Q4 2024 Oxbridge Re Holdings Ltd Earnings Call

Okay.

Operator: Welcome to Oxbridge Re Hldg's fiscal 2024 earnings conference call. My name is Matt and I'll be your conference operator this afternoon. At this time, all participants will be in a listen-only mode.

Good afternoon, welcome to Oxbridge re fiscal 2024 earnings Conference call. My name is Matt and I'll be your conference operator this afternoon.

All participants will be in a listen only mode.

Operator: Joining us for today's presentation is Oxbridge Re's Chairman, President and Chief Executive Officer Jay Madhu, and Chief Financial Officer and Corporate Secretary Wrendon Timothy. Following the remarks, we'll open up the call for your questions. I'd like to remind everyone that this call is made available via telephone replay until April 9th, 2021. Details for telephone replay are included in the press release issued today.

Speaker Change: For today's presentation is oxbridge re use of chairman President and Chief Executive Officer, Jay Madhu.

Timothy: And Chief Financial Officer, and corporate Secretary winding Timothy.

Timothy: Following their remarks, we will open up the call for your questions I'd like to remind everyone that this call is made available via telephone replay until April nine 2025.

Timothy: Details for telephone replay are included in the press release issued today.

Wrendon Timothy: Now I'd like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge Re Hldg, who will provide the necessary cautions regarding the forward-looking statements that were made by management during this call. Thank you, operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge Re's future financial plan. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipates, estimates, expects, intends, plans, projects, and other similar words and expressions are intended to signify forward-looking statements. for their statements and not guarantees of future results and conditions, but rather are subject to various risks and uncertainties.

Speaker Change: Now I'd like to turn the call over to renting Timothy Chief Financial Officer, Patrick Shriek will provide the necessary cautions regarding the forward looking statements that they need to turn this call.

Timothy: Yeah.

Timothy: Thank you operator during today's call there will be forward looking statements made regarding future events, including Oxbridge re's future financial performance. These forward looking statements are made pursuant to the private Securities Litigation Reform Act of 1995 words, such as anticipates estimates expects intends plans projects.

Timothy: The other similar words and expressions.

Timothy: <unk> tended to pay forward looking statements forward looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties.

Wrendon Timothy: A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forelooking statements is included in this section entitled Risk Factors Contained in Our Form 10-K, filed today, March 26, 2025, with the Securities and Licensed under Creative Commons, by Attribution 3.0 The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and the volatility of ownership. which in turn can cause significant market price and trade volume fluctuations for securities.

Timothy: A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward. Looking statement is included in the section entitled Risk factors contained in our Form 10-Q filed today March 'twenty six 'twenty seven five with the Securities and Exchange Commission their current opinion beauty risks and uncertainties could have a material adverse effect.

Timothy: And the company's business financial condition, and the volatility F Owens.

Timothy: Which in turn can cause significant market price and trading volume fluctuations for securities any forward looking statements made on this conference call speak only at the date of this conference call Unaccepted as required by law. The company undertakes no obligation to update any forward looking statements contained on this call or in any company presentation, even if the company takes a piece.

Wrendon Timothy: Any forward-looking statements made on this conference call speak only out of the date of this conference call and except as required by law, the company undertakes no obligation to update any forward-looking statements.

Wrendon Timothy: and Wendon Timothy, Oxbridge Re Hldg.

Timothy: Or any related events conditions or circumstances change no I'd like to turn the call what those chairman President and Chief Executive Officer J J.

Jay Madhu: Now I would like to turn the call over to our Chairman and President and Chief Executive Officer, Jim. Thank you, Wrendon, and welcome everyone. Thank you for joining us today. Let me start by saying we are proud of the significant steps we have taken to fortify and diversify our business. While we are solidly entrenched in the RWA Web3 space, where we issue tokenized reinsurance securities in an RWA or real-world assets, our core business remains reinsurance, where we write fully collateralized policies to cover property losses from specific catastrophes. And because we write fully collateralized contracts, we believe we can compete effectively with larger carriers.

Speaker Change: Thank you Brendon and welcome everyone. Thank you for joining US today, let me start by saying we are we are proud of the significant steps, we have taken to fortify and diversify our business.

Speaker Change: While we are solidly entrenched in the art W. A web III space, maybe issued Cocainize reinsurance securities and I W. A R real world assets, our core business remains reinsurance, where we write fully collateralized policies to cover property losses from specific catastrophes.

Speaker Change: And because we write fully collateralized contracts. We believe we can compete effectively with larger carriers, we specialize in underwriting low frequency high severity risks, maybe we believe sufficient data exists.

Jay Madhu: We specialize in underwriting low-frequency, high-severity risks where we believe sufficient data exists to efficiently analyze a risk-return profile of reinsurance contracts. Our objective is to achieve long-term growth in book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk.

Speaker Change: To efficiently analyze the risk return profile of reinsurance contracts our objective is to.

Speaker Change: To achieve long term growth and book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk.

Jay Madhu: Building on the Stable Reinsurance Foundation, we began to diversify our business in 2022. We expanded our business portfolio by establishing InsurancePlus Inc., our new subsidiary focused on RWA Web3 technology. Insurance Plus specializes in democratizing real-world assets, or RWAs, offering tokenized reinsurance securities as an alternative investment opportunity. These securities leverage blockchain technology to ensure complete transparency and compliance with SEC guidelines, representing a significant advancement in the digital security market. Consequently, this initiative aims to broaden investor participation, extending opportunities beyond what traditionally has been a select group of ultra-high net worth individuals. Crucially, the establishment of Assurance Plus was achieved without incurring new debt, reflecting our efficient approach to diversification.

Speaker Change: Building on the stable reinsurance foundation, we began to diversify our business in 'twenty to 'twenty two.

Speaker Change: We expanded our business portfolio by establishing shorts plus Inc. A newly subsidy our new subsidiary focus on October eight we had three technology.

Speaker Change: Sure. It's flat specializes in democratizing real world assets, or our <unk> offering cocainize reinsurance securities as an alternative investment opportunity.

Speaker Change: These securities leverage blockchain technology to ensure a complete transparency and compliance with SEC guidelines, representing a significant advancement in the digital security market.

Speaker Change: Sequentially. This initiative aims to broaden investor participation extending opportunities beyond what traditionally has been a select group of ultra high net worth individuals crew.

Crucially the establishment of assurance plus was achieved without incurring new debt, reflecting our efficient approach to diversification. We are enthusiastic about the prospects of these new investments and remain committed to keeping our stakeholders informed of the progress in the forthcoming quarter.

Jay Madhu: We are enthusiastic about the prospects of these new investments and remain committed to keeping our stakeholders informed of the progress in the forthcoming quarter. Looking ahead, we intend to position Oxbridge as a prominent player in the Real World Asset or RWA at Web 3.0. In summary, we maintain a strong sense of optimism regarding the long-term outlook of our core reinsurance business, alongside the successful integration of Insurance Plus. as we embrace the RWA market more comprehensively.

Speaker Change: Looking ahead, we intend to position Oxbridge as a prominent player in the real world asset or R. W. A three sector in.

Speaker Change: In summary, we maintain a strong sense of optimism regarding the long term outlook of our core reinsurance business alongside the successful integration of assurance plus as.

Speaker Change: As we embrace the RW in markets more comprehensive.

Wrendon Timothy: Now I'll turn things over to Wrendon to take us through our financial results. Thank you, Jay.

Speaker Change: Now I'll turn things over to Randy to take us through our financial results. Thank you Jay I would like to remind you that our typical contract.

Wrendon Timothy: I'd like to remind you that our typical contract period is from June 1 to May 31 of the following year. Net premiums earned for the three months ended December 31st, 2024 were $595,000 compared to $523,000 in the same price. For the year ended December 31, 2024, net premiums increased to $2.3 million from $1.25 million in the prior year. The increase is primarily attributed to the higher rates on contracts, as well as to the prior period recognizing only 7 months of premiums, due to the acceleration of premiums on contracts in force at December 31, 2022.

Speaker Change: I wouldn't want to mislead you finished up the following year.

Speaker Change: Net premiums earned for the three months ended December 31st time, 24, with 595000 compared to 523000 and to see them probably a period for the year ended December 31st Sunday 24, net premiums written increased $2 3 million from $1 million to $5 million in the prior year increase was primarily attributed to the higher return contracts as well as the <unk>.

Speaker Change: Peter you had recognized in only seven months of premiums due to the acceleration of premiums and contract in force at December could be for 2022 and construct the current year ended December 31st time, 24 accounted for 12 months or three months.

Wrendon Timothy: In contrast, the current year ended December 31, 2024, accounting for a total of $4.12 million. Our net investment and other income was $654,000 for fiscal 2024 before recording an unrealized loss.

Speaker Change: Our net investment and other income was 654000 for fiscal 2024 before recorded an unrealized loss of $2 1 million on our other investments. The result, before re measurement avoid president and CFO.

Wrendon Timothy: Committee for Coordinating Shareholder Έb Ur Local Resillienсion millimeter on our other investments. The results are for a remeasurement, all investment of our investment in jet E&I at fair value, which will reverse the consequent year-end, which would significantly reduce the volatility in our earnings going forward. We also recognize the $216,000 negative change in fair value for equity securities... All these factors taken together resulted in total revenues of $546,000 for the fiscal year-end.

Speaker Change: Value, which was sold subsequent to year end.

Speaker Change: Which would significantly reduce volatility volatility and input.

Speaker Change: Forward. We also recognize the 260000 negative change in fair value for equity Securities as of December for different type of 24 decreasing from the city of positive change in bright yet all these factors taken together resulted in total revenue. The fight we're gonna 46 that wasn't for the fiscal year ended.

Wrendon Timothy: December 31st 2024 compared to negative 7 million in the price. For the fourth quarter of 2024, total revenue was $422,000 compared to negative $1.9 million in the same period. Total expenses including loss and loss adjustment expenses, policy acquisition costs and general and admin expenses would down in the fourth quarter and fiscal year 2024 compared to last The decrease in 2024 is due to expense for fusions along with efficiencies associated with insurance plus offerings, in addition to previous recognition of costs associated distribution agreement in the prior year with no such costs. For the three months ended December 31st, 2024, the company generated net loss of $460,000, or five cents per billion second diluted loss per share compared to net loss of $2.67 million or.

Speaker Change: But the first thing to have a full compared to negative $7 million in the prior year for the fourth quarter of 2024 total revenue was 422000 compared to negative $1 9 billion and this team.

Speaker Change: Over the last year.

Speaker Change: Total expenses, including loss and loss adjustment expenses policy acquisition cost and general and admin expenses were down in the fourth quarter and fiscal year 'twenty 'twenty four compared to last year.

Speaker Change: The decrease in 2024 due to expense for fusions, along with the efficiencies associated with Sean spoke offerings. In addition to previous recognition of costs associated with the equity distribution agreement in the prior year with no such costs in 2020 four.

Speaker Change: For the three months ended December 31st 2024, the company generated a net loss of 460000 or five cents per basic and diluted loss per share compared to net loss of 2.67 million or 46 cents per basic and neighborhood.

Wrendon Timothy: Cents for Basic and Limited Loans per share in the fourth quarter of 2020.

Speaker Change: Loss per share in the fourth quarter of 2023 for the year ended December 31st 2024, the company incurred a net loss of 2.7 45 cents per basic and diluted loss per share compared to a net loss of $9 9 million or $1 69 basic.

Wrendon Timothy: For the year ending December 31st, 2024, the company included a net loss of $2.7 million or $45 The decline in Q4 and fiscal 2024 is primarily due to the increase in the negative change in the fair value of investment in JetEA.

Speaker Change: Basic and diluted loss per share in the prior year.

Speaker Change: The decline in Q4 and fiscal 'twenty 'twenty four is primarily due to decrease in the negative change in the fair value of investment in J E T.

Speaker Change: What is the company accounted for Noncontrolling interest portion of its income.

Wrendon Timothy: As we have discussed before in our inverter calls, we use various measures to analyze the growth and performance. For Reinsurance Business, we measure underwriting profitability by examining our loss ratio, our acquisition ratio, our expense ratio. Our Loss Ratio, which measures underwriting profitability, is the ratio of losses and loss-adjustment expenses incurred to net premiums earned. The Loss Ratio remained consistent at 0% for the year ending December 31, 2024.

Speaker Change: Have you ever discussed before no input the calls we use various measures to analyze the growth and profitability of our business operations for reinsurance business, we measure underwriting profitability.

Speaker Change: Profitability breakdown in ours.

Speaker Change: Luxury Shaw acquisition ratio expense ratio combined ratio.

Speaker Change: Our loss ratio, which measures the underwriting profitability is the ratio of losses and loss adjustment expenses incurred to net premiums.

Speaker Change: Good.

Speaker Change: Thus, we should remain consistent at 3% for the year ended December 31st time, 24 and 2020.

Wrendon Timothy: or Acquisition Cost Ratio, which measures operational efficiency. Compares policy acquisition cost net premiums earned, the acquisition cost ratio decreased marginally to 11.1% for the three-month period ending December 31st, 2024, and 11% for the fiscal year 2020. from 11.7% for the three-month end period ending December 31st, 2023 and 11.7%.

Speaker Change: Well the acquisition cost ratio, which measures operational efficiency.

Speaker Change: Policy acquisition cost nutrients.

Speaker Change: The acquisition cost ratio decreased marginally to 11, 1% for three months period ended December 31st.

Speaker Change: 'twenty 'twenty, four and 11% for fiscal year 'twenty 'twenty four from 11, 7% for the three month period ended December 23, and 11 two for fiscal 2023.

Wrendon Timothy: Our expense ratio which measures operating performance compares quality acquisition costs and general and admin expenses with net premiums earned. The country should decrease from 102.3% for the three-month period ending December. 2023 to 83% for the quarter ending December 31, 2024, and from 185.2% for the year-ending to the first point three to 94.34 The decrease is due to the higher levels of premiums earned and the lower general assets.

Speaker Change: <unk> ratio, which measures operating performance compares policy acquisition costs and <unk>.

Speaker Change: General and admin expenses with net premiums.

Speaker Change: It country should decrease from 100 at two 3% for the three months period ended December.

Speaker Change: So in 'twenty three.

Speaker Change: 83% for the quarter ended December 31st I was looking for.

Speaker Change: And from 185, 2% for the year ended December could be for 2023 to 94 three for fiscal 'twenty thing for the decrease is due to the higher levels of premiums earned and lower general expenses and goodwill competed with appropriate.

Wrendon Timothy: Noted in terms of the balance sheet, our investment portfolio decreased to $113,000 at December 31, 2024 from $680,000 at the prior year. primarily as a result of the seal of two equity securities and a decrease in fair value of the equity securities during the year-end. All the investments decreased from $2.48 million to $40,000 due to fair value changes in our investment in JetAI, in which the company had an equity portfolio.

Speaker Change: Turning to the balance sheet or investment portfolio decreased to 150000 at December 31st point 24 from 680 <unk> easy prey.

Speaker Change: Primarily as a result of the <unk> to equity Securities and a decrease in fair value of the equity securities. During the year ended December 31st playing to April.

Speaker Change: Investments decreased from $2 4 million to 40000 due to fair value changes in our investment in J E T in which the company had an equity investment measured at fair value, which is offset by the proceeds on redemption of series E preferred stock cash and cash equivalents of unrestricted cash and cash equivalent increased to $5 9 million at December.

Wrendon Timothy: and Wendon Timothy, Oxbridge Re Hldg. Cash & Cash Equivalents and Restricted Cash & Cash Equivalents Increased to $5.9 Million from 3.8 million at prior period. The increase is primarily due to new collateral deposits for Treaty year ended May 31, 2025, more than all certain funds. being released from the underlying trust for the treaty.

Speaker Change: I think for.

Speaker Change: $3 8 million of prior period and the increase is primarily due to new collateral deposits for treaty year ended may 31st 2025 more than offsetting funds.

Speaker Change: Being released from the underlying trusts for the treaty year Indeed.

Wrendon Timothy: Subsequent to year-end, the company competed in a reviewed direct offer.

Speaker Change: Subsequent to year end the company completed a review of their.

Jay Madhu: Offering raising gross proceeds of $3 million nobody turn the call back over to Jay to wrap up Tuesday boutique your question Jack.

Jay Madhu: Now I'll turn the call back over to Jay to wrap up before we take your questions. Thank you, Wrendon. As highlighted earlier in today's discussion, we have implemented decisive and substantial measures throughout this year and last to fortify and diversify our operations.

Speaker Change: Thank you Brendan as highlighted earlier today's discussion we have implemented decisive and substantial measures through this year throughout this year and last to fortify and diversify our operations.

Jay Madhu: In December 2022, we established InsurancePlus with the objective of tokenizing securities representing fractionalized interests and reinsurance contracts underwritten by a reinsurance subsidiary. In the second quarter of 2023, we successfully concluded the initial offering of the security tokens slash Delta CAC. This was issued on the Avalanche blockchain for now. Furthermore, as previously reported, investors in Delta Category received returns exceeding 49%. surpassing the initial 42% projection, despite the challenges posed by Hurricane Adalia, which made landfall as a Category 3 hurricane in 2020. We believe these are the first tokenized re-insurance securities backed by a publicly traded company, a milestone that highlights our ability to lead through innovation.

Speaker Change: In December 2022, we established <unk> plus with the objective of <unk> securities representing Fractionize interests in reinsurance contracts under underwritten by our reinsurance subsidiary.

Speaker Change: In the second quarter of 2023, we successfully concluded the initial offering up the security tokens slashed Delta category. This was issued on the Avalanche blockchain for now.

Speaker Change: The more as previously reported investors and Delta category received returns exceeding 49%, surpassing the initial 42% projections. Despite the challenges posed by hurricane of Dogger, which made landfall as a category three hurricane in 2023.

Speaker Change: We believe these are the first token nice reinsurance securities backed by a publicly traded company a milestone that highlights our ability to lead through innovation, Sean splashes poised to democratize access to reinsurance as an alternative investment Avenue leveraging the inherent advantages of blockchain technology to cross sophisticated.

Jay Madhu: Shornsplass is poised to democratize access to re-insurance as an alternative investment avenue, leveraging the inherent advantages of blockchain technology to craft sophisticated digital security. Our tokens aim to facilitate broader investor participation, ensuring their interests are securely and transparently recorded on the blockchain. By opening access to an asset class historically limited to a select few due to high financial barrier increase, Insurance Plus is breaking new ground. Leveraging Reg D and Reg S frameworks, investors can now enter this unique asset class within minutes, effectively completing AML, KYC, and document signing requirements. Essentially, we have democratized access to reinsurance.

Speaker Change: Digital Securities.

Speaker Change: Our tokens aimed deficit stayed broader investor participation ensuring their interests are securely and transparently recorded on the blockchain.

Speaker Change: My opening access show an asset class historically limited to a select few due to high financial barrier increased shorts pluses, breaking new ground, leveraging Reg D and Reg S. Frameworks investors can now enter entered this unique asset class within minutes effectively completing <unk> and document signing.

Speaker Change: Requirements, essentially we democratize access to reinsurance.

Jay Madhu: Additionally, Oxbridge Re Hldgs has initiated a strategic review process, forming a special committee of the board to consider a full range of strategic alternatives for the company and its Web 3.0 division subsidiary, Assurance Plus Hldgs Ltd. This process may include a sales, spin-out, merger, divestiture, recapitalization or other strategic transactions or continuing to operate as a public independent Subsequently, in Q1 of this year, our board of directors approved the inclusion of Bitcoin and Ethereum, and potentially other cryptocurrencies, as part of our corporate treasury reserve strategy. This decision reflects our commitment to innovation, diversification, and long-term value creation, particularly as blockchain-based assets continue to gain global adoption.

Speaker Change: Additionally, Oxbridge re holdings has initiated a strategic review process, forming a special committee of board off the board to consider a full range of strategic alternatives for the company and its web III Division subsidiary Shortens plus Holdings limited this.

Speaker Change: This process may include a sale or spin out merger divestiture recapitalization or other strategic transactions are continuing to operate as a public independent company.

Speaker Change: Subsequently in Q1 of this year, our board approved our board of directors approved the inclusion of bitcoin and ethereum and potentially other cryptocurrencies as part of our corporate Treasury Reserve strategy. This this decision reflects our commitment to innovation diversification and long term value creation, particularly as blockchain based.

Speaker Change: Assets continued to gain global adoption.

Jay Madhu: We believe Bitcoin in particular has demonstrated its strength as a resilient store of value. This strategic step complements our broader blockchain initiatives, including the continued growth of Assurance Plus and our tokenized reinsurance offering.

Speaker Change: We believe bitcoin in particular has demonstrated its strength as a resilient store of value. The strategics. This strategic step complements our broader blockchain initiatives, including our continued growth assurance, plus and I cocainize reinsurance offering.

Jay Madhu: In recent developments, Short Slots completed a private placement of 287,705 participation shares represented by a digital token, Epsilon Cat Re, under a three-year participation share investment contract, raising approximately $2.9 million. Additionally, we recently announced a strategic partnership with Plume, a leading blockchain platform supporting over $4.5 billion in assets and more than $18 million unique wallet addresses. This collaboration significantly expands the potential distribution channel of our tokenized reinsurance offering and strengthens our presence in the real-world tokenization ecosystem. We believe this relationship will enhance accessibility and visibility about digital securities among both institutional and retail investors. Building on our newly announced partnership with Plume, we remain focused on identifying and forming additional strategic relationships that can accelerate our growth in the RWA tokenization and Web3 infrastructure.

Speaker Change: And recent developments <unk> completed a private placement of 287705 participation shares represented by digital token Epsilon category.

Speaker Change: Under three year participation share investment contract raising approximately $2 9 million.

Speaker Change: Additionally, we recently announced a strategic partnership with <unk>, a leading blockchain platform supporting over $4 5 billion in assets and more than 18 billion unique wallet addresses this collaboration significantly a span expanse of potential distribution channel of October nice reinsurance offering that strengthens our presence in the real world Coke in isolation.

Speaker Change: Most of the stuff.

Speaker Change: We believe this relationship will enhance accessibility and visibility what digital securities among both institutional and retail investors.

Speaker Change: Building on our newly announced partnership with <unk>, we remain focused on identifying and forming strategic and additional strategic relationships that can accelerate our growth in the <unk> took a nice Asian Edward three infrastructure.

Jay Madhu: These partnerships have intended to broaden our distribution capabilities and strengthen investor access to our innovative digital security. While this season has been an extremely active one, we don't believe we will be impacted by Haleen.

Speaker Change: These partnerships have intended to broaden our distribution capabilities and strengthen investor access to our innovative digital securities.

Speaker Change: While this season has been an extremely active one we don't believe we will be impacted by a lien on Milton we cannot commit comment on the outcome as we have not received finalize data as we continue to monitor any new developments that may impact our contracts shortly plus as well port is well positioned with substantial growth potential for.

Jay Madhu: On Milton, we cannot comment on the outcome as we have not received finalized data as we continue to monitor any new developments that may impact our connection. Insurance Plus is well positioned with substantial growth potential for our shareholders. We are proud of this accomplishment and look forward to this exciting new entity diversifying and accelerating our growth in the RWA space in the coming years. These compelling opportunities not only augment our business, but also enhance our risk profile, strategically positioning us to capitalize on growth with emerging technologies. We are especially enthusiastic about the anticipated value these investments hold and believe they offer to our shareholders.

Speaker Change: Our shareholders. We are proud of this accomplishment and look forward to this exciting new two exciting new entity diversifying and accelerating our growth in the <unk> space in the coming years. These.

Speaker Change: These compelling opportunities not only augment our business, but also enhance our risk profile strategically positioning us to capitalize on growth with emerging technologies.

Speaker Change: We are especially enthusiastic about the anticipated value these investments hold and believe they offer to our shareholders.

Jay Madhu: As previously mentioned, we have made the turn positioning Oxbridge as an RWA and Web3-focused company, leveraging the significant progress we have achieved over the last two years. Forecast suggests an extraordinary expansion of the RWA tokenization ecosystem. This growth trajectory is fueled by the escalating adoption of tokenized RWA market over the next decade, with estimates exceeding $10 trillion.

Speaker Change: As previously mentioned, we have made the turn positioning oxbridge of an <unk>.

Speaker Change: And web three focused company leveraging the significant progress we have achieved over the last two years.

Speaker Change: Forecast suggests an extraordinary expansion the <unk> ecosystem. This growth trajectory is fueled by the escalating adoption of Cocainize RW a market over the next decade with estimates exceeding 10 trillion.

Jay Madhu: This has been reinforced further recently, as Securitize announced they have secured $47 million funding led by BlackRock in blockchain technology across various traditional financial sectors, including fiat currency, equities, government bonds, and real estate. Endorsements from institutions like BlackRock, Bank of America, USP, State Street, Franklinton, Templeton, Deutsche Bank, and Credit Suisse further affirm the transformative potential of the tokenization in enhancing financial infrastructure efficiency, reducing costs, and optimizing supply and distribution. In our upcoming 2025-26 targeted offering, our third consecutive year of offering security-backed tokenization reinsurance, we will be expanding our product suite with the launch of two targeted securities, a balanced-yield tokenized security targeting 20% annual return and a high-yield tokenized security targeting a 42% annual return.

Speaker Change: This has been reinforced further recently, a securitized announced they have secured $47 million funding led by Blackrock with blockchain technologies, and blockchain technology across various traditional financial sectors, including Fiat currency equities government bonds and real estate.

Speaker Change: Endorsements from institutions like Blackrock Bank of America, USB State Street, Franklin Templeton Deutsche Bank Credit Suisse for their phone, but the transformative potential of that organization and enhanced and enhancing financial infrastructure efficiency, reducing costs and optimizing supply and distribution chains.

Speaker Change: And our upcoming 2025 26 targeted offering our third.

Speaker Change: Consecutive year of offering security backed organization reinsurance, we will be expanding our product suite with the launch of two targeted securities balance sheet with coconut security targeting 20% annual return.

Speaker Change: At a high yield took Taco night security targeting a 42% annual return.

Jay Madhu: This two-tiered structure is designed to appeal to a broader range of investor preferences and risk profiles, furthering our mission to make institutional-grade reinsurance accessible through blockchain-powered real-world assets. This marks a meaningful step forward in democratizing reinsurance and accelerating the growth of our digital footprint in the evolving RWA.

Speaker Change: This two tiered structure is designed to appeal to a broader range of investor preferences and risk profiles furthering our mission to make institutional grade reinsurance accessible through blockchain powered railroad assets. This marks a meaningful step forward in democratizing reinsurance and accelerating the growth of our digital footprint.

Speaker Change: The evolving RW ecosystem.

Jay Madhu: Moreover, recent industry analysis from firms such as Standard Chartered, in collaboration with SYNPLUS, anticipate a substantial surge in the tokenized asset market, potentially reaching $30 trillion by the year 2034. As pioneers in this evolving landscape, we hold a strong sense of optimism regarding the value our rebranding efforts will unlock for our shareholders. We remain steadfast in our commitment to seizing the opportunity presented by this dynamic market shift.

Speaker Change: Moreover, recent industry analysis from firms such as standard chartered in collaboration with <unk>, plus anticipate a substantial surge cocainize cocainize asset market potentially reaching 30 trillion by the year 2034.

Speaker Change: As pioneers in this evolving landscape, we have a strong sense of optimism regarding the value of our rebranding efforts locked for our shareholders.

Speaker Change: We remain steadfast in our commitment to seizing the opportunity presented by this dynamic market shift with that we're ready to open the call for questions. Operator, please provide the appropriate instructions.

Operator: With that, we are ready to open the call for questions.

Operator: Operator, please provide the appropriate instructions. Thank you.

Alan Cooley: We will now be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Speaker Change: Thank you we will now be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.

Speaker Change: Information Tal will indicate your line is in the question queue you.

Operator: You may press star 2 to remove yourself from the For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start button. One moment please, we'll report for question.

You May press star two to remove yourself from the queue.

Speaker Change: All participants using speaker equipment, it may be necessary to pick up your handset before pressing the south east.

Speaker Change: One moment, please pull for questions.

Alan Cooley: First question is from Alan Cooley from Maxing Group, please go ahead. Yes. Hi, Bob Boswell. Congratulations on another quarter with no losses incurred. Could you talk on that about what your underwriting risk management efforts are that have resulted in that in the last couple quarters?

Speaker Change: First question is from Allen Klee from Maxim Group. Please go ahead.

Allen Klee: Yes, hi.

Well congratulations on another quarter with no.

Allen Klee: Losses incurred.

Allen Klee: Could you talk on that about.

Allen Klee: What's your what's your underwriting risk management.

Allen Klee: Efforts are that has resulted in that in the last couple of quarters.

Jay Madhu: Hey Alan, thanks for getting on the call. Part of part of what we do at Oxbridge is in in reviewing contracts Not only do we underwrite these contracts internally but we also are follow on reinsurer meaning we follow we take a look and see who else is on our contracts which Then solidifies our internal decision of taking these contracts so and That's traditionally how we've always done it and we continue to do that. So not only do we take a look at who is also Part of these layers that we're taking or contracts that we're taking We also look to see if the contract is adequately priced If the contract is adequately priced that further that further affirms a decision to go forward and in years gone by look We've we've actually turned away contracts.

Allen Klee: Hey, Alan Thanks for getting on the call.

Allen Klee: Yes.

Allen Klee: Part of part of what we do at Oxford is in and reviewing contracts not only do we underwrite these contracts internally, but we also are follow on reinsurer, meaning we follow we take a look and see who else is on our contracts, which Ben solidifies our internal decision of taking these contracts.

Allen Klee: So.

Allen Klee: And that's traditionally how we've always done it and we continue to do that so not only do we take a look at who is also a part of these layers that were taking our contracts. We're taking we also look to see if the contract is adequately priced if a contract is adequately priced back further that's where there are firms that decision to go forward and in Euro has gone by.

Allen Klee: Look we've actually turned away contracts, we actually have not written contracts because for one reason or the other we didn't believe it so last year's contracts, where we had targeted 42% of that paid out 49% of our testament to our underwriting even though we had even though we had a category three hurricane that hit the state of flu.

Jay Madhu: We actually have not written contracts because for one reason or the other we didn't believe in it. So Last year's contracts where where we had targeted 42% and paid out 49% were testament to to our underwriting Even though we had a cut even though we had a category 3 hurricane that hit the state of Florida This year the year is not over We've had substantial hurricanes hit the state of Florida Years not over that took that treaty year is not over.

Allen Klee: <unk> this year the euro is not over we've had substantial hurricanes hit the state of Florida.

Allen Klee: It's not over yet.

Allen Klee: At that treaty years, not over we continue to monitor it we continue to see where we are and as time goes on we'll know more but so far so good.

Jay Madhu: We continue to monitor it We continue to see where we are and as time goes on we'll know more but so far so good That's great.

Allen Klee: That's great and then for the.

Alan Cooley: And then for the time, the 25 slash 26 tokenization where you're doing a targeted 20% and 42% two offerings, is there a general timeframe where you're hoping to get this done? Yeah, so. In very short order, The short answer to a short question is very quick. We are actively looking to grow that opportunity and to get dollars in. Anybody interested in doing this would go to our website which is assuranceplus.com go through our documents over there. They can either, if they're familiar with the offering, they can click on the Invest Now tab, and it takes them into our partner tab where they can do their sign up, do their AML KYC within minutes, docu-sign and wire in their funds.

Allen Klee: Okay.

Allen Klee: The 25, Slash 26, total originations where youre doing.

Allen Klee: Our targeted 20% and 42% to two offerings.

Allen Klee: Is there a general timeframe, where you're hoping to.

Allen Klee: Okay get this done.

Allen Klee: Yeah. So.

Allen Klee: In very short order.

Allen Klee: The short answer to a short question is very quick.

Allen Klee: We are actively looking to grow that opportunity and to get dollars in.

Allen Klee: Anybody interested in doing this would go to our website, which assurance plus dot com.

Through our documents over there that can either if they're familiar with the familiar with the offering they can click on the investor now tab.

Allen Klee: And it takes that takes them into into our partner to have where they can do that sign up do that AML <unk> within minutes Doc you cite and wire in their funds.

Jay Madhu: And funds will actually go live on June 1 into reinsurance contracts and to whichever token that they want, which would be either the 20% or the 42% token. But as a sweetener over here, to make sure that people aren't missing out on any investment income, on any dividend income where they would keep in their accounts, any monies that come in between now and June 1 where it goes live into reinsurance contracts, we offer them a 3.5% dividend annualized. Thus, their money is not sitting still. It's making, it may not be a whole lot, but at least it's making something.

Allen Klee: Funds will actually go live on June one into reinsurance contracts and two whichever tokens.

They want which would be either the 20% of the 42% okay.

Allen Klee: <unk> as a sweetener over here to make sure that people are missing out on any on that.

Allen Klee: The investment income on any dividend in kind of where they would keep it there accounts any monies that come in between now and June one where it goes live into reinsurance contracts, we offer them a three 5% dividend annualized.

Allen Klee: Their money is not sitting still that's making it may not be a whole lot, but at least it's making something so.

Jay Madhu: So.

Alan Cooley: We're actively working towards raising that capital. Okay, that's great.

Allen Klee: We're actively working towards raising that capital.

Allen Klee: Okay, that's great.

Jay Madhu: and then And I'm just trying to think from an Oxbridge Re perspective, as you raise more money, third-party money through these tokenizations, does that essentially like reduce your risk profile in a sense that you're not taking the same loss risk for that type of money, but you're still getting a fee on it, so it improves kind of the risk profile of your company? 100%. So in years gone by, we would only put Oxbridge money to work into these reinsurance contracts. Over the last few years, we have continued to do a little bit of that with Oxbridge money, but we've also included outside third party funds.

Speaker Change: And then.

Speaker Change: I'm just trying to think from an Oxbridge re perspective.

Speaker Change: As you raise more money third party money.

Speaker Change: These.

Speaker Change: <unk> nations.

Speaker Change: Does that essentially like.

To reduce your risk profile in a sense that.

Speaker Change: Youre not taking the stained loss risk.

Speaker Change: With that type of money, but youre still getting a fee on it so it improves trying to either.

Speaker Change: The risk profile of your company.

Speaker Change: 100%. So in Euro has gone by we would only put oxbridge money to work into these reinsurance contracts.

Speaker Change: Over the last few years, we have continued to do a little bit of back with Oxford, which body, but they are also included outside third party funds.

Jay Madhu: So, as we go forward, there's two things that Oxbridge has improved and made the turn towards. Number one, we moved from your traditional reinsurer to a Web3 slash real-world asset company offering tokenization as the underlying asset. Reinsurance tokenization or the underlying asset being reinsurance contracts. Number two, what we have also done is turned the risk profile of our business. So instead of having only our money at risk, and we will always have a small portion of our funds at risk, we have to do it, right, because you have to eat your own cooking. So not only do we put our funds into the company, but also taken third party monies, lowering our risk profile, but yet making money on the monies that come in.

Speaker Change: So as we go forward, that's two things at Oxford, which has improved and made the track towards number one we moved from your traditional reinsurer to a web three slash.

Speaker Change: Our real World asset company offering <unk> as the underlying asset.

Speaker Change: Reinsurance <unk> on the underlying asset being reinsurance contracts.

Speaker Change: Two what we've also done is turned the risk profile of our business. So instead of having only our money at risk and we will always have a small portion of our funds at first we have to do it right because you have to eat your own cooking. So not only do we put our funds into into the company, but also taken third party monies lowering our risk profile.

Speaker Change: Files, but yet making make.

Speaker Change: Making money on the monies that come in so we've taken two solid turns in this business, which I believe.

Alan Cooley: So we've taken two solid turns in this business, which I believe, as we go forward, will prove exceedingly well for Oxbridge and Shorts. Got it, thanks.

Speaker Change: As we go forward will prove exceedingly well for Oxbridge and shorts plus.

Speaker Change: Got it thanks, and then very interesting, but if you look at the Florida, P&C insurance market, which.

Alan Cooley: And then, very interesting, but if you look at the Florida PNC insurance market, which had been tough, it seems like it's getting a little better.

Speaker Change: Had been.

Speaker Change: Tough.

Speaker Change: It seems like that's getting a little better can you can you comment on that.

Jay Madhu: Can you comment on that? Yeah, so the way I think the way we look at this, right. So in the Florida market, 45 cents out of every dollar that that an insurance company takes in books of 45 cents of every dollar goes to paying reinsurance that goes to pay out reinsurers such as us. So By having a risk profile, an asset, if you have an asset that pays out a substantial dividend If by doing what we're able to do, two things might happen. A, to your point, you know, has the market improved slightly? Time will tell.

Speaker Change: Yeah. So.

Speaker Change: I think the way we look at this right so in the Florida market.

Speaker Change: 45 out of every dollar that that an insurance company takes in <unk> 45 a M.

Every dollar goes to paying a reinsurance the gaucher payout reinsurers such as us.

Speaker Change: So.

Speaker Change: Bye bye, having a risk profile and asset if you have an asset that pays out a substantial dividend.

Speaker Change: If if by doing what we were able to do two things might happen.

Speaker Change: To your point as the market improved slightly time will tell it may come down by a point or two it may go up by a point or two but still 45 is 45 sets that's pretty chunky right.

Jay Madhu: It may come down by a point or two. It may go up by a point or two. But still, 45 cents is 45 cents. That's pretty chunky, right? But doing it the way we're doing it, and I know I'm kind of expanding a little bit on your question, even if the market softens a little, it's probably a good thing.

Speaker Change: But doing it the way we're doing it and I know I'm kind of expanding a little bit too on your question, even if the market softens a little it's probably a good thing.

Speaker Change: Yes.

Jay Madhu: Not only will the state of Florida or the insurance, people who buy insurance benefit in large because the cost of reinsurance comes down, but with doing what we're doing, which is democratizing an asset class, we will at some point in time, and look, we're now, you know, Mavericks in what we're doing, but the world will start doing this in my opinion in a larger way, and we will be part of that world as well, but we'll have first move advantage. But by doing it the way we're doing it, we're increasing the ability for new money to come in, and people in any part of the world can invest smaller dollar amounts.

Speaker Change: Not only will the state of Florida or the insurance.

Speaker Change: People, who buy insurance benefit and large because the cost of reinsurance comes down, but we're doing what we're doing which is democratizing an asset class. We will at some point in time and look where we are.

Speaker Change: Now Mavericks in what we're doing but the world will start doing this in my opinion.

Large array and we will be part of that world as well, but we will have first move advantage, but by doing it the way we're doing it we're increasing the ability for new money to come in and people in any part of the world can invest smaller smaller dollar amounts they don't need to invest millions of millions of dollars you'll get a seat at the table so as.

Jay Madhu: They don't need to invest millions and millions of dollars to get a seat at the table. So as more capital comes into this ecosystem, it will move the price down slightly. But in the meantime, Oxbridge is well positioned to take care of this, right? To take advantage of a massive asset class, a $700 billion TAM business, where we can substantially grow our opportunity. And I suppose in a different way, just say, take advantage of the opportunity that's facing us.

Speaker Change: As more capital comes into this ecosystem it will move the prices down slightly but in the meantime auction, which is well positioned to take care of this right to make it to take advantage of.

Speaker Change: Up a massive asset class a $700 billion Tam business, where we can substantially grow our opportunity.

Speaker Change: And I suppose.

Speaker Change: And in a different way and just say.

Speaker Change: <unk> advantage of the opportunity that's facing us.

Alan Cooley: Right, and then. Going back to the So As as you're raising third party money and it could potentially be attractive to investors. The way that, in theory, you'll make money then is you'll get a management fee. Does it reduce, like? If there's losses on third-party money, does that flow through your income statement or is that not on your income statement? No, it's not. Thanks a lot.

Speaker Change: Right and then.

Speaker Change: Going back to the.

Speaker Change: So.

Speaker Change: As you raising third party money in it.

Speaker Change: Potentially be attractive to investors.

Speaker Change: The way that in theory, you'll make money than us.

Speaker Change: Youll get a management fee.

Speaker Change: Does it reduce like.

Speaker Change: Sure.

Speaker Change: Do you like if there is losses on third party monies does that flow through your income statement or is that not on your income statement.

No it's not.

Jay Madhu: Okay.

Speaker Change: It's not okay.

Wrendon Timothy: Wendon Timothy, Sanjay Madhu, Wendon Timothy, Oxbridge Re Hldg Okay, and Just one other thing on the tokenization, those or maybe if you talk about the 20% token offering versus the 43% just in terms of is the way to think of it Wendon Timothy, Oxbridge Re Hldg Yes, potentially. So the way reinsurance looks, there's something called a tower. So in the bottom of the tower, you have what most people would think of as the deductible. And as the losses grow, they will go up the tower into the various different layers. So the way to think of this is the 42% layer would be affected before the 20% layer.

Speaker Change: Hum.

Speaker Change: Okay.

Speaker Change: Just one other thing on that spoken as nations those.

Speaker Change: Or maybe if you could talk about the 20%.

Speaker Change: 43% just in terms of.

Speaker Change: This is the way to think of it.

Speaker Change: And of that like the risk profile for the 20% one is maybe around half of that.

Speaker Change: The other one.

Speaker Change: Yes, potentially so the way reinsurance looks.

Speaker Change: Something called a tower so the bottom of the tower you have.

Speaker Change: Most people would think of as their deductible.

Speaker Change: And as as.

Speaker Change: As the losses grow they will go up the power into the various different layers.

Speaker Change: So the way to think of this as the 42% layer would be affected before that 20% layer.

Wrendon Timothy: And our 40%, our 42% layer is not that, it doesn't sit directly above that deductible, so to speak, it's still there. But the 20% targeted layer is obviously above that. The risk profile is a lot lower than the 42% targeted return token and that's, in my opinion, a lot more stable. The reason for us including this token or targeting this profile over here is while we have traditionally always worked in this high yield environment as a company, what we found over the year of talking to various different folks. You know, there's a larger group, there's a larger subset of group of people, family offices, hedge funds, and the like, high net worth individuals, who may not want to barbell their portfolio in a position where they would take 42% risk.

Speaker Change: And a 40% 42% layers knocked back it doesn't sit directly above that deductible so to speak it's still there, but the 20%.

Speaker Change: Targeted layer.

Speaker Change: Obviously above that so.

Speaker Change: The risk profile is a lot lower than the 42% targeted return token.

Speaker Change: And thus in my opinion, a lot more stable the reason for us, including this token targeting this profile over here is.

Speaker Change: While we have traditionally always worked in this high yield environment. That's a company what we found over the year of talking to various different folks.

Speaker Change: Yes, that's a larger group, there's a larger subset a group of people family offices hedge funds into like high net worth individuals who may who may not want to barbell their portfolio in a position where they would take 42% risk.

Wrendon Timothy: You know, they don't mind taking a lower risk profile and get a more sustainable or a more balanced yield. So, in my opinion, it works well in either or, it just depends on the risk profile that somebody comes up.

Speaker Change: They'll take they don't mind, taking a lower risk profile and get a more sustainable or a more balanced yield.

Speaker Change: In my opinion it works it works well in either or it just depends on the risk profile that somebody comes up with.

Alan Cooley: Oktober Okay now if somebody was trying to like try to average out what potential losses could be over time. Is there any way to think about, I don't, you know, generally it's like probability of I guess whether whether events over cat three or higher and then what the potential severity of them could be and then When your particular Coverage would kick in. Is there any way to think about like over like of five, 10 years, if you looked at on average what, if it was, if the same amount was, if it was an average amount of what that might be for you.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: If somebody who is trying to like.

Speaker Change: Try to average out what potential losses could be overtime.

Speaker Change: Is there any way to think about.

Speaker Change: Generally it's like probability.

Speaker Change: I guess weather weather events cat, three or higher and then what the potential severity of them could be and then.

Speaker Change: When your particular.

Speaker Change: Coverage would kick in is there any is there any way to think about like over like.

Speaker Change: 510 years, if you looked at on average.

Speaker Change: Okay.

Speaker Change: And now it was an average.

Speaker Change: Of what that might be for you.

Jay Madhu: There's some way to think about it. Yes. So The way we view this is in the reinsurance space, and majority of our business is done in the state of Florida. So when you take a look at, when a person takes a look at the state of Florida, the significant amount of data that exists in determining or taking a look and seeing how things could potentially work. So category three storms is what does the damage. And when a category three storm comes through, a couple of things needs to happen. A, it needs to be category three, which is 112 mile an hour winds, 112 mile an hour winds disrupt shingles, et cetera, and bad things happen potentially after that.

Speaker Change: Yes, the way to think about.

Speaker Change: Yes so.

Speaker Change: The wave.

Speaker Change: We view this as.

Speaker Change: In the reinsurance space and the majority of our business is done in the state of Florida. So when you take a look at but a person takes a look at the state of Florida.

Speaker Change: The second amount of data that exists in determining or taking a look and see how things could potentially work. So category category III storms is what does the damage and when a category three storm comes through a couple of things needs to happen it needs to be category, III, which is 112 mile an hour winds 112 <unk>.

Speaker Change: Wins, disrupt shingles, et cetera, and bad things happen potentially after that so attached to it so it has to make land.

Jay Madhu: So it has to, so it has to make land. And it has to make land in a populated area. So the statistical data that I alluded to earlier, if you take a look at the doc information that's put out by NOAA. you'll find since 1952, approximately 82% of the time, nothing happens. The remaining 18% of the time, but I say nothing happens as in a category three, you don't have a category three or above that hits the state of Florida. In the remaining 18% of the time, that has been, like I mentioned, the storm has to hit or make landfall.

Speaker Change: And it has to make landed in a populated area.

Speaker Change: The statistical data that I alluded to earlier, if you take a look at if you take a look at that.

Speaker Change: Doc information that's put out by Noah.

Speaker Change: Youll find since $19 52, approximately 82% of the time nothing happens the remaining 18% of the time, but I would say nothing happens as in a category III don't have a category three or above that hits the state of Florida.

Speaker Change: And the remaining 80% 18% of the time.

Speaker Change: This has been like I mentioned, a strong has to hit or make landfall last year, we had a category III that made landfall and it was a non event for us so.

Jay Madhu: Last year, we had a category three that made landfall and it was a non-event for us. So it goes to show underwriting matters. We take a look at statistical data, and the statistical data will prove that not every year that you have a category, you know, you don't have a Category 3 storm that hits land, makes land, or makes land in a populated area. Majority of the time nothing happens, and in those years, investors and companies do really well.

Speaker Change: It goes to show.

Speaker Change: Underwriting matters.

Speaker Change: We take a look at statistical data and the statistical data will prove that not every year, but you have a category.

Speaker Change: Don't have a category three storm that hits Lat make slack or makes land in a populated area.

Speaker Change: The majority of the time, nothing habits and in those years investors and companies do really well. So this is a business that people should look at one year at a time.

Jay Madhu: So this is a business that people should look at one year at a time. We take a look at this over the test of time, how it works and how it makes money. The tokens are done in terms of, people can decide whether they want to do it on a regular basis. So our tokens are structured in such a way where they're a three-year token with a one-year out. So people can say, OK, I want to only look at this as a one-year horizon. and decide after that whether they just want to continue to roll their money into the next year or take some piece of it or all of it, or just roll it through.

Speaker Change: We take a look at this over the test of time, how it works and how how it makes money.

Speaker Change: Tokens are done in terms of people can decide whether they want to.

Speaker Change: Do it on a regular basis, so our tokens that structured in such a way where there are three year token with a one year out so.

Speaker Change: So people can say, okay I want to only look at this as a one year horizon.

Decide after that whether this want to continue to roll their money into the next year.

Speaker Change: Or take some piece of it or all of it or just roll it through.

Jay Madhu: And it's tax advantage, right, because we're a Cayman Islands-based company. So statistically. You don't have hurricanes that hit the state of Florida every single year. They're few and far between. And in the years that things go wrong, they go wrong, they go wrong. But majority of the time, and the sufficient data that exists over there, it's a solid business done well.

Speaker Change: It's tax advantage right, because we're a Cayman island based company so statistically.

Speaker Change: You don't have hurricanes that hit the state of Florida every single year, there are few and far between and in the years that things go wrong. They go they go wrong, but majority of the time at a sufficient data that exists over there.

Speaker Change: It's a solid business.

Speaker Change: Done well.

Alan Cooley: Very interesting.

Speaker Change: Very interesting.

Alan Cooley: Okay, those were my questions. Thank you and congrats on your execution. Thank you all.

Speaker Change: Hey.

Speaker Change: Those were my questions. Thank you and congrats on your execution.

Speaker Change: Thank you Rob.

Operator: As a reminder, if you'd like to ask a question, it is star 1.

Speaker Change: As a reminder, if you'd like to ask a question. It is star one.

Kent Engelke: Next question is from Kent Engelke from Capital Securities, please go ahead. Hey, Jay. Hey, Wrendon. Relatively simple question. You've been doing a lot of presentations to various groups. How are those presentations been going? What has been the reception? They've been received well. So initially we were targeting the the crypto type of conferences. very accretive to what we're doing. And then the family office section over there, these are high net worth individuals or family offices that are looking actively and they have a longer term horizon of what they're looking for. Some that don't mind taking risk and some that want to balance risk.

Next question is from Ken <unk> from capital Securities. Please go ahead.

Speaker Change: Hey, Jay Hey, Ryan.

Speaker Change: Relatively simple question, you've been doing a lot of presentations.

Speaker Change: Various groups.

Speaker Change: How are those presentations bingo and what has been the reception.

Speaker Change: Let me now received well. So initially we were targeting b the crypto type of conferences.

Speaker Change: Sure.

And now what we're also doing is we're targeting family office type conferences, because what we're seeing in the crypto. There's two there's two parts of our business right. One is the blockchain world or the crypto world.

Speaker Change: Where you have to have you have to have people understand what you do and who you are and so on and so forth.

Speaker Change: And where we're making some great strides we've talked about stroke and some deals with company called plume, we're working on others and as time goes forward that account for.

Speaker Change: Which I think will be.

Speaker Change: Very accretive to what we're doing and then the family office section over there at least.

Speaker Change: These are high net worth individuals family offices that are looking actively at they have a longer term horizon.

Speaker Change: What they're looking for some that don't mind, taking risk and some that are that want the balance risk. So in my opinion both are needed.

Jay Madhu: So in my opinion, both are needed. You can't do one or the other and that's exactly what we're doing. And it seems to be going really well, well received.

Speaker Change: Do one or the other and that's exactly what we're doing and it's it seems to be going really well well received.

Jay Madhu: Great, thank you. Thank you so much, Ken.

Speaker Change: Great. Thank you.

Speaker Change: Okay. Thank you so much Ken.

Operator: As a reminder, if you'd like to ask a question, it is still a one.

Speaker Change: As a reminder, if you'd like to ask any question to the star one.

Jay Madhu: If there are no further questions, I'd like to turn the floor back to management for any closing Thank you for joining us on today's call. Before we conclude, I would like to extend my gratitude to our employees, business partners, and investors for their unwavering support. I particularly want to acknowledge our dedicated Oxbridge team and Sherwin-Spluss team, whose extensive expertise has been instrumental in navigating and advancing our business amidst these challenging circumstances.

Speaker Change: If there are no further questions I'd like to turn the floor back to management for any closing comments.

Speaker Change: Thank you for joining us on today's call before we conclude I would like to extend my gratitude to our employees business partners and investors for their unwavering support.

Speaker Change: I, particularly want to acknowledge our dedicated Oxbridge team and <unk> team, who has extensive expertise has been instrumental in navigating and advancing our business amidst these challenging circumstances, we have.

Jay Madhu: We anticipate providing you with further updates on our progress during our next call. And should you have any additional questions, please do not hesitate to reach us any time.

Speaker Change: Anticipating providing you with further updates on our progress during our next call.

Speaker Change: Should you have any additional questions. Please do not hesitate to reach us any time once again. Thank you for your time attention today and for your outgrowing your sorry, your ongoing interest in Oxbridge operator.

Jay Madhu: Once again, thank you for your time, attention today, and for your ongoing interest in Oxbridge.

Operator: Operator.

Operator: This concludes today's teleconference. Thank you for your participation. You may disconnect your lines at this time.

Speaker Change: This concludes today's teleconference. Thank you for your participation you may disconnect your lines at this time.

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