Kadestone Capital Corp. Reports Q4 and Full Year 2020 Financial Results
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VANCOUVER, BC, March 4, 2021 /CNW/ - Kadestone Capital Corp. ("Kadestone" or the "Company") (TSX-V: KDSX) (OTCB: KDCCF), a vertically integrated property company today announced its financial results for the year ending December 31, 2020.
Highlights for the Year End:
"2020 was a foundational year for Kadestone with the completion of the IPO and the foundation established for the Company's long-term growth," began Brent Billey, the Company's CEO.
"Our priorities in 2021 will be to identify and secure additional investment opportunities. Obtaining debt financing to leverage our cash balances and allow for the expansion of our property portfolio will also be a priority. We will also partner with leading developers to provide them with building and construction materials. We strongly believe that real estate projects in the Vancouver region will benefit from the Kadestone platform," concluded Mr. Billey.
The Company recorded a net loss attributable to shareholders of the Company for the year ended December 31, 2020 of $2,535,809 or $0.08 per share compared with a net loss of $496,284 or $0.16 per share for the prior year. This loss was primarily due to professional and consulting fees of $1,093,052 involved with establishing the legal, finance and corporate structure of the Company and the initial public offering, stock-based compensation of $573,138, salaries and wages of $334,097 and fair value losses on investment properties of $230,327. Our net cash used in operating activities for the year ended December 31, 2020 increased to $1,733,574 compared to $342,033 for the year ended December 31, 2019.
The above audited 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 December 31, 2020 and the period from date of incorporation July 2, 2019 to December 31, 2019.
Kadestone was established to pursue the investment in, development, acquisition, and management of residential and commercial income producing properties 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 regarding the Company's long-term growth, the Company's ability to: identify and secure additional investment opportunities, obtain debt financing, leverage cash balances to allow for expansion of its property portfolio and partner with leading developers, the Company's belief that real estate projects in the Vancouver region will benefit from the Kadestone platform 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, 2019 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.
SOURCE Kadestone Capital Corp.
Company Codes: OTC-QB:KDCCF, TorontoVE:KDSX
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