Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries CORRECTING AND REPLACING: AmeraMex International Reports Third Quarter and Nine-Month Financials for the Period Ended September 30, 2023 By: TheNewswire.com November 17, 2023 at 10:10 AM EST AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter ended September 30, 2023. AmeraMex CEO Lee Hamre commented, “2022 was a great year for revenue and net income. Although we initiated cost-savings measures during 2022, they were not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs, interest rates and inflation have created uncertainty within our target markets which equates to a downturn in sales during the last nine months. “In the last quarter of 2022 and in June and August of this year we have signed over $10 million in rental agreements. Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rental revenue is recorded monthly, which gives the company a steady stream of cash flow. “I would like to add that the entire AmeraMex team is razor focused on sales, cost containment and profitability,” said Hamre.” Statement of Operations for the Quarter Ended September 30, 2023 The Company reported revenue of approximately $1.2 million versus revenue of $7.5 million for the comparable 2022 quarter. Gross profit for the quarter was $371,206, compared to gross profit of $2.5 million for the comparable 2022 quarter. Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 33 percent for the comparable 2022 quarter. Profit from operations $199,328 for the quarter, compared to a loss from operations of $1.7 million for the comparable 2022 quarter. Net loss for the quarter was ($32,623) compared to net income of $928,849 for the comparable 2022 quarter. Earnings per share (EPS) were $0.00 for the quarter compared to EPS of $0.05 for the comparable 2022 quarter. Statement of Operations for the Nine-Month period Ended September 30, 2023 The company reported revenue of approximately $6.7 million versus revenue of $14.8 million for the comparable 2022 period. Gross profit for the period was $1.9 million compared to gross profit of $4.2 million for the comparable 2022 period. Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period. Profit from operations $438,528 for the nine-month period, compared to profit from operations of $2.2 million for the comparable 2022 nine-month period. Net loss for the nine-month period was ($48,122) compared to net income of $1.4 million for the comparable nine-month period of 2022. Earnings per share (EPS) were $0.00 for the period compared to EPS of $0.09 for the comparable 2022 nine-month period. Balance Sheet for the Nine-Month Period Ended September 30, 2023 Total Assets were $18.2 million, a $4.9 million increase due in part to an increase in rental equipment. Total Liabilities were $13.9 million, a $4.9 million increase due in part to an increase in the Company’s credit line, lease liability and deferred income. The $10 million leases are not recognized as revenue but as Deferred Revenue, which is a Liability. This results in a higher inventory, an asset, and higher liability, Deferred Revenue. Please join the Company’s management team November 20 at 9:00 a.m. PDT, 12:00 p.m. EDT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from November 20, 2023, at 3:00 p.m. Eastern Time until December 4, 2023, at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13742791. AmeraMex InternationalAmeraMex 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 StatementStatements 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” “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.UNAUDITED STATEMENTS OF OPERATIONSTHREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,2023202220232022 REVENUES Sales of Equipment and Other Revenues$ 756,581 $ 7,303,783 5,716,647 $ 13,904,722 Rentals and Leases 454,154 180,957 1,024,077 910,172 Total Sales 1,210,735 7,484,740 6,740,724 14,814,894 COST OF SALESSales of Equipment and Other Revenues 685,268 4,845,129 4,316,879 10,197,658 Rentals and Leases 154,261 108,081 521,029 415,805 Total Cost of Sales 839,529 4,953,210 4,837,908 10,613,463 GROSS PROFIT 371,206 2,531,530 1,902,816 4,201,431 OPERATING EXPENSESSelling Expense 87,549 441,216 840,930 994,721 General and Administrative 84,329 386,505 622,358 989,114 Total Operating Expenses 171,878 827,721 1,463,288 1,983,835 Profit (loss) From Operations 199,328 1,703,809 439,528 2,217,596 OTHER INCOME (EXPENSE)Interest Expense, net (218,551) (275,793) (503,990) (549,924)Loss from Early Extinguishment of Debt (28,446) (18,021) (67,536) (33,366)Gain of Sale of Asset 215,624 215,624 Other Income (Expense) 1,393 (174,292) 63,740 175,842 Total Other Income (Expense) (245,604) (252,482) (507,786) (191,824)INCOME BEFORE PROVISION for INCOME TAXES (46,276) 1,451,327 (68,258) 2,025,772 PROVISION for INCOME TAXES (13,653) 522,478 (20,136) 598,264 NET INCOME$ (32,623) $ 928,849 $ (48,122) $ 1,427,508 Weighted Average Shares Outstanding:Basic 14,829,155 14,829,155 14,829,155 14,829,155 Diluted 14,829,155 14,829,155 14,829,155 14,829,155 Earnings (loss) per ShareBasic$0.00$0.05$0.00$0.09Diluted$0.00$0.05$0.00$0.09AMERAMEX INTERNATIONAL, INC.UNAUDITED BALANCE SHEETSSEPTEMBER 30, 2023DECEMBER 31, 2022ASSETSCurrent Assets:Cash$ 281,930 $ 1,032,209 Accounts Receivable, Net 744,660 1,118,774 Inventory, Net 11,505,978 6,275,823 Other Current Assets 229,924 318,807 Total Current Assets 12,762,492 8,745,613 Property and Equipment, Net 970,777 1,047,602 Rental Equipment, Net 2,100,269 1,078,470 Joint Venture Asset 177,000 - Operating Lease ROU Asset 725,674 788,733 Financing Lease ROU Asset 1,199,668 1,330,732 Other Assets 251,615 329,178 Total Other Assets 5,425,003 4,574,715 TOTAL ASSETS$ 18,187,495 $ 13,320,328 LIABILITIES & STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts Payable$ 1,564,413 $ 1,199,803 Accrued Expenses 120,972 322,060 Joint Venture Liability - 227,503 Lines of Credit 860,280 1,327,715 Notes Payable, Current Portion 2,150,581 1,499,018 Lease Liability 317,202 317,202 Deferred Revenue 556,095 - Total Current Liabilities 5,569,543 4,893,301 Long-Term LiabilitiesDeferred Tax Liabilities, Net 551,564 650,179 Related Party Note 269,159 Lines of Credit 3,567,255 - Notes Payable, Net of Current Portion 93,574 1,609,853 Lease Liability, Net of Current Portion 1,608,140 1,813,389 Deferred Revenue, Net of Current Portion 2,224,379 - Total Long-Term Liabilities 8,314,071 4,073,421 TOTAL LIABILITIES 13,883,614 8,966,722 Commitments and Contingencies (Note 11) - - STOCKHOLDERS' EQUITY:Shareholders' EquityPreferred Stock, $0.001 par value, 5,000,000 shares authorized, no - - shares issued and outstandingCommon Stock, $0.001 par value, 1,000,000,000 shares authorized 14,829 14,829 14,829,155 shares issued and outstanding at September 30, 2023 andDecember 31, 2022Additional Paid-In Capital 21,671,534 21,671,534 Accumulated Deficit (17,382,482) (17,332,757)Total Stockholders' Equity 4,303,881 4,353,606 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$ 18,187,495 $ 13,320,328 - - AMERAMEX INTERNATIONAL, INC.UNAUDITED STATEMENTS OF CASH FLOWNINE MONTHS ENDED SEPTEMBER 30,20232022 OPERATING ACTIVITIES:Net Income (48,122) 1,427,509 Adjustments to reconcile Net Loss toNet Cash provided (used) by Operations Activities:Depreciation and Amortization 719,468 562,569 Provision (Benefit) for Deferred Income Taxes (98,615) 534,576 Marketing Services Paid in Stock - 71,000 Loss on Early Extinguishment of Debt 67,536 33,366 Gain/Loss on Disposal - (215,625)Amortization of Right of Use Asset 19,797 19,797 Amortization and Accretion of Interest 63,556 27,876 Change in Assets and Liabilities:Accounts Receivable 374,114 (1,884,657)Inventory (5,230,155) (1,690,298)ROU Asset (725,674) (808,928)Other Current Assets 88,883 71,016 Accounts Payable 364,610 174,386 Customer Deposits - 53,522 Deferred Revenue 2,780,474 - Accrued Expenses (201,088) 13,727 Lease Liability 725,674 808,928 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (1,099,542) (801,236)INVESTING ACTIVITIES:Payments for Property & Equipment (179,860) (408,199)Payments for Rental Equipment - (233,347)Proceeds (Payments) for Rental Equipment (1,484,582) 360,000 NET CASH USED BY INVESTING ACTIVITIES (1,664,442) (281,546)FINANCING ACTIVITIES:Proceeds from Notes Payable 563,330 2,117,692 Payments on Notes Payable (733,470) (1,370,027)Payment on Note Payable - Related Party 269,159 - Joint Venture Liability (227,503) 105,003 Net Borrowing (Repayments) Under Lines of Credit 2,142,189 (406,818)NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,013,705 445,850 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (750,279) (636,932)Cash and Cash Equivalents, BEGINNING OF PERIOD 1,032,209 995,611 Cash and Cash Equivalents, END OF PERIOD 281,930 358,679 CASH PAID FOR:Interest 543,573 564,478 Income Taxes 800 800 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTINGAND FINANCING ACTIVITIES:Transfer of Inventory to Rental Equipment 1,666,085 - Equipment Financed under Capital Leases 779,160 - Transfer of Rental Equipment to Inventory - 563,750 AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THENINE MONTHS ENDED SEPTEMBER 30th, 2023 AND 2022Common Stock Additional Total Paid-in Accumulated Stockholders' Balance SharesAmount Capital Deficit Equity/(Deficit)December 31, 2021 14,629,155 $14,629 $ 21,600,734 $(18,335,686) $3,279,677 Stock for Services 200,000 200 70,800 $71,000 Net Income - - - 1,427,509 1,427,509 September 30, 2022 14,829,155 $14,829 $ 21,671,534 $ (16,908,177) $ 4,778,186 December 31, 2022 14,829,155 $14,829 $21,671,534 $(17,334,360) $ 4,352,003 Net Income - - - (48,122) (48,122)September 30, 2023 14,829,155 $14,829 $21,671,534 $ (17,382,482) $ 4,303,881 14,829,155 14,829 21,671,534 (17,382,482) 4,303,881 - - - - - Contact DetailsMarty Tullio+1 949-632-1900marty@mccloudcommunications.comCompany Websitehttps://www.ammx.net Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
CORRECTING AND REPLACING: AmeraMex International Reports Third Quarter and Nine-Month Financials for the Period Ended September 30, 2023 By: TheNewswire.com November 17, 2023 at 10:10 AM EST AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter ended September 30, 2023. AmeraMex CEO Lee Hamre commented, “2022 was a great year for revenue and net income. Although we initiated cost-savings measures during 2022, they were not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs, interest rates and inflation have created uncertainty within our target markets which equates to a downturn in sales during the last nine months. “In the last quarter of 2022 and in June and August of this year we have signed over $10 million in rental agreements. Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rental revenue is recorded monthly, which gives the company a steady stream of cash flow. “I would like to add that the entire AmeraMex team is razor focused on sales, cost containment and profitability,” said Hamre.” Statement of Operations for the Quarter Ended September 30, 2023 The Company reported revenue of approximately $1.2 million versus revenue of $7.5 million for the comparable 2022 quarter. Gross profit for the quarter was $371,206, compared to gross profit of $2.5 million for the comparable 2022 quarter. Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 33 percent for the comparable 2022 quarter. Profit from operations $199,328 for the quarter, compared to a loss from operations of $1.7 million for the comparable 2022 quarter. Net loss for the quarter was ($32,623) compared to net income of $928,849 for the comparable 2022 quarter. Earnings per share (EPS) were $0.00 for the quarter compared to EPS of $0.05 for the comparable 2022 quarter. Statement of Operations for the Nine-Month period Ended September 30, 2023 The company reported revenue of approximately $6.7 million versus revenue of $14.8 million for the comparable 2022 period. Gross profit for the period was $1.9 million compared to gross profit of $4.2 million for the comparable 2022 period. Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period. Profit from operations $438,528 for the nine-month period, compared to profit from operations of $2.2 million for the comparable 2022 nine-month period. Net loss for the nine-month period was ($48,122) compared to net income of $1.4 million for the comparable nine-month period of 2022. Earnings per share (EPS) were $0.00 for the period compared to EPS of $0.09 for the comparable 2022 nine-month period. Balance Sheet for the Nine-Month Period Ended September 30, 2023 Total Assets were $18.2 million, a $4.9 million increase due in part to an increase in rental equipment. Total Liabilities were $13.9 million, a $4.9 million increase due in part to an increase in the Company’s credit line, lease liability and deferred income. The $10 million leases are not recognized as revenue but as Deferred Revenue, which is a Liability. This results in a higher inventory, an asset, and higher liability, Deferred Revenue. Please join the Company’s management team November 20 at 9:00 a.m. PDT, 12:00 p.m. EDT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from November 20, 2023, at 3:00 p.m. Eastern Time until December 4, 2023, at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13742791. AmeraMex InternationalAmeraMex 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 StatementStatements 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” “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.UNAUDITED STATEMENTS OF OPERATIONSTHREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,2023202220232022 REVENUES Sales of Equipment and Other Revenues$ 756,581 $ 7,303,783 5,716,647 $ 13,904,722 Rentals and Leases 454,154 180,957 1,024,077 910,172 Total Sales 1,210,735 7,484,740 6,740,724 14,814,894 COST OF SALESSales of Equipment and Other Revenues 685,268 4,845,129 4,316,879 10,197,658 Rentals and Leases 154,261 108,081 521,029 415,805 Total Cost of Sales 839,529 4,953,210 4,837,908 10,613,463 GROSS PROFIT 371,206 2,531,530 1,902,816 4,201,431 OPERATING EXPENSESSelling Expense 87,549 441,216 840,930 994,721 General and Administrative 84,329 386,505 622,358 989,114 Total Operating Expenses 171,878 827,721 1,463,288 1,983,835 Profit (loss) From Operations 199,328 1,703,809 439,528 2,217,596 OTHER INCOME (EXPENSE)Interest Expense, net (218,551) (275,793) (503,990) (549,924)Loss from Early Extinguishment of Debt (28,446) (18,021) (67,536) (33,366)Gain of Sale of Asset 215,624 215,624 Other Income (Expense) 1,393 (174,292) 63,740 175,842 Total Other Income (Expense) (245,604) (252,482) (507,786) (191,824)INCOME BEFORE PROVISION for INCOME TAXES (46,276) 1,451,327 (68,258) 2,025,772 PROVISION for INCOME TAXES (13,653) 522,478 (20,136) 598,264 NET INCOME$ (32,623) $ 928,849 $ (48,122) $ 1,427,508 Weighted Average Shares Outstanding:Basic 14,829,155 14,829,155 14,829,155 14,829,155 Diluted 14,829,155 14,829,155 14,829,155 14,829,155 Earnings (loss) per ShareBasic$0.00$0.05$0.00$0.09Diluted$0.00$0.05$0.00$0.09AMERAMEX INTERNATIONAL, INC.UNAUDITED BALANCE SHEETSSEPTEMBER 30, 2023DECEMBER 31, 2022ASSETSCurrent Assets:Cash$ 281,930 $ 1,032,209 Accounts Receivable, Net 744,660 1,118,774 Inventory, Net 11,505,978 6,275,823 Other Current Assets 229,924 318,807 Total Current Assets 12,762,492 8,745,613 Property and Equipment, Net 970,777 1,047,602 Rental Equipment, Net 2,100,269 1,078,470 Joint Venture Asset 177,000 - Operating Lease ROU Asset 725,674 788,733 Financing Lease ROU Asset 1,199,668 1,330,732 Other Assets 251,615 329,178 Total Other Assets 5,425,003 4,574,715 TOTAL ASSETS$ 18,187,495 $ 13,320,328 LIABILITIES & STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts Payable$ 1,564,413 $ 1,199,803 Accrued Expenses 120,972 322,060 Joint Venture Liability - 227,503 Lines of Credit 860,280 1,327,715 Notes Payable, Current Portion 2,150,581 1,499,018 Lease Liability 317,202 317,202 Deferred Revenue 556,095 - Total Current Liabilities 5,569,543 4,893,301 Long-Term LiabilitiesDeferred Tax Liabilities, Net 551,564 650,179 Related Party Note 269,159 Lines of Credit 3,567,255 - Notes Payable, Net of Current Portion 93,574 1,609,853 Lease Liability, Net of Current Portion 1,608,140 1,813,389 Deferred Revenue, Net of Current Portion 2,224,379 - Total Long-Term Liabilities 8,314,071 4,073,421 TOTAL LIABILITIES 13,883,614 8,966,722 Commitments and Contingencies (Note 11) - - STOCKHOLDERS' EQUITY:Shareholders' EquityPreferred Stock, $0.001 par value, 5,000,000 shares authorized, no - - shares issued and outstandingCommon Stock, $0.001 par value, 1,000,000,000 shares authorized 14,829 14,829 14,829,155 shares issued and outstanding at September 30, 2023 andDecember 31, 2022Additional Paid-In Capital 21,671,534 21,671,534 Accumulated Deficit (17,382,482) (17,332,757)Total Stockholders' Equity 4,303,881 4,353,606 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$ 18,187,495 $ 13,320,328 - - AMERAMEX INTERNATIONAL, INC.UNAUDITED STATEMENTS OF CASH FLOWNINE MONTHS ENDED SEPTEMBER 30,20232022 OPERATING ACTIVITIES:Net Income (48,122) 1,427,509 Adjustments to reconcile Net Loss toNet Cash provided (used) by Operations Activities:Depreciation and Amortization 719,468 562,569 Provision (Benefit) for Deferred Income Taxes (98,615) 534,576 Marketing Services Paid in Stock - 71,000 Loss on Early Extinguishment of Debt 67,536 33,366 Gain/Loss on Disposal - (215,625)Amortization of Right of Use Asset 19,797 19,797 Amortization and Accretion of Interest 63,556 27,876 Change in Assets and Liabilities:Accounts Receivable 374,114 (1,884,657)Inventory (5,230,155) (1,690,298)ROU Asset (725,674) (808,928)Other Current Assets 88,883 71,016 Accounts Payable 364,610 174,386 Customer Deposits - 53,522 Deferred Revenue 2,780,474 - Accrued Expenses (201,088) 13,727 Lease Liability 725,674 808,928 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (1,099,542) (801,236)INVESTING ACTIVITIES:Payments for Property & Equipment (179,860) (408,199)Payments for Rental Equipment - (233,347)Proceeds (Payments) for Rental Equipment (1,484,582) 360,000 NET CASH USED BY INVESTING ACTIVITIES (1,664,442) (281,546)FINANCING ACTIVITIES:Proceeds from Notes Payable 563,330 2,117,692 Payments on Notes Payable (733,470) (1,370,027)Payment on Note Payable - Related Party 269,159 - Joint Venture Liability (227,503) 105,003 Net Borrowing (Repayments) Under Lines of Credit 2,142,189 (406,818)NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,013,705 445,850 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (750,279) (636,932)Cash and Cash Equivalents, BEGINNING OF PERIOD 1,032,209 995,611 Cash and Cash Equivalents, END OF PERIOD 281,930 358,679 CASH PAID FOR:Interest 543,573 564,478 Income Taxes 800 800 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTINGAND FINANCING ACTIVITIES:Transfer of Inventory to Rental Equipment 1,666,085 - Equipment Financed under Capital Leases 779,160 - Transfer of Rental Equipment to Inventory - 563,750 AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THENINE MONTHS ENDED SEPTEMBER 30th, 2023 AND 2022Common Stock Additional Total Paid-in Accumulated Stockholders' Balance SharesAmount Capital Deficit Equity/(Deficit)December 31, 2021 14,629,155 $14,629 $ 21,600,734 $(18,335,686) $3,279,677 Stock for Services 200,000 200 70,800 $71,000 Net Income - - - 1,427,509 1,427,509 September 30, 2022 14,829,155 $14,829 $ 21,671,534 $ (16,908,177) $ 4,778,186 December 31, 2022 14,829,155 $14,829 $21,671,534 $(17,334,360) $ 4,352,003 Net Income - - - (48,122) (48,122)September 30, 2023 14,829,155 $14,829 $21,671,534 $ (17,382,482) $ 4,303,881 14,829,155 14,829 21,671,534 (17,382,482) 4,303,881 - - - - - Contact DetailsMarty Tullio+1 949-632-1900marty@mccloudcommunications.comCompany Websitehttps://www.ammx.net
AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter ended September 30, 2023. AmeraMex CEO Lee Hamre commented, “2022 was a great year for revenue and net income. Although we initiated cost-savings measures during 2022, they were not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs, interest rates and inflation have created uncertainty within our target markets which equates to a downturn in sales during the last nine months. “In the last quarter of 2022 and in June and August of this year we have signed over $10 million in rental agreements. Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rental revenue is recorded monthly, which gives the company a steady stream of cash flow. “I would like to add that the entire AmeraMex team is razor focused on sales, cost containment and profitability,” said Hamre.” Statement of Operations for the Quarter Ended September 30, 2023 The Company reported revenue of approximately $1.2 million versus revenue of $7.5 million for the comparable 2022 quarter. Gross profit for the quarter was $371,206, compared to gross profit of $2.5 million for the comparable 2022 quarter. Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 33 percent for the comparable 2022 quarter. Profit from operations $199,328 for the quarter, compared to a loss from operations of $1.7 million for the comparable 2022 quarter. Net loss for the quarter was ($32,623) compared to net income of $928,849 for the comparable 2022 quarter. Earnings per share (EPS) were $0.00 for the quarter compared to EPS of $0.05 for the comparable 2022 quarter. Statement of Operations for the Nine-Month period Ended September 30, 2023 The company reported revenue of approximately $6.7 million versus revenue of $14.8 million for the comparable 2022 period. Gross profit for the period was $1.9 million compared to gross profit of $4.2 million for the comparable 2022 period. Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period. Profit from operations $438,528 for the nine-month period, compared to profit from operations of $2.2 million for the comparable 2022 nine-month period. Net loss for the nine-month period was ($48,122) compared to net income of $1.4 million for the comparable nine-month period of 2022. Earnings per share (EPS) were $0.00 for the period compared to EPS of $0.09 for the comparable 2022 nine-month period. Balance Sheet for the Nine-Month Period Ended September 30, 2023 Total Assets were $18.2 million, a $4.9 million increase due in part to an increase in rental equipment. Total Liabilities were $13.9 million, a $4.9 million increase due in part to an increase in the Company’s credit line, lease liability and deferred income. The $10 million leases are not recognized as revenue but as Deferred Revenue, which is a Liability. This results in a higher inventory, an asset, and higher liability, Deferred Revenue. Please join the Company’s management team November 20 at 9:00 a.m. PDT, 12:00 p.m. EDT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from November 20, 2023, at 3:00 p.m. Eastern Time until December 4, 2023, at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13742791. AmeraMex InternationalAmeraMex 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 StatementStatements 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” “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.UNAUDITED STATEMENTS OF OPERATIONSTHREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,2023202220232022 REVENUES Sales of Equipment and Other Revenues$ 756,581 $ 7,303,783 5,716,647 $ 13,904,722 Rentals and Leases 454,154 180,957 1,024,077 910,172 Total Sales 1,210,735 7,484,740 6,740,724 14,814,894 COST OF SALESSales of Equipment and Other Revenues 685,268 4,845,129 4,316,879 10,197,658 Rentals and Leases 154,261 108,081 521,029 415,805 Total Cost of Sales 839,529 4,953,210 4,837,908 10,613,463 GROSS PROFIT 371,206 2,531,530 1,902,816 4,201,431 OPERATING EXPENSESSelling Expense 87,549 441,216 840,930 994,721 General and Administrative 84,329 386,505 622,358 989,114 Total Operating Expenses 171,878 827,721 1,463,288 1,983,835 Profit (loss) From Operations 199,328 1,703,809 439,528 2,217,596 OTHER INCOME (EXPENSE)Interest Expense, net (218,551) (275,793) (503,990) (549,924)Loss from Early Extinguishment of Debt (28,446) (18,021) (67,536) (33,366)Gain of Sale of Asset 215,624 215,624 Other Income (Expense) 1,393 (174,292) 63,740 175,842 Total Other Income (Expense) (245,604) (252,482) (507,786) (191,824)INCOME BEFORE PROVISION for INCOME TAXES (46,276) 1,451,327 (68,258) 2,025,772 PROVISION for INCOME TAXES (13,653) 522,478 (20,136) 598,264 NET INCOME$ (32,623) $ 928,849 $ (48,122) $ 1,427,508 Weighted Average Shares Outstanding:Basic 14,829,155 14,829,155 14,829,155 14,829,155 Diluted 14,829,155 14,829,155 14,829,155 14,829,155 Earnings (loss) per ShareBasic$0.00$0.05$0.00$0.09Diluted$0.00$0.05$0.00$0.09AMERAMEX INTERNATIONAL, INC.UNAUDITED BALANCE SHEETSSEPTEMBER 30, 2023DECEMBER 31, 2022ASSETSCurrent Assets:Cash$ 281,930 $ 1,032,209 Accounts Receivable, Net 744,660 1,118,774 Inventory, Net 11,505,978 6,275,823 Other Current Assets 229,924 318,807 Total Current Assets 12,762,492 8,745,613 Property and Equipment, Net 970,777 1,047,602 Rental Equipment, Net 2,100,269 1,078,470 Joint Venture Asset 177,000 - Operating Lease ROU Asset 725,674 788,733 Financing Lease ROU Asset 1,199,668 1,330,732 Other Assets 251,615 329,178 Total Other Assets 5,425,003 4,574,715 TOTAL ASSETS$ 18,187,495 $ 13,320,328 LIABILITIES & STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts Payable$ 1,564,413 $ 1,199,803 Accrued Expenses 120,972 322,060 Joint Venture Liability - 227,503 Lines of Credit 860,280 1,327,715 Notes Payable, Current Portion 2,150,581 1,499,018 Lease Liability 317,202 317,202 Deferred Revenue 556,095 - Total Current Liabilities 5,569,543 4,893,301 Long-Term LiabilitiesDeferred Tax Liabilities, Net 551,564 650,179 Related Party Note 269,159 Lines of Credit 3,567,255 - Notes Payable, Net of Current Portion 93,574 1,609,853 Lease Liability, Net of Current Portion 1,608,140 1,813,389 Deferred Revenue, Net of Current Portion 2,224,379 - Total Long-Term Liabilities 8,314,071 4,073,421 TOTAL LIABILITIES 13,883,614 8,966,722 Commitments and Contingencies (Note 11) - - STOCKHOLDERS' EQUITY:Shareholders' EquityPreferred Stock, $0.001 par value, 5,000,000 shares authorized, no - - shares issued and outstandingCommon Stock, $0.001 par value, 1,000,000,000 shares authorized 14,829 14,829 14,829,155 shares issued and outstanding at September 30, 2023 andDecember 31, 2022Additional Paid-In Capital 21,671,534 21,671,534 Accumulated Deficit (17,382,482) (17,332,757)Total Stockholders' Equity 4,303,881 4,353,606 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$ 18,187,495 $ 13,320,328 - - AMERAMEX INTERNATIONAL, INC.UNAUDITED STATEMENTS OF CASH FLOWNINE MONTHS ENDED SEPTEMBER 30,20232022 OPERATING ACTIVITIES:Net Income (48,122) 1,427,509 Adjustments to reconcile Net Loss toNet Cash provided (used) by Operations Activities:Depreciation and Amortization 719,468 562,569 Provision (Benefit) for Deferred Income Taxes (98,615) 534,576 Marketing Services Paid in Stock - 71,000 Loss on Early Extinguishment of Debt 67,536 33,366 Gain/Loss on Disposal - (215,625)Amortization of Right of Use Asset 19,797 19,797 Amortization and Accretion of Interest 63,556 27,876 Change in Assets and Liabilities:Accounts Receivable 374,114 (1,884,657)Inventory (5,230,155) (1,690,298)ROU Asset (725,674) (808,928)Other Current Assets 88,883 71,016 Accounts Payable 364,610 174,386 Customer Deposits - 53,522 Deferred Revenue 2,780,474 - Accrued Expenses (201,088) 13,727 Lease Liability 725,674 808,928 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (1,099,542) (801,236)INVESTING ACTIVITIES:Payments for Property & Equipment (179,860) (408,199)Payments for Rental Equipment - (233,347)Proceeds (Payments) for Rental Equipment (1,484,582) 360,000 NET CASH USED BY INVESTING ACTIVITIES (1,664,442) (281,546)FINANCING ACTIVITIES:Proceeds from Notes Payable 563,330 2,117,692 Payments on Notes Payable (733,470) (1,370,027)Payment on Note Payable - Related Party 269,159 - Joint Venture Liability (227,503) 105,003 Net Borrowing (Repayments) Under Lines of Credit 2,142,189 (406,818)NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,013,705 445,850 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (750,279) (636,932)Cash and Cash Equivalents, BEGINNING OF PERIOD 1,032,209 995,611 Cash and Cash Equivalents, END OF PERIOD 281,930 358,679 CASH PAID FOR:Interest 543,573 564,478 Income Taxes 800 800 SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTINGAND FINANCING ACTIVITIES:Transfer of Inventory to Rental Equipment 1,666,085 - Equipment Financed under Capital Leases 779,160 - Transfer of Rental Equipment to Inventory - 563,750 AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THENINE MONTHS ENDED SEPTEMBER 30th, 2023 AND 2022Common Stock Additional Total Paid-in Accumulated Stockholders' Balance SharesAmount Capital Deficit Equity/(Deficit)December 31, 2021 14,629,155 $14,629 $ 21,600,734 $(18,335,686) $3,279,677 Stock for Services 200,000 200 70,800 $71,000 Net Income - - - 1,427,509 1,427,509 September 30, 2022 14,829,155 $14,829 $ 21,671,534 $ (16,908,177) $ 4,778,186 December 31, 2022 14,829,155 $14,829 $21,671,534 $(17,334,360) $ 4,352,003 Net Income - - - (48,122) (48,122)September 30, 2023 14,829,155 $14,829 $21,671,534 $ (17,382,482) $ 4,303,881 14,829,155 14,829 21,671,534 (17,382,482) 4,303,881 - - - - - Contact DetailsMarty Tullio+1 949-632-1900marty@mccloudcommunications.comCompany Websitehttps://www.ammx.net