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SNAKES & LATTES INC. REPORTS Q2 FY2024 QUARTERLY RESULTS
SNAKES & LATTES INC. REPORTS Q2 FY2024 QUARTERLY RESULTS.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"SNAKES & LATTES INC. On February 14th, 2024 (OTC: FUNN) published the results for the quarter ending December 31, 2023. (Fiscal Year Q2 2024)The report can be viewed at the following link:FUNN Q2 FY 2024 ReportThe following update provides a brief summary to shareholders and the investment community.Business Highlights (All numbers in USD):Gross Revenue of $2,293,505 USD (Slight increase YoY Quarterly)Gross Profit of $1,740,957 USD (Slight increase YoY Quarterly)FY2024 cumulative revenue $4,309,325 (Slight increase YoY cumulative)Common Stock Outstanding of 795,493,000 (unchanged)COGS are on target hitting just below 25%. The Company wants to maintain this as this is appreciable given COGS are decreasing while revenues are increasing Account Receivable grew from ~$113,000 to ~$132,000 reflecting healthy activity of Corporate Events over the holidays (B to B activity)The Company beat the previous FY Q2 by 15% on Hospitality revenues (location growth)Cash on hand at the end of the quarter slightly decreased to $64,432 with total assets of $3,716,681.No convertible debt instruments into future equity of the company were issued.Tradeable public float is 527,923,441, as of December 31st, 2023. (This is cumulative throughout the entire trading history dating back to 1985 with no recapitalizations or reverse splits throughout the entire, going on 39 year history of the Company.)The Company is pleased with the growing revenue trend, and are on track for the company objective of $10 M+ USD in revenues for FY 2024 as we continue to strengthen our corporate level fiscal position. Hospitality revenue alone has been on a solid overall positive growth trend for the last 10 quarters since emerging from the pandemic. Over the past year, the Company has removed over $2 million in debt / liabilities from the books resulting in 5 convertible notes remaining. These remaining notes are all associated with the acquisition and renovation of the Snakes & Lattes Inc. ‘Tucson’ location. All notes are at a fixed price much higher than current market trading prices. The oldest of those remaining notes was recently repurchased by the Company to avoid conversion and any dilution to shareholders. (Note: The note holders are friendly and supporters of the Company) Dilution for any company is a concern, but the potential conversion ...