Business
Snakes & Lattes Inc. Provides Shareholders With A 2022 Year End Summary As Well As A Glimpse Ahead & Some Guidance For 2023
Snakes & Lattes Inc. Provides Shareholders With A 2022 Year End Summary As Well As A Glimpse Ahead & Some Guidance For 2023.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Snakes & Lattes Inc. (OTC: FUNN) takes a look back at 2022 and will briefly touch on a few items that are in store for 2023. 2022 was a pivotal year for Snakes & Lattes Inc. Most significant is the continued upward trend in revenue generation. The entire calendar year consistently beat 2021 in quarter to quarter comparison with overall revenues up over 200% for the 2021-2022 Fiscal Year (FY) which runs July to June. Coming off an extremely challenging past few years for the restaurant and entertainment industry; the company posted approximately $2M for FY 2021 and approximately $6M FY 2022. (Despite All Toronto locations being closed all of Jan and most of Feb 2022) After two quarters in FY 2023, Snakes & Lattes can give guidance to shareholders that the company does anticipate another significant increase in revenues for FY 2023 ending June 30th, 2023. A couple of highlights:2022 was a banner year for our Tempe location. Tempe broke all historical records for the company; bringing in over $3M for calendar 2022.Special events and programming throughout all venues took a massive upswing this year and almost every event hosted was sold out across all venues.The company issued $150,000 USD in convertible notes throughout the entirety of 2021 at a fixed price of .015 and raised $0 in convertible notes throughout all of 2022. The public float of the company (cumulative from inception in 1985 with no recapitalizations in its history) is currently 509,071,305 as of January 2023 and was 490,400,624 as of December 2021.As the company has seen a nice return in patronage and increasing revenues, the value of the implemented cost improvement measures allows higher margins to be secured. While the pandemic had a major impact on the company and industry in general, it also created focus. From this focus, a better experience for the customer has been created. In turn, a higher dollar average amount for customer invoices. This focus also created a pathway to profitability for which many of our locations are now achieving. Where we cannot see the path, we make the decision to divest ourselves of unprofitable ventures. We saw this with the Guelph location and made the decision to close in September of 2022. The company expects to replace the Guelph location with at least one newer and better location this yea...