SNAKES & LATTES INC. (OTC: FUNN) is Pleased to Report an Almost 200% Increase in Year Over Year FY22 Revenue at $6,064,896, up From $2,027,988 for FY21, With Gross Profits up From $1,369,514 to $4,223,022
TORONTO, ON, Canada -- September 27, 2022 -- InvestorsHub
NewsWire -- SNAKES & LATTES INC. (OTC:
FUNN) is pleased to report an almost 200% increase in year over
year FY22 revenue at $6,064,896, up from $2,027,988 for FY21, with
gross profits up from $1,369,514 to $4,223,022.
Cash on hand at the end of the fiscal year was $55,156 with
total assets of $4,083,773 over total liabilities of
Cost of goods sold remains in line with expectations, hovering
around 30% for the year.
Net Income was -$2,089,972 FY22 compared to -$3,564,440
The total outstanding common share count of the company was
758,849,876 as of June 30th, 2022.
“Fiscal year 2022 was a challenging but transitional year. The
numerous operational efficiencies designed and implemented are
bearing fruit. We continuously look for ways to increase our KPI
metrics and see positive trends in customer receipt value and
operational cost reductions. Our revenues are trending
significantly positive and closing the gap between gross profit and
net income towards overall profitability. We are invigorated by
this trend and believe it possible FY23 is the year we achieve
aggregate profitability,” said Snakes & Lattes Inc. Founder,
During the pandemic, a significant amount of liability was
incurred from government subsidy loans. Per accounting principles,
these must be listed as liabilities. As debt forgiveness is
processed, these come out of liabilities and move to income. While
a significant portion has already been completed, there is still
close to one half million remaining under liabilities that will be
moved to income once forgiveness is finalized.
The past fiscal year represents a positive shift for Snakes
& Lattes. The pandemic and resultant environment created
numerous hurdles for the company, a couple which are still being
navigated. Staffing and training remains a focal point for the
company. The company experienced temporary location closures and/or
operational restrictions in some locations during this fiscal year.
While we have recovered from these and are trending positive, this
fact had some impact on the overall annual numbers. However, as the
numbers show, a healthy increase in comparative year over year
revenues was still achieved. As we now have few restrictions and
full operations, we are positioned well for the upcoming busy
holiday season and the rest of FY23.
The pandemic also created a need for critical focus. This led to
a hard look at all the areas of the company and the projects it was
working on, and deprioritizing anything that did not directly
contribute to maximizing revenues/location profitability. The
current operational goal now being to open up profitable locations
across the United States. We will only expand in Canada if the
location is extremely attractive from all aspects. The US locations
are needed for data leading to a higher level of financial growth;
be it scale, bank and institutional level investment,
profitability, auditing and uplist.
Within this strategy; if we find a location is not performing up
to expectations despite operational improvements and we cannot see
a path forward to profitability, then we may elect to divest
ourselves of that location. This was the case for our Snakes &
Lattes location in Guelph. After a comprehensive review of its
operational metrics, costs, and revenues the company decided this
location would ultimately not achieve profitability without
significant financial and human resources. Even if such additional
resources were applied, the risk of continued loss was too great.
The location was closed on September 12th, 2022. On the opposite
end of the spectrum, Tempe Snakes & Lattes continues to be the
largest revenue generator and is trending well. This location
remains the flagship for the United States locations and a model
for operations. During Q4 of FY22, we also began to recognize
revenue in our Provo, UT Snakes & Lattes location.
While the company continues to work on promising initiatives,
implementation of many has seen a delay while we apply resources to
work through staffing and training. We will report on initiative
implementation as solid news becomes available. Until then, the
sole focus is on optimizing current locations and US location
expansion. As previously mentioned we currently have a signed loan
agreement for specific locations to be funded. Currently, two
locations are undergoing due diligence. Profitability is still a
necessity and is a continued process until the goal is
As always, a big thank you to all our supporters and loyal
customers, we continue to serve in honor to create the best
possible experience for our patrons. The future of Snake and Lattes
is very bright as we continue to focus on operational improvements
and add on new locations; building our brand. Creating memorable
quality human interactive experiences keeps us going, and at all
times we keep the mission of ‘Snakes and Lattes locations coast in
coast’ 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
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 @SnakesLattesInc
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" 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.
Snakes & Lattes Inc.
Telephone: (416) 500-2911
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