The company had promised the release at the end of October, but suffered a set back in the last couple of weeks.
Amfil have reported 2019 revenue of $11 million, up from $231,000 in 2016 when it first acquired Snakes & Lattes. The company has also restated its 2017 revenue after the audit as $8 million and $7.8 million in 2018.
Despite the dramatic increase in revenue, the company also reported $1.7 million in losses for 2019, $6 million in 2018 and $1.3 million in 2017.
It is hoped the releases will remove the “Stop Sign” warning on its listing by the OTC market. The Pink Market, where Amfil is listed, doesn’t require strict disclosures, but does warn potential investors of the lack of disclosures.
“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 café to a public company,” the company said in its announcement.
Amfil plans to spin off its other companies leaving Snakes and Lattes as its primary business. This was one of the reasons the stock ticker of the company was recently changed to FUNN. GRO3 and Interloc-Kings, its other two holdings, would be set up as separate public entities. Shareholders would receive a special shares in the new entity based on their holdings at the time of the split.
The company is also in discussions to hire a CEO for Snakes and Lattes. This would allow current COO Ben Castanie to focus on growth initiatives.
Snakes & Lattes will continue open new locations, but increasingly the company is looking to acquire or merger board game cafes under the Snakes brand. It acquired a cafe in Guelph, ON in August, and says it is talking to several others. It is hoped this strategy will help grow the company faster and at lower costs.
The company also said it is also looking to acquire or merge with a large fulfillment company. It hopes to increase revenue from publishing in house game titles. Amfil purchased Morning Games in the Summer of 2018.
“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,” the company said.