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AmeraMexInternational, Inc. (OTCQB:AMMX), a provider of heavy equipmentfor logistics companies ,infrastructure construction , and forestry conservation , reported financialresults for its second quarter ended June 30, 2022.
Statement ofOperations for the Quarter Ended June 30, 2022
The Company reported revenue of approximately $2.4 million versus revenue of$4.9 million for the comparable 2021 quarter, a 62 percent decrease.Had all the equipment shipped as planned, the Sales of Equipment andOther Revenues would have been $5,066,746, $115,140 more than thecomparable 2021 quarter. These delays in shipping were caused byback-ordered parts, interstate trucking delays and lack ofavailability of third-party shippers.
The Company is committed to getting the remainingmachines shipped in the third quarter as well as continuing itsongoing sales efforts.
Gross profit for the quarter was $420,000,compared to gross profit of $970,000 for the comparable quarter. Ifthe additional equipment had shipped, gross profit would have beenapproximately $3 million.
Gross profit as a percentage ofsales , was 18 percent for the quarter compared to gross profitas a percentage of sales of 15 percent for the comparablequarter.
Netincome for the quarter was $146,172 compared to net incomeof $78,000 for the comparable quarter. Prices of equipment have beenadjusted to cover increased cost of goods sold and operating costs. Earnings per share were $0.01 for the quarter comparedto $0.01 for the comparable 2021 quarter.
Statement ofOperations for the Six-Month period June 30, 2022
The company reported revenue of approximately $7.3 million versus revenue of$10.3 million for the comparable 2021 period. The 26 percent decreasein Sales of Equipment and Other Revenues for the six-month period, isdue to delays in shipping sold machines to customers. Had all soldmachines shipped, Sales of Equipment and Other Revenues would havebeen approximately $9.6 million, a $750,000 increase over thecomparable six-month period.
Gross profit for the period was $1.7million compared to gross profit of $2.1 million for the comparableperiod. If the additional equipment had shipped, gross profit wouldhave been $4.4 million.
Gross profit as a percentage of sales , was 23percent for the period compared to gross profit as a percentage ofsales of 21 percent for the comparable period.
Net income for the period was $404,489 compared to net income of $443,879 for thecomparable period. Earnings per share were $0.03 forthe period compared to $0.03 for the comparable 2021 period. Had allsold equipment been shipped, net income for the six-month period wouldhave been $1.3 million with EPS of $0.08.
Balance Sheet for the Period Ended June 30,2022
C urrent Assets rose 33 percent to $10.0million while Total Assets increased $2.6 million duein part to a $4.2 million increase in Inventory.
CurrentLiabilities for the period have increased approximately$500,000 while Total Liabilities increased $2.7 milliondue in part to a $1.3 million Line of Credit.
AMERAMEXINTERNATIONAL, INC. | ||||
UNAUDITEDSTATEMENTS OF OPERATIONS | ||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHSENDED JUNE 30, | |||
2022 | 2021 | 2022 | 2021 | |
REVENUES | ||||
Sales of Equipment and OtherRevenues | $ 2,015,247 | $ 5,656,744 | $ 6,600,939 | $ 8,902,726 |
Rentals and Leases | 363,301 | 643,207 | 729,215 | 1,426,921 |
Total Sales | 2,378,548 | 6,299,951 | 7,330,154 | 10,329,647 |
COST OFSALES | ||||
Sales of Equipment and OtherRevenues | 1,799,708 | 5,140,234 | 5,352,529 | 7,753,266 |
Rentals and Leases | 158,008 | 189,290 | 307,724 | 434,246 |
Total Cost of Sales | 1,957,716 | 5,329,524 | 5,660,253 | 8,187,512 |
GROSSPROFIT | 420,832 | 970,427 | 1,669,901 | 2,142,135 |
OPERATING EXPENSES | ||||
Selling Expense | 230,064 | 284,732 | 553,505 | 423,921 |
General and Administrative | 233,273 | 229,927 | 602,609 | 474,230 |
Total Operating Expenses | 463,337 | 514,659 | 1,156,114 | 898,151 |
Profit (loss) FromOperations | (42,505) | 455,768 | 513,787 | 1,243,984 |
OTHER INCOME(EXPENSE) | ||||
Interest Expense,net | (96,374) | (267,975) | (274,131) | (535,032) |
Loss from EarlyExtinguishment of Debt | - | (77,845) | (15,345) | (90,178) |
Other Income (Expense) | 349,580 | 764 | 350,134 | 10,842 |
Total Other Income(Expense) | 253,206 | (345,056) | 60,658 | (614,368) |
INCOME BEFORE PROVISION for INCOMETAXES | 210,701 | 110,712 | 574,445 | 629,616 |
PROVISIONfor INCOME TAXES | 64,529 | 32,662 | 169,956 | 185,737 |
NET INCOME | $ 146,172 | $ 78,050 | $ 404,489 | $ 443,879 |
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) perShare | ||||
Basic | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 |
Diluted | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 |
AMERAMEXINTERNATIONAL, INC. | ||
UNAUDITEDBALANCE SHEETS | ||
June 30,2022 | December 31, 2021 | |
ASSETS | ||
Current Assets: | ||
Cash | $ 299,754 | $ 995,611 |
Accounts Receivable, Net | 225,105 | 1,162,300 |
Inventory,Net | 9,414,871 | 5,185,864 |
Other Current Assets | 220,353 | 312,963 |
Total Current Assets | 10,160,083 | 7,656,738 |
Property andEquipment, Net | 1,457,234 | 1,275,717 |
Rental Equipment, Net | 1,083,194 | 1,461,716 |
Lease Right of Use Assett | 828,725 | - |
OtherAssets | 358,859 | 391,330 |
Total OtherAssets | 3,728,012 | 3,128,763 |
TOTALASSETS | 13,888,095 | 10,785,501 |
LIABILITIES& STOCKHOLDERS' EQUITY | ||
Current Liabilities: | ||
Accounts Payable | $ 2,319,355 | $ 560,076 |
AccruedExpenses | 243,984 | 264,534 |
Customer Deposits | - | 302,000 |
Joint VentureLiability | 262,293 | 142,500 |
Lines of Credit | 2,137,874 | 3,180,968 |
Notes Payable, Current Portion | 626,911 | 777,601 |
LeaseLiability | 129,081 | - |
Total Current Liabilities | 5,719,498 | 5,227,679 |
Long-TermLiabilities | ||
Deferred Tax Liabilities,Net | 695,060 | 588,792 |
Lines ofCredit | 1,274,567 | - |
Notes Payable, Net of CurrentPortion | 1,815,160 | 1,689,353 |
Lease Liability, Net of CurrentPortion | 699,644 | - |
Total Long-TermLiabilities | 4,484,431 | 2,278,145 |
TOTAL LIABILITIES | 10,203,929 | 7,505,824 |
Commitments andContingencies (Note 11) | - | - |
STOCKHOLDERS' EQUITY: | ||
Shareholders' Equity | ||
PreferredStock, $0.001 par value, 5,000,000 shares authorized, no | - | - |
shares issuedand outstanding | ||
Common Stock, $0.001 par value,1,000,000,000 shares authorized | 14,629 | 14,629 |
14,629,155 shares issued and outstanding atJune 30, 2022 and | ||
44,561 | ||
Additional Paid-InCapital | 21,600,734 | 21,600,734 |
Accumulated Deficit | (17,931,197) | (18,335,686) |
Total Stockholders'Equity | 3,684,166 | 3,279,677 |
TOTALLIABILITIES & STOCKHOLDERS' EQUITY | 13,888,095 | 10,785,501 |
- | - |
AMERAMEXINTERNATIONAL, INC. | ||
UNAUDITEDSTATEMENTS OF CASH FLOW | ||
SIX MONTHSENDED JUNE 30, | ||
2022 | 2021 | |
OPERATING ACTIVITIES: | ||
Net Income | 404,489 | 443,879 |
Adjustments toreconcile Net Loss to | ||
Net Cashprovided (used) by Operations Activities: | ||
Depreciation andAmortization | 376,013 | 518,025 |
Provision (Benefit) forDeferred Income Taxes | 106,268 | 27,613 |
Marketing Services Paidin Stock | - | 46,400 |
Loss on Early Extinguishment of Debt | 15,345 | 90,178 |
Amortization of Right of Use Asset | - | |
Amortization andAccretion of Interest | 29,652 | 86,135 |
Change in Assets andLiabilities: | ||
AccountsReceivable | 937,195 | (581,244) |
Inventory | (4,229,007) | 1,357,966 |
Other CurrentAssets | 92,610 | (27,925) |
AccountsPayable | 1,759,279 | 360,258 |
CustomerDeposits | ||
AccruedExpenses | (20,550) | 249,991 |
LeaseLiability | ||
NET CASH PROVIDED (USED) BYOPERATING ACTIVITIES | (528,706) | 2,571,276 |
INVESTING ACTIVITIES: | ||
Payments for Property& Equipment | (335,596) | (156,502) |
Proceeds (Payments) forRental Equipment | 142,281 | (416,292) |
NET CASH USED BYINVESTING ACTIVITIES | (193,315) | (572,794) |
FINANCING ACTIVITIES: | ||
Proceeds from NotesPayable | 633,930 | 2,072,205 |
Payments on NotesPayable | (657,033) | (2,622,373) |
Payment on Note Payable- Related Party | - | (23,908) |
Joint VentureLiability | 119,793 | (69,500) |
Net Borrowing(Repayments) Under Lines of Credit | 231,474 | (1,311,843) |
NET CASHPROVIDED (USED) BY FINANCING ACTIVITIES | 328,164 | (1,955,419) |
NET INCREASE (DECREASE) IN CASH &CASH EQUIVALENTS | (393,857) | 43,063 |
Cash andCash Equivalents, BEGINNING OF PERIOD | 995,611 | 407,881 |
Cash andCash Equivalents, END OF PERIOD | 601,754 | 450,944 |
CASH PAIDFOR: | ||
Interest | 273,169 | 422,505 |
Income Taxes | 800 | - |
SUPPLEMENTAL DISCLOSURE OF NON-CASHINVESTING AND FINANCING ACTIVITIES: | ||
Transfer of Inventory toRental Equipment | - | 508,000 |
Equipment Financed underCapital Leases | - | - |
Transfer of RentalEquipment to Inventory | - | 964,600 |
AMERAMEX INTERNATIONAL, INC. | |||||
UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY(DEFICIT) | |||||
FOR THE SIXMONTHS ENDED JUNE 30, 2022 AND 2021 | |||||
Common Stock | Additional Paid-in | Accumulated | TotalStockholders' | ||
Balance | Shares | Amount | Capital | Deficit | Equity/(Deficit) |
December 31, 2020 | 14,549,155 | $ 14,549 | $ 21,545,614 | $ (19,967,433) | $ 1,592,730 |
Stock forServices | 80,000 | $ 80 | $ 55,120 | $ 55,200 | |
NetIncome | 0 | 0 | 0 | 443,879 | 443,879 |
June 30,2021 | 14,629,155 | $ 14,629 | $ 21,600,734 | $ (19,523,554) | $ 2,091,809 |
December 31, 2021 | 14,629,155 | $ 14,629 | $ 21,600,734 | $ (18,335,686) | $ 3,279,677 |
NetIncome | - | - | - | 404,489 | 404,489 |
June 30,2022 | 14,629,155 | $ 14,629 | $ 21,600,734 | $ (17,931,197) | $ 3,684,166 |
14,629,155 | 14,629 | 21,600,734 | (17,931,197) | 3,684,166 | |
- | - | - | - | - |
AboutAmeraMex International
AmeraMex International sells, leasesand rents heavy equipment to companies within multiple industriesincluding construction, logistics, mining, and lumber. AmeraMex, witha US and international customer base, has over 30 years of experiencein heavy equipment sales and service. Follow AmeraMex on Twitter@ammx_intl and visit the AmeraMex website, www.AMMX.net orwww.hamreequipment.com for additional information and equipmentvideos.
Forward-Looking Statements
This pressrelease contains forward-looking statements. All statements other thanstatements of historical facts included in this press release areforward-looking statements. In some cases, forward-looking statementscan be identified by words such as "believe,""expect," "anticipate," "plan,""potential," "continue" or similar expressions. Suchforward-looking statements include risks and uncertainties, and thereare key factors that could cause actual results to differ materiallyfrom those expressed or implied by such forward-looking statements.Investors are encouraged to review the Company’s filings with theSecurities and Exchange Commission. Investors should not place anyundue reliance on forward-looking statements since they involve knownand unknown, uncertainties and other factors which are, in some cases,beyond the Company’s control which could, and likely will,materially affect actual results, levels of activity, performance orachievements. Any forward-looking statement reflects the Company’scurrent views with respect to future events and is subject to theseand other risks, uncertainties and assumptions relating to operations,results of operations, growth strategy and liquidity. The Companyassumes no obligation to publicly update or revise theseforward-looking statements for any reason, or to update the reasonsactual results could differ materially from those anticipated in theseforward-looking statements, even if added information becomesavailable in the future.
ContactDetails
Marty Tullio
+1 949-632-1900
marty@mccloudcommunications.com
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