v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 27,246,375 $ 26,007,467
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Net realized losses on investments 211,036 12,126
Net unrealized losses (gains) on equity investments 921,517 (94,228)
Net unrealized losses (gains) on other investments 185,116 (508,492)
Gain on sale of real estate 0 (1,965,989)
Depreciation and amortization 2,283,381 1,881,880
Credit losses 84,877 96,191
Accretion of bond discount, net (8,407) (29,812)
Amortization of discount and issuance costs on debt 0 65,163
Loss on extinguishment of debt 0 174,962
Stock-based compensation 1,963,267 1,241,040
Deferred income tax (benefit) expense (61,075) 16,108
Decrease (increase) in operating assets:    
Premiums receivable, net 674,946 3,418,148
Reinsurance receivables, net 4,142,388 9,303,376
Prepaid reinsurance 469,123 (2,142,329)
Deferred policy acquisition costs 1,648,083 (645,410)
Other assets (2,722,678) (2,917,202)
Increase (decrease) in operating liabilities:    
Loss and loss adjustment expense reserves 17,919,023 14,983,818
Unearned premiums 8,373,461 5,339,407
Advance premiums 4,408,942 4,208,894
Reinsurance balances payable (1,343,920) (4,819,092)
Deferred ceding commission revenue (8,188,278) (3,978,822)
Accounts payable, accrued expenses and other liabilities 136,578 1,582,049
Income Taxes payable 954,848 1,832,290
Net cash flows provided by operating activities 59,298,603 53,061,543
Cash flows from investing activities:    
Redemption - fixed-maturity securities held-to-maturity 0 1,000,000
Purchase - short-term investments (1,484,473) 0
Purchase - fixed-maturity securities available-for-sale (65,049,156) (88,164,845)
Sale and maturity - fixed-maturity securities available-for-sale 22,554,551 29,313,789
Purchase - equity securities (51,800) (19,100)
Proceeds from sale of real estate 0 3,600,000
Acquisition of property and equipment (2,622,745) (2,092,928)
Net cash flows used in investing activities (46,653,623) (56,363,084)
Cash flows from financing activities:    
Principal payments on equipment financing (965,538) (910,736)
Proceeds from exercise of stock options 41,250 64,591
Withholding taxes paid on net exercise of stock options 0 (14,305)
Withholding taxes paid on vested restricted stock awards (502,669) (548,500)
Net proceeds from issuance of common stock 0 9,470,453
Acquisition of treasury stock (291,833) 0
Dividends paid (2,315,045) (707,101)
Net cash flows (used in) provided by financing activities (4,033,835) 1,404,402
Increase (decrease) in cash and cash equivalents 8,611,145 (1,897,139)
Cash and cash equivalents, beginning of period 12,178,730 28,669,441
Cash and cash equivalents, end of period 20,789,875 26,772,302
Supplemental disclosures of cash flow information:    
Cash paid for income taxes-federal 6,324,000 5,819,000
Cash paid for income taxes-state 250 0
Cash paid for interest 176,358 1,520,130
Supplemental schedule of non-cash investing and financing activities:    
Lease liability in exchange for right-of-use asset 0 198,042
Senior Notes due 2024    
Cash flows from financing activities:    
Principal payments on 2024 Notes $ 0 $ (5,950,000)