Business
Amfil Technologies Inc. Is Pleased to Announce The Filing Of The FYE 2018 Audited And FYE 2019 Unaudited Financial Statements Reflecting Approximately 47% YOY Revenue Growth to $11,373,432 USD
Amfil Technologies Inc. Is Pleased to Announce The Filing Of The FYE 2018 Audited And FYE 2019 Unaudited Financial Statements Reflecting Approximately 47% YOY Revenue Growth to $11,373,432 USD.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Amfil Technologies Inc. (OTC: FUNN) has submitted audited FYE 2018 and unaudited FYE 2019 and Q1 2020 financial statements with the OTC Markets Exchange which will remove the ‘Stop Sign’ status and bring the company current in its reporting obligations. In the last three years, following the acquisition of its largest revenue generating subsidiary, Snakes and Lattes, Amfil Technologies Inc. has had top line revenue growth of over 4900% from FYE 2016 of $230,985 to FYE 2019 of $11,373,432. Three of four years have now undergone a rigorous audit process, validating the company’s substantial growth.The FYE 2016 through FYE 2018 audit has been a long and arduous process for the company and shareholders alike. The extended process was a result of the considerable growth of Snakes & Lattes from a small privately-owned board game café to a public company. The company subsequently required significant updating of accounting procedures, a process which has now been completed. The company will file the audited FYE 2019 statements once completed and will continue moving forward with its growth-orientated business strategy while awaiting the ‘current information’ status on OTC Markets to be updated accordingly.As previously stated, the company will remain current with its reporting obligations moving forward regardless of audit status (we do NOT expect delays moving forward now that we have implemented new practices, procedures, and other professional accounting support). Regardless, to uphold our commitment to maintain the Current Information status, we will be submitting ALL REQUIRED filings/submissions on time. If not audited immediately, they will be filed audited once they have been audited and signed off on.During the last two weeks of the FYE 2018 audit process, the auditors recommended adjusting certain revenue, COGS, inventory, and accounts payable numbers across the board for two major product lines that the company sells / fulfills. This was due to a lack of proper response from the supplier for ‘confirmation requests’ in time for completion. As a result, the company was re-classified as an ‘agent’ for those particular products rather than a ‘seller’.Despite the fact that the company was established as a ‘seller’ as opposed to being in the exact same relationships through previous audit’s, we reluctantly accepted this c...