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AmeraMex International Reports Revenue of $3.2 Million for the First Quarter Ended March 31, 2023

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

Company Website

https://www.ammx.net

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