Business
SNAKES & LATTES INC. (OTC: FUNN) Is Pleased to Report a 103% Increase in Year-Over-Year Q3FY22 Revenue at $1,497,209, up From $736,115 for Q3FY21, with Gross Profits up From $492,239 to $1,120,484
SNAKES & LATTES INC. (OTC: FUNN) Is Pleased to Report a 103% Increase in Year-Over-Year Q3FY22 Revenue at $1,497,209, up From $736,115 for Q3FY21, with Gross Profits up From $492,239 to $1,120,484.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\n TORONTO, ON, May 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – SNAKES & LATTES INC. (OTC: FUNN) is pleased to report a 103% increase in year over year Q3FY22 revenue at $1,497,209, up from $736,115 for Q3FY21, with gross profits up from $492,239 to $1,120,484. We are actualizing a significant increase in gross profits from numerous operational efficiencies implemented over the past year. We continuously look for ways to increase this metric and are pleased with the result thus far. Cash on hand at the end of the quarter was $53,427 with total assets of $3,900,204 over total liabilities of $9,067,708. The total outstanding common share count of the company is 757,486,406 as of March 31st, 2022. We have partially completed debt forgiveness from government subsidy loans during the pandemic. We expect several hundred thousand more to be forgiven at the end of the process. Until that is complete, the loans are listed under liabilities. Cost of goods sold remains in line with expectations, hovering around 25%. Expense changes in rent and payroll are mainly attributed to timing of government subsidies. Despite being impeded during the first two months with significant closures/restrictions for some of our locations, we continue to sustain a healthy increase in comparative year-over-year revenues for the quarter. (Q3FY21 compared to Q3FY22) March in particular was very healthy with new revenue records for most locations in the US and Canada. The January to March quarter is seasonally our slowest quarter post holidays and some level of gift returns. General patronage is usually a little lower as well. The pandemic certainly threw off some of the seasonality and we have seen a bit more variability than normal years. However, as previously reported our customer base is very strong and we continue to see higher and higher attendance rates at all our locations for the capacity they allow. As soon as we reopened any location, we saw a surge in patronage. For 'Tempe' in particular, there are more and more advanced reservations as wait times have become significant during our busy hours. It was a great quarter for locations, adding two for a total of nine! The additions of Glendale, CA. and Provo, UT will start recognizing revenue this current quarter (Q4) and we are very excited for the future of these openings!  We an...