Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 230

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 16
Chunk 230
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, 2024 and 2023, included within premium
receivable, deferred acquisition costs and unearned premiums on the consolidated balance sheets are amounts equal to $447,000,
$46,000 and
$418,000
(2023: $489,000, $50,000 and $458,000) respectively, relating to the reinsurance agreement with TypTap. During the years ended
December 31, 2024 and 2023, included within assumed premiums, change in unearned premium reserve and policy acquisition costs and
underwriting expenses on the consolidated statements of operations are amounts equal to $1,003,000,
$39,000
and $115,000 (2023: $1,099,000 ($458,000) and $70,000),
respectively.

Bridge
Loan with Affiliate

On September 11, 2023, the Company,
along with seven (7) other investors, entered into a binding term sheet (“Bridge Agreement”) with Jet.AI to provide Jet.AI
with an aggregate sum of $500,000 of short-term bridge financing pending its receipt of funds from its other existing financing arrangements.

The Bridge Agreement provided for
the issuance of Notes in an aggregate principal amount of $625,000, reflecting a 20% original issue discount. The Notes bore interest
at 5% per annum and matured on March 11, 2024.

The Company invested the sum of
$100,000 in the Notes and is recorded as “Loan Receivable” on the consolidated balance sheets at cost at December 31, 2023.
On March 11, 2024, the Notes matured and were redeemed by Jet.AI in accordance with the Bridge Agreement. The Company received an aggregate
of $141,000 upon the redemption of the Notes.

Jet.AI
and Sponsor payments

During
the year ended December 31, 2024, the Series A-1 preferred shares held by the Sponsor were redeemed by Jet.AI for an aggregate amount
of $675,000. The Sponsor distributed $393,195 to the Company representing the repayment of its extension loan of $284,765, working capital
loan of $61,906, and dividend redistribution of $46,524.

    F-28

OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes
to Consolidated Financial Statements, Continued

16.
PROPERTY AND EQUIPMENT, NET

Property
and equipment, net consist of the following