Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 293

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 293
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| Balance, December 31, 2022 | ​ | ​ | ​              | $ | 10,014,450 | ​ | ​ | ​ | ​                  | $ | -2,450,414 | ​ | ​ | ​ | ​                    | $ |  7,564,036 | ​ | ​ |
| Net loss                   | ​ | ​ | ​              | ​ |          — | ​ | ​ | ​ | ​                  | ​ | -4,215,411 | ​ | ​ | ​ | ​                    | ​ | -4,215,411 | ​ | ​ |
| Equity-based compensation  | ​ | ​ | ​              | ​ |     59,701 | ​ | ​ | ​ | ​                  | ​ |          — | ​ | ​ | ​ | ​                    | ​ |     59,701 | ​ | ​ |
| Balance, December 31, 2023 | ​ | ​ | ​              | ​ | 10,074,151 | ​ | ​ | ​ | ​                  | ​ | -6,665,824 | ​ | ​ | ​ | ​                    | ​ |  3,408,326 | ​ | ​ |
| Net income                 | ​ | ​ | ​              | ​ |          — | ​ | ​ | ​ | ​                  | ​ |    324,273 | ​ | ​ | ​ | ​                    | ​ |    324,273 | ​ | ​ |
| Equity-based compensation  | ​ | ​ | ​              | ​ |     59,701 | ​ | ​ | ​ | ​                  | ​ |          — | ​ | ​ | ​ | ​                    | ​ |     59,701 | ​ | ​ |
| Balance, December 31, 2024 | ​ | ​ | ​              | $ | 10,133,852 | ​ | ​ | ​ | ​                  | $ | -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 
 ​    |