Cash on hand at the end of the fiscal year was
Cost of goods sold remains in line with expectations, hovering around 30% for the year.
Net Income was -
The total outstanding common share count of the company was 758,849,876 as of
“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
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
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
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 achieved.
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
See you at Snakes & Lattes!
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