Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 294

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 294
---
 -6,341,552 | ​ | ​ | ​ | ​                    | $ |  3,792,300 | ​ | ​ |

See accompanying notes to these Consolidated Financial Statements F-5

TABLE OF CONTENTS

Kestrel Group, LLC Consolidated Statement of Cash Flows
Years Ended December 31, 2024 and 2023

| ​                                                                                    
 Cash flows from operating activities                                                 | ​ 
 ​ | ​ 
 ​ | 2024 
 ​    | ​ |          ​ | ​ | ​ 
 ​ | ​ 
 ​ | 2023 
 ​    | ​ |          ​ | ​ | ​ 
 ​ |
|:-------------------------------------------------------------------------------------|:--|:--|:-----|:--|-----------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|
| Net income (loss)                                                                    | ​ | ​ | ​    | $ |    324,273 | ​ | ​ | ​ | ​    | $ | -4,215,411 | ​ | ​ |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ​ | ​ | ​    | ​ |          ​ | ​ | ​ | ​ | ​    | ​ |          ​ | ​ | ​ |
| Noncash operating lease expense                                                      | ​ | ​ | ​    | ​ |     68,872 | ​ | ​ | ​ | ​    | ​ |     66,405 | ​ | ​ |
| Equity-based compensation                                                            | ​ | ​ | ​    | ​ |     59,701 | ​ | ​ | ​ | ​    | ​ |     59,701 | ​ | ​ |
| Changes in:                                                                          | ​ | ​ | ​    | ​ |          ​ | ​ | ​ | ​ | ​    | ​ |          ​ | ​ | ​ |
| Accounts receivable                                                                  | ​ | ​ | ​    | ​ |   -153,944 | ​ | ​ | ​ | ​    | ​ |          — | ​ | ​ |
| Prepaids and other assets                                                            | ​ | ​ | ​    | ​ |      4,150 | ​ | ​ | ​ | ​    | ​ |     -4,325 | ​ | ​ |
| Accounts payable                                                                     | ​ | ​ | ​    | ​ | -1,424,503 | ​ | ​ | ​ | ​    | ​ |