The announcement may be an attempt to quell the stockholders. Amfil recently received a “Stop” warning from the OTC market for failure to provide timely financial disclosures. Amfil are in the process of a 3-year financial audit in hopes of moving the company from the OTC Pink Market. The company said the audit is the reason for the delay in financial disclosure. There are no financial standards or disclosure requirements on the Pink Market. The company started the year at $0.17 a share, but have fallen to $0.07 a share.
As part of its ambitious expansion in the US, Snakes & Lattes opened its first US-based location in September in downtown Tempe, Arizona. This will be soon followed by Charlotte, Fort Collins, Houston, Denver and two other unannounced locations. The company also says they are in discussion with 23 other potential locations. The company are also expanding into publishing with the purchase of Morning Games this year.
A list of 2018 achievements provided by Snakes & Lattes.
- Snakes & Lattes ‘Midtown’ location goes fully operational, including liquor license (March).
- Snakes & Lattes Tempe, Arizona location goes fully operational (September).
- Commitments received for Snakes & Lattes locations for Charlotte, Fort Collins, Houston, Denver, and two others yet to be announced which are expected to progress in 2019.
- Interested parties have led to an additional 23 locations throughout the United States at various stages of discussion.
- All-Cash acquisition of Morning Games.
- Enhanced working relationship with board game manufacturer Panda Games in Shenzhen, China.
- Prototypes of self-published titles through Morning; Kill the Unicorns, Red Panda, and Ikan were created, entered manufacturing stage, and orders received for big box retailers such as Wal-Mart with expected delivery date early 2019.
- Between Nov 1 2017 and Feb 28 2018, the distribution division grew from 20 retailers and 5 SKUs to 170 retailers and 35 SKUs.
- The Company provided a list of what has now grown to 60+ publishers and suppliers representing 580+ SKUs that were sold through October and November alone.
- Completed over 40 fulfillment campaigns for Kickstarter.
- Expanded warehouse space to cater to rapidly expanding distribution business.
- Awarded exclusive distribution rights in Canada for Hub Games, the makers of: ‘Rory’s Story Cubes’, ‘Untold’, and ‘Blank’. Also awarded all future developed game titles.
- Acquired exclusive Canadian Distribution rights to the game ‘Build Up’.
- Awarded exclusive distribution rights to The Awkward Yeti’s game ‘OrganATTACK!’ in Canada.
- Awarded Galactic Sneeze’s lineup of ‘Spank The Yeti’ and ‘Schmovie’, including the “Not Parent Approved” version.
- Awarded distribution rights in Canada to ‘Bananagrams’, ‘Fluff’, and ‘Skrawl’ focusing on the hobby market and to help the brand grow amongst retailers and toy stores.