Business
Amfil Technologies Announces The Opening Of Snakes & Lattes ‘Chicago’ & Provides Shareholder Update
Amfil Technologies Announces The Opening Of Snakes & Lattes ‘Chicago’ & Provides Shareholder Update.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Amfil Technologies Inc., (OTC: FUNN), is pleased to provide a general business update on current expansion initiatives, as well as an overview and breakdown of its recently posted annual report and financial statements. 2020 to date has had its share of challenges related to the COVID-19 pandemic and related business shutdowns and restrictions, however, the Company has so far been able to pivot and maneuver itself through the various obstacles to the best of its ability allowing it to remain strong and continue with its planned expansion initiatives and overall growth trajectory.FYE 2020 FinancialsRevenue - $8,502,930Gross profit - $4,076,428Using the comparable of the audited 2018 financials which showed revenue of $7,764,902 and gross profit of $3,792,289, the Company’s growth is quite clear. This YoY growth was achieved despite having all Snakes & Lattes locations closed for almost all of fiscal Q4 due to mandated COVID19 shutdowns. The fact that the company did more in sales in just 3 quarters this year than the entire fiscal 2018 year is a clear testament to the company’s growth trajectory. We anticipate post COVID19 along with the new additional locations and initiatives coming online will further boost sales at an even faster pace then seen over the past two years. Breakdown of Revenue Streams Fulfillment$2,860,532.64Tempe$1,242,688.90College$1,486,366.26Annex$821,989.83Midtown$809,382.69Morning$616,098.56E-Commerce$278,410.12Events / Other$121,590.00Interloc Kings$265,871.00Logistics$2,860,532.64Hospitality / Retail$6,644,142.54Interloc-Kings$265,871.00Publishing$616,098.50US$1,242,688.90CANADA$6,644,142.54FRANCE$616,098.56Tucson Construction is progressing well. The Company plans to share some updated photos with shareholders soon via twitter and on the company website.ChicagoThe Company is pleased to announce that Snakes & Lattes ‘Chicago’ opened for business yesterday (October 14, 2020), as planned. The hiring/re-hiring of staff has commenced and should be completed shortly. The transition was slightly more complicated than usual because of the corporate structure (Delaware Company operating in Illinois and now with new ownership). The paperwork is being completed and we are able to operate throughout the transition with the help of the seller which is making the process proceed smoothly. L...