Mr. Brent Billey reports

KADESTONE CAPITAL CORP. REPORTS Q3 2023 FINANCIAL RESULTS

Kadestone Capital Corp. has released its financial results for the nine months ended Sept. 30, 2023.

"Amidst the dynamic landscape of the real estate market, we are continuously evaluating and assessing investment opportunities based on real estate market conditions that will benefit Kadestone's shareholders," said Brent Billey, the company's chief executive officer.

Financial results

The company recorded a net loss for the nine months ended Sept. 30, 2023, of $2,319,692 or five cents per share compared with a net loss of $3,250,741 or seven cents per share for the same period in the prior year. This loss was primarily due to expenses incurred for the continuing operations of the company, which included share-based compensation of $635,607, salaries and wages of $547,647, and professional fees of $320,241. Its net cash used in operating activities for the nine months ended Sept. 30, 2023, increased to $1,943,623 compared with $1,510,929 for the nine months ended Sept. 30, 2022.

The above unaudited financial information, including comparative information, 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 Dec. 31, 2022.

About Kadestone Capital Corp.

Kadestone was established to pursue the investment in, and 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 complementary business lines spanning building material 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.

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