OXBRIDGE RE HOLDINGS Ltd
For the period ended Dec 31, 2023. Filed Mar 26, 2024.
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FY2023 · Filed Mar 26, 2024
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Schedule II – Condensed Financial Information of the Registrant
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEET - PARENT COMPANY ONLY
| At December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Cash and cash equivalents | 247 | 931 |
| Equity securities | 680 | 642 |
| Investment in subsidiaries | 1,757 | 9,389 |
| Due from subsidiaries | 2,905 | 3,872 |
| Due from related party | - | 35 |
| Loan receivable | 100 | - |
| Prepayment and other assets | 82 | 105 |
| Prepaid offering costs | - | 133 |
| Operating lease right-of-use assets | 9 | 44 |
| Property and equipment, net | 4 | 5 |
| Total assets | $5,784 | 15,156 |
| Liabilities and Shareholders’ Equity | ||
| Liabilities: | ||
| Operating lease liabilities | 9 | 44 |
| Due to Subsidiary | 250 | - |
| Accounts payable and other liabilities | 193 | 123 |
| Total liabilities | 452 | 167 |
| Shareholders’ equity: | ||
| Ordinary share capital | 6 | 6 |
| Additional paid-in capital | 32,740 | 32,482 |
| Accumulated Deficit | (27,414) | (17,499) |
| Total shareholders’ equity | 5,332 | 14,989 |
| Total liabilities and shareholders’ equity | $5,784 | 15,156 |
SCHEDULE II (continued)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS - PARENT COMPANY ONLY
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenue | ||
| Net investment income | $71 | 47 |
| Change in fair value of equity securities | 38 | (338) |
| Net realized investment gain | - | 27 |
| Management fees and other income | 2,978 | 1,883 |
| Operating expenses | (1,912) | (1,406) |
| Income before equity in loss of subsidiaries | 1,175 | 213 |
| Equity in loss of subsidiaries | (11,090) | (2,002) |
| Net loss | $(9,915) | (1,789) |
SCHEDULE II (continued)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENT OF CASH FLOWS - PARENT COMPANY ONLY
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating activities | ||
| Net loss | $(9,915) | (1,789) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Equity in loss of subsidiaries | 11,090 | 2,002 |
| Share-based compensation | 258 | 127 |
| Underwriting Income – SurancePlus | (494) | - |
| Depreciation | 6 | 4 |
| Net realized investment gain | - | (27) |
| Change in fair value of equity securities | (38) | 338 |
| Change in operating assets and liabilities: | ||
| Due from subsidiary | 967 | (1,763) |
| Due from related party | 35 | (30) |
| Due to subsidiary | 250 | - |
| Prepayment and other assets | 23 | (55) |
| Prepaid offering costs | 133 | (133) |
| Accounts payable and other liabilities | 70 | (87) |
| Net cash provided by (used in) operating activities | $2,385 | (1,413) |
| Investing activities | ||
| Purchase of equity securities | - | (1,002) |
| Purchase of loan receivable | (100) | - |
| Investment in subsidiary | (2,964) | (507) |
| Proceeds from sale of equity securities | - | 626 |
| Purchase of property and equipment | (5) | - |
| Net cash used in investing activities | $(3,069) | (883) |
| Net change in cash and cash equivalents | (684) | (2,296) |
| Cash and cash equivalents at beginning of year | 931 | 3,227 |
| Cash and cash equivalents at end of year | $247 | 931 |
SCHEDULE III
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