AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its first quarter ended March 31, 2023.
AmeraMex CEO Lee Hamre commented, “ We are pleased with our first quarter results. Last year was a great first quarter as we experienced a significant increased spurred by pent up demands in the marketplace. Our first quarters are historically our weakest revenue quarters for the year as customers place orders in the fourth quarter to take advantage of capital investment tax write-offs before yearend.
“I would also like to acknowledge that during the year-end and first quarter transition period, 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 areas where we could reduce her hours. Hope understands the nuts and bolts of our business and, over the past five years, has done an amazing job of implementing various programs within our accounting department so that we meet Generally Accepted Accounting Principles (GAAP). These are the accounting standard adopted by the U.S. Securities and Exchange Commission and is the default accounting standard used by companies based in the United States,” said Hamre.
Statement of Operations for the Quarter Ended March 31, 2023
The company reported revenue of approximately $3.2 million, a 35 percent decrease when compared to revenueof approximately $5.0 million for the quarter ended March 31, 2022. This decrease is due in part to steps taken by the Federal Reserve to lower/contain inflation and the delayed renewal of a U.S. Government contract.
Gross profit for the quarter was $818,308, a significant reduction when compared to gross profit of $1.2 million for the comparable quarter.
Gross profit ,as a percentage of sales, was 25 percent for the quarter compared to gross profit, as a percentage of sales,of 25 percent for the comparable quarter.
Net income for the quarter was $101,103 compared to net income of $258,317 for the comparable quarter. Earnings per share were $0.01 for the quarter compared to $0.02 for the comparable 2022 quarter.
Balance Sheet for the Quarter Ended March 31, 2022
Total Assets were $13.1 million.
Total Liabilities were $9.0 million.
AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.
Forward-Looking Statement
Statements made in this news release that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified using terms such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and key factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
AMERAMEX INTERNATIONAL, INC. | ||||||||||
STATEMENTS OF OPERATIONS | ||||||||||
MARCH 31, 2023 | MARCH 31, 2022 | |||||||||
|
|
|
| |||||||
REVENUES |
|
|
|
| ||||||
Sales of Equipment 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 OF SALES | ||||||||||
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 | ||||||||
GROSS PROFIT |
818,308 |
1,249,069 | ||||||||
OPERATING EXPENSES | ||||||||||
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 of Debt |
- |
(15,345) | ||||||||
Other Income |
(76,850) |
554 | ||||||||
Total Other Expense |
(200,379) |
(192,548) | ||||||||
INCOME BEFORE PROVISION for INCOME TAXES |
142,398 |
363,744 | ||||||||
PROVISION for INCOME TAXES |
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 | ||||||||||
Current Assets: | ||||||||||
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 and Equipment, 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 | ||||||||||
Current Liabilities: | ||||||||||
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 Tax Liabilities, 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-Term Liabilities |
4,422,955 |
4,128,019 | ||||||||
TOTAL LIABILITIES | $ |
9,018,076 | $ |
8,863,205 | ||||||
Commitments and Contingencies (Note 10) |
- |
- | ||||||||
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 shares authorized |
14,829 |
14,829 | ||||||||
14,829,155 shares issued and outstanding at March 31, 2023 and | ||||||||||
14,829,155 at December 31, 2022 | ||||||||||
Additional Paid-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 CASH FLOW | ||||||||||
MARCH 31, 2023 | MARCH 31, 2022 | |||||||||
|
| |||||||||
OPERATING ACTIVITIES: | ||||||||||
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 Use Asset |
20,602 | |||||||||
Amortization and Accretion of Interest |
749 |
29,652 | ||||||||
Change in Operating Assets and Liabilities: | ||||||||||
Accounts Receivable |
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 OPERATING ACTIVITIES | $ |
276,115 | $ |
(597,501) | ||||||
INVESTING ACTIVITIES: | ||||||||||
Payments for Property and Equipment | $ |
(5) | $ |
(8,995) | ||||||
Proceeds (Payments) for Rental Equipment |
(154,261) |
(126,358) | ||||||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | $ |
(154,266) | $ |
(135,353) | ||||||
FINANCING ACTIVITIES: | ||||||||||
Proceeds from Notes Payable | $ |
190,683 | $ |
135,890 | ||||||
Payments on Notes Payable |
(244,490) |
(434,403) | ||||||||
Payment on Note Payable - Related Party |
279,334 |
- | ||||||||
Joint Venture |
(177,000) |
105,543 | ||||||||
Net Borrowing (Repayments) Under Lines of Credit |
(262,893) |
555,702 | ||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | $ |
(214,366) | $ |
362,732 | ||||||
NET DECREASE IN CASH & CASH EQUIVALENTS | $ |
(92,517) | $ |
(370,122) | ||||||
Cash and Cash Equivalents, BEGINNING OF PERIOD | $ |
1,032,209 | $ |
995,611 | ||||||
Cash and Cash Equivalents, END OF PERIOD | $ |
939,692 | $ |
625,489 | ||||||
CASH PAID FOR: | ||||||||||
Interest | $ |
122,904 | $ |
176,795 | ||||||
Income Taxes | $ |
800 | $ |
800 | ||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||
Transfer of Inventory to Rental Equipment |
- |
- | ||||||||
Equipment Financed under Capital Leases |
- |
- | ||||||||
Transfer of Rental Equipment to Inventory |
- |
- | ||||||||
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
| Total Stockholders' Equity/
| |||||
December 31, 2021 |
14,549,155 |
$14,629 |
$21,600,734 |
$(18,335,686) |
$3,279,677 | |||||
Net Income
|
-
|
-
|
-
|
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 | |||||
Stock Repurchase |
(265,000.00) |
(265,000.00) | ||||||||
Net Income
|
- |
- |
- |
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
McCloud Communications, LLC
Marty Tullio
+1 949-632-1900
marty@mccloudcommunications.com
