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Nobody is buying this POS with a history of misstated financials and a laundry list of problems. Maybe in the future if FUNN can produce audits and has some proven profitability without continued problems galore.
Flat River is a contracted e-commerce provider. "We buy your products and take full ownership of your inventory - transferring risk away from you."
Except FUNN supposedly ceased their publishing and distribution business, never did anything with Loblaws, etc.
Correct, FUNN posted that investors deck years ago. And to date we've never seen any financials posted that support those numbers. The impressive-looking financials included distribution/publishing numbers combined with cafes. Today financials theoretically only include cafes.
Pair that with the fact the audits never supported the un-audited financials, investors are left clueless as to the actual performance of the company and cafes, particularly the individual locations.
I remember reading it, but that was what four years ago? I do believe dollar figures will be better than those posted except for Guelph which is tiny.
See you at Snakes & Lattes!
Gastric- Thanks for the genuine discourse here, but I'm almost out of post for the day.
We've all seen it. FUNN does its best to obfuscate detailed financial data from investors and I was surprised they posted per-location dollars in the deck. Revenue was listed at $1-2M per location with all but the largest locations towards the lower number.
Start with the old investors deck that management prepared which included annual revenue projections and square footage data.
Market cap still likely above max forecasted revenues from all 9 fully-open locations.
2019 called and wants FUNN to post more videos.
Chef-CEO and site staff dont all quit for no reason. And that reason cannot be good. I wouldn't expect many comments from management about this particular topic.
Blame the company for partnering with a company that bungled the trials, tried to steal the IP to scam their way onto NASDAQ, and overall screw everything up for everyone. There’s no conspiracy theories or bogeymen here just poor management and failed execution.
Audits and uplist were promised REPEATEDLY before COVID. Can't blame all of FUNN's failures to execute on the pandemic.
FUNN attempted audits. Failed miserably at completing them due to accounting, bookkeeping, and recordkeeping issues which FUNN has publicly admitted and repeatedly stated they were correcting. And then still could not complete audits.
The [horribly late] audits they did manage to complete proved their unaudited numbers were untrustworthy. And now all we have to gauge the company by are those untrustworthy numbers.
And this is why the PPS is in the toilet, among the other long list of failed execution by FUNN.
Let's hope they can continue to add locations. That these locations are successful. And that someone that knows how to run a public company, and has proven experience with successful franchising thinks there's enough good here to take over FUNN. In addition to regular shareholders, it's in Roger and Ben's best financial interests to sell the company to someone who can actually run it properly so they can actually cash in their million$ worth of shares.
As a realist you know the Audits cost a lot of money. And we are just coming out of the worst financial crisis for restaurants ever. Just now starting to have cash flow so wait a little time and we will get the audits done. Also if you have proof that the books are cooked you should report us.
I personally don't believe they can or they would've already. Accounting and bookkeeping aren't their strong suit.
Can't uplist with AUDITS.
$150MM market cap based on what, specifically?
They partnered with the wrong company which bungled the trials all the while somehow scamming its way onto the NASDAQ.
Locations avg $1.2M-$2M gross per location pre-COVID when open full-time.
Revenue per square foot ranges from $193.55/sq ft Midtown (low) to $266.67/sq ft College Street (high).
That's directly from FUNN's investor deck.
https://www.amfiltech.com/s/SnakesAndLattes_Presentation_Deck.pdf
That data is unsupported via the financials since we've never seen financials break out cafes specifically from the rest of the business, nor each cafe individually.
What is the parking situation? Parking is available in the Seeley Studios Building lot (of which we are a part) with a cash-only valet during weekdays. On weeknights and weekends, the valet is not in attendance, so parking is first-come, first-served. Otherwise, there is plenty of street parking along Brand Blvd. and Glendale Ave. north of San Fernando, as well as on the adjacent side streets in the neighborhood. There are no parking meters within three blocks of our front door.
https://gamehauscafe.com/about/faq/
I didn't quickly see reviews complaining about parking headaches.
Now sell the company to an entity that knows how to run a pubco and can successfully franchise.
Insiders become millionaires, investors finally get some hope to sell for a profit instead of a loss.
Uhh, Albright had the same comment. Thought he was a VPLM super judge friend that can do no wrong?
Ahhh, a lesson actually learned. “The location will stay open during the transition with the rebrand…”
Right now VPLM has zero idea if there’s actual infringement, much less what/how/when infringement might have taken place. Even the judges has scolded them for being vague regarding what specific infringement has taken place.
“Expense” is meaningless as shares fund everything. Can be unlimited expenses as long as people keep buying shares, and they do.
And upheld by appellate judges who lambasted the patent as "abstraction upon abstraction"
Sales of Franchisable Territories: $232,511 found in the Q3 2018 financials: https://www.otcmarkets.com/otcapi/company/financial-report/193823/content
No idea where that money went. I'd think it had to be paid back since no franchising ever occurred, otherwise there would be lawsuits.
Learn more about the company being invested in by reading the rest of the financials, they're all available here: https://www.otcmarkets.com/stock/FUNN/disclosure
Doesn’t anyone read the financials??? Franchising fees and notes are in the late 2017 and early 2018 quarterly filings.
Franchising data is in the public filings. Fun physically collected HUNDREDS OF THOUSANDS OF DOLLARS in franchise fees. It's been discussed over and over for years.
Proposed...doesn't mean they collected money for all those.
That's deflecting from the very specific franchsing conversation.
FUNN didn't make some genius business decision to wait to franchise. They were forced to abandon franchising after taking hundreds of thousands of dollars from interested parties (I believe this is documented in the 2017 financials) and then failing to execute due to mismanaged accounting and financials (see the public history) and not being able to successfully complete and file the required audits (see the public history).
Like I said earlier: No "if", marketing to his followers should be part of the partnership agreement.
No "if", marketing to his followers should be part of the partnership agreement.
They finally updated the share structure. AS 800,000,000 OS 757,486,406
https://www.otcmarkets.com/stock/FUNN/security
Why aren't they open full time? Lack of demand? Lack of staff? FUNN trying to save costs?
The wake up call was when the first audit took a year and didn't match the unaudited financials. That was literally years ago.
What we have to understand is that they just needed a wake up call and they are now beginning to get their house in order by focusing on the S&L branch
Hopefully after a dozen or so locations someone that knows how to run a pubco with franchises buys this and fixes everything.
Audits showing millions in profit posted!!!
If only it were true...
CEO quitting because "not getting paid as he needed" and moving to NY to be a chef certainly doesn't indicate issues with FUNN at all. <sarcasm>
Patent Trolls are definitely scams.
Sound familiar? It's like an instant replay from the California case.
Specific examples of Google's infringing apps were missing in VPLM's statement of infringement
No restaurant closes for 2 weeks to retool a menu. Obviously you don't tell customers your real problems.
Calling the location results in a pre-recorded message stating the reason for the closure: they are changing their menu. This coincides with the initiative in the above Tweets.
Another mountain out of a molehill, perhaps?
We all know a ton. Just read through the years of FUNN PR, compare that to reality, and to the financials. The data is all there in black-and-white if anyone wants to take the time to read and analyze it.
Continuing to blame all of FUNN's woes on the pandemic isn't being remotely honest. There's a clear, documented history of accounting and financial problems. And a clear, documented history of FUNN management unable to accomplish a tiny fraction of the things they claim.
Can things change for the better in the future? Of course, anything is possible. But the exact same management is running the place. Anyone new they've brought on has quickly run for the hills. Certainly doesn't give me warm fuzzies.
I've learnt, over the years, no one on this board actually knows anything. Everyone is just guessing.
Not remotely close. Each cafe generates $1M-$2.5M in revenue according to past marketing materials, and the only business left are cafes as far as we know. And those forecasts are for when not run during shutdowns and partial capacity mandates.
I would assume a best-case scenario of probably $13M in gross revenues when able to run at 100% potential capacity and hours.
All 7 SnLs should bring in $25 mil a year barring anymore closures no? Next fiscal year should be close to $30 mil.... gonna be really $FUNN!!!