SNAKES & LATTES INC. (OTC: FUNN), owner and operator of the first and largest board game entertainment venues in North America specializing in full-service bar / restaurant offerings, today announced financial results for the quarter ended March 31, 2023 (Q3 FY2023).
Key Third Quarter Fiscal Year 2023 Highlights (All numbers are in USD)
- Revenue of $2,402,274 for the quarter, an increase of $905,065 or 60.45% compared to Q3 FY2022 and an increase of 226.35% compared to Q3 FY2021
- Acquired a new Brick & Mortar gaming location in Virginia Beach VA in early March 2023
- Record quarter for the ‘Tempe’, ‘Chicago’, ‘Tucson’, ‘Provo’ and ‘Midtown’ locations.
- Best quarter since COVID for the ‘College’ and ‘Annex’ locations.
Security Details & Shareholders Equity
- No Change in the Outstanding Share Count (Since Apr. 27, 2022)
- No New Convertible Notes Issued (Since Feb. 22, 2021)
- No Change in the Public Float (Since June 2, 2022)
“Snakes & Lattes Inc. is proud to announce another great quarter of increasing revenues. Walk-in sales across the board are increasing throughout all locations in the USA and Canada. Our focus on hosted retail and corporate events has also continued to receive a very positive reaction. These factors combined with our newest ‘Virginia Beach’ location has allowed the company to report yet another strong quarter of increasing revenues and annual growth.” said Snakes & Lattes founder Ben Castanie. “It is a very exciting time! The Snakes & Lattes ‘Tempe’, ‘Chicago’, ‘Tucson’, ‘Provo’ and ‘Midtown’ locations all experienced a record-breaking quarter while the ‘College’ and ‘Annex’ locations both had their best quarter since COVID. Industry momentum we are experiencing is at an all time high. The sheer amount of business interest in Snakes & Lattes is keeping us non-stop with our expansion efforts and we are excited to bring our shareholders and the investment community at large future positive announcements of the ongoing initiatives being worked on behind the scenes as they materialize and unfold.”
Key Third Quarter Fiscal Year 2023 Metrics (All numbers are in USD)
- Cash on Hand is up 230.3% to $176,452
- Accounts Receivable is up 115% to $67,866
- Accounts Payable is down 10.41% to $2,770,601
- Total Assets are up 8% to $4,203,084
- Short Term Debt is up 2.7% to $2,550,857
- Long Term Debt is down 45.3% to $494,051
- Non-Current Liabilities is up 3.38% to $794,532
- Total Liabilities is up 5.88% to $9,600,545
Q3 FY2023 Report Available
All Company financial reports can be viewed at the following link:
https://www.otcmarkets.com/stock/FUNN/disclosure
About Snakes & Lattes Inc.
Snakes & Lattes Inc. founded the first and largest board gaming entertainment venues in North America with the largest circulating public library of board games in the world for players to choose from. Snakes & Lattes Inc. gaming locations also specialize in full-service bar / restaurant offerings and currently own and operate 8 locations throughout the USA and Canada. Locations include Tempe and Tucson Arizona, Chicago Illinois, Provo Utah, Virginia Beach Virginia, as well as 3 locations in Toronto, Ontario, Canada.
Snakes & Lattes Inc. is continuously in process of expanding throughout North America. All inquiries regarding the company, expansions and partnerships please email IR at investors@snakesandlattes.com.
Forward Looking Statements (Safe Harbour)
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as others, and it is intended that all forward-looking statements that are made will be subject to the safe harbor protections created thereby. Forward-looking statements can be identified by forward-looking terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “confident”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “projection”, “seek”, “should,” “will” or “would”, or the negative thereof or other variations thereon or comparable terminology. In particular, statements that address guidance, outlook, targets, market trends or projections about the future, and statements regarding the Company’s expectations, beliefs, plans, strategies, objectives, prospects or assumptions, or future events or performance, contained in this release are forward-looking statements. The actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets, operating companies, etc. 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 has based these forward-looking statements on current expectations, assumptions, estimates and projections. Such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond FUNN’s control. These and other important factors, including those discussed more fully elsewhere in this release and in the Company’s filings may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect FUNN’S share price. The forward-looking statements contained in this release are not guarantees of future performance and actual results of operations, financial condition, and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this release. Any forward-looking statement made in this release speaks only as of the date of such statement. Except as required by law, FUNN does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
Contact:
Ben Castanie
Snakes & Lattes Inc.
Telephone: (646) 992 3348
IR Contact Email: investors@snakesandlattes.com