TORONTO, ON, Jan. 17, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Snakes & Lattes Inc. (OTC: FUNN) takes a look back at 2022 and will briefly touch on a few items that are in store for 2023.
2022 was a pivotal year for Snakes & Lattes Inc. Most significant is the continued upward trend in revenue generation. The entire calendar year consistently beat 2021 in quarter to quarter comparison with overall revenues up over 200% for the 2021-2022 Fiscal Year (FY) which runs July to June.
Coming off an extremely challenging past few years for the restaurant and entertainment industry; the company posted approximately $2M for FY 2021 and approximately $6M FY 2022. (Despite All Toronto locations being closed all of Jan and most of Feb 2022)
After two quarters in FY 2023, Snakes & Lattes can give guidance to shareholders that the company does anticipate another significant increase in revenues for FY 2023 ending June 30th, 2023.
A couple of highlights:
- 2022 was a banner year for our Tempe location. Tempe broke all historical records for the company; bringing in over $3M for calendar 2022.
- Special events and programming throughout all venues took a massive upswing this year and almost every event hosted was sold out across all venues.
The company issued $150,000 USD in convertible notes throughout the entirety of 2021 at a fixed price of .015 and raised $0 in convertible notes throughout all of 2022. The public float of the company (cumulative from inception in 1985 with no recapitalizations in its history) is currently 509,071,305 as of January 2023 and was 490,400,624 as of December 2021.
As the company has seen a nice return in patronage and increasing revenues, the value of the implemented cost improvement measures allows higher margins to be secured. While the pandemic had a major impact on the company and industry in general, it also created focus. From this focus, a better experience for the customer has been created. In turn, a higher dollar average amount for customer invoices. This focus also created a pathway to profitability for which many of our locations are now achieving. Where we cannot see the path, we make the decision to divest ourselves of unprofitable ventures. We saw this with the Guelph location and made the decision to close in September of 2022. The company expects to replace the Guelph location with at least one newer and better location this year. The other three locations inside Toronto are trending well, EBITDA positive, and expected to continue on an upward trajectory.
One of the major highlights for Snakes & Lattes in 2022 was winning the annual TAGIE awards held in Chicago. Winning the ‘Most Innovative Retailer’ category up against other industry giants such as Disney (Star Wars), Barnes and Noble, F.A.O. Schwarz, and Hasbro Pulse. The TAGIE awards, (Toy And Game International Excellence Awards) founded in 2008, and presented by People of Play (POP) is a prestigious international event that, being in its 15th year and part of POP Week, brought in over 30,000 people from 115 countries. This event honors the best and brightest innovators, designers, retailers, suppliers and marketers in the toy and game industry.
The conference and award ceremony once again brought Snakes & Lattes Inc. into the light with many industry key people, and the networking and contacts that came from it will be invaluable going forward. In 2021, LEGO took the category, but this year, Snakes & Lattes proudly cemented itself as the winner of the Most Innovative Retailer of 2022.
“2022 was a pivotal year for Snakes & Lattes. We have gotten past the pandemic era and are beginning to thrive again. Fiscal year 2023 will be three straight years of solid revenue growth. We are doing so in a more efficient and focused manner. The TAGIE award was a huge honor for us, and will lead to great opportunities in the future. We still have a number of locations we are looking at, as well as the funding to open them, all the while keeping minimal dilution to the company and shareholders in mind. We are being careful in finding the right location to maximize the chances of success. We need to easily see the profitability potential for the location prior to investing time, effort and money into it. However we have some targets that are currently being negotiated and worked on,” said Snakes & Lattes Inc. Founder Ben Castanie.
We are still working towards securing the 2 new locations which are already fully funded on friendly terms to the company amongst many other exciting things. News will be made available once either an LOI or Definitive Agreement has been signed.
There have been a number of ongoing projects that the company intends to provide status updates on throughout 2023 as milestones and completions are accomplished.
As always, a big thank you to all our supporters, loyal customers and dedicated staff. We continue to serve in honor to create the best possible experience for our patrons. The future of Snakes and Lattes looks bright as we continue to improve, add on new locations, take on lucrative strategic partnerships and build our brand. Creating memorable and quality human interactive experiences keeps us going, and at all times we keep the mission of ‘Snakes and Lattes locations coast to 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 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" 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: (416) 500-2911
Email: ben@snakesandlattes.com
