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Good stuff! Psycheceutical getting respect from the industry!
Now just get that ticker change done and off to the show!
Engage with the leaders of the psychedelics medicine industry and enjoy the in-person experience at #WonderlandMiami 🍄🌴
— Microdose Psychedelic Insights (@MicrodoseHQ) October 3, 2022
Grab 20% off on your Business Ticket today ➡️ https://t.co/KcBYHpdznc #psychedelic #medicine #mushrooms #traders #shroomstocks #research #MentalHealth pic.twitter.com/EkncPj9RPa
Honored to be the Keynote at The Psychedelic Institute’s “Awakening of Consciousness” event in Los Angeles.
— Zappy Zapolin (@ZappyZapolin) October 1, 2022
The #PsychedelicMedicine industry is expanding exponentially!
Peace. Zappy pic.twitter.com/92MI6N6sbL
Actually, The business continues to grow with this management.
Survived the pandemic and the trend to thrive is on
Looks good.
Due diligence.
$FUNN
Clearly they did not, so there is that.
Due diligence.
And clearly the previous statement was ‘we are generating revenues’ vs ‘overall profitability’
Gap is closing, customers continue in and the revenues are increasing. Still Generating revenue is in the millions and climbing . We survived The pandemic and are beginning to thrive again
Looks good
$FUNN
'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'
$FUNN
Nice Bidder! Oct could be a great month here, much happening and its ready to run again!
I predict October will be the month to remember here! Ticker symbol change will complete and the out pouring of news and inpouring of massive new investors will happen as the real show begins!
Looking forward to it!
$BWVI
Yes this is good overall. Right direction and knowing heading to busy season all trending well.
$FUNN
SAIBRE and SSFT going to bring it, all the developments have had long cycles but fruition is coming and it will run again!
In a recent study published in @psychiatristcns, the evaluation of more than 400 patients showed that 72% of them saw improvement in their mood, and 38% were symptom-free after a #ketaminetreatment series.
— KetaMD (@keta_md) September 26, 2022
Via @WashingtonPost: https://t.co/7684gxOzGt pic.twitter.com/faYGyaNeC8
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.
This is a significant increase, and now full operations no pandemic restrictions. Going in to busy holiday season, getting right back on top and looking good!
$FUNN
“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,”
$FUNN
Net Income was -$2,089,972 FY22 compared to -$3,564,440 FY21.
That is the exact definition of closing the gap. So there is that.
Due Diligence
$FUNN
Closing the gap to profitability and this included closures and restrictions during the past FY. Now unfettered, back to growth and full revenues.
Growth and trending right direction. 2 more locations funded. Get those in good places and FY23 can certainly be crossing the line to overall profits and self sustaining growth. (Which is where you want to be when approaching the larger banks)
Opportunity looks good!
TORONTO, ON, Sept. 27, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – 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 $9,037,903.
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 FY21.
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, Ben Castanie.
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 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 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 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 @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.
Contact:
Ben Castanie
Snakes & Lattes Inc.
Telephone: (416) 500-2911
Email: ben@snakesandlattes.com
Half a million will come out from liability and to income, so there is a million dollar swing. Banks Will get involved once US data is more established we already have private funding for two more locations. Fiscal year 2023 will be a good year survived the pandemic and now beginning to thrive again. Going into the busy season looks good.
Wow the same story could have been said about Amazon in 2003. The entire statement could pretty much be said about every company that is not overall profitable. But if one looks at the trend it is in the right direction. The gap is closing and as mentioned FY23 can be the tide turner. Probably would have got there in 2020 if not for the pandemic. Once we have enough US data then banks will indeed invest. FY22 was a solid yesr
To get back on track FY23 is the year to turn to overall profitability.
Well that is simply false, and doesnt reflect reality at all. Let us know other pinks that have millions in recurring revenue and 1000’s of customers weekly, with much more room for growth.
No they did not typo the date. Last day for customers was 9/11, last day for the business was 9/12.
Looking forward to the next update and all things SAIBRE
Yes! Nice news! Recovering well and on the path. Revenues coming back up, trending in the right direction. Going in to the busy holiday season, well positioned with opportunities all around!
$FUNN
Lets go! Long ready for the show!
Lets goooo FINRA, you slooooowwwwww
Get it done!
Next run will come, stable after some lows and waiting on next leg up. Looking forward to the next update!
Annual this week, looking forward to it!
$FUNN
So excited to be speaking at this event next week in LA. Join me for a discussion around #consciousness and how #psychedelics have the power to help access the deepest parts of ourselves, allowing us to go inside for answers to the questions we so desperately seek.
— Zappy Zapolin (@ZappyZapolin) September 23, 2022
Peace. Zappy pic.twitter.com/YuIx75yOUz
Looking foreword to the annual!
Oh yeah it does! Ready to run again!
I believe so! The process to change the ticker and complete the last step in the RM corporate change over is a finite one. FINRA is slowwww
But it will still get done, every day that goes by is a step closer to the end of that process. Afterward the real road show begins!
$BWVI
Let's get it done Sona! FINS getting clean, looking good and looking forward to the next update!
Absolutely! Every day that goes by is a day closer to FINRA completing the ticker change. It is a finite timeline, so it will happen. Post that, the real show begins. Looking forward to the updates, news, investor rollout and roadshow.
Going to be great, looks amazing!
$BWVI
As long as the company continues on, opening locations that become profitable over time, making good strategic partners, growing the brand, yes of course.
Still serving thousands of customers weekly still is bringing millions in annual revenue.
Opportunities will continue to exist.
$FUNN
Annual due on Oct 1st, looking forward to that update!
lol, I wouldnt call it a funeral by any means. We have come off the bottom and ready for the next run! looking good, excited for the next updates!
$SSFT
Stay in an accumulate as you can! Be sure to listen to the most recent presentation from the CEO Chad Harmon:
https://www.otcmarkets.com/stock/BWVI/news/Watch-the-Psycheceutical-Bioscience-Inc-Presentation-at-the-September-15-2022-Life-Sciences-Investor-Forum?id=372690
It is and they are! Looking forward to FINRA getting through that ticker change and the snowball effect begins: More news, uplist plans and announcements, investor rollout and more.
Looks great!
$BWVI
Actually there was, it did talk about if any location simply doesnt have a path for whatever reason, they may divest it:
From the Q&A
Are any of the venues in danger of being shut down due to losses that we can't stop?
There is always risk for any retail environment. As we have seen, Covid forever changed the landscape and has had a major impact on operations. It is not impossible we select certain locations for divestiture over time if we do not see a path to profitability for that location.
Step by step: Here's how our at-home ketamine treatment program works, and how you can find out if you qualify. To get started on your own journey, visit https://t.co/13AacdNdp5 pic.twitter.com/MbYYeZ53qu
— KetaMD (@keta_md) September 16, 2022
Facts speak for themselves. The former CEO kept up a great and very clean share structure. He retired and he is getting older and running a pubco takes a lot of energy and time. They did in fact find gold, about a million worth in 2021. They are still back at it this season with even bigger boats and equipment. But that doesn't matter. Because Keith kept such a great shape company, it allowed for a nice RM play to come in force. As typical in trading patterns, there is initial excitement for such a change especially with such a good share structure, no debt, no notes with a company like psycheceutical: Great management and Great IP.
So yes, .02 to .75 happened, and thats all that matters at the end of the day, making money. Clearly that was the early hype and like every other RM play of course it came back down to stabilize, so easy to have made a lot of money on that run. Its the DD that found a company on the OTC with such a great structure and CEO that understands how important the SS is, and did his best to give back to shareholders. Great guy.
Changing a company take time, government process and all. Company is creating more IP, acquired its own cGMP manufacturing facility in Vic.
During the wait, the price came back down as things never happen as fast as anyone wants. But same happened for LoopMedia. SAME guys doing it, they have a net worth of about a billion. They invested personal money here, they don't lose.
PPS stabilized in the .20's they have raised money and of course that included stock issues but not notes and those shares won't hit the markets for a couple of years.
Float hasn't changed much at all. Everything is looking great.
Ready for the next level post ticker change, more news, more acquisitions. more IP. Moving down the FDA path and moving toward an uplist to Nasdaq.
Looks great. Even Stevie wonder can see it.