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v3.2.0.727

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014
Revenues: |  |  |  |
Premiums earned | $ 1,342 | $ 1,713 | $ 2,691 | $ 3,879
Net investment income | 128 | 437 | 529 | 1,105
Total revenues | 1,470 | 2,150 | 3,220 | 4,984
Operating expenses: |  |  |  |
Losses and loss adjustment expense (benefit) | 223 | 2,885 | (318) | 3,989
Ceding commission expense | 120 | 150 | 243 | 363
General and administrative expense | 2,306 | 2,016 | 5,279 | 3,463
Loss contract reserve fair market value change | (2,783) | (30,287) | (2,783) | (30,287)
Loss from contract termination |  | 6,563 |  | 6,563
Interest expense | 951 | 3,501 | 1,905 | 6,951
Total operating expense (benefit) | 817 | (15,172) | 4,326 | (8,958)
Net operating income (loss) | 653 | 17,322 | (1,106) | 13,942
Other (income) and expenses: |  |  |  |
Other income | (8,322) |  | (8,322) |
Unrealized loss on change in fair value of derivative liability - embedded conversion feature | 82,458 |  | 75,198 |
Total other expense: | 74,136 |  | 66,876 |
(Loss) income before federal income taxes | (73,483) | 17,322 | (67,982) | 13,942
Net (loss) income | (73,483) | 17,322 | (67,982) | 13,942
Series B preferred stock dividends | (4,500) |  | (8,748) |
Preferred deemed dividend |  |  |  | (9,455)
Net (loss) income attributable to common shareholders | $ (77,983) | $ 17,322 | $ (76,730) | $ 4,487
Basic net (loss) income per share attributable to common shareholders | $ (0.39) | $ 0.09 | $ (0.38) | $ 0.02
Shares used in computing basic net (loss) income per share | 201,887,091 | 200,999,481 | 201,518,874 | 200,738,227
Diluted net (loss) income per share attributable to common shareholders | $ (0.39) | $ 0.07 | $ (0.38) | $ 0.02
Shares used in computing diluted net (loss) income per share | 201,887,091 | 243,587,216 | 201,518,874 | 235,963,104

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