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VANCOUVER, BC ,
May 19,
2022 /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,
2022.
"We are excited about our progress so far this year at
identifying additional investment opportunities. We expect to see
the results of our efforts later in 2022, as we continue to believe
that real estate projects in the Vancouver region will benefit from the
Kadestone platform," said Brent
Billey, the Company's CEO.
Financial Results
The Company recorded a net loss for the three months ended
March 31, 2022 of $1,030,243 or $0.02
per share compared with a net loss of $577,183 or $0.01
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 salaries and wages of $169,951, share-based compensation of
$290,677, interest expense of
$203,523 and professional fees of
$282,690. Our net cash used in
operating activities for the three months ended March 31, 2022 decreased to $365,637 compared to $485,196 for the three months ended March 31, 2021.
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, 2021.
About Kadestone
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.
Cautionary Statement Regarding Forward- Looking Statements
Certain information in this press release, including, but not
limited to, statements that the capital from the sale of the
Kyle Road property will allow the Company to pay down
debt 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, 2021 and 2020. 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.