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LEASES | 9 Months Ended
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Sep. 30, 2024
Leases |
LEASES | 14. LEASES Operating lease right-of-use assets and operating lease liabilities are disclosed as line in the consolidated balance sheets. We determine if a contract contains a lease at inception and recognize operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components, are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The Company has two operating lease obligations namely for the Company’s office facilities located at Suite 201, 42 Edward Street Grand Cayman, Cayman Islands and residential space at Turnberry Villas in Grand Cayman, Cayman Islands. The office lease has a remaining lease term of approximately twenty-nine (29) months and includes an option to extend the lease. Under the terms of the lease, the Company also has the right to terminate the lease after thirty-six (36) months upon giving appropriate notice in writing to the Lessor. The residential lease has a remaining lease term of approximately three (3) months. The components of lease expense and other lease information as of and during the nine-month periods ended September 30, 2024 and 2023 are as follows: SCHEDULE OF OPERATING LEASE COST
|  | For the Nine-Month Period |  |  | For the Nine-Month Period |
(in thousands) |  | Ended September 30, 2024 |  |  | Ended September 30, 2023 |
Operating Lease Cost (1) |  | $ | 80 |  |  | $ | 76 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 80 |  |  | $ | 76 |
(1) | Includes short-term leases
SCHEDULE OF OTHER LEASE INFORMATION
(in thousands) |  | At September 30, 2024 |  |  | At December 31, 2023 |
Operating lease right-of-use assets |  | $ | 100 |  |  | $ | 9 |
Operating lease liabilities |  | $ | 100 |  |  | $ | 9 |
Weighted-average remaining lease term - operating leases |  |  | 2.08 years |  |  |  | 0.39 years |
Weighted-average discount rate - operating leases |  |  | 9.35 | % |  |  | 7.13 | %
Future minimum lease payments under non-cancellable leases as of September 30, 2024 and December 31, 2023, reconciled to our discounted operating lease liability presented on the consolidated balance sheet are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
(in thousands) |  | At September 30, 2024 |  |  | At December 31, 2023 |
Remainder of 2024 |  | $ | 27 |  |  | $ | 9 |
2025 |  |  | 39 |  |  |  | - |
2026 |  |  | 39 |  |  |  | - |
Thereafter |  |  | 6 |  |  |  | - |
Total future minimum lease payments |  | $ | 111 |  |  | $ | 9 |
Less imputed interest |  |  | (11 | ) |  |  | - |
Total operating lease liability |  | $ | 100 |  |  | $ | 9 |
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) September 30, 2024

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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