Amfil Technologies Inc. Is Pleased to Announce The Filing Of The FYE 2018 Audited And FYE 2019 Unaudited Financial Statements Reflecting Approximately 47% YOY Revenue Growth to $11,373,432 USD:
Amfil Technologies Inc. (OTC: FUNN) has submitted audited FYE 2018 and unaudited FYE 2019 and Q1 2020 financial statements with the OTC Markets Exchange which will remove the Stop Sign status and bring the company current in its reporting obligations. In the last three years, following the acquisition of its largest revenue generating subsidiary, Snakes and Lattes, Amfil Technologies Inc. has had top line revenue growth of over 4900% from FYE 2016 of $230,985 to FYE 2019 of $11,373,432. Three of four years have now undergone a rigorous audit process, validating the companys substantial growth.
The FYE 2016 through FYE 2018 audit has been a long and arduous process for the company and shareholders alike. The extended process was a result of the considerable growth of Snakes & Lattes from a small privately-owned board game caf to a public company. The company subsequently required significant updating of accounting procedures, a process which has now been completed. The company will file the audited FYE 2019 statements once completed and will continue moving forward with its growth-orientated business strategy while awaiting the current information status on OTC Markets to be updated accordingly.
As previously stated, the company will remain current with its reporting obligations moving forward regardless of audit status (we do NOT expect delays moving forward now that we have implemented new practices, procedures, and other professional accounting support). Regardless, to uphold our commitment to maintain the Current Information status, we will be submitting ALL REQUIRED filings/submissions on time. If not audited immediately, they will be filed audited once they have been audited and signed off on.
During the last two weeks of the FYE 2018 audit process, the auditors recommended adjusting certain revenue, COGS, inventory, and accounts payable numbers across the board for two major product lines that the company sells / fulfills. This was due to a lack of proper response from the supplier for confirmation requests in time for completion. As a result, the company was re-classified as an agent for those particular products rather than a seller.
Despite the fact that the company was established as a seller as opposed to being in the exact same relationships through previous audits, we reluctantly accepted this change and made the concession in an effort to complete and file the final audit ASAP. Trying to dispute this matter last minute would have resulted in further delays to audit completion, something neither the Company, nor its shareholders would benefit from, especially being that the information is currently so dated. Ultimately, the re-classification from seller to agent made no difference to the overall statements; the balance between assets and liabilities remains the same as the original, with different numbers. What was removed from accounts payable and inventory was also removed from revenue and COGS. (Cost of goods sold)
The FYE 2019 reports the company provided has additionally removed the revenue, COGS, inventory and accounts payable from the same supplier, for the same reasons regarding the two particular products. If proper confirmations from suppliers are received, the company will have the option of adjusting FYE 2019, and will cross that bridge when it comes. The Company does not want to dwell on these types of accounting semantics, which have little to no bearing on the underlying business and financial position. Rather, the Company is focused on, and looking forward to the rest of the fiscal year 2020.
This main growth Strategy for FY 2020 and beyond will be the acquisition / merging of existing board game cafes under the Snakes and Lattes brand. AMFIL is in talks with several companies to have them merge in or be acquired under the Snakes & Lattes umbrella. While opening new corporate locations from scratch will still be on-going, this new strategy is believed to add additional locations at a faster rate and at a lower cost. Guelph, ON as recently announced will be the first accomplishment of this new focus. Amfil is also in discussion to acquire or merge-in a large fulfillment company in the near future. We are really looking forward to completing the required upgrades/renovations and having both the Tucson, AZ and Guelph, ON locations up and running in the very near future.
The Company remains steadfast in its originally announced plans to spin off some of the AMFIL activities, namely GRO3 and Interloc-Kings, leaving Snakes & Lattes as the stand-alone entity under ticker symbol FUNN. The ticker change to FUNN was the first step into that direction and the name change should be completed in the coming months. The goal is to spinoff the GRO3 and Interloc-Kings Inc. subsidiaries into a separate stand-alone public entity and provide current shareholders with a special dividend of shares in the new entity based upon their holdings at the time this action is completed.
Snakes and Lattes has grown quite a lot over the past few years. The company has identified the need and is actively working on a new CEO for Snakes and Lattes that could help manage the company during this growth phase. This delegation of duties shift would allow Ben Castanie to be able to spend more time focusing on additional growth initiatives on various levels for the company. Interest has been expressed and there are ongoing discussions with a gentlemen who helped expand a retail company into hundreds of locations in the past to come on board in the near future.
FYE 2020, which ends June 30th 2020, should prove to be a very exciting time for the Company. The company expects at the very least to have an additional three locations in operation, which are currently in various stages of progress, bringing the operational Snakes & Lattes boardgame cafes/bars location count from 4 to 7. The new focus on merging and/or acquiring existing locations alongside the potential for an injection of additional capital on friendly terms, means that these numbers may significantly exceed expectations.
Moreover, The Company is looking forward to an increase in the distribution / fulfillment division sales, generated from the potential partnering and acquisition of additional currently operational houses and the official launch of our first in house published game titles (which have received tremendous feedback thus far). Margins on the in-house produced games are significantly higher than what is received through the traditional distribution & fulfillment division and is anticipated to greatly contribute to the requirements of the growing business, fuel new and ongoing initiatives, and allow for faster and more aggressive expansion moving forward by providing the additional cash flow.
We will have additional updates coming shortly on the various on-going initiatives and expansion progress as it is made.
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