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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 09, 2019
Document And Entity Information
Entity Registrant Name	KINGSTONE COMPANIES, INC.
Entity Central Index Key	0000033992
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		10,769,372
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $4,076,611 at March 31, 2019 and $4,426,416 at December 31, 2018)	$ 3,824,620	$ 4,222,855
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $159,919,750 at March 31, 2019 and $155,431,261 at December 31, 2018)	160,477,152	151,777,516
Equity securities, at fair value (cost of $19,646,481 at March 31, 2019 and $18,305,986 at December 31, 2018)	19,663,987	16,572,616
Other investments	2,147,945	1,855,225
Total investments	186,113,704	174,428,212
Cash and cash equivalents	15,764,480	21,138,403
Premiums receivable, net	14,211,748	13,961,599
Reinsurance receivables, net	26,157,637	26,367,115
Deferred policy acquisition costs	18,154,281	17,907,737
Intangible assets, net	585,000	670,000
Property and equipment, net	6,875,934	6,056,929
Deferred income taxes, net	0	354,233
Other assets	9,525,151	5,867,850
Total assets	277,387,935	266,752,078
Liabilities
Loss and loss adjustment expense reserves	69,110,271	56,197,106
Unearned premiums	79,660,003	79,032,131
Advance premiums	3,064,413	2,107,629
Reinsurance balances payable	1,201,931	1,933,376
Deferred ceding commission revenue	2,745,387	2,686,677
Accounts payable, accrued expenses and other liabilities	7,450,822	6,819,231
Income taxes payable	0	15,035
Deferred income taxes, net	1,040,641	0
Long-term debt, net	29,339,296	29,295,251
Total liabilities	193,612,764	178,086,436
Commitments and Contingencies
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 11,796,188 shares at March 31, 2019 and 11,775,148 at December 31, 2018; outstanding 10,768,349 shares at March 31, 2019 and 10,747,709 shares at December 31, 2018	117,962	117,751
Capital in excess of par	67,957,604	67,763,940
Accumulated other comprehensive income (loss)	442,493	(2,884,313)
Retained earnings	17,969,664	26,380,816
Total	86,487,723	91,378,194
Treasury stock, at cost, 1,027,439 shares at March 31, 2019 and at December 31, 2018	(2,712,552)	(2,712,552)
Total stockholders' equity	83,775,171	88,665,642
Total liabilities and stockholders' equity	$ 277,387,935	$ 266,752,078

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fixed-maturity securities, held-to-maturity, fair value	$ 4,076,611	$ 4,426,416
Fixed-maturity securities, available-for-sale, amortized cost	159,919,750	155,431,261
Equity securities, available-for-sale, cost	$ 19,646,481	$ 18,305,986
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	11,796,188	11,775,148
Common stock, outstanding shares	10,768,749	10,747,709
Treasury stock, Shares	1,027,439	1,027,439

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Net premiums earned	$ 29,595,889	$ 22,837,617
Ceding commission revenue	1,277,683	1,695,158
Net investment income	1,623,712	1,383,989
Net gains (losses) on investments	2,035,363	(523,127)
Other income	365,901	308,233
Total revenues	34,898,548	25,701,870
Expenses
Loss and loss adjustment expenses	29,134,224	17,266,330
Commission expense	6,853,416	5,799,948
Other underwriting expenses	6,135,991	5,031,503
Other operating expenses	971,172	246,858
Depreciation and amortization	602,332	409,431
Interest expense	456,545	456,545
Total expenses	44,153,680	29,210,615
Loss from operations before income taxes	(9,255,132)	(3,508,745)
Income tax benefit	(1,919,942)	(790,811)
Net loss	(7,335,190)	(2,717,934)
Other comprehensive (loss) income, net of tax
Gross change in unrealized gains (losses) on available-for-sale-securities	4,188,716	(2,873,479)
Reclassification adjustment for losses included in net income	22,431	243,773
Net change in unrealized gains (losses)	4,211,147	(2,629,706)
Income tax (expense) benefit related to items of other comprehensive (loss) income	(884,341)	552,238
Other comprehensive (loss) income, net of tax	3,326,806	(2,077,468)
Comprehensive loss	$ (4,008,384)	$ (4,795,402)
Loss per common share:
Basic	$ (0.68)	$ (0.25)
Diluted	$ (0.68)	$ (0.25)
Weighted average common shares outstanding
Basic	10,757,843	10,669,992
Diluted	10,757,843	10,669,992
Dividends declared and paid per common share	$ .1000	$ 0.1000

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock	Common Stock	Capital in Excess of Par	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Total
Beginning Balance, Shares at Dec. 31, 2017	0	11,618,646				986,809
Beginning Balance, Amount at Dec. 31, 2017	$ 0	$ 116,186	$ 68,380,390	$ 1,100,647	$ 27,152,822	$ (2,172,299)	$ 94,577,746
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018				(414,242)	414,242		0
Beginning Balance, Shares, as adjusted	0	11,618,646				986,809
Beginning Balance, Amount, as adjusted	$ 0	$ 116,186	68,380,390	686,405	27,567,064	$ (2,172,299)	94,577,746
Stock-based compensation			108,368				108,368
Shares deducted from exercise of stock options for payment of withholding taxes, Shares		(15,750)
Shares deducted from exercise of stock options for payment of withholding taxes, Amount		$ (158)	(341,612)				(341,770)
Vesting of restricted stock awards, Shares		7,180
Vesting of restricted stock awards, Amount		$ 72	(72)				0
Shares deducted from restricted stock awards for payment of withholding taxes, Shares		(618)
Shares deducted from restricted stock awards for payment of withholding taxes, Amount		$ (9)	(12,205)				(12,214)
Exercise of stock options, Shares		69,876
Exercise of stock options, Amount		$ 702	28,875				29,577
Acquisition of treasury stock, Shares						25,860
Acquisition of treasury stock, Amount						$ (366,894)	(366,894)
Dividends					(1,068,375)		(1,068,375)
Net loss					(2,717,934)		(2,717,934)
Change in unrealized losses on available-for-sale securities, net of tax				(2,077,468)			(2,077,468)
Ending Balance, Shares at Mar. 31, 2018	0	11,679,334				1,012,669
Ending Balance, Amount at Mar. 31, 2018	$ 0	$ 116,793	68,163,744	(1,391,063)	23,780,755	$ (2,509,193)	88,161,036
Beginning Balance, Shares at Dec. 31, 2018	0	11,775,148				1,027,439
Beginning Balance, Amount at Dec. 31, 2018	$ 0	$ 117,751	67,763,940	(2,884,313)	26,380,816	$ (2,712,552)	88,665,642
Stock-based compensation			309,882				309,882
Vesting of restricted stock awards, Shares		27,593
Vesting of restricted stock awards, Amount		$ 275	(275)				0
Shares deducted from restricted stock awards for payment of withholding taxes, Shares		(6,553)
Shares deducted from restricted stock awards for payment of withholding taxes, Amount		$ (64)	(115,943)				(116,007)
Dividends					(1,075,962)		(1,075,962)
Net loss					(7,335,190)		(7,335,190)
Change in unrealized losses on available-for-sale securities, net of tax				3,326,806			3,326,806
Ending Balance, Shares at Mar. 31, 2019	0	11,796,188				1,027,439
Ending Balance, Amount at Mar. 31, 2019	$ 0	$ 117,962	$ 67,957,604	$ 442,493	$ 17,969,664	$ (2,712,552)	$ 83,775,171

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (7,335,190)	$ (2,717,934)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Net (gains) losses on sale of investments	25,192	243,773
Net unrealized (gains) losses of equity investments	(1,767,835)	307,214
Net unrealized (gains) losses of other investments	(292,720)	(27,860)
Depreciation and amortization	602,332	409,431
Amortization of bond premium, net	118,568	118,841
Amortization of discount and issuance costs on long-term debt	44,045	36,151
Stock-based compensation	309,882	108,368
Deferred income tax expense	510,533	28,927
(Increase) decrease in operating assets:
Premiums receivable, net	(250,149)	151,824
Reinsurance receivables, net	209,478	(3,376,350)
Deferred policy acquisition costs	(246,544)	(282,977)
Other assets	(3,666,830)	(1,386,512)
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	12,913,165	7,472,491
Unearned premiums	627,872	1,006,969
Advance premiums	956,784	738,910
Reinsurance balances payable	(731,445)	453,768
Deferred ceding commission revenue	58,710	81,400
Accounts payable, accrued expenses and other liabilities	616,556	(2,986,061)
Net cash flows provided by operating activities	2,702,404	380,373
Cash flows from investing activities:
Purchase - fixed-maturity securities available-for-sale	(6,094,835)	(20,018,600)
Purchase - equity securities	(1,604,615)	(6,004,614)
Sale and redemption - fixed-maturity securities held-to-maturity	400,000	0
Sale or maturity - fixed-maturity securities available-for-sale	1,505,382	7,891,145
Sale - equity securities	246,047	3,378,515
Acquisition of property and equipment	(1,048,604)	(684,609)
Other investing activities	(287,733)	0
Net cash flows used in investing activities	(6,884,358)	(15,438,163)
Cash flows from financing activities:
Proceeds from exercise of stock options	0	29,577
Withholding taxes paid on net exercise of stock options	0	(341,770)
Withholding taxes paid on vested retricted stock awards	(116,007)	(12,214)
Purchase of treasury stock	0	(336,894)
Dividends paid	(1,075,962)	(1,068,375)
Net cash flows used in financing activities	(1,191,969)	(1,729,676)
Decrease in cash and cash equivalents	(5,373,923)	(16,787,466)
Cash and cash equivalents, beginning of period	21,138,403	48,381,633
Cash and cash equivalents, end of period	15,764,480	31,594,167
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

1. Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. Nature of Business and Basis of Presentation

Kingstone Companies, Inc. (referred to herein as "Kingstone" or the “Company”), through its wholly owned subsidiary, Kingstone Insurance Company (“KICO”), underwrites property and casualty insurance to small businesses and individuals exclusively through agents and brokers. KICO is a licensed insurance company in the States of New York, New Jersey, Rhode Island, Massachusetts, Pennsylvania, Connecticut, Maine and New Hampshire. KICO is currently offering its property and casualty insurance products in New York, New Jersey, Rhode Island, Massachusetts, Connecticut and Pennsylvania. Although New Jersey, Rhode Island, Massachusetts and Connecticut are now growing expansion markets for the Company, 91.4% and 97.2% of KICO’s direct written premiums for the three months ended March 31, 2019 and 2018, respectively, came from the New York policies.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q and Article 10 of SEC Regulation S-X. The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles 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, 2018 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2019. 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 statement of the Company’s financial position and results of operations. The results of operations for the three months ended March 31, 2019 may not be indicative of the results that may be expected for the year ending December 31, 2019.

2. Accounting Policies

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

2. Accounting Policies

Use of Estimates

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

Principles of Consolidation

The condensed consolidated financial statements consist of Kingstone and its wholly owned subsidiaries, as well as 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. All significant inter-company account balances and transactions have been eliminated in consolidation.

Accounting Changes

In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. This final rule was effective on November 5, 2018. The Company adopted the provisions of this Release effective January 1, 2019, and included the required presentation of changes in stockholders’ equity for the three months ended March 31, 2019 and 2018.

In February 2016, the FASB issued ASU 2016-02 – Leases (Topic 842) (“ASU 2016-02”). Under this ASU, the Company recognized a right-of-use-asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability has been measured at the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the Company’s incremental borrowing rate. The Company adopted ASU 2016-02 effective January 1, 2019 using the cumulative effect adjustment transition method, which applies the provision of the standard at the effective date without adjusting the comparative periods presented. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $855,000 as part of other assets and a lease liability of $855,000 as part of accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheet. The right-of use-asset is amortized as rent expense on a straight line basis. The adoption of this ASU did not have a material effect on the Company's results of operations or liquidity.

Accounting Pronouncements

In June 2016, FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The revised accounting guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses of available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements.

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

3. Investments

3 Months Ended

Mar. 31, 2019

Investments [Abstract]

3. Investments

Fixed-Maturity Securities

The amortized cost, estimated fair value, and unrealized gains and losses of investments in fixed-maturity securities classified as available-for-sale as of March 31, 2019 and December 31, 2018 are summarized as follows:

	March 31, 2019
	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than 12			More than 12			Fair		Unrealized
Category	Cost		Gains		Months			Months			Value		Gains/(Losses)

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	8,229,100	$	70,628	$	-		$	(9,784	)	$	8,289,944	$	60,844

Political subdivisions of States,
Territories and Possessions		5,688,302		117,032		-			(6,230	)		5,799,104		110,802

Corporate and other bonds
Industrial and miscellaneous		124,354,135		1,368,129		(57,955	)		(710,936	)		124,953,373		599,238

Residential mortgage and other
asset backed securities (1)		21,648,213		271,364		(95,026	)		(389,820	)		21,434,731		(213,482	)
Total	$	159,919,750	$	1,827,153	$	(152,981	)	$	(1,116,770	)	$	160,477,152	$	557,402

(1)

In 2017, KICO 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). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHBLNY credit line. As of March 31, 2019, the estimated fair value of the eligible investments was approximately $5,553,000. KICO will retain all rights regarding all securities if pledged as collateral. As of March 31, 2019, there was no outstanding balance on the FHLBNY credit line.

	December 31, 2018
	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than 12			More than 12			Fair		Unrealized
Category	Cost		Gains		Months			Months			Value		Gains/(Losses)

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	8,222,050	$	26,331	$	(28,000	)	$	-		$	8,220,381	$	(1,669	)

Political subdivisions of States,
Territories and Possessions		6,339,540		50,903		(12,327	)		(36,508	)		6,341,608		2,068

Corporate and other bonds
Industrial and miscellaneous		119,078,698		123,740		(2,775,540	)		(676,605	)		115,750,293		(3,328,405	)

Residential mortgage and other
asset backed securities (1)		21,790,973		236,502		(231,229	)		(331,012	)		21,465,234		(325,739	)
Total	$	155,431,261	$	437,476	$	(3,047,096	)	$	(1,044,125	)	$	151,777,516	$	(3,653,745	)

(1)

In 2017, KICO placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the FHLBNY (see Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHBLNY credit line. As of December 31, 2018, the estimated fair value of the eligible investments was approximately $5,116,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2018, 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 March 31, 2019 and December 31, 2018 is shown below:

	March 31, 2019				December 31, 2018
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	14,232,940	$	14,242,115	$	6,742,519	$	6,738,014
One to five years		43,224,501		43,505,313		47,038,838		46,640,012
Five to ten years		77,839,224		78,416,804		76,884,505		74,290,076
More than 10 years		2,974,872		2,878,189		2,974,426		2,644,180
Residential mortgage and other asset backed securities		21,648,213		21,434,731		21,790,973		21,465,234
Total	$	159,919,750	$	160,477,152	$	155,431,261	$	151,777,516

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

Equity Securities

The cost, estimated fair value, and gross gains and losses of investments in equity securities as of March 31, 2019 and December 31, 2018 are as follows:

	March 31, 2019
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	7,882,618	$	109,135	$	(101,961	)	$	7,889,792
Common stocks and exchange
traded mutual funds		11,763,863		679,795		(669,463	)		11,774,195
Total	$	19,646,481	$	788,930	$	(771,424	)	$	19,663,987

	December 31, 2018
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	6,694,754	$	-	$	(541,798	)	$	6,152,956
Common stocks and exchange
traded mutual funds		11,611,232		99,817		(1,291,389	)		10,419,660
Total	$	18,305,986	$	99,817	$	(1,833,187	)	$	16,572,616

Other Investments

The cost, estimated fair value, and gross gains of the Company’s other investments as of March 31, 2019 and December 31, 2018 are as follows:

	March 31, 2019						December 31, 2018
			Gross		Estimated					Gross			Estimated
Category	Cost		Gains		Fair Value			Cost		Gains			Fair Value

Other Investments:
Hedge fund	$	1,999,381	$	148,564	$	2,147,945		$	1,999,381	$	(144,156	)	$	1,855,225
Total	$	1,999,381	$	148,564	$	2,147,945		$	1,999,381	$	(144,156	)	$	1,855,225

Held-to-Maturity Securities

The amortized cost, estimated fair value, and unrealized gains and losses of investments in held-to-maturity fixed-maturity securities as of March 31, 2019 and December 31, 2018 are summarized as follows:

	March 31, 2019

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

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,517	$	147,522	$	(1,177	)	$	-		$	875,862	$	146,345

Political subdivisions of States,
Territories and Possessions		998,759		45,676		-			-			1,044,435		45,676

Corporate and other bonds
Industrial and miscellaneous		2,096,344		65,540		-			(5,570	)		2,156,314		59,970

Total	$	3,824,620	$	258,738	$	(1,177	)	$	(5,570	)	$	4,076,611	$	251,991

	December 31, 2018

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

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,507	$	147,532	$	(3,964	)	$	-		$	873,075	$	143,568

Political subdivisions of States,
Territories and Possessions		998,803		33,862		-			-			1,032,665		33,862

Corporate and other bonds
Industrial and miscellaneous		2,494,545		38,461		(1,425	)		(10,905	)		2,520,676		26,131

Total	$	4,222,855	$	219,855	$	(5,389	)	$	(10,905	)	$	4,426,416	$	203,561

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

A summary of the amortized cost and estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of March 31, 2019 and December 31, 2018 is shown below:

	March 31, 2019				December 31, 2018
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	-	$	-	$	-	$	-
One to five years	$	2,598,323	$	2,676,159		2,996,685		3,036,531
Five to ten years	$	619,780	$	646,413		619,663		635,846
More than 10 years	$	606,517	$	754,039		606,507		754,039
Total	$	3,824,620	$	4,076,611	$	4,222,855	$	4,426,416

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

Investment Income

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

	Three months ended
	March 31,
	2019		2018

Income:
Fixed-maturity securities	$	1,526,870	$	1,150,293
Equity securities		207,144		200,497
Cash and cash equivalents		40,401		73,259
Total		1,774,415		1,424,049
Expenses:
Investment expenses		150,703		40,060
Net investment income	$	1,623,712	$	1,383,989

Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity were $400,000 and $-0- for the three months ended March 31, 2019 and 2018, respectively.

Proceeds from the sale or maturity of fixed-maturity securities available-for-sale were $1,505,382 and $7,891,145 for the three months ended March 31, 2019 and 2018, respectively.

Proceeds from the sale of equity securities were $246,047 and $3,378,515 for the three months ended March 31, 2019 and 2018, respectively.

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

	Three months ended
	March 31,
	2019			2018
Realized Losses

Fixed-maturity securities:
Gross realized gains	$	6,002		$	117,469
Gross realized losses		(28,433	)		(334,969	)
		(22,431	)		(217,500	)

Equity securities:
Gross realized gains		3,200			210,558
Gross realized losses		(5,961	)		(236,831	)
		(2,761	)		(26,273	)

Net realized losses		(25,192	)		(243,773	)

Unrealized Gains (Losses)

Equity securities:
Gross gains		1,767,835			-
Gross losses		-			(307,214	)
		1,767,835			(307,214	)

Other investments:
Gross gains		292,720			27,860
Gross losses		-			-
		292,720			27,860

Net unrealized gains (losses)		2,060,555			(279,354	)

Net gains (losses) on investments	$	2,035,363		$	(523,127	)

Impairment Review

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

OTTI losses are recorded in the condensed consolidated statements of operations and comprehensive loss as net realized losses on investments and result in a permanent reduction of the cost basis of the underlying investment. The determination of OTTI is a subjective process and different judgments and assumptions could affect the timing of loss realization. At March 31, 2019 and December 31, 2018, there were 94 and 156 fixed-maturity securities, respectively that accounted for the gross unrealized loss. The Company determined that none of the other unrealized losses were deemed to be OTTI for its portfolio of investments for the three months ended March 31, 2019 and 2018. Significant factors influencing the Company’s determination that unrealized losses were temporary included the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and management’s intent and ability to retain the investment for a period of time sufficient to allow for an anticipated recovery of estimated fair value to the Company’s cost basis.

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at March 31, 2019 as follows:

	March 31, 2019
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	3,972,480		(9,784	)		2	$	3,972,480	$	(9,784	)

Political subdivisions of States, Territories and Possessions		-		-			-		825,878		(6,230	)		2		825,878		(6,230	)

Corporate and other bonds industrial and miscellaneous		9,045,064		(57,955	)		11		40,520,044		(710,936	)		52		49,565,108		(768,891	)

Residential mortgage and other asset backed securities		2,666,892		(95,026	)		4		15,432,106		(389,820	)		23		18,098,998		(484,846	)

Total fixed-maturity securities	$	11,711,956	$	(152,981	)		15	$	60,750,508	$	(1,116,770	)		79	$	72,462,464	$	(1,269,751	)

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2018 as follows:

	December 31, 2018
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	4,948,530	$	(28,000	)		3	$	-	$	-			-	$	4,948,530	$	(28,000	)

Political subdivisions of States, Territories and Possessions		555,375		(12,327	)		1		1,436,242		(36,508	)		3		1,991,617		(48,835	)

Corporate and other bonds industrial and miscellaneous		81,004,459		(2,775,540	)		97		13,424,888		(676,605	)		24		94,429,347		(3,452,145	)

Residential mortgage and other asset backed securities		7,002,713		(231,229	)		9		11,928,425		(331,012	)		19		18,931,138		(562,241	)

Total fixed-maturity securities	$	93,511,077	$	(3,047,096	)		110	$	26,789,555	$	(1,044,125	)		46	$	120,300,632	$	(4,091,221	)

4. Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

4. Fair Value Measurements

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation technique used by the Company to fair value its financial instruments is the market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded, including during period of market disruption, and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy and those investments included in each are as follows:

Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Included are those investments traded on an active exchange, such as the Nasdaq Global Select Market, U.S. Treasury securities and obligations of U.S. government agencies, together with corporate debt securities that are generally investment grade.

Level 2—Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Municipal and corporate bonds, and residential mortgage-backed securities, that are traded in less active markets are classified as Level 2. These securities are valued using market price quotations for recently executed transactions.

Level 3—Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. Material assumptions and factors considered in pricing investment securities and other assets may include appraisals, projected cash flows, market clearing activity or liquidity circumstances in the security or similar securities that may have occurred since the prior pricing period.

The availability of observable inputs varies and is affected by a wide variety of factors. When the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. The degree of judgment exercised by management in determining fair value is greatest for investments categorized as Level 3. For investments in this category, the Company considers prices and inputs that are current as of the measurement date. In periods of market dislocation, as characterized by current market conditions, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause a security to be reclassified between levels.

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	March 31, 2019
	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	$	8,289,944	$	-	$	-	$	8,289,944

Political subdivisions of States, Territories and Possessions		-		5,799,104		-		5,799,104

Corporate and other bonds industrial and miscellaneous		121,238,077		3,715,296		-		124,953,373

Residential mortgage backed securities		-		21,434,731		-		21,434,731
Total fixed maturities		129,528,021		30,949,131		-		160,477,152
Equity securities		19,663,987		-		-		19,663,987
Total investments	$	149,192,008	$	30,949,131	$	-	$	180,141,139

	December 31, 2018
	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	$	8,220,381	$	-	$	-	$	8,220,381

Political subdivisions of States, Territories and Possessions		-		6,341,608		-		6,341,608

Corporate and other bonds industrial and miscellaneous		112,076,270		3,674,023		-		115,750,293

Residential mortgage backed securities		-		21,465,234		-		21,465,234
Total fixed maturities		120,296,651		31,480,865		-		151,777,516
Equity securities		16,572,616		-		-		16,572,616
Total investments	$	136,869,267	$	31,480,865	$	-	$	168,350,132

Pursuant to ASC 820 “Fair Value Measurement,” an entity is permitted, as a practical expedient, to estimate the fair value of an investment within the scope of ASC 820 using the net asset value (“NAV”) per share of the investment. The following table sets forth the Company’s investment in a hedge fund investment measured at NAV per share as of March 31, 2019 and December 31, 2018. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category	March 31, 2019		December 31, 2018
Other Investments:
Hedge fund	$	2,147,945	$	1,855,225
Total	$	2,147,945	$	1,855,225

The 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. Revenue is earned based upon the Company’s allocated share of the partnership's changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive loss within net gains (losses) on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s long-term debt as of March 31, 2019 and December 31, 2018 not measured at fair value is as follows:

	March 31, 2019
	Level 1		Level 2		Level 3		Total
Long-term debt

Senior Notes due 2022	$	-	$	28,485,329	$	-	$	28,485,329

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Long-term debt

Senior Notes due 2022	$	-	$	28,521,734	$	-	$	28,521,734

- Definition

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

+ References + Details

5. Fair Value of Financial Instruments and Real Estate

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

5. Fair Value of Financial Instruments and Real Estate

The Company uses the following methods and assumptions in estimating the fair value of financial instruments and real estate:

Equity securities, available-for-sale fixed income securities, and other investments: Fair value disclosures for these investments are included in “Note 3 - Investments” and “Note 4 – Fair Value Measurements”.

Cash and cash equivalents: The carrying values of cash and cash equivalents approximate their fair values because of the short-term nature of these instruments.

Premiums receivable and reinsurance receivables: The carrying values reported in the condensed consolidated balance sheets for these financial instruments approximate their fair values due to the short-term nature of the assets.

Real estate: The fair value of the land and building included in property and equipment, which is used in the Company’s operations, approximates the carrying value. The fair value was based on an appraisal prepared using the sales comparison approach, and accordingly the real estate is a Level 3 asset under the fair value hierarchy.

Reinsurance balances payable: The carrying value reported in the condensed consolidated balance sheets for these financial instruments approximates fair value.

Long-term debt: The estimated fair value of long-term debt is based on observable market interest rates when available. When observable market interest rates were not available, the estimated fair values of debt were based on observable market interest rates of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements.

The estimated fair values of the Company’s financial instruments and real estate as of March 31, 2019 and December 31, 2018 are as follows:

	March 31, 2019				December 31, 2018
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value

Fixed-maturity securities-held-to maturity	$	3,824,620	$	4,076,611	$	4,222,855	$	4,426,416
Cash and cash equivalents	$	15,764,480	$	15,764,480	$	21,138,403	$	21,138,403
Premiums receivable, net	$	14,211,748	$	14,211,748	$	13,961,599	$	13,961,599
Reinsurance receivables, net	$	26,157,637	$	26,157,637	$	26,367,115	$	26,367,115
Real estate, net of accumulated depreciation	$	2,285,933	$	2,705,000	$	2,300,827	$	2,705,000
Reinsurance balances payable	$	1,201,931	$	1,201,931	$	1,933,376	$	1,933,376
Long-term debt, net	$	29,339,296	$	28,485,329	$	29,295,251	$	28,521,734

6. Property and Casualty Insurance Activity

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

6. Property and Casualty Insurance Activity

Premiums Earned

Premiums written, ceded and earned are as follows:

	Direct			Assumed			Ceded			Net

Three months ended March 31, 2019
Premiums written	$	37,488,548		$	(34	)	$	(7,127,909	)	$	30,360,605
Change in unearned premiums		(628,067	)		195			(136,844	)		(764,716	)
Premiums earned	$	36,860,481		$	161		$	(7,264,753	)	$	29,595,889

Three months ended March 31, 2018
Premiums written	$	31,526,283		$	336		$	(7,826,235	)	$	23,700,384
Change in unearned premiums		(1,008,869	)		1,901			144,201			(862,767	)
Premiums earned	$	30,517,414		$	2,237		$	(7,682,034	)	$	22,837,617

Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of March 31, 2019 and December 31, 2018 was $3,064,413 and $2,107,629, respectively.

Loss and Loss Adjustment Expense Reserves

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

	Three months ended
	March 31,
	2019			2018

Balance at beginning of period	$	56,197,106		$	48,799,622
Less reinsurance recoverables		(15,671,247	)		(16,748,908	)
Net balance, beginning of period		40,525,859			32,050,714

Incurred related to:
Current year		24,655,975			17,367,560
Prior years		4,478,249			(101,230	)
Total incurred		29,134,224			17,266,330

Paid related to:
Current year		7,731,086			5,971,788
Prior years		8,405,440			6,495,154
Total paid		16,136,526			12,466,942

Net balance at end of period		53,523,557			36,850,102
Add reinsurance recoverables		15,586,714			19,422,011
Balance at end of period	$	69,110,271		$	56,272,113

Incurred losses and LAE are net of reinsurance recoveries under reinsurance contracts of $3,135,894 and $5,612,056 for the three months ended March 31, 2019 and 2018, respectively.

Prior year incurred loss and LAE development is based upon estimates by line of business and accident year. Prior year loss and LAE development incurred during the three months ended March 31, 2019 and 2018 was $4,478,249 unfavorable and $(101,230), favorable, respectively. During the three months ended March 31, 2019, the Company increased case reserves for certain older open liability claims, which primarily affected the ultimate loss projections for commercial lines business. The Company’s management continually monitors claims activity to assess the appropriateness of carried case and incurred but not reported (“IBNR”) reserves, giving consideration to Company and industry trends.

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 claims’ 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 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 also 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.

Management’s best estimate of required reserves is generally based on an average of the methods above, with appropriate weighting of the various 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.

Two 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 described above, and the loss development factor selections used in the loss development methods 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 Company is not aware of any claim trends that have emerged or that would cause future adverse development that have not already been considered in existing case reserves and in its current loss development factors.

In New York State, lawsuits for negligence are subject to certain limitations and must be commenced within three years from the date of the accident or are otherwise barred. Accordingly, the Company’s exposure to unreported claims (“pure” IBNR) for accident dates of March 31, 2016 and prior is limited, although there remains the possibility of adverse development on reported claims (“case development” IBNR). In certain rare circumstances states have retroactively revised a statute of limitations. The Company is not aware of any such effort that would have a material impact on the Company’s results.

The following is information about incurred and paid claims development as of March 31, 2019, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of March 31, 2019 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, 2010 to December 31, 2018 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										March 31, 2019
	For the Years Ended December 31,									Three Months Ended March 31,	IBNR	Cumulative Number of Reported Claims by Accident Year
Accident Year	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	IBNR	Cumulative Number of Reported Claims by Accident Year
	(Unaudited 2010 - 2018)									(Unaudited)

2010	$5,598	$5,707	$6,429	$6,623	$6,912	$6,853	$6,838	$6,840	$6,787	$ 6,787	$ -	1,617
2011		7,603	7,678	8,618	9,440	9,198	9,066	9,144	9,171	9,175	-	1,914
2012			9,539	9,344	10,278	10,382	10,582	10,790	10,791	10,831	1	4,704	(1)
2013				10,728	9,745	9,424	9,621	10,061	10,089	10,068	35	1,560
2014					14,193	14,260	14,218	14,564	15,023	15,925	261	2,132
2015						22,340	21,994	22,148	22,491	22,598	497	2,553
2016							26,062	24,941	24,789	25,658	1,188	2,867
2017								31,605	32,169	33,597	2,920	3,350
2018									54,455	55,591	7,322	4,090
2019										23,359	8,904	962
									Total	$ 213,589
(1) Reported claims for accident year 2012 includes 3,406 claims from Superstorm Sandy.

All Lines of Business

(in thousands, except reported claims data)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,									Three Months Ended March 31,
Accident Year	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
	(Unaudited 2010 - 2018)									(Unaudited)

2009	$2,566	$3,947	$4,972	$5,602	$6,323	$6,576	$6,720	$6,772	$6,780	$ 6,780
2010		3,740	5,117	6,228	7,170	8,139	8,540	8,702	8,727	8,733
2011			3,950	5,770	7,127	8,196	9,187	10,236	10,323	10,412
2012				3,405	5,303	6,633	7,591	8,407	9,056	9,155
2013					5,710	9,429	10,738	11,770	13,819	13,860
2014						12,295	16,181	18,266	19,984	20,193
2015							15,364	19,001	21,106	21,306
2016								16,704	24,820	25,426
2017									32,383	39,136
2018										7,320
									Total	$ 162,321

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented										$ 51,268
All outstanding liabilities before 2009, net of reinsurance										108
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance										$ 51,376

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

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

	As of
*(in thousands)*	March 31, 2019
Liabilities for loss and loss adjustment expenses, net of reinsurance	$	51,376
Total reinsurance recoverable on unpaid losses		15,587
Unallocated loss adjustment expenses		2,147
Total gross liability for loss and LAE reserves	$	69,110

Reinsurance

The Company’s quota share reinsurance treaties are on a July 1 through June 30 fiscal year basis; therefore, for year to date fiscal periods after June 30, two separate treaties will be included in such periods.

The Company’s quota share reinsurance treaties in effect for the three months ended March 31, 2019 and 2018 for its personal lines business, which primarily consists of homeowners’ policies, were covered under a treaty covering a two-year period from July 1, 2017 through June 30, 2019 (“2017-2019 Treaty”). The treaty in effect for the three months ended March 31, 2019 is covered under the July 1, 2018 through June 30, 2019 treaty year (“2018/2019 Treaty Year”) and the treaty in effect for the three months ended March 31, 2018 was covered under the July 1, 2017 through June 30, 2018 treaty year (“2017/2018 Treaty Year”).

In August 2018, the Company terminated its contract with one of the reinsurers that was a party to the 2017/2019 Treaty. This termination was retroactive to July 1, 2018 and had the effect of reducing the quota share ceding rate to 10% under the 2018/2019 Treaty Year from 20% under the 2017/2018 Treaty Year.

The Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2018. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows:

	Treaty Year
	July 1, 2018	July 1, 2017	July 1, 2016
	to	to	to
Line of Busines	June 30, 2019	June 30, 2018	June 30, 2017

Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded	10%	20%	40%
Risk retained	$ 900,000	$ 800,000	$ 500,000
Losses per occurrence subject to quota share reinsurance coverage	$ 1,000,000	$ 1,000,000	$ 833,333
Excess of loss coverage and facultative facility above quota share coverage (1)	$ 9,000,000	$ 9,000,000	$ 3,666,667
	in excess of	in excess of	in excess of
	$ 1,000,000	$ 1,000,000	$ 833,333
Total reinsurance coverage per occurrence	$ 9,100,000	$ 9,200,000	$ 4,000,000
Losses per occurrence subject to reinsurance coverage	$ 10,000,000	$ 10,000,000	$ 4,500,000
Expiration date	June 30, 2019	June 30, 2019	June 30, 2017

Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage	90%	90%	90%
Percent ceded - excess of $1,000,000 dollars of coverage	100%	100%	100%
Risk retained	$ 100,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	$ 4,900,000	$ 4,900,000	$ 4,900,000
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	June 30, 2019	June 30, 2018	June 30, 2017

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

Commercial Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage	90%	90%	90%
Percent ceded - excess of $1,000,000 of coverage	100%	100%	100%
Risk retained	$ 100,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	$ 4,900,000	$ 4,900,000	$ 4,900,000
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	June 30, 2019	June 30, 2018	June 30, 2017

Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty	$ 5,000,000	$ 5,000,000	$ 5,000,000
Risk retained per catastrophe occurrence (2)	$ 4,500,000	$ 4,000,000	$ 3,000,000
Catastrophe loss coverage in excess of quota share coverage (3) (4)	$ 445,000,000	$ 315,000,000	$ 247,000,000
Reinstatement premium protection (5)	Yes	Yes	Yes

(1)	For personal lines, the 2017/2019 Treaty includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $10,000,000 in total insured value, which covers direct losses from $3,500,000 to $10,000,000.

(2)	Plus losses in excess of catastrophe coverage.

(3)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Effective July 1, 2016, the duration of a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone was extended to 168 consecutive hours from 120 consecutive hours.

(4)	Effective July 1, 2018, the top $50,000,000 layer of catastrophe reinsurance coverage has a two-year term expiring on June 30, 2020.

(5)	Effective July 1, 2016, reinstatement premium protection for $20,000,000 of catastrophe coverage in excess of $5,000,000.

Effective July 1, 2017, reinstatement premium protection for $145,000,000 of catastrophe coverage in excess of $5,000,000.

Effective July 1, 2018, reinstatement premium protection for $210,000,000 of catastrophe coverage in excess of $5,000,000.

The single maximum risks per occurrence to which the Company is subject under the treaties effective July 1, 2018 are as follows:

	July 1, 2018 - June 30, 2019
Treaty	Extent of Loss	Risk Retained
Personal Lines (1)	Initial $1,000,000	$900,000
	$1,000,000 - $10,000,000	None)	(2)
	Over $10,000,000	100%

Personal Umbrella	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%

Commercial Lines	Initial $750,000	$750,000
	$750,000 - $4,500,000	None	(3)
	Over $4,500,000	100%

Commercial Umbrella	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%

Catastrophe (4)	Initial $5,000,000	$4,500,000
	$5,000,000 - $450,000,000	None
	Over $450,000,000	100%

(1)	Treaty for July 1, 2018 – June 30, 2019 is a two-year treaty with expiration date of June 30, 2019.

(2)	Covered by excess of loss treaties up to $3,500,000 and by facultative facility from $3,500,000 to $10,000,000.

(3)	Covered by excess of loss treaties.

(4)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.

The single maximum risks per occurrence to which the Company is subject under the treaty years shown below are as follows:

	July 1, 2017 - June 30, 2018		July 1, 2016 - June 30, 2017
Treaty	Range of Loss	Risk Retained	Range of Loss	Risk Retained
Personal Lines (1)	Initial $1,000,000	$800,000	Initial $833,333	$500,000
	$1,000,000 - $10,000,000	None(2)	$833,333 - $4,500,000	None(3)
	Over $10,000,000	100%	Over $4,500,000	100%

Personal Umbrella	Initial $1,000,000	$100,000	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%	Over $5,000,000	100%

Commercial Lines	Initial $750,000	$750,000	Initial $500,000	$500,000
	$750,000 - $4,500,000	None(3)	$500,000 - $4,500,000	None(3)
	Over $4,500,000	100%	Over $4,500,000	100%

Commercial Umbrella	Initial $1,000,000	$100,000	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%	Over $5,000,000	100%

Catastrophe (4)	Initial $5,000,000	$4,000,000	Initial $5,000,000	$3,000,000
	$5,000,000 - $320,000,000	None	$5,000,000 - $252,000,000	None
	Over $320,000,000	100%	Over $252,000,000	100%

(1)	Treaty for July 1, 2017 – June 30, 2018 is a two-year treaty with expiration date of June 30, 2019.

(2)	Covered by excess of loss treaties up to $3,500,000 and by facultative facility from $3,500,000 to $10,000,000.

(3)	Covered by excess of loss treaties.

(4)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.

The Company’s reinsurance program is structured to enable the Company to significantly 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 earns ceding commission revenue under its quota share reinsurance agreements based on: (i) a fixed provisional commission rate at which provisional ceding commissions are earned, and (ii) a sliding scale of commission rates and ultimate treaty year loss ratios on the policies reinsured under each of these agreements based upon which contingent ceding commissions are earned. The sliding scale includes minimum and maximum commission rates in relation to specified ultimate loss ratios. The commission rate and contingent ceding commissions earned increases when the estimated ultimate loss ratio decreases and, conversely, the commission rate and contingent ceding commissions earned decreases when the estimated ultimate loss ratio increases.

The Company’s estimated ultimate treaty year loss ratios (the “Loss Ratio(s)”) for treaties in effect for the three months ended March 31, 2019 are attributable to contracts under the 2017/2019 Treaty for the 2018/2019 Treaty Year. The Loss Ratios for treaties in effect for the three months ended March 31, 2018 are attributable to contracts under the 2017/2019 Treaty for the 2017/2018 Treaty Year.

Treaty in effect for the three months ended March 31, 2019

Under the 2017/2019 Treaty, the Company receives an upfront fixed provisional rate that is subject to a sliding scale contingent adjustment based upon Loss Ratio. Under this arrangement, the Company earns and earned provisional ceding commissions that are subject to later adjustment dependent on changes to the estimated Loss Ratio for the 2017/2019 Treaty. The Company’s Loss Ratios for the period July 1, 2018 through March 31, 2019 attributable to the 2017/2019 Treaty were consistent with the contractual Loss Ratio at which provisional ceding commissions were earned, and therefore no contingent commission adjustment was recorded for the three months ended March 31, 2019.

Treaty in effect for the three months ended March 31, 2018

The Loss Ratios for the period July 1, 2017 through March 31, 2018 attributable to the 2017/2019 Treaty were higher than the contractual Loss Ratio at which provisional ceding commissions were earned. Accordingly, for the three months ended March 31, 2018, the Company incurred negative contingent ceding commissions as a result of the estimated Loss Ratio for the 2017/2019 Treaty, which reduced contingent ceding commissions earned.

In addition to the treaties that were in effect for the three months ended March 31, 2019 and 2018, the Loss Ratios from prior years’ treaties are subject to change as incurred losses from those periods increase or decrease, resulting in an increase or decrease in the commission rate and contingent ceding commissions earned.

Ceding commission revenue consists of the following:

	Three months ended
	March 31,
	2019			2018

Provisional ceding commissions earned	$	1,317,751		$	2,067,505
Contingent ceding commissions earned		(40,068	)		(372,347	)
	$	1,277,683		$	1,695,158

Provisional ceding commissions are settled monthly. Balances due from reinsurers for contingent ceding commissions on quota share treaties are settled annually based on the Loss Ratio of each treaty year that ends on June 30. As discussed above, the Loss Ratios from prior years’ treaties are subject to change as incurred losses from those periods develop, resulting in an increase or decrease in the commission rate and contingent ceding commissions earned. As of March 31, 2019 and December 31, 2018, net contingent ceding commissions payable to reinsurers under all treaties was approximately $1,643,000 and $1,581,000, respectively, which is recorded in reinsurance balances payable on the accompanying condensed consolidated balance sheets.

7. Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

7. Debt

Federal Home Loan Bank

In July 2017, KICO became a member of, and invested in, the Federal Home Loan Bank of New York (“FHLBNY”). The aggregate investment in dividend bearing common stock was $18,079 as of March 31, 2019. 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 December 31 of the previous year and are due and payable within one year of borrowing. The maximum allowable advance as of December 31, 2018 was approximately $9,849,000. Advances are limited to the amount of available collateral, which was approximately $5,553,000 as of March 31, 2019. There were no borrowings under this facility during the three months ended March 31, 2019.

Long-term Debt

On December 19, 2017, the Company issued $30 million of its 5.50% Senior Unsecured Notes due December 30, 2022 (the “Notes”) in an underwritten public offering. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, which began on June 30, 2018 at the rate of 5.50%. The net proceeds of the issuance were $29,121,630, net of discount of $163,200 and transaction costs of $715,170, for an effective yield of 5.67%. The balance of long-term debt as of March 31, 2019 and December 31, 2018 is as follows:

	March 31,			December 31,
	2019			2018

5.50% Senior Unsecured Notes	$	30,000,000		$	30,000,000
Discount		(121,656	)		(129,796	)
Issuance costs		(539,048	)		(574,953	)
Long-term debt, net	$	29,339,296		$	29,295,251

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

On December 20, 2017, the Company used $25,000,000 of the net proceeds from the offering to contribute capital to KICO, to support additional growth. The remainder of the net proceeds are being used for general corporate purposes. A registration statement relating to the debt issued in the offering was filed with the SEC, which became effective on November 28, 2017.

8. Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Stockholders' Equity

8. Stockholders' Equity

Dividends Declared and Paid

Dividends declared and paid on common stock were $1,075,962 and $1,068,375 for the three months ended March 31, 2019 and 2018, respectively. The Company’s Board of Directors approved a quarterly dividend on May 8, 2019 of $0.10 per share payable in cash on June 14, 2019 to stockholders of record as of May 31, 2019 (see Note 13).

Stock Options

Pursuant to the Company’s 2005 Equity Participation Plan (the “2005 Plan”), which provides for the issuance of incentive stock options, non-statutory stock options and restricted stock, a maximum of 700,000 shares of the Company’s Common Stock are permitted to be issued pursuant to options granted and restricted stock issued. 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 are 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 and 2005 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). The Board of Directors or the Compensation Committee determines the expiration date with respect to non-statutory stock options and the vesting provisions for restricted stock granted under the 2014 Plan and 2005 Plan.

The results of operations for the three months ended March 31, 2019 and 2018 include stock-based compensation expense totaling approximately $1,000 and $2,000, respectively. Stock-based compensation expense related to stock options is net of estimated forfeitures of approximately 17% for the three months ended March 31, 2019 and 2018. Such amounts have been included in the consolidated statements of operations and comprehensive income (loss) within other operating expenses.

Stock-based compensation expense for the three months ended March 31, 2019 and 2018 is the estimated fair value of options granted, amortized on a straight-line basis over the requisite service period, for the entire portion of the award less an estimate for anticipated forfeitures. The Company uses the “simplified” method to estimate the expected term of the options because the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term. No options were granted during the three months ended March 31, 2019 and 2018.

The Black-Scholes Option Valuation 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 our 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 our stock options.

A summary of stock option activity under the Company’s 2014 Plan and 2005 Plan for the three months ended March 31, 2019 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, 2019		37,500		$	8.36		2.24	$	349,950

Granted		-		$	-		-	$	-
Exercised		-		$	-		-	$	-
Forfeited		(1,250	)	$	7.85		2.04	$	11,413

Outstanding at March 31, 2019		36,250		$	8.36		2.00	$	230,713

Vested and Exercisable at March 31, 2019		33,750		$	8.27		1.95	$	218,250

The aggregate intrinsic value of options outstanding and options exercisable at March 31, 2019 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 $14.74 closing price of the Company’s Common Stock on March 31, 2019. The total intrinsic value of options forfeited during the three months ended March 31, 2019 was $11,413, determined as of the date of forfeiture.

Participants in the 2005 and 2014 Plans may exercise their outstanding vested options, in whole or in part, by having the Company reduce the number of shares otherwise issuable by a number of shares having a fair market value equal to the exercise price of the option being exercised (“Net Exercise”), or by exchanging a number of shares owned for a period of greater than one year having a fair market value equal to the exercise price of the option being exercised (“Share Exchange”).

As of March 31, 2019, there were no unamortized compensation costs related to unvested stock option awards.

As of March 31, 2019, there were 426,822 shares reserved for grants under the 2014 Plan.

Restricted Stock Awards

A summary of the restricted common stock activity under the Company’s 2014 Plan for the three months ended March 31, 2019 is as follows:

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

Balance at January 1, 2019		120,499		$	17.66	$	2,129,175

Granted		51,242		$	17.76	$	910,058
Vested		(27,501	)	$	18.67	$	(513,446	)
Forfeited		(3,804	)	$	15.51	$	(59,011	)

Balance at March 31, 2019		140,436		$	17.58	$	2,466,776

Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the three months ended March 31, 2019 and 2018, stock-based compensation for these grants was approximately $309,000 and $106,000, respectively, which is included in other operating expenses on the accompanying 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.

9. Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

9. Income Taxes

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

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

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

	March 31,			December 31,
	2019			2018

Deferred tax asset:
Net operating loss carryovers (1)	$	70,381		$	90,438
Claims reserve discount		454,206			343,905
Unearned premium		3,217,985			3,145,682
Deferred ceding commission revenue		576,531			564,202
Other		874			383,733
Total deferred tax assets		4,319,977			4,527,960

Deferred tax liability:
Investment in KICO (2)		759,543			759,543
Deferred acquisition costs		3,812,399			3,760,625
Intangibles		122,850			140,700
Depreciation and amortization		626,962			664,194
Net unrealized gains (losses) of securities - available for sale		38,864			(1,151,335	)
Total deferred tax liabilities		5,360,618			4,173,727

Net deferred income tax (liability) asset	$	(1,040,641	)	$	354,233

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

Type of NOL	2019			2018			Expiration
State only (A)	$	1,436,689		$	1,305,365		December 31, 2039
Valuation allowance		(1,366,308	)		(1,217,027	)
State only, net of valuation allowance		70,381			88,338
Amount subject to Annual Limitation, federal only (B)		-			2,100		December 31, 2019
Total deferred tax asset from net operating loss carryovers	$	70,381		$	90,438

(A) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of March 31, 2019 and December 31, 2018 was approximately $22,103,000 and $20,083,000, respectively. KICO 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. A valuation allowance has been recorded 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 2039.

(2)	Deferred tax liability – Investment in KICO

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

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

The Company had no material unrecognized tax benefit and no adjustments to liabilities or operations were required. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the three months ended March 31, 2019 and 2018. 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, 2015 through December 31, 2018 remain subject to examination. The Company’s federal income tax return for the year ended December 31, 2016 has been examined by the Internal Revenue Service and was accepted as filed.

10. (Loss)/Earnings Per Common Share

3 Months Ended

Mar. 31, 2019

Loss per common share:

10. (Loss)/Earnings Per Common Share

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

The computation of diluted (loss)/earnings per common share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the three months ended March 31, 2019 and 2018, no options were included in the computation of diluted (loss)/earnings per common share would have been anti-dilutive for the relevant periods and, as a result, the weighted average number of common shares used in the calculation of diluted earnings per common share has not been adjusted for the effect of such options.

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

	Three months ended
	March 31,
	2019		2018

Weighted average number of shares outstanding		10,757,843		10,669,992

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

Weighted average number of shares outstanding,
used for computing diluted (losses)/earnings per share		10,757,843		10,669,992

11. Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

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. The Company is not subject to any other pending legal proceedings that management believes are likely to have a material adverse effect on the condensed consolidated financial statements.

Office Lease

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

The Company is a party to a non-cancellable operating lease, dated March 27, 2015, for its office facility for KICO located in Valley Stream, New York. In June 2016, the Company entered into a lease modification agreement. The original lease had a term of seven years and nine months. The lease modification increased the space occupied by KICO and extended the lease term to seven years and nine months to be measured from the additional premises commencement date. The additional premises commencement date was September 19, 2016, and additional rent was payable beginning March 19, 2017. The original lease commencement date was July 1, 2015 and rent commencement began January 1, 2016.

In addition to the base rental costs, occupancy lease agreements generally provide for rent escalations resulting from increased assessments from real estate taxes and other charges. This lease is accounted for as an operating lease, whereby lease expense is recognized on a straight-line basis over the term of the lease.

Additional information regarding the Company’s real estate operating lease is as follows:

Lease Cost	March 31, 2019
Operating lease	$	41,342
Short-term leases		0
Total lease cost (1)	$	41,342

Other information on operating lease
Cash payments included in the measurement of lease liability reported in operating cash flows		41,379
Discount rate		5.50%
Remaining lease term in years		5 years

(1)

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

The following table presents the contractual maturities of the Company’s lease liabilities as of March 31, 2019:

For the Year Ending December 31,	Total
Remainder of 2019	$ 128,482
2020	175,806
2021	181,959
2022	188,328
2023	194,919
Thereafter	49,145
Total undiscounted lease payments	918,639
Less: present value adjustment	76,904
Operating lease liability	$ 841,735

Rent expense for the three months ended March 31, 2018 amounted to $41,342, and is included in the condensed consolidated statements of operations and comprehensive loss within other underwriting expenses.

12. Deferred Compensation Plan	3 Months Ended
12. Deferred Compensation Plan	Mar. 31, 2019
Deferred Compensation Plan
12. Deferred Compensation Plan	On June 18, 2018, the Company adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan"). The Deferred Compensation Plan is offered to a select group (“Participants”), consisting of management and highly compensated employees as a method of recognizing and retaining such Participants. The Deferred Compensation Plan provides for eligible Participants to elect to defer up to 75% of their base compensation and up to 100% of bonuses and other compensation and to have such deferred amounts deemed to be invested in specified investment options. In addition to the Participant deferrals, the Company may choose to make matching contributions to some or all of the Participants in the Deferred Compensation Plan to the extent the Participant did not receive the maximum matching or non-elective contributions permissible under the Company’s 401(k) Plan due to limitations under the Internal Revenue Code or the 401(k) Plan. Participants may elect to receive payment of their account balances in a single cash payment or in annual installments for a period of up to ten years. The first payroll subject to the Deferred Compensation Plan was in July 2018. The deferred compensation liability as of March 31, 2019 and December 31, 2018 amounted to $440,045 and $298,638, respectively and is recorded in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. The Company did not make any voluntary contributions for the three months ended March 31, 2019.

13. Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

13. Subsequent Events

The Company has evaluated events that occurred subsequent to March 31, 2019 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements.

Dividends Declared

On May 8, 2019, the Company’s Board of Directors approved a quarterly dividend of $0.10 per share payable in cash on June 14, 2019 to stockholders of record as of the close of business on May 31, 2019 (see Note 8).

2. Accounting Policies (Policies)	3 Months Ended
2. Accounting Policies (Policies)	Mar. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, which include the reserves for losses and loss adjustment expenses and are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an on-going basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates and assumptions used in preparing the consolidated financial statements.
Principles of Consolidation	The condensed consolidated financial statements consist of Kingstone and its wholly owned subsidiaries, as well as 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. All significant inter-company account balances and transactions have been eliminated in consolidation.
Accounting Changes	In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. This final rule was effective on November 5, 2018. The Company adopted the provisions of this Release effective January 1, 2019, and included the required presentation of changes in stockholders’ equity for the three months ended March 31, 2019 and 2018. In February 2016, the FASB issued ASU 2016-02 – Leases (Topic 842) (“ASU 2016-02”). Under this ASU, the Company recognized a right-of-use-asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability has been measured at the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the Company’s incremental borrowing rate. The Company adopted ASU 2016-02 effective January 1, 2019 using the cumulative effect adjustment transition method, which applies the provision of the standard at the effective date without adjusting the comparative periods presented. The adoption of the updated guidance resulted in the Company recognizing a right-of-use asset of $855,000 as part of other assets and a lease liability of $855,000 as part of accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheet. The right-of use-asset is amortized as rent expense on a straight line basis. The adoption of this ASU did not have a material effect on the Company's results of operations or liquidity.
Accounting Pronouncements	In June 2016, FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The revised accounting guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses of available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. The Company is currently evaluating the effect the updated guidance will have on its consolidated financial statements. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

3. Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investments [Abstract]

Schedule of Available for Sale Securities

	March 31, 2019
	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than 12			More than 12			Fair		Unrealized
Category	Cost		Gains		Months			Months			Value		Gains/(Losses)

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	8,229,100	$	70,628	$	-		$	(9,784	)	$	8,289,944	$	60,844

Political subdivisions of States,
Territories and Possessions		5,688,302		117,032		-			(6,230	)		5,799,104		110,802

Corporate and other bonds
Industrial and miscellaneous		124,354,135		1,368,129		(57,955	)		(710,936	)		124,953,373		599,238

Residential mortgage and other
asset backed securities (1)		21,648,213		271,364		(95,026	)		(389,820	)		21,434,731		(213,482	)
Total	$	159,919,750	$	1,827,153	$	(152,981	)	$	(1,116,770	)	$	160,477,152	$	557,402

	December 31, 2018
	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than 12			More than 12			Fair		Unrealized
Category	Cost		Gains		Months			Months			Value		Gains/(Losses)

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	8,222,050	$	26,331	$	(28,000	)	$	-		$	8,220,381	$	(1,669	)

Political subdivisions of States,
Territories and Possessions		6,339,540		50,903		(12,327	)		(36,508	)		6,341,608		2,068

Corporate and other bonds
Industrial and miscellaneous		119,078,698		123,740		(2,775,540	)		(676,605	)		115,750,293		(3,328,405	)

Residential mortgage and other
asset backed securities (1)		21,790,973		236,502		(231,229	)		(331,012	)		21,465,234		(325,739	)
Total	$	155,431,261	$	437,476	$	(3,047,096	)	$	(1,044,125	)	$	151,777,516	$	(3,653,745	)

Schedule of Available for Sale Securities by contractual maturity

	March 31, 2019
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	7,882,618	$	109,135	$	(101,961	)	$	7,889,792
Common stocks and exchange
traded mutual funds		11,763,863		679,795		(669,463	)		11,774,195
Total	$	19,646,481	$	788,930	$	(771,424	)	$	19,663,987

	December 31, 2018
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	6,694,754	$	-	$	(541,798	)	$	6,152,956
Common stocks and exchange
traded mutual funds		11,611,232		99,817		(1,291,389	)		10,419,660
Total	$	18,305,986	$	99,817	$	(1,833,187	)	$	16,572,616

Schedule of Other Investments

	March 31, 2019						December 31, 2018
			Gross		Estimated					Gross			Estimated
Category	Cost		Gains		Fair Value			Cost		Gains			Fair Value

Other Investments:
Hedge fund	$	1,999,381	$	148,564	$	2,147,945		$	1,999,381	$	(144,156	)	$	1,855,225
Total	$	1,999,381	$	148,564	$	2,147,945		$	1,999,381	$	(144,156	)	$	1,855,225

Schedule of Held to Maturity Securities

	March 31, 2019

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

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,517	$	147,522	$	(1,177	)	$	-		$	875,862	$	146,345

Political subdivisions of States,
Territories and Possessions		998,759		45,676		-			-			1,044,435		45,676

Corporate and other bonds
Industrial and miscellaneous		2,096,344		65,540		-			(5,570	)		2,156,314		59,970

Total	$	3,824,620	$	258,738	$	(1,177	)	$	(5,570	)	$	4,076,611	$	251,991

	December 31, 2018

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

Held-to-Maturity Securities:
U.S. Treasury securities	$	729,507	$	147,532	$	(3,964	)	$	-		$	873,075	$	143,568

Political subdivisions of States,
Territories and Possessions		998,803		33,862		-			-			1,032,665		33,862

Corporate and other bonds
Industrial and miscellaneous		2,494,545		38,461		(1,425	)		(10,905	)		2,520,676		26,131

Total	$	4,222,855	$	219,855	$	(5,389	)	$	(10,905	)	$	4,426,416	$	203,561

Schedule of Held to Maturity Securities by contractual maturity

	March 31, 2019				December 31, 2018
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	-	$	-	$	-	$	-
One to five years	$	2,598,323	$	2,676,159		2,996,685		3,036,531
Five to ten years	$	619,780	$	646,413		619,663		635,846
More than 10 years	$	606,517	$	754,039		606,507		754,039
Total	$	3,824,620	$	4,076,611	$	4,222,855	$	4,426,416

Schedule of Investment Income

	Three months ended
	March 31,
	2019		2018

Income:
Fixed-maturity securities	$	1,526,870	$	1,150,293
Equity securities		207,144		200,497
Cash and cash equivalents		40,401		73,259
Total		1,774,415		1,424,049
Expenses:
Investment expenses		150,703		40,060
Net investment income	$	1,623,712	$	1,383,989

Schedule of Securities with realized gains and losses on investments

	Three months ended
	March 31,
	2019			2018
Realized Losses

Fixed-maturity securities:
Gross realized gains	$	6,002		$	117,469
Gross realized losses		(28,433	)		(334,969	)
		(22,431	)		(217,500	)

Equity securities:
Gross realized gains		3,200			210,558
Gross realized losses		(5,961	)		(236,831	)
		(2,761	)		(26,273	)

Net realized losses		(25,192	)		(243,773	)

Unrealized Gains (Losses)

Equity securities:
Gross gains		1,767,835			-
Gross losses		-			(307,214	)
		1,767,835			(307,214	)

Other investments:
Gross gains		292,720			27,860
Gross losses		-			-
		292,720			27,860

Net unrealized gains (losses)		2,060,555			(279,354	)

Net gains (losses) on investments	$	2,035,363		$	(523,127	)

Schedule of Securities with Unrealized Losses

	March 31, 2019
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-			-	$	3,972,480		(9,784	)		2	$	3,972,480	$	(9,784	)

Political subdivisions of States, Territories and Possessions		-		-			-		825,878		(6,230	)		2		825,878		(6,230	)

Corporate and other bonds industrial and miscellaneous		9,045,064		(57,955	)		11		40,520,044		(710,936	)		52		49,565,108		(768,891	)

Residential mortgage and other asset backed securities		2,666,892		(95,026	)		4		15,432,106		(389,820	)		23		18,098,998		(484,846	)

Total fixed-maturity securities	$	11,711,956	$	(152,981	)		15	$	60,750,508	$	(1,116,770	)		79	$	72,462,464	$	(1,269,751	)

	December 31, 2018
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	4,948,530	$	(28,000	)		3	$	-	$	-			-	$	4,948,530	$	(28,000	)

Political subdivisions of States, Territories and Possessions		555,375		(12,327	)		1		1,436,242		(36,508	)		3		1,991,617		(48,835	)

Corporate and other bonds industrial and miscellaneous		81,004,459		(2,775,540	)		97		13,424,888		(676,605	)		24		94,429,347		(3,452,145	)

Residential mortgage and other asset backed securities		7,002,713		(231,229	)		9		11,928,425		(331,012	)		19		18,931,138		(562,241	)

Total fixed-maturity securities	$	93,511,077	$	(3,047,096	)		110	$	26,789,555	$	(1,044,125	)		46	$	120,300,632	$	(4,091,221	)

4. Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

	March 31, 2019
	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	$	8,289,944	$	-	$	-	$	8,289,944

Political subdivisions of States, Territories and Possessions		-		5,799,104		-		5,799,104

Corporate and other bonds industrial and miscellaneous		121,238,077		3,715,296		-		124,953,373

Residential mortgage backed securities		-		21,434,731		-		21,434,731
Total fixed maturities		129,528,021		30,949,131		-		160,477,152
Equity securities		19,663,987		-		-		19,663,987
Total investments	$	149,192,008	$	30,949,131	$	-	$	180,141,139

	December 31, 2018
	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	$	8,220,381	$	-	$	-	$	8,220,381

Political subdivisions of States, Territories and Possessions		-		6,341,608		-		6,341,608

Corporate and other bonds industrial and miscellaneous		112,076,270		3,674,023		-		115,750,293

Residential mortgage backed securities		-		21,465,234		-		21,465,234
Total fixed maturities		120,296,651		31,480,865		-		151,777,516
Equity securities		16,572,616		-		-		16,572,616
Total investments	$	136,869,267	$	31,480,865	$	-	$	168,350,132

Schedule of Hedge Fund Investments

Category	March 31, 2019		December 31, 2018
Other Investments:
Hedge fund	$	2,147,945	$	1,855,225
Total	$	2,147,945	$	1,855,225

Fair Value Hierarchy of Long-term Debt

	March 31, 2019
	Level 1		Level 2		Level 3		Total
Long-term debt

Senior Notes due 2022	$	-	$	28,485,329	$	-	$	28,485,329

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Long-term debt

Senior Notes due 2022	$	-	$	28,521,734	$	-	$	28,521,734

5. Fair Value of Financial Instruments and Real Estate (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

	March 31, 2019				December 31, 2018
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value

Fixed-maturity securities-held-to maturity	$	3,824,620	$	4,076,611	$	4,222,855	$	4,426,416
Cash and cash equivalents	$	15,764,480	$	15,764,480	$	21,138,403	$	21,138,403
Premiums receivable, net	$	14,211,748	$	14,211,748	$	13,961,599	$	13,961,599
Reinsurance receivables, net	$	26,157,637	$	26,157,637	$	26,367,115	$	26,367,115
Real estate, net of accumulated depreciation	$	2,285,933	$	2,705,000	$	2,300,827	$	2,705,000
Reinsurance balances payable	$	1,201,931	$	1,201,931	$	1,933,376	$	1,933,376
Long-term debt, net	$	29,339,296	$	28,485,329	$	29,295,251	$	28,521,734

6. Property and Casualty Insurance Activity (Tables)

3 Months Ended

Mar. 31, 2019

Insurance [Abstract]

Schedule of Earned Premiums

	Direct			Assumed			Ceded			Net

Three months ended March 31, 2019
Premiums written	$	37,488,548		$	(34	)	$	(7,127,909	)	$	30,360,605
Change in unearned premiums		(628,067	)		195			(136,844	)		(764,716	)
Premiums earned	$	36,860,481		$	161		$	(7,264,753	)	$	29,595,889

Three months ended March 31, 2018
Premiums written	$	31,526,283		$	336		$	(7,826,235	)	$	23,700,384
Change in unearned premiums		(1,008,869	)		1,901			144,201			(862,767	)
Premiums earned	$	30,517,414		$	2,237		$	(7,682,034	)	$	22,837,617

Schedule of Loss and Loss Adjustment Expenses

	Three months ended
	March 31,
	2019			2018

Balance at beginning of period	$	56,197,106		$	48,799,622
Less reinsurance recoverables		(15,671,247	)		(16,748,908	)
Net balance, beginning of period		40,525,859			32,050,714

Incurred related to:
Current year		24,655,975			17,367,560
Prior years		4,478,249			(101,230	)
Total incurred		29,134,224			17,266,330

Paid related to:
Current year		7,731,086			5,971,788
Prior years		8,405,440			6,495,154
Total paid		16,136,526			12,466,942

Net balance at end of period		53,523,557			36,850,102
Add reinsurance recoverables		15,586,714			19,422,011
Balance at end of period	$	69,110,271		$	56,272,113

Allocated Claim Adjustment Expenses

All Lines of Business

(in thousands, except reported claims data)

											As of
	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance										March 31, 2019
	For the Years Ended December 31,									Three Months Ended March 31,	IBNR	Cumulative Number of Reported Claims by Accident Year
Accident Year	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	IBNR	Cumulative Number of Reported Claims by Accident Year
	(Unaudited 2010 - 2018)									(Unaudited)

2010	$5,598	$5,707	$6,429	$6,623	$6,912	$6,853	$6,838	$6,840	$6,787	$ 6,787	$ -	1,617
2011		7,603	7,678	8,618	9,440	9,198	9,066	9,144	9,171	9,175	-	1,914
2012			9,539	9,344	10,278	10,382	10,582	10,790	10,791	10,831	1	4,704	(1)
2013				10,728	9,745	9,424	9,621	10,061	10,089	10,068	35	1,560
2014					14,193	14,260	14,218	14,564	15,023	15,925	261	2,132
2015						22,340	21,994	22,148	22,491	22,598	497	2,553
2016							26,062	24,941	24,789	25,658	1,188	2,867
2017								31,605	32,169	33,597	2,920	3,350
2018									54,455	55,591	7,322	4,090
2019										23,359	8,904	962
									Total	$ 213,589
(1) Reported claims for accident year 2012 includes 3,406 claims from Superstorm Sandy.

All Lines of Business

(in thousands, except reported claims data)

	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,									Three Months Ended March 31,
Accident Year	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
	(Unaudited 2010 - 2018)									(Unaudited)

2009	$2,566	$3,947	$4,972	$5,602	$6,323	$6,576	$6,720	$6,772	$6,780	$ 6,780
2010		3,740	5,117	6,228	7,170	8,139	8,540	8,702	8,727	8,733
2011			3,950	5,770	7,127	8,196	9,187	10,236	10,323	10,412
2012				3,405	5,303	6,633	7,591	8,407	9,056	9,155
2013					5,710	9,429	10,738	11,770	13,819	13,860
2014						12,295	16,181	18,266	19,984	20,193
2015							15,364	19,001	21,106	21,306
2016								16,704	24,820	25,426
2017									32,383	39,136
2018										7,320
									Total	$ 162,321

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented										$ 51,268
All outstanding liabilities before 2009, net of reinsurance										108
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance										$ 51,376

Reconciliation of the Net Incurred and Paid Claims

	As of
*(in thousands)*	March 31, 2019
Liabilities for loss and loss adjustment expenses, net of reinsurance	$	51,376
Total reinsurance recoverable on unpaid losses		15,587
Unallocated loss adjustment expenses		2,147
Total gross liability for loss and LAE reserves	$	69,110

Schedule of Line of Business

	Treaty Year
	July 1, 2018	July 1, 2017	July 1, 2016
	to	to	to
Line of Busines	June 30, 2019	June 30, 2018	June 30, 2017

Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded	10%	20%	40%
Risk retained	$ 900,000	$ 800,000	$ 500,000
Losses per occurrence subject to quota share reinsurance coverage	$ 1,000,000	$ 1,000,000	$ 833,333
Excess of loss coverage and facultative facility above quota share coverage (1)	$ 9,000,000	$ 9,000,000	$ 3,666,667
	in excess of	in excess of	in excess of
	$ 1,000,000	$ 1,000,000	$ 833,333
Total reinsurance coverage per occurrence	$ 9,100,000	$ 9,200,000	$ 4,000,000
Losses per occurrence subject to reinsurance coverage	$ 10,000,000	$ 10,000,000	$ 4,500,000
Expiration date	June 30, 2019	June 30, 2019	June 30, 2017

Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage	90%	90%	90%
Percent ceded - excess of $1,000,000 dollars of coverage	100%	100%	100%
Risk retained	$ 100,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	$ 4,900,000	$ 4,900,000	$ 4,900,000
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	June 30, 2019	June 30, 2018	June 30, 2017

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

Commercial Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage	90%	90%	90%
Percent ceded - excess of $1,000,000 of coverage	100%	100%	100%
Risk retained	$ 100,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	$ 4,900,000	$ 4,900,000	$ 4,900,000
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	June 30, 2019	June 30, 2018	June 30, 2017

Catastrophe Reinsurance:
Initial loss subject to personal lines quota share treaty	$ 5,000,000	$ 5,000,000	$ 5,000,000
Risk retained per catastrophe occurrence (2)	$ 4,500,000	$ 4,000,000	$ 3,000,000
Catastrophe loss coverage in excess of quota share coverage (3) (4)	$ 445,000,000	$ 315,000,000	$ 247,000,000
Reinstatement premium protection (5)	Yes	Yes	Yes

(1)	For personal lines, the 2017/2019 Treaty includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $10,000,000 in total insured value, which covers direct losses from $3,500,000 to $10,000,000.

(2)	Plus losses in excess of catastrophe coverage.

(3)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Effective July 1, 2016, the duration of a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone was extended to 168 consecutive hours from 120 consecutive hours.

(4)	Effective July 1, 2018, the top $50,000,000 layer of catastrophe reinsurance coverage has a two-year term expiring on June 30, 2020.

(5)	Effective July 1, 2016, reinstatement premium protection for $20,000,000 of catastrophe coverage in excess of $5,000,000.

Schedule of Single Maximum Risks Under Treaties

	July 1, 2018 - June 30, 2019
Treaty	Extent of Loss	Risk Retained
Personal Lines (1)	Initial $1,000,000	$900,000
	$1,000,000 - $10,000,000	None)	(2)
	Over $10,000,000	100%

Personal Umbrella	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%

Commercial Lines	Initial $750,000	$750,000
	$750,000 - $4,500,000	None	(3)
	Over $4,500,000	100%

Commercial Umbrella	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%

Catastrophe (4)	Initial $5,000,000	$4,500,000
	$5,000,000 - $450,000,000	None
	Over $450,000,000	100%

(1)	Treaty for July 1, 2018 – June 30, 2019 is a two-year treaty with expiration date of June 30, 2019.

(2)	Covered by excess of loss treaties up to $3,500,000 and by facultative facility from $3,500,000 to $10,000,000.

(3)	Covered by excess of loss treaties.

(4)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.

	July 1, 2017 - June 30, 2018		July 1, 2016 - June 30, 2017
Treaty	Range of Loss	Risk Retained	Range of Loss	Risk Retained
Personal Lines (1)	Initial $1,000,000	$800,000	Initial $833,333	$500,000
	$1,000,000 - $10,000,000	None(2)	$833,333 - $4,500,000	None(3)
	Over $10,000,000	100%	Over $4,500,000	100%

Personal Umbrella	Initial $1,000,000	$100,000	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%	Over $5,000,000	100%

Commercial Lines	Initial $750,000	$750,000	Initial $500,000	$500,000
	$750,000 - $4,500,000	None(3)	$500,000 - $4,500,000	None(3)
	Over $4,500,000	100%	Over $4,500,000	100%

Commercial Umbrella	Initial $1,000,000	$100,000	Initial $1,000,000	$100,000
	$1,000,000 - $5,000,000	None	$1,000,000 - $5,000,000	None
	Over $5,000,000	100%	Over $5,000,000	100%

Catastrophe (4)	Initial $5,000,000	$4,000,000	Initial $5,000,000	$3,000,000
	$5,000,000 - $320,000,000	None	$5,000,000 - $252,000,000	None
	Over $320,000,000	100%	Over $252,000,000	100%

(1)	Treaty for July 1, 2017 – June 30, 2018 is a two-year treaty with expiration date of June 30, 2019.

(2)	Covered by excess of loss treaties up to $3,500,000 and by facultative facility from $3,500,000 to $10,000,000.

(3)	Covered by excess of loss treaties.

(4)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts.

Schedule of Ceding Commission Revenue

	Three months ended
	March 31,
	2019			2018

Provisional ceding commissions earned	$	1,317,751		$	2,067,505
Contingent ceding commissions earned		(40,068	)		(372,347	)
	$	1,277,683		$	1,695,158

7. Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

	March 31,			December 31,
	2019			2018

5.50% Senior Unsecured Notes	$	30,000,000		$	30,000,000
Discount		(121,656	)		(129,796	)
Issuance costs		(539,048	)		(574,953	)
Long-term debt, net	$	29,339,296		$	29,295,251

8. Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2019

Stockholders' Equity

Schedule of Stock Options And Restricted Stock Awards Activity

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

Outstanding at January 1, 2019		37,500		$	8.36		2.24	$	349,950

Granted		-		$	-		-	$	-
Exercised		-		$	-		-	$	-
Forfeited		(1,250	)	$	7.85		2.04	$	11,413

Outstanding at March 31, 2019		36,250		$	8.36		2.00	$	230,713

Vested and Exercisable at March 31, 2019		33,750		$	8.27		1.95	$	218,250

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

Balance at January 1, 2019		120,499		$	17.66	$	2,129,175

Granted		51,242		$	17.76	$	910,058
Vested		(27,501	)	$	18.67	$	(513,446	)
Forfeited		(3,804	)	$	15.51	$	(59,011	)

Balance at March 31, 2019		140,436		$	17.58	$	2,466,776

9. Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Deferrred Tax Assets and Liabilities

	March 31,			December 31,
	2019			2018

Deferred tax asset:
Net operating loss carryovers (1)	$	70,381		$	90,438
Claims reserve discount		454,206			343,905
Unearned premium		3,217,985			3,145,682
Deferred ceding commission revenue		576,531			564,202
Other		874			383,733
Total deferred tax assets		4,319,977			4,527,960

Deferred tax liability:
Investment in KICO (2)		759,543			759,543
Deferred acquisition costs		3,812,399			3,760,625
Intangibles		122,850			140,700
Depreciation and amortization		626,962			664,194
Net unrealized gains (losses) of securities - available for sale		38,864			(1,151,335	)
Total deferred tax liabilities		5,360,618			4,173,727

Net deferred income tax (liability) asset	$	(1,040,641	)	$	354,233

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

Losses Subject to Annual Limitation

Type of NOL	2019			2018			Expiration
State only (A)	$	1,436,689		$	1,305,365		December 31, 2039
Valuation allowance		(1,366,308	)		(1,217,027	)
State only, net of valuation allowance		70,381			88,338
Amount subject to Annual Limitation, federal only (B)		-			2,100		December 31, 2019
Total deferred tax asset from net operating loss carryovers	$	70,381		$	90,438

(2)	Deferred tax liability – Investment in KICO

10. (Loss)/Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2019

Loss per common share:

Schedule of Net (Loss) Earnings Per Common Share

	Three months ended
	March 31,
	2019		2018

Weighted average number of shares outstanding		10,757,843		10,669,992

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

Weighted average number of shares outstanding,
used for computing diluted (losses)/earnings per share		10,757,843		10,669,992

11. Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Lease Cost

Lease Cost	March 31, 2019
Operating lease	$	41,342
Short-term leases		0
Total lease cost (1)	$	41,342

Other information on operating lease
Cash payments included in the measurement of lease liability reported in operating cash flows		41,379
Discount rate		5.50%
Remaining lease term in years		5 years

Schedule of Future Minimum Rental Commitments

For the Year Ending December 31,	Total
Remainder of 2019	$ 128,482
2020	175,806
2021	181,959
2022	188,328
2023	194,919
Thereafter	49,145
Total undiscounted lease payments	918,639
Less: present value adjustment	76,904
Operating lease liability	$ 841,735

3. Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
3. Investments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
U.S. Treasury Securities and Obligations of U.S. Government [Member]
Cost or Amortized Cost	$ 8,229,100	$ 8,222,050
Gross Unrealized Gains	70,628	26,331
Gross Unrealized Losses-Less than 12 Months	0	(28,000)
Gross Unrealized Loss-More than 12 Months	(9,784)	0
Estimated Fair Value	8,289,944	8,220,381
Net Unrealized Gains/(Losses)	60,844	(1,669)
Fixed Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or Amortized Cost	5,688,302	6,339,540
Gross Unrealized Gains	117,032	50,903
Gross Unrealized Losses-Less than 12 Months	0	(12,327)
Gross Unrealized Loss-More than 12 Months	(6,230)	(36,508)
Estimated Fair Value	5,799,104	6,341,608
Net Unrealized Gains/(Losses)	110,802	2,068
Fixed Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or Amortized Cost	124,354,135	119,078,698
Gross Unrealized Gains	1,368,129	123,740
Gross Unrealized Losses-Less than 12 Months	(57,955)	(2,775,540)
Gross Unrealized Loss-More than 12 Months	(710,936)	(676,605)
Estimated Fair Value	124,953,373	115,750,293
Net Unrealized Gains/(Losses)	599,238	(3,328,405)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Cost or Amortized Cost	21,648,213	21,790,973
Gross Unrealized Gains	271,364	236,502
Gross Unrealized Losses-Less than 12 Months	(95,026)	(231,229)
Gross Unrealized Loss-More than 12 Months	(389,820)	(331,012)
Estimated Fair Value	21,434,731	21,465,234
Net Unrealized Gains/(Losses)	(213,482)	(325,739)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or Amortized Cost	159,919,750	155,431,261
Gross Unrealized Gains	1,827,153	437,476
Gross Unrealized Losses-Less than 12 Months	(152,981)	(3,047,096)
Gross Unrealized Loss-More than 12 Months	(1,116,770)	(1,044,125)
Estimated Fair Value	160,477,152	151,777,516
Net Unrealized Gains/(Losses)	557,402	(3,653,745)
Equity Securities Preferred Stocks [Member]
Cost or Amortized Cost	7,882,618	6,694,754
Gross Unrealized Gains	109,135	0
Gross Unrealized Losses	(101,961)	(541,798)
Estimated Fair Value	7,889,792	6,152,956
Equity Securities Common Stocks [Member]
Cost or Amortized Cost	11,763,863	11,611,232
Gross Unrealized Gains	679,795	99,817
Gross Unrealized Losses	(669,463)	(1,291,389)
Estimated Fair Value	11,774,195	10,419,660
Equity Securities Total Equity Securities [Member]
Cost or Amortized Cost	19,646,481	18,305,986
Gross Unrealized Gains	788,930	99,817
Gross Unrealized Losses	(771,424)	(1,833,187)
Estimated Fair Value	$ 19,663,987	$ 16,572,616

3. Investments (Details 1) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost	$ 159,919,750	$ 155,431,261
Estimated Fair Value	160,477,152	151,777,516
Less Than One Year [Member]
Amortized Cost	14,232,940	6,742,519
Estimated Fair Value	14,242,115	6,738,014
One To Five Years [Member]
Amortized Cost	43,224,501	47,038,838
Estimated Fair Value	43,505,313	46,640,012
Five To Ten Years [Member]
Amortized Cost	77,839,224	76,884,505
Estimated Fair Value	78,416,804	74,290,076
More Than 10 Years [Member]
Amortized Cost	2,974,872	2,974,426
Estimated Fair Value	2,878,189	2,644,180
Residential mortgage-backed securities [Member]
Amortized Cost	21,648,213	21,790,973
Estimated Fair Value	$ 21,434,731	$ 21,465,234

3. Investments (Details 2) - USD ($)	3 Months Ended	12 Months Ended
3. Investments (Details 2) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Cost	$ 1,999,381	$ 1,999,381
Unrealized Gain	148,564	(144,156)
Estimated Fair Value	2,147,945	1,855,225
Hedge Fund
Cost	1,999,381	1,999,381
Unrealized Gain	148,564	(144,156)
Estimated Fair Value	$ 2,147,945	$ 1,855,225

3. Investments (Details 3) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Cost or Amortized Cost	$ 3,824,620	$ 4,222,855
Gross Unrealized Gains	258,738	219,855
Gross Unrealized Losses-Less than 12 Months	(1,177)	(5,389)
Gross Unrealized Loss-More than 12 Months	(5,570)	(10,905)
Estimated Fair Value	4,076,611	4,426,416
Net Unrealized Gains/(Losses)	251,991	203,561
US Treasury Securities [Member]
Cost or Amortized Cost	729,517	729,507
Gross Unrealized Gains	147,522	147,532
Gross Unrealized Losses-Less than 12 Months	(1,177)	(3,964)
Gross Unrealized Loss-More than 12 Months	0	0
Estimated Fair Value	875,862	873,075
Net Unrealized Gains/(Losses)	146,345	143,568
Fixed Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or Amortized Cost	998,759	998,803
Gross Unrealized Gains	45,676	33,862
Gross Unrealized Losses-Less than 12 Months	0	0
Gross Unrealized Loss-More than 12 Months	0	0
Estimated Fair Value	1,044,435	1,032,665
Net Unrealized Gains/(Losses)	45,676	33,862
Fixed Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or Amortized Cost	2,096,344	2,494,545
Gross Unrealized Gains	65,540	38,461
Gross Unrealized Losses-Less than 12 Months	0	(1,425)
Gross Unrealized Loss-More than 12 Months	(5,570)	(10,905)
Estimated Fair Value	2,156,314	2,520,676
Net Unrealized Gains/(Losses)	$ 59,970	$ 26,131

3. Investments (Details 4) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost	$ 3,824,620	$ 4,222,855
Estimated Fair Value	4,076,611	4,426,416
Less Than One Year [Member]
Amortized Cost	0	0
Estimated Fair Value	0	0
One To Five Years [Member]
Amortized Cost	2,598,323	2,996,685
Estimated Fair Value	2,676,159	3,036,531
Five To Ten Years [Member]
Amortized Cost	619,780	619,663
Estimated Fair Value	646,413	635,846
More Than 10 Years [Member]
Amortized Cost	606,517	606,507
Estimated Fair Value	$ 754,039	$ 754,039

3. Investments (Details 5) - USD ($)	3 Months Ended
3. Investments (Details 5) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Income:
Fixed-maturity securities	$ 1,526,870	$ 1,150,293
Equity securities	207,144	200,497
Cash and cash equivalents	40,401	73,259
Total	1,774,415	1,424,049
Expenses:
Investment expenses	150,703	40,060
Net investment income	$ 1,623,712	$ 1,383,989

3. Investments (Details 6) - USD ($)	3 Months Ended
3. Investments (Details 6) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Fixed-maturity securities:
Gross realized gains	$ 6,002	$ 117,469
Gross realized losses	(28,433)	(334,969)
Total fixed-maturity securities	(22,431)	(217,500)
Equity securities:
Gross realized gains	3,200	210,558
Gross realized losses	(5,961)	(236,831)
Total equity securities	(2,761)	(26,273)
Net realized losses	(25,192)	(243,773)
Equity securities:
Gross gains	1,767,835	0
Gross losses	0	(307,214)
Total equity securities	1,767,835	(307,214)
Other investments:
Gross gains	292,720	27,860
Gross losses	0	0
Total other investments	292,720	27,860
Net unrealized gains (losses)	2,060,555	(279,354)
Net gains (losses) on investments	$ 2,035,363	$ (523,127)

3. Investments (Details 7) - USD ($)	3 Months Ended	12 Months Ended
3. Investments (Details 7) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
U.S. Treasury Securities and Obligations of U.S. Government [Member]
Estimated Fair Value-Less than 12 months	$ 0	$ 4,948,530
Unrealized Losses-Less than 12 Months	0	(28,000)
No. of Positions Held-Less than 12 Months	0	3
Estimated Fair Value-12 months or more	3,972,480	0
Unrealized Losses-12 months or more	(9,784)	0
No. of Positions Held-12 months or more	2	0
Estimated Fair Value-Total	3,972,480	4,948,530
Unrealized Losses-Total	(9,784)	(28,000)
Fixed Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Estimated Fair Value-Less than 12 months	0	555,375
Unrealized Losses-Less than 12 Months	0	(12,327)
No. of Positions Held-Less than 12 Months	0	1
Estimated Fair Value-12 months or more	825,878	1,436,242
Unrealized Losses-12 months or more	(6,230)	(36,508)
No. of Positions Held-12 months or more	2	3
Estimated Fair Value-Total	825,878	1,991,617
Unrealized Losses-Total	(6,230)	(48,835)
Fixed Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Estimated Fair Value-Less than 12 months	9,045,064	81,004,459
Unrealized Losses-Less than 12 Months	(57,955)	(2,775,540)
No. of Positions Held-Less than 12 Months	11	97
Estimated Fair Value-12 months or more	40,520,044	13,424,888
Unrealized Losses-12 months or more	(710,936)	(676,605)
No. of Positions Held-12 months or more	52	24
Estimated Fair Value-Total	49,565,108	94,429,347
Unrealized Losses-Total	(768,891)	(3,452,145)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Estimated Fair Value-Less than 12 months	2,666,892	7,002,713
Unrealized Losses-Less than 12 Months	(95,026)	(231,229)
No. of Positions Held-Less than 12 Months	4	9
Estimated Fair Value-12 months or more	15,432,106	11,928,425
Unrealized Losses-12 months or more	(389,820)	(331,012)
No. of Positions Held-12 months or more	23	19
Estimated Fair Value-Total	18,098,998	18,931,138
Unrealized Losses-Total	(484,846)	(562,241)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Estimated Fair Value-Less than 12 months	11,711,956	93,511,077
Unrealized Losses-Less than 12 Months	(152,981)	(3,047,096)
No. of Positions Held-Less than 12 Months	15	110
Estimated Fair Value-12 months or more	60,750,508	26,789,555
Unrealized Losses-12 months or more	(1,116,770)	(1,044,125)
No. of Positions Held-12 months or more	79	46
Estimated Fair Value-Total	72,462,464	120,300,632
Unrealized Losses-Total	$ (1,269,751)	$ (4,091,221)

3. Investments (Details Narrative) - USD ($)	3 Months Ended
3. Investments (Details Narrative) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Investments [Abstract]
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity	$ 400,000	$ 0
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale	1,505,382	7,891,145
Proceeds from the sale of equity securities	$ 246,047	$ 3,378,515

4. Fair Value Measurements (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 8,289,944	$ 8,220,381
Political subdivisions of States, Territories and Possessions	5,799,104	6,341,608
Corporate and other bonds industrial and miscellaneous	124,953,373	115,750,293
Residential mortgage and other asset backed securities	21,434,731	21,465,234
Total fixed maturities	160,477,152	151,777,516
Equity securities	19,663,987	16,572,616
Total investments	180,141,139	168,350,132
Level 1
U.S. Treasury securities and obligations of U.S. government corporations and agencies	8,289,944	8,220,381
Political subdivisions of States, Territories and Possessions	0	0
Corporate and other bonds industrial and miscellaneous	121,238,077	112,076,270
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	129,528,021	120,296,651
Equity securities	19,663,987	16,572,616
Total investments	149,192,008	136,869,267
Level 2
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of States, Territories and Possessions	5,799,104	6,341,608
Corporate and other bonds industrial and miscellaneous	3,715,296	3,674,023
Residential mortgage and other asset backed securities	21,434,731	21,465,234
Total fixed maturities	30,949,131	31,480,865
Equity securities	0	0
Total investments	30,949,131	31,480,865
Level 3
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

4. Fair Value Measurements (Details 1) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Hedge fund investments	$ 2,147,945	$ 1,855,225
Hedge Fund
Hedge fund investments	$ 2,147,945	$ 1,855,225

4. Fair Value Measurements (Details 2) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Senior Notes due 2022	$ 28,485,329	$ 28,521,734
Level 1
Senior Notes due 2022	0	0
Level 2
Senior Notes due 2022	28,485,329	28,521,734
Level 3
Senior Notes due 2022	$ 0	$ 0

5. Fair Value of Financial Instruments and Real Estate (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Reinsurance balances payable	$ 1,201,931	$ 1,933,376
Long-term debt, net	29,339,296	29,295,251
Carrying Value [Member]
Fixed-maturity securities held-to-maturity	3,824,620	4,222,855
Cash and cash equivalents	15,764,480	21,138,403
Premiums receivable	14,211,748	13,961,599
Reinsurance receivables	26,157,637	26,367,115
Real estate, net of accumulated depreciation	2,285,933	2,300,827
Reinsurance balances payable	1,201,931	1,933,376
Long-term debt, net	29,339,296	29,295,251
Fair Value [Member]
Fixed-maturity securities held-to-maturity	4,076,611	4,426,416
Cash and cash equivalents	15,764,480	21,138,403
Premiums receivable	14,211,748	13,961,599
Reinsurance receivables	26,157,637	26,367,115
Real estate, net of accumulated depreciation	2,705,000	2,705,000
Reinsurance balances payable	1,201,931	1,933,376
Long-term debt, net	$ 28,485,329	$ 28,521,734

6. Property and Casualty Insurance Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Premiums Written [Member]
Direct	$ 37,488,548	$ 31,526,283
Assumed	(34)	336
Ceded	(7,127,909)	(7,826,235)
Net	30,360,605	23,700,384
Changes In Unearned Premiums [Member]
Direct	(628,067)	(1,008,869)
Assumed	195	1,901
Ceded	(136,844)	144,201
Net	(764,716)	(862,767)
Premiums Earned [Member]
Direct	36,860,481	30,517,414
Assumed	161	2,237
Ceded	(7,264,753)	(7,682,034)
Net	$ 29,595,889	$ 22,837,617

6. Property and Casualty Insurance Activity (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Insurance [Abstract]
Balance at beginning of period	$ 56,197,106	$ 48,799,622
Less reinsurance recoverables	(15,671,247)	(16,748,908)
Net balance, beginning of period	40,525,859	32,050,714
Incurred related to:
Current year	24,655,975	17,367,560
Prior years	4,478,249	(101,230)
Total incurred	29,134,224	17,266,330
Paid related to:
Current year	7,731,086	5,971,788
Prior years	8,405,440	6,495,154
Total paid	16,136,526	12,466,942
Net balance at end of period	53,523,557	36,850,102
Add reinsurance recoverables	15,586,714	19,422,011
Balance at end of period	$ 69,110,271	$ 56,272,113

6. Property and Casualty Insurance Activity (Details 2)	3 Months Ended
6. Property and Casualty Insurance Activity (Details 2)	Mar. 31, 2019 USD ($) Number
2010
2010	$ 5,598
IBNR	$ 0
Cumulative Number of Reported Claims \| Number	1,617
2011
2010	$ 5,707
2011	7,603
IBNR	$ 0
Cumulative Number of Reported Claims \| Number	1,914
2012
2010	$ 6,429
2011	7,678
2012	9,539
IBNR	$ 1
Cumulative Number of Reported Claims \| Number	4,704
2013
2010	$ 6,623
2011	8,618
2012	9,344
2013	10,728
IBNR	$ 35
Cumulative Number of Reported Claims \| Number	1,560
2014
2010	$ 6,912
2011	9,440
2012	10,278
2013	9,745
2014	14,193
IBNR	$ 261
Cumulative Number of Reported Claims \| Number	2,132
2015
2010	$ 6,853
2011	9,198
2012	10,382
2013	9,424
2014	14,260
2015	22,340
IBNR	$ 497
Cumulative Number of Reported Claims \| Number	2,553
2016
2010	$ 6,838
2011	9,066
2012	10,582
2013	9,621
2014	14,218
2015	21,994
2016	26,062
IBNR	$ 1,188
Cumulative Number of Reported Claims \| Number	2,867
2017
2010	$ 6,840
2011	9,144
2012	10,790
2013	10,061
2014	14,564
2015	22,148
2016	24,941
2017	31,605
IBNR	$ 2,920
Cumulative Number of Reported Claims \| Number	3,350
2018
2010	$ 6,787
2011	9,171
2012	10,791
2013	10,089
2014	15,023
2015	22,491
2016	24,789
2017	32,169
2018	54,455
IBNR	$ 7,322
Cumulative Number of Reported Claims \| Number	4,090
2019
2010	$ 6,787
2011	9,175
2012	10,831
2013	10,068
2014	15,925
2015	22,598
2016	25,658
2017	33,597
2018	55,591
2019	23,359
Total	213,589
IBNR	$ 8,904
Cumulative Number of Reported Claims \| Number	962

6. Property and Casualty Insurance Activity (Details 3)	Mar. 31, 2019 USD ($)
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented	$ 51,268
All outstanding liabilities before 2009, net of reinsurance	108
Liabilities for claims and claim adjustment expenses, net of reinsurance	51,376
2010
2010	2,566
2011
2010	3,947
2011	3,740
2012
2010	4,972
2011	5,117
2012	3,950
2013
2010	5,602
2011	6,228
2012	5,770
2013	3,405
2014
2010	6,323
2011	7,170
2012	7,127
2013	5,303
2014	5,710
2015
2010	6,576
2011	8,139
2012	8,196
2013	6,633
2014	9,429
2015	12,295
2016
2010	6,720
2011	8,540
2012	9,187
2013	7,591
2014	10,738
2015	16,181
2016	15,364
2017
2010	6,772
2011	8,702
2012	10,236
2013	8,407
2014	11,770
2015	18,266
2016	19,001
2017	16,704
2018
2010	6,780
2011	8,727
2012	10,323
2013	9,056
2014	13,819
2015	19,984
2016	21,106
2017	24,820
2018	32,383
2019
2010	6,780
2011	8,733
2012	10,412
2013	9,155
2014	13,860
2015	20,193
2016	21,306
2017	25,426
2018	39,136
2019	7,320
Total	$ 162,321

6. Property and Casualty Insurance Activity (Details 4) $ in Thousands	Mar. 31, 2019 USD ($)
Insurance [Abstract]
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$ 51,376
Total reinsurance recoverable on unpaid losses	15,587
Unallocated loss adjustment expenses	2,147
Total gross liability for loss and LAE reserves	$ 69,110

6. Property and Casualty Insurance Activity (Details 5) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Personal Lines [Member]
Percent ceded	10.00%	20.00%	40.00%
Risk retained	$ 900,000	$ 800,000	$ 500,000
Losses per occurrence subject to quota share reinsurance coverage	1,000,000	1,000,000	833,333
Excess of loss coverage above quota share coverage	9,000,000	9,000,000	3,666,667
In excess of	1,000,000	1,000,000	833,333
Total reinsurance coverage per occurrence	9,100,000	9,200,000	4,000,000
Losses per occurrence subject to reinsurance coverage	$ 10,000,000	$ 10,000,000	$ 4,500,000
Expiration date	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2017
Personal Umbrella [Member]
Percent ceded - first million dollars of coverage	90.00%	90.00%	90.00%
Percent ceded - excess of one million dollars of coverage	100.00%	100.00%	100.00%
Risk retained	$ 100,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	4,900,000	4,900,000	4,900,000
Losses per occurrence subject to reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Commercial Lines [Member]
Risk retained	$ 750,000	$ 750,000	$ 500,000
Excess of loss coverage above quota share coverage	3,750,000	3,750,000	4,000,000
In excess of	750,000	750,000	500,000
Total reinsurance coverage per occurrence	3,750,000	3,750,000	4,000,000
Losses per occurrence subject to reinsurance coverage	$ 4,500,000	$ 4,500,000	$ 4,500,000
Commercial Umbrella [Member]
Percent ceded - first million dollars of coverage	90.00%	90.00%	90.00%
Percent ceded - excess of one million dollars of coverage	100.00%	100.00%	100.00%
Risk retained	$ 100,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	4,900,000	4,900,000	4,900,000
Losses per occurrence subject to reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Catastrophe [Member]
Initial loss subject to personal lines quota share treaty	$ 5,000,000	$ 5,000,000	$ 5,000,000
Risk retained per catastrophe occurrence	4,500,000	4,000,000	3,000,000
Catastrophe loss coverage in excess of quota share coverage	$ 445,000,000	$ 315,000,000	$ 247,000,000
Reinstatement premium protection	Yes	Yes	Yes

6. Property and Casualty Insurance Activity (Details 6)	12 Months Ended
6. Property and Casualty Insurance Activity (Details 6)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Personal Lines [Member] \| Initial $1,000,000 [Member]
Risk Retained	$900,000	$800,000
Personal Lines [Member] \| $1,000,000 - $10,000,000 [Member]
Risk Retained	None	None
Personal Lines [Member] \| Over $10,000,000 [Member]
Risk Retained	100%	100%
Personal Lines [Member] \| Over $4,500,000 [Member]
Risk Retained			100%
Personal Lines [Member] \| Initial $833,333 [Member]
Risk Retained			$500,000
Personal Lines [Member] \| $833,333 - $4,500,000 [Member]
Risk Retained			None
Personal Umbrella [Member] \| Initial $1,000,000 [Member]
Risk Retained	$100,000	$100,000	$100,000
Personal Umbrella [Member] \| $1,000,000 - $5,000,000 [Member]
Risk Retained	None	None	None
Personal Umbrella [Member] \| Over $5,000,000 [Member]
Risk Retained	100%	100%	100%
Commercial Lines [Member] \| Initial $750,000 [Member]
Risk Retained	$750,000	$750,000
Commercial Lines [Member] \| $750,000 - $4,500,000 [Member]
Risk Retained	None	None
Commercial Lines [Member] \| Over $4,500,000 [Member]
Risk Retained	100%	100%	100%
Commercial Lines [Member] \| Initial $500,000 [Member]
Risk Retained			$500,000
Commercial Lines [Member] \| $500,000 - $4,500,000 [Member]
Risk Retained			None
Commercial Umbrella [Member] \| Initial $1,000,000 [Member]
Risk Retained	$100,000	$100,000	$100,000
Commercial Umbrella [Member] \| $1,000,000 - $5,000,000 [Member]
Risk Retained	None	None	None
Commercial Umbrella [Member] \| Over $5,000,000 [Member]
Risk Retained	100%	100%	100%
Catastrophe [Member] \| Initial $5,000,000 [Member]
Risk Retained	$4,500,000	$4,000,000	$3,000,000
Catastrophe [Member] \| $5,000,000 - $450,000,000 [Member]
Risk Retained	None
Catastrophe [Member] \| Over $450,000,000 [Member]
Risk Retained	100%
Catastrophe [Member] \| $5,000,000 - $320,000,000 [Member]
Risk Retained		None
Catastrophe [Member] \| Over $320,000,000 [Member]
Risk Retained		100%
Catastrophe [Member] \| $5,000,000 - $252,000,000 [Member]
Risk Retained			None
Catastrophe [Member] \| Over $252,000,000 [Member]
Risk Retained			100%

6. Property and Casualty Insurance Activity (Details 7) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Insurance [Abstract]
Provisional ceding commissions earned	$ 1,317,751	$ 2,067,505
Contingent ceding commissions earned	(40,068)	(372,347)
Total commissions earned	$ 1,277,683	$ 1,695,158

6. Property and Casualty Insurance Activity (Details Narrative)	3 Months Ended
	Mar. 31, 2019 USD ($) Number	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) Number
Insurance [Abstract]
Advance premiums	$ 3,064,413		$ 2,107,629
Incurred Losses and Loss Adjustment Expenses are net of reinsurance recoveries under reinsurance contracts	3,135,894	$ 5,612,056
Prior year loss development	$ 4,478,249	$ (101,230)
Net contingent ceding commissions payable \| Number	1,643,000		1,581,000

7. Debt (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Long-term debt, net	$ 29,339,296	$ 29,295,251
Issuance costs
Long-term debt, net	(539,048)	(574,953)
5.50% Senior Unsecured Notes
Long-term debt, net	30,000,000	30,000,000
Discount
Long-term debt, net	$ (121,656)	$ (129,796)

8. Stockholders' Equity (Details)	3 Months Ended
8. Stockholders' Equity (Details)	Mar. 31, 2019 USD ($) $ / shares shares
Number of Options Outstanding, Beginning \| shares	37,500
Number of Options Granted \| shares	0
Number of Options Exercised \| shares	0
Number of Options Forfeited \| shares	(1,250)
Number of Options Outstanding, Ending \| shares	36,250
Number of Options Vested and Exercisable \| shares	33,750
Weighted Average Exercise Price Outstanding, Beginning	$ 8.36
Weighted Average Exercise Price Granted	.00
Weighted Average Exercise Price Exercised	.00
Weighted Average Exercise Price Forfeited	7.85
Weighted Average Exercise Price Outstanding, Ending	8.36
Weighted Average Exercise Price Vested and Exercisable	$ 8.27
Weighted Average Remaining Contractual Life (in years) Outstanding Beginning	2 years 2 months 26 days
Weighted Average Remaining Contractual Life (in years) Forfeited	2 years 14 days
Weighted Average Remaining Contractual Life (in years) Outstanding Ending	2 years
Weighted Average Remaining Contractual Life (in years) Vested and Exercisable	1 year 11 months 12 days
Aggregate Intrinsic Value Outstanding, Beginning \| $	$ 349,950
Aggregate Intrinsic Value Granted	$ 0
Aggregate Intrinsic Value Exercised \| $	$ 0
Aggregate Intrinsic Value Forfeited/canceled	$ 11,413
Aggregate Intrinsic Value Outstanding, Ending \| $	$ 230,713
Aggregate Intrinsic Value Vested and Exercisable \| $	$ 218,250
Restricted Stock
Number of Options Outstanding, Beginning \| shares	120,499
Number of Options Granted \| shares	51,242
Number of Options Exercised \| shares	(27,501)
Number of Options Forfeited \| shares	(3,804)
Number of Options Outstanding, Ending \| shares	140,436
Weighted Average Exercise Price Outstanding, Beginning	$ 17.66
Weighted Average Exercise Price Granted	17.76
Weighted Average Exercise Price Exercised	18.67
Weighted Average Exercise Price Forfeited	15.51
Weighted Average Exercise Price Vested and Exercisable	$ 17.58
Aggregate Intrinsic Value Outstanding, Beginning \| $	$ 2,129,175
Aggregate Intrinsic Value Granted	$ 910,058
Aggregate Intrinsic Value Exercised \| $	$ (513,446)
Aggregate Intrinsic Value Forfeited/canceled	$ (59,011)
Aggregate Intrinsic Value Vested and Exercisable \| $	$ 2,466,776

8. Stockholders' Equity (Details Narrative) - USD ($)	3 Months Ended
8. Stockholders' Equity (Details Narrative) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Dividends Declared	$ 1,075,962	$ 1,068,375
Stock-based compensation expense related to stock options is net of estimated forfeitures	$ 1,000	2,000
Closing price of common stock	$ 14.74
Total intrinsic value of options exercised	$ 11,413
Stock-based compensation, restricted stock awards	$ 309,000	$ 106,000
2014 Plan [Member]
Shares reserved	426,822

9. Income Taxes (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Deferred tax asset:
Net operating loss carryovers	$ 70,381	$ 90,438
Claims reserve discount	454,206	343,905
Unearned premium	3,217,985	3,145,682
Deferred ceding commission revenue	576,531	564,202
Other	874	383,733
Total deferred tax assets	4,319,977	4,527,960
Deferred tax liability:
Investment in KICO	759,543	759,543
Deferred acquisition costs	3,812,399	3,760,625
Intangibles	122,850	140,700
Depreciation and amortization	626,962	664,194
Net unrealized gains (losses) of securities - available for sale	38,864	(1,151,335)
Total deferred tax liabilities	5,360,618	4,173,727
Net deferred income tax asset (liability)	$ (1,040,641)	$ 354,233

9. Income Taxes (Details 1) - USD ($)	3 Months Ended
9. Income Taxes (Details 1) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
State only	$ 1,436,689	$ 1,305,365
Valuation allowance	(1,366,308)	(1,217,027)
State only, net of valuation allowance	70,381	88,338
Amount subject to Annual Limitation, Federal only	0	2,100
Total deferred tax asset from net operating loss carryovers	$ 70,381	$ 90,438
State only expiration date	12/31/2039
Amount subject to Annual Limitation, Federal only expiration date	12/31/2019

9. Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 22,103,000	$ 20,083,000

10. (Loss)/Earnings Per Common Share (Details) - shares	3 Months Ended
10. (Loss)/Earnings Per Common Share (Details) - shares	Mar. 31, 2019	Mar. 31, 2018
Loss per common share:
Weighted average number of shares outstanding	10,757,843	10,669,992
Effect of dilutive securities, common share equivalents, Stock options	0	0
Effect of dilutive securities, common share equivalents, Restricted stock awards	0	0
Weighted average number of shares outstanding, used for computing diluted earnings per share	10,757,843	10,669,992

11. Commitments and Contingencies (Details)	3 Months Ended
11. Commitments and Contingencies (Details)	Mar. 31, 2019 USD ($)
Commitments And Contingencies
Operating lease	$ 41,342
Short-term leases	0
Total lease cost	41,342
Cash payments included in the measurement of lease liability in operating cash flows	$ 41,379
Discount rate	5.50%
Remaining lease term in years	5 years

11. Commitments and Contingencies (Details 1)	Mar. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019 (nine months)	$ 128,482
2020	175,806
2021	181,959
2022	188,328
2023	194,919
Thereafter	49,145
Total undiscounted lease payments	918,639
Less: present value adjustment	76,904
Operating lease liability	$ 841,735

11. Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Rent expenses	$ 41,342	$ 41,342