AmeraMex International Reports Corrected Financials for Its Second Quarter Ended June 30, 2022

AmeraMex International Reports Corrected Financials for Its Second Quarter Ended June 30, 2022Press Release | 08/17/2022

DGAP-News: Ameramex International
AmeraMex International Reports Corrected Financials for Its Second Quarter Ended June 30, 2022

17.08.2022 / 15:45 CET/CEST
The issuer is solely responsible for the content of this announcement.

AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its second quarter ended June 30, 2022.

Statement of Operations for the Quarter Ended June 30, 2022

The Company reported revenue of approximately $2.4 million versus revenue of $6.3 million for the comparable 2021 quarter, a 62 percent decrease. Had all the equipment shipped as planned, the Sales of Equipment, and Other Revenues (including rental revenue) would have been $5.4, $900,000 less than the comparable 2021 quarter. This is due in part to a 44 percent reduction in rental revenue. The delays in shipping were caused by back-ordered parts, interstate trucking delays and lack of availability of third-party shippers.

The Company is committed to getting the remaining machines shipped in the third quarter as well as continuing its ongoing sales efforts.

NOTE: The August 15 news release was somewhat confusing as rental revenue was not included in the “what if ” revenue numbers. This has been corrected making easier to compare apples to apples.

Gross profit for the quarter was $420,000, compared to gross profit of $970,000 for the comparable quarter. If all the sold equipment had shipped, gross profit would have been approximately $2.3 million.

Gross profit as a percentage of sales, was 18 percent for the quarter compared to gross profit as a percentage of sales of 15 percent for the comparable quarter. Gross profit, as a percentage of sales, if all sold equipment had shipped, would be 42 percent.

Net income for the quarter was $146,172 compared to net income of $78,000 for the comparable quarter. Prices of equipment have been adjusted to cover increased cost of goods sold and operating costs. Earnings per share were $0.01 for the quarter compared to $0.01 for the comparable 2021 quarter.

Statement of Operations for the Six-Month period June 30, 2022

The company reported revenue of approximately $7.3 million versus revenue of $10.3 million for the comparable 2021 period. The 26 percent decrease in Sales of Equipment and Other Revenues for the six-month period, is due to delays in shipping sold machines to customers. Had all sold machines shipped, Sales of Equipment and Other Revenues (including rental revenue) would have been approximately $10.4 million, $100,000over the comparable six-month period.

Gross profit for the period was $1.7 million compared to gross profit of $2.1 million for the comparable period. If all of the sold equipment had shipped, gross profit would have been $3.5 million.

Gross profit as a percentage of sales, was 23 percent for the period compared to gross profit as a percentage of sales of 21 percent for the comparable period. If the additional equipment had shipped, gross profit as a percentage of sales. would be 34 percent.

Net income for the period was $404,489 compared to net income of $443,879 for the comparable period. Earnings per share were $0.03 for the period compared to $0.03 for the comparable 2021 period. Had all sold equipment been shipped, net income for the six-month period would have been $1.3 million with EPS of $0.08.

Balance Sheet for the Period Ended June 30, 2022

Current Assets rose 33 percent to $11.0 million while Total Assets increased $4.1 million due in part to a $4.2 million increase in Inventory.

Current Liabilities for the period have increased approximately $2.8 million while Total Liabilitiesincreased $3.7 million due in part to a new Line of Credit and lease liability under long-term liabilities a new GAAP rule for reporting certain lease property.

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF OPERATIONS
	THREE MONTHS ENDED JUNE 30,		SIX MONTHS ENDED JUNE 30,
	2022	2021	2022	2021
REVENUES
Sales of Equipment and Other Revenues	$ 2,015,247	$ 5,656,744	$ 6,600,939	8,902,726
Rentals and Leases	363,301	643,207	729,215	1,426,921
Total Sales	2,378,548	6,299,951	7,330,154	10,329,647

COST OF SALES
Sales of Equipment and Other Revenues	1,799,708	5,140,234	5,352,529	7,753,266
Rentals and Leases	158,008	189,290	307,724	434,246
Total Cost of Sales	1,957,716	5,329,524	5,660,253	8,187,512

GROSS PROFIT	420,832	970,427	1,669,901	2,142,135

OPERATING EXPENSES
Selling Expense	$ 230,064	$ 284,732	$ 553,505	423,921
General and Administrative	233,273	229,927	602,609	474,230
Total Operating Expenses	$ 463,337	$ 514,659	$ 1,156,114	898,151

Profit (loss) From Operations	(42,505)	455,768	513,787	1,243,984

OTHER INCOME (EXPENSE)
Interest Expense, net	(96,374)	(267,975)	(274,131)	(535,032)
Loss from Early Extinguishment of Debt	–	(77,845)	(15,345)	(90,178)
Other Income (Expense)	349,580	764	350,134	10,842
Total Other Income (Expense)	253,206	(345,056)	60,658	(614,368)

INCOME BEFORE PROVISION for INCOME TAXES	210,701	110,712	574,445	629,616

PROVISION for INCOME TAXES	64,529	32,662	169,956	185,737

NET INCOME	$ 146,172	$ 78,050	$ 404,489	$ 443,879

Weighted Average Shares Outstanding:
Basic	14,629,155	14,629,155	14,629,155	14,629,155
Diluted	14,629,155	14,629,155	14,629,155	14,629,155

Earnings (loss) per Share
Basic	$ 0.01	$ 0.01	$ 0.03	$ 0.03
Diluted	$ 0.01	$ 0.01	$ 0.03	$ 0.03

AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
	June 30, 2022	December 31, 2021
ASSETS
Current Assets:
Cash	$ 299,754	$ 995,611
Accounts Receivable, Net	1,270,183	1,162,300
Inventory, Net	9,414,871	5,185,864
Other Current Assets	220,353	312,963
Total Current Assets	11,205,161	7,656,738

Property and Equipment, Net	1,457,234	1,275,717
Rental Equipment, Net	1,083,194	1,461,716
Lease Right of Use Asset	828,725	–
Other Assets	358,859	391,330
Total Other Assets	3,728,012	3,128,763
TOTAL ASSETS	$ 14,933,173	$ 10,785,501

LIABILITIES & STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable	$ 2,319,355	$ 560,076
Accrued Expenses	243,984	264,534
Customer Deposits	1,045,078	302,000
Joint Venture Liability	262,293	142,500
Lines of Credit	3,412,441	3,180,968
Notes Payable, Current Portion	626,911	777,601
Lease Liability	129,081	–
Total Current Liabilities	8,039,143	5,227,679

Long-Term Liabilities
Deferred Tax Liabilities, Net	695,060	588,792
Notes Payable, Net of Current Portion	1,815,160	1,689,353
Lease Liability, Net of Current Portion	699,644	–
Total Long-Term Liabilities	3,209,864	2,278,145
TOTAL LIABILITIES	11,249,007	7,505,824

Commitments and Contingencies (Note 11)	–	–

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	14,629	14,629
14,629,155 shares issued and outstanding at June 30, 2022 and
December 31, 2021
Additional Paid-In Capital	21,600,734	21,600,734
Accumulated Deficit	(17,931,197)	(18,335,686)
Total Stockholders’ Equity	3,684,166	3,279,677
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$ 14,933,173	$ 10,785,501
	–	–

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF CASH FLOW
	SIX MONTHS ENDED JUNE 30
	2022	2021
OPERATING ACTIVITIES:
Net Income	$ 404,489	$ 443,879
Adjustments to reconcile Net Income to
Net Cash provided (used) by Operating Activities:
Depreciation and Amortization	376,013	518,025
Provision (Benefit) for Deferred Income Taxes	106,268	27,613
Marketing Services Paid in Stock	–	46,400
Loss on Early Extinguishment of Debt	$ 15,345	$ 90,178
Amortization of Right of Use Asset	19,406	–
Amortization and Accretion of Interest	$ 10,246	$ 86,135
Change in Assets and Liabilities:
Accounts Receivable	(107,883)	(581,244)
Inventory	(4,229,007)	1,357,966
Other Current Assets	92,610	-$27,925
Accounts Payable	1,759,279	360,258
Customer Deposits	743,078	–
Accrued Expenses	(20,550)	249,991
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	(830,706)	2,571,276

INVESTING ACTIVITIES:
Payments for Property & Equipment	(335,596)	(156,502)
Proceeds (Payments) for Rental Equipment	142,281	(416,292)
NET CASH USED BY INVESTING ACTIVITIES	(193,315)	(572,794)

FINANCING ACTIVITIES:
Proceeds from Notes Payable	633,930	2,072,205
Payments on Notes Payable	(657,033)	(2,622,373)
Payment on Note Payable – Related Party	–	(23,908)
Joint Venture Liability	119,793	(69,500)
Net Borrowing (Repayments) Under Lines of Credit	231,474	(1,311,843)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	328,164	(1,955,419)

NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS	(695,857)	43,063

Cash and Cash Equivalents, BEGINNING OF PERIOD	995,611	407,881
Cash and Cash Equivalents, END OF PERIOD	299,754	450,944

CASH PAID FOR:
Interest	273,169	422,505
Income Taxes	800	–

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment	–	508,000
Equipment Financed under Capital Leases	–	187,732
Transfer of Rental Equipment to Inventory	–	964,600

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 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
Stock for Services	80,000	80	55,120	–	55,200
Net Income	–	–	–	$ 443,879	443,879
June 30, 2021	14,629,155	$ 14,629	$ 21,600,734	$ (19,523,554)	$ 2,091,809
December 31, 2021	14,629,155	$ 14,629	$ 21,600,734	$ (18,335,686)	$ 3,279,677
Net Income	–	–	–	404,489	404,489
June 30, 2022	14,629,155	$ 14,629	$ 21,600,734	$ (17,931,197)	$ 3,684,166
	14,629,155	14,629	21,600,734	(17,931,197)	3,684,166
	–	–	–	–	–

About AmeraMex International

AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. AmeraMex, with a US and international customer base, 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 Statements

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are key factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Companys filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Companys control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Companys current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if added information becomes available in the future.

Contact DetailsMarty Tullio

+1 949-632-1900

[email protected]

Company Websitehttps://www.ammx.net

News Source: News Direct

17.08.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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