Chico, California--(Newsfile Corp. - May 21, 2024) - AmeraMex International, Inc. (OTC Pink: AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its first quarter ended March 31, 2024.
Statement of Operations for the Quarter Ended March 31, 2024
The company reported revenue of approximately $3.3 million, a 3 percent increase when compared to revenue of approximately $3.2 million for the quarter ended March 31, 2023.
Gross profit for the quarter was $(148,268), a significant reduction when compared to gross profit of $818,308 for the comparable quarter of 2023.
Net loss for the quarter was $(436,343) compared to net income of $101,103 for the comparable quarter. Loss per share was $(0.01) for the quarter compared to earnings per share of $0.01 for the comparable 2023 quarter.
Balance Sheet for the Quarter Ended March 31, 2022
Total Assets were $18.5 million.
Total Liabilities were $14.9 million
| AMERAMEX INTERNATIONAL, INC. | ||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||
| MARCH 31, 2024 | MARCH 31, 2023 | |||||||||||
| REVENUES | ||||||||||||
| Sales of Equipment and Other Revenues | $ | 2,817,577 | $ | 3,008,032 | ||||||||
| Rentals and Leases | 462,172 | 201,227 | ||||||||||
| Total Sales | 3,279,749 | 3,209,259 | ||||||||||
| COST OF SALES | ||||||||||||
| Sales of Equipment and Other Revenues | 3,237,301 | 2,236,360 | ||||||||||
| Rentals and Leases | 190,716 | 154,591 | ||||||||||
| Total Cost of Sales | 3,428,017 | 2,390,951 | ||||||||||
| GROSS PROFIT | (148,268 | ) | 818,308 | |||||||||
| OPERATING EXPENSES | ||||||||||||
| Selling Expense | 129,642 | 197,640 | ||||||||||
| General and Administrative | 268,843 | 277,891 | ||||||||||
| Total Operating Expenses | 398,485 | 475,531 | ||||||||||
| Profit From Operations | (546,753 | ) | 342,777 | |||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||
| Interest Expense, net | (167,188 | ) | (123,529 | ) | ||||||||
| Loss from Early Extinguishment of Debt | - | - | ||||||||||
| Other Income | 99,373 | (76,850 | ) | |||||||||
| Total Other Expense | (67,815 | ) | (200,379 | ) | ||||||||
| INCOME BEFORE PROVISION for INCOME TAXES | (614,568 | ) | 142,398 | |||||||||
| PROVISION for INCOME TAXES | (178,225 | ) | 41,295 | |||||||||
| NET INCOME | $ | (436,343 | ) | $ | 101,103 | |||||||
| Weighted Average Shares Outstanding: | ||||||||||||
| Basic | 14,112,988 | 14,112,988 | ||||||||||
| Diluted | 14,112,988 | 14,112,988 | ||||||||||
| Earnings per Share | ||||||||||||
| Basic | $ | -0.03 | $ | 0.01 | ||||||||
| Diluted | $ | -0.03 | $ | 0.01 | ||||||||
| AMERAMEX INTERNATIONAL, INC. | ||||||||||
| BALANCE SHEETS | ||||||||||
| MARCH 31, 2024 | DECEMBER 31, 2023 | |||||||||
| ASSETS | ||||||||||
| Current Assets: | ||||||||||
| Cash | $ | 163,507 | $ | 588,128 | ||||||
| Accounts Receivable, Net | 851,985 | 1,289,389 | ||||||||
| Inventory, Net | 11,131,882 | 11,359,158 | ||||||||
| Other Current Assets | 223,947 | 324,134 | ||||||||
| Total Current Assets | 12,371,321 | 13,560,809 | ||||||||
| Non-Current Assets: | ||||||||||
| Property and Equipment, Net | 870,355 | 1,702,163 | ||||||||
| Rental Equipment, Net | 2,893,592 | 1,063,464 | ||||||||
| Lease Right of Use Asset - Operating | 693,045 | 703,802 | ||||||||
| Lease Right of Use Asset - Financing | 1,219,408 | 905,782 | ||||||||
| Deferred Tax Asset | 243,640 | 486,386 | ||||||||
| Other Assets | 214,117 | 207,172 | ||||||||
| Total Long-Term Assets | 6,134,157 | 5,068,769 | ||||||||
| TOTAL ASSETS | $ | 18,505,478 | $ | 18,629,578 | ||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||
| Current Liabilities: | ||||||||||
| Accounts Payable | $ | 1,333,542 | $ | 2,214,439 | ||||||
| Accrued Expenses | 161,666 | 348,415 | ||||||||
| Deferred Revenue | 2,025,027 | 2,136,400 | ||||||||
| Joint Venture Liability | (177,000 | ) | 105,000 | |||||||
| Line of Credit | 5,692,834 | 5,891,119 | ||||||||
| Notes Payable, Current Portion | 1,798,671 | 1,273,310 | ||||||||
| Lease Liability - Operating | 129,081 | 129,081 | ||||||||
| Lease Liability - Financing | 188,121 | 188,121 | ||||||||
| Total Current Liabilities | 11,151,942 | 12,285,885 | ||||||||
| Long-Term Liabilities | ||||||||||
| Deferred Tax Liabilities, Net | 502,403 | - | ||||||||
| Notes Payable, Net of Current Portion | 1,683,608 | 713,391 | ||||||||
| Lease Liability - Operating, Net of Current Portion | 563,964 | 574,721 | ||||||||
| Lease Liability - Financing, Net of Current Portion | 1,031,287 | 1,046,964 | ||||||||
| Total Long-Term Liabilities | 3,781,262 | 2,335,076 | ||||||||
| TOTAL LIABILITIES | $ | 14,933,204 | $ | 14,620,961 | ||||||
| - | - | |||||||||
| 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 | 14,112 | 14,112 | ||||||||
| 14,112,988 shares issued and outstanding at March 31, 2024 and | ||||||||||
| 14,112.988 at December 31, 2023 | ||||||||||
| Additional Paid-In Capital | 21,671,534 | 21,671,534 | ||||||||
| Accumulated Deficit | (18,113,372 | ) | (17,677,029 | ) | ||||||
| Total Stockholders' Equity | 3,572,274 | 4,008,617 | ||||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 18,505,478 | $ | 18,629,578 | ||||||
| AMERAMEX INTERNATIONAL, INC. | ||||||||||||
| STATEMENTS OF CASH FLOW | ||||||||||||
| MARCH 31, 2024 | MARCH 31, 2023 | |||||||||||
| OPERATING ACTIVITIES: | ||||||||||||
| Net Income | $ | (436,343 | ) | $ | 101,103 | |||||||
| Adjustments to reconcile Net Income to | ||||||||||||
| Net Cash provided (used) by Operating Activities: | ||||||||||||
| Depreciation and Amortization | 278,693 | 236,252 | ||||||||||
| Provision for Deferred Income Taxes | 502,403 | 49,624 | ||||||||||
| Amortization and Accretion of Interest | 21,351 | 749 | ||||||||||
| Change in Operating Assets and Liabilities: | ||||||||||||
| Accounts Receivable | 437,404 | 202,317 | ||||||||||
| Inventory | 85,968 | (457,671 | ) | |||||||||
| Other Current Assets | 100,187 | 98,514 | ||||||||||
| Accounts Payable | (880,180 | ) | 125,725 | |||||||||
| Customer Deposits | (111,373 | ) | - | |||||||||
| Accrued Expenses | (186,749 | ) | (121,702 | ) | ||||||||
| NET CASH USED BY OPERATING ACTIVITIES | $ | (188,639 | ) | $ | 234,911 | |||||||
| INVESTING ACTIVITIES: | ||||||||||||
| Payments for Property and Equipment | $ | 740,255 | $ | (5 | ) | |||||||
| Proceeds (Payments) for Rental Equipment | (190,716 | ) | (154,261 | ) | ||||||||
| NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES | $ | 549,539 | $ | (154,266 | ) | |||||||
| FINANCING ACTIVITIES: | ||||||||||||
| Proceeds from Notes Payable | $ | 190,683 | $ | 190,683 | ||||||||
| Payments on Notes Payable | (244,490 | ) | (244,490 | ) | ||||||||
| Payment on Note Payable - Related Party | - | 279,334 | ||||||||||
| Joint Venture | (177,000 | ) | (177,000 | ) | ||||||||
| Net Borrowing (Repayments) Under Lines of Credit | (553,997 | ) | (262,893 | ) | ||||||||
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | $ | (784,804 | ) | $ | (214,366 | ) | ||||||
| NET DECREASE IN CASH & CASH EQUIVALENTS | $ | (423,904 | ) | $ | (133,721 | ) | ||||||
| Cash and Cash Equivalents, BEGINNING OF PERIOD | $ | 588,128 | $ | 1,032,209 | ||||||||
| Cash and Cash Equivalents, END OF PERIOD | $ | 164,224 | $ | 898,488 | ||||||||
| CASH PAID FOR: | ||||||||||||
| Interest | $ | 153,268 | $ | 122,904 | ||||||||
| 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, 2024 AND 2023 | |||||||||||||||||||
| Additional | Total | ||||||||||||||||||
| Common Stock | Paid-in | Accumulated | Stockholders' | ||||||||||||||||
| Balance | Shares | Amount | Capital | Deficit | Equity/ | ||||||||||||||
| December 31, 2022 | 14,829,155 | $ | 14,829 | $ | 21,671,534 | $ | (16,912,288 | ) | $ | 4,774,075 | |||||||||
| Net Income | - | - | - | 101,103 | 101,103 | ||||||||||||||
| March 31, 2023 | 14,829,155 | $ | 14,829 | $ | 21,671,534 | $ | (16,811,185 | ) | $ | 4,875,178 | |||||||||
| December 31, 2023 | 14,829,155 | $ | 14,112 | $ | 21,671,534 | $ | (17,677,029 | ) | $ | 4,008,617 | |||||||||
| Net Income | - | - | - | (436,343 | ) | (436,343 | ) | ||||||||||||
| March 31, 2024 | 14,112,988 | $ | 14,112 | $ | 21,671,534 | $ | (18,113,372 | ) | $ | 3,572,274 | |||||||||
| 14,112,988 | 14,112 | 21,671,534 | (18,113,372 | ) | 3,572,274 | ||||||||||||||
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.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209915
SOURCE: AmeraMex International Inc.
