(NewsDirect)
AmeraMexInternational, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and forestry conservation , reported financialresults for its first quarter ended March 31, 2023.
AmeraMex CEO Lee Hamrecommented, “ We are pleased with our first quarter results. Lastyear was a great first quarter as we experienced a significantincreased spurred by pent up demands in the marketplace. Our firstquarters are historically our weakest revenue quarters for the year ascustomers place orders in the fourth quarter to take advantage ofcapital investment tax write-offs before yearend.
“I would also like toacknowledge that during the year-end and first quarter transitionperiod, our newly hired CFO decided to explore another opportunity -we wish him well. I am very pleased that Hope Stone, our previous CFO, has agreed to stay with us as we were able to mutually find areaswhere we could reduce her hours. Hope understands the nuts and boltsof our business and, over the past five years, has done an amazing jobof implementing various programs within our accounting department sothat we meet Generally Accepted Accounting Principles (GAAP). Theseare the accounting standard adopted by the U.S. Securities andExchange Commission and is the default accounting standard used bycompanies based in the United States,” said Hamre.
Statement ofOperations for the Quarter Ended March 31, 2023
The company reported revenue of approximately $3.2 million, a 35 percentdecrease when compared to revenue of approximately $5.0million for the quarter ended March 31, 2022. This decrease is due inpart to steps taken by the Federal Reserve to lower/contain inflationand the delayed renewal of a U.S. Government contract.
Grossprofit for the quarter was $818,308, a significant reductionwhen compared to gross profit of $1.2 million for the comparablequarter.
Gross profit ,as a percentage of sales , was 25percent for the quarter compared to gross profit, as a percentage ofsales,of 25 percent for the comparable quarter.
Net income for the quarter was $101,103 compared to net income of $258,317 forthe comparable quarter. Earnings per share were $0.01for the quarter compared to $0.02 for the comparable 2022 quarter.
Balance Sheetfor the Quarter Ended March 31, 2022
Total Assets were $13.1million.
Total Liabilities were $9.0 million.
AmeraMexInternational
AmeraMex International sells, leases, and rents heavy equipmentto companies within multiple industries including construction,logistics, mining, and lumber. The company has over 30 years ofexperience in heavy equipment sales and service. Follow AmeraMex onTwitter @ammx_intl and visit the AmeraMex website, 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. | ||||||||||
STATEMENTSOF OPERATIONS | ||||||||||
MARCH 31,2023 | MARCH 31,2022 | |||||||||
|
|
|
| |||||||
REVENUES |
|
|
|
| ||||||
Sales ofEquipment and Other Revenues | $ |
3,008,032 | $ |
4,585,692 | ||||||
Rentals and Leases |
201,227 |
|
365,914 | |||||||
Total Sales |
3,209,259 |
|
4,951,606 | |||||||
COST OFSALES | ||||||||||
Sales of Equipment and Other Revenues |
2,236,360 |
3,552,821 | ||||||||
Rentals and Leases |
154,591 |
149,716 | ||||||||
Total Cost of Sales |
2,390,951 |
|
3,702,537 | |||||||
GROSSPROFIT |
818,308 |
1,249,069 | ||||||||
OPERATINGEXPENSES | ||||||||||
Selling Expense |
197,640 |
323,441 | ||||||||
General and Administrative |
277,891 |
369,336 | ||||||||
Total Operating Expenses |
475,531 |
692,777 | ||||||||
Profit From Operations |
342,777 |
556,292 | ||||||||
OTHER INCOME(EXPENSE) | ||||||||||
Interest Expense, net |
(123,529) |
(177,757) | ||||||||
Loss from Early Extinguishment ofDebt |
- |
(15,345) | ||||||||
OtherIncome |
(76,850) |
554 | ||||||||
Total OtherExpense |
(200,379) |
(192,548) | ||||||||
INCOME BEFOREPROVISION for INCOME TAXES |
142,398 |
363,744 | ||||||||
PROVISION for INCOMETAXES |
41,295 |
105,427 | ||||||||
NET INCOME | $ |
101,103 |
$ |
258,317 | ||||||
Weighted Average Shares Outstanding: | ||||||||||
Basic |
14,829,155 |
14,629,155 | ||||||||
Diluted |
14,829,155 |
14,629,155 | ||||||||
Earnings per Share | ||||||||||
Basic | $ | 0.01 | $ | 0.02 | ||||||
Diluted | $ | 0.01 | $ | 0.02 |
AMERAMEX INTERNATIONAL,INC. | ||||||||||
BALANCE SHEETS | ||||||||||
MARCH 31,2023 | DECEMBER 31, 2022 | |||||||||
ASSETS | ||||||||||
CurrentAssets: | ||||||||||
Cash | $ |
939,692 | $ |
1,032,209 | ||||||
Accounts Receivable, Net |
791,607 |
993,924 | ||||||||
Inventory, Net |
6,887,755 |
6,275,823 | ||||||||
Other Current Assets |
220,293 |
318,807 | ||||||||
Total Current Assets |
8,839,347 |
8,620,763 | ||||||||
Non-Current Assets: | ||||||||||
Property andEquipment, Net |
962,040 |
1,047,602 | ||||||||
Rental Equipment, Net |
2,099,460 |
2,253,721 | ||||||||
Lease Right of Use Asset |
768,131 |
788,733 | ||||||||
Joint Venture |
177,000 |
- | ||||||||
Other Assets |
229,938 |
374,123 | ||||||||
Total Long-Term Assets |
4,236,569 |
4,464,179 | ||||||||
TOTAL ASSETS | $ |
13,075,916 | $ |
13,084,942 | ||||||
LIABILITIES& STOCKHOLDERS' EQUITY | ||||||||||
CurrentLiabilities: | ||||||||||
Accounts Payable | $ |
1,355,534 | $ |
1,229,809 | ||||||
Accrued Expenses |
200,358 |
322,060 | ||||||||
Joint Venture Liability |
- |
227,503 | ||||||||
Line of Credit |
1,086,107 |
1,327,715 | ||||||||
Notes Payable, Current Portion |
1,824,041 |
1,499,018 | ||||||||
Lease Liability |
129,081 |
129,081 | ||||||||
Total Current Liabilities |
4,595,121 |
4,735,186 | ||||||||
Long-Term Liabilities | ||||||||||
Deferred TaxLiabilities, Net |
644,623 |
594,999 | ||||||||
Line of Credit |
334,427 |
- | ||||||||
Notes Payable - Related Party |
279,334 |
- | ||||||||
Notes Payable, Net of Current Portion |
2,525,521 |
2,873,368 | ||||||||
Lease Liability, Net of Current Portion |
639,050 |
659,652 | ||||||||
Total Long-TermLiabilities |
4,422,955 |
4,128,019 | ||||||||
TOTAL LIABILITIES | $ |
9,018,076 | $ |
8,863,205 | ||||||
Commitments and Contingencies (Note10) |
- |
- | ||||||||
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 | ||||||||
14,829,155 shares issued and outstanding at March 31, 2023and | ||||||||||
14,829,155 at December 31, 2022 | ||||||||||
AdditionalPaid-In Capital |
21,406,534 |
21,671,534 | ||||||||
Accumulated Deficit |
(17,363,523) |
(17,464,626) | ||||||||
Total Stockholders' Equity |
4,057,840 |
4,221,737 | ||||||||
TOTAL LIABILITIES & STOCKHOLDERS'EQUITY | $ |
13,075,916 | $ |
13,084,942 | ||||||
AMERAMEX INTERNATIONAL,INC. | ||||||||||
STATEMENTS OF CASHFLOW | ||||||||||
MARCH 31, 2023 | MARCH 31,2022 | |||||||||
|
| |||||||||
OPERATINGACTIVITIES: | ||||||||||
Net Income | $ |
101,103 | $ |
258,317 | ||||||
Adjustments to reconcile Net Income to | ||||||||||
Net Cash provided(used) by Operating Activities: | ||||||||||
Depreciation and Amortization |
236,252 |
188,135 | ||||||||
Provision for Deferred Income Taxes |
49,624 |
101,738 | ||||||||
Loss on Early Extinguishment of Debt |
- |
15,345 | ||||||||
Amortization of Right of UseAsset |
20,602 | |||||||||
Amortization andAccretion of Interest |
749 |
29,652 | ||||||||
Change in Operating Assets and Liabilities: | ||||||||||
AccountsReceivable |
202,317 |
(297,688) | ||||||||
Inventory |
(457,671) |
(1,223,361) | ||||||||
ROU Asset |
20,602 | |||||||||
Other Current Assets |
98,514 |
73,763 | ||||||||
Accounts Payable |
125,725 |
590,096 | ||||||||
Customer Deposits |
- |
(302,000) | ||||||||
Accrued Expenses |
(121,702) |
(31,498) | ||||||||
NET CASH USED BY OPERATINGACTIVITIES | $ |
276,115 | $ |
(597,501) | ||||||
INVESTINGACTIVITIES: | ||||||||||
Payments for Property and Equipment | $ |
(5) | $ |
(8,995) | ||||||
Proceeds (Payments) for Rental Equipment |
(154,261) |
(126,358) | ||||||||
NET CASH PROVIDED (USED) BYINVESTING ACTIVITIES | $ |
(154,266) | $ |
(135,353) | ||||||
FINANCINGACTIVITIES: | ||||||||||
Proceeds from Notes Payable | $ |
190,683 | $ |
135,890 | ||||||
Payments on Notes Payable |
(244,490) |
(434,403) | ||||||||
Payment on Note Payable - RelatedParty |
279,334 |
- | ||||||||
Joint Venture |
(177,000) |
105,543 | ||||||||
Net Borrowing (Repayments) Under Lines ofCredit |
(262,893) |
555,702 | ||||||||
NET CASH PROVIDED (USED) BY FINANCINGACTIVITIES | $ |
(214,366) | $ |
362,732 | ||||||
NET DECREASE IN CASH & CASHEQUIVALENTS | $ |
(92,517) | $ |
(370,122) | ||||||
Cash and Cash Equivalents, BEGINNING OFPERIOD | $ |
1,032,209 | $ |
995,611 | ||||||
Cash and Cash Equivalents, END OFPERIOD | $ |
939,692 | $ |
625,489 | ||||||
CASH PAID FOR: | ||||||||||
Interest | $ |
122,904 | $ |
176,795 | ||||||
Income Taxes | $ |
800 | $ |
800 | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASHINVESTING AND FINANCING ACTIVITIES: | ||||||||||
Transfer of Inventory to RentalEquipment |
- |
- | ||||||||
Equipment Financed under Capital Leases |
- |
- | ||||||||
Transfer of Rental Equipment toInventory |
- |
- | ||||||||
AMERAMEX INTERNATIONAL,INC. | ||||||||||
STATEMENTS OF STOCKHOLDERS' EQUITY(DEFICIT) | ||||||||||
FOR THE MONTHS ENDED MARCH 31,2023 AND 2022 | ||||||||||
Common Stock
|
|
|
| |||||||
Balance
|
Shares
|
Amount
|
Additional Paid-in Capital | Accumulated Deficit
| TotalStockholders' Equity/
| |||||
December 31, 2021 |
14,549,155 |
$14,629 |
$21,600,734 |
$(18,335,686) |
$3,279,677 | |||||
NetIncome
|
-
|
-
|
-
|
258,317 |
258,317 | |||||
March 31, 2022 |
14,549,155 |
$14,629 |
$21,600,734 |
$(18,077,369) |
$3,537,994 | |||||
December 31, 2022 |
14,829,155 |
$14,829 |
$21,671,534 |
$(17,464,626) |
$4,221,737 | |||||
StockRepurchase |
(265,000.00) |
(265,000.00) | ||||||||
NetIncome
|
- |
- |
- |
101,103 |
101,103 | |||||
March 31, 2023 |
14,829,155 |
$14,829 |
$21,406,534 |
$(17,363,523) |
$4,057,840 | |||||
14,829,155 |
14,829 |
21,406,534 |
(17,363,523) |
4,057,840 | ||||||
- |
- |
- |
- |
- |
- |
- |
- |
Contact Details
McCloudCommunications, LLC
Marty Tullio
+1949-632-1900
marty@mccloudcommunications.com
CompanyWebsite
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