) on equity investments 288,506 (622,874)
Net unrealized gains on other investments (702,782) (295,687)
Gain on sale of real estate (1,965,989) 0
Depreciation and amortization 1,237,227 1,216,447
Credit losses 69,060 53,865
Accretion of bond discount, net (28,977) (362,020)
Amortization of discount and issuance costs on debt 62,757 593,838
Loss on extinguishment of debt 174,962 0
Stock-based compensation 810,867 547,205
Deferred income tax (benefit) expense (372,296) 1,583,266
Decrease (increase) in operating assets:    
Premiums receivable, net 4,419,958 (1,625,197)
Reinsurance receivables, net 13,883,393 9,278,490
Prepaid reinsurance (3,649,273) 0
Deferred policy acquisition costs 884,341 227,800
Other assets 432,234 431,785
Increase (decrease) in operating liabilities:    
Loss and loss adjustment expense reserves 7,717,026 (5,240,372)
Unearned premiums (4,438,637) 1,813,141
Advance premiums 2,209,518 1,157,841
Reinsurance balances payable (5,068,605) (2,355,544)
Deferred ceding commission revenue (4,545,591) (183,783)
Accounts payable, accrued expenses and other liabilities 573,242 629,295
Net cash flows provided by operating activities 27,131,737 13,214,888
Cash flows from investing activities:    
Purchase - fixed-maturity securities available-for-sale (46,825,871) (80,234,996)
Sale and maturity - fixed-maturity securities available-for-sale 20,172,732 68,122,546
Purchase - equity securities (19,100) 0
Sale - equity securities 0 3,538,730
Proceeds from sale of real estate 3,600,000 0
Acquisition of property and equipment (1,440,460) (1,038,479)
Net cash flows used in investing activities (24,512,699) (9,612,199)
Cash flows from financing activities:    
Principal payments on equipment financing (602,712) (568,504)
Principal payment on 2024 Notes (5,950,000) 0
Proceeds from exercise of stock options 57,088 0
Withholding taxes paid on net exercise of stock options (14,305) 0
Withholding taxes paid on vested restricted stock awards (548,500) (8,380)
Net proceeds from issuance of common stock 9,484,382 168,190
Net cash flows provided by (used in) financing activities 2,425,953 (408,694)
Increase in cash and cash equivalents 5,044,991 3,193,995
Cash and cash equivalents, beginning of period 28,669,441 8,976,998
Cash and cash equivalents, end of period 33,714,432 12,170,993
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 1,353,000 0
Cash paid for interest 1,370,448 1,389,759
Supplemental schedule of non-cash investing and financing activities:    
Other comprehensive income (loss), net of tax $ 3,244,917 $ (349,996)