0001654954-22-006973 | 10-Q | XBRL Viewer

Property and Casualty Insurance Activity (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property and Casualty Insurance Activity
Balance at beginning of period	$ 94,948,745	$ 82,801,228
Less reinsurance recoverables	(10,637,679)	(20,154,251)
Net balance, beginning of period	84,311,066	62,646,977
Current year	22,944,869	22,571,727
Prior years	(3,671)	(11,055)
Total incurred	22,941,198	22,560,672
Current year	9,283,972	7,749,998
Prior years	14,918,035	10,059,577
Total paid	24,202,007	17,809,575
Net balance at end of period	83,050,257	67,398,074
Add reinsurance recoverables	15,866,741	17,058,985
Balance at end of period	$ 98,916,998	$ 84,457,059

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Schedule Of Fair Value Measurements

	March 31, 2022
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	$	-	$	-

Political subdivisions of States, Territories and Possessions		-		15,618,791		-		15,618,791

Corporate and other bonds industrial and miscellaneous		82,255,848		503,090		-		82,758,938

Residential mortgage and other asset backed securities		-		53,519,767		-		53,519,767
Total fixed maturities		82,255,848		69,641,648		-		151,897,496
Equity securities		31,765,409		-		-		31,765,409
Total investments	$	114,021,257	$	69,641,648	$	-	$	183,662,905

	December 31, 2021
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	$	-	$	-

Political subdivisions of States, Territories and Possessions		-		17,285,514		-		17,285,514

Corporate and other bonds industrial and miscellaneous		82,500,779		510,475		-		83,011,254

Residential mortgage and other asset backed securities		-		57,783,342		-		57,783,342
Total fixed maturities		82,500,779		75,579,331		-		158,080,110
Equity securities		39,687,002		-		-		39,687,002
Total investments	$	122,187,781	$	75,579,331	$	-	$	197,767,112

Schedule Of Hedge Fund Investments

Category	March 31, 2022		December 31, 2021

Other Investments
Hedge fund	$	6,625,883	$	7,561,415

Fair Value Hierarchy Of Long-term Debt

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2022	$	-	$	28,819,199	$	-	$	28,819,199

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2022	$	-	$	28,436,019	$	-	$	28,436,019

Investments (Details 7) - USD ($)	3 Months Ended	12 Months Ended
Investments (Details 7) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Estimated fair value - less than 12 months	$ 14,959,121	$ 6,768,123
Unrealized losses - less than 12 months	(1,614,463)	(197,984)
Number of positions held - less than 12 months	12	5
Estimated fair value - 12 months or more	0	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Estimated fair value - total	14,959,121	6,768,123
Unrealized losses - total	(1,614,463)	(197,984)
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Estimated fair value - less than 12 months	51,973,548	17,593,707
Unrealized losses - less than 12 months	(3,143,378)	(126,926)
Number of positions held - less than 12 months	55	15
Estimated fair value - 12 months or more	0	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Estimated fair value - total	51,973,548	17,593,707
Unrealized losses - total	(3,143,378)	(126,926)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Estimated fair value - less than 12 months	40,310,519	45,399,451
Unrealized losses - less than 12 months	(3,119,931)	(489,258)
Number of positions held - less than 12 months	31	26
Estimated fair value - 12 months or more	2,733,402	2,923,182
Unrealized losses - 12 months or more	(306,849)	(120,344)
Number of positions held - 12 months or more	2	2
Estimated fair value - total	43,043,921	48,322,633
Unrealized losses - total	(3,426,780)	(609,602)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Estimated fair value - less than 12 months	107,243,188	69,761,281
Unrealized losses - less than 12 months	(7,877,772)	(814,168)
Number of positions held - less than 12 months	98	46
Estimated fair value - 12 months or more	2,733,402	2,923,182
Unrealized losses - 12 months or more	(306,849)	(120,344)
Number of positions held - 12 months or more	2	2
Estimated fair value - total	109,976,590	72,684,463
Unrealized losses - total	(8,184,621)	(934,512)
US Treasury and Government [Member]
Estimated fair value - less than 12 months	0	0
Unrealized losses - less than 12 months	0	0
Number of positions held - less than 12 months	0	0
Estimated fair value - 12 months or more	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Estimated fair value - total	0
Unrealized losses - total	$ 0	$ 0

Stockholders Equity (Details 1) - Restricted Stock Awards [Member]	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Number of options outstanding, beginning \| shares	628,531
Granted shares \| shares	98,456
Vested shares \| shares	245,604
Forfeited shares \| shares	0
Number of options outstanding, ending \| shares	481,383
Weighted Average Grant Date Fair Value per Share, beginning balance \| $ / shares	$ 7.01
Weighted Average Grant Date Fair Value per Share, granted \| $ / shares	5.53
Weighted Average Grant Date Fair Value per Share, vested \| $ / shares	7.14
Weighted Average Grant Date Fair Value per Share, forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value per Share, ending balance \| $ / shares	$ 6.97
Aggregate Fair Value, beginning balance \| $	$ 6,074,595
Aggregate Fair Value, granted \| $	544,503
Aggregate Fair Value, vested \| $	1,752,745
Aggregate Fair Value, Forfeited \| $	0
Aggregate Fair Value, ending balance \| $	$ 4,866,352

Investments (Details 3) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Net unrealized gains19	$ (135,838)	$ 486,825
Estimated fair valueAD	7,629,300	8,753,159
Gross unrealized loss - more than 12 monthsD0	0	0
Gross unrealized losses - less than 12 months68	(403,648)	(26,700)
Gross unrealized gains1B	267,810	513,525
Cost or amortized cost0C	7,765,138	8,266,334
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Net unrealized gains	8,421	22,856
Estimated fair value	506,670	1,021,095
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized gains	8,421	22,856
Cost or amortized cost	498,249	998,239
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Net unrealized gains	(324,259)	268,172
Estimated fair value	5,908,865	6,502,514
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	(380,860)	(12,779)
Gross unrealized gains	56,601	280,951
Cost or amortized cost	6,233,124	6,234,342
Held-to-Maturity Securities US Treasury Securities [Member]
Net unrealized gains	201,611	209,633
Estimated fair value	931,265	939,275
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	(1,177)	0
Gross unrealized gains	202,788	209,633
Cost or amortized cost	729,654	729,642
Exchange Trade Debt [Member]
Net unrealized gains	(21,611)	(13,836)
Estimated fair value	282,500	290,275
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	(21,611)	(13,921)
Gross unrealized gains	0	85
Cost or amortized cost	$ 304,111	$ 304,111

Fair Value Measurements (Details 2) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Senior Notes due 2022	$ 28,819,199	$ 28,436,019
Level 2 [Member]
Senior Notes due 2022	28,819,199	28,436,019
Level 3 [Member]
Senior Notes due 2022	0	0
Level 1 [Member]
Senior Notes due 2022	$ 0	$ 0

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

Note 9 – Income Taxes

The Company files a consolidated U.S. federal income tax return that includes all wholly owned subsidiaries. State tax returns are filed on a consolidated or separate return basis depending on applicable laws. The Company records adjustments related to prior years’ taxes during the period when they are identified, generally when the tax returns are filed. The effect of these adjustments on the current and prior periods (during which the differences originated) is evaluated based upon quantitative and qualitative factors and are considered in relation to the consolidated financial statements taken as a whole for the respective periods.

Deferred tax assets and liabilities are determined using the enacted tax rates applicable to the period the temporary differences are expected to be recovered. Accordingly, the current period income tax provision can be affected by the enactment of new tax rates. The net deferred income taxes on the balance sheets reflect temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and income tax purposes, tax effected at various rates depending on whether the temporary differences are subject to federal taxes, state taxes, or both.

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	March 31,		December 31,
	2022		2021

Deferred tax asset:
Net operating loss carryovers (1)	$	3,301,658	$	1,112,318
Claims reserve discount		1,169,042		1,186,789
Unearned premium		3,279,286		3,246,364
Deferred ceding commission revenue		1,990,698		2,047,187
Net unrealized losses on securities		509,869		-
Other		1,066,609		1,220,898
Total deferred tax assets		11,317,162		8,813,556

Deferred tax liability:
Investment in KICO (2)		759,543		759,543
Deferred acquisition costs		4,547,882		4,670,187
Intangibles		105,000		105,000
Depreciation and amortization		1,537,104		1,046,817
Net unrealized gains on securities		-		2,039,756
Total deferred tax liabilities		6,949,529		8,621,303

Net deferred income tax asset	$	4,367,633	$	192,253

(1)

The deferred tax assets from net operating loss carryovers (“NOL”) are as follows:

	March 31,			December 31,
Type of NOL	2022			2021			Expiration

Federal only, NOL from 2022 and 2021	$	3,301,658		$	1,112,318
NOL carried back		-			-
Federal only, NOL from 2022 and 2021		3,301,658			1,112,318		None

State only (A)		2,127,859			2,099,239		December 2027 - December 2042
Valuation allowance		(2,127,859	)		(2,099,239	)
State only, net of valuation allowance		-			-

Total deferred tax asset from net operating loss carryovers	$	3,301,658		$	1,112,318

(A) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of March 31, 2022 and December 31, 2021 was approximately $32,736,000 and $32,296,000, respectively. KICO, the Company’s insurance underwriting subsidiary, is not subject to state income taxes. KICO’s state tax obligations are paid through a gross premiums tax, which is included in the condensed consolidated statements of operations and comprehensive loss within other underwriting expenses. Kingstone has recorded a valuation allowance due to the uncertainty of generating enough state taxable income to utilize 100% of the available state NOLs over their remaining lives, which expire between 2027 and 2042.

(2) Deferred tax liability – Investment in KICO

On July 1, 2009, the Company completed the acquisition of 100% of the issued and outstanding common stock of KICO (formerly known as Commercial Mutual Insurance Company (“CMIC”)) pursuant to the conversion of CMIC from an advance premium cooperative to a stock property and casualty insurance company. Pursuant to the plan of conversion, the Company acquired a 100% equity interest in KICO, in consideration for the exchange of $3,750,000 principal amount of surplus notes of CMIC. In addition, the Company forgave all accrued and unpaid interest on the surplus notes as of the date of conversion. As of the date of acquisition, unpaid accrued interest on the surplus notes along with the accretion of the discount on the original purchase of the surplus notes totaled $2,921,319 (together “Untaxed Interest”). As of the date of acquisition, the deferred tax liability on the Untaxed Interest was $1,169,000. A temporary difference with an indefinite life exists when the parent has a lower carrying value of its subsidiary for income tax purposes. The deferred tax liability was reduced to $759,543 upon the reduction of federal income tax rates as of December 31, 2017. The Company is required to maintain its deferred tax liability of $759,543 related to this temporary difference until the stock of KICO is sold, or the assets of KICO are sold or KICO and the parent are merged.

In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. No valuation allowance against deferred tax assets has been established, except for NOL limitations, as the Company believes it is more likely than not the deferred tax assets will be realized based on the historical taxable income of KICO, or by offset to deferred tax liabilities.

The Company had no material unrecognized tax benefit and no adjustments to liabilities or operations were required. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the three months ended March 31, 2022 and 2021. If any had been recognized these would have been reported in income tax expense.

Generally, taxing authorities may examine the Company’s tax returns for the three years from the date of filing. The Company’s tax returns for the years ended December 31, 2018 through December 31, 2020 remain subject to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Employee Benefit Plans

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies

Deferred Compensation Plan

Note 12 – Employee Benefit Plans

Employee Bonus Plan

For the three months ended March 31, 2022 and year ended December 31, 2021 the Company did not accrue for, or pay, bonuses related to the employee bonus plan.

401 (k) Plan

The Company maintains a salary reduction plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) for its qualified employees. The Company matches 100% of each participant’s contribution up to 4% of the participant’s eligible contribution. The Company incurred approximately $62,000 and $56,000 of expense for the three months ended March 31, 2022 and 2021, respectively, related to the 401(k) Plan, which is recorded in other operating expenses on the accompanying consolidated statements of operations and comprehensive loss.

Deferred Compensation Plan

On June 18, 2018, the Company adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan is offered to a select group (“Participants”), consisting of management and highly compensated employees as a method of recognizing and retaining such Participants. The Deferred Compensation Plan provides for eligible Participants to elect to defer up to 75% of their base compensation and up to 100% of bonuses and other compensation and to have such deferred amounts deemed to be invested in specified investment options. In addition to the Participant deferrals, the Company may choose to make matching contributions to some or all of the Participants in the Deferred Compensation Plan to the extent the Participant did not receive the maximum matching or non-elective contributions permissible under the Company’s 401(k) Plan due to limitations under the Internal Revenue Code or the 401(k) Plan. Participants may elect to receive payment of their account balances in a single cash payment or in annual installments for a period of up to ten years. The deferred compensation liability as of March 31, 2022 and December 31, 2021 amounted to $947,184 and $907,914, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. The Company did not make any voluntary contributions for the three months ended March 31, 2022 and 2021.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies

17. Commitments And Contingencies

Note 11 - Commitments and Contingencies

Litigation

From time to time, the Company is involved in various legal proceedings in the ordinary course of business. For example, to the extent a claim is asserted by a third party in a lawsuit against one of the Company’s insureds covered by a particular policy, the Company may have a duty to defend the insured party against the claim. These claims may relate to bodily injury, property damage or other compensable injuries as set forth in the policy. Such proceedings are considered in estimating the liability for loss and LAE expenses.

Office Lease

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. See Note 2 - Accounting Policies for additional information regarding the accounting for leases.

The Company is a party to a non-cancellable operating lease, dated March 27, 2015, for its office facility for KICO located in Valley Stream, New York expiring March 31, 2024.

On July 8, 2019, the Company entered into a lease agreement for an additional office facility for Cosi located in Valley Stream, New York under a non-cancelable operating lease. The lease had a term of seven years and two months expiring December 31, 2026. During January 2022, pursuant to a mutual agreement with the landlord at a cost of $40,000, the Cosi lease was terminated effective as of January 31, 2022.

Additional information regarding the Company’s office operating leases is as follows:

	Threee months ended			Threee months ended
Lease cost	March 31, 2022			March 31, 2021
Operating lease	$	46,938		$	60,518
Short-term leases		-			-
Total lease cost (1) (2)	$	46,938		$	60,518

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$	53,003		$	64,979
Discount rate		5.50	%		5.50	%
Remaing lease term in years
KICO	2 years			3 years
Cosi		-		5.75 years

(1)

Included in the condensed consolidated statements of operations and comprehensive loss within other underwriting expenses for KICO and within other operating expenses for Cosi.

The following table presents the contractual maturities of the Company’s lease liabilities as of March 31, 2022:

For the Year
Ending
December 31,	Total
Remainder of 2022	$	142,450
2023		194,919
2024		49,145
Total undiscounted lease payments		386,514
Less: present value adjustment		40,098
Operating lease liability (1)	$	346,416

(1)

The operating lease liability is recorded in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.

Rent expense for the three months ended March 31, 2022 and 2021 amounted to $46,938 and $60,518, respectively. Rent expense is included in the accompanying condensed consolidated statements of operations and comprehensive loss within other underwriting expenses.

Employment Agreements

Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board

On October 14, 2019, the Company and Barry B. Goldstein, the Company’s President, Chief Executive Officer and Executive Chairman of the Board, entered into a Second Amended and Restated Employment Agreement (the “Amended Employment Agreement”). The Amended Employment Agreement became effective as of January 1, 2020 and expires on December 31, 2022. The Amended Employment Agreement extends the expiration date of the employment agreement in effect for Mr. Goldstein from December 31, 2021 to December 31, 2022.

Pursuant to the Amended Employment Agreement, Mr. Goldstein is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 6% of the Company’s consolidated income from operations before taxes, exclusive of the Company’s consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 2.5 times his base salary. In addition, pursuant to the Amended Employment Agreement, Mr. Goldstein is entitled to receive a long-term compensation (“LTC”) award of between $945,000 and $2,835,000 based on a specified minimum increase in the Company’s adjusted book value per share (as defined in the Amended Employment Agreement) as of December 31, 2022 as compared to December 31, 2019 (with the maximum LTC payment being due if the average per annum increase is at least 14%). Further, pursuant to the Amended Employment Agreement, in the event that Mr. Goldstein’s employment is terminated by the Company without cause or he resigns for good reason (each as defined in the Amended Employment Agreement), Mr. Goldstein would be entitled to receive his base salary, the 6% bonus and the LTC payment for the remainder of the term. In addition, in the event of Mr. Goldstein’s death, his estate would be entitled to receive his base salary, accrued bonus and accrued LTC payment through the date of death. Further, in the event that Mr. Goldstein’s employment is terminated by the Company without cause or he resigns for good reason, or, in the event of the termination of Mr. Goldstein’s employment due to disability or death, Mr. Goldstein’s granted but unvested restricted stock awards will vest. Mr. Goldstein would be entitled, under certain circumstances, to a payment equal to 3.82 times his then annual salary, the target LTC payment of $1,890,000 and his accrued 6% bonus in the event of the termination of his employment within eighteen months following a change of control of the Company.

Pursuant to the Amended Employment Agreement, in January 2020, Mr. Goldstein received a grant of 157,431 shares of restricted stock under the terms of the Company’s 2014 Plan determined by dividing $1,250,000 by the fair market value of the Company’s Common Stock on the date of grant. This 2020 grant vested with respect to one-third of the award on each of the first and second anniversaries of the grant date and will vest with respect to one-third of the award on December 31, 2022 based on the continued provision of services through such date. Also pursuant to the Amended Employment Agreement, Mr. Goldstein received a grant, under the terms of the 2014 Plan, during January 2021, of 230,769 shares of restricted stock determined by dividing $1,500,000 by the fair market value of the Company’s Common Stock on the date of grant. This 2021 grant vested with respect to one-half of the award on the first anniversary of the grant date and will vest with respect to one-half of the award on December 31, 2022 based on the continued provision of services through such date. Further, pursuant to the Amended Employment Agreement, Mr. Goldstein received in 2020, 2021, and 2022 a grant, under the terms of the 2014 Plan of a number of shares of restricted stock determined by dividing $136,500 by the fair market value of the Company’s Common Stock on the date of grant. In January 2020, Mr. Goldstein was granted 17,191 shares of restricted stock pursuant to this provision. This grant vested with respect to one-third of the award on each of the first and second anniversaries of the grant date and will vest with respect to one-third of the award on December 31, 2022 based on the continued provision of services through such date. In January 2021, Mr. Goldstein was granted 21,000 shares of restricted stock pursuant to this provision. This grant vested with respect to one-half of the award on the first anniversary of the grant date and will vest with respect to one-half of the award on December 31, 2022 based on the continued provision of services through such date. In January 2022, Mr. Goldstein was granted 27,300 shares of restricted stock pursuant to this provision. This grant will vest on December 31, 2022 based on the continued provision of services through such date.

Meryl Golden, Chief Operating Officer

On September 16, 2019, the Company and Meryl Golden entered into an employment agreement (the “Golden Employment Agreement”) pursuant to which Ms. Golden serves as the Company’s Chief Operating Officer. Ms. Golden also serves as KICO’s President and Chief Operating Officer. The Golden Employment Agreement became effective as of September 25, 2019 (amended on December 24, 2020) and now expires on December 31, 2022.

Pursuant to the Golden Employment Agreement, Ms. Golden is entitled to receive an annual salary of $500,000. The Golden Employment also provides for the grant on the effective date of a five year option for the purchase of 50,000 shares of the Company’s Common Stock pursuant to the 2014 Plan. The options granted vest in four equal installments, with the first installment vesting on the grant date, and the remaining installments vesting on the first, second, and third anniversaries of the grant date, subject to the terms of the stock option agreement between the Company and Ms. Golden. Pursuant to the Golden Employment Agreement as amended, in each of January 2021 and January 2022, Ms. Golden was granted 30,000 shares of restricted Common Stock pursuant to the 2014 Plan. Each such grant will vest in three equal installments on each of the first, second and third anniversaries of the grant date.

COVID-19

The outbreak of the coronavirus, also known as “COVID-19”, has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus including the emergence of new strains continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures have had and will continue to have a material adverse impact on global economic conditions as well as on the Company’s business activities. Although the impact has been manageable thus far, the extent to which COVID-19 may impact the Company’s business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain, prevent and treat the disease. These events are highly uncertain and, as such, the Company cannot determine their financial impact at this time. No adjustments have been made to the amounts reported in these condensed consolidated financial statements as a result of this matter.

Investments (Details 2) - USD ($)	3 Months Ended		12 Months Ended
Investments (Details 2) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cost	$ 33,089,632		$ 37,470,669
Gross gains	1,171,507	$ 1,003,209	2,580,662
Gross losses	(2,495,730)		(364,329)
Estimated fair value	31,765,409		39,687,002
Hedge Funds [Member]
Cost	3,999,381		3,999,381
Gross gains	2,626,502		3,562,034
Estimated fair value	6,625,883		7,561,415
Equity Securities- Preferred Stocks [Member]
Cost	19,944,128		22,019,509
Gross gains	333,811		1,007,009
Gross losses	(1,793,476)		(184,617)
Estimated fair value	18,484,463		22,841,901
Common stock, mutual fund and exchange traded funds [Member]
Cost	13,145,504		15,451,160
Gross gains	837,696		1,573,653
Gross losses	(702,254)		(179,712)
Estimated fair value	$ 13,280,946		$ 16,845,101

Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity

Schedule Of Stock Options Activity

Stock Options	Number of Shares		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding at January 1, 2022		107,201	$	8.31		2.92	$	-

Granted		-	$	-		-	$	-
Exercised		-	$	-		-	$	-
Expired/Forfeited		-	$	-	$	-	$	-

Outstanding at March 31, 2022		107,201	$	8.31		2.68	$	-

Vested and Exercisable at March 31, 2022		37,500	$	8.72		2.49	$	-

Schedule Of The Restricted Common Stock Activity

Restricted Stock Awards	Shares			Weighted Average Grant Date Fair Value per Share		Aggregate Fair Value

Balance at January 1, 2022		628,531		$	7.01	$	6,074,595

Granted		98,456		$	5.53	$	544,503
Vested		(245,604	)	$	7.14	$	(1,752,745	)
Forfeited		-		$	-	$	-

Balance at March 31, 2022		481,383		$	6.97	$	4,866,352

Stockholders Equity (Details Narrative) - USD ($)	3 Months Ended
Stockholders Equity (Details Narrative) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Jun. 15, 2022	Dec. 31, 2021	Aug. 05, 2020
Dividends declared	$ 425,490	$ 427,217
Stock based compensation for stock options	6,000	14,000
Share-based compensation under offering	6,000	0
Stock based compensation for grants	$ 518,000	$ 481,000
Weighted-average vesting period	6 months
Fair value of unamortized compensation cost	$ 3,000
Maximum share purchase under ESPP	750,000
Maximum share purchased by employee	5,000
Closing price of common stock	$ 5.32
Common stock shares authorized	20,000,000			20,000,000
Held-to-Maturity Securities US Treasury Securities [Member]
Common stock shares authorized	700,000				1,400,000
Subsequent Event [Member] \| Board Of Directors [Member] \| February 2, 2022 [Member]
Dividend per share			$ 0.04

Employee Benefit Plans (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
Employee Benefit Plans (Details Narrative) - USD ($)	Jun. 18, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Description of deferred compensation	The Deferred Compensation Plan provides for eligible Participants to elect to defer up to 75% of their base compensation and up to 100% of bonuses and other compensation and to have such deferred amounts deemed to be invested in specified investment options.
Deferred compensation liability		$ 947,184		$ 907,914
Employee Benefit Plan 401 [Member]
Employee benefits expenses		$ 62,000	$ 56,000

Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
Investments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or amortized cost	$ 17,227,562	$ 17,236,750
Gross unrealized gains	5,692	246,748
Gross unrealized losses - less than 12 months	(1,614,463)	(197,984)
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	15,618,791	17,285,514
Net unrealized gains	(1,608,771)	48,764
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or amortized cost	85,566,044	80,534,769
Gross unrealized gains	336,272	2,603,411
Gross unrealized losses - less than 12 months	(3,143,378)	(126,926)
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	82,758,938	83,011,254
Net unrealized gains	(2,807,106)	2,476,485
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Cost or amortized cost	56,656,711	58,036,959
Gross unrealized gains	289,836	355,985
Gross unrealized losses - less than 12 months	(3,119,931)	(489,258)
Gross unrealized loss - more than 12 months	(306,849)	(120,344)
Estimated fair value	53,519,767	57,783,342
Net unrealized gains	(3,136,944)	(253,617)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or amortized cost	159,450,317	155,808,478
Gross unrealized gains	631,800	3,206,144
Gross unrealized losses - less than 12 months	(7,877,772)	(814,168)
Gross unrealized loss - more than 12 months	(306,849)	(120,344)
Estimated fair value	151,897,496	158,080,110
Net unrealized gains	$ (7,552,821)	$ 2,271,632

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Fixed-maturity Securities, Held-to-maturity, Fair Value	$ 7,629,300	$ 8,753,159
Fixed-maturity Securities, Available-for-sale, Amortized Cost	159,450,317	155,808,478
Equity Securities, Available-for-sale, Cost	$ 33,089,632	$ 37,470,669
Stockholders' Equity
Preferred Stock, Par Value	$ 1	$ 0.01
Preferred Stock, Authorized Shares	2,500,000	2,500,000
Common Stock, Par Value	$ 1	$ 0.01
Common Stock, Authorized Shares	20,000,000	20,000,000
Common Stock, Issued Shares	12,109,307	11,955,660
Common Stock, Outstanding Shares	10,637,901	10,484,254
Treasury Stock, Shares	1,471,406	1,471,406

Commitments and Contingencies (Details 1)	Mar. 31, 2022 USD ($)
Commitments and Contingencies
Remainder of 2022	$ 142,450
2023	194,919
2024	49,145
Total undiscounted lease payments	386,514
Less: present value adjustment	40,098
Operating lease liability	$ 346,416

Property and Casualty Insurance Activity (Details 3)	Mar. 31, 2022 USD ($)
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented	$ 79,574,000
All outstanding liabilities before 2011, net of reinsurance	296,000
Liabilities for claims and claim adjustment expenses, net of reinsurance	79,870,000
2013	10,397,000
2014	15,833,000
2015	22,414,000
2016	25,804,000
2017	32,590,000
2018	52,250,000
2019	58,916,000
2020	51,670,000
2021	68,352,000
2022	8,233
Total	346,460,000
2016
2013	7,591,000
2014	10,738,000
2015	16,181,000
2016	15,364,000
2021
2013	10,392,000
2014	15,770,000
2015	22,318,000
2016	25,750,000
2017	32,529,000
2018	52,025,000
2019	58,055,000
2020	50,719,000
2021	56,282,000
2020
2013	10,016,000
2014	15,491,000
2015	22,104,000
2016	25,234,000
2017	31,393,000
2018	50,553,000
2019	54,897,000
2020	39,045,000
2014
2013	5,303,000
2014	5,710,000
2015
2013	6,633,000
2014	9,429,000
2015	12,295,000
2017
2013	8,407,000
2014	11,770,000
2015	18,266,000
2016	19,001,000
2017	16,704,000
2018
2013	9,056,000
2014	13,819,000
2015	19,984,000
2016	21,106,000
2017	24,820,000
2018	32,383,000
2019
2013	9,717,000
2014	14,901,000
2015	21,067,000
2016	23,974,000
2017	28,693,000
2018	44,516,000
2019	40,933,000
2013
2013	$ 3,405,000

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities:
Net Loss	$ (9,197,532)	$ (311,097)
Adjustments To Reconcile Net Loss To Net Cash Flows (used In) Provided By Operating Activities:
Net Gains On Investments	(77,761)	(1,127,234)
Net Unrealized Losses (gains) On Equity Investments	3,560,634	(1,003,209)
Depreciation And Amortization	770,110	822,340
Bad Debt Expense	38,817	59,876
Amortization Of Bond Premium, Net	46,777	31,639
Amortization Of Discount And Issuance Costs On Debt	44,045	44,045
Stock-based Compensation	530,414	494,998
Deferred Income Tax Benefit	(2,112,244)	(132,990)
Decrease (increase) In Operating Assets:
Premiums Receivable, Net	1,250,311	874,142
Reinsurance Receivables, Net	(9,049,252)	8,093,987
Deferred Policy Acquisition Costs	582,406	790,526
Other Assets	1,555,843	(478,564)
Increase (decrease) In Operating Liabilities:
Loss And Loss Adjustment Expense Reserves	3,968,253	1,655,831
Unearned Premiums	(2,392,728)	(3,789,477)
Advance Premiums	2,539,061	1,485,491
Reinsurance Balances Payable	(7,870,498)	(4,643,237)
Deferred Ceding Commission Revenue	(268,996)	(201)
Accounts Payable, Accrued Expenses And Other Liabilities	(2,221,270)	(644,102)
Net Cash Flows (used In) Provided By Operating Activities	(17,388,078)	1,392,800
Cash Flows From Investing Activities:
Purchase - Fixed-maturity Securities Held-to-maturity		(1,827,425)
Purchase - Fixed-maturity Securities Available-for-sale	(13,890,402)	(5,424,374)
Purchase - Equity Securities	(506,081)	(5,732,648)
Purchase - Other Investments		(2,000,000)
Redemption - Fixed-maturity Securities Held-to-maturity	500,000
Sale And Maturity - Fixed-maturity Securities Available-for-sale	10,181,658	11,548,405
Sale - Equity Securities	4,994,884	6,433,262
Acquisition Of Property And Equipment	(1,565,128)	(1,034,064)
Net Cash Flows (used In) Provided By Investing Activities	(285,069)	1,963,156
Cash Flows From Financing Activities:
Withholding Taxes Paid On Vested Retricted Stock Awards	(358,075)	(146,606)
Purchase Of Treasury Stock		65,915
Dividends Paid	425,490	427,217
Net Cash Flows Used In Financing Activities	(783,565)	(639,738)
(decrease) Increase In Cash And Cash Equivalents	(18,456,712)	2,716,218
Cash And Cash Equivalents, Beginning Of Period	24,290,598	19,463,742
Cash And Cash Equivalents, End Of Period	$ 5,833,886	$ 22,179,960

Property and Casualty Insurance Activity (Tables)

3 Months Ended

Mar. 31, 2022

Property and Casualty Insurance Activity

Schedule Of Earned Premiums

	Direct		Assumed		Ceded			Net

Three months ended March 31, 2022
Premiums written	$	42,983,897	$	-	$	(18,065,709	)	$	24,918,188
Change in unearned premiums		2,392,727		-		(637,535	)		1,755,192
Premiums earned	$	45,376,624	$	-	$	(18,703,244	)	$	26,673,380

Three months ended March 31, 2021
Premiums written	$	38,129,117	$	-	$	(7,329,507	)	$	30,799,610
Change in unearned premiums		3,789,478		-		130		$	3,789,608
Premiums earned	$	41,918,595	$	-	$	(7,329,377	)	$	34,589,218

Schedule Of Loss And Loss Adjustment Expenses

	Three months ended
	March 31,
	2022			2021

Balance at beginning of period	$	94,948,745		$	82,801,228
Less reinsurance recoverables		(10,637,679	)		(20,154,251	)
Net balance, beginning of period		84,311,066			62,646,977

Incurred related to:
Current year		22,944,869			22,571,727
Prior years		(3,671	)		(11,055	)
Total incurred		22,941,198			22,560,672

Paid related to:
Current year		9,283,972			7,749,998
Prior years		14,918,035			10,059,577
Total paid		24,202,007			17,809,575

Net balance at end of period		83,050,257			67,398,074
Add reinsurance recoverables		15,866,741			17,058,985
Balance at end of period	$	98,916,998		$	84,457,059

Schedule Of Ceding Commission Revenue

	Three months ended
	March 31,
	2022		2021

Provisional ceding commissions earned	$	4,541,533	$	45,499
Contingent ceding commissions earned		139,863		(46,564	)
	$	4,681,396	$	(1,065	)

Incurred Loss And Allocated Loss Adjustment Expenses

All Lines of Business
*(in thousands, except reported claims data)*

	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				As of March 31, 2022
	For the Years Ended December 31,																		Three Months Ended March 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR		Cumulative Number of Reported Claims by Accident Year
	(Unaudited 2013 - 2021)																		(Unaudited)

2013	$	10,728	$	9,745	$	9,424	$	9,621	$	10,061	$	10,089	$	10,607	$	10,495	$	10,529	$	10,507	$	22		1,564
2014				14,193		14,260		14,218		14,564		15,023		16,381		16,428		16,434		16,422		128		2,138
2015						22,340		21,994		22,148		22,491		23,386		23,291		23,528		23,540		277		2,558
2016								26,062		24,941		24,789		27,887		27,966		27,417		27,390		152		2,881
2017										31,605		32,169		35,304		36,160		36,532		36,534		292		3,398
2018												54,455		56,351		58,441		59,404		59,787		563		4,225
2019														75,092		72,368		71,544		71,588		5,324		4,479
2020																63,083		62,833		62,342		4,737		5,845
2021																		96,425		96,647		12,276		5,713
2022																				21,279		6,972		1,090
																	Total		$	426,035

Cumulative Paid Loss And Allocated Loss Adjustment Expenses

All Lines of Business
*(in thousands)*
	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,																		Three Months Ended March 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Unaudited 2013 - 2021)																		(Unaudited)

2013	$	3,405	$	5,303	$	6,633	$	7,591	$	8,407	$	9,056	$	9,717	$	10,016	$	10,392	$	10,397
2014				5,710		9,429		10,738		11,770		13,819		14,901		15,491		15,770		15,833
2015						12,295		16,181		18,266		19,984		21,067		22,104		22,318		22,414
2016								15,364		19,001		21,106		23,974		25,234		25,750		25,804
2017										16,704		24,820		28,693		31,393		32,529		32,590
2018												32,383		44,516		50,553		52,025		52,250
2019														40,933		54,897		58,055		58,916
2020																39,045		50,719		51,670
2021																		56,282		68,352
2022																				8,233
																	Total		$	346,460

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	79,574
All outstanding liabilities before 2013, net of reinsurance																				296
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	79,870

(Components may not sum to totals due to rounding)

Reconciliation Of The Net Incurred And Paid Claims

Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves

	As of
*(in thousands)*	March 31, 2022
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	79,870
Total reinsurance recoverable on unpaid losses		15,867
Unallocated loss adjustment expenses		3,180
Total gross liability for loss and LAE reserves	$	98,917

(Components may not sum to totals due to rounding)

	Treaty Year
	(2021/2023 Treaty)
	July 1,			December 31,			July 1,			December 31,
	2022			2021			2021			2020
	to			to			to			to
	January 1,			June 30,			December 30,			June 30,
Line of Business	2023			2022			2021			2021

Personal Lines:
Homeowners, dwelling fire and and canine legal liability
Quota share treaty:
Percent ceded (9)		30	%		30	%	None (5		)	None (5		)

Risk retained on intial $1,000,000 of losses (5) (7) (9)	$	700,000		$	700,000		$	1,000,000		$	1,000,000
Losses per occurrence subject to quota share reinsurance coverage	$	1,000,000		$	1,000,000		None (5		)	None (5		)
Expiration date		January 1, 2023			January 1, 2023		NA (5		)	NA (5		)
Excess of loss coverage and facultative facility coverage (1) (7)	$	400,000		$	8,400,000		$	8,000,000		$	8,000,000
		in excess of			in excess of			in excess of			in excess of
	$	600,000		$	600,000		$	1,000,000		$	1,000,000
Total reinsurance coverage per occurrence (5) (7) (8)	$	500,000		$	8,500,000		$	8,000,000		$	8,000,000
Losses per occurrence subject to reinsurance coverage (5) (8)	$	1,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date		(8	)	June 30, 2022			June 30, 2022			June 30, 2021

Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty		10,000,000			10,000,000			None (5	)		None (5	)
Risk retained per catastrophe occurrence (5) (9) (10)	None (8		)	$	7,400,000		$	10,000,000		$	10,000,000
Catastrophe loss coverage in excess of quota share coverage (2) (5)	None (8		)	$	490,000,000		$	490,000,000		$	475,000,000
Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021 (6)	NA			NA			$	5,000,000		NA
								in excess of
							$	5,000,000
Reinstatement premium protection (3) (4) (8)	None			Yes			Yes			Yes

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Taxes

Schedule Of Deferrred Tax Assets And Liabilities

	March 31,		December 31,
	2022		2021

Deferred tax asset:
Net operating loss carryovers (1)	$	3,301,658	$	1,112,318
Claims reserve discount		1,169,042		1,186,789
Unearned premium		3,279,286		3,246,364
Deferred ceding commission revenue		1,990,698		2,047,187
Net unrealized losses on securities		509,869		-
Other		1,066,609		1,220,898
Total deferred tax assets		11,317,162		8,813,556

Deferred tax liability:
Investment in KICO (2)		759,543		759,543
Deferred acquisition costs		4,547,882		4,670,187
Intangibles		105,000		105,000
Depreciation and amortization		1,537,104		1,046,817
Net unrealized gains on securities		-		2,039,756
Total deferred tax liabilities		6,949,529		8,621,303

Net deferred income tax asset	$	4,367,633	$	192,253

Schedule Of Net Operating Loss Carryovers

	March 31,			December 31,
Type of NOL	2022			2021			Expiration

Federal only, NOL from 2022 and 2021	$	3,301,658		$	1,112,318
NOL carried back		-			-
Federal only, NOL from 2022 and 2021		3,301,658			1,112,318		None

State only (A)		2,127,859			2,099,239		December 2027 - December 2042
Valuation allowance		(2,127,859	)		(2,099,239	)
State only, net of valuation allowance		-			-

Total deferred tax asset from net operating loss carryovers	$	3,301,658		$	1,112,318

Debt

3 Months Ended

Mar. 31, 2022

Debt

Debt

Note 7 – Debt

Federal Home Loan Bank

In July 2017, KICO became a member of, and invested in the Federal Home Loan Bank of New York (“FHLBNY”). KICO is required to maintain an investment in capital stock of FHLBNY. Based on redemption provisions of FHLBNY, the stock has no quoted market value and is carried at cost. At its discretion, FHLBNY may declare dividends on the stock. Management reviews for impairment based on the ultimate recoverability of the cost basis in the stock. At March 31, 2022 and December 31, 2021, no impairment has been recognized. FHLBNY members have access to a variety of flexible, low-cost funding through FHLBNY’s credit products, enabling members to customize advances, which are to be fully collateralized. Eligible collateral to pledge to FHLBNY includes residential and commercial mortgage-backed securities, along with U.S. Treasury and agency securities. Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter and are due and payable within one year of borrowing. KICO is currently able to borrow on an overnight basis. If KICO has collateral, the maximum allowable advance as of March 31, 2022 was approximately $13,314,000 . Advances are limited to 85% of the amount of available collateral, which as of March 31, 2022 and December 31, 2021 was $-0-. There have been no borrowings under this facility since the KICO became a member of FHLBNY.

Debt

On December 19, 2017, the Company issued $30 million of its 5.50% Senior Unsecured Notes due December 30, 2022 (the “Notes”) in an underwritten public offering. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, which began on June 30, 2018 at the rate of 5.50% per annum. The net proceeds of the issuance were $29,121,630, net of discount of $163,200 and transaction costs of $715,170, for an effective yield of 5.67% per annum. The balance of debt as of March 31, 2022 and December 31, 2021 is as follows:

	March 31,			December 31,
	2022			2021

5.50% Senior Unsecured Notes	$	30,000,000		$	30,000,000
Discount		(24,331	)		(32,442	)
Issuance costs		(107,833	)		(143,767	)
Debt, net	$	29,867,836		$	29,823,791

The Notes are unsecured obligations of the Company and are not the obligations of or guaranteed by any of the Company’s subsidiaries. The Notes rank senior in right of payment to any of the Company’s existing and future indebtedness that is by its terms expressly subordinated or junior in right of payment to the Notes. The Notes rank equally in right of payment to all of the Company’s existing and future senior indebtedness, but will be effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the Notes will be structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. The Company may redeem the Notes, at any time in whole or from time to time in part, at the redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the applicable redemption date (exclusive of interest accrued to the applicable redemption date) discounted to the redemption date on a semi-annual basis at the Treasury Rate, plus 50 basis points (“Make Whole Call”).

Due to the Make Whole Call, management intends to retire the Notes at or close to the scheduled maturity date in December 2022. Management plans to refinance the Notes with a new issue of debt of similar or longer maturity that would result in net proceeds equal to or greater than the principal amount of the current issue. In connection therewith, the Company has engaged an investment banker to serve as exclusive placement agent for a proposed offering by the Company of its securities (including debt, equity and/or preferred securities). The engagement letter indicates that the offering would be of such size as to generate proceeds to the Company of no less than $30,000,000. The Company also plans to use dividends paid to it by KICO, its insurance subsidiary, to repay the Notes. As of March 31, 2022, the maximum distribution that KICO could pay the Company without prior regulatory approval was approximately $1,122,000. Further, the Company plans to use available invested assets and cash to repay the Notes. As of March 31, 2022 and December 31, 2021, invested assets and cash was approximately $3,812,000 and $1,108,000, respectively.

The Company used an aggregate $28,256,335 of the net proceeds from the offering to contribute capital to KICO in order to support additional growth. The remainder of the net proceeds was used for general corporate purposes. A registration statement relating to the debt issued in the offering was filed with the SEC, which became effective on November 28, 2017.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value of Financial Instruments and Real Estate (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Reinsurance balances payable	$ 5,091,070	$ 12,961,568
Carrying Value [Member]
Fixed-maturity securities held-to-maturity	7,765,138	8,266,334
Cash and cash equivalents	5,833,886	24,290,598
Premiums receivable, net	11,029,208	12,318,336
Reinsurance receivables, net	49,341,690	40,292,438
Real estate, net of accumulated depreciation	2,126,029	2,144,464
Reinsurance balances payable	5,091,070	12,961,568
Fair Value [Member]
Fixed-maturity securities held-to-maturity	7,629,300	8,753,159
Cash and cash equivalents	5,833,886	24,290,598
Premiums receivable, net	11,029,208	12,318,336
Reinsurance receivables, net	49,341,690	40,292,438
Real estate, net of accumulated depreciation	3,025,000	3,025,000
Reinsurance balances payable	$ 5,091,070	$ 12,961,568

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Fixed-maturity Securities, Held-to-maturity, At Amortized Cost (fair Value Of $7,629,300 At March 31, 2022 And $8,753,159 At December 31, 2021)	$ 7,765,138	$ 8,266,334
Fixed-maturity Securities, Available-for-sale, At Fair Value (amortized Cost Of $159,450,317 At March 31, 2022 And $155,808,478 At December 31, 2021)	151,897,496	158,080,110
Equity Securities, At Fair Value (cost Of $33,089,632 At March 31, 2022 And $37,470,669 At December 31, 2021)	31,765,409	39,687,002
Other Investments	6,625,883	7,561,415
Total Investments	198,053,926	213,594,861
Cash And Cash Equivalents	5,833,886	24,290,598
Premiums Receivable, Net	11,029,208	12,318,336
Reinsurance Receivables, Net	49,341,690	40,292,438
Deferred Policy Acquisition Costs	21,656,581	22,238,987
Intangible Assets	500,000	500,000
Property And Equipment, Net	10,086,615	9,291,597
Deferred Income Taxes, Net	4,367,633	192,253
Other Assets	7,028,603	8,593,205
Total Assets	307,898,142	331,312,275
Liabilities
Loss And Loss Adjustment Expense Reserves	98,916,998	94,948,745
Unearned Premiums	95,366,879	97,759,607
Advance Premiums	5,232,527	2,693,466
Reinsurance Balances Payable	5,091,070	12,961,568
Deferred Ceding Commission Revenue	9,479,512	9,748,508
Accounts Payable, Accrued Expenses And Other Liabilities	5,483,126	7,704,396
Debt, Net	29,867,836	29,823,791
Total Liabilities	249,437,948	255,640,081
Commitments and Contingencies (Note 11)
Preferred Stock, $.01 Par Value; Authorized 2,500,000 Shares	0	0
Common Stock, $.01 Par Value; Authorized 20,000,000 Shares; Issued 12,109,307 Shares At March 31, 2022 And 11,955,660 Shares At December 31, 2021; Outstanding 10,637,901 Shares At March 31, 2022 And 10,484,254 Shares At December 31, 2021	121,093	119,557
Capital In Excess Of Par	72,638,286	72,467,483
Accumulated Other Comprehensive (loss) Income	(5,964,578)	1,796,739
(accumulated Deficit) Retained Earnings	(2,767,126)	6,855,896
Treasury Stock, At Cost, 1,471,406 Shares At March 31, 2022 And December 31, 2021	5,567,481	5,567,481
Total Stockholders' Equity	58,460,194	75,672,194
Total Liabilities And Stockholders' Equity	$ 307,898,142	$ 331,312,275

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies
Operating leases	$ 46,938	$ 60,518
Short-term leases	0	0
Total lease cost	46,938	60,518
Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$ 53,003	$ 64,979
Discount rate	5.50%	5.50%
Remaining lease term in years KICKO	2	3
Remaining lease term in years Cosi		5.75

Accounting Policies (Details Narrative) - Senior Notes [Member] - USD ($)	1 Months Ended	3 Months Ended
	Dec. 19, 2017	Mar. 31, 2022	Dec. 31, 2021
Debt instrument, maturity date	Dec. 30, 2022	Dec. 30, 2022
Dividends description		The Company also will receive dividends paid to it by KICO, its insurance subsidiary, that could be utilized to repay the Notes
Maximum distribution that KICO could pay the Company without prior regulatory approval		$ 1,122,000
Invested assets and cash		3,812,000	$ 1,108,000
Debt instrument, face amount	$ 30,000,000	$ 30,000,000
Debt instrument, interest rate	5.50%	5.50%

Property and Casualty Insurance Activity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 18, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reinsurance description	Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty covering the period from January 1, 2022 through January 1, 2023. The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty.
Net contingent ceding commissions payable		$ 2,741,000				$ 2,881,000
Incurred losses and loss adjustment expenses are net of reinsurance recoveries under reinsurance contracts		10,404,866	$ 823,856
Prior year loss development		3,671	$ 11,055
Advance premiums		$ 5,232,527				$ 2,693,466
Personal Lines
Loss in excess coverage description		For the period January 1, 2022 through January 1, 2023, underlying excess of loss treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Reduces retention to $500,000 from $700,000 under the 2021/2023 Treaty
Single risk coverage		$ 9,000,000
Personal Lines \| Minimum [Member]
Direct loss		3,500,000
Personal Lines \| Maximum [Member]
Direct loss		9,000,000
Reinstatement Premium Protection [Member]
Excess of catastrophe coverage				$ 70,000,000	$ 10,000,000
Reinstatement of premium protection, amount				$ 10,000,000	$ 70,000,000
July 1, 2020 through June 30, 2022 [Member]
Direct loss		9,000,000
Two Thousand Twelve Member
Incurred claim from superstrom sandy		$ 3,406

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Summary of Significant Accounting Policies
Basis Of Presentation; Going Concern	The Company’s $30,000,000 5.5% Senior Unsecured Notes (the “Notes”) are due on December 30, 2022. The Company’s continuation as a going concern is dependent on its ability to obtain financing and/or other funds to satisfy such obligation. Management believes that KICO’s insurance operations would be able to continue in the unlikely event that financing is not obtained. In accordance with Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. This evaluation requires management to perform two steps. First, management must evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern. Second, if management concludes that substantial doubt is raised, management is required to consider whether it has plans in place to alleviate that doubt. Disclosures in the notes to the consolidated financial statements are required if management concludes that substantial doubt exists and if its plans alleviate the substantial doubt that was raised. The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.
Management's Plan Related To Going Concern	In order to continue as a going concern, the Company will need to obtain financing and/or other funds to satisfy its debt obligation due on December 30, 2022. Management plans to refinance the Notes with a new issue of investment grade debt securities of similar or longer maturity that would result in net proceeds equal to or greater than the principal amount of the Notes. In connection therewith, the Company has engaged an investment banker to serve as exclusive placement agent for a proposed offering by the Company of its securities (including debt, equity and/or preferred securities). The engagement letter indicates that the offering would be of such size as to generate proceeds to the Company of no less than $30,000,000. The Company also will receive dividends paid to it by KICO, its insurance subsidiary, that could be utilized to repay the Notes. As of March 31, 2022, the maximum distribution that KICO could pay the Company without prior regulatory approval was approximately $1,122,000. Further, the Company plans to use available invested assets and cash to repay the Notes. As of March 31, 2022, invested assets and cash was approximately $3,812,000. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described above. The Company believes that its plan is probable of being implemented and that such plan would alleviate any adverse conditions.
Use Of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions (which include the reserves for losses and LAE), which are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an ongoing basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates used in preparing the condensed consolidated financial statements.
Principles Of Consolidation	The condensed consolidated financial statements include the accounts of Kingstone and its wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. (“Properties”) and 15 Joys Lane, LLC (“15 Joys Lane”), which together own the land and building from which KICO operates, and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation.
Recent Accounting Pronouncements Policy Textblock	In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The revised accounting guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses of available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2023. The Company is currently evaluating the effect the updated guidance will have on its condensed consolidated financial statements. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Fair Value Measurements

Note 4 - Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	March 31, 2022
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	$	-	$	-

Political subdivisions of States, Territories and Possessions		-		15,618,791		-		15,618,791

Corporate and other bonds industrial and miscellaneous		82,255,848		503,090		-		82,758,938

Residential mortgage and other asset backed securities		-		53,519,767		-		53,519,767
Total fixed maturities		82,255,848		69,641,648		-		151,897,496
Equity securities		31,765,409		-		-		31,765,409
Total investments	$	114,021,257	$	69,641,648	$	-	$	183,662,905

	December 31, 2021
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	$	-	$	-

Political subdivisions of States, Territories and Possessions		-		17,285,514		-		17,285,514

Corporate and other bonds industrial and miscellaneous		82,500,779		510,475		-		83,011,254

Residential mortgage and other asset backed securities		-		57,783,342		-		57,783,342
Total fixed maturities		82,500,779		75,579,331		-		158,080,110
Equity securities		39,687,002		-		-		39,687,002
Total investments	$	122,187,781	$	75,579,331	$	-	$	197,767,112

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of March 31, 2022 and December 31, 2021. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category	March 31, 2022		December 31, 2021

Other Investments
Hedge fund	$	6,625,883	$	7,561,415

The hedge fund investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership’s changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive loss within net (losses) gains on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s long-term debt as of March 31, 2022 and December 31, 2021 not measured at fair value is as follows:

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2022	$	-	$	28,819,199	$	-	$	28,819,199

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2022	$	-	$	28,436,019	$	-	$	28,436,019

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments (Details Narrative) - USD ($)	3 Months Ended
Investments (Details Narrative) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Investments
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity	$ 500,000	$ 0
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale	10,181,658	11,548,405
Sale - equity securities	$ 4,994,884	$ 6,433,262

Property and Casualty Insurance Activity

3 Months Ended

Mar. 31, 2022

Property and Casualty Insurance Activity

Property And Casualty Insurance Activity

Note 6 – Property and Casualty Insurance Activity

Premiums Earned

Premiums written, ceded and earned are as follows:

	Direct		Assumed		Ceded			Net

Three months ended March 31, 2022
Premiums written	$	42,983,897	$	-	$	(18,065,709	)	$	24,918,188
Change in unearned premiums		2,392,727		-		(637,535	)		1,755,192
Premiums earned	$	45,376,624	$	-	$	(18,703,244	)	$	26,673,380

Three months ended March 31, 2021
Premiums written	$	38,129,117	$	-	$	(7,329,507	)	$	30,799,610
Change in unearned premiums		3,789,478		-		130		$	3,789,608
Premiums earned	$	41,918,595	$	-	$	(7,329,377	)	$	34,589,218

Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of March 31, 2022 and December 31, 2021 was $5,232,527 and $2,693,466, respectively.

Loss and Loss Adjustment Expense Reserves

The following table provides a reconciliation of the beginning and ending balances for unpaid losses and loss adjustment expense (“LAE”) reserves:

	Three months ended
	March 31,
	2022			2021

Balance at beginning of period	$	94,948,745		$	82,801,228
Less reinsurance recoverables		(10,637,679	)		(20,154,251	)
Net balance, beginning of period		84,311,066			62,646,977

Incurred related to:
Current year		22,944,869			22,571,727
Prior years		(3,671	)		(11,055	)
Total incurred		22,941,198			22,560,672

Paid related to:
Current year		9,283,972			7,749,998
Prior years		14,918,035			10,059,577
Total paid		24,202,007			17,809,575

Net balance at end of period		83,050,257			67,398,074
Add reinsurance recoverables		15,866,741			17,058,985
Balance at end of period	$	98,916,998		$	84,457,059

Incurred losses and LAE are net of reinsurance recoveries under reinsurance contracts of $10,404,866 and $823,856 for the three months ended March 31, 2022 and 2021, respectively.

Prior year incurred loss and LAE development is based upon estimates by line of business and accident year. Prior year loss and LAE development incurred during the three months ended March 31, 2022 and 2021 was $3,671 favorable and $11,055 favorable, respectively. Management, on a quarterly basis, performs a review of open liability claims to assess carried case and incurred but not reported (“IBNR”) reserve levels, giving consideration to both Company and industry trends.

Loss and LAE reserves

The reserving process for loss and LAE reserves provides for the Company’s best estimate at a particular point in time of the ultimate unpaid cost of all losses and LAE incurred, including settlement and administration of losses, and is based on facts and circumstances then known including losses that have occurred but that have not yet been reported. The process relies on standard actuarial reserving methodologies, judgments relative to estimates of ultimate claim severity and frequency, the length of time before losses will develop to their ultimate level (‘tail’ factors), and the likelihood of changes in the law or other external factors that are beyond the Company’s control. Several actuarial reserving methodologies are used to estimate required loss reserves. The process produces carried reserves set by management based upon the actuaries’ best estimate and is the cumulative combination of the best estimates made by line of business, accident year, and loss and LAE. The amount of loss and LAE reserves for individual reported claims (the “case reserve”) is determined by the claims department and changes over time as new information is gathered. Such information is critical to the review of appropriate IBNR reserves and includes a review of coverage applicability, comparative liability on the part of the insured, injury severity, property damage, replacement cost estimates, and any other information considered pertinent to estimating the exposure presented by the claim. The amounts of loss and LAE reserves for unreported claims and development on known claims (IBNR reserves) are determined using historical information aggregated by line of insurance as adjusted to current conditions. Since this process produces loss reserves set by management based upon the actuaries’ best estimate, there is no explicit or implicit provision for uncertainty in the carried loss reserves.

Due to the inherent uncertainty associated with the reserving process, the ultimate liability may differ, perhaps substantially, from the original estimate. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current period’s results. Reserves are closely monitored and are recomputed periodically using the most recent information on reported claims and a variety of statistical techniques. On at least a quarterly basis, the Company reviews by line of business existing reserves, new claims, changes to existing case reserves, and paid losses with respect to the current and prior periods. Several methods are used, varying by line of business and accident year, in order to select the estimated period-end loss reserves. These methods include the following:

Paid Loss Development – historical patterns of paid loss development are used to project future paid loss emergence in order to estimate required reserves.

Incurred Loss Development – historical patterns of incurred loss development, reflecting both paid losses and changes in case reserves, are used to project future incurred loss emergence in order to estimate required reserves.

Paid Bornhuetter-Ferguson (“BF”) – an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been paid, based on historical paid loss development patterns. The estimate of required reserves assumes that the remaining unpaid portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of paid losses exists at the early stages of the claims development process.

Incurred Bornhuetter-Ferguson (“BF”) - an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been reported, based on historical incurred loss development patterns. The estimate of required reserves assumes that the remaining unreported portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of reported losses exists at the early stages of the claims development process.

Incremental Claim-Based Methods – historical patterns of incremental incurred losses and paid LAE during various stages of development are reviewed and assumptions are made regarding average loss and LAE development applied to remaining claims inventory. Such methods more properly reflect changes in the speed of claims closure and the relative adequacy of case reserve levels at various stages of development. These methods may provide a more accurate estimate of IBNR for lines of business with relatively few remaining open claims but for which significant recent settlement activity has occurred.

Frequency / Severity Based Methods – historical measurements of claim frequency and average paid claim size (severity) are reviewed for more mature accident years where a majority of claims have been reported and/or closed. These historical averages are trended forward to more recent periods in order to estimate ultimate losses for newer accident years that are not yet fully developed. These methods are useful for lines of business with slow and/or volatile loss development patterns, such as liability lines where information pertaining to individual cases may not be completely known for many years. The claim frequency and severity information for older periods can then be used as reasonable measures for developing a range of estimates for more recent immature periods.

Management’s best estimate of required reserves is generally based on an average of the methods above, with appropriate weighting of methods based on the line of business and accident year being projected. In some cases, additional methods or historical data from industry sources are employed to supplement the projections derived from the methods listed above.

Three key assumptions that materially affect the estimate of loss reserves are the loss ratio estimate for the current accident year used in the BF methods, the loss development factor selections used in the loss development methods, and the loss severity assumptions used in the frequency / severity method described above. The loss ratio estimates used in the BF methods are selected after reviewing historical accident year loss ratios adjusted for rate changes, trend, and mix of business. The severity assumptions used in the frequency / severity method are determined by reviewing historical average claim severity for older more mature accident periods, trended forward to less mature accident periods.

COVID-19 has introduced additional uncertainty to recent claim trends. The Company reviews the carried reserves levels on a regular basis as additional information becomes available and makes adjustments in the periods in which such adjustments are determined to be necessary. The Company is not aware of any other claim trends that have emerged or that would cause future adverse development that have not already been contemplated in setting current carried reserves levels.

In New York State, lawsuits for negligence are subject to certain limitations and must be commenced within three years from the date of the accident or are otherwise barred. Accordingly, the Company’s exposure to unreported claims (“pure” IBNR) for accident dates of March 31, 2019 and prior is limited, although there remains the possibility of adverse development on reported claims (“case development” IBNR). In certain rare circumstances states have retroactively revised a statute of limitations. The Company is not aware of any such effort that would have a material impact on the Company’s results.

The following is information about incurred and paid claims development as of March 31, 2022, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of March 31, 2022 included in the net incurred loss and allocated expense amounts. The historical information regarding incurred and paid claims development for the years ended December 31, 2013 to December 31, 2021 is presented as supplementary unaudited information.

All Lines of Business
*(in thousands, except reported claims data)*

	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				As of March 31, 2022
	For the Years Ended December 31,																		Three Months Ended March 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022		IBNR		Cumulative Number of Reported Claims by Accident Year
	(Unaudited 2013 - 2021)																		(Unaudited)

2013	$	10,728	$	9,745	$	9,424	$	9,621	$	10,061	$	10,089	$	10,607	$	10,495	$	10,529	$	10,507	$	22		1,564
2014				14,193		14,260		14,218		14,564		15,023		16,381		16,428		16,434		16,422		128		2,138
2015						22,340		21,994		22,148		22,491		23,386		23,291		23,528		23,540		277		2,558
2016								26,062		24,941		24,789		27,887		27,966		27,417		27,390		152		2,881
2017										31,605		32,169		35,304		36,160		36,532		36,534		292		3,398
2018												54,455		56,351		58,441		59,404		59,787		563		4,225
2019														75,092		72,368		71,544		71,588		5,324		4,479
2020																63,083		62,833		62,342		4,737		5,845
2021																		96,425		96,647		12,276		5,713
2022																				21,279		6,972		1,090
																	Total		$	426,035

All Lines of Business
*(in thousands)*
	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,																		Three Months Ended March 31,
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Unaudited 2013 - 2021)																		(Unaudited)

2013	$	3,405	$	5,303	$	6,633	$	7,591	$	8,407	$	9,056	$	9,717	$	10,016	$	10,392	$	10,397
2014				5,710		9,429		10,738		11,770		13,819		14,901		15,491		15,770		15,833
2015						12,295		16,181		18,266		19,984		21,067		22,104		22,318		22,414
2016								15,364		19,001		21,106		23,974		25,234		25,750		25,804
2017										16,704		24,820		28,693		31,393		32,529		32,590
2018												32,383		44,516		50,553		52,025		52,250
2019														40,933		54,897		58,055		58,916
2020																39,045		50,719		51,670
2021																		56,282		68,352
2022																				8,233
																	Total		$	346,460

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	79,574
All outstanding liabilities before 2013, net of reinsurance																				296
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	79,870

(Components may not sum to totals due to rounding)

Reported claim counts are measured on an occurrence or per event basis. A single claim occurrence could result in more than one loss type or claimant; however, the Company counts claims at the occurrence level as a single claim regardless of the number of claimants or claim features involved.

The reconciliation of the net incurred and paid loss development tables to the loss and LAE reserves in the consolidated balance sheet is as follows:

Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves

	As of
*(in thousands)*	March 31, 2022
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	79,870
Total reinsurance recoverable on unpaid losses		15,867
Unallocated loss adjustment expenses		3,180
Total gross liability for loss and LAE reserves	$	98,917

(Components may not sum to totals due to rounding)

Reinsurance

Effective December 31, 2021, the Company entered into a quota share reinsurance treaty for its personal lines business, which primarily consists of homeowners’ and dwelling fire policies, covering the period from December 31, 2021 through January 1, 2023 (“2021/2023 Treaty”).

The Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2021. Effective October 18, 2021, the Company entered into a stub catastrophe reinsurance treaty covering the period from October 18, 2021 through December 31, 2021. The treaty provided reinsurance coverage for catastrophe losses of $5,000,000 in excess of $5,000,000. Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty covering the period from January 1, 2022 through January 1, 2023. The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows:

	Treaty Year
	(2021/2023 Treaty)
	July 1,			December 31,			July 1,			December 31,
	2022			2021			2021			2020
	to			to			to			to
	January 1,			June 30,			December 30,			June 30,
Line of Business	2023			2022			2021			2021

Personal Lines:
Homeowners, dwelling fire and and canine legal liability
Quota share treaty:
Percent ceded (9)		30	%		30	%	None (5		)	None (5		)

Risk retained on intial $1,000,000 of losses (5) (7) (9)	$	700,000		$	700,000		$	1,000,000		$	1,000,000
Losses per occurrence subject to quota share reinsurance coverage	$	1,000,000		$	1,000,000		None (5		)	None (5		)
Expiration date		January 1, 2023			January 1, 2023		NA (5		)	NA (5		)
Excess of loss coverage and facultative facility coverage (1) (7)	$	400,000		$	8,400,000		$	8,000,000		$	8,000,000
		in excess of			in excess of			in excess of			in excess of
	$	600,000		$	600,000		$	1,000,000		$	1,000,000
Total reinsurance coverage per occurrence (5) (7) (8)	$	500,000		$	8,500,000		$	8,000,000		$	8,000,000
Losses per occurrence subject to reinsurance coverage (5) (8)	$	1,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date		(8	)	June 30, 2022			June 30, 2022			June 30, 2021

Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty		10,000,000			10,000,000			None (5	)		None (5	)
Risk retained per catastrophe occurrence (5) (9) (10)	None (8		)	$	7,400,000		$	10,000,000		$	10,000,000
Catastrophe loss coverage in excess of quota share coverage (2) (5)	None (8		)	$	490,000,000		$	490,000,000		$	475,000,000
Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021 (6)	NA			NA			$	5,000,000		NA
								in excess of
							$	5,000,000
Reinstatement premium protection (3) (4) (8)	None			Yes			Yes			Yes

	(1)	For personal lines, includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $9,000,000 in total insured value, which covers direct losses from $3,500,000 to $9,000,000 through June 30, 2022.
	(2)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone.

	(3)	For the period July 1, 2020 through June 30, 2021, reinstatement premium protection for $70,000,000 of catastrophe coverage in excess of $10,000,000.
	(4)	For the period July 1, 2021 through June 30, 2022, reinstatement premium protection for $70,000,000 of catastrophe coverage in excess of $10,000,000.
	(5)	The personal lines quota share (homeowners, dwelling fire and canine legal liability) expired on December 30, 2020; reinsurance coverage from December 31, 2020 through December 30, 2021 is only for excess of loss and catastrophe reinsurance.
	(6)	Excludes freeze and freeze related claims.
	(7)	For the period January 1, 2022 through January 1, 2023, underlying excess of loss treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Reduces retention to $500,000 from $700,000 under the 2021/2023 Treaty. Excludes losses from named storms.
	(8)	Excess of loss and catastrophe reinsurance treaties will expire on June 30, 2022; reinsurance coverage in effect from July 1, 2022 through January 1, 2023 is only for personal lines quota share (homeowners, dwelling fire and canine legal liability) and underlying excess of loss reinsurance.
	(9)	For the 2021/2023 Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event.
	(10)	Plus losses in excess of catastrophe coverage.

	Treaty Year
	July 1, 2021			July 1, 2020
	to			to
Line of Business	June 30, 2022			June 30, 2021

Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage		90	%		90	%
Percent ceded - excess of $1,000,000 dollars of coverage		95	%		95	%
Risk retained	$	300,000		$	300,000
Total reinsurance coverage per occurrence	$	4,700,000		$	4,700,000
Losses per occurrence subject to quota share reinsurance coverage	$	5,000,000		$	5,000,000
Expiration date	June 30, 2022			June 30, 2021

Commercial Lines (1):
General liability commercial policies
Quota share treaty				None
Risk retained				$	750,000
Excess of loss coverage above risk retained				$	3,750,000
				in excess of
				$	750,000
Total reinsurance coverage per occurrence				$	3,750,000
Losses per occurrence subject to reinsurance coverage				$	4,500,000

Commercial Umbrella
Quota share treaty				None

(1)

Coverage on all commercial lines policies expired in September 2020; reinsurance coverage is based on treaties in effect on the date of loss.

The Company’s reinsurance program has been structured to enable the Company to grow its premium volume while maintaining regulatory capital and other financial ratios generally within or below the expected ranges used for regulatory oversight purposes. The reinsurance program also provides income as a result of ceding commissions earned pursuant to the quota share reinsurance contracts. The Company’s participation in reinsurance arrangements does not relieve the Company of its obligations to policyholders.

Ceding Commission Revenue

The Company earned ceding commission revenue under the 2021/2023 Treaty for the three months ended March 31, 2022 based on a fixed provisional commission rate at which provisional ceding commissions will be earned. There was no quota share treaty in effect during the three months ended March 31, 2021. The Company earned ceding commission revenue under its expired quota share reinsurance agreements based on: (i) a fixed provisional commission rate at which provisional ceding commissions were earned, and (ii) a continuing sliding scale of commission rates and ultimate treaty year loss ratios on the policies reinsured under each of these agreements based upon which contingent ceding commissions are earned. The sliding scale includes minimum and maximum commission rates in relation to specified ultimate loss ratios. The commission rate and contingent ceding commissions earned increases when the estimated ultimate loss ratio decreases and, conversely, the commission rate and contingent ceding commissions earned decreases when the estimated ultimate loss ratio increases.

Ceding commission revenue consists of the following:

	Three months ended
	March 31,
	2022		2021

Provisional ceding commissions earned	$	4,541,533	$	45,499
Contingent ceding commissions earned		139,863		(46,564	)
	$	4,681,396	$	(1,065	)

Provisional ceding commissions are settled monthly. Balances due from reinsurers for contingent ceding commissions on quota share treaties are settled periodically based on the Loss Ratio of each treaty year that ends on June 30, for the expired treaties that were subject to contingent commissions. As discussed above, the Loss Ratios from prior years’ treaties are subject to change as incurred losses from those periods develop, resulting in an increase or decrease in the commission rate and contingent ceding commissions earned. As of March 31, 2022 and December 31, 2021, net contingent ceding commissions payable to reinsurers under all treaties was approximately $2,741,000 and $2,881,000, respectively, which is recorded in reinsurance balances payable on the accompanying condensed consolidated balance sheets.

Income Taxes (Details 1) - USD ($)	3 Months Ended
Income Taxes (Details 1) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Income Taxes
Federal only, NOL from 2022 and 2021	$ 3,301,658	$ 1,112,318
NOL carried back	0	0
Federal only, NOL from 2022 and 2021, net	3,301,658	1,112,318
State only (A)	2,127,859	2,099,239
Valuation allowance	(2,127,859)	(2,099,239)
State only, net of valuation allowance	0	0
Total deferred tax asset from net operating loss carryovers	$ 3,301,658	$ 1,112,318
Expiration of net operating loss carryforward	December 2027 - December 2042

Property and Casualty Insurance Activity (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) integer
2014 incurred claims	$ 16,422
2015 incurred claims	23,540
2016 incurred claims	27,390
2017 incurred claims	36,534
2018 incurred claims	59,787
2019 incurred claims	71,588
2020 incurred claims	62,342
2021 incurred claims	96,647
2022 incurred claims	21,279
Total incurred claims	426,035
2013 incurred claims	10,507
2016
2014 incurred claims	14,218
2015 incurred claims	21,994
2016 incurred claims	26,062
2013 incurred claims	9,621
IBNR	$ 152
Cumulative Number of Reported Claims \| integer	2,881
2021
2014 incurred claims	$ 16,434
2015 incurred claims	23,528
2016 incurred claims	27,417
2017 incurred claims	36,532
2018 incurred claims	59,404
2019 incurred claims	71,544
2020 incurred claims	62,833
2021 incurred claims	96,425
2013 incurred claims	10,529
IBNR	$ 12,276
Cumulative Number of Reported Claims \| integer	5,713
2020
2014 incurred claims	$ 16,428
2015 incurred claims	23,291
2016 incurred claims	27,966
2017 incurred claims	36,160
2018 incurred claims	58,441
2019 incurred claims	72,368
2020 incurred claims	63,083
2013 incurred claims	10,495
IBNR	$ 4,737
Cumulative Number of Reported Claims \| integer	5,845
2022
IBNR	$ 6,972
Cumulative Number of Reported Claims \| integer	1,090
2014
2014 incurred claims	$ 14,193
2013 incurred claims	9,745
IBNR	$ 128
Cumulative Number of Reported Claims \| integer	2,138
2015
2014 incurred claims	$ 14,260
2015 incurred claims	22,340
2013 incurred claims	9,424
IBNR	$ 277
Cumulative Number of Reported Claims \| integer	2,558
2017
2014 incurred claims	$ 14,564
2015 incurred claims	22,148
2016 incurred claims	24,941
2017 incurred claims	31,605
2013 incurred claims	10,061
IBNR	$ 292
Cumulative Number of Reported Claims \| integer	3,398
2018
2014 incurred claims	$ 15,023
2015 incurred claims	22,491
2016 incurred claims	24,789
2017 incurred claims	32,169
2018 incurred claims	54,455
2013 incurred claims	10,089
IBNR	$ 563
Cumulative Number of Reported Claims \| integer	4,225
2019
2014 incurred claims	$ 16,381
2015 incurred claims	23,386
2016 incurred claims	27,887
2017 incurred claims	35,304
2018 incurred claims	56,351
2019 incurred claims	75,092
2013 incurred claims	10,607
IBNR	$ 5,324
Cumulative Number of Reported Claims \| integer	4,479
2013
2013 incurred claims	$ 10,728
IBNR	$ 22
Cumulative Number of Reported Claims \| integer	1,564

Fair Value of Financial Instruments and Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments and Real Estate (Tables)

Schedule Of Fair Value Of Financial Instruments

	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities-held-to maturity	$	7,765,138	$	7,629,300	$	8,266,334	$	8,753,159
Cash and cash equivalents	$	5,833,886	$	5,833,886	$	24,290,598	$	24,290,598
Premiums receivable, net	$	11,029,208	$	11,029,208	$	12,318,336	$	12,318,336
Reinsurance receivables, net	$	49,341,690	$	49,341,690	$	40,292,438	$	40,292,438
Real estate, net of accumulated depreciation	$	2,126,029	$	3,025,000	$	2,144,464	$	3,025,000
Reinsurance balances payable	$	5,091,070	$	5,091,070	$	12,961,568	$	12,961,568

Nature of Business

3 Months Ended

Mar. 31, 2022

Nature of Business

Nature Of Business

Note 1 - Nature of Business and Basis of Presentation

Kingstone Companies, Inc. (referred to herein as “Kingstone” or the “Company”), through its wholly owned subsidiary, Kingstone Insurance Company (“KICO”), underwrites property and casualty insurance exclusively through retail and wholesale agents and brokers. KICO is a licensed insurance company in the States of New York, New Jersey, Rhode Island, Massachusetts, Pennsylvania, Connecticut, Maine and New Hampshire. KICO is currently offering its property and casualty insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut. Although New Jersey, Rhode Island, Massachusetts and Connecticut continue to be growing markets for the Company, 80.6% and 81.1% of KICO’s direct written premiums for the three months ended March 31, 2022 and 2021, respectively, came from the New York policies. Kingstone, through its wholly owned subsidiary, Cosi Agency, Inc. (“Cosi”), a multi-state licensed general agency, accesses alternate forms of distribution outside of the independent agent and broker network, through which KICO currently distributes its various products.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 4, 2022. The accompanying condensed consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (United States) but, in the opinion of management, such financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations. The results of operations for the three months ended March 31, 2022 may not be indicative of the results that may be expected for the year ending December 31, 2022.

Certain prior year balances were reclassified to conform with the current year presentation. The reclassification had no effect on the Company’s previously reported financial condition, results, of operations or cash flows.

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity

Stockholders' Equity

Note 8 – Stockholders’ Equity

Dividends Declared and Paid

Dividends declared and paid on Common Stock were $425,490 and $427,217 for the three months ended March 31, 2022 and 2021, respectively. The Company announced on May 2, 2022 that its Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on June 15, 2022 to stockholders of record as of May 31, 2022 (see Note 13 - Subsequent Events).

Stock Options

Effective August 12, 2014, the Company adopted the 2014 Equity Participation Plan (the “2014 Plan”) pursuant to which a maximum of 700,000 shares of Common Stock of the Company were initially authorized to be issued pursuant to the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and stock bonuses. Incentive stock options granted under the 2014 Plan expire no later than ten years from the date of grant (except no later than five years for a grant to a 10% stockholder). Non-statutory stock options granted under the 2014 Plan expire no later than ten years from the date of grant. The Board of Directors or the Compensation Committee determines the vesting provisions for stock awards granted under the 2014 Plan, subject to the provisions of the 2014 Plan. On August 5, 2020, the Company’s stockholders approved amendments to the 2014 Plan, including an increase in the maximum number of shares of Common Stock of the Company that are authorized to be issued pursuant to the 2014 Plan to 1,400,000.

The results of operations for the three months ended March 31, 2022 and 2021 include stock-based compensation expense for stock options totaling approximately $6,000 and $14,000, respectively. Stock-based compensation expense related to stock options for the three months ended March 31, 2022 and 2021 is net of estimated forfeitures of approximately 18% and 16%, respectively. Such amounts have been included in the condensed consolidated statements of operations and comprehensive loss within other operating expenses.

No options were granted during the three months ended March 31, 2022. The fair value of stock options at the grant date are estimated using the Black-Scholes option-pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s stock options.

A summary of stock option activity under the Company’s 2014 Plan for the three months ended March 31, 2022 is as follows:

Stock Options	Number of Shares		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding at January 1, 2022		107,201	$	8.31		2.92	$	-

Granted		-	$	-		-	$	-
Exercised		-	$	-		-	$	-
Expired/Forfeited		-	$	-	$	-	$	-

Outstanding at March 31, 2022		107,201	$	8.31		2.68	$	-

Vested and Exercisable at March 31, 2022		37,500	$	8.72		2.49	$	-

The aggregate intrinsic value of options outstanding and options exercisable at March 31, 2022 is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s Common Stock for the options that had exercise prices that were lower than the $5.32 closing price of the Company’s Common Stock on March 31, 2022. No options were exercised, forfeited or expired during the three months ended March 31, 2022. The total intrinsic value of options when forfeited are determined as of the date of forfeiture. The total intrinsic value of options when expired are determined as of the date of expiration.

Participants in the 2014 Plan may exercise their outstanding vested options, in whole or in part, by having the Company reduce the number of shares otherwise issuable by a number of shares having a fair market value equal to the exercise price of the option being exercised (“Net Exercise”), or by exchanging a number of shares owned for a period of greater than one year having a fair market value equal to the exercise price of the option being exercised (“Share Exchange”).

As of March 31, 2022, the estimated fair value of unamortized compensation cost related to unvested stock option awards was approximately $3,000. Unamortized compensation cost as of March 31, 2022 is expected to be recognized over a remaining weighted-average vesting period of 0.50 years.

As of March 31, 2022, there were 346,666 shares reserved for grants under the 2014 Plan.

Restricted Stock Awards

A summary of the restricted Common Stock activity under the Company’s 2014 Plan for three months ended March 31, 2022 is as follows:

Restricted Stock Awards	Shares			Weighted Average Grant Date Fair Value per Share		Aggregate Fair Value

Balance at January 1, 2022		628,531		$	7.01	$	6,074,595

Granted		98,456		$	5.53	$	544,503
Vested		(245,604	)	$	7.14	$	(1,752,745	)
Forfeited		-		$	-	$	-

Balance at March 31, 2022		481,383		$	6.97	$	4,866,352

Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the three months ended March 31, 2022 and 2021, stock-based compensation for these grants was approximately $518,000 and $481,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive loss. These amounts reflect the Company’s accounting expense and do not correspond to the actual value that will be recognized by the directors, executives and employees.

Employee Stock Purchase Plan

On June 19, 2021, the Company’s Board of Directors adopted the Kingstone Companies, Inc. Employee Stock Purchase Plan (the “ESPP”), subject to stockholder approval. Such approval was obtained on August 10, 2021. The purpose of the ESPP is to provide eligible employees of the Company with an opportunity to use payroll deductions to purchase shares of Common Stock of the Company. The maximum number of shares of Common Stock that may be purchased under the ESPP is 750,000, subject to adjustment as provided for in the ESPP. The ESPP was effective August 10, 2021 and expires on August 10, 2031. A maximum of 5,000 shares of Common Stock may be purchased by an employee during any offering period.

The ESPP currently provides for an offering period from November 1, 2021 through October 31, 2022 (“2021/2022 Offering”). For the three months ended March 31, 2022 and 2021, stock-based compensation under the 2021/2022 Offering was approximately $6,000 and $-0-, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive loss.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Property and Casualty Insurance Activity (Details 5) - USD ($)	6 Months Ended
	Jan. 01, 2023	Jun. 30, 2022	Dec. 30, 2021	Jun. 30, 2021
Catastrophe [Member]
Initial loss subject to personal lines quota share treaty	$ 10,000,000	$ 10,000,000	$ 0	$ 0
Risk retained per catastrophe occurrence		7,400,000	10,000,000	10,000,000
Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021		0	5,000,000
in excess of 1		0	5,000,000
Catastrophe loss coverage in excess of quota share coverage		$ 490,000,000	$ 490,000,000	$ 475,000,000
Reinstatement premium protection		Yes	Yes	Yes
Property And Casualty Personal Insurance Product Line Member
Quota share treaty percent ceded	30.00%	30.00%
Risk retained on initial $1,000,000 of losses	$ 700,000	$ 700,000	$ 1,000,000	$ 1,000,000
Losses per occurrence subject to quota share reinsurance coverage	1,000,000	1,000,000
Excess of loss coverage and facultative facility coverage	400,000	8,400,000	8,000,000	8,000,000
In excess of	600,000	600,000	1,000,000	1,000,000
Total reinsurance coverage per occurrence	500,000	8,500,000	8,000,000	8,000,000
Losses per occurrence subject to reinsurance coverage	$ 1,000,000	$ 9,000,000	$ 9,000,000	$ 9,000,000
Expiration date	Jan. 01, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021

Debt (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Long-term debt, net	$ 29,867,836	$ 29,823,791
Discount
Long-term debt, net	24,331	32,442
Issuance costs
Long-term debt, net	107,833	143,767
Senior Notes [Member]
Long-term debt, net	$ 30,000,000	$ 30,000,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Loss Per Common Share

3 Months Ended

Mar. 31, 2022

Loss Per Common Share

10 - Earnings Per Common Share

Note 10 –Loss Per Common Share

Basic net loss per common share is computed by dividing loss available to common shareholders by the weighted-average number of shares of Common Stock outstanding. Diluted loss per common share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options as well as non-vested restricted stock awards. The computation of diluted loss per common share excludes those options with an exercise price in excess of the average market price of the Company’s Common Stock during the periods presented.

The computation of diluted loss per common share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the three months ended March 31, 2022 and 2021, no options were included in the computation of diluted loss per common share as they would have been anti-dilutive for the relevant periods and, as a result, the weighted average number of shares of Common Stock used in the calculation of diluted loss per common share has not been adjusted for the effect of such options.

The reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted loss per common share follows:

	Three months ended
	March 31,
	2022		2021

Weighted average number of shares outstanding		10,630,450		10,676,298

Effect of dilutive securities, common share equivalents:
Stock options		-		-
Restricted stock awards		-		-

Weighted average number of shares outstanding, used for computing diluted loss per share		10,630,450		10,676,298

Subsequent Events (Details Narrative)	Jun. 15, 2022 $ / shares
Personal Lines
Dividend	$ 0.04

Fair Value of Financial Instruments and Real Estate

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments and Real Estate

Fair Value Of Financial Instruments And Real Estate

Note 5 - Fair Value of Financial Instruments and Real Estate

The estimated fair values of the Company’s financial instruments and real estate as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities-held-to maturity	$	7,765,138	$	7,629,300	$	8,266,334	$	8,753,159
Cash and cash equivalents	$	5,833,886	$	5,833,886	$	24,290,598	$	24,290,598
Premiums receivable, net	$	11,029,208	$	11,029,208	$	12,318,336	$	12,318,336
Reinsurance receivables, net	$	49,341,690	$	49,341,690	$	40,292,438	$	40,292,438
Real estate, net of accumulated depreciation	$	2,126,029	$	3,025,000	$	2,144,464	$	3,025,000
Reinsurance balances payable	$	5,091,070	$	5,091,070	$	12,961,568	$	12,961,568

Property and Casualty Insurance Activity (Details 4) $ in Thousands	Mar. 31, 2022 USD ($)
Property and Casualty Insurance Activity
Liabilities for loss and loss adjustment expenses, net of reinsurance	$ 79,870
Total reinsurance recoverable on unpaid claims	15,867
Unallocated loss adjustment expenses	3,180
Total gross liability for loss and LAE reserves	$ 98,917

Property and Casualty Insurance Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Premiums Written
Direct	$ 42,983,897	$ 38,129,117
Assumed	0	0
Ceded	(18,065,709)	(7,329,507)
Net	24,918,188	30,799,610
Changes In Unearned Premiums
Direct	2,392,727	3,789,478
Assumed	0	0
Ceded	(637,535)	130
Net	1,755,192	3,789,608
Premiums Earned
Direct	45,376,624	41,918,595
Assumed	0	0
Ceded	(18,703,244)	(7,329,377)
Net	$ 26,673,380	$ 34,589,218

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt

Long-term Debt

	March 31,			December 31,
	2022			2021

5.50% Senior Unsecured Notes	$	30,000,000		$	30,000,000
Discount		(24,331	)		(32,442	)
Issuance costs		(107,833	)		(143,767	)
Debt, net	$	29,867,836		$	29,823,791

Stockholders Equity (Details) - Stock Options [Member]	3 Months Ended
Stockholders Equity (Details) - Stock Options [Member]	Mar. 31, 2022 USD ($) $ / shares shares
Number of options outstanding, beginning \| shares	107,201
Number of options outstanding, granted \| shares	0
Number of options outstanding, exercised \| shares	0
Number of options outstanding, forfeited \| shares	0
Number of options outstanding, ending \| shares	107,201
Number of options outstanding, vested and exercisable \| shares	37,500
Weighted average exercise price, Beginning balance \| $ / shares	$ 8.31
Weighted average exercise price, granted \| $ / shares	0
Weighted average exercise price, Exercised \| $ / shares	0
Weighted average exercise price, Forfeited \| $ / shares	0
Weighted average exercise price, Ending balance \| $ / shares	8.31
Weighted Average Price per share outstanding, vested and exercisable \| $ / shares	$ 8.72
Weighted Average Remaining Contractual, Beginning balance	2 years 11 months 1 day
Weighted Average Remaining Contractual term Granted	0 years
Weighted Average Remaining Contractual term, Ending balance	2 years 8 months 4 days
Weighted Average Remaining Contractual life, vested and exercisable	2 years 5 months 26 days
Aggregate Intrinsic value, begining balance \| $	$ 0
Aggregate Intrinsic Value , Forfeited \| $	0
Aggregate Intrinsic value, ending balance \| $	0
Aggregate Intrinsic Value , vested and exercisable \| $	$ 0

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events

19. Subsequent Events

Note 13 – Subsequent Events

The Company has evaluated events that occurred subsequent to March 31, 2022 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements.

Preliminary Non-binding Indication of Interest

On May 4, 2022, the Company’s Board of Directors received a preliminary non-binding indication of interest from Griffin Highline Capital LLC with regard to an acquisition of all of the outstanding equity of the Company. See Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further details.

Dividends Declared

On May 2, 2022, the Company announced that its Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on June 15, 2022 to stockholders of record as of the close of business on May 31, 2022 (see Note 8 – Stockholders’ Equity).

Nature of Business and Basis of Presentation (Details Narrative)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Nature of Business
Direct written premiums, percentage	80.60%	81.10%

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 0	$ 0
Political subdivisions of states, territories and possessions	15,618,791	17,285,514
Corporate and other bonds industrial and miscellaneous	82,758,938	83,011,254
Residential mortgage and other asset backed securities	53,519,767	57,783,342
Total fixed maturities	151,897,496	158,080,110
Equity securities	31,765,409	39,687,002
Total investments	183,662,905	197,767,112
Level 2 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of states, territories and possessions	15,618,791	17,285,514
Corporate and other bonds industrial and miscellaneous	503,090	510,475
Residential mortgage and other asset backed securities	53,519,767	57,783,342
Total fixed maturities	69,641,648	75,579,331
Equity securities	0	0
Total investments	69,641,648	75,579,331
Level 3 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	0	0
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	0	0
Equity securities	0	0
Total investments	0	0
Level 1 [Member]
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	82,255,848	82,500,779
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	82,255,848	82,500,779
Equity securities	31,765,409	39,687,002
Total investments	$ 114,021,257	$ 122,187,781

Property and Casualty Insurance Activity (Details 6) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commercial Lines [Member]
Total reinsurance coverage per occurrence		$ 3,750,000
Losses per occurrence subject to quota share reinsurance coverage		4,500,000
Quota share treaty		0
Risks retained		750,000
Excess of loss coverage and facultative facility coverage		3,750,000
in excess of		750,000
Quota share treaty1		$ 0
Personal Umbrella
Percent ceded - first $1000000 of coverage	90.00%	90.00%
Percent ceded - excess of $1000000 of coverage	95.00%	95.00%
Risk retained	$ 300,000	$ 300,000
Total reinsurance coverage per occurrence	4,700,000	4,700,000
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000,000	$ 5,000,000
Expiration date	Jun. 30, 2022	Jun. 30, 2021

Loss Per Common Share (Details) - USD ($)	3 Months Ended
Loss Per Common Share (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Loss Per Common Share
Weighted average number of shares outstanding	10,630,450	10,676,298
Effect of dilutive securities, common share equivalents: Stock options	$ 0	$ 0
Effect of dilutive securities, common share equivalents: Restricted stock awards	$ 0	$ 0
Weighted average number of shares outstanding, used for computing diluted earnings per share	10,630,450	10,676,298

Debt (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
Debt (Details Narrative) - USD ($)	Dec. 19, 2017	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Advances limit, description		Advances are limited to 85% of the amount of available collateral, which as of March 31, 2022 and December 31, 2021 was $-0-.
Net proceeds from the offering to contribute capital		$ 28,256,335
Senior Notes [Member]
Maximum distribution that KICO could pay the Company without prior regulatory approval		$ 1,122,000
Dividends description		dividends paid to it by KICO, its insurance subsidiary, to repay the Notes
Invested assets and cash		$ 3,812,000	$ 1,108,000
Debt instrument, face amount	$ 30,000,000	$ 30,000,000
Debt instrument, maturity date	Dec. 30, 2022	Dec. 30, 2022
Debt instrument, interest rate	5.50%	5.50%
Proceeds from issuance of unsecured notes	$ 29,121,630
Debt instrument, unamortized discount	163,200
Debt instrument, transaction cost	$ 715,170
Debt instrument, yield percentage	5.67%
Federal Home Loan Bank of New York [Member]
Advances limit, description		Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter and are due and payable within one year of borrowing
Maximum allowable advances		$ 13,314,000		$ 13,419,000

Investments

3 Months Ended

Mar. 31, 2022

Investments

Investments

Note 3 - Investments

Fixed-Maturity Securities

The amortized cost, estimated fair value, and unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale as of March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022

	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than 12			More than 12			Fair		Unrealized
Category	Cost		Gains		Months			Months			Value		Losses

Fixed-Maturity Securities:
Political subdivisions of States,
Territories and Possessions	$	17,227,562	$	5,692	$	(1,614,463	)	$	-		$	15,618,791	$	(1,608,771	)

Corporate and other bonds
Industrial and miscellaneous		85,566,044		336,272		(3,143,378	)		-			82,758,938		(2,807,106	)

Residential mortgage and other asset backed securities		56,656,711		289,836		(3,119,931	)		(306,849	)		53,519,767		(3,136,944	)
Total fixed-maturity securities	$	159,450,317	$	631,800	$	(7,877,772	)	$	(306,849	)	$	151,897,496	$	(7,552,821	)

	December 31, 2021
													Net
	Cost or		Gross		Gross Unrealized Losses						Estimated		Unrealized
	Amortized		Unrealized		Less than 12			More than 12			Fair		Gains/
Category	Cost		Gains		Months			Months			Value		(Losses)

Fixed-Maturity Securities:
Political subdivisions of States,
Territories and Possessions	$	17,236,750	$	246,748	$	(197,984	)	$	-		$	17,285,514	$	48,764

Corporate and other bonds
Industrial and miscellaneous		80,534,769		2,603,411		(126,926	)		-			83,011,254		2,476,485

Residential mortgage and other asset backed securities		58,036,959		355,985		(489,258	)		(120,344	)		57,783,342		(253,617	)
Total fixed-maturity securities	$	155,808,478	$	3,206,144	$	(814,168	)	$	(120,344	)	$	158,080,110	$	2,271,632

A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of March 31, 2022 and December 31, 2021 is shown below:

	March 31, 2022				December 31, 2021
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	496,511	$	503,090	$	1,153,099	$	1,156,636
One to five years		46,504,448		46,284,000		43,007,110		44,914,759
Five to ten years		29,499,983		27,743,070		26,808,853		27,332,581
More than 10 years		26,292,664		23,847,569		26,802,457		26,892,792
Residential mortgage and other asset backed securities		56,656,711		53,519,767		58,036,959		57,783,342
Total	$	159,450,317	$	151,897,496	$	155,808,478	$	158,080,110

The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties.

Equity Securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	19,944,128	$	333,811	$	(1,793,476	)	$	18,484,463
Common stocks, mutual funds, and exchange traded funds		13,145,504		837,696		(702,254	)		13,280,946
Total	$	33,089,632	$	1,171,507	$	(2,495,730	)	$	31,765,409




	December 31, 2021
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	22,019,509	$	1,007,009	$	(184,617	)	$	22,841,901
Common stocks, mutual funds, and exchange traded funds		15,451,160		1,573,653		(179,712	)		16,845,101
Total	$	37,470,669	$	2,580,662	$	(364,329	)	$	39,687,002

Other Investments

The cost and estimated fair value of, and gross gains on, the Company’s other investments as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022						December 31, 2021
			Gross		Estimated				Gross		Estimated
Category	Cost		Gains		Fair Value		Cost		Gains		Fair Value

Other Investments:
Hedge fund	$	3,999,381	$	2,626,502	$	6,625,883	$	3,999,381	$	3,562,034	$	7,561,415

Held-to-Maturity Securities

The cost or amortized cost and estimated fair value of, and unrealized gross gains and losses on, investments in held-to-maturity fixed-maturity securities as of March 31, 2022 and December 31, 2021 are summarized as follows:

	March 31, 2022
												Net
	Cost or		Gross		Gross Unrealized Losses					Estimated		Unrealized
	Amortized		Unrealized		Less than 12			More than 12		Fair		Gains/
Category	Cost		Gains		Months			Months		Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,654	$	202,788	$	(1,177	)	$	-	$	931,265	$	201,611

Political subdivisions of States,
Territories and Possessions		498,249		8,421		-			-		506,670		8,421

Exchange traded debt		304,111		-		(21,611	)				282,500		(21,611	)

Corporate and other bonds
Industrial and miscellaneous		6,233,124		56,601		(380,860	)		-		5,908,865		(324,259	)
Total	$	7,765,138	$	267,810	$	(403,648	)	$	-	$	7,629,300	$	(135,838	)

	December 31, 2021
												Net
	Cost or		Gross		Gross Unrealized Losses					Estimated		Unrealized
	Amortized		Unrealized		Less than 12			More than 12		Fair		Gains/
Category	Cost		Gains		Months			Months		Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,642	$	209,633	$	-		$	-	$	939,275	$	209,633

Political subdivisions of States,
Territories and Possessions		998,239		22,856		-			-		1,021,095		22,856

Exchange traded debt		304,111		85		(13,921	)				290,275		(13,836	)

Corporate and other bonds
Industrial and miscellaneous		6,234,342		280,951		(12,779	)		-		6,502,514		268,172
Total	$	8,266,334	$	513,525	$	(26,700	)	$	-	$	8,753,159	$	486,825

Held-to-maturity U.S. Treasury securities are held in trust pursuant to various states’ minimum funds requirements.

A summary of the amortized cost and estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of March 31, 2022 and December 31, 2021 is shown below:

	March 31, 2022				December 31, 2021
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	494,595	$	501,795	$	994,712	$	1,008,180
One to five years		1,206,159		1,262,780		1,205,829		1,290,465
Five to ten years		1,516,810		1,494,773		1,513,942		1,648,808
More than 10 years		4,547,574		4,369,952		4,551,851		4,805,706
Total	$	7,765,138	$	7,629,300	$	8,266,334	$	8,753,159

The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties.

Investment Income

Major categories of the Company’s net investment income are summarized as follows:

	Three months ended
	March 31,
	2022		2021

Income:
Fixed-maturity securities	$	1,140,189	$	1,491,127
Equity securities		345,168		357,311
Cash and cash equivalents		183		924
Total		1,485,540		1,849,362
Expenses:
Investment expenses		126,440		66,166
Net investment income	$	1,359,100	$	1,783,196

Proceeds from the redemption of fixed-maturity securities held-to-maturity were $500,000 and $-0- for the three months ended March 31, 2022 and 2021, respectively.

Proceeds from the sale or maturity of fixed-maturity securities available-for-sale were $10,181,658 and $11,548,405 for the three months ended March 31, 2022 and 2021, respectively.

Proceeds from the sale of equity securities were $4,994,884 and $6,433,262 for the three months ended March 31, 2022 and 2021, respectively.

The Company’s net (losses) gains on investments are summarized as follows:

	Three months ended
	March 31,
	2022			2021
Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	85,100		$	410,311
Gross realized losses		(126,424	)		(15,986	)
		(41,324	)		394,325

Equity securities:
Gross realized gains		448,306			933,122
Gross realized losses		(329,221	)		(200,213	)
		119,085			732,909

Net realized gains		77,761			1,127,234

Unrealized (Losses) Gains

Equity Securities:
Gross gains		-			1,003,209
Gross losses		(3,560,634	)		-
		(3,560,634	)		1,003,209

Other Investments:
Gross gains		-			829,964
Gross losses		(915,532	)		-
		(915,532	)		829,964

Net unrealized (losses) gains		(4,476,166	)		1,833,173

Net (losses) gains on investments	$	(4,398,405	)	$	2,960,407

Impairment Review

Impairment of investment securities results in a charge to operations when a market decline below cost is deemed to be other-than-temporary. The Company regularly reviews its fixed-maturity securities to evaluate the necessity of recording impairment losses for other-than-temporary declines in the estimated fair value of investments. In evaluating potential impairment, GAAP specifies (i) if the Company does not have the intent to sell a debt security prior to recovery and (ii) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When the Company does not intend to sell the security and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment (“OTTI”) of a debt security in earnings and the remaining portion in comprehensive loss. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security based on cash flow projections. For held-to-maturity fixed-maturity securities, the amount of OTTI recorded in comprehensive loss for the noncredit portion of a previous OTTI is amortized prospectively over the remaining life of the security based on timing of future estimated cash flows of the security.

OTTI losses are recorded in the consolidated statements of operations and comprehensive loss as net realized losses on investments and result in a permanent reduction of the cost basis of the underlying investment. The determination of OTTI is a subjective process and different judgments and assumptions could affect the timing of loss realization. At March 31, 2022 and December 31, 2021, there were 100 and 48 fixed-maturity securities, respectively, that accounted for the gross unrealized losses. The Company determined that none of the unrealized losses were deemed to be OTTI for its portfolio of investments for the three months ended March 31, 2022 and 2021. Significant factors influencing the Company’s determination that unrealized losses were temporary included the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and management’s intent and ability to hold the investment for a period of time sufficient to allow for an anticipated recovery of estimated fair value to the Company’s cost basis.

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at March 31, 2022 as follows:

	March 31, 2022
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	-		-			-	$	-	$	-

Political subdivisions of States, Territories and Possessions		14,959,121		(1,614,463	)		12		-		-			-		14,959,121		(1,614,463	)

Corporate and other bonds industrial and miscellaneous		51,973,548		(3,143,378	)		55		-		-			-		51,973,548		(3,143,378	)

Residential mortgage and other asset backed securities		40,310,519		(3,119,931	)		31		2,733,402		(306,849	)		2		43,043,921		(3,426,780	)

Total fixed-maturity securities	$	107,243,188	$	(7,877,772	)		98	$	2,733,402	$	(306,849	)		2	$	109,976,590	$	(8,184,621	)

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2021 as follows:

	December 31, 2021
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	-		-			-	$	-	$	-

Political subdivisions of States, Territories and Possessions		6,768,123		(197,984	)		5		-		-			-		6,768,123		(197,984	)

Corporate and other bonds industrial and miscellaneous		17,593,707		(126,926	)		15		-		-			-		17,593,707		(126,926	)

Residential mortgage and other asset backed securities		45,399,451		(489,258	)		26		2,923,182		(120,344	)		2		48,322,633		(609,602	)

Total fixed-maturity securities	$	69,761,281	$	(814,168	)		46	$	2,923,182	$	(120,344	)		2	$	72,684,463	$	(934,512	)

Consolidated Statements of Operations and Comprehensive Loss(Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Net Premiums Earned	$ 26,673,380	$ 34,589,218
Ceding Commission Revenue	4,681,396	(1,065)
Net Investment Income	1,359,100	1,783,196
Net (losses) Gains On Investments	(4,398,405)	2,960,407
Other Income	235,824	171,446
Total Revenues	28,551,295	39,503,202
Expenses
Loss And Loss Adjustment Expenses	22,941,198	22,560,672
Commission Expense	8,351,086	8,223,839
Other Underwriting Expenses	6,815,949	6,467,042
Other Operating Expenses	881,955	1,352,306
Depreciation And Amortization	770,110	822,340
Interest Expense	456,545	456,545
Total Expenses	40,216,843	39,882,744
Loss From Operations Before Taxes	(11,665,548)	(379,542)
Income Tax Benefit	2,468,016	68,445
Net Loss	(9,197,532)	(311,097)
Gross Change In Unrealized Losses On Available-for-sale-securities	(9,865,777)	(3,823,279)
Reclassification Adjustment For Losses (gains) Included In Net Loss	41,324	(394,297)
Net Change In Unrealized Losses	(9,824,453)	(4,217,576)
Income Tax Benefit Related To Items Of Other Comprehensive Loss	2,063,136	885,692
Other Comprehensive Loss, Net Of Tax	(7,761,317)	(3,331,884)
Comprehensive Loss	$ (16,958,849)	$ (3,642,981)
Loss Per Common Share:
Basic	$ (0.87)	$ (0.03)
Diluted	$ 0.87	$ (0.03)
Weighted Average Common Shares Outstanding
Basic	10,630,450	10,676,298
Diluted	10,630,450	10,676,298
Dividends Declared And Paid Per Common Share	$ 0.04	$ 0.04

Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments

Schedule Of Available For Sale Fixed Maturity Securities Contractual Maturity

	March 31, 2022

	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than 12			More than 12			Fair		Unrealized
Category	Cost		Gains		Months			Months			Value		Losses

Fixed-Maturity Securities:
Political subdivisions of States,
Territories and Possessions	$	17,227,562	$	5,692	$	(1,614,463	)	$	-		$	15,618,791	$	(1,608,771	)

Corporate and other bonds
Industrial and miscellaneous		85,566,044		336,272		(3,143,378	)		-			82,758,938		(2,807,106	)

Residential mortgage and other asset backed securities		56,656,711		289,836		(3,119,931	)		(306,849	)		53,519,767		(3,136,944	)
Total fixed-maturity securities	$	159,450,317	$	631,800	$	(7,877,772	)	$	(306,849	)	$	151,897,496	$	(7,552,821	)

	December 31, 2021
													Net
	Cost or		Gross		Gross Unrealized Losses						Estimated		Unrealized
	Amortized		Unrealized		Less than 12			More than 12			Fair		Gains/
Category	Cost		Gains		Months			Months			Value		(Losses)

Fixed-Maturity Securities:
Political subdivisions of States,
Territories and Possessions	$	17,236,750	$	246,748	$	(197,984	)	$	-		$	17,285,514	$	48,764

Corporate and other bonds
Industrial and miscellaneous		80,534,769		2,603,411		(126,926	)		-			83,011,254		2,476,485

Residential mortgage and other asset backed securities		58,036,959		355,985		(489,258	)		(120,344	)		57,783,342		(253,617	)
Total fixed-maturity securities	$	155,808,478	$	3,206,144	$	(814,168	)	$	(120,344	)	$	158,080,110	$	2,271,632

Schedule Of Available For Sale Securities

	March 31, 2022				December 31, 2021
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	496,511	$	503,090	$	1,153,099	$	1,156,636
One to five years		46,504,448		46,284,000		43,007,110		44,914,759
Five to ten years		29,499,983		27,743,070		26,808,853		27,332,581
More than 10 years		26,292,664		23,847,569		26,802,457		26,892,792
Residential mortgage and other asset backed securities		56,656,711		53,519,767		58,036,959		57,783,342
Total	$	159,450,317	$	151,897,496	$	155,808,478	$	158,080,110

Schedule Of Equity Securities

	March 31, 2022
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	19,944,128	$	333,811	$	(1,793,476	)	$	18,484,463
Common stocks, mutual funds, and exchange traded funds		13,145,504		837,696		(702,254	)		13,280,946
Total	$	33,089,632	$	1,171,507	$	(2,495,730	)	$	31,765,409




	December 31, 2021
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	22,019,509	$	1,007,009	$	(184,617	)	$	22,841,901
Common stocks, mutual funds, and exchange traded funds		15,451,160		1,573,653		(179,712	)		16,845,101
Total	$	37,470,669	$	2,580,662	$	(364,329	)	$	39,687,002

Schedule Of Other Investments

	March 31, 2022						December 31, 2021
			Gross		Estimated				Gross		Estimated
Category	Cost		Gains		Fair Value		Cost		Gains		Fair Value

Other Investments:
Hedge fund	$	3,999,381	$	2,626,502	$	6,625,883	$	3,999,381	$	3,562,034	$	7,561,415

Schedule Of Held To Maturity Securities

	March 31, 2022
												Net
	Cost or		Gross		Gross Unrealized Losses					Estimated		Unrealized
	Amortized		Unrealized		Less than 12			More than 12		Fair		Gains/
Category	Cost		Gains		Months			Months		Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,654	$	202,788	$	(1,177	)	$	-	$	931,265	$	201,611

Political subdivisions of States,
Territories and Possessions		498,249		8,421		-			-		506,670		8,421

Exchange traded debt		304,111		-		(21,611	)				282,500		(21,611	)

Corporate and other bonds
Industrial and miscellaneous		6,233,124		56,601		(380,860	)		-		5,908,865		(324,259	)
Total	$	7,765,138	$	267,810	$	(403,648	)	$	-	$	7,629,300	$	(135,838	)

	December 31, 2021
												Net
	Cost or		Gross		Gross Unrealized Losses					Estimated		Unrealized
	Amortized		Unrealized		Less than 12			More than 12		Fair		Gains/
Category	Cost		Gains		Months			Months		Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,642	$	209,633	$	-		$	-	$	939,275	$	209,633

Political subdivisions of States,
Territories and Possessions		998,239		22,856		-			-		1,021,095		22,856

Exchange traded debt		304,111		85		(13,921	)				290,275		(13,836	)

Corporate and other bonds
Industrial and miscellaneous		6,234,342		280,951		(12,779	)		-		6,502,514		268,172
Total	$	8,266,334	$	513,525	$	(26,700	)	$	-	$	8,753,159	$	486,825

Schedule Of Held To Maturity Securities By Contractual Maturity

	March 31, 2022				December 31, 2021
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	494,595	$	501,795	$	994,712	$	1,008,180
One to five years		1,206,159		1,262,780		1,205,829		1,290,465
Five to ten years		1,516,810		1,494,773		1,513,942		1,648,808
More than 10 years		4,547,574		4,369,952		4,551,851		4,805,706
Total	$	7,765,138	$	7,629,300	$	8,266,334	$	8,753,159

Schedule Of Investment Income

	Three months ended
	March 31,
	2022		2021

Income:
Fixed-maturity securities	$	1,140,189	$	1,491,127
Equity securities		345,168		357,311
Cash and cash equivalents		183		924
Total		1,485,540		1,849,362
Expenses:
Investment expenses		126,440		66,166
Net investment income	$	1,359,100	$	1,783,196

Schedule Of Securities With Realized Gains And Losses On Investments

	Three months ended
	March 31,
	2022			2021
Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	85,100		$	410,311
Gross realized losses		(126,424	)		(15,986	)
		(41,324	)		394,325

Equity securities:
Gross realized gains		448,306			933,122
Gross realized losses		(329,221	)		(200,213	)
		119,085			732,909

Net realized gains		77,761			1,127,234

Unrealized (Losses) Gains

Equity Securities:
Gross gains		-			1,003,209
Gross losses		(3,560,634	)		-
		(3,560,634	)		1,003,209

Other Investments:
Gross gains		-			829,964
Gross losses		(915,532	)		-
		(915,532	)		829,964

Net unrealized (losses) gains		(4,476,166	)		1,833,173

Net (losses) gains on investments	$	(4,398,405	)	$	2,960,407

Schedule Of Securities With Unrealized Losses

	March 31, 2022
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	-		-			-	$	-	$	-

Political subdivisions of States, Territories and Possessions		14,959,121		(1,614,463	)		12		-		-			-		14,959,121		(1,614,463	)

Corporate and other bonds industrial and miscellaneous		51,973,548		(3,143,378	)		55		-		-			-		51,973,548		(3,143,378	)

Residential mortgage and other asset backed securities		40,310,519		(3,119,931	)		31		2,733,402		(306,849	)		2		43,043,921		(3,426,780	)

Total fixed-maturity securities	$	107,243,188	$	(7,877,772	)		98	$	2,733,402	$	(306,849	)		2	$	109,976,590	$	(8,184,621	)

	December 31, 2021
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	-		-			-	$	-	$	-

Political subdivisions of States, Territories and Possessions		6,768,123		(197,984	)		5		-		-			-		6,768,123		(197,984	)

Corporate and other bonds industrial and miscellaneous		17,593,707		(126,926	)		15		-		-			-		17,593,707		(126,926	)

Residential mortgage and other asset backed securities		45,399,451		(489,258	)		26		2,923,182		(120,344	)		2		48,322,633		(609,602	)

Total fixed-maturity securities	$	69,761,281	$	(814,168	)		46	$	2,923,182	$	(120,344	)		2	$	72,684,463	$	(934,512	)

Investments (Details 1) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Estimated fair value	$ 151,897,496	$ 158,080,110
Amortized cost	159,450,317	155,808,478
Residential Mortgage And Other Asset Backed Securities [Member]
Estimated fair value	53,519,767	57,783,342
Amortized cost	56,656,711	58,036,959
Less Than One Year [Member]
Estimated fair value	503,090	1,156,636
Amortized cost	496,511	1,153,099
One To Five Years [Member]
Estimated fair value	46,284,000	44,914,759
Amortized cost	46,504,448	43,007,110
Five To Ten Years [Member]
Estimated fair value	27,743,070	27,332,581
Amortized cost	29,499,983	26,808,853
More Than 10 Years [Member]
Estimated fair value	23,847,569	26,892,792
Amortized cost	$ 26,292,664	$ 26,802,457

Investments (Details 5) - USD ($)	3 Months Ended
Investments (Details 5) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Investments
Fixed-maturity securities	$ 1,140,189	$ 1,491,127
Equity securities	345,168	357,311
Cash and cash equivalents	183	924
Total	1,485,540	1,849,362
Investment expenses	126,440	66,166
Net investment income	$ 1,359,100	$ 1,783,196

Fair Value Measurements (Details 1) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Hedge Funds [Member]
Hedge fund investments	$ 6,625,883	$ 7,561,415

Property and Casualty Insurance Activity (Details 7) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value of Financial Instruments and Real Estate
Provisional ceding commissions earned	$ 4,541,533	$ 45,499
Contingent ceding commissions earned	139,863	(46,564)
Total commissions earned	$ 4,681,396	$ (1,065)

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended					3 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2020	Jan. 31, 2020	Sep. 16, 2019	Mar. 31, 2022	Mar. 31, 2021	Jul. 08, 2019
Rent expenses						$ 46,938	$ 60,518
Stock-based compensation						$ 530,414	$ 494,998
Employment Agreement [Member] \| Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board [Member]
Restricted stock issued				30,000	30,000
Employment Agreement [Member] \| Barry GoldsteinMr. Goldstein [Member]
Restricted stock issued	27,300	21,000
Golden Emloyment Agreement [Member] \| Mery Golden Chief Operating Officer [Member]
Stock-based compensation		$ 1,890,000
Percent of average per annum		14.00%
Salary		$ 500,000			$ 500,000
Option purchase					50,000
Percent of annual bonus		6.00%
Golden Emloyment Agreement [Member] \| Mery Golden Chief Operating Officer [Member] \| Maximum [Member]
Stock-based compensation		$ 2,835,000
Golden Emloyment Agreement [Member] \| Mery Golden Chief Operating Officer [Member] \| Minimum [Member]
Stock-based compensation		$ 945,000
Cosi Lease [Member]
Lease costs								$ 40,000
January 2020 [Member] \| Amended Employment Agreement [Member]
Restricted stock issued		230,769	17,191			157,431
Restricted stock issued value		$ 1,500,000	$ 136,500			$ 1,250,000

Investments (Details 6) - USD ($)	3 Months Ended		12 Months Ended
Investments (Details 6) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments
Gross realized gains	$ 85,100	$ 410,311
Gross realized losses	(126,424)	(15,986)
Total fixed-maturity securities	(41,324)	394,325
Gross realized gains	448,306	933,122
Gross realized losses	(329,221)	(200,213)
Total equity securities	119,085	732,909
Net realized gains	77,761	1,127,234
Gross gains	1,171,507	1,003,209	$ 2,580,662
Gross losses	(3,560,634)	0
Total equity securities	(3,560,634)	1,003,209
Gross gains	0	829,964
Gross losses	(915,532)	0
Total other investments	(915,532)	829,964
Net unrealized gains (losses)	(4,476,166)	1,833,173
Net gains (losses) on investments	$ (4,398,405)	$ 2,960,407

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Summary of Significant Accounting Policies

Summary Of Significant Accounting Policies

Note 2 – Accounting Policies

Basis of Presentation; Going Concern

See Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for further information.

The Company’s $30,000,000 5.5% Senior Unsecured Notes (the “Notes”) are due on December 30, 2022. The Company’s continuation as a going concern is dependent on its ability to obtain financing and/or other funds to satisfy such obligation. Management believes that KICO’s insurance operations would be able to continue in the unlikely event that financing is not obtained.

In accordance with Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. This evaluation requires management to perform two steps. First, management must evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern. Second, if management concludes that substantial doubt is raised, management is required to consider whether it has plans in place to alleviate that doubt. Disclosures in the notes to the consolidated financial statements are required if management concludes that substantial doubt exists and if its plans alleviate the substantial doubt that was raised.

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

Management’s Plan Related to Going Concern

In order to continue as a going concern, the Company will need to obtain financing and/or other funds to satisfy its debt obligation due on December 30, 2022. Management plans to refinance the Notes with a new issue of investment grade debt securities of similar or longer maturity that would result in net proceeds equal to or greater than the principal amount of the Notes. In connection therewith, the Company has engaged an investment banker to serve as exclusive placement agent for a proposed offering by the Company of its securities (including debt, equity and/or preferred securities). The engagement letter indicates that the offering would be of such size as to generate proceeds to the Company of no less than $30,000,000. The Company also will receive dividends paid to it by KICO, its insurance subsidiary, that could be utilized to repay the Notes. As of March 31, 2022, the maximum distribution that KICO could pay the Company without prior regulatory approval was approximately $1,122,000. Further, the Company plans to use available invested assets and cash to repay the Notes. As of March 31, 2022, invested assets and cash was approximately $3,812,000.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described above. The Company believes that its plan is probable of being implemented and that such plan would alleviate any adverse conditions.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions (which include the reserves for losses and LAE), which are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an ongoing basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates used in preparing the condensed consolidated financial statements.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Kingstone and its wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. (“Properties”) and 15 Joys Lane, LLC (“15 Joys Lane”), which together own the land and building from which KICO operates, and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation.

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The revised accounting guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses of available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2023. The Company is currently evaluating the effect the updated guidance will have on its condensed consolidated financial statements.

The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

Income Taxes (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Deferred tax asset:
Net operating loss carryovers (1)	$ 3,301,658	$ 1,112,318
Claims reserve discount	1,169,042	1,186,789
Unearned premium	3,279,286	3,246,364
Deferred ceding commission revenues	1,990,698	2,047,187
Net unrealized lossess on securities	509,869	0
Other	1,066,609	1,220,898
Total deferred tax assets	11,317,162	8,813,556
Deferred tax liability:
Investment in KICO (2)	759,543	759,543
Deferred acquisition costs	4,547,882	4,670,187
Intangibles	105,000	105,000
Depreciation and amortization	1,537,104	1,046,817
Net unrealized gains on securities	0	2,039,756
Total deferred tax liabilities	6,949,529	8,621,303
Net deferred income tax asset	$ 4,367,633	$ 192,253

Consolidated Statements of Stockholders' Equity(Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Treasury Stock	Capital in Excess of Par	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
Balance, Shares at Dec. 31, 2020			11,871,307	1,254,492
Balance, Amount at Dec. 31, 2020	$ 92,800,402	$ 0	$ 118,713	$ (3,895,883)	$ 70,769,165	$ 9,880,062	$ 15,928,345
Stock-based Compensation	494,998	0	$ 0	0	494,998	0	0
Vesting Of Restricted Stock Awards, Shares			85,922
Vesting Of Restricted Stock Awards, Amount	0	0	$ 859	0	(859)	0	0
Shares Deducted From Restricted Stock Awards For Payment Of Withholding Taxes, Shares			(21,908)
Shares Deducted From Restricted Stock Awards For Payment Of Withholding Taxes, Amount	(146,606)	0	$ (219)	$ 0	(146,387)	0	0
Acquisition Of Treasury Stock, Shares				8,035
Acquisition Of Treasury Stock, Amount	(65,915)	0	0	$ (65,915)	0	0	0
Dividends	(427,217)	0	0	0	0	0	(427,217)
Net Loss	(311,097)	0	0	0	0	0	(311,097)
Change In Unrealized Losses On Available-for-sale Securities, Net Of Tax	(3,331,884)	0	$ 0	$ 0	0	(3,331,884)	0
Balance, Shares at Mar. 31, 2021			11,935,321	1,262,527
Balance, Amount at Mar. 31, 2021	89,012,681	0	$ 119,353	$ (3,961,798)	71,116,917	6,548,178	15,190,031
Balance, Shares at Dec. 31, 2021			11,955,660	1,471,406
Balance, Amount at Dec. 31, 2021	75,672,194	0	$ 119,557	$ (5,567,481)	72,467,483	1,796,739	6,855,896
Stock-based Compensation	530,414	0	$ 0	0	530,414	0	0
Vesting Of Restricted Stock Awards, Shares			222,070
Vesting Of Restricted Stock Awards, Amount	0	0	$ 2,221	0	(2,221)	0	0
Shares Deducted From Restricted Stock Awards For Payment Of Withholding Taxes, Shares			(68,423)
Shares Deducted From Restricted Stock Awards For Payment Of Withholding Taxes, Amount	(358,075)	0	$ (685)	0	(357,390)	0	0
Dividends	(425,490)	0	0	0	0	0	(425,490)
Net Loss	(9,197,532)	0	0	0	0	0	(9,197,532)
Change In Unrealized Losses On Available-for-sale Securities, Net Of Tax	(7,761,317)	0	$ 0	$ 0	0	(7,761,317)	0
Balance, Shares at Mar. 31, 2022			12,109,307	1,471,406
Balance, Amount at Mar. 31, 2022	$ 58,460,194	$ 0	$ 121,093	$ (5,567,481)	$ 72,638,286	$ (5,964,578)	$ (2,767,126)

Investments (Details 4) - Held-to-maturity Securities [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Estimated fair value	$ 7,629,300	$ 8,753,159
Amortized cost	7,765,138	8,266,334
One To Five Years [Member]
Estimated fair value	1,262,780	1,290,465
Amortized cost	1,206,159	1,205,829
Five To Ten Years [Member]
Estimated fair value	1,494,773	1,648,808
Amortized cost	1,516,810	1,513,942
More Than 10 Years [Member]
Estimated fair value	4,369,952	4,805,706
Amortized cost	4,547,574	4,551,851
Less Than One Year [Member]
Estimated fair value	501,795	1,008,180
Amortized cost	$ 494,595	$ 994,712

Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Net operating loss carryover	$ 32,736,000	$ 32,296,000
Computer Equipment [Member]
Consideration exchange principal amount	$ 3,750,000
Acquired equity interest rate	100.00%
Original purchase surplus notes	$ 2,921,319
Untaxed interest	1,169,000
Deferred tax liability reduced			$ 759,543
Deferred tax liability	$ 759,543

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies

Lease Cost

	Threee months ended			Threee months ended
Lease cost	March 31, 2022			March 31, 2021
Operating lease	$	46,938		$	60,518
Short-term leases		-			-
Total lease cost (1) (2)	$	46,938		$	60,518

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$	53,003		$	64,979
Discount rate		5.50	%		5.50	%
Remaing lease term in years
KICO	2 years			3 years
Cosi		-		5.75 years

Schedule Of Lease Liability Maturities

For the Year
Ending
December 31,	Total
Remainder of 2022	$	142,450
2023		194,919
2024		49,145
Total undiscounted lease payments		386,514
Less: present value adjustment		40,098
Operating lease liability (1)	$	346,416

Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Loss Per Common Share

Reconciliation Of The Weighted Average Number Of Shares Of Common Stock Used In The Calculation Of Basic And Diluted Earnings Per Common Share

	Three months ended
	March 31,
	2022		2021

Weighted average number of shares outstanding		10,630,450		10,676,298

Effect of dilutive securities, common share equivalents:
Stock options		-		-
Restricted stock awards		-		-

Weighted average number of shares outstanding, used for computing diluted loss per share		10,630,450		10,676,298