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/content
The following update provides a brief summary to shareholders and the investment community.
Business Highlights:
- Revenues increased 42% YOY to $2,291,821
- Gross Profit increased 41% YOY to $1,732,139
- FY 2023 Q1 & Q2 cumulative revenue increased 51% YOY to $4,275,918
- COGS 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 $8,935,780
- Completed 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 issued
2022 Calendar Year Revenue Summary:
- Q1 – $1,497,209
- Q2 – $1,746,106
- Q3 – $1,984,097
- Q4 – $2,291,821
- Total Revenue Increased 75% YOY to $7,519,233
Despite 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)
Looking forward:
As we move through 2023, the company is extremely motivated and optimistic for what the future potentially holds. The entire team strives to ensure the most important goal: for each and every one of our guests visiting any Snakes & Lattes locations currently existing in the USA or Canada, to have the most amazing and memorable experience that can be offered by the company. This is who we are. This is what we do.
We endure to create value for all the shareholders with continued success in growth and expansion. With all locations up and running, Q3FY23 continues the positive trend to date. As an indicator, January sales were strong, and we remain positive with the momentum and trajectory. 2023 is off to an incredible start. We look forward to bringing continued favorable results now and going forward, building momentum as we continue to expand.
Just a final word of thanks to all our supporters, loyal guests, and staff. The company would not be here today if it was not for all of you! We are excited for what the future holds and continue to ride the wave of momentum that is being built, pushing for an ever greater and successful future for all. ‘Snakes & Lattes locations coast to coast’ remains at the forefront of our strategy.
See you at Snakes & Lattes!
About Snakes & Lattes Inc.
Snakes & Lattes Inc. currently operates 7 tabletop gaming bars and cafes: 3 located in Toronto, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Provo, Utah, and 1 in Chicago, Illinois. 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.
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:
Ben Castanie
Snakes & Lattes Inc.
Telephone: (646) 992 3348
Email: investors@snakesandlattes.com