Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 294

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 294
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 |         ​ | ​ | ​ | ​ | ​    | ​ |         ​ | ​ | ​ |
| Accounts payable                                              | ​ | ​ | ​    | $ |   298,651 | ​ | ​ | ​ | ​    | $ | 1,723,154 | ​ | ​ |
| Accrued compensation                                          | ​ | ​ | ​    | ​ |   361,772 | ​ | ​ | ​ | ​    | ​ |   437,277 | ​ | ​ |
| Current portion of operating lease liabilities                | ​ | ​ | ​    | ​ |    75,488 | ​ | ​ | ​ | ​    | ​ |    69,884 | ​ | ​ |
| Total current liabilities                                     | ​ | ​ | ​    | ​ |   735,911 | ​ | ​ | ​ | ​    | ​ | 2,230,315 | ​ | ​ |
| Long-term operating lease liabilities, net of current portion | ​ | ​ | ​    | ​ |   168,630 | ​ | ​ | ​ | ​    | ​ |   244,118 | ​ | ​ |
| Total liabilities                                             | ​ | ​ | ​    | ​ |   904,541 | ​ | ​ | ​ | ​    | ​ | 2,474,433 | ​ | ​ |
| Members’ Equity                                               | ​ | ​ | ​    | ​ |         ​ | ​ | ​ | ​ | ​    | ​ |         ​ | ​ | ​ |
| Total members’ equity                                         | ​ | ​ | ​    | ​ | 3,792,300 | ​ | ​ | ​ | ​    | ​ | 3,408,326 | ​ | ​ |
| Total liabilities and members’ equity                         | ​ | ​ | ​    | $ | 4,696,841 | ​ | ​ | ​ | ​    | $ | 5,882,759 | ​ | ​ |

See accompanying notes to these Consolidated Financial Statements F-3

TABLE OF CONTENTS

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

| ​                                                              | ​ | ​ | 2024 |   |           |   | ​ | ​ | 2023 |   |            |   | ​ |
|:---------------------------------------------------------------|:--|:--|:-----|:--|----------:|: