Midwest Holding Inc. (MDWT) Financial Statements (2024 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
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments199,419175,251196,525217,989140,889165,874
Cash and cash equivalents194,275170,073191,414208,664128,964144,684
Short-term investments5,1445,1785,1119,32511,92521,190
Receivables6,4006,3006,3006,1896,1116,035
Total current assets:205,819181,551202,825224,178147,000171,909
Noncurrent Assets
Operating lease, right-of-use asset2,0832,0592,1192,1792,2392,300
Property, plant and equipment1,8111,8051,8971,9901,823570
Intangible assets, net (including goodwill)    700700700
Intangible assets, net (excluding goodwill)    700700700
Total noncurrent assets:3,8943,8644,0164,8694,7623,570
Other undisclosed assets2,218,3281,959,0601,713,5901,457,0211,284,2131,126,419
TOTAL ASSETS:2,428,0412,144,4751,920,4311,686,0681,435,9751,301,898
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt  60,00029,000   
Total current liabilities:  60,00029,000   
Noncurrent Liabilities
Long-term debt and lease obligation:    2,1922,2492,307
Operating lease, liability    2,1922,2492,307
Total noncurrent liabilities:    4,3844,4984,614
Other undisclosed liabilities2,398,7412,059,6251,857,0541,641,8141,366,9811,218,093
Total liabilities:2,398,7412,119,6251,886,0541,646,1981,371,4791,222,707
Equity
Equity, attributable to parent13,73512,82723,90631,77652,08360,759
Common stock444444
Treasury stock, value(175)(175)(175)(175)(175)(175)
Additional paid in capital139,085138,789138,482138,166138,838138,483
Accumulated other comprehensive loss(57,433)(61,928)(51,386)(52,943)(25,877)(7,581)
Accumulated deficit(67,746)(63,863)(63,019)(53,276)(60,707)(69,972)
Equity, attributable to noncontrolling interest15,56512,02310,4718,09412,41318,432
Total equity:29,30024,85034,37739,87064,49679,191
TOTAL LIABILITIES AND EQUITY:2,428,0412,144,4751,920,4311,686,0681,435,9751,301,898

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues29,06638,4528,59118,999(122)2,583
Realized investment gains (losses)2,08716,287(202)4,135(12,636)(6,175)
Other income122106(1,030)569514448
Cost of revenue
(Deferred Policy Acquisition Costs, Amortization Expense)
  (4,788)(1,693)  (851)
Gross profit:29,06633,6646,89818,999(122)1,732
Operating expenses(26,529)(29,765)(12,085)(14,294)1,3923,327
Operating income (loss):2,5373,899(5,187)4,7051,2705,059
Income (loss) from continuing operations before equity method investments, income taxes:2,5373,899(5,187)4,7051,2705,059
Other undisclosed income from continuing operations before income taxes  4,7881,693  851
Income (loss) from continuing operations before income taxes:2,5378,687(3,494)4,7051,2705,910
Income tax expense (benefit)(2,969)(2,907)(3,752)(1,250)2,125(4,722)
Income (loss) from continuing operations:(432)5,780(7,246)3,4553,3951,188
Income before gain (loss) on sale of properties:3,4553,3951,188
Net income (loss):(432)5,780(7,246)3,4553,3951,188
Net income (loss) attributable to noncontrolling interest(3,451)(1,951)(2,497)3,9765,871(1,001)
Net income (loss) available to common stockholders, diluted:(3,883)3,829(9,743)7,4319,266187

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income (loss):(432)5,780(7,246)3,4553,3951,188
Comprehensive income (loss):(432)5,780(7,246)3,4553,3951,188
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(3,451)(1,951)(2,497)3,9765,871(1,001)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent4,495(10,542)1,557(27,066)(18,296)(10,215)
Comprehensive income (loss), net of tax, attributable to parent:612(6,713)(8,186)(19,635)(9,030)(10,028)

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.

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