SNAKES & LATTES INC. REPORTS PERFORMANCE FOR FISCAL YEAR 2024

SNAKES & LATTES INC. (OTC: FUNN) is pleased to report solid FY2024 revenues at $8,655,265 with gross profits of $6,618,813 and total assets of $3,983,353 USD.

Cost of goods sold (COGS) continued to trend at approximately 25%. This is a great metric for scaling the company. As revenues increase, the Company hopes to retain more cash to put back into the business.

Net Income decreased at -$1,712,192 FY24 compared to -$1,080,709 FY23. This is largely due to the ‘Virginia Beach’ acquisition but not opening since Q3 2024.

The total outstanding common share count of the company was down slightly from 792,756,731 to 791,159,667 as of June 30th, 2024. It also still remains the same to date. The decrease was due to a small share retirement.

The Company is proud of the fact that it has not issued any new shares for years considering what has been needed to transform since the pandemic all the while supporting over 250 employees, and transitioning into new partnerships and locations. While the hopes are to close in on a $10 million revenue year and beyond, these are important milestones that provide a foundation on the journey to scale. Not having issued any new notes in roughly 3.5 years now, while doing this, is a testament to the commitment of preserving shareholder value as best as the Company can.

Revenues for Fiscal Year 2024 continued to be inline with expectations, while COGS have been trending very well. The ‘Wellington Market’ Pop-Up location has been a great addition to the Company offerings and is expected to become a permanent fixture in the marketplace. Operationally the Company continues to strive for excellence, and is looking forward to what is sure to be a busy upcoming holiday season.

Fiscal Year 2024 continued to capitalize on the strong positive shift that the Company has seen over the past few years. Now that the Company has provided and built out operational excellence, an engine is continuously being created and improved upon to continue to grow at scale. All the solid metrics for operations are there; now the focus continues to be on new locations, partnerships, and fiscal responsibility in the best way it can. 

Snakes & Lattes ‘Tempe’ continues to be one of the largest revenue generators for the Company. This location remains the flagship for the United States locations and a model for operations. If you ever find yourself in the area, you owe it to yourself to visit!  The Company continues to seek and establish new locations in the USA as additional targets arise and still has committed funding for 2 more locations currently and is actively seeking the right venue to acquire / open.

The Company continues to work on promising initiatives and will report on implementation as solid news becomes available. Until then, the Company continues to be as optimistic as possible for what the future may hold and continue to focus and work on potential US location expansion; building our brand and increasing revenues.

Thank you to all our supporters! The Company continues to serve in honor of both all the loyal as well as new patrons to create the best possible experience possible. Creating memorable quality human interactive experiences keeps us going, and at all times we keep the mission of ‘Snakes and Lattes locations coast in coast’ at the forefront of our strategy. 

See you at Snakes & Lattes!

About Snakes & Lattes Inc.

Snakes & Lattes Inc. currently operates 8 tabletop gaming bars and cafes: 4 located in Toronto, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Chicago, Illinois and 1 in Virginia Beach, Virginia. The company is in the process of expanding throughout North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, and is believed to be the largest in the world. Our board game cafes have the largest circulating public library of board games in North America for customers to choose from.

We also host a COMMUNITY forum: A tool to facilitate communication between shareholders and management. This is meant to encourage meaningful exchanges, 2-way conversations, discussion with management through Q&A, as well as exchanges between members. COMMUNITY also contains an internal forum and discussion for all shareholders. Management will periodically provide answers based on the most up to date information, subject to any regulatory restrictions.

We encourage everyone to sign up at https://www.snakesandlattes.com/signup

For more information on Snakes & Lattes Inc., please visit the website at: www.snakesandlattes.com.

For further updates from Snakes & Lattes Inc., please follow us on Twitter@SnakesandLattes

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company's OTC Market or Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should,", "will", "expect," "anticipate," "believe," "estimate," "confident," "intend," "plan", trending and other similar expressions. Our actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:

Roger Mortimer

COB & IR

Telephone: (647) 880 5887

Email: roger@amfiltech.com