Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 280

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 280
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 dollars. The Company’s books of accounts are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying predecessor combined carve-out statements of operations.

F-11

TABLE OF CONTENTS

COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Notes to Combined Carve-out Financial Statements December 31, 2023 and 2024 (Expressed in thousands of U.S. dollars, except share and per share data, unless otherwise stated) (e) Cash, Cash Equivalents and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Restricted cash consists of minimum cash deposits to be maintained at all times under certain of the Company’s loan agreements. Restricted cash also includes bank deposits and deposits in so-called “retention accounts” that are required under the Company’s borrowing arrangements which are used to fund the loan installments coming due. The funds can only be used for the purposes of loan repayment. A reconciliation of the cash, cash equivalents and restricted cash is presented in the table below:

|                                                              |     | December 31, |     |         |
|                                                              |     |         2023 |     |    2024 |
| Reconciliation of cash, cash equivalents and restricted cash |     |              |     |         |
| Cash and cash equivalents                                    |     |      $33,682 |     | $49,858 |
| Restricted cash – current portion                            |     |        3,115 |     |     941 |
| Restricted cash – non-current portion                        |     |        8,602 |     |   9,236 |
| Total cash, cash equivalents and restricted cash             |     |      $45,399 |     | $60,035 |

(f) Accounts Receivable, net – Credit Losses Accounting: The amount shown as receivables, at each balance sheet date, mainly includes receivables from charterers