Business
Snakes & Lattes Inc. is pleased to report a 112% increase in year over year Q2FY22 revenue at $1,613,826, up from $721,907 for Q2FY21, with gross profits up from $566,178 to $1,223,002
Snakes & Lattes Inc. is pleased to report a 112% increase in year over year Q2FY22 revenue at $1,613,826, up from $721,907 for Q2FY21, with gross profits up from $566,178 to $1,223,002.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"SNAKES & LATTES INC. (OTC: FUNN) is pleased to report a 112% increase in year over year Q2FY22 revenue at $1,613,826, up from $721,907 for Q2FY21, with gross profits up from $566,178 to $1,223,002. The large increase in gross profits is due to numerous operational efficiencies gained over the past year. We continuously look for ways to increase this metric and arepleased with the result thus far.Cash on hand at the end of the quarter was $41,771 with total assets of $3,978,593 over totalliabilities of $8,837,167. The total outstanding common share count of the company is746,374,343 as of December 31st, 2021. A significant increase in liabilities was due to therequirement of booking the subsidy loans from the government. About half a million will beforgiven and removed within this fiscal year.The healthy increase in comparative year over year revenues for the quarter (Q2FY21compared to Q2FY22) was anticipated as we began the road back to normal operations. We arequite satisfied after a long period of full pandemic related restrictions with the current trend.While we remain very optimistic going forward, the company has still had a number ofchallenges to manage due to Covid.The October to December quarter is seasonally our best quarter with extra holiday sales (gamesand gift cards) and additional revenues from company events. General patronage is also higher,but given the pandemic it is a bit more variable than ‘normal’ years. The good news is, ourcustomer base is very strong and we continue to see higher and higher attendance rates at allour locations for the capacity they allow. Even with setbacks, this positive trend has continuedinto Q3 as evidenced by the surge in patronage as soon as we reopened our Ontario locationspost the most recent mandated covid closure.During Q2, we had 5 locations either partially closed or operating at a reduced capacity. At thistime, our locations are operating at a capped 50% total capacity. Canada locations are open 5hours on weeknights and 12 hours on weekends. This is far from our standard 13 / 16.Fortunately, the impact is limited due to the size of our venues. We exercise covid protocols:Guests must present a valid Vaccination Pass, along with an ID, and we request stay seated atall times with a mask on when not eating. Other restrictions include we cannot facilitate groupsover 10 guests....