NEW YORK, NY, Feb. 19, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – SNAKES & LATTES INC. (OTC: FUNN) published financials results for the quarter ending December 31, 2023.
The following update provides a brief summary to shareholders and the investment community.
FUNN Q2 FY 2024 Report
Business Highlights (All numbers in USD):
- Gross Revenue of $2,293,505 USD (Slight increase YoY Quarterly)
- Gross Profit of $1,740,957 USD (Slight increase YoY Quarterly)
- FY2024 cumulative revenue $4,309,325 (Slight increase YoY cumulative)
- Common Stock Outstanding of 795,493,000 (unchanged)
- COGS are on target hitting just below 25%. The Company wants to maintain this as this is appreciable given COGS are decreasing while revenues are increasing
- Account Receivable grew from ~$113,000 to ~$132,000 reflecting healthy activity of Corporate Events over the holidays (B to B activity)
- The Company beat the previous FY Q2 by 15% on Hospitality revenues (location growth)
- Cash on hand at the end of the quarter slightly decreased to $64,432 with total assets of $3,716,681.
- No convertible debt instruments into future equity of the company were issued.
- Tradeable public float is 527,923,441, as of December 31st, 2023. (This is cumulative throughout the entire trading history dating back to 1985 with no recapitalizations or reverse splits throughout the entire, going on 39-year history of the Company.)
The Company is pleased with the growing revenue trend, and are on track for the company objective of $10 M+ USD in revenues for FY 2024 as we continue to strengthen our corporate level fiscal position. Hospitality revenue alone has been on a solid overall positive growth trend for the last 10 quarters since emerging from the pandemic.
Over the past year, the Company has removed over $2 million in debt / liabilities from the books resulting in 5 convertible notes remaining. These remaining notes are all associated with the acquisition and renovation of the Snakes & Lattes Inc. Tucson location. All notes are at a fixed price much higher than current market trading prices. The oldest of those remaining notes was recently repurchased by the Company to avoid conversion and any dilution to shareholders. (Note: The note holders are friendly and supporters of the Company)
Dilution for any company is a concern, but the potential conversion rate had a significantly higher fixed conversion rate. This helps confirm to shareholders the stock is not seeing high dilution. There were no stock issuances in the quarter, or any convertible notes written to assure stockholders that preservation of shareholder value, combined with the growth of the underlying business is of utmost importance to the Company.
The Company has mostly used traditional financing to expand operations over the years. The most recent brick and mortar location, now known as Snakes & Lattes Inc., Virginia Beach was an almost all cash acquisition.
The previous quarter Q1 FY 24 was our best Q1 of all time (excluding logistics activities 2018-2019) with hospitality up 14% FY Q over Q. COGS went down 12% overall with the last rolling 4 quarters being our top 4 quarters for revenues.
Looking forward:
The Company looks forward to announcing future updates to the shareholders and investment community at large throughout calendar 2024 as we strive to capitalize on what we have built over the past years. The Company continues to grow revenues over time, and the trend is now years long. All key business indicators are positive growth oriented.
The Company hopes to capitalize on a number of growth initiatives in 2024 and beyond and will be excited to share news with everyone as milestones are crossed or pertinent information becomes available. There are always new avenues being explored and look forward to making some of them a reality.
As always, a big thanks to all our shareholders, supporters, loyal guests, and staff. 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 owns and operates 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, Annex, College and Midtown.
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 and we will respond as soon as we can. Thank you kindly.
Forward Looking Statements (Safe Harbor)
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 FUNNs 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 FUNNS 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
Email: investors@snakesandlattes.com
