| Schedule of Consolidated Financial Statements |
All wholly and majority-owned subsidiaries and
RP Finance, LLC are consolidated with all intercompany transactions and balances eliminated in consolidation. In addition to Rafael Holdings,
Inc., the entities included in these consolidated financial statements are as follows:
| Company | | Country of Incorporation | | Percentage
Owned | | | Broad Atlantic Associates, LLC | | United States – Delaware | | | 100 | % | | IDT R.E. Holdings Ltd. | | Israel | | | 100 | % | | Rafael Holdings Realty, Inc. | | United States – Delaware | | | 100 | % | | Barer Institute, Inc. | | United States – Delaware | | | 100 | %* | | Hillview Avenue Realty, JV | | United States – Delaware | | | 100 | % | | Hillview Avenue Realty, LLC | | United States – Delaware | | | 100 | % | | Rafael Medical Devices, LLC | | United States – Delaware | | | 73 | % | | Farber Partners, LLC | | United States – Delaware | | | 93 | % | | Pharma Holdings, LLC | | United States – Delaware | | | 90 | %** | | LipoMedix Pharmaceuticals Ltd. | | Israel | | | 95 | % | | Altira Capital & Consulting, LLC | | United States – Delaware | | | 67 | % | | CS Pharma Holdings, LLC | | United States – Delaware | | | 45 | %** | | Day Three Labs, Inc. | | United States – Delaware | | | 84 | % | | Cornerstone Pharmaceuticals, Inc. | | United States – Delaware | | | 67 | % | | RP Finance, LLC | | United States – Delaware | | | 38 | % | | Cyclo Therapeutics, LLC (Note 3) | | United States – Nevada | | | 100 | % |
| * | In November 2022, the Company resolved to curtail its early-stage
development efforts, including pre-clinical research at Barer. The decision was taken to reduce spending as the Company focuses on exploring
strategic opportunities. |
| ** | 50% of CS Pharma Holdings, LLC is owned by Pharma Holdings,
LLC. We have a 90% ownership interest in Pharma Holdings, LLC and, therefore, an effective 45% economic interest in CS Pharma Holdings,
LLC. The Company, along with CS Pharma Holdings, LLC and Pharma Holdings LLC, collectively own securities representing 67% of the outstanding
capital stock of Cornerstone. |
|