Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 292

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 292
---
792,300 | ​ | ​ | ​ | ​    | ​ | 3,408,326 | ​ | ​ |
| Total liabilities and members’ equity                         | ​ | ​ | ​    | $ | 4,696,841 | ​ | ​ | ​ | ​    | $ | 5,882,759 | ​ | ​ |

See accompanying notes to these Consolidated Financial Statements F-3

TABLE OF CONTENTS

Kestrel Group, LLC Consolidated Statement of Operations
Years Ended December 31, 2024 and 2023

| ​                                                              | ​ | ​ | 2024 |   |           |   | ​ | ​ | 2023 |   |            |   | ​ |
|:---------------------------------------------------------------|:--|:--|:-----|:--|----------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|
| Revenues                                                       | ​ | ​ | ​    | $ | 5,249,587 | ​ | ​ | ​ | ​    | $ |  1,330,022 | ​ | ​ |
| Operating Expenses                                             | ​ | ​ | ​    | ​ |         ​ | ​ | ​ | ​ | ​    | ​ |          ​ | ​ | ​ |
| Salaries and benefits                                          | ​ | ​ | ​    | ​ | 3,401,784 | ​ | ​ | ​ | ​    | ​ |  3,525,272 | ​ | ​ |
| Professional fees                                              | ​ | ​ | ​    | ​ | 1,076,527 | ​ | ​ | ​ | ​    | ​ |  1,184,073 | ​ | ​ |
| Legal expenses                                                 | ​ | ​ | ​    | ​ |         — | ​ | ​ | ​ | ​    | ​ |    554,015 | ​ | ​ |
| Rent expenses                                                  | ​ | ​ | ​    | ​ |   235,773 | ​ | ​ | ​ | ​    | ​ |    236,820 | ​ | ​ |
| Meals, entertainment and travel expense                        | ​ | ​ | ​    | ​ |   248,309 | ​ | ​ | ​ | ​    | ​ |    168,872 | ​ | ​ |
| Other operating expenses                                       | ​ | ​ | ​    | ​ |   145,432 | ​ | ​