KADESTONE CAPITAL CORP. REPORTS Q1 2023 FINANCIAL RESULTS
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VANCOUVER, BC, May 29, 2023 /CNW/ - Kadestone Capital Corp. ("Kadestone" or the "Company") (TSXV: KDSX) (OTCQB: KDCCF), a vertically integrated property company today announced its financial results for the three months ended March 31, 2023.
"We are very pleased with our Q1 2023 period of operations and are excited about identifying opportunities and securing additional investments in 2023." said Brent Billey, the Company's CEO.
The Company recorded a net loss for the three months ended March 31, 2023 of $749,557 or $0.02 per share compared with a net loss of $1,030,243 or $0.02 per share for the same period in the prior year. This loss was primarily due to expenses incurred for the ongoing operations of the Company which included share-based compensation of $304,795 and salaries and wages of $194,712. Our net cash used in operating activities for the three months ended March 31, 2023 increased to $1,080,282 compared to $365,637 for the three months ended March 31, 2022.
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 same accounting policies and methods of application as described in notes 2 and 3 of the Company's audited consolidated financial statements for the year ended December 31, 2022.
Kadestone was established to pursue the investment in, acquisition, development and management of residential and commercial income producing properties and procurement and sale of building materials within major urban centres and high-growth, emerging markets in Canada. The Company operates five complimentary business lines spanning building materials procurement and supply, property 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.
Certain information in this press release, including, but not limited to, the Company's ability to identify opportunities and secure additional investments in 2023 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.sedar.com. 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, 2022 and 2021. 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.
SOURCE Kadestone Capital Corp.
David Negus, CFO, Kadestone Capital Corp., [email protected]
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