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KADESTONE CAPITAL CORP. REPORTS FINANCIAL RESULTS FOR THE 1st quarter of 2024
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VANCOUVER, BC, May 17, 2024 /PRNewswire/ – Kadestone Capital Corp.Cadestone” or the “Company“) (TSXV: KDSX) (OTCB: KDCCF), a vertically integrated real estate company today announced its financial results for the three months ended March 31, 2024.
Kadestone Capital Corp logo. (CNW Group/Kadestone Capital Corp.)
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 in the same period of the previous year. The loss was primarily due to expenses incurred in the ongoing operations of the Company, which included consulting fees of $320,350, salaries and wages of $191,291, professional fees of $165,130, stock-based compensation of $107,155 and interest expenses of $261,879 which were partially offset by interest income 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 application methods as described in notes 2 and 3 to the audited consolidated financial statements of Company for the years ending December 31, 2023 and 2022.
About Kadestone
Kadestone was created to pursue the investment, acquisition, development and management of income-producing residential and commercial properties in major urban centers and high-growth emerging markets in Canada. The Company operates complementary lines of business covering development and construction, construction financing, asset ownership and property management. These synergistic business lines solidify Kadestone’s vision of becoming a market-leading vertically integrated real estate company. Additional information can be found at www.kadestone.com.
ON BEHALF OF THE COUNCIL
(signed) “Brent Billey”
President, CEO and Director
Neither the 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 real estate company, may constitute forward-looking information (collectively, “forward-search 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. Due to various risks and uncertainties, including those mentioned 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 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 Management’s Discussions and Analysis for the years ended December 31, 2023 and 2022. The forward-looking statements in this press release apply only as of the date of this release or 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.
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SOURCE Kadestone Capital Corp.
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