PHOTO COURTESY LIMESTONE

Limestone Boat Co. reported an operating loss of $994,984 (CAD$1.34 million) for its fiscal 2024 second quarter, and $1.89 million (CAD$2.57 million) for the six months ended Sept. 30. Included in the loss were non-cash costs of $673,631 (CAD$914,123) for the quarter and $1.31 million (CAD$1.78 million) for six months.

As of Sept. 30, the company said in a statement, it had 119,655,940 common shares, 6,323,172 common share purchase warrants, and 5,895,000 outstanding stock options.

Limestone said it “continues to advance its business and operations, including the restructuring of its balance sheet, the previously announced private placement financing, and the relocation of its manufacturing operations to St. Stephen, New Brunswick.

The company signed a commercial lease on a 33,000-square-foot manufacturing facility Oct. 26 and said “upgrades and retrofitting are underway, with completion expected during late February 2024, which will be in advance of the anticipated commencement of manufacturing in March 2024.”