Company: KG
Filing Date: 2025-03-24
Form Type: S-4/A
Source: 0001104659-25-027242
Chunk: 230

Company: Kestrel Group Ltd
Filing Date: 2025-03-24
Form: S-4/A
Chunk 230
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 periods indicated:

| ​                                            | ​ | ​ | 2024 |   |            |   | ​ | ​ | 2023 |   |            |   | ​ |
| Net cash used in operating activities        | ​ | ​ |    ​ | ​ | -1,266,841 | ​ | ​ | ​ |    ​ | ​ | -2,485,329 | ​ | ​ |
| Decrease in cash and cash equivalents        | ​ | ​ |    ​ | ​ | -1,266,841 | ​ | ​ | ​ |    ​ | ​ | -2,485,329 | ​ | ​ |
| Cash and cash equivalents, beginning of year | ​ | ​ |    ​ | ​ |  5,553,121 | ​ | ​ | ​ |    ​ | ​ |  8,038,450 | ​ | ​ |
| Cash and cash equivalents, end of year       | ​ | ​ |    ​ | $ |  4,286,280 | ​ | ​ | ​ |    ​ | $ |  5,553,121 | ​ | ​ |

Operating Activities Net cash used in operating activities decreased to $(1,266,841) for the year ended December 31, 2024, compared to ($2,485,329) for the year ended December 31, 2023. The primary driver of the decrease in cash utilized was the increase in net income to $324,273 for the year ended December 31, 2024 compared to ($4,215,411) for the year ended December 31, 2023. Contractual Obligations and Commitments Kestrel has an operating lease for its office building at 305 Camp Craft Road, Suite 550, Austin, Texas. The table below shows the lease cost and other related information for the years ended December 31, 2024 and 2023.

| Lease Cost                                                            | ​ | ​ | 2024 |   |        |   | ​ | ​ | 2023 |   |        |   | ​ |
|:----------------------------------------------------------------------|:--|:--|:-----|:--|-------:|:--|:--|:--|:-----|:--|-------:|:--|:--|
| Operating lease cost                                                  | ​ | ​ | ​    | $ | 78,992 | ​ | ​ | ​ | ​    | $ | 78,992 | ​ |