(NewsDirect)
AmeraMexInternational, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and forestry conservation , reported financialresults for its second quarter and six-month period ended June 30,2023.
Statementof Operations for the Quarter Ended June 30, 2023
The Company reportedrevenue of approximately $2.3 million versus revenue of $2.4 millionfor the comparable 2022 quarter. Revenue was flat due in part toinflation and rising interest rates affecting the Company’s targetmarkets.
Gross profit for the quarter was $713,302,compared to a gross profit of $420, 832 for the comparable quarter. Profit is affected by sales versus leases/rentals of equipment and mixof equipment.
Gross profit as a percentage of sales was 31percent for the quarter compared to gross profit as a percentage ofsales of 18 percent for the comparable quarter. The increase in profitmargins is due in part to product mix.
Net loss for the quarter was$(116,602) compared to net income of $146,172 for the comparablequarter. Loss per share was $(0.01) for the quartercompared to earnings per share of $0.01 for the comparable 2022quarter. This is due in part to increased overhead costs.
Statement ofOperations for the Six-Month period June 30, 2023
The company reportedrevenue for the six-month period of $5.5 million versus revenue of$7.3 million for the comparable 2022 six-month period.
Grossprofit for the period was $1.5 million compared to grossprofit of $1.7 million for the comparable 2022 period.
Gross profit as apercentage of sales was 25 percent for the period compared togross profit as a percentage of sales of 23 percent for the comparableperiod.
Netloss for the period was $(15,499) compared to net income of$404,489 for the comparable period. Earnings per share were $0.00 for the period compared to $0.03 for the comparable 2022period.
Balance Sheet for the Period Ended June 30, 2023
C urrentAssets increased by approximately $1.2 million toapproximately $14.0 million while Total Assets increasedby approximately $660,000 due in part to a $2.6 million increase inInventory.
Current Liabilities for the period have decreasedby approximately $1.2 million while Total Liabilities increased by $677,000 due in part to the Company’s increased Line ofCredit.
Shareholders and the public are invited to attend a conferencecall on Tuesday, August 15 at 10:00 a.m. PT as the Company provides ashareholder update for the quarter ended June 30, 2023. The dial-ininformation is as follows: 1-201-689-8560. Please dial in five minutesbefore the call is to begin.
AmeraMex International
AmeraMex Internationalsells, leases, and rents heavy equipment to companies within multipleindustries including construction, logistics, mining, and lumber. Thecompany has over 30 years of experience in heavy equipment sales andservice. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMexwebsite, www.AMMX.net or www.hamreequipment.com foradditional information and equipment videos.
Forward-LookingStatement
Statements made in this news release that are not historical orcurrent facts are “forward-looking statements” made pursuant tothe safe harbor provisions of Section 27A of the Securities Act of1933 (the “Act”) and Section 21E of the Securities Exchange Act of1934. These statements often can be identified using terms such as“may,” “expect,” “believe,” “anticipate,”“estimate,” “approximate” or “continue,” or the negativethereof. We intend that such forward-looking statements be subject tothe safe harbors for such statements. We wish to caution readers notto place undue reliance on any such forward-looking statements, whichspeak only as of the date made. Any forward-looking statementsrepresent management’s best judgment as to what may occur in thefuture. However, forward-looking statements are subject to risks,uncertainties and key factors beyond our control that could causeactual results and events to differ materially from historical resultsof operations and events and those presently anticipated or projected.We disclaim any obligation subsequently to revise any forward-lookingstatements to reflect events or circumstances after the date of suchstatement or to reflect the occurrence of anticipated or unanticipatedevents.
AMERAMEXINTERNATIONAL, INC. | ||||||||||||
UNAUDITEDSTATEMENTS OF OPERATIONS | ||||||||||||
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THREE MONTHS ENDED JUNE30, | SIX MONTHS ENDED JUNE30, |
| ||||||||||
2023 | 2022 | 2023 | 2022 |
| ||||||||
REVENUES |
|
|
|
|
| |||||||
Sales ofEquipment and Other Revenues | $ |
1,952,034 | $ |
2,015,247 | $ |
4,960,066 | $ |
6,600,939 |
| |||
Rentals and Leases |
368,696 |
363,301 |
|
569,923 |
729,215 |
| ||||||
Total Sales |
2,320,730 |
2,378,548 |
|
5,529,989 |
7,330,154 |
| ||||||
| ||||||||||||
COST OFSALES |
| |||||||||||
Sales of Equipment and OtherRevenues |
1,395,251 |
1,799,708 |
3,631,611 |
5,352,529 |
| |||||||
Rentals and Leases |
212,177 |
158,008 |
366,768 |
307,724 |
| |||||||
Total Cost of Sales |
1,607,428 |
1,957,716 |
|
3,998,379 |
5,660,253 |
| ||||||
| ||||||||||||
GROSSPROFIT |
713,302 |
420,832 |
1,531,610 |
1,669,901 |
| |||||||
| ||||||||||||
OPERATINGEXPENSES |
| |||||||||||
Selling Expense |
555,741 |
230,064 |
753,381 |
553,505 |
| |||||||
General and Administrative |
260,138 |
233,273 |
538,029 |
602,609 |
| |||||||
Total Operating Expenses |
815,879 |
463,337 |
1,291,410 |
1,156,114 |
| |||||||
| ||||||||||||
Profit (loss)From Operations |
(102,577) |
(42,505) |
240,200 |
513,787 |
| |||||||
| ||||||||||||
OTHER INCOME(EXPENSE) |
| |||||||||||
Interest Expense, net |
(161,910) |
(96,374) |
(285,439) |
(274,131) |
| |||||||
Loss from Early Extinguishment ofDebt |
(39,090) |
- |
(39,090) |
(15,345) |
| |||||||
Other Income (Expense) |
139,197 |
349,580 |
62,347 |
350,134 |
| |||||||
Total Other Income (Expense) |
(61,803) |
253,206 |
(262,182) |
60,658 |
| |||||||
| ||||||||||||
INCOME BEFOREPROVISION for INCOME TAXES |
(164,380) |
210,701 |
(21,982) |
574,445 |
| |||||||
| ||||||||||||
PROVISION forINCOME TAXES |
(47,778) |
64,529 |
(6,483) |
169,956 |
| |||||||
| ||||||||||||
NETINCOME | $ |
(116,602) |
$ |
46,172 |
$ |
(15,499) |
$ |
404,489 |
| |||
| ||||||||||||
WeightedAverage Shares Outstanding: |
| |||||||||||
Basic |
14,629,155 | 14,629,155 |
14,629,155 |
14,629,155 |
| |||||||
Diluted | 14,629,155 |
14,629,155 |
14,629,155 |
14,629,155 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Earnings(loss) per Share |
| |||||||||||
Basic | $ | -0.01 | $ | 0.01 | $ | 0.00 | $ | 0.03 |
| |||
Diluted | $ | -0.01 | $ | 0.01 | $ | 0.00 | $ | 0.03 |
| |||
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|
AMERAMEX INTERNATIONAL, INC. | |||||||||||
UNAUDITED BALANCE SHEETS | |||||||||||
JUNE 30,2023 | DEC. 31, 2023 | ||||||||||
ASSETS | |||||||||||
CurrentAssets: | |||||||||||
Cash | $ |
184,987 | $ |
1,032,209 | |||||||
Accounts Receivable, Net |
741,843 |
1,118,774 | |||||||||
Inventory,Net |
8,839,893 |
6,275,823 | |||||||||
Other CurrentAssets |
167,847 |
318,807 | |||||||||
Total CurrentAssets |
9,934,570 |
8,745,613 | |||||||||
Property andEquipment, Net |
882,040 |
1,047,602 | |||||||||
Rental Equipment,Net |
667,447 |
1,078,470 | |||||||||
Joint VentureAsset |
177,000 |
- | |||||||||
Operating LeaseROU Asset |
747,114 |
788,733 | |||||||||
Financing LeaseROU Asset |
1,330,732 |
1,330,732 | |||||||||
OtherAssets |
241,064 |
329,178 | |||||||||
Total OtherAssets |
4,045,397 |
4,574,715 | |||||||||
TOTALASSETS | $ |
13,979,967 | $ |
13,320,328 | |||||||
LIABILITIES & STOCKHOLDERS'EQUITY | |||||||||||
Current Liabilities: | |||||||||||
AccountsPayable | $ |
1,289,802 | $ |
1,199,803 | |||||||
AccruedExpenses |
175,244 |
322,060 | |||||||||
Joint VentureLiability |
- |
227,503 | |||||||||
Lines ofCredit |
891,616 |
1,327,715 | |||||||||
Notes Payable,Current Portion |
1,031,302 |
1,499,018 | |||||||||
LeaseLiability |
317,202 |
317,202 | |||||||||
Total CurrentLiabilities |
3,705,166 |
4,893,301 | |||||||||
Long-Term Liabilities | |||||||||||
Deferred Tax Liabilities, Net |
573,216 |
650,179 | |||||||||
Related PartyNote |
276,859 | ||||||||||
Lines ofCredit |
2,091,818 |
- | |||||||||
Notes Payable,Net of Current Portion |
1,224,634 |
1,609,853 | |||||||||
Lease Liability,Net of Current Portion |
1,771,770 |
1,813,389 | |||||||||
Total Long-Term Liabilities |
5,938,297 |
4,073,421 | |||||||||
TOTALLIABILITIES |
9,643,463 |
8,966,722 | |||||||||
Commitments and Contingencies (Note 11) |
- |
- | |||||||||
STOCKHOLDERS'EQUITY: | |||||||||||
Shareholders' Equity | |||||||||||
Preferred Stock,$0.001 par value, 5,000,000 shares authorized, no |
- |
- | |||||||||
shares issued and outstanding | |||||||||||
Common Stock,
$0.001 par value, 1,000,000,000 sharesauthorized |
14,829 |
14,829 | |||||||||
14,629,155 sharesissued and outstanding at June 30, 2023 and | |||||||||||
December 31,2022 | |||||||||||
Additional Paid-In Capital |
21,671,534 |
21,671,534 | |||||||||
Accumulated Deficit |
(17,349,859) |
(17,332,757) | |||||||||
TotalStockholders' Equity |
4,336,504 |
4,353,606 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS'EQUITY | $ |
13,979,967 | $ |
13,320,328 |
AMERAMEXINTERNATIONAL, INC. | |||||||||
UNAUDITEDSTATEMENTS OF CASH FLOW | |||||||||
SIX MONTHS ENDED JUNE30, | |||||||||
2023 | 2022 | ||||||||
|
| ||||||||
OPERATINGACTIVITIES: | |||||||||
Net Income |
(15,499) |
404,489 | |||||||
Adjustments toreconcile Net Loss to | |||||||||
Net Cash provided (used) by OperationsActivities: | |||||||||
Depreciation and Amortization |
479,645 |
376,013 | |||||||
Provision(Benefit) for Deferred Income Taxes |
(76,963) |
106,268 | |||||||
MarketingServices Paid in Stock |
- |
- | |||||||
Loss on EarlyExtinguishment of Debt |
39,090 |
15,345 | |||||||
Amortization ofRight of Use Asset |
19,406 | ||||||||
Amortization and Accretion of Interest |
39,090 |
10,246 | |||||||
Change in Assetsand Liabilities: | |||||||||
Accounts Receivable |
376,931 |
(107,883) | |||||||
Inventory |
(2,564,070) |
(4,229,007) | |||||||
ROU Asset |
(828,725) | ||||||||
Other Current Assets |
150,960 |
92,610 | |||||||
AccountsPayable |
89,999 |
1,759,279 | |||||||
CustomerDeposits |
743,078 | ||||||||
AccruedExpenses |
(146,816) |
(20,550) | |||||||
LeaseLiability |
828,725 | ||||||||
NET CASHPROVIDED (USED) BY OPERATING ACTIVITIES |
(1,627,633) |
(830,706) | |||||||
INVESTING ACTIVITIES: | |||||||||
Payments forProperty & Equipment |
(5,561) |
(335,596) | |||||||
Proceeds(Payments) for Rental Equipment |
102,501 |
142,281 | |||||||
NET CASH USEDBY INVESTING ACTIVITIES |
96,940 |
(193,315) | |||||||
FINANCING ACTIVITIES: | |||||||||
Proceeds fromNotes Payable |
593,060 |
633,930 | |||||||
Payments on NotesPayable |
(657,033) |
(657,033) | |||||||
Payment on NotePayable - Related Party |
276,859 |
- | |||||||
Joint VentureLiability |
(227,503) |
119,793 | |||||||
Net Borrowing(Repayments) Under Lines of Credit |
698,088 |
231,474 | |||||||
NET CASHPROVIDED (USED) BY FINANCING ACTIVITIES |
683,471 |
328,164 | |||||||
NET INCREASE(DECREASE) IN CASH & CASH EQUIVALENTS |
(847,222) |
(695,857) | |||||||
Cash and CashEquivalents, BEGINNING OF PERIOD |
1,032,209 |
995,611 | |||||||
Cash and Cash Equivalents, END OFPERIOD |
184,987 |
299,754 | |||||||
CASH PAID FOR: | |||||||||
Interest |
317,654 |
273,169 | |||||||
Income Taxes |
800 |
800 | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASHINVESTING | |||||||||
AND FINANCINGACTIVITIES: | |||||||||
Transfer of Inventory to Rental Equipment |
- |
- | |||||||
Equipment Financed under CapitalLeases |
1,162,124 |
- | |||||||
Transfer of Rental Equipment toInventory |
- |
- | |||||||
AMERAMEXINTERNATIONAL, INC. | |||||||||
UNAUDITEDSTATEMENTS OF STOCKHOLDERS' EQUITY(DEFICIT) | |||||||||
FOR THE SIX MONTHS ENDED JUNE30, 2023 AND 2022 | |||||||||
Additional
| |||||||||
Common Stock
|
Paid-in
|
Accumulated
| |||||||
Balance
|
Shares
|
Amount
|
Capital
|
Deficit
| |||||
December 31, 2021 |
14,629,155 |
$ 14,549 |
$ 21,600,734 |
$ (18,355,686) | |||||
NetIncome
|
- |
- |
- |
404,489 | |||||
June 30, 2022 |
14,629,155 |
$ 14,549 |
$ 21,600,734 |
$ (17,951,197) | |||||
December 31,2022 |
14,629,155 |
$14,629 |
$21,600,734 |
$ (17,334,360) | |||||
NetIncome
|
- |
200 |
70,800 |
(15,499) | |||||
June 30, 2023 |
14,629,155 |
$14,829 |
$21,671,534 |
$ (17,349,859) | |||||
14,629,155 |
14,829 |
21,671,534 |
(17,349,859) | ||||||
- |
- |
- |
- |
ContactDetails
McCloud Communications, LLC
MartyTullio
+1 949-632-1900
marty@mccloudcommunications.com
CompanyWebsite
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