Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The Company has not recorded an income tax expense or benefit for the years ended December 31, 2015, 2014 or 2013.

	2015		2014		2013
Current federal income tax expense	$	—	$	—	$	—
Provision for doubtful federal income tax receivable		—		—		—
Deferred federal income tax (benefit) expense		—		—		—
Federal income tax benefit	$	—	$	—	$	—

The items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows:

	Year Ended			Year Ended			Year Ended
	December 31, 2015			December 31, 2014			December 31, 2013
Income tax at the federal statutory rate of 35%		35	%		35	%		35	%
Effect of:
Dividends on Preferred Securities	(8)			—			—
Worthless stock deduction	—			—			13
As filed adjustments	—			—			(14,505)
Adjustments to NOL due to 382 limitation	—			(9)			—
Change in valuation allowance	(27)			(26)			14,457
Effective rate	—%			—%			—%

The components of the net deferred tax asset as of December 31, 2015, 2014 and 2013, respectively, are as follows:

	Year Ended		Year Ended		Year Ended
	December 31, 2015		December 31, 2014		December 31, 2013
Deferred federal income tax asset:
Net operating loss carryforward	$	2,102,482	$	2,098,597	$	2,087,490
Accruals and reserves		3,481		4,531		16,387
Derivative liabilities		19,117		—		—
Losses and loss adjustments expense		—		—		143
Restricted stock grants		160		—		—
As filed adjustments		—		214		130
Net unrealized loss on investments		16		—		—
Capital loss carryforward		52,490		52,603		52,756
Total deferred federal income tax asset		2,177,746		2,155,945		2,156,906
Deferred federal income tax liabilities:
Net unrealized gain on investments		—		154		425
Losses and loss adjustments expense		411		102		—
Total deferred federal income tax liabilities		411		256		425
Less: Valuation allowance		2,177,335		2,155,689		2,156,481
Net deferred federal income tax asset	$	—	$	—	$	—