Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 163

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 15
Chunk 163
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, the Company’s 3,094,999 warrants were converted into 945,211
of Jet.AI’s common stock in accordance with Jet.AI’s Tender Offer Statement (as amended) as filed with the Securities and
Exchange Commission on July 23, 2024. In August 2024, upon the anniversary of Jet.AI’s business combination, the ordinary shares
held by the Sponsor became unrestricted and was distributed pro-rata to the Sponsor’s investors.

During
November 2024, Jet.AI effected a 1:225
reverse stock split, and at December 31, 2024, the Company held 10,549
shares of Jet.AI common stock.

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.

As
a result of the re-measurement of our investment in Jet.AI, we recognized for the year ended December 31, 2024 and 2023, an unrealized loss
of $2,145,000
and $8,945,000, respectively, within our consolidated statements of operations.

Other
investments as of December 31, 2024 and 2023 consist of the following (in thousands):

 SCHEDULE OF OTHER INVESTMENTS

    2024  
    2023 

    At December 31, 

    2024  
    2023 
  
    Jet.AI Series A-1 Convertible Preferred Stock 
    $-  
    $285 
  
    Jet.AI. common stock 
     48  
     2,193 
  
    Total 
    $48  
    $2,478 

    Beginning of year 
    $2,478  
    $11,423 
  
    Redemption of Series A-1 Convertible Preferred investment 
     (285) 
     - 
  
    Unrealized loss on investment in affiliate 
     (2,145) 
     (8,945)
  
    End of year 
    $48  
    $2,478 

    F-12

OXBRIDGE
RE HOLDINGS LIMITED AND SUBSIDIARIES

Notes