Oxbridge Re Holdings Ltd (OXBR) 2024 Q2 法說會逐字稿

Good afternoon. Welcome to Oxbridge Re's second-quarter 2024 earnings call. My name is Sachi, and I will be your conference operator this afternoon. (Operator Instructions)

午安.歡迎參加牛津再保險 2024 年第二季財報電話會議。我叫 Sachi，今天下午我將擔任你們的會議操作員。（操作員說明）

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.

與我們一起參加今天演講的還有 Oxbridge Re 董事長、總裁兼執行長 Jay Madhu；財務長兼公司秘書 Wrendon Timothy。

Following their remarks, we will open up the call for your questions. I would like to remind everyone that this call will be available via telephone replay until August 22, 2024, on the Investor Information section of the Oxbridge Re website at www.oxbridgere.com.

在他們發表講話後，我們將開始電話詢問您的問題。我想提醒大家，本次電話會議將在 2024 年 8 月 22 日之前透過 Oxbridge Re 網站 www.oxbridgere.com 的投資者資訊部分進行電話重播。

Now I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge Re, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call.

現在我想將電話轉給牛津再保險財務長 Wrendon Timothy，他將就管理層在本次電話會議期間發表的前瞻性聲明提供必要的警告。

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.

謝謝你，接線生。在今天的電話會議中，將做出有關未來事件的前瞻性聲明，包括牛津再保險未來的財務表現。這些前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》做出的。

Words such as anticipates, estimates, expects, intends, plans, projects, and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties.

預期、估計、預期、打算、計劃、項目等詞語以及其他類似的詞語和表達旨在表示前瞻性陳述。前瞻性陳述並不是對未來結果和條件的保證，而是受到各種風險和不確定性的影響。

A detailed discussion of these risks and uncertainties that could cause actual results and events to differ materially from forward-looking statements is included in the section entitled Risk Factors contained in our Form 10-K filed on March 26, 2024, and our Form 10-Q filed today with the Securities and Exchange Commission.

對這些可能導致實際結果和事件與前瞻性陳述存在重大差異的風險和不確定性的詳細討論包含在我們於2024 年3 月26 日提交的表格10-K 和我們的表格10- 中包含的標題在「風險因素」的部分中。

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 our earnings, which in turn can cause significant market price and trading volume fluctuations for our securities.

任何這些風險和不確定性的發生都可能對公司的業務、財務狀況和盈利波動產生重大不利影響，進而導致我們證券的市場價格和交易量大幅波動。

Any forward-looking statements made on this conference call speak only as of the date of this conference call, except 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's expectations or any related events, conditions, or circumstances change.

本次電話會議中所做的任何前瞻性陳述僅代表本次電話會議當日的情況，除非法律要求，本公司沒有義務更新本次電話會議或任何公司演示中包含的任何前瞻性陳述，即使如果公司的期望或任何相關事件、條件或情況發生變化。

Now I'd like to turn the call over to our Chairman, President and Chief Executive Officer Jay Madhu. Jay?

現在我想將電話轉給我們的董事長、總裁兼執行長 Jay Madhu。傑伊？

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 in the last year to fortify and diversify our business. 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 efficiently with large carriers.

謝謝你，Wrendon，歡迎大家。感謝您今天加入我們。首先我要說的是，我們對去年為加強業務和實現業務多元化所採取的重大舉措感到自豪。我們的核心業務仍然是再保險，我們簽發完全抵押的保單，以彌補特定災難造成的財產損失。由於我們簽訂了完全抵押的合同，因此我們相信我們可以與大型運營商有效競爭。

We specialize in underwriting low frequency, high severity risks, where we believe sufficient data exists to efficiently analyze the risk/return profile of reinsurance contracts. Our objective is 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.

我們專注於承保低頻、高嚴重性風險，我們相信有足夠的數據來有效分析再保險合約的風險/回報狀況。我們的目標是透過選擇性和機會主義的承銷業務來實現長期成長和每股帳面價值，從而產生相對於風險有吸引力的承銷利潤。

Building on the stable reinsurance foundation, we began to diversify our business in 2021 as a lead sponsor of Oxbridge's Acquisition Corp., a special purpose acquisition company, or SPAC, following -- focusing on investing in disruptive technologies. In August of 2023, Oxbridge Acquisition successfully completed its business combination with Jet.AI Inc., a company that developed software and offers fractional aircraft ownership, jet card, aircraft brokerage, and charter through its fleet of private aircraft and those of its operating partners.

在穩定的再保險基礎上，我們於 2021 年開始實現業務多元化，成為特殊目的收購公司 Oxbridge's Acquisition Corp.（SPAC）的主要贊助商，隨後專注於投資顛覆性技術。2023 年8 月，Oxbridge Acquisition 成功完成了與Jet.AI Inc. 的業務合併，Jet.AI Inc. 是一家開發軟體並透過其私人飛機機隊及其營運合作夥伴的飛機提供部分飛機所有權、噴氣卡、飛機經紀和包機服務的公司。

It operates in two segments: software and aviation. The software segment features the B2B CharterGPT app and the B2B Jet.AI operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience.

它的業務分為兩個部分：軟體和航空。軟體部分包括 B2B CharterGPT 應用程式和 B2B Jet.AI 營運商平台。CharterGPT 應用程式使用自然語言處理和機器學習來改善私人飛機預訂體驗。

The Jet.AI operator platform offers a suite of stand-alone software products such as Reroute and DynoFlight to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact.

Jet.AI 營運商平台提供了一套獨立的軟體產品，例如 Reroute 和 DynoFlight，使 FAA Part 135 包機供應商能夠增加收入、最大限度地提高效率並減少對環境的影響。

The aviation segment features jet aircraft fractionalization, jet cards, on fleet charter management, and buyers brokerage. With the completion of the business combination in August of 2023, the company began trading on the Nasdaq Stock Exchange. Our interest in Jet.AI is recognized at fair value in other investments on our balance sheet.

航空部門的特色是噴射機細分、噴射卡、機隊包機管理和買家經紀。2023年8月業務合併完成後，該公司開始在納斯達克證券交易所上市交易。我們在 Jet.AI 的權益在我們資產負債表上的其他投資中以公允價值確認。

In 2022, we expanded our business portfolio by establishing SurancePlus Plus Inc., our new subsidiary focused on Web3 technology. SurancePlus specializes in democratizing tokenized real-world assets or RWAs, offering tokenized reinsurance securities as alternative investment opportunities.

2022 年，我們透過成立專注於 Web3 技術的新子公司 SurancePlus Plus Inc. 擴大了我們的業務組合。SurancePlus 專注於將代幣化現實世界資產或 RWA 民主化，提供代幣化再保險證券作為另類投資機會。

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

這些證券利用區塊鏈技術確保完全透明度並遵守 SEC 準則，代表了數位證券市場的重大進步。

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 SurancePlus was achieved without incurring new debt or diluting equity for our shareholders, reflecting our effective approach to diversification.

因此，該舉措旨在擴大投資者的參與，將機會擴展到傳統上選定的超高淨值個人群體之外。至關重要的是，SurancePlus 的成立並沒有為我們的股東帶來新債務或稀釋股權，反映了我們有效的多元化方法。

We are enthusiastic about the prospects of these new investments and remain committed to keeping our stakeholders informed of their progress in the forthcoming quarters. Looking ahead, we intend to position Oxbridge as a prominent player in the real-world asset or RWA Web3 sector. Further details on the strategic direction will be shared later in the call.

我們對這些新投資的前景充滿熱情，並繼續致力於讓我們的利害關係人了解他們在未來幾季的進展。展望未來，我們打算將牛津劍橋定位為現實世界資產或 RWA Web3 領域的傑出參與者。有關策略方向的更多細節將在稍後的電話會議中分享。

In summary, we maintain a strong sense of optimism regarding the long-term outlook of our core reinsurance business along the successful integration of SurancePlus as we embrace the RWA market more comprehensively.

總而言之，隨著我們更全面地擁抱 RWA 市場，隨著 SurancePlus 的成功整合，我們對核心再保險業務的長期前景保持強烈樂觀。

I'll now turn things over to Wrendon to take us through our financial results.

現在我將把事情交給 Wrendon，讓他向我們介紹我們的財務表現。

Thank you, Jay. I'd like to remind you that our typical contract period is from June 1 to May 31 of the following year. With respect to net premiums earned, net premiums earned for the quarter ended June 30, 2024, were $564,000 compared to $183,000 last year second quarter.

謝謝你，傑伊。我想提醒您，我們的典型合約期間是從6月1日到隔年5月31日。就淨保費而言，截至 2024 年 6 月 30 日的季度淨保費為 564,000 美元，而去年第二季為 183,000 美元。

For the first six months of 2024 net premiums earned was $1.1 million, up from $183,000 in the same period last year. The increases are due to the prior year recognizing only one month of premiums because of the 2022-2023 treaty year premium acceleration on reinsurance contracts enforced due to Hurricane Ian.

2024 年前六個月的淨保費收入為 110 萬美元，高於去年同期的 183,000 美元。增加的原因是去年僅確認一個月的保費，因為伊恩颶風導致執行的再保險合約的 2022-2023 年條約年保費加速。

In contrast for the quarter and the six months ended June 30, 2024, we recognized a full three and six months of premiums, respectively. There have been no losses to be incurred in 2024 or 2023. Regarding investment income, our net investment income and other income decreased in the quarter in the first six months of 2024 due to less cash being held in our money market accounts.

相較之下，截至 2024 年 6 月 30 日的季度和六個月，我們分別確認了整整三個月和六個月的保費。2024 年或 2023 年不會發生任何損失。在投資收益方面，由於我們的貨幣市場帳戶中持有的現金減少，我們的淨投資收益和其他收入在 2024 年前六個月的季度有所下降。

We also recorded an unrealized loss of $1.5 million on our other investments resulting from more re-measurement of our investment in Jet.AI at fair value. We also recognize the $160,000 negative change in the fair value of our equity securities as of June 30, 2024, decreasing from $81,000 positive change in the prior year.

由於以公允價值重新計量我們對 Jet.AI 的投資，我們的其他投資還錄得 150 萬美元的未實現損失。我們也確認，截至 2024 年 6 月 30 日，我們的股本證券公允價值出現了 160,000 美元的負變化，低於上一年 81,000 美元的正變化。

All of these factors taken together resulted in total revenue to $44,000 for the three months ended June 30, 2024, compared to $691,000 in the prior year second quarter. For the six months of 2024, total revenue was $81,000 negative compared to $1.23 million for the same period of last year.

所有這些因素加在一起，截至 2024 年 6 月 30 日的三個月總收入達到 44,000 美元，而去年第二季的總收入為 691,000 美元。2024 年 6 個月的總收入為負 81,000 美元，而去年同期為 123 萬美元。

Total expenses including loss and loss adjustment expenses, policy acquisition costs, and general and admin expenses were up in the second quarter and for six months of 2024 compared to last year. The increase was due primarily to higher policy acquisition costs incurred during the six-month period.

與去年相比，2024 年第二季和 6 個月的總費用（包括損失和損失調整費用、保單取得成本以及一般和管理費用）有所增加。這一增長主要是由於六個月期間發生的保單獲取成本增加。

Our net income, primarily due to negative change in the fair value of equity securities and investments in the second quarter, we generated a net loss of $821,000 or $0.14 per share to a net loss of $85,000 or $0.01 per share in last year's second quarter. For the first six months ended June 30, 2024, the net loss was $1.73 million compared to a net profit of $57,000 or $0.01 per share in the same period last year.

我們的淨利潤主要由於第二季股本證券和投資的公允價值發生負變化，我們產生了淨虧損 821,000 美元或每股 0.14 美元，而去年第二季的淨虧損為 85,000 美元或每股 0.01 美元。截至 2024 年 6 月 30 日的前六個月，淨虧損為 173 萬美元，而去年同期淨利為 57,000 美元，即每股 0.01 美元。

The worsened result this year was due to the lower revenue driven by the increase in unrealized loss on other investments and equity securities more than outweighed higher premium levels and management fee income from SurancePlus buffering.

今年業績惡化的原因是其他投資和股本證券的未實現虧損增加，超過了 SurancePlus 緩衝帶來的保費水準和管理費收入的增加，導致收入下降。

As we have discussed before on our investor calls, we use the various measures to analyze the growth and profitability of our business operations. For reinsurance business, you measure underwriting profitability by examining our loss ratio, acquisition ratio, expense ratio, and combined ratio. Our loss ratio, which measures underwriting profitability, is the ratio of loss and loss adjustment expenses incurred to net premiums earned. With no loss or loss adjustment expenses in either of '24 -- in 2024 or 2023, the loss ratio was 0% in both periods.

正如我們之前在投資者電話會議上討論的那樣，我們使用各種指標來分析我們業務營運的成長和獲利能力。對於再保險業務，您可以透過檢查我們的損失率、收購率、費用率和綜合比率來衡量承保獲利能力。我們衡量承保獲利能力的損失率是損失和損失調整費用與所賺取的淨保費的比率。由於 2024 年和 2023 年均沒有損失或損失調整費用，兩個期間的損失率均為 0%。

Our acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs and net premiums earned. The acquisition ratio increased marginally to 11% for the six-month period ended June 30, 2024, compared to 10.9% in the same period last year.

我們的購置成本比率衡量營運效率，比較保單購置成本和賺取的淨保費。截至2024年6月30日的六個月期間，收購率小幅上升至11%，去年同期為10.9%。

Our expense ratio, which measures operating performance, compared to policy acquisition costs and general and admin expenses with net premiums earned. The expense ratio for the three-month period ended June 30, 2024, decreased from 380.9% to 111.3%.

我們的費用比率衡量營運績效，與保單獲取成本、一般費用和管理費用以及所賺取的淨保費進行比較。截至2024年6月30日的三個月期間的費用率從380.9%下降至111.3%。

And for the six months ended June 30, 2024, from 601.6% to 105.5% when compared to prior periods. The decreases were due to higher premium levels recognized during the three- and six-month periods ended June 30, 2024.

截至 2024 年 6 月 30 日的六個月，與前期相比，從 601.6% 增加到 105.5%。減少的原因是截至 2024 年 6 月 30 日的三個月和六個月期間確認的保費水準較高。

Our combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and the expense ratio. The combined ratio for the three-month period ended June 30, 2024, decreased from 380.9% to 111.3% and for six months, 601.6% to 105.7% when compared to prior periods. The decreases were due to higher premium levels recognized during the three and six month periods ended June 30, 2024.

我們用來衡量承保績效的綜合比率是損失率和費用率的總和。截至2024年6月30日的三個月期間的綜合成本率與前期相比從380.9%下降至111.3%，六個月期間的綜合成本率從601.6%下降至105.7%。減少的原因是截至 2024 年 6 月 30 日的三個月和六個月期間確認的保費水準較高。

Now turn into the balance sheet, our investment portfolio decreased $213,000 at June 30, 2024, from $680,000 at prior year and primarily as a result of the sale of equity securities and the decrease in the fair value of the equity securities during the quarter.

現在轉到資產負債表，截至 2024 年 6 月 30 日，我們的投資組合從上一年的 680,000 美元減少了 213,000 美元，這主要是由於本季度股本證券的出售和股本證券公允價值的下降。

Our other investments decreased significantly from $2.4 million to $965,000 due to the fair value change in our investment in Jet.AI in which the company has an equity investment measured at fair value.

由於我們對 Jet.AI 的投資發生公允價值變動，我們的其他投資從 240 萬美元大幅減少至 965,000 美元，該公司擁有以公允價值計量的股權投資。

Our cash and cash equivalents and restricted cash and cash equivalents increased to $3.9 million at June 30, 2024, compared with $3.7 million at December 31, 2023.

截至 2024 年 6 月 30 日，我們的現金和現金等價物以及受限制的現金和現金等價物增加至 390 萬美元，而 2023 年 12 月 31 日為 370 萬美元。

Now I'd like to turn the call back over to Jay to wrap up before we take any of your questions. Jay?

現在，在我們回答您的任何問題之前，我想將電話轉回傑伊以結束通話。傑伊？

Thank you, Wrendon. As highlighted earlier in today's discussion, we have implemented decisive and substantial measures to fortify and diversify our operations. In December of 2022, we established SurancePlus, our wholly-owned subsidiary with the objective of tokenizing securities, representing fractional interest in reinsurance contracts underwritten by our reinsurance subsidiary.

謝謝你，倫登。正如今天討論中早些時候所強調的，我們已經採取了果斷和實質性的措施來加強我們的業務並使之多樣化。2022 年 12 月，我們成立了全資子公司 SurancePlus，其目標是將證券代幣化，代表我們再保險子公司承保的再保險合約的部分權益。

In the second quarter of 2023, we successfully concluded the initial offering on these security tokens DeltaCat Re. This was issued on the Avalanche blockchain.

2023 年第二季度，我們成功完成了這些證券代幣 DeltaCat Re 的首次發行。這是在 Avalanche 區塊鏈上發布的。

Furthermore, as previously reported, investors of DeltaCat Re received returns exceeding 49%, surpassing the initial 42% projection despite the challenges posed by Hurricane Idalia, which made landfall as a Category 3 hurricane in 2023. We believe these are the first tokenized reinsurance securities backed by a publicly traded company.

此外，正如先前報導的那樣，儘管 2023 年登陸的 3 級颶風「伊達利亞」帶來了挑戰，但 DeltaCat Re 的投資者仍獲得了超過 49% 的回報，超過了最初 42% 的預測。我們相信這是第一批由上市公司支持的代幣化再保險證券。

SurancePlus is poised to democratize access to reinsurance as an alternative investment avenue, leveraging the inherent advantages of blockchain technology to cross sophisticated digital securities. Our tokens aim to facilitate broader investor participation, ensuring the interests are securely and transparently recorded on the blockchain. These opportunities previously out of the reach of many investors due to the extreme high barrier to entry are now accessible through our innovative approach.

SurancePlus 準備將再保險的獲取民主化，作為一種替代投資途徑，利用區塊鏈技術的固有優勢來跨越複雜的數位證券。我們的代幣旨在促進更廣泛的投資者參與，確保利益安全、透明地記錄在區塊鏈上。由於進入門檻極高，許多投資者以前無法獲得這些機會，現在可以透過我們的創新方法獲得這些機會。

Essentially, we have democratized access to reinsurance. In the mid-2023, our investment in a special purpose acquisition company, Oxbridge Acquisition Corp., culminated in a business merger with Jet.AI, a company specializing in fractional aircraft ownership, jet card services, aircraft brokerage, and charter services, facilitated by its fleet of private aircraft. Concurrently, with the finalization of the business merger, the company successfully listed its common shares and warrants on Nasdaq.

從本質上講，我們已經實現了再保險的民主化。2023 年中期，我們對一家特殊目的收購公司Oxbridge Acquisition Corp. 的投資最終與Jet.AI 進行了業務合併，Jet.AI 是一家專門從事飛機部分所有權、噴氣卡服務、飛機經紀和包機服務的公司，促進了由其私人飛機機隊提供。同時，隨著業務合併的完成，公司的普通股和認股權證在納斯達克成功上市。

Additionally, Oxbridge Re Holdings has initiated a strategic review process forming the special committee of the Board to consider a full range of strategic alternatives for the company and its Web3 subsidiary, SurancePlus Holdings Limited. This process may include a sales spin off, merger, divestiture, recapitalization or strategic transactions, or continue to operate as a public independent company.

此外，Oxbridge Re Holdings 已啟動策略審查流程，組成董事會特別委員會，為公司及其 Web3 子公司 SurancePlus Holdings Limited 考慮全面的策略選擇。這個過程可能包括銷售分拆、合併、剝離、資本重組或策略交易，或繼續作為上市獨​​立公司運作。

In recent developments, SurancePlus completed a private placement of over 287,000 participating shares represented by Digital Token EpsilonCat Re, under three-year participation share investment contract, raising approximately $2.9 million. The EpsilonCat Re participation shares represented by digital tokens issued on the Avalanche blockchain have a targeted return of 42%.

在最近的進展中，SurancePlus 根據為期三年的參與股票投資合約完成了以數位代幣 EpsilonCat Re 為代表的超過 287,000 股參與股票的私募，籌集了約 290 萬美元。以 Avalanche 區塊鏈上發行的數位代幣為代表的 EpsilonCat Re 參與股票的目標回報率為 42%。

This follows the success of last year's token DeltaCat Re, which while targeting a 42% return, paid out a remarkable 49.11% return, surpassing initial projections. Recently, SurancePlus announced a strategic partnership with Zoniqx, a pioneer in digital asset management, which has issued over $4 billion in assets on chain to date.

繼去年代幣 DeltaCat Re 取得成功之後，該代幣的回報率目標為 42%，但最終支付了 49.11% 的驚人回報率，超出了最初的預測。近日，SurancePlus 宣布與數位資產管理先驅 Zoniqx 建立策略合作夥伴關係，Zoniqx 迄今已發行了超過 40 億美元的鏈上資產。

The strategic partnership is set to further expand our footprint. The collaboration aims to enhance our RWA tokenization and Web3 capabilities. SurancePlus is well positioned with substantial growth potential for our shareholders.

此次策略夥伴關係將進一步擴大我們的足跡。此次合作旨在增強我們的 RWA 代幣化和 Web3 功能。SurancePlus 處於有利位置，為我們的股東帶來巨大的成長潛力。

We are proud of this accomplishment and look forward to this new exciting entity diversification and accelerating our growth in the RWA space in the coming years. These compelling opportunities not only augment our business, but also enhance our profile -- our risk profile, strategically positioning us to capitalize on growth within emerging technologies. We are especially enthusiastic about the anticipated value of these investments hold and the benefits they offer to our shareholders.

我們為這項成就感到自豪，並期待這一令人興奮的新實體多元化，並在未來幾年加速我們在 RWA 領域的成長。這些引人注目的機會不僅增強了我們的業務，而且還增強了我們的形象——我們的風險狀況，使我們在策略上能夠利用新興技術的成長。我們對這些投資的預期價值及其為股東帶來的利益尤其充滿熱情。

As previously mentioned, we are currently in the process of rebranding Oxbridge as an RWA Web3-focused company, leveraging the significant progress we have achieved this year. Forecast suggests an extraordinary expansion of the tokenized RWA market over the next decade with estimates exceeding $10 trillion.

如前所述，我們目前正在利用今年取得的重大進展，將 Oxbridge 重塑為專注於 RWA Web3 的公司。預測顯示，代幣化 RWA 市場在未來十年將大幅擴張，預計將超過 10 兆美元。

This has been further reinforced recently as securitized announced they have secured $47 million funding led by BlackRock to expand RWA tokenization. This growth trajectory is fueled by the escalating adoption of blockchain technology across various traditional financial sectors, including fiat currencies, equities, bonds, and real estate.

最近，隨著 Securitiesized 宣布他們已獲得由 BlackRock 牽頭的 4700 萬美元資金，以擴大 RWA 代幣化，這一點得到了進一步強化。這種成長軌跡是由法定貨幣、股票、債券和房地產等各種傳統金融領域不斷採用區塊鏈技術所推動的。

It's endorsements from institutions like BlackRock and Bank of America further affirm the transformative potential of tokenization and enhancing financial infrastructure efficiencies, reducing costs and optimizing supply and distribution chains.

貝萊德和美國銀行等機構的認可進一步肯定了代幣化和提高金融基礎設施效率、降低成本和優化供應鏈和分銷鏈的變革潛力。

Moreover, industry analysis from firms such as Boston Consulting Group anticipate a substantial surge in the tokenized asset market, potentially reaching $16 trillion by the year 2030.

此外，波士頓顧問集團等公司的產業分析預計，代幣化資產市場將大幅成長，到 2030 年可能達到 16 兆美元。

As pioneers in this evolving landscape, we hold a strong sense of optimism regarding the value of our rebranding efforts will unlock for our shareholders. We remain steadfast in our commitment to seizing the opportunities presented by this dynamic market shift.

作為這不斷發展的格局的先驅，我們對品牌重塑工作將為股東帶來的價值抱持強烈的樂觀態度。我們仍然堅定地致力於抓住這個動態市場轉變所帶來的機會。

With that, we are ready to open the call for questions. Operator, please provide the appropriate instructions.

至此，我們準備開始提問。操作員，請提供適當的說明。

(Operator Instructions) Kent Engelke, Capitol Securities Management.

（操作員指示）Kent Engelke，Capitol 證券管理公司。

Hey, Jay. Hey, Wrendon. A question on how much of a market penetration do you all think that you can get on this $10 trillion market.

嘿，傑伊。嘿，倫登。問題是你們認為你們能在這個 10 兆美元的市場上獲得多少市場滲透率。

Hey, Kent. Thanks for tuning in.

嘿，肯特。感謝收聽。

Hey. No problem at all. Currently, it's still flat in Southern California.

嘿。完全沒問題。目前，南加州的氣溫仍然持平。

Yeah. Currently, the size of the company we are, there is the market -- the market is in trillions. We're not saying we're going to go out, we could be 5% or 10% or what have you, the size that we are, the market is so vast that a few percentage points is an unfathomable number for us, right?

是的。目前，我們公司的規模，就有市場──市場有數兆。我們並不是說我們要走出去，我們可能是5%或10%或什麼，我們的規模，市場是如此之大，幾個百分點對我們來說是一個深不可測的數字，對吧？

So I leave it at that saying the market is so vast, and the playing field ahead of us is so immense. We are, in my opinion, solidly entrenched in looking forward to this opportunity.

所以我只能說市場如此廣闊，我們眼前的競爭環境如此廣闊。我認為，我們堅定地期待這個機會。

How you are marketing and stuff like that? Because as you said, it's a huge market, even 1%, the Oxbridge shareholders will make gazillion dollars. How are you marketing at all?

你是如何進行行銷之類的？因為正如你所說，這是一個巨大的市場，即使是1%，牛津劍橋的股東也會賺到數百萬美元。你們的行銷情況如何？

Yeah. Yes. In the weeks to come, we'll -- hopefully, next week, we'll just make that a little bit more available to shareholders. But we have a whole plan of how we're rebranding and how we're doing things. There will be various different events that will be -- that we will be going through.

是的。是的。在接下來的幾週內，我們希望在下週，我們將向股東提供更多的資訊。但我們對如何重塑品牌和如何做事有一個完整的計劃。我們將會經歷各種不同的事件。

We have also been talking to various different banks that are interested -- investment banks that are interested and shareholders that are interested. But it will take quite a bit. It is a challenging effort. We're up to it.

我們也一直在與各種有興趣的不同銀行進行交談——有興趣的投資銀行和有興趣的股東。但這需要相當多的時間。這是一項具有挑戰性的努力。我們已經做好了。

Cool. I appreciate it. Thank you.

涼爽的。我很感激。謝謝。

Absolutely.

絕對地。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the floor back over to Mr. Madhu for his closing comments.

（操作員說明）我們的問答環節到此結束。我想請馬杜先生發表結束語。

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, whose extensive expertise has been instrumental in navigating and advancing our business amidst these challenging circumstances.

感謝您參加今天的電話會議。在結束之前，我要感謝我們的員工、業務夥伴和投資者的堅定支持。我特別要感謝我們敬業的牛津劍橋團隊，他們豐富的專業知識對於在這些充滿挑戰的環境中引導和推進我們的業務發揮了重要作用。

Should you have any additional questions, please do not hesitate to reach out to us any time. Once again, thank you for your time and attention today and for your ongoing interest in Oxbridge. Operator?

如果您有任何其他問題，請隨時與我們聯繫。再次感謝您今天的時間和關注，以及您對牛津劍橋的持續關注。操作員？

Thank you. Before we conclude today's call, I would like to remind everyone that a recording of today's call will be available via telephone in the Investors section of the company's website. Thank you for joining us today for our presentation. You may now disconnect.

謝謝。在我們結束今天的電話會議之前，我想提醒大家，今天的電話會議錄音將透過公司網站投資者部分的電話提供。感謝您今天加入我們的演講。您現在可以斷開連線。