SNAKES & LATTES INC. On May 15th, 2024 (OTC: FUNN) published the results for the quarter ended March 31st, 2024. (Fiscal Year Q3 2024)
The following update provides a brief summary to the shareholders and investment community.
Business Highlights (All numbers in USD):
- Gross Revenue of $2,446,664 USD (Slight increase of 1.81% YoY Quarterly)
- Gross Profit of $1,876,085 USD (Slight increase of 6.92% YoY Quarterly)
- Cumulative Revenue to Date for FY2024 of $6,755,989 USD (Slight increase of 1.16% YoY)
- Accounts Receivable of $150,839 USD (Increase of 122.26% YoY Quarterly)
- COGS remain on target hitting just below 25%
- Common Stock Issued and Outstanding of 791,159,680 (Slight share reduction in Q3)
- No private placements or convertible debt instruments issued. (Nor for the past 3+ years)
- Tradeable public float is 527,923,441 (Cumulative dating back to 1985 with no recapitalizations or reverse splits at any time in the Company's almost 39 year history)
Company revenues continue to trend slightly up and are becoming more predictable and stable. This is also considering that neither the revenue from the previous ‘Provo’ location nor the revenue from the ‘Virginia Beach’ location are included in the Q3 numbers. The objective of setting yet another new Company record for revenues in FY 2024, albeit still currently a stretch target, is still on track thus far. Hospitality revenues continue to be a solid overall positive growth trend for the last 11 quarters since emerging from the pandemic.
Snapshot of Revenue Comparison & Performance Across Locations (USA & CANADA)
- For the Snakes & Lattes ‘College’, ‘Midtown’ & ‘Annex’ locations in Canada, revenues collectively are up 4.36% from $1,077,000 combined in Q2 to $1,124,000 in Q3 of FY 2024.
- For the Snakes & Lattes ‘Tempe’ and ‘Tucson’ locations in Arizona, as well as the ‘Chicago’ location, revenues collectively are up 23.35% from $1,006,000 USD in Q2 to $1,241,000 USD in Q3 of FY 2024.
As the focus of the Company has shifted away from logistics, and focused on brick-and-mortar locations, The strategy of creating financial value has improved. The Company has better cash flow, less month-to-month variance and has created much more streamlined operations. (i.e. Higher Customer Tickets, and lowered COGS.) The Company will continue to operate in a manner that will always seek to maximize value, but the main objective is on having the larger operational process goals being achieved, maintained and therefore reproducible. The focus of scale; finding, negotiating and opening new locations, when possible, is always on the forefront of Company objectives. There are ongoing negotiations at this time. Announcements will be made if / when deals materialize.
Looking forward:
The Company will announce future updates to the shareholders and the investment community at large throughout the remainder of Fiscal 2024 as milestones in new projects are completed through PR as well as through increased general responses to questions in the Company’s Community Forum.
Overall, revenues continue to trend upward over time, and this has been true for almost 3 years now. The key business indicators of the Company are positive growth oriented, and the Company hopes to capitalize on additional growth initiatives throughout 2024 and beyond. There are always new potential opportunities, locations, partnerships and projects being explored as the Company strives to grow both in strength and brand.
A Word to the Current Shareholders:
The Company is fully cognizant that the share price has been suffering for quite some time now and that the lack of communication and regular updates has not helped. However, considering that over the past year, and strictly speaking about the stock:
(All percentages are based off of the closing price as of the date of the filing) (May 15th 2024):
- Reduction of over $1.1M USD in convertible note liability at a 1475% premium to the closing market price,
- Purchase and retirement of a $67,500 USD convertible note that would have only even converted at a 650% premium to the closing market price.
- Recent share retirement of 4,333,333 at no cost to the Company.
- Reduction of over $400,000 USD in shareholder loan liability.
- Reduction of over $400,000 USD in bank credit lines.
There have not been any convertible notes written in over three years now. The remaining convertible notes are nominal and fixed at a conversion rate that is 650% higher than today’s closing market price. The Company will always do its best to preserve shareholder value, even if it is not always reflected in the market price at all times.
So far the Company is still on track to break yet another revenue record to close out the current fiscal year end! There are over 250 great people doing their absolute best and working hard collectively to make that happen for the piece of this business that you own. We really do appreciate your support! Increased PR and responses on the Community Forum can be expected to close out FY2024.
In Conclusion:
Thank you to all our shareholders, supporters, loyal guests, and staff. We couldn’t do it without you! Creating memorable, quality human interactive experiences is what keeps the Company going, and at all times we keep the mission of ‘Snakes & Lattes locations coast to coast’ at the forefront of our strategy.
See you at Snakes & Lattes!
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. Snakes & Lattes Inc. gaming locations also specialize in full-service bar / restaurant offerings and currently own and operate 7 locations throughout the USA and Canada. Locations include Tempe and Tucson Arizona, Chicago Illinois, Virginia Beach Virginia, as well as 3 locations in Toronto, Ontario, Canada.
Snakes & Lattes Inc. is continuously seeking ways to expand 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:
Roger Mortimer
COB & Investor Relations Representative
Snakes & Lattes Inc.
Telephone: (646) 992 3348