Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 227

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 227
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estrel currently has no debt outstanding. Kestrel considers all liquid investments with original maturities of three months or less to be cash equivalents. Kestrel does not consider uninvested cash held in investment accounts as cash or cash equivalents. As of December 31, 2024 and 2023, cash equivalents consisted primarily of money market accounts.

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TABLE OF CONTENTS

As of December 31, 2024 and 2023, Kestrel’s cash accounts exceeded federally insured limits by approximately $3,236,000 and $4,515,000 respectively. Cash Flow The following table sets forth certain cash flow information for each of the 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