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LEASES

9 Months Ended

Sep. 30, 2024

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:

(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