| Schedule of Error Correcetion Prior Period Adjustments |
The
following tables present amounts as previously reported in 2025, the effect upon those amounts from the adoption of the new guidance
under ASU No. 2018-12, and the resulting adjusted amounts that are reflected in the condensed consolidated financial statements included
herein. The following tables only include those line items impacted by the adoption of the new guidance.
Schedule
of Error Correcetion Prior Period Adjustments
| | |
As Previously
Reported | | |
Effect of
Change | | |
As Currently
Reported | |
| Consolidated Statements of Earnings: | |
Three Months Ended March 31, 2025 | |
| | |
As Previously
Reported | | |
Effect of
Change | | |
As Currently
Reported | |
| Benefits and expenses: | |
| | | |
| | | |
| | |
| Policyholder benefits and claims | |
$ | 26,235,077 | | |
$ | (779,903 | ) | |
$ | 25,455,174 | |
| Amortization of deferred policy and pre-need acquisition costs and value of business acquired | |
| 4,696,535 | | |
| (1,899,536 | ) | |
| 2,796,999 | |
| Total benefits and expenses | |
| 77,168,829 | | |
| (2,679,439 | ) | |
| 74,489,390 | |
| | |
| | | |
| | | |
| | |
| Income tax expense | |
| (1,232,602 | ) | |
| (603,996 | ) | |
| (1,836,598 | ) |
| Net earnings | |
$ | 4,338,292 | | |
$ | 2,075,443 | | |
$ | 6,413,735 | |
| | |
| | | |
| | | |
| | |
| Net earnings per Class A equivalent common share (1) | |
$ | 0.18 | | |
$ | 0.08 | | |
$ | 0.26 | |
| | |
| | | |
| | | |
| | |
| Net earnings per Class A equivalent common share - assuming dilution (1) | |
$ | 0.18 | | |
$ | 0.07 | | |
$ | 0.25 | |
| (1) | | Adjusted retroactively
for the effect of annual stock dividends |
| | |
As Previously Reported | | |
Effect of
Change | | |
As Currently Reported | |
| Consolidated Statements of Comprehensive Income: | |
Three Months Ended March 31, 2025 | |
| | |
As Previously Reported | | |
Effect of
Change | | |
As Currently Reported | |
| Net earnings | |
$ | 4,338,292 | | |
$ | 2,075,443 | | |
$ | 6,413,735 | |
| Other comprehensive income: | |
| | | |
| | | |
| | |
| Unrealized gains on fixed maturity securities available for sale | |
| 3,788,729 | | |
| 72,528 | | |
| 3,861,257 | |
| Interest rate remeasurement of future policy benefits | |
| - | | |
| (8,122,845 | ) | |
| (8,122,845 | ) |
| Other comprehensive income (loss), before income tax | |
| 3,795,832 | | |
| (8,050,317 | ) | |
| (4,254,485 | ) |
| Income tax benefit (expense) | |
| (798,220 | ) | |
| 1,690,568 | | |
| 892,348 | |
| Other comprehensive income (loss), net of income tax | |
| 2,997,612 | | |
| (6,359,749 | ) | |
| (3,362,137 | ) |
| Comprehensive income (loss) | |
$ | 7,335,904 | | |
$ | (4,284,306 | ) | |
$ | 3,051,598 | |
| | |
As Previously Reported | | |
Effect of
Change | | |
As Currently Reported | |
| Consolidated Statements of Stockholders’ Equity: | |
Three Months Ended March 31, 2025 | |
| | |
As Previously Reported | | |
Effect of
Change | | |
As Currently Reported | |
| Accumulated other comprehensive income (loss) | |
$ | (3,953,654 | ) | |
$ | 34,311,146 | | |
$ | 30,357,492 | |
| Retained earnings | |
| 229,697,478 | | |
| 4,520,696 | | |
| 234,218,174 | |
| Total stockholders’ equity | |
$ | 346,493,686 | | |
$ | 38,831,842 | | |
$ | 385,325,528 | |
|