| Schedule of Standard Impacted Our Previously Reported Consolidated Financial Results |
Adoption of the standard impacted our previously reported consolidated
financial results as follows:
| As of December 31, 2024 | |
As
previously
reported | | |
Adoption of
new
standard | | |
Post
adoption | |
| Consolidated Statements of Financial Position | |
| | |
| | |
| |
| Deferred policy acquisition costs | |
| 4,514,562 | | |
| 38,185 | | |
| 4,552,747 | |
| Total assets | |
| 33,811,480 | | |
| 38,185 | | |
| 33,849,665 | |
| Future policy benefits | |
| 2,072,201 | | |
| (208,459 | ) | |
| 1,863,742 | |
| Total liabilities | |
| 23,373,788 | | |
| (208,459 | ) | |
| 23,165,329 | |
| Accumulated other comprehensive loss | |
| (298,064 | ) | |
| 131,376 | | |
| (166,688 | ) |
| Accumulated deficit | |
| (15,180,537 | ) | |
| 115,268 | | |
| (15,065,269 | ) |
| Total stockholders’ equity | |
| 10,437,692 | | |
| 246,644 | | |
| 10,684,336 | |
| Year Ended December 31, 2024 | |
As
previously
reported | | |
Adoption of
new
standard | | |
Post
adoption | |
| Consolidated Statements of Operations | |
| | |
| | |
| |
| Increase in future policy benefits | |
$ | 418,260 | | |
$ | (77,083 | ) | |
$ | 341,177 | |
| Policy acquisition costs amortized | |
| 1,198,145 | | |
| (38,185 | ) | |
| 1,159,960 | |
| Total benefits, claims and expenses | |
| 7,219,143 | | |
| (115,268 | ) | |
| 7,103,875 | |
| Net loss | |
| (832,146 | ) | |
| 115,268 | | |
| (716,878 | ) |
| Net loss per common share outstanding and subscribed | |
| (0.05 | ) | |
| 0.01 | | |
| (0.04 | ) |
| Year Ended December 31, 2024 | |
As
previously
reported | | |
Adoption of
new
standard | | |
Post
adoption | |
| Consolidated Statements of Comprehensive Loss | |
| | |
| | |
| |
| Net loss | |
$ | (832,146 | ) | |
$ | 115,268 | | |
$ | (716,878 | ) |
| Remeasurement gains on future policy benefits related to discount rate | |
| - | | |
| 131,376 | | |
| 131,376 | |
| Total other comprehensive income (loss) | |
| (10,793 | ) | |
| 131,376 | | |
| 120,583 | |
| Total comprehensive loss | |
| (842,939 | ) | |
| 246,644 | | |
| (596,295 | ) |
|