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Amfil Technologies Inc. Announces Fiscal Q1 2018 Revenues up 20,619% Year Over Year to $5,900,346 Setting A New Quarterly Financial Record For The Company
Amfil Technologies Inc. Announces Fiscal Q1 2018 Revenues up 20,619% Year Over Year to $5,900,346 Setting A New Quarterly Financial Record For The Company.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\n \n \n Amfil Technologies Inc. Announces Fiscal Q1 2018 Revenues up 20,619% Year Over Year to $5,900,346 Setting A New Quarterly Financial Record For The Company\n \n \nAmfil Technologies Inc. Announces Fiscal Q1 2018 Revenues up 20,619% Year Over Year to $5,900,346 Setting A New Quarterly Financial Record For The Company\n \n TORONTO, ON--(Marketwired - Oct 23, 2017) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to provide our shareholders with a summary of our Fiscal Q1 2018 Financials and provide an update on Fiscal Q2 2018 progress thus far.\n Amfil Technologies Inc. posted revenues of $5,900,374 for our Fiscal Q1 2018 up 20,619% from Fiscal Q1 2017 which posted $28,477 in total revenue. The company saw a gross profit of $1,041,121 and a net income of $114,106. The company as at FY Q1 2018 being September 30th 2017 had $297,748 in cash, $4,286,000 in inventory and $6,734,935 in total assets. As of today, the Public Float held with DTC is 285,504,206. Common Shares Outstanding is 488,797,586 and the Authorized Share Count has been reduced down to 600,000,000 from 900,000,000.\n The company has been heavily reinvesting profits to fuel its expansion since Fiscal 2017. The significant profit increases posted in our recent Q1 2018 financials are a direct result of reinvesting profits to aggressively expand the Snakes & Lattes distribution business last year.\n The company continued to reinvest profits into the expansion of operations through Q1 2018. Staff training, construction, administrative, and general expenses have been increased due to the upcoming opening of the new 'Midtown' Snakes & Lattes location. This has resulted in the net income being temporarily suppressed, yet still profitable as we position the company for increased revenues and profitability moving forward. The increased staff training costs, and a large portion of the general and administrative costs will be optimized once the 'Midtown' location begins generating revenues, which is expected in the coming weeks, resulting in increased profitability and net income.\n The Fiscal Q1 2018 revenues have made a powerful statement. The revenue and gross profit numbers truly confirm the effectiveness and sustainability of the company's growth strategy. The company remains on a clear upwards trajectory with increasing momentum in terms of revenues, pr...