Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 326

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 326
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 is a majority owned subsidiary of Costamare organized in the Republic of the Marshall Islands in June 2022, operating as a dry bulk operating platform.

For the consolidated financial statements as of December 31, 2024 and for the year ended December 31, 2024, the Company had evaluated the effects of subsequent events through March 31, 2025, the date these consolidated financial statements were available to be issued. Please refer to Note 5.

2. Significant Accounting Policies and Recent Accounting Pronouncements:

(a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of CMDB and its wholly-owned subsidiary CBSI. CMDB consolidated CBSI from July 15, 2024. As of December 31, 2024, CMDB has no other subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.

CMDB, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. CMDB consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest.

(b) Comprehensive Income / (Loss): In the statement of comprehensive income, the Company presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. The Company follows the provisions of ASC 220

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TABLE OF CONTENTS

COSTAMARE BULKERS HOLDINGS LIMITED Notes to Consolidated Financial Statements December 31, 2023 and 2024 (Expressed in U.S. dollars, except share and per share data, unless otherwise stated) “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate but consecutive statements. Reclassification adjustments between OCI and net income are required