Business
Kadestone Capital Corp. Reports Q2 2024 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Kadestone Capital Corp. (TSXV: ...
About this update from Kadestone Capital Corp.
[{"type":"text","content":"Kadestone Capital Corp. Reports Q2 2024 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Kadestone Capital Corp. (TSXV: KDSX) (OTCB: KDCCF) (\"Kadestone\" or the \"Company\"), a vertically integrated property company today announced its financial results for the six months ended June 30, 2024. Financial Results The Company recorded a net loss for the six months ended June 30, 2024, of $1,703,048 or $0.04 per share compared to a net loss of $1,646,416 or $0.04 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 $661,183, professional fees of $377,039, salaries and wages of $368,809, share-based compensation of $185,114 and interest expense of $686,564 that were partially offset by income from associates of $909,605 and interest revenue of $32,482. Net cash used in operating activities for the six months ended June 30, 2024, increased to $1,767,546 compared to $1,726,485 for the six months ended June 30, 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 KadestoneKadestone 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.For further information please contact David Negus, CFO, Kadestone Capital Corp., [email protected], 604 671-8142ON BEHALF OF THE BOARD(signed) \"Brent Billey\"President, CEO and DirectorNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exc...