Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

The Company has not recorded an income tax expense or benefit for the years ended December 31, 2016, 2015 or 2014.

	2016		2015		2014
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, 2016			December 31, 2015			December 31, 2014
Income tax at the federal statutory rate of 35%		35.0	%		35.0	%		35.0	%
Effect of:
Dividends on preferred securities		3.4		(8.0)			—
True-up of deferred assets		(0.5	)
Adjustments to NOL due to 382 limitation	—			—			(9.0)
Change in valuation allowance	(37.9)			(27.0)			(26.0)
Effective rate	—%			—%			—%

The components of the net deferred tax asset as of December 31, 2016, 2015 and 2014, respectively, are as follows:

	Year Ended		Year Ended		Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
Deferred federal income tax asset:
Net operating loss carryforward	$	2,104,944	$	2,102,482	$	2,098,597
Accruals and reserves		2,177		3,481		4,531
Derivative liability		—		19,117		—
Restricted stock grants		157		160		—
As filed adjustments		—		—		214
Net unrealized loss on investments		23		16		—
Capital loss carryforward		52,475		52,490		52,603
Total deferred federal income tax asset		2,159,776		2,177,746		2,155,945
Deferred federal income tax liabilities:
Net unrealized gain on investments		—		—		154
Losses and loss adjustments expense		500		411		102
Derivative asset		51,407		—		—
Total deferred federal income tax liabilities		51,907		411		256
Less: Valuation allowance		2,107,869		2,177,335		2,155,689
Net deferred federal income tax asset	$	—	$	—	$	—