Midwest Holding Inc. (MDWT) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
2900 SOUTH 70TH STREET LINCOLN, NE 68506 |
| State of Incorp. | NE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6311 - Life Insurance (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 9/30/2023 MRQ | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 196,525 | 163,882 | 155,577 | 44,216 | 2,833 | 952 | |||
| Cash and cash equivalents | 191,414 | 142,013 | 151,679 | 43,716 | 2,833 | 952 | |||
| Short-term investments | 5,111 | 21,869 | 3,898 | 500 | |||||
| Receivables | 6,300 | 5,960 | 5,665 | ||||||
| Disposal group, including discontinued operation | 33 | 50 | 367 | ||||||
| Total current assets: | 202,825 | 169,842 | 161,276 | 44,267 | 3,199 | 952 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 3 | ✕ | ✕ | ||||||
| Operating lease, right-of-use asset | 2,119 | 2,360 | 348 | 470 | ✕ | ✕ | |||
| Property, plant and equipment | 1,897 | 386 | 104 | 85 | 91 | 128 | |||
| Intangible assets, net (including goodwill) | 700 | 700 | 700 | 700 | 700 | ||||
| Intangible assets, net (excluding goodwill) | 700 | 700 | 700 | 700 | 700 | ||||
| Total noncurrent assets: | 4,016 | 3,446 | 1,152 | 1,258 | 791 | 828 | |||
| Other undisclosed assets | 1,713,590 | 1,046,629 | 563,973 | 174,391 | 61,908 | 47,243 | |||
| TOTAL ASSETS: | 1,920,431 | 1,219,917 | 726,401 | 219,916 | 65,899 | 49,023 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Debt | 29,000 | 2 | |||||||
| Total current liabilities: | 29,000 | 2 | |||||||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 397 | 524 | 18,939 | ||||||
| Long-term debt, excluding current maturities | 18,939 | ||||||||
| Operating lease, liability | 397 | 524 | ✕ | ✕ | |||||
| Total noncurrent liabilities: | 397 | 524 | 18,939 | ||||||
| Other undisclosed liabilities | 1,857,054 | 1,134,161 | 639,674 | 205,231 | 49,597 | 46,800 | |||
| Total liabilities: | 1,886,054 | 1,134,161 | 640,071 | 205,757 | 68,536 | 46,800 | |||
| Equity | |||||||||
| Equity, attributable to parent | 23,906 | 70,756 | 86,329 | 14,034 | (4,137) | 2,222 | |||
| Common stock | 4 | 4 | 4 | 1,023 | 23 | 23 | |||
| Treasury stock, value | (175) | (175) | (175) | ||||||
| Additional paid in capital | 138,482 | 138,452 | 133,593 | 53,473 | 33,006 | 33,006 | |||
| Accumulated other comprehensive income (loss) | (51,386) | 2,634 | 6,431 | 620 | (1,818) | (554) | |||
| Accumulated deficit | (63,019) | (70,159) | (53,522) | (41,082) | (35,348) | (30,253) | |||
| Equity, attributable to noncontrolling interest | 10,471 | 15,000 | 124 | ||||||
| Other undisclosed equity | 1,500 | ||||||||
| Total equity: | 34,377 | 85,756 | 86,329 | 14,159 | (2,637) | 2,222 | |||
| TOTAL LIABILITIES AND EQUITY: | 1,920,431 | 1,219,917 | 726,401 | 219,916 | 65,899 | 49,023 | |||
Income Statement (P&L) ($ in thousands)
| 9/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 30,049 | 30,063 | 10,582 | 3,400 | 876 | 4,538 | ||
| Premiums earned, net | 0 | (0) | 135 | ✕ | ||||
| Realized investment gains (losses) | (14,878) | 7,752 | 2,550 | 354 | 48 | 47 | ||
| Financial services revenue | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 2,973 | |
| Other income | 500 | 1,209 | 189 | 282 | 177 | 82 | ||
| Cost of revenue | (4,788) | (2,886) | (464) | (48) | (404) | |||
| Present value of future insurance profits, amortization expense | (48) | |||||||
| Deferred policy acquisition costs, amortization expense | (4,788) | (2,886) | (464) | (404) | ||||
| Gross profit: | 25,261 | 27,177 | 10,118 | 3,400 | 827 | 4,134 | ||
| Operating expenses | (21,658) | (41,934) | (21,437) | (8,775) | (5,913) | (7,258) | ||
| Other undisclosed operating income | 404 | |||||||
| Operating income (loss): | 3,603 | (14,757) | (11,319) | (5,375) | (5,086) | (2,720) | ||
| Interest and debt expense | (0) | (0) | 486 | |||||
| Income (loss) from continuing operations before equity method investments, income taxes: | 3,603 | (14,757) | (11,320) | (5,375) | (5,086) | (2,233) | ||
| Other undisclosed income (loss) from continuing operations before income taxes | 4,788 | 2,886 | 464 | 0 | 48 | (486) | ||
| Income (loss) from continuing operations before income taxes: | 8,391 | (11,871) | (10,856) | (5,375) | (5,037) | (2,720) | ||
| Income tax expense | (7,600) | (4,766) | (1,585) | (234) | (4,579) | (52) | ||
| Other undisclosed income from continuing operations | 4,579 | |||||||
| Income (loss) from continuing operations: | 791 | (16,637) | (12,440) | (5,609) | (5,037) | (2,772) | ||
| Loss before gain (loss) on sale of properties: | ✕ | ✕ | (16,637) | (12,440) | (5,609) | (5,066) | (2,772) | |
| Loss from discontinued operations | (28) | |||||||
| Other undisclosed net income | 52 | |||||||
| Net income (loss): | 791 | (16,637) | (12,440) | (5,609) | (5,066) | (2,720) | ||
| Net income (loss) attributable to noncontrolling interest | 6,349 | (124) | ||||||
| Net income (loss) available to common stockholders, diluted: | 7,140 | (16,637) | (12,440) | (5,734) | (5,066) | (2,720) | ||
Comprehensive Income ($ in thousands)
| 9/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 791 | (16,637) | (12,440) | (5,609) | (5,066) | (2,720) | ||
| Other undisclosed comprehensive income (loss) | (1,307) | 703 | ||||||
| Comprehensive income (loss): | 791 | (16,637) | (12,440) | (5,609) | (6,372) | (2,016) | ||
| Comprehensive income (loss), net of tax, attributable to noncontrolling interest | 6,349 | (124) | ||||||
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | (54,020) | (3,797) | 5,811 | 2,438 | ||||
| Comprehensive loss, net of tax, attributable to parent: | (46,880) | (20,434) | (6,629) | (3,296) | (6,372) | (2,016) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.