0001654954-24-010605 | 10-Q | XBRL Viewer

Income Taxes (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2017
Net operating loss carryover	$ 42,344,000	$ 39,390,000
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

Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings (loss) per common share:

Schedule of shares used in calculation of earnings per share

	Three months ended				Six months ended
	June 30				June 30
	2024		2023		2024		2023

Weighted average number of shares outstanding		11,019,347		10,755,848		11,009,442		10,753,974

Effect of dilutive securities, common share equivalents:
Stock options		84,476		-		55,243		-
Warrants		651,681		-		608,598		-
Restricted stock awards		355,442		-		314,693		-

Weighted average number of shares outstanding,
used for computing diluted earning (loss) per share		12,110,946		10,755,848		11,987,976		10,753,974

Fair Value of Financial Instruments and Real Estate

6 Months Ended

Jun. 30, 2024

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, including their fair value level as of June 30, 2024 and December 31, 2023 are as follows:

	June 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities held-to- maturity, Level 1	$	7,049,978	$	5,965,254	$	7,052,541	$	6,106,148
Fixed-maturity securities available-for-sale, Level 1	$	106,962,688	$	106,962,688	$	91,046,936	$	91,046,936
Fixed-maturity securities available-for-sale, Level 2	$	53,984,579	$	53,984,579	$	57,873,861	$	57,873,861
Cash and cash equivalents, Level 1	$	12,170,993	$	12,170,993	$	8,976,998	$	8,976,998
Premiums receivable, net, Level 1	$	15,176,140	$	15,176,140	$	13,604,808	$	13,604,808
Reinsurance receivables, net, Level 3	$	66,315,422	$	66,315,422	$	75,593,912	$	75,593,912
Real estate, net of accumulated depreciation, Level 3	$	1,960,106	$	3,540,000	$	1,992,529	$	3,540,000
Reinsurance balances payable, Level 3	$	10,481,596	$	10,481,596	$	12,837,140	$	12,837,140

Stockholders Equity (Details 1) - Exchange Traded Debt [Member]	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of options outstanding, Beginning \| shares	107,201
Number of options outstanding, granted \| shares	318,750
Number of options outstanding, Excercised \| shares	0
Number of options outstanding, Expired/Forfeited \| shares	(38,750)
Number of options outstanding, ending \| shares	387,201
Number of options outstanding, vested and exercisable \| shares	107,201
Weighted average exercise price, Beginning balance \| $ / shares	$ 8.31
Weighted average exercise price, Granted \| $ / shares	2.25
Weighted average exercise price, Exercised \| $ / shares	0
Weighted average exercise price, Forfeited \| $ / shares	2.25
Weighted average exercise price, Ending balance \| $ / shares	3.93
Weighted Average Price per share outstanding, vested and exercisable \| $ / shares	$ 8.31
Weighted Average Remaining Contractual, Beginning balance	11 months 8 days
Weighted Average Remaining Contractual, Granted	4 years 7 months 17 days
Weighted Average Remaining Contractual, Expired/Forfeited	4 years 8 months 19 days
Weighted Average Remaining Contractual term, Ending balance	3 years 4 months 13 days
Weighted Average Remaining Contractual life, vested and exercisable	5 months 1 day
Aggregate Intrinsic Value , Beginning \| $	$ 0
Aggregate Intrinsic Value , Granted \| $	876,563
Aggregate Intrinsic Value , Exercised \| $	0
Aggregate Intrinsic Value , Expired/Forfeited \| $	73,913
Aggregate Intrinsic Value , Ending \| $	770,000
Aggregate Intrinsic Value , vested and exercisable \| $	$ 0

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 14, 2024
Cover [Abstract]
Entity Registrant Name	KINGSTONE COMPANIES, INC.
Entity Central Index Key	0000033992
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		11,064,723
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-1665
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	36-2476480
Entity Interactive Data Current	Yes
Entity Address Address Line 1	15 Joys Lane
Entity Address City Or Town	Kingston
Entity Address State Or Province	NY
Entity Address Postal Zip Code	12401
City Area Code	845
Local Phone Number	802-7900
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	KINS
Security Exchange Name	NASDAQ

Fair Value Measurements (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Hedge Funds [Member]
Hedge fund investments	$ 4,192,837	$ 3,897,150

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

+ Details

Stockholders Equity (Details)	6 Months Ended
Stockholders Equity (Details)	Jun. 30, 2024
Stockholders Equity
Weighted average assumptions, Dividend Yield	0.00%
Weighted average assumptions, volatility	74.72%
Weighted average assumption, Risk free intererst rate	4.17%
Weighted average assumption, Expected life	3 years 6 months

Earnings (Loss) Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
Earnings (Loss) Per Common Share (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings (loss) per common share:
Weighted average number of shares outstanding	11,019,347	10,755,848	11,009,442	10,753,974
Effect of dilutive securities, common share equivalents: Stock options	$ 84,476	$ 0	$ 55,243	$ 0
Effect of dilutive securities, common share equivalents: Warrants	651,681	0	608,598	0
Effect of dilutive securities, common share equivalents: Restricted stock awards	$ 355,442	$ 0	$ 314,693	$ 0
Weighted average number of shares outstanding, used for computing diluted loss per share	12,110,946	10,755,848	11,987,976	10,753,974

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 40,715,110	$ 20,939,190
Political subdivisions of states, territories and possessions	13,254,433	13,398,552
Corporate and other bonds industrial and miscellaneous	66,247,578	70,107,746
Residential mortgage and other asset backed securities	40,730,146	44,475,309
Total fixed maturities	160,947,267	148,920,797
Equity securities	11,428,238	14,762,340
Total investments	172,375,505	163,683,137
Level 1 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	40,715,110	20,939,190
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	66,247,578	70,107,746
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	106,962,688	91,046,936
Equity securities	11,428,238	14,762,340
Total investments	118,390,926	105,809,276
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	13,254,433	13,398,552
Corporate and other bonds industrial and miscellaneous	0	0
Residential mortgage and other asset backed securities	40,730,146	44,475,309
Total fixed maturities	53,984,579	57,873,861
Equity securities	0	0
Total investments	53,984,579	57,873,861
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

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies (Note 11)
Operating leases	$ 0	$ 41,342	$ 41,342	$ 82,684
Total lease cost	0	41,342	41,342	82,684
Cash payments included in the measurement of lease liability reported in operating cash flows	$ 0	$ 49,145	$ 49,145	$ 96,629
Discount rate	0.00%	5.50%	5.50%	5.50%
Remaining lease term in years		9 months		9 months

Debt

6 Months Ended

Jun. 30, 2024

Debt

Debt

Note 7 – Debt

Federal Home Loan Bank

In July 2017, KICO became a member of, and invested in, the FHLBNY. KICO is required to maintain an investment in the 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 June 30, 2024 and December 31, 2023, 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. See Note 3 – Investments for eligible collateral held in a designated custodian account available for future advances. Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter. On July 6, 2023, A.M. Best withdrew KICO’s ratings as KICO requested to no longer participate in A.M. Best’s interactive rating process. As a result of the withdrawal of A.M. Best ratings, KICO is currently only able to borrow on an overnight basis. If KICO has sufficient available collateral (as discussed below), based on KICO’s net admitted assets, the maximum allowable advance as of June 30, 2024 and December 31, 2023 was approximately $12,692,000 and $12,813,000, respectively. Available collateral as of June 30, 2024 and December 31, 2023 was approximately $10,626,000 and $11,412,000, respectively. Advances are limited to 85% of the amount of available collateral. There were no borrowings under this facility during the six months ended June 30, 2024 and 2023.

Debt

Debt as of June 30, 2024 and December 31, 2023 consists of the following:

	June 30,		December 31,
	2024		2023

2022 Notes, net	$	19,020,085	$	18,426,247
Equipment financing		6,248,779		6,817,283
Balance at end of period	$	25,268,864	$	25,243,530

Note and Warrant Exchange Agreement

On December 9, 2022, the Company entered into a Note and Warrant Exchange Agreement (the “Exchange Agreement”) with several holders (the “Exchanging Noteholders”) of the Company’s outstanding 5.50% Senior Notes due 2022 (the “2017 Notes”). On the date of the Exchange Agreement, the Exchanging Noteholders held 2017 Notes in the aggregate principal amount of $21,545,000 of the $30,000,000 aggregate principal amount of the 2017 Notes then outstanding. Pursuant to the Exchange Agreement, on December 15, 2022, the Exchanging Noteholders exchanged their respective 2017 Notes for the following: (i) new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022.

2022 Notes

As discussed above, on December 15, 2022, the Company issued the 2022 Notes in the aggregate principal amount of $19,950,000 pursuant to the Exchange Agreement. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, which commenced on June 30, 2023 at the rate of 12.0% per annum. Warrants were issued with a fair value of $993,200 (see Note 8 – Stockholders’ Equity) and transaction costs were $1,758,112, for an effective yield of 13.92% per annum. The balance of the 2022 Notes as of June 30, 2024 and December 31, 2023 is as follows:

	June 30,			December 31,
	2024			2023

12.0% Senior Unsecured Notes	$	19,950,000		$	19,950,000
Warrants		(489,842	)		(653,123	)
Issuance costs		(440,073	)		(870,630	)
2022 Notes, net	$	19,020,085		$	18,426,247

The Exchange Agreement provided for a mandatory redemption of the 2022 Notes on December 30, 2023, in an amount such that the aggregate principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest thereon was to be equal to the amount by which the maximum Ordinary Dividend Paying Capacity of KICO (as defined below) measured as of December 15, 2023 exceeded the Company’s Holding Company Expenses (as defined below) for the calendar year ended December 31, 2023. “Ordinary Dividend Paying Capacity” means the sum, as measured on December 15, 2023, of (i) the maximum allowable amount of dividends that KICO is permitted to pay without seeking any regulatory approval in accordance with New York insurance regulations based on its statutory annual and quarterly financial statements filed with the National Association of Insurance Commissioners as of and for the thirty-six (36) month period ended September 30, 2023 plus (ii) any dividends paid by KICO to the Company during the period beginning January 1, 2023 and ending September 30, 2023. “Holding Company Expenses” means the sum of (i) cash interest expense paid during the calendar year ended December 31, 2023 on the 2022 Notes, intercompany loans and any other indebtedness of the Holding Company on a stand-alone basis and (ii) other cash operating expenses, including taxes, paid by the Holding Company during the calendar year ended December 31, 2023. The amount of other operating expenses paid in cash in the preceding clause (ii) shall not exceed $2.5 million. Holding Company Expenses was determined based on the actual Holding Company Expenses for the nine months ended September 30, 2023, and an estimate of Holding Company Expenses for the three months ended December 30, 2023. The Ordinary Dividend Paying Capacity of KICO as defined above as of December 31, 2023 was zero and, accordingly, the Company was not required to make a mandatory redemption of the 2022 Notes on December 30, 2023.

The 2022 Notes are unsecured obligations of the Company and are not the obligations of or guaranteed by any of the Company’s subsidiaries. The 2022 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 2022 Notes. The Notes rank equally in right of payment to all of the Company’s existing and future senior indebtedness, but are effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the 2022 Notes are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries.

The 2022 Notes are redeemable, at the Company’s option, in whole or in part, at any time or in part from time to time, on and after December 30, 2022, upon not less than fifteen (15) and not more than sixty (60) days’ notice, at the following redemption prices (“Redemption Prices” ) (expressed as percentages of the principal amount thereof) if redeemed during the respective period set forth below, plus, in each case, accrued and unpaid interest, if any, to the date of redemption (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date):

Period:	Percentage

December 30, 2022 to December 29, 2023		102.00	%
December 30, 2023 to September 29, 2024		101.00	%
September 30, 2024 to December 29, 2024		100.00	%

Management plans to refinance the 2022 Notes with a new issue of equity securities and/or debt securities in an amount sufficient to satisfy the amounts due under the 2022 Notes. In connection therewith, the Company may utilize investment bankers to serve as underwriters or placement agents for proposed offerings by the Company of its securities (including debt, common and/or preferred securities). The Company, subject to regulatory approval, may receive distributions paid to it by KICO, its insurance subsidiary, that could be utilized to repay a portion of the 2022 Notes. Further, the Company may also use available invested assets and cash to repay a portion of the 2022 Notes. As of June 30, 2024, invested assets and cash of the Holding Company available for such purpose was approximately $2,716,000.

As of the end of each calendar quarter, commencing with the calendar quarter ending December 31, 2022, the Company is subject to a leverage maintenance test (“Leverage Maintenance Test”), which requires that the Total Consolidated Indebtedness (as defined below) of the Company not be greater than 30% of Total Consolidated Capitalization (as defined below). As of June 30, 2024 and December 31, 2023, the ratio as defined under the Leverage Maintenance Test was 27.2% and 29.9%, respectively. “Total Consolidated Indebtedness” is the aggregate principal amount (or accreted value in the case of any Indebtedness issued with more than de minimis original issue discount) of all outstanding long-term debt of the Company except for the sale- leaseback transaction described below under “Equipment Financing”, any refinancing or any future sale-leaseback transaction. “Total Consolidated Capitalization” is the amount equal to the sum of (x) Total Consolidated Indebtedness outstanding as of such date and (y) the total consolidated shareholders’ equity of the Company, excluding accumulated other comprehensive (loss) income, as recorded on the Company’s consolidated balance sheet.

Equipment Financing

On October 27, 2022, KICO entered into a sale-leaseback transaction, whereby KICO sold $8,096,824 of fixed assets to a bank. Under GAAP, the sale-leaseback transaction is recorded as equipment financing (“Financing”). The provisions of the Financing require KICO to pay a monthly payment of principal and interest at the rate of 5.86% per annum totaling $126,877 for a term of 60 months, which commenced on October 27, 2022. The terms of the Financing provide buyout options to KICO at the end of the 60 month term, which are as follows:

	·	At the end of the lease, KICO may purchase the fixed assets for a purchase price of $2,024,206, which is 25% of the original fixed asset cost of $8,096,824; or

	·	KICO may renew the lease for 16 months at the same rental rate, which totals $2,030,036.

A provision of the Financing requires KICO to pledge collateral for the lease obligation. As of June 30, 2024 and December 31, 2023, the amount of required collateral was approximately $6,153,000 and $6,999,000, respectively. As of June 30, 2024, the fair value of KICO’s pledged collateral was approximately $12,581,000, consisting of approximately $11,934,000 in United States Treasury securities and the remaining balance of $647,000 in cash. As of December 31, 2023, the fair value of KICO’s pledged collateral was approximately $11,960,000 in United States Treasury securities.

Future contractual payment obligations under the Financing as of June 30, 2024 are as follows:

For the Years Ending December 31,	Total
Remainder of 2024	$	585,358
2025		1,223,293
2026		1,296,901
2027		1,119,021
		4,224,573
2027 purchase price		2,024,206
Total	$	6,248,779

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings (loss) per common share:

Earnings (Loss) Per Common Share

Note 10 – Earnings (Loss) Per Common Share

Basic net earnings (loss) per common share is computed by dividing net income (loss) by the weighted-average number of shares of Common Stock outstanding. Diluted earnings (loss) per common share reflects, in periods in which it has a dilutive effect, the impact of common shares issuable upon exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings (loss) per common share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s Common Stock during the periods presented. For the three months and six months ended June 30, 2024, there were 107,201 options with an exercise price in excess of the average market price of the Company’s Common Stock during the periods. For the three months and six months ended June 30, 2024, there were no warrants with an exercise price in excess of the average market price of the Company’s Common Stock during the periods.

The computation of diluted earnings (loss) per common share excludes outstanding options, warrants and non-vested restricted stock awards in periods where the exercise of such options and warrants or vesting of such restricted stock awards would be anti-dilutive. For the three months and six months ended June 30, 2023, no options, warrants or restricted stock awards 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, warrants and non-vested restricted stock awards.

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

	Three months ended				Six months ended
	June 30				June 30
	2024		2023		2024		2023

Weighted average number of shares outstanding		11,019,347		10,755,848		11,009,442		10,753,974

Effect of dilutive securities, common share equivalents:
Stock options		84,476		-		55,243		-
Warrants		651,681		-		608,598		-
Restricted stock awards		355,442		-		314,693		-

Weighted average number of shares outstanding,
used for computing diluted earning (loss) per share		12,110,946		10,755,848		11,987,976		10,753,974

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	June 30, 2024
	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	$	40,715,110	$	-	$	-	$	40,715,110

Political subdivisions of States, Territories and Possessions		-		13,254,433		-		13,254,433

Corporate and other bonds industrial and miscellaneous		66,247,578		-		-		66,247,578

Residential mortgage and other asset backed securities		-		40,730,146		-		40,730,146
Total fixed maturities		106,962,688		53,984,579		-		160,947,267
Equity securities		11,428,238		-		-		11,428,238
Total investments, at fair value	$	118,390,926	$	53,984,579	$	-	$	172,375,505

	December 31, 2023
	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	$	20,939,190	$	-	$	-	$	20,939,190

Political subdivisions of States, Territories and Possessions		-		13,398,552		-		13,398,552

Corporate and other bonds industrial and miscellaneous		70,107,746		-		-		70,107,746

Residential mortgage and other asset backed securities		-		44,475,309		-		44,475,309
Total fixed maturities		91,046,936		57,873,861		-		148,920,797
Equity securities		14,762,340		-		-		14,762,340
Total investments, at fair value	$	105,809,276	$	57,873,861	$	-	$	163,683,137

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of June 30, 2024 and December 31, 2023. 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	June 30, 2024		December 31, 2023

Other Investments
Hedge fund	$	4,192,837	$	3,897,150

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 income (loss) within net gains on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s 2022 Notes as of June 30, 2024 and December 31, 2023 not measured at fair value is as follows:

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2024	$	-	$	18,850,978	$	-	$	18,850,978

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value of Financial Instruments and Real Estate (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value of Financial Instruments and Real Estate

Schedule of Fair Value of Financial Instruments

	June 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities held-to- maturity, Level 1	$	7,049,978	$	5,965,254	$	7,052,541	$	6,106,148
Fixed-maturity securities available-for-sale, Level 1	$	106,962,688	$	106,962,688	$	91,046,936	$	91,046,936
Fixed-maturity securities available-for-sale, Level 2	$	53,984,579	$	53,984,579	$	57,873,861	$	57,873,861
Cash and cash equivalents, Level 1	$	12,170,993	$	12,170,993	$	8,976,998	$	8,976,998
Premiums receivable, net, Level 1	$	15,176,140	$	15,176,140	$	13,604,808	$	13,604,808
Reinsurance receivables, net, Level 3	$	66,315,422	$	66,315,422	$	75,593,912	$	75,593,912
Real estate, net of accumulated depreciation, Level 3	$	1,960,106	$	3,540,000	$	1,992,529	$	3,540,000
Reinsurance balances payable, Level 3	$	10,481,596	$	10,481,596	$	12,837,140	$	12,837,140

Debt (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Long-term debt, net	$ 19,020,085	$ 18,426,247
Warrants [Member]
Long-term debt, net	(489,842)	(653,123)
Senior Unsecured Notes [Member]
Long-term debt, net	19,950,000	19,950,000
Issuance costs [Member]
Long-term debt, net	$ (440,073)	$ (870,630)

Investments (Details 7) - USD ($)	6 Months Ended	12 Months Ended
Investments (Details 7) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
US Treasury and Government [Member]
Estimated fair value - less than 12 months	$ 0	$ 5,974,440
Unrealized losses - less than 12 months	0	(17,373)
Number of positions held - less than 12 months	0	1
Estimated fair value - 12 months or more	5,979,360	0
Unrealized losses - 12 months or more	(17,340)	0
Number of positions held - 12 months or more	1	0
Estimated fair value - total	5,979,360	5,974,440
Unrealized losses - total	(17,340)	(17,373)
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [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	13,169,433	13,398,552
Unrealized losses - 12 months or more	(3,337,986)	(3,209,161)
Number of positions held - 12 months or more	12	13
Estimated fair value - total	13,169,433	13,398,552
Unrealized losses - total	(3,337,986)	(3,209,161)
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [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	66,247,579	70,107,746
Unrealized losses - 12 months or more	(5,850,585)	(5,885,296)
Number of positions held - 12 months or more	80	85
Estimated fair value - total	66,247,579	70,107,746
Unrealized losses - total	(5,850,585)	(5,885,296)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Estimated fair value - less than 12 months	114,017	88,988
Unrealized losses - less than 12 months	(1,377)	(2,144)
Number of positions held - less than 12 months	6	4
Estimated fair value - 12 months or more	37,025,197	38,675,604
Unrealized losses - 12 months or more	(6,881,211)	(6,541,731)
Number of positions held - 12 months or more	39	37
Estimated fair value - total	37,139,214	38,764,592
Unrealized losses - total	(6,882,588)	(6,543,875)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Estimated fair value - less than 12 months	114,017	6,063,428
Unrealized losses - less than 12 months	(1,377)	(19,517)
Number of positions held - less than 12 months	6	5
Estimated fair value - 12 months or more	122,421,569	122,181,902
Unrealized losses - 12 months or more	(16,087,122)	(15,636,188)
Number of positions held - 12 months or more	132	135
Estimated fair value - total	122,535,586	128,245,330
Unrealized losses - total	$ (16,088,499)	$ (15,655,705)

Income Taxes (Details 1) - USD ($)	6 Months Ended
Income Taxes (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Income Taxes
Federal only, NOL from 2022-2024	$ 3,183,385	$ 5,283,016
State only	2,560,372	2,752,386
Valuation allowance	$ (2,752,386)	(2,560,372)
State only	December 2027 - December 2044
State only, net of valuation allowance	$ 0	0
Total deferred tax asset from net operating loss carryovers	$ 3,183,385	$ 5,283,016

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Capital in Excess of Par	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)	Treasury Stock
Balance, shares at Dec. 31, 2022			12,171,512				1,471,406
Balance, amount at Dec. 31, 2022	$ 36,169,432	$ 0	$ 121,715	$ 74,519,590	$ (15,958,428)	$ (16,945,964)	$ (5,567,481)
Stock-based compensation	429,055	0	$ 0	429,055	0	0	0
Vesting of restricted stock awards, shares			56,977
Vesting of restricted stock awards, amount	0	0	$ 569	(569)	0	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(927)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(1,400)	0	$ (9)	(1,391)	0	0	0
Net loss	(5,576,727)	0	0	0	0	(5,576,727)	0
Change in unrealized gains on available for sale securities, net of tax	1,064,856	0	$ 0	0	1,064,856	0	$ 0
Balance, shares at Jun. 30, 2023			12,227,562				1,471,406
Balance, amount at Jun. 30, 2023	32,085,216	0	$ 122,275	74,946,685	(14,893,572)	(22,522,691)	$ (5,567,481)
Balance, shares at Mar. 31, 2023			12,231,965				1,471,406
Balance, amount at Mar. 31, 2023	33,282,004	0	$ 122,320	74,734,915	(14,007,076)	(22,000,674)	$ (5,567,481)
Stock-based compensation	212,288	0	$ 0	212,288	0	0	0
Vesting of restricted stock awards, shares			(3,974)
Vesting of restricted stock awards, amount	0	0	$ (41)	41	0	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(429)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(563)	0	$ (4)	(559)	0	0	0
Net loss	(522,017)	0	0	0	0	(522,017)	0
Change in unrealized losses on available for-sale securities, net of tax	(886,496)	0	$ 0	0	(886,496)	0	$ 0
Balance, shares at Jun. 30, 2023			12,227,562				1,471,406
Balance, amount at Jun. 30, 2023	32,085,216	0	$ 122,275	74,946,685	(14,893,572)	(22,522,691)	$ (5,567,481)
Balance, shares at Dec. 31, 2023			12,248,313				1,471,406
Balance, amount at Dec. 31, 2023	34,504,139	0	$ 122,483	75,338,010	(12,274,563)	(23,114,310)	$ (5,567,481)
Stock-based compensation	547,205	0	$ 0	547,205	0	0	0
Vesting of restricted stock awards, shares			234,653
Vesting of restricted stock awards, amount	0	0	$ 2,346	(2,346)	0	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(2,946)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(8,380)	0	$ (29)	(8,351)	0	0	0
Net loss	5,941,616	0	0	0	0	5,941,616	0
Change in unrealized losses on available for-sale securities, net of tax	(349,996)	0	$ 0	0	(349,996)	0	$ 0
Issuance of common stock, net of offering costs of $103,385, shares			56,109
Issuance of common stock, net of offering costs of $103,385, amount	168,190		$ 561	167,629
Balance, shares at Jun. 30, 2024			12,536,129				1,471,406
Balance, amount at Jun. 30, 2024	40,802,774	0	$ 125,361	76,042,147	(12,624,559)	(17,172,694)	$ (5,567,481)
Balance, shares at Mar. 31, 2024			12,479,422				1,471,406
Balance, amount at Mar. 31, 2024	35,749,807	0	$ 124,794	75,595,096	(12,714,971)	(21,687,631)	$ (5,567,481)
Stock-based compensation	281,416	0	$ 0	281,416	0	0	0
Vesting of restricted stock awards, shares			1,026
Vesting of restricted stock awards, amount	0	0	$ 10	(10)	0	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(428)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(1,988)	0	$ (4)	(1,984)	0	0	0
Net loss	4,514,937	0	0	0	0	4,514,937	0
Change in unrealized gains on available for sale securities, net of tax	90,412	0	$ 0	0	90,412	0	$ 0
Issuance of common stock, net of offering costs of $103,385, shares			56,109
Issuance of common stock, net of offering costs of $103,385, amount	168,190		$ 561	167,629
Balance, shares at Jun. 30, 2024			12,536,129				1,471,406
Balance, amount at Jun. 30, 2024	$ 40,802,774	$ 0	$ 125,361	$ 76,042,147	$ (12,624,559)	$ (17,172,694)	$ (5,567,481)

Investments (Details) - USD ($)	6 Months Ended	12 Months Ended
Investments (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Cost or amortized cost	$ 176,930,446	$ 164,460,942
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or amortized cost	16,592,419	16,607,713
Gross unrealized gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(3,337,986)	(3,209,161)
Estimated fair value	13,254,433	13,398,552
Net unrealized gains	(3,337,986)	(3,209,161)
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or amortized cost	72,098,163	75,993,042
Gross unrealized gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(5,850,585)	(5,885,296)
Estimated fair value	66,247,578	70,107,746
Net unrealized gains	(5,850,585)	(5,885,296)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Cost or amortized cost	47,507,975	50,905,423
Gross unrealized gains	104,759	113,761
Gross unrealized losses - less than 12 months	(1,377)	(2,144)
Gross unrealized loss - more than 12 months	(6,881,211)	(6,541,731)
Estimated fair value	40,730,146	44,475,309
Net unrealized gains	(6,777,829)	(6,430,114)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or amortized cost	176,930,446	164,460,942
Gross unrealized gains	105,320	115,560
Gross unrealized losses - less than 12 months	(1,377)	(19,517)
Gross unrealized loss - more than 12 months	(16,087,122)	(15,636,188)
Estimated fair value	160,947,267	148,920,797
Net unrealized gains	(15,983,179)	(15,540,145)
U.S. Treasury securities and obligations of U.S. government corporations and agencies [Member]
Cost or amortized cost	40,731,889	20,954,764
Gross unrealized gains	561	1,799
Gross unrealized losses - less than 12 months	0	(17,373)
Gross unrealized loss - more than 12 months	(17,340)	0
Estimated fair value	40,715,110	20,939,190
Net unrealized gains	$ (16,779)	$ (15,574)

Investments (Details Narrative) - USD ($)	6 Months Ended
Investments (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity	$ 68,122,546	$ 31,375,538
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale	3,538,730	$ 81,054
Amount of required collateral	6,153,000		$ 6,999,000
Fair value of the eligible investments	10,626,000		11,412,000
US Treasury [Member]
Amount of required collateral	$ 11,934,000		$ 11,960,000

Property and Casualty Insurance Activity (Details 3)	Jun. 30, 2024 USD ($)
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented	$ 82,427,000
All outstanding liabilities before 2014, net of reinsurance	1,006,000
Liabilities for claims and claim adjustment expenses, net of reinsurance	83,434,000
Total	485,382,000
2015
2015	12,295,000
2016
2015	16,181,000
2016	15,364,000
2024
2024	12,543,000
2015	22,528,000
2016	26,805,000
2017	34,938,000
2018	56,527,000
2019	65,532,000
2020	58,759,000
2021	84,723,000
2022	67,446,000
2023	55,579,000
2017
2015	18,266,000
2016	19,001,000
2017	16,704,000
2018
2015	19,984,000
2016	21,106,000
2017	24,820,000
2018	32,383,000
2019
2015	21,067,000
2016	23,974,000
2017	28,693,000
2018	44,516,000
2019	40,933,000
2020
2015	22,104,000
2016	25,234,000
2017	31,393,000
2018	50,553,000
2019	54,897,000
2020	39,045,000
2021
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
2022
2015	22,473,000
2016	26,382,000
2017	33,522,000
2018	54,424,000
2019	60,374,000
2020	53,432,000
2021	77,756,000
2022	45,856,000
2023 [Member]
2015	22,519,000
2016	26,854,000
2017	34,683,000
2018	56,199,000
2019	63,932,000
2020	56,523,000
2021	82,317,000
2022	65,732,000
2023	$ 46,280,000

Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies

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, 2023 for further information.

The Company’s $19,950,000 Notes Payable (the “2022 Notes”) are due on December 30, 2024. 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), 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 condensed consolidated financial statements are required if management concludes that substantial doubt exists or that 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 on December 30, 2024. Management plans to refinance the 2022 Notes with a new issue of equity securities and/or debt securities that would result in net proceeds in an amount sufficient to satisfy the amounts due under the 2022 Notes. In connection therewith, the Company may utilize investment bankers to serve as underwriters or placement agents for proposed offerings by the Company of its securities (including debt, common and/or preferred securities). The Company, subject to regulatory approval, may receive distributions paid to it by KICO, its insurance subsidiary, that could be utilized to repay a portion of the 2022 Notes. Further, the Company may also use available invested assets and cash to repay a portion of the 2022 Notes. As of June 30, 2024, invested assets and cash of the Holding Company available for such purpose was approximately $2,716,000.

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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, and includes the reserves for losses and loss adjustment expense (“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 loss and LAE recoverable under reinsurance contracts and other receivables or payable 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 December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU-2023-09 is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures.

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.

Debt (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt	$ 25,268,864	$ 25,243,530
2022 [Member]
Debt	19,020,085	18,426,247
Equipment Financing [Member]
Debt	$ 6,248,779	$ 6,817,283

Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Employee Benefit Plans

Employee Benefit Plans

Note 12 – Employee Benefit Plans

Bonus Plans

Employee Bonus Plan

For the three months and six months ended June 30, 2024 the Company accrued approximately $502,000 and $584,000, respectively, related to an employee bonus plan, which is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the three months and six months ended June 30, 2023 the Company did not accrue for, or pay, bonuses related to an employee bonus plan.

Executive Bonus Plan

For the three months and six months ended June 30, 2024, the Company accrued approximately $116,000 for a bonus pursuant to the Second Amended Golden Employment Agreement which is recorded in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the three months and six months ended June 30, 2023 the Company did not accrue for, or pay, bonuses related to Ms. Golden’s employment agreement.

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 $66,000 and $75,000, respectively, of expense for the three months ended June 30, 2024 and 2023, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). The Company incurred approximately $138,000 and $159,000, respectively, of expense for the six months ended June 30, 2024 and 2023, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Deferred Compensation Plan

On June 18, 2018, the Company adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan"). Effective December 22, 2022, the Company terminated the Deferred Compensation Plan. The assets of the Deferred Compensation Plan will be liquidated by making payments to Participants in full satisfaction of their interest in the Deferred Compensation Plan (“Termination Payments”), which Termination Payments would not be made earlier than December 22, 2023 and will be completed no later than December 22, 2024.

The deferred compensation liability as of June 30, 2024 and December 31, 2023 amounted to $901,386 and $937,025, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Net premiums earned	$ 30,303,612	$ 29,508,196	$ 59,123,514	$ 57,763,149
Ceding commission revenue	4,561,961	5,412,210	9,129,072	10,857,617
Net investment income	1,764,596	1,451,356	3,267,456	2,992,848
Net (losses) gains on investments	(233,606)	197,142	492,785	1,422,013
Other income	105,552	151,084	254,465	312,124
Total revenues	36,502,115	36,719,988	72,267,292	73,347,751
Expenses
Loss and loss adjustment expenses	14,238,308	19,580,702	32,097,895	44,620,112
Commission expense	8,232,480	8,471,182	16,084,292	17,010,944
Other underwriting expenses	5,900,525	6,683,638	11,781,130	13,555,257
Other operating expenses	800,966	763,414	1,579,048	1,426,048
Depreciation and amortization	619,934	778,502	1,216,447	1,586,632
Interest expense	989,723	1,005,974	1,983,598	2,015,865
Total expenses	30,781,936	37,283,412	64,742,410	80,214,858
Income (loss) from operations before taxes	5,720,179	(563,424)	7,524,882	(6,867,107)
Income tax expense (benefit)	1,205,242	(41,407)	1,583,266	(1,290,380)
Net income (loss)	4,514,937	(522,017)	5,941,616	(5,576,727)
Other comprehensive income (loss), net of taxes
Gross change in unrealized gains (losses) on available-for-sale-securities	109,784	(1,132,528)	(450,563)	1,334,898
Reclassification adjustment for net realized losses included in net income (loss)	4,662	10,381	7,529	13,020
Net change in unrealized gains (losses), on available-for-sale-securities	114,446	(1,122,147)	(443,034)	1,347,918
Income tax (expense) benefit related to items of other comprehensive income (loss)	(24,034)	235,651	93,038	(283,062)
Other comprehensive income (loss), net of tax	90,412	(886,496)	(349,996)	1,064,856
Comprehensive income (loss)	$ 4,605,349	$ (1,408,513)	$ 5,591,620	$ (4,511,871)
Earnings (loss) per common share:
Earning per share - Basic	$ 0.41	$ (0.05)	$ 0.54	$ (0.52)
Earning per share - Diluted	$ 0.37	$ (0.05)	$ 0.50	$ (0.52)
Weighted average common shares outstanding
Basic	11,019,347	10,755,848	11,009,442	10,753,974
Diluted	12,110,946	10,755,848	11,987,976	10,753,974

Investments (Details 3) - USD ($)	6 Months Ended	12 Months Ended
Investments (Details 3) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Cost or amortized cost	$ 7,049,978	$ 7,052,541
Gross unrealized gains	0	15,935
Gross unrealized losses - less than 12 months	(26,672)	(6,914)
Gross unrealized loss - more than 12 months	(1,058,052)	(955,414)
Estimated fair value	5,965,254	6,106,148
Net unrealized gains	(1,084,724)	(946,393)
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or amortized cost	499,443	499,170
Gross unrealized gains	0	890
Gross unrealized losses - less than 12 months	(2,788)	0
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	496,655	500,060
Net unrealized gains	(2,788)	890
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or amortized cost	5,017,411	5,020,400
Gross unrealized gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(968,811)	(867,140)
Estimated fair value	4,048,600	4,153,260
Net unrealized gains	(968,811)	(867,140)
Held-to-Maturity Securities US Treasury Securities [Member]
Cost or amortized cost	1,229,013	1,228,860
Gross unrealized gains	0	15,045
Gross unrealized losses - less than 12 months	(23,884)	(6,914)
Gross unrealized loss - more than 12 months	(22,880)	(18,163)
Estimated fair value	1,182,249	1,218,828
Net unrealized gains	(46,764)	(10,032)
Exchange Traded Debt [Member]
Cost or amortized cost	304,111	304,111
Gross unrealized gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(66,361)	(70,111)
Estimated fair value	237,750	234,000
Net unrealized gains	$ (66,361)	$ (70,111)

Stockholders Equity

6 Months Ended

Jun. 30, 2024

Stockholders Equity

Stockholders' Equity

Note 8 – Stockholders’ Equity

Dividends Declared and Paid

On November 11, 2022, the Company’s Board of Directors determined to suspend regular quarterly dividends. Future dividend policy will be subject to the discretion of the Company’s Board of Directors.

2014 Equity Participation Plan

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. On August 9, 2023, the Company’s stockholders approved an amendment to the 2014 Plan to increase the maximum number of shares of Common Stock of the Company that are authorized to be issued pursuant to the 2014 Plan to 1,900,000. The 2014 Plan terminated on August 12, 2024 and no further awards may be granted under the 2014 Plan after such date.

As of June 30, 2024, there were 128,037 shares reserved for grants under the 2014 Plan.

2024 Equity Participation Plan

Effective August 7, 2024, the Company’s stockholders approved the Company’s 2024 Equity Participation Plan (see Note 13 - Subsequent Events)

Stock Options

The results of operations for the three months ended June 30, 2024 and 2023 include stock-based compensation expense for stock options totaling approximately $53,000 and $-0-, respectively. The results of operations for the three and six months ended June 30, 2024 and 2023 include stock-based compensation expense for stock options totaling approximately $106,000 and $-0-, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). Stock-based compensation expense related to stock options for the six months ended June 30, 2024 is net of estimated forfeitures of approximately 12%. Such amounts have been included in the condensed consolidated statements of operations and comprehensive income (loss) within other operating expenses.

The weighted average estimated fair value of stock options granted during the six months ended June 30, 2024 was $1.24 per share. No options were granted during the six months ended June 30, 2023. The fair value of stock options at the grant date was 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.

The following weighted average assumptions were used for grants during the following periods:

	Six months ended
	June 30,
	2024			2023

Dividend Yield		0.00	%		n/a
Volatility		74.72	%		n/a
Risk-Free Interest Rate		4.17	%		n/a
Expected Life	3.50 years				n/a

A summary of stock option activity under the Company’s 2014 Plan for the six months ended June 30, 2024 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, 2024		107,201		$	8.31		0.94	$	-

Granted		318,750		$	2.25		4.63	$	876,563
Exercised		-		$	-		-	$	-
Expired/Forfeited		(38,750	)	$	2.25		4.72	$	73,913

Outstanding at June 30, 2024		387,201		$	3.93		3.37	$	770,000

Vested and Exercisable at June 30, 2024		107,201		$	8.31		0.42	$	-

The aggregate intrinsic value of options outstanding and options exercisable at June 30, 2024 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 $5.00 closing price of the Company’s Common Stock on June 30, 2024. 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, 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.

As of June 30, 2024, the estimated fair value of unamortized compensation cost related to 280,000 unvested stock option awards was approximately $192,000. Unamortized compensation cost as of June 30, 2024 is expected to be recognized over a remaining weighted-average vesting period of 2.52 years.

Restricted Stock Awards

A summary of the restricted Common Stock activity under the 2014 Plan for six months ended June 30, 2024 is as follows:

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

Balance at January 1, 2024		550,581		$	3.82	$	2,103,219

Granted		178,459		$	2.33	$	416,211
Vested		(234,653	)	$	1.86	$	(436,455	)
Forfeited		(1,900	)	$	4.80	$	(9,120	)

Balance at June 30, 2024		492,487		$	4.21	$	2,073,370

Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the three months ended June 30, 2024 and 2023, stock-based compensation for these grants was approximately $228,000 and $212,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2024 and 2023, stock-based compensation for these grants was approximately $441,000 and $429,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (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.

Warrants

In connection with the Exchange Agreement (see Note 7 – Debt – “Note and Warrant Exchange”), as additional consideration, on December 15, 2022, the Company issued warrants to the Exchanging Noteholders to purchase 969,525 shares of Common Stock. The fair value of the warrants, using the Black-Scholes valuation formula, was $993,200, which has been capitalized as a deferred financing cost of the 2022 Notes. The fair value of the warrants is being amortized over the life of the warrants, which is 36.5 months.

The warrants are exercisable through December 30, 2025 at an exercise price of $1.00 per share. Holders of the warrants may exercise their outstanding warrants in cash, or, 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 warrants being exercised.

As of June 30, 2024, all warrants for the purchase of an aggregate of 969,525 shares of Common Stock were outstanding.

No warrants were granted during the six months ended June 30, 2024 and 2023.

Shelf Registration

On April 5, 2024, the Company filed a shelf registration statement on Form S-3 with the SEC under the Securities Act of 1933, as amended, with regard to the registration of $50,000,000 of its equity and debt securities (the “Shelf Registration Statement”). The Shelf Registration Statement was declared effective by the SEC on April 22, 2024. Pursuant to the requirements of Form S-3, the Company currently may sell pursuant to the Shelf Registration Statement, during any 12 month period, equity securities having an aggregate market value of no more than one-third of the aggregate market value of the shares of its Common Stock held by non-affiliates. Any offering made pursuant to the Shelf Registration Statement may only be made by means of a prospectus, including a prospectus supplement, forming a part of the effective Shelf Registration Statement, relating to the offering.

At-the-Market Offering

In May 2024, the Company entered into a Sales Agreement with Janney Montgomery Scott LLC (the “Sales Agent”) under which the Company currently has the ability to issue and sell shares of its Common Stock, from time to time, through the Sales Agent, pursuant to the Shelf Registration Statement, up to an aggregate offering price of approximately $16,400,000 in what is commonly referred to as an “at-the-market” (“ATM”) program. During the three months ended June 30, 2024, the Company sold 56,109 shares of its Common Stock at a weighted average price of $4.84 per share and raised $167,629 in net proceeds under the ATM program. As of June 30, 2024, the Company had remaining capacity to sell up to an additional $16,128,423 of Common Stock under the ATM program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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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
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies (Note 11)

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.

The Company was a party to a non-cancellable operating lease, dated March 27, 2015, for its office facility for KICO located in Valley Stream, New York, which expired on March 31, 2024. The lease was not renewed.

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

	Three months ended					Six months ended
	June 30,					June 30,
Lease cost	2024		2023			2024			2023

Operating lease	$	-	$	41,342		$	41,342		$	82,684
Total lease cost	$	-	$	41,342		$	41,342		$	82,684

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$	-	$	49,145		$	49,145		$	96,629
Discount rate		-		5.50	%		5.50	%		5.50	%
Remaining lease term in years		-		0.75			-			0.75

Rent expense for the three months ended June 30, 2024 and 2023 amounted to $-0- and $41,342, respectively, and is included in the accompanying condensed consolidated statements of operations and comprehensive income (loss) within other underwriting expenses. Rent expense for the six months ended June 30, 2024 and 2023 amounted to $41,342 and $82,684, respectively, and is included in the accompanying condensed consolidated statements of operations and comprehensive income (loss) within other underwriting expenses.

Employment Agreements

Meryl Golden, President and Chief Executive Officer; formerly Chief Operating Officer

Employment Agreement effective as of January 1, 2021

On September 16, 2019, the Company and Meryl Golden entered into an employment agreement (the “Golden Employment Agreement”) pursuant to which Ms. Golden served as the Company’s Chief Operating Officer. Ms. Golden also served 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 expired on December 31, 2022.

Pursuant to the Golden Employment Agreement, Ms. Golden was entitled to receive an annual salary of $500,000. The Golden Employment Agreement also provided 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 vested 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. 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. Pursuant to the 2014 Plan, Ms. Golden’s outstanding stock options and restricted stock awards will vest in the event of a change in control of the Company.

Employment Agreement effective as of January 1, 2023

On June 27, 2022, the Company and Ms. Golden entered into a second amended and restated employment agreement which took effect as of January 1, 2023, and expires on December 31, 2024 (the “Second Amended Golden Employment Agreement”).

Pursuant to the Second Amended Golden Employment Agreement, Ms. Golden is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 3% 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 1.25 times her base salary. In addition, pursuant to the Second Amended Golden Employment Agreement, Ms. Golden was granted, under the terms of the 2014 Plan, during each of January 2023 and January 2024, 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 2023, Ms. Golden was granted 101,111 shares of restricted stock pursuant to this provision. The 2023 grant will vest with respect to one-half of the award on the first anniversary of the grant date and one-half of the award on December 31, 2024, based on the continued provision of services through such dates. In January 2024, Ms. Golden was granted 64,085 shares of restricted stock pursuant to this provision. The 2024 grant will vest on January 2, 2025, based on the continued provision of services through such date. Further, pursuant to the Second Amended Golden Employment Agreement, Ms. Golden would be entitled to receive, under certain circumstances, a payment equal to 1.5 times her then annual base salary and her accrued bonus in the event of the termination of her employment within eighteen months following a change of control of the Company.

Effective as of October 1, 2023, Ms. Golden was appointed to the position of President and Chief Executive Officer of the Company to succeed Mr. Goldstein.

Employment Agreement to be effective as of January 1, 2025

On April 15, 2024, the Company and Ms. Golden entered into a third amended and restated employment agreement (the “Third Amended Golden Employment Agreement”). The Third Amended Golden Employment Agreement is effective as of January 1, 2025 and extends the expiration date of the Second Amended Golden Employment Agreement currently in effect for Ms. Golden from December 31, 2024 to December 31, 2026. Pursuant to the Third Amended Golden Employment Agreement, Ms. Golden will be entitled to receive an annual base salary of $550,000 (increased from $500,000 currently in effect) and an annual bonus equal to 3% 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 1.25 times her base annual salary (the same as currently in effect). Pursuant to the Third Amended Golden Employment Agreement (and as provided for in the Second Amended Golden Employment Agreement), in the event that Ms. Golden’s employment is terminated by the Company without cause or she resigns for good reason (each as defined in the Third Amended Golden Employment Agreement), Ms. Golden would be entitled to receive her base salary and the 3% bonus for the remainder of the term. Ms. Golden would be entitled, under certain circumstances, to a payment equal to 1.5 times her then annual salary and her accrued 3% bonus in the event of the termination of her employment following a change of control of the Company (also as is provided for in the Second Amended Golden Employment Agreement). Pursuant to the Third Amended Golden Employment Agreement, Ms. Golden will be entitled to receive, under certain circumstances, a grant, during each of January 2025 and January 2026, of 40,000 shares of restricted stock. The 2025 grant will become vested with respect to one-half of the award on the first anniversary of the grant date and one-half on December 31, 2026. The 2026 grant will become vested on the first anniversary of the grant date. The above grants are generally consistent with the grants provided for in the Second Amended Golden Employment Agreement. In the event that the Company is precluded from making a grant to Ms. Golden in either 2025 or 2026, she would instead be entitled to a cash bonus of $136,500 for such year.

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

Employment Agreement effective as of January 1, 2020

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

Pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein was 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 Second Amended Goldstein Employment Agreement, Mr. Goldstein was 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 Second Amended Goldstein 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 was at least 14%). Pursuant to the Third Amended Goldstein Employment Agreement (discussed below), Mr. Goldstein relinquished the right to receive the LTC. Pursuant to the Second Amended Goldstein Employment Agreement, in the event that Mr. Goldstein’s employment was terminated by the Company without cause or he resigned for good reason (each as defined in the Second Amended Goldstein Employment Agreement), Mr. Goldstein would have been entitled to receive his base salary and the 6% bonus for the remainder of the term. In addition, in the event of Mr. Goldstein’s death, his estate would have been entitled to receive his base salary and accrued bonus through the date of death. Further, in the event that Mr. Goldstein’s employment was terminated by the Company without cause or he resigned 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 would have vested. Mr. Goldstein would have been entitled, under certain circumstances, to a payment equal to 3.82 times his then annual salary 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 Second Amended Goldstein 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 was scheduled to vest with respect to one-sixth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date of the one-sixth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. Also pursuant to the Second Amended Goldstein 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 was scheduled to vest with respect to one-fourth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date of the one-fourth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. Further, pursuant to the Second Amended Goldstein 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 was scheduled to vest with respect to one-sixth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date for the one-sixth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. 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 was scheduled to vest with respect to one-fourth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date for the one-fourth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. In January 2022, Mr. Goldstein was granted 27,300 shares of restricted stock pursuant to this provision. This grant was scheduled to vest with respect to one-half of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date for the one-half of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. Pursuant to the 2014 Plan, Mr. Goldstein’s unvested restricted stock awards will vest in the event of a change in control of the Company. In addition, in the event of the termination of Mr. Goldstein’s employment with the Company for any reason, his unvested restricted stock will vest.

Employment Agreement effective as of January 1, 2023

On June 27, 2022, the Company and Mr. Goldstein entered into a third amended and restated employment agreement which took effect as of January 1, 2023, and expires on December 31, 2024 (the “Third Amended Goldstein Employment Agreement”).

Pursuant to the Third Amended Goldstein Employment Agreement, Mr. Goldstein is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 3% 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 1.25 times his base salary. Pursuant to the Third Amended Goldstein Employment Agreement, Mr. Goldstein would be entitled to receive, under certain circumstances, a payment equal to 1.5 times his then annual base salary and his accrued bonus in the event of the termination of his employment within eighteen months following a change of control of the Company.

Employment Agreement effective as of October 1, 2023

On August 9, 2023, the Company and Mr. Goldstein entered into an amendment to the Third Amended Goldstein Employment Agreement which took effect as of October 1, 2023. Pursuant to the amendment, effective as of October 1, 2023, Mr. Goldstein is no longer serving as President and Chief Executive Officer of the Company, the expiration date of the Third Amended Goldstein Employment Agreement shall be the earlier of (a) December 31, 2024 or (b) in the event Mr. Goldstein is not re-elected as Chairman of the Board of the Company following its 2024 annual meeting of stockholders, then the date of such annual meeting, Mr. Goldstein’s salary was reduced to $300,000 per annum, and Mr. Goldstein is no longer entitled to receive a bonus based upon the Company’s net income.

Nature of Business and Basis of Presentation (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Nature of Business and Basis of Presentation
Direct written premiums, percentage	95.90%	88.60%	95.20%	87.80%

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt

Long-term debt

	June 30,		December 31,
	2024		2023

2022 Notes, net	$	19,020,085	$	18,426,247
Equipment financing		6,248,779		6,817,283
Balance at end of period	$	25,268,864	$	25,243,530

Schedule of Note and Warrant Exchange

	June 30,			December 31,
	2024			2023

12.0% Senior Unsecured Notes	$	19,950,000		$	19,950,000
Warrants		(489,842	)		(653,123	)
Issuance costs		(440,073	)		(870,630	)
2022 Notes, net	$	19,020,085		$	18,426,247

Schedule of percentages of the principal amount

Period:	Percentage

December 30, 2022 to December 29, 2023		102.00	%
December 30, 2023 to September 29, 2024		101.00	%
September 30, 2024 to December 29, 2024		100.00	%

Schedule of Future contractual payment obligations

For the Years Ending December 31,	Total
Remainder of 2024	$	585,358
2025		1,223,293
2026		1,296,901
2027		1,119,021
		4,224,573
2027 purchase price		2,024,206
Total	$	6,248,779

Property and Casualty Insurance Activity (Details 7) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property and Casualty Insurance Activity
Provisional ceding commissions earned	$ 4,561,998	$ 5,294,025	$ 9,117,238	$ 10,740,833
Contingent ceding commissions earned	(37)	118,185	11,834	116,784
Total commissions earned	$ 4,561,961	$ 5,412,210	$ 9,129,072	$ 10,857,617

Fair Value Measurements (Details 2) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Senior Notes due 2022	$ 18,850,978	$ 17,812,500
Level 1 [Member]
Senior Notes due 2022	0	0
Level 2 [Member]
Senior Notes due 2022	18,850,978	17,812,500
Level 3 [Member]
Senior Notes due 2022	$ 0	$ 0

Investments (Details 5) - USD ($)	3 Months Ended		6 Months Ended
Investments (Details 5) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments
Fixed-maturity securities	$ 1,156,591	$ 1,319,511	$ 2,339,220	$ 2,737,220
Equity securities	145,469	176,893	322,638	353,770
Cash and cash equivalents	492,054	39,394	688,191	72,252
Other	39,227	0	39,227	0
Total	1,833,341	1,535,798	3,389,276	3,163,242
Investment expenses	68,745	84,442	121,820	170,394
Net investment income	$ 1,764,596	$ 1,451,356	$ 3,267,456	$ 2,992,848

Property and Casualty Insurance Activity (Details 6) - Personal Umbrella - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Percent ceded - first $1000000 of coverage	90.00%	90.00%
Percent ceded - excess of $1,000,000 dollars 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, 2024	Jun. 30, 2023

Stockholders Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders Equity

Schedule of assumption used for stock options activity

	Six months ended
	June 30,
	2024			2023

Dividend Yield		0.00	%		n/a
Volatility		74.72	%		n/a
Risk-Free Interest Rate		4.17	%		n/a
Expected Life	3.50 years				n/a

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, 2024		107,201		$	8.31		0.94	$	-

Granted		318,750		$	2.25		4.63	$	876,563
Exercised		-		$	-		-	$	-
Expired/Forfeited		(38,750	)	$	2.25		4.72	$	73,913

Outstanding at June 30, 2024		387,201		$	3.93		3.37	$	770,000

Vested and Exercisable at June 30, 2024		107,201		$	8.31		0.42	$	-

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, 2024		550,581		$	3.82	$	2,103,219

Granted		178,459		$	2.33	$	416,211
Vested		(234,653	)	$	1.86	$	(436,455	)
Forfeited		(1,900	)	$	4.80	$	(9,120	)

Balance at June 30, 2024		492,487		$	4.21	$	2,073,370

Property and Casualty Insurance Activity (Details 4) $ in Thousands	Jun. 30, 2024 USD ($)
Property and Casualty Insurance Activity
Liabilities for loss and loss adjustment expenses, net of reinsurance	$ 83,434
Total reinsurance recoverable on unpaid losses	29,014
Unallocated loss adjustment expenses	4,130
Total gross liability for loss and LAE reserves	$ 116,577

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies (Note 11)

Lease cost

	Three months ended					Six months ended
	June 30,					June 30,
Lease cost	2024		2023			2024			2023

Operating lease	$	-	$	41,342		$	41,342		$	82,684
Total lease cost	$	-	$	41,342		$	41,342		$	82,684

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$	-	$	49,145		$	49,145		$	96,629
Discount rate		-		5.50	%		5.50	%		5.50	%
Remaining lease term in years		-		0.75			-			0.75

Income Taxes (Details ) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred tax asset:
Net operating loss carryovers	$ 3,183,385	$ 5,283,016
Claims reserve discount	1,191,193	1,204,334
Unearned premium	3,647,887	2,742,603
Deferred ceding commission revenues	1,948,187	1,986,782
Net unrealized losses on securities	3,119,422	3,357,463
Other	1,132,771	1,153,903
Total deferred tax assets	14,222,845	15,728,101
Deferred tax liability:
Investment in KICO	759,543	759,543
Deferred acquisition costs	4,110,700	4,158,538
Intangibles	105,000	105,000
Depreciation and amortization	186,011	153,201
Total deferred tax liabilities	5,161,254	5,176,282
Net deferred income tax asset	$ 9,061,591	$ 10,551,819

Investments (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Amortized cost	$ 176,930,446	$ 164,460,942
Estimated fair value	160,947,267	148,920,797
Less Than One Year [Member]
Amortized cost	57,752,939	34,729,120
Estimated fair value	57,539,787	34,461,172
One To Five Years [Member]
Amortized cost	29,943,749	31,803,338
Estimated fair value	28,178,864	30,416,618
Five To Ten Years [Member]
Amortized cost	28,878,164	31,596,410
Estimated fair value	24,529,918	27,330,377
More Than 10 Years [Member]
Amortized cost	12,847,619	15,426,651
Estimated fair value	9,968,552	12,237,321
Residential mortgage and other asset backed securities [Member]
Amortized cost	47,507,975	50,905,423
Estimated fair value	$ 40,730,146	$ 44,475,309

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Taxes

Schedule of deferrred tax assets and liabilities

	June 30,		December 31,
	2024		2023

Deferred tax asset:
Net operating loss carryovers (1)	$	3,183,385	$	5,283,016
Claims reserve discount		1,191,193		1,204,334
Unearned premium		3,647,887		2,742,603
Deferred ceding commission revenue		1,948,187		1,986,782
Net unrealized losses on securities		3,119,422		3,357,463
Other		1,132,771		1,153,903
Total deferred tax assets		14,222,845		15,728,101

Deferred tax liability:
Investment in KICO (2)		759,543		759,543
Deferred acquisition costs		4,110,700		4,158,538
Intangibles		105,000		105,000
Depreciation and amortization		186,011		153,201
Total deferred tax liabilities		5,161,254		5,176,282

Net deferred income tax asset	$	9,061,591	$	10,551,819

Schedule of net operating loss carryovers

	June 30,			December 31,
Type of NOL	2024			2023			Expiration

Federal only, NOL from 2022-2024	$	3,183,385		$	5,283,016		None

State only (A)		2,752,386			2,560,372		December 2027 - December 2044
Valuation allowance		(2,752,386	)		(2,560,372	)
State only, net of valuation allowance		-			-

Total deferred tax asset from net operating loss carryovers	$	3,183,385		$	5,283,016

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Schedule of Fair Value Measurements

	June 30, 2024
	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	$	40,715,110	$	-	$	-	$	40,715,110

Political subdivisions of States, Territories and Possessions		-		13,254,433		-		13,254,433

Corporate and other bonds industrial and miscellaneous		66,247,578		-		-		66,247,578

Residential mortgage and other asset backed securities		-		40,730,146		-		40,730,146
Total fixed maturities		106,962,688		53,984,579		-		160,947,267
Equity securities		11,428,238		-		-		11,428,238
Total investments, at fair value	$	118,390,926	$	53,984,579	$	-	$	172,375,505

	December 31, 2023
	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	$	20,939,190	$	-	$	-	$	20,939,190

Political subdivisions of States, Territories and Possessions		-		13,398,552		-		13,398,552

Corporate and other bonds industrial and miscellaneous		70,107,746		-		-		70,107,746

Residential mortgage and other asset backed securities		-		44,475,309		-		44,475,309
Total fixed maturities		91,046,936		57,873,861		-		148,920,797
Equity securities		14,762,340		-		-		14,762,340
Total investments, at fair value	$	105,809,276	$	57,873,861	$	-	$	163,683,137

Schedule of Hedge Fund Investments

Category	June 30, 2024		December 31, 2023

Other Investments
Hedge fund	$	4,192,837	$	3,897,150

Fair value hierarchy of long-term debt

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2024	$	-	$	18,850,978	$	-	$	18,850,978

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500

Property and Casualty Insurance Activity (Tables)

6 Months Ended

Jun. 30, 2024

Property and Casualty Insurance Activity

Schedule of Earned Premiums

	Direct			Assumed		Ceded			Net

Six months ended June 30, 2024
Premiums written	$	102,819,939		$	-	$	(23,299,863	)	$	79,520,076
Change in unearned premiums		(1,813,141	)		-		(18,583,421	)		(20,396,562	)
Premiums earned	$	101,006,798		$	-	$	(41,883,284	)	$	59,123,514

Six months ended June 30, 2023
Premiums written	$	95,244,390		$	-	$	(27,646,623	)	$	67,597,767
Change in unearned premiums		5,577,883			-		(15,412,501	)		(9,834,618	)
Premiums earned	$	100,822,273		$	-	$	(43,059,124	)	$	57,763,149

Three months ended June 30, 2024
Premiums written	$	53,495,323		$	-	$	(12,070,646	)	$	41,424,677
Change in unearned premiums		(2,484,903	)		-		(8,636,162	)		(11,121,065	)
Premiums earned	$	51,010,420		$	-	$	(20,706,808	)	$	30,303,612

Three months ended June 30, 2023
Premiums written	$	47,646,944		$	-	$	(11,541,070	)	$	36,105,874
Change in unearned premiums		3,244,999			-		(9,842,677	)		(6,597,678	)
Premiums earned	$	50,891,943		$	-	$	(21,383,747	)	$	29,508,196

Schedule of unpaid losses and LAE

	Six months ended
	June 30, 2024
	2024			2023

Balance at beginning of period	$	121,817,862		$	118,339,513
Less reinsurance recoverables		(33,288,650	)		(27,659,500	)
Net balance, beginning of period		88,529,212			90,680,013

Incurred related to:
Current year		33,094,050			44,639,365
Prior years		(996,155	)		(19,253	)
Total incurred		32,097,895			44,620,112

Paid related to:
Current year		14,180,114			22,840,144
Prior years		18,883,752			25,346,289
Total paid		33,063,866			48,186,433

Net balance at end of period		87,563,241			87,113,692
Add reinsurance recoverables		29,014,249			30,447,918
Balance at end of period	$	116,577,490		$	117,561,610

Schedule of Line of Business

																					As of
	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				June 30, 2024
	For the Years Ended December 31,																		Six Months Ended June 30,				Cumulative Number of Reported Claims by Accident
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024		IBNR		Year
	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	22,340	$	21,994	$	22,148	$	22,491	$	23,386	$	23,291	$	23,528	$	23,533	$	23,428	$	23,523	$	285		2,559
2016				26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		27,328		157		2,882
2017						31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,012		308		3,401
2018								54,455		56,351		58,441		59,404		61,237		61,145		61,358		637		4,237
2019										75,092		72,368		71,544		71,964		73,310		73,740		1,320		4,506
2020												63,083		62,833		63,217		63,562		63,659		1,060		5,892
2021														96,425		96,673		96,134		96,683		3,023		5,824
2022																79,835		78,759		79,099		5,263		4,700
2023																		78,978		75,352		13,484		4,052
2024																				30,054		9,649		1,635
																	Total		$	567,809

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,																		Six Months Ended June 30,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	12,295	$	16,181	$	18,266	$	19,984	$	21,067	$	22,104	$	22,318	$	22,473	$	22,519	$	22,528
2016				15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854		26,805
2017						16,704		24,820		28,693		31,393		32,529		33,522		34,683		34,938
2018								32,383		44,516		50,553		52,025		54,424		56,199		56,527
2019										40,933		54,897		58,055		60,374		63,932		65,532
2020												39,045		50,719		53,432		56,523		58,759
2021														56,282		77,756		82,317		84,723
2022																45,856		65,732		67,446
2023																		46,280		55,579
2024																				12,543
																	Total		$	485,382

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	82,427
All outstanding liabilities before 2015, net of reinsurance																				1,006
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	83,434

Reconciliation of the net incurred and paid claims

	As of
(in thousands)	June 30, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	83,434
Total reinsurance recoverable on unpaid losses		29,014
Unallocated loss adjustment expenses		4,130
Total gross liability for loss and LAE reserves	$	116,577

Material terms for reinsurance treaties

	Treaty Period
				2024/2025 Treaty						2023/2024 Treaty						2021/2023 Treaty
	January 2, 2025			July 1, 2024			January 1, 2024			July 1, 2023			January 1, 2023			July 1, 2022			December 31, 2021
	to			to			to			to			to			to			to
Line of Business	June 30, 2025			January 1, 2025			June 30, 2024			January 1, 2024			June 30, 2023			January 1, 2023			June 30, 2022

Personal Lines:
Homeowners, dwelling fire
and canine legal liability
Quota share treaty:
Percent ceded (7)		(6	)		27	%		27	%		30	%		30	%		30	%		30	%
Risk retained on initial
$1,000,000 of losses (5) (6) (7)	$	1,000,000		$	730,000		$	730,000		$	700,000		$	700,000		$	700,000		$	700,000
Losses per occurrence
subject to quota share
reinsurance coverage		(6	)	$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date		(6	)	January 1, 2025			January 1, 2025			January 1, 2024			January 1, 2024			January 1, 2023			January 1, 2023
Excess of loss coverage and
facultative facility
coverage (1) (5) (6)	$	8,000,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000
	in excess of			in excess of			in excess of			in excess of			in excess of			in excess of			in excess of
	$	1,000,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000
Total reinsurance coverage
per occurrence (5) (6)	$	8,000,000		$	8,470,000		$	8,470,000		$	8,500,000		$	8,500,000		$	8,500,000		$	8,500,000
Losses per occurrence
subject to reinsurance
coverage (6)	$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date (6)	June 30, 2025			June 30, 2025			June 30, 2024			June 30, 2024			June 30, 2023			June 30, 2023			June 30, 2022

Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (6)		(6	)	$	5,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe
occurrence (6) (7) (8)		5,000,000			4,750,000		$	9,500,000		$	8,750,000		$	8,750,000		$	7,400,000		$	7,400,000
Catastrophe loss coverage
in excess of quota share
coverage (2) (6)	$	275,000,000		$	275,000,000		$	315,000,000		$	315,000,000		$	335,000,000		$	335,000,000		$	490,000,000

Reinstatement premium
protection (3) (4)	Yes			Yes			Yes			Yes			Yes			Yes			Yes

Schedule of line of business of reinsurance coverage

	Treaty Year
	July 1, 2023			July 1, 2022
	to			to
Line of Business	June 30, 2024			June 30, 2023

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, 2024			June 30, 2023

Commercial Lines (1)

Schedule of Ceding commission revenue

	Three months ended					Six months ended
	June 30,					June 30,
	2024			2023		2024		2023

Provisional ceding commissions earned	$	4,561,998		$	5,294,025	$	9,117,238	$	10,740,833
Contingent ceding commissions earned		(37	)		118,185		11,834		116,784
	$	4,561,961		$	5,412,210	$	9,129,072	$	10,857,617

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 5,941,616	$ (5,576,727)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Net realized losses on investments	425,776	13,020
Net unrealized gains on equity investments	(622,874)	(657,145)
Net unrealized gains on other investments	(295,687)	(777,888)
Depreciation and amortization	1,216,447	1,586,632
Credit losses	53,865	38,400
Accretion of bond discount, net	(362,020)	(51,548)
Amortization of discount and issuance costs on debt	593,838	593,839
Stock-based compensation	547,205	429,055
Deferred income tax expense (benefit)	1,583,266	(1,283,823)
Decrease (increase) in operating assets:
Premiums receivable, net	(1,625,197)	1,269,270
Reinsurance receivables, net	9,278,490	(10,114,427)
Deferred policy acquisition costs	227,800	2,379,295
Other assets	431,785	91,182
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	(5,240,372)	(777,903)
Unearned premiums	1,813,141	(5,577,882)
Advance premiums	1,157,841	3,672,153
Reinsurance balances payable	(2,355,544)	622,629
Deferred ceding commission revenue	(183,783)	(929,409)
Accounts payable, accrued expenses and other liabilities	629,295	(1,958,718)
Net cash flows provided by (used in) operating activities	13,214,888	(17,009,995)
Cash flows from investing activities:
Purchase - fixed-maturity securities available-for-sale	(80,234,996)	(13,167,937)
Redemption - fixed-maturity securities held-to-maturity	0	500,000
Sale and maturity - fixed-maturity securities available-for-sale	68,122,546	31,375,538
Sale - equity securities	3,538,730	81,054
Acquisition of property and equipment	(1,038,479)	(898,528)
Net cash flows (used in) provided by investing activities	(9,612,199)	17,890,127
Cash flows from financing activities:
Principal payments on equipment financing	(568,504)	(536,237)
Issue costs on 2022 Notes	0	(14,299)
Net proceeds from issuance of common stock	168,190	0
Withholding taxes paid on vested restricted stock awards	(8,380)	(1,400)
Net cash flows used in financing activities	(408,694)	(551,936)
Increase in cash and cash equivalents	3,193,995	328,196
Cash and cash equivalents, beginning of period	8,976,998	11,958,228
Cash and cash equivalents, end of period	12,170,993	12,286,424
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	1,389,759	1,730,905
Supplemental schedule of non-cash investing and financing activities:
Other comprehensive (loss) income, net of tax	$ (349,996)	$ 1,064,856

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended					3 Months Ended		6 Months Ended
	Apr. 15, 2024	Jan. 31, 2021	Dec. 31, 2020	Jan. 31, 2020	Sep. 16, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Rent expenses						$ 0	$ 41,342	$ 41,342	$ 82,684
Stock-based compensation						$ 281,416	$ 212,288	$ 547,205	$ 429,055
Amended Employment Agreement [Member] \| January 2020 [Member]
Restricted stock issued		230,769	17,191						157,431
Restricted stock value		$ 1,500,000	$ 136,500
Amended Employment Agreement [Member] \| January 1, 2025 [Member]
Restricted stock value	$ 40,000
Cash bonus	136,500
Annual base salary increased amount	500,000
Annual base salary	$ 550,000
Percent of average per annum	3.00%
January 2023 [Member] \| Amended Employment Agreement [Member]
Restricted stock value									$ 136,500
Annual base salary									$ 500,000
Percent of average per annum									3.00%
Salary reduced									$ 300,000
Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board [Member] \| Employment Agreement [Member]
Restricted stock issued				27,300	30,000
Barry GoldsteinMr. Goldstein [Member] \| Employment Agreement [Member]
Restricted stock issued		21,000
Mery Golden Chief Operating Officer [Member] \| Golden Emloyment Agreement [Member]
Annual base salary		$ 500,000			$ 500,000
Percent of average per annum		14.00%
Option purchase					50,000
Percent of annual bonus		6.00%
Mery Golden Chief Operating Officer [Member] \| Golden Emloyment Agreement [Member] \| Minimum [Member]
Stock-based compensation		$ 945,000
Mery Golden Chief Operating Officer [Member] \| Golden Emloyment Agreement [Member] \| Maximum [Member]
Stock-based compensation		$ 2,835,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Fair value of securities held to maturity	$ 5,965,254	$ 6,106,148
Amortized cost of available for sale securities	176,930,446	164,460,942
Equity Securities, cost incurred	$ 14,029,806	$ 17,986,783
Stockholders' Equity
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred Stock, Authorized Shares	2,500,000	2,500,000
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Authorized Shares	20,000,000	20,000,000
Common Stock, Issued Shares	12,536,129	12,248,313
Common Stock, Outstanding Shares	11,064,723	10,776,907
Treasury Stock, Shares	1,471,406	1,471,406

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events

Subsequent Events

Note 13 – Subsequent Events

The Company has evaluated events that occurred subsequent to June 30, 2024 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements.

Reinsurance

Effective July 1, 2024, the Company entered into new excess of loss and catastrophe reinsurance treaties (see Note 6 – Property and Casualty Insurance Activity - “Reinsurance”).

Equity Participation Plan

On August 7, 2024, the Company’s stockholders approved the 2024 Equity Participation Plan (the “2024 Plan”). pursuant to which a maximum of 1,000,000 shares of Common Stock of the Company are authorized to be issued pursuant to the grant of incentive stock options, non-statutory stock options, stock appreciation rights, and stock bonus awards. Incentive stock options granted under the 2024 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 2024 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 2024 Plan, subject to the provisions of the 2024 Plan. The 2024 Plan terminates on May 10, 2034 and no further awards may be granted under the 2024 Plan after such date. See Note 8 – Stockholders’ Equity.

Income Taxes

6 Months Ended

Jun. 30, 2024

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:

	June 30,		December 31,
	2024		2023

Deferred tax asset:
Net operating loss carryovers (1)	$	3,183,385	$	5,283,016
Claims reserve discount		1,191,193		1,204,334
Unearned premium		3,647,887		2,742,603
Deferred ceding commission revenue		1,948,187		1,986,782
Net unrealized losses on securities		3,119,422		3,357,463
Other		1,132,771		1,153,903
Total deferred tax assets		14,222,845		15,728,101

Deferred tax liability:
Investment in KICO (2)		759,543		759,543
Deferred acquisition costs		4,110,700		4,158,538
Intangibles		105,000		105,000
Depreciation and amortization		186,011		153,201
Total deferred tax liabilities		5,161,254		5,176,282

Net deferred income tax asset	$	9,061,591	$	10,551,819

(1)

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

	June 30,			December 31,
Type of NOL	2024			2023			Expiration

Federal only, NOL from 2022-2024	$	3,183,385		$	5,283,016		None

State only (A)		2,752,386			2,560,372		December 2027 - December 2044
Valuation allowance		(2,752,386	)		(2,560,372	)
State only, net of valuation allowance		-			-

Total deferred tax asset from net operating loss carryovers	$	3,183,385		$	5,283,016

	(A) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of June 30, 2024 and December 31, 2023 was approximately $42,344,000 and $39,390,000, 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 income (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 2044.

	(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 six months ended June 30, 2024 and 2023. 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, 2020 through December 31, 2022 remain subject to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,965,254 at June 30, 2024 and $6,106,148 at December 31, 2023)	$ 7,049,978	$ 7,052,541
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $176,930,446 at June 30, 2024 and $164,460,942 at December 31, 2023)	160,947,267	148,920,797
Equity securities, at fair value (cost of $14,029,806 at June 30, 2024 and $17,986,783 at December 31, 2023)	11,428,238	14,762,340
Other investments	4,192,837	3,897,150
Total investments	183,618,320	174,632,828
Cash and cash equivalents	12,170,993	8,976,998
Premiums receivable, net	15,176,140	13,604,808
Reinsurance receivables, net	66,315,422	75,593,912
Deferred policy acquisition costs	19,574,764	19,802,564
Intangible assets	500,000	500,000
Property and equipment, net	9,217,729	9,395,697
Deferred income taxes, net	9,061,591	10,551,819
Other assets	4,142,798	4,574,584
Total assets	319,777,757	317,633,210
Liabilities
Loss and loss adjustment expense reserves	116,577,490	121,817,862
Unearned premiums	107,434,679	105,621,538
Advance premiums	4,955,431	3,797,590
Reinsurance balances payable	10,481,596	12,837,140
Deferred ceding commission revenue	9,277,082	9,460,865
Accounts payable, accrued expenses and other liabilities	4,979,841	4,350,546
Debt, net	25,268,864	25,243,530
Total liabilities	278,974,983	283,129,071
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares	0	0
Common stock, $.01 par value; authorized 20,000,000 shares; issued 12,536,129 shares at June 30, 2024 and 12,248,313 shares at December 31, 2023; outstanding 11,064,723 shares at June 30, 2024 and 10,776,907 shares at December 31, 2023	125,361	122,483
Capital in excess of par	76,042,147	75,338,010
Accumulated other comprehensive loss	(12,624,559)	(12,274,563)
Accumulated deficit	(17,172,694)	(23,114,310)
Stockholders equity before treasury stock	46,370,255	40,071,620
Treasury stock, at cost, 1,471,406 shares at June 30, 2024 and December 31, 2023	(5,567,481)	(5,567,481)
Total stockholders' equity	40,802,774	34,504,139
Total liabilities and stockholders' equity	$ 319,777,757	$ 317,633,210

Subsequent Events (Details Narrative) - shares	Aug. 07, 2024	Jun. 30, 2024	Dec. 31, 2023
Common Stock shares authorized to be issued		20,000,000	20,000,000
Subsequent Events [Member]
Equity participation plan	Incentive stock options granted under the 2024 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 2024 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 2024 Plan, subject to the provisions of the 2024 Plan. The 2024 Plan terminates on May 10, 2034 and no further awards may be granted under the 2024 Plan after such date
Common Stock shares authorized to be issued	1,000,000

Property and Casualty Insurance Activity (Details 5) - USD ($)	6 Months Ended
	Jun. 30, 2025	Jan. 01, 2025	Jun. 30, 2024	Jan. 02, 2024	Jun. 30, 2023	Jan. 02, 2023	Jun. 30, 2022
Catastrophe [Member]
Initial loss subject to personal lines quota share treaty	$ (6)	$ 5,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000
Risk retained per catastrophe occurrence	5,000,000	4,750,000	9,500,000	8,750,000	8,750,000	7,400,000	7,400,000
Catastrophe loss coverage in excess of quota share coverage	$ 275,000,000	$ 275,000,000	$ 315,000,000	$ 315,000,000	$ 335,000,000	$ 335,000,000	$ 490,000,000
Reinstatement premium protection	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Property And Casualty Personal Insurance Product Line [Member]
Quota share treaty percent ceded		27.00%	27.00%	30.00%	30.00%	30.00%	30.00%
Risk retained on initial $1,000,000 of losses	$ 1,000,000	$ 730,000	$ 730,000	$ 700,000	$ 700,000	$ 700,000	$ 700,000
Losses per occurrence subject to quota share reinsurance coverage	(6)	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000
Expiration		Jan. 01, 2025	Jan. 01, 2025	Jan. 01, 2024	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2023
Excess of loss coverage and facultative facility coverage	$ 8,000,000	$ 8,400,000	$ 8,400,000	$ 8,400,000	$ 8,400,000	$ 8,400,000	$ 8,400,000
In excess of	in excess of	in excess of	in excess of	in excess of	in excess of	in excess of	in excess of
in excess of 1	$ 1,000,000	$ 600,000	$ 600,000	$ 600,000	$ 600,000	$ 600,000	$ 600,000
Total reinsurance coverage per occurrence	8,000,000	8,470,000	8,470,000	8,500,000	8,500,000	8,500,000	8,500,000
Losses per occurrence subject to reinsurance coverage	$ 9,000,000	$ 9,000,000	$ 9,000,000	$ 9,000,000	$ 9,000,000	$ 9,000,000	$ 9,000,000
Expiration Date	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022

Debt (Details 2)	6 Months Ended
Debt (Details 2)	Jun. 30, 2024
December 30, 2022 to December 29, 2023 [Member]
Accrued and unpaid interest	102.00%
December 30, 2023 to September 29, 2024 [Member]
Accrued and unpaid interest	101.00%
September 30, 2024 to December 29, 2024 [Member]
Accrued and unpaid interest	100.00%

Property and Casualty Insurance Activity (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property and Casualty Insurance Activity
Balance at beginning of period	$ 121,817,862	$ 118,339,513
Less reinsurance recoverables	(33,288,650)	(27,659,500)
Net balance, beginning of period	88,529,212	90,680,013
Incurred related to:
Current year	33,094,050	44,639,365
Prior years	(996,155)	(19,253)
Total incurred	32,097,895	44,620,112
Paid related to:
Current year	14,180,114	22,840,144
Prior years	18,883,752	25,346,289
Total paid	33,063,866	48,186,433
Net balance at end of period	87,563,241	87,113,692
Add reinsurance recoverables	29,014,249	30,447,918
Balance at end of period	$ 116,577,490	$ 117,561,610

Property and Casualty Insurance Activity

6 Months Ended

Jun. 30, 2024

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

Six months ended June 30, 2024
Premiums written	$	102,819,939		$	-	$	(23,299,863	)	$	79,520,076
Change in unearned premiums		(1,813,141	)		-		(18,583,421	)		(20,396,562	)
Premiums earned	$	101,006,798		$	-	$	(41,883,284	)	$	59,123,514

Six months ended June 30, 2023
Premiums written	$	95,244,390		$	-	$	(27,646,623	)	$	67,597,767
Change in unearned premiums		5,577,883			-		(15,412,501	)		(9,834,618	)
Premiums earned	$	100,822,273		$	-	$	(43,059,124	)	$	57,763,149

Three months ended June 30, 2024
Premiums written	$	53,495,323		$	-	$	(12,070,646	)	$	41,424,677
Change in unearned premiums		(2,484,903	)		-		(8,636,162	)		(11,121,065	)
Premiums earned	$	51,010,420		$	-	$	(20,706,808	)	$	30,303,612

Three months ended June 30, 2023
Premiums written	$	47,646,944		$	-	$	(11,541,070	)	$	36,105,874
Change in unearned premiums		3,244,999			-		(9,842,677	)		(6,597,678	)
Premiums earned	$	50,891,943		$	-	$	(21,383,747	)	$	29,508,196

Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of June 30, 2024 and December 31, 2023 was $4,955,431 and $3,797,590, respectively.

Loss and Loss Adjustment Expense Reserves

The following table provides a reconciliation of the beginning and ending balances for unpaid loss and LAE reserves:

	Six months ended
	June 30, 2024
	2024			2023

Balance at beginning of period	$	121,817,862		$	118,339,513
Less reinsurance recoverables		(33,288,650	)		(27,659,500	)
Net balance, beginning of period		88,529,212			90,680,013

Incurred related to:
Current year		33,094,050			44,639,365
Prior years		(996,155	)		(19,253	)
Total incurred		32,097,895			44,620,112

Paid related to:
Current year		14,180,114			22,840,144
Prior years		18,883,752			25,346,289
Total paid		33,063,866			48,186,433

Net balance at end of period		87,563,241			87,113,692
Add reinsurance recoverables		29,014,249			30,447,918
Balance at end of period	$	116,577,490		$	117,561,610

Incurred losses and LAE are presented net of reinsurance recoveries under reinsurance contracts of $9,820,083 and $23,510,756 for the six months ended June 30, 2024 and 2023, 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 six months ended June 30, 2024 and 2023 was $996,155 favorable and $19,253 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.

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 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 June 30, 2021 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 June 30, 2024, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of June 30, 2024 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, 2015 to December 31, 2023 is presented as supplementary unaudited information.

All Lines of Business

(in thousands, except reported claims data)

																					As of
	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				June 30, 2024
	For the Years Ended December 31,																		Six Months Ended June 30,				Cumulative Number of Reported Claims by Accident
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024		IBNR		Year
	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	22,340	$	21,994	$	22,148	$	22,491	$	23,386	$	23,291	$	23,528	$	23,533	$	23,428	$	23,523	$	285		2,559
2016				26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		27,328		157		2,882
2017						31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,012		308		3,401
2018								54,455		56,351		58,441		59,404		61,237		61,145		61,358		637		4,237
2019										75,092		72,368		71,544		71,964		73,310		73,740		1,320		4,506
2020												63,083		62,833		63,217		63,562		63,659		1,060		5,892
2021														96,425		96,673		96,134		96,683		3,023		5,824
2022																79,835		78,759		79,099		5,263		4,700
2023																		78,978		75,352		13,484		4,052
2024																				30,054		9,649		1,635
																	Total		$	567,809

All Lines of Business

(in thousands)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,																		Six Months Ended June 30,
Accident Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	12,295	$	16,181	$	18,266	$	19,984	$	21,067	$	22,104	$	22,318	$	22,473	$	22,519	$	22,528
2016				15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854		26,805
2017						16,704		24,820		28,693		31,393		32,529		33,522		34,683		34,938
2018								32,383		44,516		50,553		52,025		54,424		56,199		56,527
2019										40,933		54,897		58,055		60,374		63,932		65,532
2020												39,045		50,719		53,432		56,523		58,759
2021														56,282		77,756		82,317		84,723
2022																45,856		65,732		67,446
2023																		46,280		55,579
2024																				12,543
																	Total		$	485,382

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	82,427
All outstanding liabilities before 2015, net of reinsurance																				1,006
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	83,434

(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 condensed 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)	June 30, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	83,434
Total reinsurance recoverable on unpaid losses		29,014
Unallocated loss adjustment expenses		4,130
Total gross liability for loss and LAE reserves	$	116,577

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”). Upon the expiration of the 2021/2023 Treaty on January 1, 2023, the Company entered into a new 30% quota share reinsurance treaty for its personal lines business, covering the period from January 1, 2023 through January 1, 2024 (“2023/2024 Treaty”). Upon the expiration of the 2023/2024 Treaty on January 1, 2024, the Company entered into a new 27% quota share reinsurance treaty for its personal lines business, covering the period from January 1, 2024 through January 1, 2025 (“2024/2025 Treaty”).

The Company’s excess of loss and catastrophe reinsurance treaties expired on June 30, 2024 and the Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2024. Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty (“Underlying XOL Treaty”) covering the period from January 1, 2022 through January 1, 2023. The treaty provided 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty. Effective January 1, 2023, the Underlying XOL Treaty was renewed covering the period from January 1, 2023 through January 1, 2024. Effective January 1, 2024, the Underlying XOL Treaty was renewed covering the period from January 1, 2024 through January 1, 2025. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows:

	Treaty Period
				2024/2025 Treaty						2023/2024 Treaty						2021/2023 Treaty
	January 2, 2025			July 1, 2024			January 1, 2024			July 1, 2023			January 1, 2023			July 1, 2022			December 31, 2021
	to			to			to			to			to			to			to
Line of Business	June 30, 2025			January 1, 2025			June 30, 2024			January 1, 2024			June 30, 2023			January 1, 2023			June 30, 2022

Personal Lines:
Homeowners, dwelling fire
and canine legal liability
Quota share treaty:
Percent ceded (7)		(6	)		27	%		27	%		30	%		30	%		30	%		30	%
Risk retained on initial
$1,000,000 of losses (5) (6) (7)	$	1,000,000		$	730,000		$	730,000		$	700,000		$	700,000		$	700,000		$	700,000
Losses per occurrence
subject to quota share
reinsurance coverage		(6	)	$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date		(6	)	January 1, 2025			January 1, 2025			January 1, 2024			January 1, 2024			January 1, 2023			January 1, 2023
Excess of loss coverage and
facultative facility
coverage (1) (5) (6)	$	8,000,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000
	in excess of			in excess of			in excess of			in excess of			in excess of			in excess of			in excess of
	$	1,000,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000
Total reinsurance coverage
per occurrence (5) (6)	$	8,000,000		$	8,470,000		$	8,470,000		$	8,500,000		$	8,500,000		$	8,500,000		$	8,500,000
Losses per occurrence
subject to reinsurance
coverage (6)	$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date (6)	June 30, 2025			June 30, 2025			June 30, 2024			June 30, 2024			June 30, 2023			June 30, 2023			June 30, 2022

Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (6)		(6	)	$	5,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe
occurrence (6) (7) (8)		5,000,000			4,750,000		$	9,500,000		$	8,750,000		$	8,750,000		$	7,400,000		$	7,400,000
Catastrophe loss coverage
in excess of quota share
coverage (2) (6)	$	275,000,000		$	275,000,000		$	315,000,000		$	315,000,000		$	335,000,000		$	335,000,000		$	490,000,000

Reinstatement premium
protection (3) (4)	Yes			Yes			Yes			Yes			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, 2025.
	(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, 2022 through June 30, 2023, reinstatement premium protection for $12,500,000 of catastrophe coverage in excess of $10,000,000. For the period July 1, 2023 through June 30, 2024, reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000.
	(4)	For the period July 1, 2024 through June 30, 2025 (expiration date of the catastrophe reinsurance treaty), reinstatement premium protection for $10,500,000 of catastrophe coverage in excess of $10,000,000.
	(5)	For the period January 1, 2022 through January 1, 2025, Underlying XOL Treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Excludes losses from named storms. Reduces retention to $500,000 from $700,000 under the 2021/2023 Treaty and 2023/2024 Treaty. Reduces retention to $530,000 from $730,000 under the 2024/2025 Treaty. After the expiration of the Underlying XOL Treaty and 2024/2025 Treaty on January 1, 2025, retention will be $1,000,000.
	(6)	Personal lines quota share (homeowners, dwelling fire and canine liability) and underlying excess of loss reinsurance will expire on January 1, 2025, with none of these coverages to be in effect during the period from January 2, 2025 through June 30, 2025. Reinsurance coverage in effect from January 2, 2025 through June 30, 2025 is only for excess of loss and catastrophe reinsurance treaties.
	(7)	For the 2021/2023 Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event.
	(8)	Plus losses in excess of catastrophe coverage

	Treaty Year
	July 1, 2023			July 1, 2022
	to			to
Line of Business	June 30, 2024			June 30, 2023

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, 2024			June 30, 2023

Commercial Lines (1)

(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 2024/2025 Treaty for the six months ended June 30, 2024, and under the 2023/2024 Treaty for the six months ended June 30, 2023, based on a fixed provisional commission rate at which provisional ceding commissions are earned. The Company earned ceding commission revenue under its quota share reinsurance agreements that expired prior to the 2021/2023 Treaty based on: (i) a fixed provisional commission rate at which provisional ceding commissions were earned, and (ii) under certain of the quota share reinsurance agreements, 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 increase when the estimated ultimate loss ratio decreases and, conversely, the commission rate and contingent ceding commissions earned decrease when the estimated ultimate loss ratio increases.

Ceding commission revenue consists of the following:

	Three months ended					Six months ended
	June 30,					June 30,
	2024			2023		2024		2023

Provisional ceding commissions earned	$	4,561,998		$	5,294,025	$	9,117,238	$	10,740,833
Contingent ceding commissions earned		(37	)		118,185		11,834		116,784
	$	4,561,961		$	5,412,210	$	9,129,072	$	10,857,617

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 June 30, 2024 and December 31, 2023, net contingent ceding commissions payable to reinsurers under all treaties was approximately $723,000 and $3,302,000, respectively, which is recorded in reinsurance balances payable on the accompanying condensed consolidated balance sheets.

Expected Credit Losses – Uncollectible Reinsurance

The Company reviews reinsurance receivables which relate to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The Company has not recorded an allowance for uncollectible reinsurance as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. Changes in the allowance are presented as a component of other underwriting expenses on the condensed consolidated statements of operations and comprehensive income (loss).

Investments

6 Months Ended

Jun. 30, 2024

Investments

Investments

Note 3 - Investments

Fixed-Maturity Securities

The amortized cost, estimated fair value, and gross unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale for which an allowance for credit losses has not been recorded, as of June 30, 2024 and December 31, 2023 are summarized as follows:

	June 30, 2024
	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:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	40,731,889	$	561	$	-		$	(17,340	)	$	40,715,110	$	(16,779	)

Political subdivisions of States, Territories and Possessions		16,592,419		-		-			(3,337,986	)		13,254,433		(3,337,986	)

Corporate and other bonds Industrial and miscellaneous		72,098,163		-		-			(5,850,585	)		66,247,578		(5,850,585	)

Residential mortgage and other asset backed securities (2)		47,507,975		104,759		(1,377	)		(6,881,211	)		40,730,146		(6,777,829	)
Total fixed-maturity securities	$	176,930,446	$	105,320	$	(1,377	)	$	(16,087,122	)	$	160,947,267	$	(15,983,179	)

	December 31, 2023
	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:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	20,954,764	$	1,799	$	(17,373	)	$	-		$	20,939,190	$	(15,574	)

Political subdivisions of States, Territories and Possessions		16,607,713		-		-			(3,209,161	)		13,398,552		(3,209,161	)

Corporate and other bonds Industrial and miscellaneous		75,993,042		-		-			(5,885,296	)		70,107,746		(5,885,296	)

Residential mortgage and other asset backed securities (2)		50,905,423		113,761		(2,144	)		(6,541,731	)		44,475,309		(6,430,114	)
Total fixed-maturity securities	$	164,460,942	$	115,560	$	(19,517	)	$	(15,636,188	)	$	148,920,797	$	(15,540,145	)

	(1)	In October 2022, KICO placed certain U.S. Treasury securities to fulfill the required collateral for a sale-leaseback transaction in a designated custodian account (see Note 7 – Debt - “Equipment Financing”). As of June 30, 2024 and December 31, 2023, the amount of required collateral was approximately $6,153,000 and $6,999,000, respectively. As of June 30, 2024 and December 31, 2023, the estimated fair value of the U.S. Treasury securities used as eligible collateral was approximately $11,934,000 and $11,960,000, respectively.
	(2)	KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York (“FHLBNY”) (see Note 7 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of June 30, 2024 and December 31, 2023, the estimated fair value of the eligible investments was approximately $10,626,000 and $11,412,000, respectively. KICO will retain all rights regarding all securities if pledged as collateral. As of June 30, 2024 and December 31, 2023 there was no outstanding balance on the FHLBNY credit line.

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 June 30, 2024 and December 31, 2023 is shown below:

	June 30, 2024				December 31, 2023
	Cost or				Cost or
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	57,752,939	$	57,539,787	$	34,729,120	$	34,461,172
One to five years		29,943,749		28,178,864		31,803,338		30,416,618
Five to ten years		28,878,164		24,529,918		31,596,410		27,330,377
More than 10 years		12,847,619		9,968,552		15,426,651		12,237,321
Residential mortgage and other asset backed securities		47,507,975		40,730,146		50,905,423		44,475,309
Total	$	176,930,446	$	160,947,267	$	164,460,942	$	148,920,797

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

There was no allowance for credit losses on fixed-maturity securities as of June 30, 2024 and December 31, 2023, respectively.

Equity Securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of June 30, 2024 and December 31, 2023 are as follows:

	June 30, 2024
			Gross		Gross
			Unrealized		Unrealized			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,225,270	)	$	7,525,052
Fixed income exchange traded funds		3,711,232		-		(775,432	)		2,935,800
Mutual funds		502,252		399,134		-			901,386
FHLBNY common stock		66,000		-		-			66,000
Total	$	14,029,806	$	399,134	$	(3,000,702	)	$	11,428,238

	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(2,870,027	)	$	10,713,915
Fixed income exchange traded funds		3,711,232				(669,232	)		3,042,000
Mutual funds		622,209		314,816		-			937,025
FHLBNY common stock		69,400		-		-			69,400
Total	$	17,986,783	$	314,816	$	(3,539,259	)	$	14,762,340

Other Investments

The cost and estimated fair value of, and gross gains on, the Company’s other investments as of June 30, 2024 and December 31, 2023 are as follows:

	June 30, 2024						December 31, 2023
			Gross		Estimated				Gross		Estimated
Category	Cost		Gains		Fair Value		Cost		Gains		Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,205,797	$	4,192,837	$	1,987,040	$	1,910,110	$	3,897,150

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 June 30, 2024 and December 31, 2023 are summarized as follows:

	June 30, 2024

	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

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,229,013	$	-	$	(23,884	)	$	(22,880	)	$	1,182,249	$	(46,764	)

Political subdivisions of States,
Territories and Possessions		499,443		-		(2,788	)		-			496,655		(2,788	)

Exchange traded debt		304,111		-		-			(66,361	)		237,750		(66,361	)

Corporate and other bonds
Industrial and miscellaneous		5,017,411		-		-			(968,811	)		4,048,600		(968,811	)
Total	$	7,049,978	$	-	$	(26,672	)	$	(1,058,052	)	$	5,965,254	$	(1,084,724	)

	December 31, 2023
													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	$	1,228,860	$	15,045	$	(6,914	)	$	(18,163	)	$	1,218,828	$	(10,032	)

Political subdivisions of States,
Territories and Possessions		499,170		890		-			-			500,060		890

Exchange traded debt		304,111		-		-			(70,111	)		234,000		(70,111	)

Corporate and other bonds
Industrial and miscellaneous		5,020,400		-		-			(867,140	)		4,153,260		(867,140	)
Total	$	7,052,541	$	15,935	$	(6,914	)	$	(955,414	)	$	6,106,148	$	(946,393	)

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 June 30, 2024 and December 31, 2023 is shown below:

	June 30, 2024				December 31, 2023
	Cost or				Cost or
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	-	$	-	$	-	$	-
One to five years		1,121,688		1,087,962		1,121,288		1,097,101
Five to ten years		1,421,173		1,287,630		1,414,911		1,270,770
More than 10 years		4,507,117		3,589,662		4,516,342		3,738,277
Total	$	7,049,978	$	5,965,254	$	7,052,541	$	6,106,148

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

There was no allowance for credit losses on held-to-maturity fixed-maturity securities as of June 30, 2024 and December 31, 2023, respectively.

Investment Income

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

	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Income:
Fixed-maturity securities	$	1,156,591	$	1,319,511	$	2,339,220	$	2,737,220
Equity securities		145,469		176,893		322,638		353,770
Cash and cash equivalents		492,054		39,394		688,191		72,252
Other		39,227		-		39,227		-
Total		1,833,341		1,535,798		3,389,276		3,163,242
Expenses:
Investment expenses		68,745		84,442		121,820		170,394
Net investment income	$	1,764,596	$	1,451,356	$	3,267,456	$	2,992,848

There were no redemptions of fixed-maturity securities held-to-maturity for the six months ended June 30, 2024 and 2023.

Proceeds from the sale or maturity of fixed-maturity securities available-for-sale were $68,122,546 and $31,375,538 for the six months ended June 30, 2024 and 2023, respectively.

Proceeds from the sale of equity securities were $3,538,730 and $81,054 for the six months ended June 30, 2024 and 2023, respectively.

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

	Three months ended						Six months ended
	June 30,						June 30,
	2024			2023			2024			2023
Realized Losses

Fixed-maturity securities:
Gross realized gains	$	721		$	526		$	805		$	944
Gross realized losses		(5,383	)		(10,907	)		(8,334	)		(13,964	)
		(4,662	)		(10,381	)		(7,529	)		(13,020	)

Equity securities:
Gross realized gains		-			-			5,120			-
Gross realized losses		(328,757	)		-			(423,367	)		-
		(328,757	)		-			(418,247	)		-

Net realized losses		(333,419	)		(10,381	)		(425,776	)		(13,020	)

Unrealized (Losses) Gains

Equity Securities:
Gross gains		-			-			622,874			657,145
Gross losses		(18,848	)		(206,568	)		-			-
		(18,848	)		(206,568	)		622,874			657,145

Other Investments:
Gross gains		118,661			414,091			295,687			777,888
Gross losses		-			-			-			-
		118,661			414,091			295,687			777,888

Net unrealized gains		99,813			207,523			918,561			1,435,033

Net (losses) gains on investments	$	(233,606	)	$	197,142		$	492,785		$	1,422,013

Allowance for Credit Loss

For available-for-sale fixed maturity securities, a credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded, which is recognized in net loss through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income (loss).

The Company did not identify any available-for-sale securities as of June 30, 2024 which presented a risk of loss due to credit deterioration of the security.

As of June 30, 2024 and December 31, 2023, there were 138 and 140 fixed-maturity securities, respectively, that accounted for the gross unrealized losses. The Company determined that none of the unrealized losses were deemed to be credit losses for its portfolio of investments for the six months ended June 30, 2024 and 2023. Significant factors influencing the Company’s determination that unrealized losses were temporary included credit quality considerations, the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and interest rate environment factors, 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 June 30, 2024 as follows:

	June 30, 2024
	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

Available-for-Sale Securities:

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	5,979,360		(17,340	)		1	$	5,979,360	$	(17,340	)

Political subdivisions of States, Territories and Possessions		-		-			-		13,169,433		(3,337,986	)		12		13,169,433		(3,337,986	)

Corporate and other bonds industrial and miscellaneous		-		-			-		66,247,579		(5,850,585	)		80		66,247,579		(5,850,585	)

Residential mortgage and other asset backed securities		114,017		(1,377	)		6		37,025,197		(6,881,211	)		39		37,139,214		(6,882,588	)

Total fixed-maturity securities	$	114,017	$	(1,377	)		6	$	122,421,569	$	(16,087,122	)		132	$	122,535,586	$	(16,088,499	)

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2023 as follows:

	December 31, 2023
	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

Available-for-Sale Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	5,974,440	$	(17,373	)		1	$	-		-			-	$	5,974,440	$	(17,373	)

Political subdivisions of States, Territories and Possessions		-		-			-		13,398,552		(3,209,161	)		13		13,398,552		(3,209,161	)

Corporate and other bonds industrial and miscellaneous		-		-			-		70,107,746		(5,885,296	)		85		70,107,746		(5,885,296	)

Residential mortgage and other asset backed securities		88,988		(2,144	)		4		38,675,604		(6,541,731	)		37		38,764,592		(6,543,875	)

Total fixed-maturity securities	$	6,063,428	$	(19,517	)		5	$	122,181,902	$	(15,636,188	)		135	$	128,245,330	$	(15,655,705	)

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments

Schedule of Available for Sale Securities

	June 30, 2024
	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:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	40,731,889	$	561	$	-		$	(17,340	)	$	40,715,110	$	(16,779	)

Political subdivisions of States, Territories and Possessions		16,592,419		-		-			(3,337,986	)		13,254,433		(3,337,986	)

Corporate and other bonds Industrial and miscellaneous		72,098,163		-		-			(5,850,585	)		66,247,578		(5,850,585	)

Residential mortgage and other asset backed securities (2)		47,507,975		104,759		(1,377	)		(6,881,211	)		40,730,146		(6,777,829	)
Total fixed-maturity securities	$	176,930,446	$	105,320	$	(1,377	)	$	(16,087,122	)	$	160,947,267	$	(15,983,179	)

	December 31, 2023
	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:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	20,954,764	$	1,799	$	(17,373	)	$	-		$	20,939,190	$	(15,574	)

Political subdivisions of States, Territories and Possessions		16,607,713		-		-			(3,209,161	)		13,398,552		(3,209,161	)

Corporate and other bonds Industrial and miscellaneous		75,993,042		-		-			(5,885,296	)		70,107,746		(5,885,296	)

Residential mortgage and other asset backed securities (2)		50,905,423		113,761		(2,144	)		(6,541,731	)		44,475,309		(6,430,114	)
Total fixed-maturity securities	$	164,460,942	$	115,560	$	(19,517	)	$	(15,636,188	)	$	148,920,797	$	(15,540,145	)

Schedule of available for sale fixed maturity securities contractual maturity

	June 30, 2024				December 31, 2023
	Cost or				Cost or
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	57,752,939	$	57,539,787	$	34,729,120	$	34,461,172
One to five years		29,943,749		28,178,864		31,803,338		30,416,618
Five to ten years		28,878,164		24,529,918		31,596,410		27,330,377
More than 10 years		12,847,619		9,968,552		15,426,651		12,237,321
Residential mortgage and other asset backed securities		47,507,975		40,730,146		50,905,423		44,475,309
Total	$	176,930,446	$	160,947,267	$	164,460,942	$	148,920,797

Schedule of equity securities

	June 30, 2024
			Gross		Gross
			Unrealized		Unrealized			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,225,270	)	$	7,525,052
Fixed income exchange traded funds		3,711,232		-		(775,432	)		2,935,800
Mutual funds		502,252		399,134		-			901,386
FHLBNY common stock		66,000		-		-			66,000
Total	$	14,029,806	$	399,134	$	(3,000,702	)	$	11,428,238

	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(2,870,027	)	$	10,713,915
Fixed income exchange traded funds		3,711,232				(669,232	)		3,042,000
Mutual funds		622,209		314,816		-			937,025
FHLBNY common stock		69,400		-		-			69,400
Total	$	17,986,783	$	314,816	$	(3,539,259	)	$	14,762,340

Schedule of Other Investments

	June 30, 2024						December 31, 2023
			Gross		Estimated				Gross		Estimated
Category	Cost		Gains		Fair Value		Cost		Gains		Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,205,797	$	4,192,837	$	1,987,040	$	1,910,110	$	3,897,150

Schedule of Held to Maturity Securities

	June 30, 2024

	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

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,229,013	$	-	$	(23,884	)	$	(22,880	)	$	1,182,249	$	(46,764	)

Political subdivisions of States,
Territories and Possessions		499,443		-		(2,788	)		-			496,655		(2,788	)

Exchange traded debt		304,111		-		-			(66,361	)		237,750		(66,361	)

Corporate and other bonds
Industrial and miscellaneous		5,017,411		-		-			(968,811	)		4,048,600		(968,811	)
Total	$	7,049,978	$	-	$	(26,672	)	$	(1,058,052	)	$	5,965,254	$	(1,084,724	)

	December 31, 2023
													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	$	1,228,860	$	15,045	$	(6,914	)	$	(18,163	)	$	1,218,828	$	(10,032	)

Political subdivisions of States,
Territories and Possessions		499,170		890		-			-			500,060		890

Exchange traded debt		304,111		-		-			(70,111	)		234,000		(70,111	)

Corporate and other bonds
Industrial and miscellaneous		5,020,400		-		-			(867,140	)		4,153,260		(867,140	)
Total	$	7,052,541	$	15,935	$	(6,914	)	$	(955,414	)	$	6,106,148	$	(946,393	)

Schedule of Held to Maturity Securities by contractual maturity

	June 30, 2024				December 31, 2023
	Cost or				Cost or
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	-	$	-	$	-	$	-
One to five years		1,121,688		1,087,962		1,121,288		1,097,101
Five to ten years		1,421,173		1,287,630		1,414,911		1,270,770
More than 10 years		4,507,117		3,589,662		4,516,342		3,738,277
Total	$	7,049,978	$	5,965,254	$	7,052,541	$	6,106,148

Schedule of Investment Income

	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Income:
Fixed-maturity securities	$	1,156,591	$	1,319,511	$	2,339,220	$	2,737,220
Equity securities		145,469		176,893		322,638		353,770
Cash and cash equivalents		492,054		39,394		688,191		72,252
Other		39,227		-		39,227		-
Total		1,833,341		1,535,798		3,389,276		3,163,242
Expenses:
Investment expenses		68,745		84,442		121,820		170,394
Net investment income	$	1,764,596	$	1,451,356	$	3,267,456	$	2,992,848

Schedule of net gains on investments

	Three months ended						Six months ended
	June 30,						June 30,
	2024			2023			2024			2023
Realized Losses

Fixed-maturity securities:
Gross realized gains	$	721		$	526		$	805		$	944
Gross realized losses		(5,383	)		(10,907	)		(8,334	)		(13,964	)
		(4,662	)		(10,381	)		(7,529	)		(13,020	)

Equity securities:
Gross realized gains		-			-			5,120			-
Gross realized losses		(328,757	)		-			(423,367	)		-
		(328,757	)		-			(418,247	)		-

Net realized losses		(333,419	)		(10,381	)		(425,776	)		(13,020	)

Unrealized (Losses) Gains

Equity Securities:
Gross gains		-			-			622,874			657,145
Gross losses		(18,848	)		(206,568	)		-			-
		(18,848	)		(206,568	)		622,874			657,145

Other Investments:
Gross gains		118,661			414,091			295,687			777,888
Gross losses		-			-			-			-
		118,661			414,091			295,687			777,888

Net unrealized gains		99,813			207,523			918,561			1,435,033

Net (losses) gains on investments	$	(233,606	)	$	197,142		$	492,785		$	1,422,013

Schedule of Securities with Unrealized Losses

	June 30, 2024
	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

Available-for-Sale Securities:

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	5,979,360		(17,340	)		1	$	5,979,360	$	(17,340	)

Political subdivisions of States, Territories and Possessions		-		-			-		13,169,433		(3,337,986	)		12		13,169,433		(3,337,986	)

Corporate and other bonds industrial and miscellaneous		-		-			-		66,247,579		(5,850,585	)		80		66,247,579		(5,850,585	)

Residential mortgage and other asset backed securities		114,017		(1,377	)		6		37,025,197		(6,881,211	)		39		37,139,214		(6,882,588	)

Total fixed-maturity securities	$	114,017	$	(1,377	)		6	$	122,421,569	$	(16,087,122	)		132	$	122,535,586	$	(16,088,499	)

	December 31, 2023
	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

Available-for-Sale Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	5,974,440	$	(17,373	)		1	$	-		-			-	$	5,974,440	$	(17,373	)

Political subdivisions of States, Territories and Possessions		-		-			-		13,398,552		(3,209,161	)		13		13,398,552		(3,209,161	)

Corporate and other bonds industrial and miscellaneous		-		-			-		70,107,746		(5,885,296	)		85		70,107,746		(5,885,296	)

Residential mortgage and other asset backed securities		88,988		(2,144	)		4		38,675,604		(6,541,731	)		37		38,764,592		(6,543,875	)

Total fixed-maturity securities	$	6,063,428	$	(19,517	)		5	$	122,181,902	$	(15,636,188	)		135	$	128,245,330	$	(15,655,705	)

Fair Value of Financial Instruments and Real Estate (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Reinsurance balances payable	$ 10,481,596	$ 12,837,140
Carrying Value [Member]
Fixed-maturity securities held-to- maturity, Level 1	7,049,978	7,052,541
Fixed-maturity securities available-for-sale, Level 1	106,962,688	91,046,936
Fixed-maturity securities available-for-sale, Level 2	53,984,579	57,873,861
Cash and cash equivalents	12,170,993	8,976,998
Premiums receivable, net	15,176,140	13,604,808
Reinsurance receivables, net	66,315,422	75,593,912
Real estate, net of accumulated depreciation	1,960,106	1,992,529
Reinsurance balances payable	10,481,596	12,837,140
Fair Value [Member]
Fixed-maturity securities held-to- maturity, Level 1	5,965,254	6,106,148
Fixed-maturity securities available-for-sale, Level 1	106,962,688	91,046,936
Fixed-maturity securities available-for-sale, Level 2	53,984,579	57,873,861
Cash and cash equivalents	12,170,993	8,976,998
Premiums receivable, net	15,176,140	13,604,808
Reinsurance receivables, net	66,315,422	75,593,912
Real estate, net of accumulated depreciation	3,540,000	3,540,000
Reinsurance balances payable	$ 10,481,596	$ 12,837,140

Property and Casualty Insurance Activity (Details 2) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) integer
Total incurred claims	$ 567,809
2015
Total incurred claims	23,523
IBNR	$ 285
Cumulative Number of Reported Claims \| integer	2,559
2015 incurred claims	$ 22,340
2016
Total incurred claims	27,328
IBNR	$ 157
Cumulative Number of Reported Claims \| integer	2,882
2015 incurred claims	$ 21,994
2016 incurred claims	26,062
2024
Total incurred claims	30,054
IBNR	$ 9,649
Cumulative Number of Reported Claims \| integer	1,635
2017
Total incurred claims	$ 37,012
IBNR	$ 308
Cumulative Number of Reported Claims \| integer	3,401
2015 incurred claims	$ 22,148
2016 incurred claims	24,941
2017 incurred claims	31,605
2018
Total incurred claims	61,358
IBNR	$ 637
Cumulative Number of Reported Claims \| integer	4,237
2015 incurred claims	$ 22,491
2016 incurred claims	24,789
2017 incurred claims	32,169
2018 incurred claims	54,455
2019
Total incurred claims	73,740
IBNR	$ 1,320
Cumulative Number of Reported Claims \| integer	4,506
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
2020
Total incurred claims	63,659
IBNR	$ 1,060
Cumulative Number of Reported Claims \| integer	5,892
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
2021
Total incurred claims	96,683
IBNR	$ 3,023
Cumulative Number of Reported Claims \| integer	5,824
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
2022
Total incurred claims	79,099
IBNR	$ 5,263
Cumulative Number of Reported Claims \| integer	4,700
2015 incurred claims	$ 23,533
2016 incurred claims	27,352
2017 incurred claims	36,502
2018 incurred claims	61,237
2019 incurred claims	71,964
2020 incurred claims	63,217
2021 incurred claims	96,673
2022 incurred claims	79,835
2023 [Member]
Total incurred claims	75,352
IBNR	$ 13,484
Cumulative Number of Reported Claims \| integer	4,052
2015 incurred claims	$ 23,428
2016 incurred claims	27,271
2017 incurred claims	36,819
2018 incurred claims	61,145
2019 incurred claims	73,310
2020 incurred claims	63,562
2021 incurred claims	96,134
2022 incurred claims	78,759
2023 incurred claims	$ 78,978

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Nature of Business and Basis of Presentation

Nature of Business and Basis of Presentation

Note 1 - Nature of Business and Basis of Presentation

Kingstone Companies, Inc. (referred to herein as "Kingstone" or the “Company” or, on a standalone basis for the parent company only, the “Holding Company”), through its wholly-owned subsidiary, Kingstone Insurance Company (“KICO”), underwrites property and casualty insurance exclusively. KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2023 was the 15th largest writer of homeowners insurance in New York. KICO is also licensed in the states of New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. For the three months ended June 30, 2024 and 2023, 95.9% and 88.6%, respectively, of KICO’s direct written premiums came from the New York policies. For the six months ended June 30, 2024 and 2023, 95.2% and 87.8%, respectively, of KICO’s direct written premiums came from the New York policies. Kingstone, through its wholly owned subsidiary, Cosi Agency, Inc. (“Cosi”), a multi-state licensed general agency, receives commission revenue from KICO for the policies it places with others and pays commissions to these agencies.

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, 2023 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 1, 2024. 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 and six months ended June 30, 2024 may not be indicative of the results that may be expected for the year ending December 31, 2024.

Components of ceded premiums written within prior year net earned premiums in Note 6 were reclassified to conform with an elected change in the prior year presentation during the quarter ended September 30, 2023, by recording ceded written premiums for the 12 months of the contract term at inception, rather than monthly over the contract term, providing a full disclosure of the premiums ceded. The reclassification had no effect on the Company’s previously reported financial condition, results of operations or cash flows.

Accounting Policies (Details Narrative)	Jun. 30, 2024 USD ($)
Accounting Policies
Invested assets and cash	$ 2,716,000
Notes payable	$ 19,950,000

Stockholders Equity (Details 2)	6 Months Ended
Stockholders Equity (Details 2)	Jun. 30, 2024 USD ($) $ / shares shares
Weighted Average Grant Date Fair Value per Share, vested	$ 1.24
Restricted Stock [Member]
Number of options outstanding, Beginning \| shares	550,581
Granted shares \| shares	178,459
Vested shares \| shares	(234,653)
Forfeited shares	$ (1,900)
Number of options outstanding, ending \| shares	492,487
Weighted Average Grant Date Fair Value per Share, beginning balance	$ 3.82
Weighted Average Grant Date Fair Value per Share, granted	2.33
Weighted Average Grant Date Fair Value per Share, vested	1.86
Weighted Average Grant Date Fair Value per Share, forfeited	4.80
Weighted Average Grant Date Fair Value per Share, ending balance	$ 4.21
Aggregate Intrinsic Value , Beginning \| $	$ 2,103,219
Aggregate Fair Value, granted \| $	416,211
Aggregate Fair Value, vested \| $	(436,455)
Aggregate Fair Value, forfeited \| $	(9,120)
Aggregate Intrinsic Value , Ending \| $	$ 2,073,370

Debt (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Debt (Details Narrative) - USD ($)	Dec. 15, 2022	Oct. 27, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Advances limit, description					new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022
Invested assets and cash			$ 2,716,000		$ 2,716,000
Operating expenses			30,781,936	$ 37,283,412	64,742,410	$ 80,214,858
Collateral amount					$ 10,626,000		$ 11,412,000
2022 Notes [Member]
Issue of notes	$ 19,950,000
Issue rate	12.00%
Warrant fair value	$ 993,200
Transaction cost	$ 1,758,112
Debt instrument, yield percentage	13.92%				27.20%		29.90%
Operating expenses	$ 2,500,000
Equipment [Financing]
Total Treasury Bills			6,153,000		$ 6,153,000		$ 6,999,000
Total Treasury securities			11,934,000		11,934,000
Total Rental Rate			647,000		647,000
Rental expense					2,030,036
Sale of fixed assets		$ 8,096,824
Fair value of pledged collateral			12,581,000		$ 12,581,000		11,960,000
Interest rate		5.86%
Finance amount principal		$ 126,877
Purchase of fixed assets		$ 2,024,206
Federal Home Loan Bank of New York [Member]
Description of Advance Limits					Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter.
Maximum allowable advances			$ 12,692,000		$ 12,692,000		$ 12,813,000

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
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, 2023 for further information. The Company’s $19,950,000 Notes Payable (the “2022 Notes”) are due on December 30, 2024. 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), 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 condensed consolidated financial statements are required if management concludes that substantial doubt exists or that 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 on December 30, 2024. Management plans to refinance the 2022 Notes with a new issue of equity securities and/or debt securities that would result in net proceeds in an amount sufficient to satisfy the amounts due under the 2022 Notes. In connection therewith, the Company may utilize investment bankers to serve as underwriters or placement agents for proposed offerings by the Company of its securities (including debt, common and/or preferred securities). The Company, subject to regulatory approval, may receive distributions paid to it by KICO, its insurance subsidiary, that could be utilized to repay a portion of the 2022 Notes. Further, the Company may also use available invested assets and cash to repay a portion of the 2022 Notes. As of June 30, 2024, invested assets and cash of the Holding Company available for such purpose was approximately $2,716,000. 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, and includes the reserves for losses and loss adjustment expense (“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 loss and LAE recoverable under reinsurance contracts and other receivables or payable 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 December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU-2023-09 is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures. 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.

Debt (Details 3)	Jun. 30, 2024 USD ($)
Debt
Remainder of 2024	$ 585,358
2025	1,223,293
2026	1,296,901
2027	1,119,021
Total	4,224,573
2027 purchase price	2,024,206
Total purchase price	$ 6,248,779

Investments (Details 6) - USD ($)	3 Months Ended		6 Months Ended
Investments (Details 6) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net unrealized gains	$ 99,813	$ 207,523	$ 918,561	$ 1,435,033
Net realized losses	(333,419)	(10,381)	(425,776)	(13,020)
Net (losses) gains on investments	(233,606)	197,142	492,785	1,422,013
Unrealized Losses Gains Other Investments [Member]
Gross losses	0	0	0	0
Gross gains	118,661	414,091	295,687	777,888
Total other investments	118,661	414,091	295,687	777,888
Realized Losses Equity securities [Member]
Gross realized gains	0	0	5,120	0
Gross realized losses	(328,757)	0	(423,367)	0
Total equity securities	(328,757)	0	(418,247)	0
Unrealized Gains Equity securities [Member]
Total equity securities	(18,848)	(206,568)	622,874	657,145
Gross gains	0	0	622,874	657,145
Gross losses	(18,848)	(206,568)	0	0
Realized Losses Fixed-maturity securities [Member]
Gross realized gains	721	526	805	944
Gross realized losses	(5,383)	(10,907)	(8,334)	(13,964)
Total fixed-maturity securities	$ (4,662)	$ (10,381)	$ (7,529)	$ (13,020)

Stockholders Equity (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Stockholders Equity (Details Narrative) - USD ($)	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 05, 2024	Dec. 31, 2023	Aug. 05, 2020
Stock based compensation for stock options		$ 53,000	$ 0	$ 106,000	$ 0
Shares reserved for grants		128,037		128,037
Net of estimated forfeitures of approximately				12.00%
Stock based compensation for grants totataling		$ 228,000	$ 212,000	$ 441,000	429,000
Weighted average estimated fair value				$ 1.24
Proceeds from sale				$ 168,190	$ 0
Weighted-average vesting period				2 years 6 months 7 days
Estimated fair value of unamortized compensation		280,000		280,000
Exercise price		$ 1.00		$ 1.00
Closing price of common stock		$ 5.00		$ 5.00
Purchase of aggregate common stock outstanding				969,525
Warrants issued to purchase common stock				969,525
Stock option awards		$ 192,000		$ 192,000
Common stock shares authorized		993,200		993,200
Equity and debt securities registration amount						$ 50,000,000
Common stock shares authorized		20,000,000		20,000,000			20,000,000
Sales Agreement [Member]
Offering price	$ 16,400,000
Common Stock shares sold		56,109
Weighted average price		$ 4.84		$ 4.84
Proceeds from sale		$ 167,629
Remaining capacity to sell additional common stock		$ 16,128,423		$ 16,128,423
10 May 2023 [Member]
Common stock shares authorized		1,900,000		1,900,000
Held-to-Maturity Securities US Treasury Securities [Member]
Common stock shares authorized		700,000		700,000				1,400,000

Earnings (Loss) Per Common Share (Details Narrative) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Earnings (loss) per common share:
Options	107,201	1,072,021

Investments (Details 4) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Amortized cost	$ 7,049,978	$ 7,052,541
Estimated fair value	5,965,254	6,106,148
Less Than One Year [Member]
Amortized cost	0	0
Estimated fair value	0	0
One To Five Years [Member]
Amortized cost	1,121,688	1,121,288
Estimated fair value	1,087,962	1,097,101
Five To Ten Years [Member]
Amortized cost	1,421,173	1,414,911
Estimated fair value	1,287,630	1,270,770
More Than 10 Years [Member]
Amortized cost	4,507,117	4,516,342
Estimated fair value	$ 3,589,662	$ 3,738,277

Employee Benefit Plans (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Deferred compensation liability	$ 901,386		$ 901,386		$ 937,025
Deferred compensation			4.00%
401(k) Plan expenses	66,000	$ 75,000	$ 138,000	$ 159,000
Deferred compensation contribution			The Company matches 100% of each participant’s contribution
Employee Bonus Plan [Member]
Accrued bonus compensation	502,000		$ 584,000
Executive Bonus Plan [Member]
Accrued bonus compensation	$ 116,000		$ 116,000

Property and Casualty Insurance Activity (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended			36 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jan. 01, 2025	Dec. 31, 2023
Advance premiums	$ 4,955,431			$ 4,955,431			$ 3,797,590
Net contingent ceding commissions payable	723,000			723,000			$ 3,302,000
Incurred losses and loss adjustment expenses are net of reinsurance recoveries under reinsurance contracts	9,820,083	$ 23,510,756
Prior year loss development	$ 996,155	$ 19,253
Reinsurance description	The treaty provided 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty
Single risk coverage	$ 9,000,000
Loss in excess coverage description	For the 2021/2023 Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event
Reinstatement of premium protection			$ 10,500,000	50,000,000	$ 12,500,000	$ 400,000
Excess of catastrophe coverage			10,000,000	$ 10,000,000	$ 10,000,000	$ 600,000
Limited retention	$ 1,000,000
Minimum [Member]
Direct loss	3,500,000
Reduces retention	500,000		530,000
Maximum [Member]
Direct loss	9,000,000
Reduces retention	$ 700,000		$ 730,000

Investments (Details 2) - USD ($)	6 Months Ended	12 Months Ended
Investments (Details 2) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Gross unrealized gains	$ 0	$ 15,935
Gross unrealized losses	(26,672)	(6,914)
Estimated fair value	4,192,837	3,897,150
Hedge Funds [Member]
Cost	1,987,040	1,987,040
Gross gains	2,205,797	1,910,110
Estimated fair value	4,192,837	3,897,150
Fixed income exchange traded funds [Member]
Cost	3,711,232	3,711,232
Gross unrealized gains	0
Gross unrealized losses	(775,432)	(669,232)
Estimated fair value	2,935,800	3,042,000
Mutual funds [Member]
Cost	502,252	622,209
Gross unrealized gains	399,134	314,816
Gross unrealized losses	0	0
Estimated fair value	901,386	937,025
FHLBNY common stock [Member]
Cost	66,000	69,400
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Estimated fair value	66,000	69,400
Total [Member]
Cost	14,029,806	17,986,783
Gross unrealized gains	399,134	314,816
Gross unrealized losses	(3,000,702)	(3,539,259)
Estimated fair value	11,428,238	14,762,340
Preferred Stock [Member]
Cost	9,750,322	13,583,942
Gross unrealized gains	0	0
Gross unrealized losses	(2,225,270)	(2,870,027)
Estimated fair value	$ 7,525,052	$ 10,713,915

Property and Casualty Insurance Activity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in unearned premiums [Member]
Direct	$ (2,484,903)	$ 3,244,999	$ (1,813,141)	$ 5,577,883
Assumed	0	0	0	0
Ceded	(8,636,162)	(9,842,677)	(18,583,421)	(15,412,501)
Net	(11,121,065)	(6,597,678)	(20,396,562)	(9,834,618)
Premiums earned [Member]
Direct	51,010,420	50,891,943	101,006,798	100,822,273
Assumed	0	0	0	0
Ceded	(20,706,808)	(21,383,747)	(41,883,284)	(43,059,124)
Net	30,303,612	29,508,196	59,123,514	57,763,149
Premiums written Member
Direct	53,495,323	47,646,944	102,819,939	95,244,390
Assumed	0	0	0	0
Ceded	(12,070,646)	(11,541,070)	(23,299,863)	(27,646,623)
Net	$ 41,424,677	$ 36,105,874	$ 79,520,076	$ 67,597,767