- The company’s net income for the three-month period ending June 30, 2021, was $694,734
- Working capital has increased by $1,751,764 since December 31, 2020
- SPoT’s liabilities have decreased by $1,374,675
- SPoT has appointed Mr. Brandon Sterner as President of SPoT International
- SPoT Coffee has been designing, building and operating company-owned and franchise community cafés in the northeastern US
- Spot Coffee (Canada) Ltd. (SPP) opened trading at C$0.035 per share
SPoT Coffee (SPP) is pleased to provide a financial and operational update.
Q2 financial highlights
The company’s net income for the three-month period ending June 30, 2021, was $694,734. The company achieved a positive EBITDA of $1,134,999.
Other key highlights from the company’s financial statements for the 6-month period ending June 30, 2021 include:
- Working capital has increased by $1,751,764 since December 31, 2020, due primarily to the closing of a non-brokered private placement, providing SPoT with $455,030 in equity financing. SPoT also received $940,137 (US $758,542) from the US Small Business Administration under its Restaurant Revitalization Fund (RRF). SPoT anticipates further funding under the RRF program
- SPoT’s liabilities have decreased by $1,374,675.
- In the 6-month period ending June 30, 2021, as compared to the same period in 2020, SPoT has reduced expenses by $129,504.
- SPoT received confirmation of loan forgiveness of $792,855 (US $639,709) from the US Small Business Administration under the Paycheck Protection Program.
- The company’s accounts payable and accrued liabilities decreased by $626,146 as of December 31, 2020 to $1,508,352 as of June 30, 2021.
2021 operational highlights
In 2021, SPoT’s management continued implementing service improvements, menu optimization, quality assurance, procurement, marketing, quality control inspections and online operations. SPoT’s management also improved its Toast point-of-sale system with an enterprise expansion that includes a loyalty program and kitchen order display screens.
In the last 18 months, SPoT’s management has also responded to COVID-19 by implementing and maintaining rigorous operating policies and procedures in accordance with the recommendations of New York State and the Center for Disease Control and Prevention to protect the health and safety of the company’s employees and guests.
Since the onset of the COVID-19 pandemic in early 2020, the company continued to grow with the opening of several SPoT cafés.
SPoT has appointed Mr. Brandon Sterner as President of SPoT International. He will also continue to serve as Chief Operating Officer. Mr. Sterner brings strong analytical, managerial, communication, and leadership skills to the management team.
Mr. Sterner authored SPoT’s Coronavirus response plan and continues to ensure its proper implementation and ongoing effectiveness.
SPoT Coffee has been designing, building and operating company-owned and franchise community cafés in the northeastern United States for over 25 years. SPoT’s cafés provide their customers with the highest quality service, signature made-to-order meals and award-winning micro-roasted coffee.
Spot Coffee (Canada) Ltd. (SPP) opened trading at C$0.035 per share.