KINGSWAY FINANCIAL SERVICES INC
For the period ended Dec 31, 2023. Filed Mar 5, 2024.
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FY2023 · Filed Mar 5, 2024
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Item 15. Exhibits, Financial Statement Schedules
(a) Documents filed as part of this Report
(1) Financial Statements. We have filed the following documents, which are included in Part II, Item 8 of this 2023 Annual Report on Form 10-K.
Consolidated Statements of Comprehensive (Loss) Income
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flow
(2) Financial Statement Schedules. The following financial statement schedules are filed as a part hereof along with the related reports of the Independent Registered Public Accounting Firm included in Part II, Item 8. Schedules not listed here have been omitted because they are not applicable or the required information is included in the Consolidated Financial Statements.
Schedule I Condensed Financial Information of the Registrant (Parent Company)
(3) Exhibits. The exhibits listed in the accompanying "Index to Exhibits" that follow the signature pages of this report are filed or incorporated by reference as part of this Form 10-K.
*(b) Exhibits.*Included in Item 15(a)(3) above
*(c) Financial Statement Schedules.*Included in Item 15(a)(2) above
Parent Company Balance Sheets
| (in thousands) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Assets | ||
| Investments in subsidiaries | $20,325 | $23,545 |
| Cash and cash equivalents | 2,058 | 32 |
| Other assets | 5,339 | 1,313 |
| Total Assets | $27,722 | $24,890 |
| Liabilities and Shareholders' Equity | ||
| Liabilities: | ||
| Accrued expenses and other liabilities | $13 | $3,206 |
| Total Liabilities | 13 | 3,206 |
| Redeemable Class A preferred stock | — | 6,013 |
| Shareholders' Equity: | ||
| Common stock | — | — |
| Additional paid-in capital | 379,813 | 359,985 |
| Treasury stock, at cost | (3,696) | (492) |
| Accumulated deficit | (346,868) | (370,427) |
| Accumulated other comprehensive (loss) income | (1,540) | 26,605 |
| Shareholders' equity attributable to common shareholders | 27,709 | 15,671 |
| Total Liabilities, Class A preferred stock and Shareholders' Equity | $27,722 | $24,890 |
85
Parent Company Statements of Operations
| (in thousands) | Years ended December 31, | |
|---|---|---|
| 2023 | 2022 | |
| Other expenses, net: | ||
| General and administrative expenses | $(1,990) | $(2,081) |
| Non-operating other expense | (3) | (8) |
| Total other expenses, net | (1,993) | (2,089) |
| Loss from continuing operations before income tax benefit and equity in income of subsidiaries | (1,993) | (2,089) |
| Income tax benefit | (1,331) | (314) |
| Equity in income of subsidiaries | 24,674 | 16,840 |
| Net income | $24,012 | $15,065 |
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Parent Company Statements of Comprehensive (Loss) Income
| (in thousands) | Years ended December 31, | |
|---|---|---|
| 2023 | 2022 | |
| Net income | $24,012 | $15,065 |
| Other comprehensive loss, net of taxes(1): | ||
| Unrealized losses on available-for-sale investments: | ||
| Unrealized losses arising during the period | — | — |
| Reclassification adjustment for amounts included in net income | — | — |
| Other comprehensive loss - parent only | — | — |
| Equity in other comprehensive loss of subsidiaries | (28,115) | (4,238) |
| Other comprehensive loss | (28,115) | (4,238) |
| Comprehensive (loss) income | $(4,103) | $10,827 |
(1) Net of income tax (benefit) expense of $0 and $0 in2023 and2022, respectively
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Parent Company Statements of Cash Flows
| (in thousands) | Years ended December 31, | |
|---|---|---|
| 2023 | 2022 | |
| Cash provided by (used in): | ||
| Operating activities: | ||
| Net income | $24,012 | $15,065 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Equity in net income of subsidiaries | (24,674) | (16,840) |
| Stock-based compensation expense, net of forfeitures | 509 | 589 |
| Change in other assets | (4,026) | (866) |
| Change in accrued expenses and other liabilities | (3,193) | 1,533 |
| Net cash used in operating activities | (7,372) | (519) |
| Investing activities: | ||
| Net cash from investing activities | — | — |
| Financing activities: | ||
| Proceeds from exercise of warrants | 16,658 | 545 |
| Cash paid for repurchase of warrants | (4,031) | — |
| Cash paid for repurchase of common stock | (3,204) | — |
| Capital contribution to subsidiary | (25) | (50) |
| Net cash provided by financing activities | 9,398 | 495 |
| Net increase (decrease) in cash and cash equivalents | 2,026 | (24) |
| Cash and cash equivalents at beginning of period | 32 | 56 |
| Cash and cash equivalents at end of period | $2,058 | $32 |
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