$OXBR
Oxbridge Re Holdings Ltd

2015 Q1 Form 10-K Financial Statement

#000119312515097032 Filed on March 18, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q2
Revenue $2.267M $2.160M $899.0K
YoY Change 249.85% 237.5% 324.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $350.0K $340.0K $230.0K
YoY Change 66.67% 61.9% 360.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.000K $0.00 $130.0K
YoY Change 300.0% 828.57%
% of Gross Profit
Operating Expenses $437.0K $470.0K $358.0K
YoY Change 71.37% 80.77% 68.87%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.830M $1.690M $540.0K
YoY Change 369.23% 344.74%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $1.830M $1.690M $541.0K
YoY Change 365.65% 344.74%
Net Earnings / Revenue 80.72% 78.24% 60.18%
Basic Earnings Per Share $0.09
Diluted Earnings Per Share $303.0K $281.2K $0.09
COMMON SHARES
Basic Shares Outstanding 6.060M shares 6.000M shares 6.000M shares
Diluted Shares Outstanding 6.000M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.806M $5.317M $27.96M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $47.00K $46.00K $49.00K
YoY Change -4.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.44M $11.84M
YoY Change
Other Assets $30.00M $28.18M $8.880M
YoY Change 238.22% 178.46%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $49.48M $49.69M $50.82M
YoY Change 31.85% 337.33% 338.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.00K $110.0K $70.00K
YoY Change -70.83% -78.43% -74.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $70.00K $110.0K $70.00K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.00M $12.99M $15.75M
YoY Change 292.83% 231.78% 218.81%
SHAREHOLDERS EQUITY
Retained Earnings $4.248M $3.145M $1.520M
YoY Change 334.36% 268.7%
Common Stock $6.000K $33.55M $6.000K
YoY Change 0.0% 3354500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.48M $36.71M $35.07M
YoY Change
Total Liabilities & Shareholders Equity $49.48M $49.69M $50.82M
YoY Change 31.85% 337.33% 338.06%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $1.830M $1.690M $541.0K
YoY Change 365.65% 344.74%
Depreciation, Depletion And Amortization $4.000K $0.00 $130.0K
YoY Change 300.0% 828.57%
Cash From Operating Activities $2.360M $1.890M $680.0K
YoY Change -4820.0% -118.44% -780.0%
INVESTING ACTIVITIES
Capital Expenditures $5.000K $0.00 $0.00
YoY Change -90.0%
Acquisitions
YoY Change
Other Investing Activities -$3.140M -$3.970M
YoY Change -351.2%
Cash From Investing Activities -$3.140M -$3.970M -$1.250M
YoY Change -361.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -730.0K -720.0K 50.00K
YoY Change -102.74% 3500.0% -99.25%
NET CHANGE
Cash From Operating Activities 2.360M 1.890M 680.0K
Cash From Investing Activities -3.140M -3.970M -1.250M
Cash From Financing Activities -730.0K -720.0K 50.00K
Net Change In Cash -1.510M -2.800M -520.0K
YoY Change -105.44% -72.74% -107.93%
FREE CASH FLOW
Cash From Operating Activities $2.360M $1.890M $680.0K
Capital Expenditures $5.000K $0.00 $0.00
Free Cash Flow $2.355M $1.890M $680.0K
YoY Change -2455.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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343000
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
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CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2014Q4 us-gaap Cash
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CY2014Q4 us-gaap Investments
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CY2014Q4 us-gaap Premiums Receivable At Carrying Value
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CY2014Q4 oxbr Uncertain Tax Position
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0
CY2014Q4 oxbr Loss Experience Refund Payable
LossExperienceRefundPayable
8200000
CY2014Q4 oxbr Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investment
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLossesAccumulatedInInvestment
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CY2014Q4 oxbr Accrued Interest And Dividends Receivable
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CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2014Q1 invest Investment Warrants Exercise Price
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CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2014Q1 oxbr Closing Price Per Share Common Stock
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1 shares
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CY2014Q1 oxbr Consecutive Closing Price Trading Period
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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69000
us-gaap Assumed Premiums Earned
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4886000
us-gaap Revenues
Revenues
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Interest Paid
InterestPaid
0
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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3480000
us-gaap Premiums Earned Net
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1483000
us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
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us-gaap Operating Expenses
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us-gaap Increase Decrease In Unearned Premiums
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us-gaap General And Administrative Expense
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us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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511000
us-gaap Deferred Policy Acquisition Cost Amortization Expense
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oxbr Decrease Increase In Offering Costs
DecreaseIncreaseInOfferingCosts
417000
oxbr Proceeds From Contributed Warrant
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3480000
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116651
CY2013 us-gaap Income Loss From Subsidiaries Net Of Tax
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CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
OXBRIDGE RE HOLDINGS Ltd
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
OXBR
CY2014 us-gaap Fair Value Assumptions Expected Term
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P5Y
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8679000
CY2014 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.48 pure
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <b><u>Use of Estimates</u>:</b> In preparing the consolidated financial statements, management was required to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates, which would be reflected in future periods.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the reserve for losses and loss adjustment expenses, valuation of investments and assessment of other-than-temporary impairment (&#x201C;OTTI&#x201D;) and loss experience refund payable. Although considerable variability is likely to be inherent in these estimates, management believes that the amounts provided are reasonable. These estimates are continually reviewed and adjusted as necessary. Such adjustments are reflected in current operations.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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4862479 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.48
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2014 us-gaap Increase Decrease In Reinsurance Recoverable
IncreaseDecreaseInReinsuranceRecoverable
-5766000
CY2014 us-gaap Increase Decrease In Premiums Receivable
IncreaseDecreaseInPremiumsReceivable
4081000
CY2014 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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63000
CY2014 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
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17000
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.08 pure
CY2014 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0169 pure
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001584831
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.82
CY2014 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b><u>Allowance for uncollectible receivables</u>:</b> Management evaluates credit quality by evaluating the exposure to individual counterparties, and, where warranted, management also considers the credit rating or financial position, operating results and/or payment history of the counterparty. Management establishes an allowance for amounts for which collection is considered doubtful. Adjustments to previous assessments are recognized as income in the year in which they are determined. At December&#xA0;31, 2014 and 2013, no receivables were determined to be overdue or impaired and, accordingly, no allowance for uncollectible receivables has been established.</p>
CY2014 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
14293000
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
For income tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b><u>Reclassifications</u>:</b> Certain reclassifications of prior period amounts have been made to conform to the current period presentation.</p>
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
21870000
CY2014 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
3682000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
17000
CY2014 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
641000
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
16000
CY2014 us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
15511000
CY2014 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1708000
CY2014 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
17000
CY2014 us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
18060000
CY2014 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
22000
CY2014 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4017000
CY2014 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
5000000
CY2014 us-gaap Deferred Policy Acquisition Cost Amortization Expense
DeferredPolicyAcquisitionCostAmortizationExpense
431000
CY2014 oxbr Stock Issued During Period Shares Stock Warrants Exercised
StockIssuedDuringPeriodSharesStockWarrantsExercised
0 shares
CY2014 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
29300000
CY2014 us-gaap Revenues
Revenues
5559000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
59000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
4000000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1128000
CY2014 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-402000
CY2014 us-gaap Investment Income Net
InvestmentIncomeNet
99000
CY2014 us-gaap Interest Paid
InterestPaid
0
CY2014 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
3000000
CY2014 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
5080000
CY2014 us-gaap Premiums Earned Net
PremiumsEarnedNet
4819000
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
658000
CY2014 us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
0
CY2014 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2014 us-gaap Operating Expenses
OperatingExpenses
1559000
CY2014 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0
CY2014 us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
8013000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4622000
CY2014 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
21865000
CY2014 us-gaap Depreciation
Depreciation
13000
CY2014 us-gaap Dividends Cash
DividendsCash
-1708000
CY2014 us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
3708000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
25242000
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-29299000
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
641000
CY2014 oxbr Net Proceeds After Deducting Underwriters Commission
NetProceedsAfterDeductingUnderwritersCommission
26900000

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