Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 15,134,992	$ 5,941,616
Adjustments to reconcile net income to net cash flows provided by operating activities:
Net realized losses on investments	5,804	425,776
Net unrealized losses (gains) on equity investments	288,506	(622,874)
Net unrealized gains on other investments	(702,782)	(295,687)
Gain on sale of real estate	(1,965,989)	0
Depreciation and amortization	1,237,227	1,216,447
Credit losses	69,060	53,865
Accretion of bond discount, net	(28,977)	(362,020)
Amortization of discount and issuance costs on debt	62,757	593,838
Loss on extinguishment of debt	174,962	0
Stock-based compensation	810,867	547,205
Deferred income tax (benefit) expense	(372,296)	1,583,266
Decrease (increase) in operating assets:
Premiums receivable, net	4,419,958	(1,625,197)
Reinsurance receivables, net	13,883,393	9,278,490
Prepaid reinsurance	(3,649,273)	0
Deferred policy acquisition costs	884,341	227,800
Other assets	432,234	431,785
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	7,717,026	(5,240,372)
Unearned premiums	(4,438,637)	1,813,141
Advance premiums	2,209,518	1,157,841
Reinsurance balances payable	(5,068,605)	(2,355,544)
Deferred ceding commission revenue	(4,545,591)	(183,783)
Accounts payable, accrued expenses and other liabilities	573,242	629,295
Net cash flows provided by operating activities	27,131,737	13,214,888
Cash flows from investing activities:
Purchase - fixed-maturity securities available-for-sale	(46,825,871)	(80,234,996)
Sale and maturity - fixed-maturity securities available-for-sale	20,172,732	68,122,546
Purchase - equity securities	(19,100)	0
Sale - equity securities	0	3,538,730
Proceeds from sale of real estate	3,600,000	0
Acquisition of property and equipment	(1,440,460)	(1,038,479)
Net cash flows used in investing activities	(24,512,699)	(9,612,199)
Cash flows from financing activities:
Principal payments on equipment financing	(602,712)	(568,504)
Principal payment on 2024 Notes	(5,950,000)	0
Proceeds from exercise of stock options	57,088	0
Withholding taxes paid on net exercise of stock options	(14,305)	0
Withholding taxes paid on vested restricted stock awards	(548,500)	(8,380)
Net proceeds from issuance of common stock	9,484,382	168,190
Net cash flows provided by (used in) financing activities	2,425,953	(408,694)
Increase in cash and cash equivalents	5,044,991	3,193,995
Cash and cash equivalents, beginning of period	28,669,441	8,976,998
Cash and cash equivalents, end of period	33,714,432	12,170,993
Supplemental disclosures of cash flow information:
Cash paid for income taxes	1,353,000	0
Cash paid for interest	1,370,448	1,389,759
Supplemental schedule of non-cash investing and financing activities:
Other comprehensive income (loss), net of tax	$ 3,244,917	$ (349,996)

KINGSTONE COMPANIES, INC. 10-Q