Amfil Technologies Inc (OTCMKTS:AMFE) shares were up 5.56% on Wednesday to $0.00570 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $3.85 million at 664.49 million shares outstanding.
Amfil Technologies Inc is a company that operates through its subsidiary, Interloc-Kings Inc, which offers landscape construction and snow removal services in Canada. It supplies and installs residential and commercial hardscape construction projects, including interlocking stone driveways, walkways, back patio’s, retaining walls and steps, fences, decks and pools, among others during the summer season. Interloc also provides residential winter services in Markham, including winter maintenance services.
Aside from that, Amfil Technologies Inc owns the rights to Medium Scale Prospecting Mining Permits to over nine sites totaling approximately 10,300 acres in Guyana for exploration of gold and approximately 50% interest in mPact-GROZONE Antimicrobial Systems with distribution rights across the world. Its other subsidiaries include Snakes & Lagers Inc. and Snakes & Lattes Inc., which operate board game themed bars and cafes in downtown Toronto, Ontario, Canada.
In its Q1 2016 report, Amfil Technologies Inc reported revenues of $28,477, cost of goods sold of $17,139 leaving a gross profit of $11,338.00. After operating expenses of $43,826.00, the company had a net loss on the quarter of $32,488.00 compared to a net profit of $12,405.00 in Q1 2015. It then clarified that the reduction is directly attributable to our recent hiring of additional crews for this subsidiary and an increased amount of larger scale open projects and work in progress as at September 30, 2016 which will be reflected in their latter earnings reports.
It also mentioned that additional expenses were incurred in the recent acquisition of Snakes & Lagers Inc and that the benefits of this deal will be reflected in the Q2 2016 report. Amfil Technologies Inc estimates $2M – $3M in additional yearly revenues from this subsidiary and is very likely to be much higher in the future as current deals in progress and planned expansion comes to fruition.
We are currently and will be in the near future working on finalizing the franchising agreements so future would-be owners can gain access to the brand and help an exponential expansion. The company has been contacted by various potential candidates from all across North America looking to get into the business and wanting to purchase a franchise,” the press release indicated.
Moving forward, Amfil Technologies Inc is looking at potentially acquiring a company that it has been having discussions with regarding a large expansion of its operations. This will synergize the internal workings of each subsidiary to prepare for large scale expansion, particularly when it comes to the completion of financial reporting, tax compliance and streamline the large scale purchasing, accounts receivable/payables and the many other systems needed for multiple locations and businesses.
Aside from that, Amfil Technologies Inc shared that it is making progress in delving into the booming cannabis industry with its GROzone initiative. The company is in discussions with highly qualified individuals who could be very capable marketers and lead generators for the GROzone product line. It counts 36 licensed producers in Canada and 26 US states legalizing the use of marijuana in some form, creating a larger market for its GROzone venture products.
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