KADESTONE CAPITAL CORP. REPORTS Q4 AND FULL YEAR 2022 FINANCIAL RESULTS
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, April 21, 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 year ended December 31, 2022.
Highlights for the year:
- Cash and cash equivalents of $8,886,147 at December 31, 2022
- Investments of $8,947,359 in Chilliwack and $8,696,043 in Squamish partnerships
- Sale of Marine Drive investment property interest for $1,848,117 net of costs
- Cash financing of $10,000,000 through issuance of a note payable
"We are very pleased with our 2022 fiscal year 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 year ended December 31, 2022, of $4,557,948 or $0.09 per share compared to a net loss of $2,885,432 or $0.06 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 salaries and wages of $1,520,686, share-based compensation of $1,368,400, interest expense of $1,086,011 and professional fees of $801,910 that were partially offset by a fair value adjustment on investment properties of $490,449. Net cash used in operating activities for the year ended December 31, 2022, increased to $2,348,890 compared to $1,506,590 for the year ended December 31, 2021.
The above audited 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, 2022, and 2021.
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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