Chico, CA –News Direct– Ameramex International
AmeraMex International, Inc. (OTC:AMMX), a supplier of heavy tools for logistics corporations, infrastructure building, and forestry conservation, reported monetary outcomes for its first quarter ended March 31, 2022.
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 lowest quarter for the year as customers place orders in the fourth quarter to take advantage of capital investment tax write-offs before yearend.
Over the past five years our first quarter revenue has grown from $2 million in 2018 to $4.9 million in 2022. The Company’s compounded annual growth rate over the past five years, considering a decrease in 2020’s first quarter due to effects of the pandemic, is 21 percent.”
Statement of Operations for the Quarter Ended March 31, 2022
The firm reported income of roughly $4.9 million, a 23 p.c enhance when in comparison with income of roughly $4.0 million for the quarter ended March 31, 2021.
Gross revenue for the quarter was $1,249,069 , a rise of seven p.c when in comparison with gross revenue of $1,171,708 for the comparable quarter.
Gross revenue as a share of gross sales, was 25 p.c for the quarter in comparison with gross revenue as a share of gross sales of 29 p.c for the comparable quarter.
Higher Cost of Sales considerably affected gross revenue. For the three months ending March 31, 2022, Costs of Sales have been $3.7 million, a 30 p.c enhance when in comparison with $2.9 million for the comparable 2021 quarter. The worth of used tools has elevated steadily for the reason that starting of 2021 and was noticeably increased throughout the first quarter of 2022.
The different principal contributor to this enhance was the delayed fee from a buyer for the Joint Venture machine sale which triggered the price of items offered to extend till the client fee is obtained after which despatched to our JV accomplice. Once despatched to our JV accomplice, the prices can be faraway from our books. This discount will occur within the second quarter.
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Net earnings for the quarter was $258,317 in comparison with internet earnings of $365,829 for the comparable quarter. Operating bills elevated by 81 p.c throughout the three months ending March 31, 2022. This enhance is because of the Company paying increased wages to remain aggressive in a extremely risky job market and the upper prices spent on advertising and marketing. Earnings per share have been $0.02 for the quarter in comparison with $0.03 for the comparable 2021 quarter.
Balance Sheet for the Quarter Ended March 31, 2022
Current Assets rose 26 p.c to $9.0 million whereas Total Assets elevated $1.8 million due partly to an $1.5 million enhance in Inventory.
Current Liabilities for the interval have decreased $444,641 whereas Total Liabilities elevated due partly to a $1.3 million Line of Credit.
As of March 31, 2022, the Company had working capital of roughly $4.2 million.
AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS
MARCH 31, 2022
MARCH 31, 2021
REVENUES
Sales of Equipment and Other Revenues
$
4,585,692
$
3,245,982
Rentals and Leases
365,914
783,714
Total Sales
4,951,606
4,029,696
COST OF SALES
Sales of Equipment and Other Revenues
3,552,821
2,613,032
Rentals and Leases
149,716
244,956
Total Cost of Sales
3,702,537
2,857,988
GROSS PROFIT
1,249,069
1,171,708
OPERATING EXPENSES
Selling Expense
323,441
139,189
General and Administrative
369,336
244,303
Total Operating Expenses
692,777
383,492
Profit From Operations
556,292
788,216
OTHER INCOME (EXPENSE)
Interest Expense, internet
(177,757)
(267,057)
Loss from Early Extinguishment of Debt
(15,345)
(12,333)
Other Income
554
10,078
Total Other Expense
(192,548)
(269,312)
INCOME BEFORE PROVISION for INCOME TAXES
363,744
518,904
PROVISION for INCOME TAXES
105,427
153,075
NET INCOME
$
258,317
$
365,829
Weighted Average Shares Outstanding:
Basic
14,629,155
14,549,155
Diluted
14,629,155
14,549,155
Earnings (loss) per Share
Basic
$
0.02
$
0.03
Diluted
$
0.02
$
0.03
AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS
MARCH 31, 2022
DECEMBER 31, 2021
ASSETS
Current Assets:
Cash
$
625,489
$
995,611
Accounts Receivable, Net
1,459,988
1,162,300
Inventory, Net
6,677,863
5,185,864
Other Current Assets
239,200
312,963
Total Current Assets
9,002,540
7,656,738
Non-Current Assets:
Property and Equipment, Net
1,208,628
1,275,717
Rental Equipment, Net
1,193,078
1,461,716
Lease Right of Use Asset
848,131
–
Other Assets
367,991
391,330
Total Long-Term Assets
3,617,828
3,128,763
TOTAL ASSETS
$
12,620,368
$
10,785,501
LIABILITIES & STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable
$
1,150,172
$
560,076
Accrued Expenses
233,036
264,534
Joint Venture Liability
248,043
302,000
Line of Credit
2,462,101
142,500
Notes Payable, Current Portion
560,606
3,180,968
Lease Liability
129,081
777,602
Total Current Liabilities
4,783,039
5,227,680
Long-Term Liabilities
Deferred Tax Liabilities, Net
690,530
588,792
Line of Credit
1,274,568
–
Notes Payable – Related Party
–
–
Notes Payable, Net of Current Portion
1,615,187
1,689,353
Lease Liability, Net of Current Portion
719,050
–
Total Long-Term Liabilities
4,299,335
2,278,145
TOTAL LIABILITIES
$
9,082,374
$
7,505,824
Commitments and Contingencies (Note 10)
–
–
STOCKHOLDERS’ EQUITY:
Shareholders’ Equity
Preferred Stock, $0.001 par worth, 5,000,000 shares approved, no shares issued and excellent
–
–
Common Stock, $0.001 par worth, 1,000,000,000 shares approved 14,629,155 shares issued and excellent at March 31, 2022 and 14,629,155 at December 31, 2021
14,629
14,629
Additional Paid-In Capital
21,600,734
21,600,734
Accumulated Deficit
(18,077,369)
(18,335,686)
Total Stockholders’ Equity
3,537,994
3,279,677
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
$
12,620,368
$
10,785,501
AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOW
MARCH 31, 2022
MARCH 31, 2021
OPERATING ACTIVITIES:
Net Income
$
258,317
$
365,829
Adjustments to reconcile Net Loss to
Net Cash supplied (used) by Operating Activities:
Depreciation and Amortization
188,135
258,148
Provision for Deferred Income Taxes
101,738
153,875
Loss on Early Extinguishment of Debt
15,345
12,333
Amortization and Accretion of Interest
29,652
–
Change in Operating Assets and Liabilities:
Accounts Receivable
(297,688)
(994,910)
Inventory
(1,223,361)
(757,248)
Other Current Assets
73,763
(16,212)
Accounts Payable
590,096
633,213
Customer Deposits
(302,000)
–
Accrued Expenses
(31,498)
115,987
NET CASH PROVIDED USED BY OPERATING ACTIVITIES
$
(597,501)
$
(228,985)
INVESTING ACTIVITIES:
Payments for Property and Equipment
$
(8,995)
$
(6,501)
Proceeds (Payments) for Rental Equipment
(126,358)
304,755
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES
$
(135,353)
$
298,254
FINANCING ACTIVITIES:
Proceeds from Notes Payable
$
135,890
$
529,630
Payments on Notes Payable
(434,403)
(252,934)
Payment on Note Payable – Related Party
–
12,753
Joint Venture Liability
105,543
155,247
Net Borrowing (Repayments) Under Lines of Credit
555,702
(584,246)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES
$
362,732
$
(139,550)
NET DECREASE IN CASH & CASH EQUIVALENTS
$
(370,122)
$
(70,281)
Cash and Cash Equivalents, BEGINNING OF PERIOD
$
995,611
$
407,881
Cash and Cash Equivalents, END OF PERIOD
$
625,489
$
337,600
CASH PAID FOR:
Interest
$
176,795
$
201,278
Income Taxes
$
800
$
–
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment
–
508,000
Equipment Financed below Capital Leases
76,464
197,186
Transfer of Rental Equipment to Inventory
–
964,600
AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE MONTHS ENDED MARCH 31, 2022 AND 2021
Additional
Total
Common Stock
Paid-in
Accumulated
Stockholders’
Balance
Shares
Amount
Capital
Deficit
Equity
December 31, 2020
14,549,155
$ 14,549
$ 21,545,614
$ (19,967,433)
$ 1,592,730
Net Income
–
–
–
365,829
365,829
March 31, 2021
14,549,155
$ 14,549
$ 21,545,614
$ (19,601,604)
$ 1,958,559
December 31, 2021
14,629,155
$14,629
$ 21,600,734
$ (18,335,686)
$ 3,279,677
Net Income
–
–
–
258,317
258,317
March 31, 2022
14,629,155
$ 14,629
$ 21,600,734
$ (18,077,369)
$ 3,537,994
14,629,155
14,629
21,600,734
(18,077,369)
3,537,994
About AmeraMex International
AmeraMex International sells, leases and rents heavy tools to corporations inside a number of industries together with building, logistics, mining, and lumber. AmeraMex, with a US and worldwide buyer base, has over 30 years of expertise in heavy tools gross sales and repair. Follow AmeraMex on Twitter @ammx_intl and go to the AmeraMex web site, www.AMMX.internet or www.hamreequipment.com for extra data and tools movies.
Forward-Looking Statements
This press launch accommodates forward-looking statements. All statements apart from statements of historic details included on this press launch are forward-looking statements. In some circumstances, forward-looking statements will be recognized by phrases akin to “imagine,” “count on,” “anticipate,” “plan,” “potential,” “proceed” or related expressions. Such forward-looking statements embody dangers and uncertainties, and there are key elements that would trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. Investors are inspired to evaluation the Company’s filings with the Securities and Exchange Commission. Investors shouldn’t place any undue reliance on forward-looking statements since they contain identified and unknown, uncertainties and different elements that are, in some circumstances, past the Company’s management which might, and certain will, materially have an effect on precise outcomes, ranges of exercise, efficiency or achievements. Any forward-looking assertion displays the Company’s present views with respect to future occasions and is topic to those and different dangers, uncertainties and assumptions regarding operations, outcomes of operations, progress technique and liquidity. The Company assumes no obligation to publicly replace or revise these forward-looking statements for any purpose, or to replace the explanations precise outcomes might differ materially from these anticipated in these forward-looking statements, even when added data turns into accessible sooner or later.
Contact Details
McCloud Communications LLC
Marty Tullio
+1 949-632-1900
martytullio@hotmail.com
Company Website
https://www.ammx.internet
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