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Amfil Technologies Inc. Announces 2017 Fiscal Year End Revenues of $6,630,973 USD; Up Almost 2400% Over FYE 2016
Amfil Technologies Inc. Announces 2017 Fiscal Year End Revenues of $6,630,973 USD; Up Almost 2400% Over FYE 2016.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\n \n \n Amfil Technologies Inc. Announces 2017 Fiscal Year End Revenues of $6,630,973 USD; Up Almost 2400% Over FYE 2016\n \n \nAmfil Technologies Inc. Announces 2017 Fiscal Year End Revenues of $6,630,973 USD; Up Almost 2400% Over FYE 2016\n \n TORONTO, ON--(Marketwired - Jul 31, 2017) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to provide our shareholders with an in-depth summary of our FYE 2017 and provide guidance on Fiscal Year 2018 including an update on Q1 2018 progress thus far.\n Amfil Technologies Inc. posted revenues of $6,630,973 for our FYE 2017 up 2376% from Fiscal Year 2016 which posted $279,045 in total revenue. The company saw a gross profit of $3,678,780 and a net income of $248,679. The company as at year end of June 30th 2017 had $267,257 in cash, $4,691,097 in inventory and $6,599,844 in total assets.\n Snakes & Lagers Inc. / Snakes & Lattes Inc. Acquisition & Impact on the Financial Statements\n Subsequent to the announced L.O.I. on April 4th 2016, the company closed the acquisition and announced the definitive agreement on September 28th 2016.\n This subsidiary has had a tremendous impact on the financial statements since Fiscal Q2 2017. While the net income of $248,679 may not appear significant, the sales of $6,630,973 allowed the company to execute its expansion plan for each subsidiary and continue to run at a profit. Snakes & Lattes Inc. has been operating with an increased staffing cost since Q4 due to the training of staff members for the new location. All of the new managers and some new staff members have been hired and have been training in the existing locations for the past few weeks, working towards the approximately 70 additional employees which will be required to staff the 3rd and largest location opening first week of September, dubbed 'Midtown'. Staff totals for the Snakes & Lagers Inc. / Snakes & Lattes Inc. subsidiary are now at 126 members. These costs, as well as costs for professional fees and construction, have been injected into the location to ensure that the opening of 'Midtown' proceeds as planned and immediately begins generating revenue. In addition, the subsidiary has been adding strength to the distribution and fulfillment division in preparation for further expansion into Fiscal 2018, with large revenue increases projected as a result....