Cadus Corp. (fka KDUS)

[Theo]

Form 10-Q for CADUS CORP

The Company seeks opportunities to profit from the purchase of individual homes or individual residential lots for purposes of renovation or construction and resale. The Company has completed renovation of one home (located at 3437 N. Moorings Way, Coconut Grove, FL) which has been listed for resale and is near completion of the renovation of a second home (located at 3506 Main Lodge Road, Coconut Grove, FL) which has already been listed for resale. In addition, the following six vacant lots are currently listed for sale:

? 18970 N. Bay Road, Sunny Isles Beach, FL 33160

? 1420 Biscaya Drive, Surfside, FL 33154

? 1211 Stillwater Drive, Miami Beach, FL 33141

? 700 88th Street, Surfside, FL 33154

? 11400 N. Bayshore Drive, North Miami, FL 33181

? 11404 N. Bayshore Drive, North Miami, FL 33181

The Company has started construction of a new home on its vacant lot located at 2535 Shelter Avenue, Miami Beach, FL 33140 and has listed this property for sale while under construction. The Company has obtained a permit for construction of a new home at 700 88th Street, Surfside, FL 33154 and is also in the process of obtaining permits for the construction of a new home on each of two additional lots (located at 2555 Shelter Avenue, Miami Beach, FL 33140 and 241 Atlantic Isle, Sunny Isles Beach, FL 33160). In addition to its real estate activities, the Company may consider acquisitions or investments in other industries.