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VANCOUVER, BC, May 17, 2024
/CNW/ - Kadestone Capital Corp. ("Kadestone" or the
"Company") (TSXV: KDSX) (OTCB: KDCCF), a vertically
integrated property company today announced its financial results
for the three months ended March 31,
2024.
Financial Results
The Company recorded a net loss for the three months ended
March 31, 2024, of $1,103,796 or $0.02
per share compared to a net loss of $749,557 or $0.02
per share for the same period in the prior year. The loss was
primarily due to expenses incurred for the ongoing operations of
the Company which included consulting fees of $320,350, salaries and wages of $191,291, professional fees of $165,130, share-based compensation of
$107,155 and interest expense of
$261,879 that were partially offset
by interest revenue of $27,807. Net
cash used in operating activities for the three months ended
March 31, 2024, decreased to
$966,500 compared to $1,080,282 for the three months ended
March 31, 2023.
The above unaudited financial information, including comparative
information, is expressed in Canadian dollars and has been prepared
in accordance with International Financial Reporting Standards,
using the accounting policies and methods of application as
described in notes 2 and 3 of the Company's audited consolidated
financial statements for the years ended December 31, 2023, and 2022.
About Kadestone
Kadestone was established to pursue the investment in,
acquisition, development and management of residential and
commercial income producing properties within major urban centres
and high-growth emerging markets in Canada. The Company
operates complimentary business lines spanning development and
construction, construction finance, asset ownership and property
management. These synergistic business lines have solidified
Kadestone's vision to become a market leading vertically integrated
property company. Additional information can be found
at www.kadestone.com.
ON BEHALF OF THE BOARD
(signed) "Brent Billey"
President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward- Looking
Statements
Certain information in this press release, including, but not
limited to, the Company's ability to identify opportunities and
secure additional investments in 2024 and the Company's vision to
become a leading vertically integrated property company, may
constitute forward looking information (collectively,
"forward-looking statements"), which can be identified by the use
of terms such as "may," "will," "should," "expect," "anticipate,"
"project," "estimate," "intend," "continue" or "believe" (or the
negatives) or other similar variations. Because of various risks
and uncertainties, including those referenced below, actual events
or results may differ materially from those reflected or
contemplated in such forward-looking statements. As a result, you
should not rely on such forward-looking statements. Additional
information identifying assumptions, risks and uncertainties
relating to Kadestone is contained in Kadestone's filings with the
Canadian securities regulators available at www.sedarplus.ca. These
risks include those described in the "Risk Factors" section
of the Company's final prospectus dated September 2, 2020, and in the Management's
Discussion and Analysis for the years ended December 31, 2023 and 2022. The
forward-looking statements in this press release are applicable
only as of the date of this release or as of the date specified in
the relevant forward-looking statement. The Company has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
SOURCE Kadestone Capital Corp.
