Business
SNAKES & LATTES INC. - STRENGTH FUELS QUARTERLY RESULTS
SNAKES & LATTES INC. - STRENGTH FUELS QUARTERLY RESULTS.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"SNAKES & LATTES INC. (OTC: FUNN) On February 13th, 2023 published the results for the quarter ending December 31, 2022. (Fiscal Year Q2 2023) The report can be viewed at the following link:https://www.otcmarkets.com/otcapi/company/financial-report/358949/contentThe following update provides a brief summary to shareholders and the investment community.Business Highlights:Revenues increased 42% YOY to $2,291,821Gross Profit increased 41% YOY to $1,732,139FY 2023 Q1 & Q2 cumulative revenue increased 51% YOY to $4,275,918COGS on target hitting just below 25%. (An appreciable improvement given COGS are decreasing while revenues are increasing) Account Receivable grew from ~$56,000 to ~$93,000 (Reflects a healthy increase in activity of Corporate Events over the holiday season)Cash on hand at the end of the quarter increased to $90,571 with total assets of $3,817,598 over total liabilities of $8,935,780Completed processing all government subsidy loans incurred during the pandemic for forgiveness Security Detail Update:The total outstanding common share count of the company is 758,849,876 as of December 31st, 2022 (No Change)Tradeable public float is 509,071,305, as of December 31st, 2022 (No Change)No convertible debt instruments into future equity of the company were signed or issued2022 Calendar Year Revenue Summary:Q1 – $1,497,209Q2 – $1,746,106Q3 – $1,984,097Q4 – $2,291,821Total Revenue Increased 75% YOY to $7,519,233Despite the unprecedented challenges that faced the entire food and entertainment industry since the pandemic began, the unwavering commitment and dedication of the entire Snakes & Lattes organization only strengthened. No time was wasted; constantly evaluating and addressing every aspect of the company to see where and how any improvements could be identified and implemented.That planning and effort contributed significantly to the continued expansion; another physical location was acquired, and as restrictions lifted, an impactful relaunch pursued. Confirmation of those efforts are continually being reflected in the financial statements to date through increasingly stronger numbers. Every new location that opens continues to fuel the excitement and determination to see the company succeed by the entire Snakes & Lattes organization. (Now exceeding 200+ members and staff strong)&nb...