Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Income Tax Expense (Benefit)

The Company has not recorded an income tax expense or benefit for the years ended December 31, 2017, 2016, or 2015.

	2017		2016		2015
Current federal income tax expense	$	—	$	—	$	—
Provision for doubtful federal income tax receivable		—		—		—
Deferred federal income tax expense		—		—		—
Federal income tax expense	$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

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, 2017			December 31, 2016			December 31, 2015
Income tax at the federal statutory rate		35.0	%		35.0	%		35.0	%
Effect of:
Dividends on preferred securities		80.7			3.4			(8.0	)
True-up of deferred assets		13.7			(0.5	)	—
Adjustments to NOL due to change in tax rate		10,766.6		—			—
Adjustments to capital loss carryforward due to expiration		662.9		—			—
Stock Based Compensation		(13.7	)	—			—
Change in valuation allowance		(11,545.2	)		(37.9	)		(27.0	)
Effective rate	— %			—%			—%

Components of Net Deferred Tax Asset

The components of the net deferred tax asset as of December 31, 2017, 2016 and 2015, respectively, are as follows:

	Year Ended			Year Ended		Year Ended
	December 31, 2017			December 31, 2016		December 31, 2015
Deferred federal income tax asset:
Net operating loss carryforward	$	2,107,353		$	2,104,944	$	2,102,482
Change in net operating loss due to change in tax rates		(842,941	)		—		—
Accruals and reserves		309			2,177		3,481
Derivative liability		—			—		19,117
Restricted stock grants		138			157		160
Net unrealized loss on investments		4			23		16
Capital loss carryforward		344			52,475		52,490
Total deferred federal income tax asset		1,265,207			2,159,776		2,177,746
Deferred federal income tax liabilities:
Losses and loss adjustments expense		304			500		411
Derivative asset		—			51,407		—
Total deferred federal income tax liabilities		304			51,907		411
Less: Valuation allowance		1,264,903			2,107,869		2,177,335
Net deferred federal income tax asset	$	—		$	—	$	—

Summary of NOLs

The following table provides a summary of NOLs including the year they were incurred and the year they would currently be scheduled to expire if unused:

(in thousands)

Originated During Year Ended	Operating Loss (Taxable)			Limitations			Net Operating Loss (Taxable)			Expiration (if unused) Year Ended
December 31, 2011	$	(14,201	)	$	—		$	(14,201	)	December 31, 2031
December 31, 2012		(7,535,083	)		(1,589,798	)		(5,945,285	)	December 31, 2032
December 31, 2013		(5,019	)		—			(5,019	)	December 31, 2033
December 31, 2014		(32,389	)		—			(32,389	)	December 31, 2034
December 31, 2015		(12,347	)		—			(12,347	)	December 31, 2035
December 31, 2016		(4,617	)		—			(4,617	)	December 31, 2036
December 31, 2017		(7,152	)		—			(7,152	)	December 31, 2037
Total	$	(7,610,808	)	$	(1,589,798	)	$	(6,021,010	)