AmeraMex International Reports Revenue of $2.6 Million For the First Quarter Ended March 31, 2019
AmeraMex announces that it has submitted its Registration Statement and Form 10 to the SEC
CHICO, Calif., May 13, 2019 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies (stevedoring/shipping), infrastructure construction, forestry conservation and tactical military vehicles, today reported financial results for its first quarter ended March 31, 2019. Additionally, the Company reported that it has filed its Registration Statement and Form 10 to the SEC.
AmeraMex CEO Lee Hamre commented, “On behalf of myself, our CFO Hope Stone and the entire management team, we are pleased to announce that the Registration Statement and Form 10 have been submitted to the SEC for review. The review process can last several months, but the Company and its service providers are committed to responding expeditiously. After the SEC comment process is completed, they will declare the Registration Statement “effective” and AmeraMex will be a “fully reporting company.”
Highlights for the First Quarter of 2019*
- Revenue was approximately $2.6 million, a 44 percent increase when compared to revenue of $1.8 million for the 2018 period.
- Gross profit was approximately $967,385 compared to gross profit of $414,975 for the period ended March 31, 2018. This is an increase of 133 percent.
- Net income of $692,774 was a significant increase when compared to net income of $43,088 for the first quarter ended March 31, 2018.
- The audits for 2018 and 2017 are complete.
- The Company secured a $6.6 million line-of-credit.
*The comparable 2018 financial statements may differ from the original published numbers due to adjustment made during the 2017/2018 audit.
Tables follow:
| AMERAMEX INTERNATIONAL, INC. | |||||
| UNAUDITED CONDENSED STATEMENT OF OPERATIONS | |||||
| For the 3 months ended March 31, 2019 & 2018 | |||||
| three month | three month | ||||
| period ending | period ending | ||||
| March 31, 2019 | March 31, 2018 | ||||
| Sales | 2,563,291 | $ | 1,778,910 | ||
| Cost of Goods Sold | (1,595,906 | ) | (1,363,935 | ) | |
| Gross Profit | 967,385 | 414,975 | |||
| Operating Expenses: | |||||
| Selling Expenses | 118,001 | 115,253 | |||
| General & Administrative | 104,030 | 130,088 | |||
| Total Operating Expenses | 222,031 | 245,341 | |||
| Income from Operations | 745,354 | 169,634 | |||
| Other Income (Expenses) | |||||
| Interest Expense | (54,750 | ) | (94,296 | ) | |
| Other Income (Expense) | 213 | - | |||
| Total Other Income (Expense) | (54,537 | ) | (94,296 | ) | |
| Income Before Provision for Income Taxes | 690,817 | 75,338 | |||
| Provision for Income Taxes | 1,958 | (32,250 | ) | ||
| Net Income | 692,775.00 | $ | 43,088.00 | ||
| Weighted Average Shares Outstanding: | |||||
| Basic | 754,015,879 | 754,015,879 | |||
| Diluted | 754,015,879 | 754,015,879 | |||
| Earnings (loss) per Share | |||||
| Basic | 0.00 | $ | 0.00 | ||
| Diluted | 0.00 | $ | 0.00 | ||
| AMERAMEX INTERNATIONAL, INC. | |||||
| UNAUDITED CONDENSED BALANCE SHEET | |||||
| First Quarter 2019 & 2018 | |||||
| 31-Mar-19 | 31-Mar-18 | ||||
| ASSETS | |||||
| Current Assets | |||||
| Cash | 57,986 | $ | 120,576 | ||
| Accounts Receivable | 732,957 | 404,853 | |||
| Inventory | 4,826,926 | 2,391,321 | |||
| Other Current Assets | 1,104,815 | 256,421 | |||
| Total Current Assets | 6,722,684 | 3,173,171 | |||
| Property & Equipment, Net | 942,349 | 772,704 | |||
| Rental Equipment, Net | 4,513,158 | 5,443,516 | |||
| Other Assets | 234,074 | 234,074 | |||
| Total Other Assets | 5,689,581 | 6,450,294 | |||
| TOTAL ASSETS | 12,412,265 | $ | 9,623,465 | ||
| LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | |||||
| Current Liabilities: | |||||
| Accounts Payable | 2,569,036 | $ | 1,089,465 | ||
| Accrued Expenses | 105,985 | 93,097 | |||
| Notes Payable, Current Portion | 60,000 | 1,149,212 | |||
| Total Current Liabilities | 2,735,021 | 2,331,774 | |||
| Long-Term Liabilities | |||||
| Deferred Tax Liability | 301,680 | (3,682 | ) | ||
| Notes Payable - Related Party | 348,984 | 392,968 | |||
| Notes Payable, Net of Current Portion | 72,880 | 4,952,718 | |||
| Line of Credit | 6,031,286 | 552,140 | |||
| Total Long-Term Liabilities | 6,754,830 | 5,894,144 | |||
| TOTAL LIABILITIES | 9,489,851 | 8,225,918 | |||
| STOCKHOLDERS' EQUITY (DEFICIT): | |||||
| Common Stock, $0.0001 par value, | |||||
| 100,000,000 shares authorized, | |||||
| 754,017 & 754,017 | |||||
| shares issued and outstanding | 754,017 | 754,017 | |||
| Additional Paid-In Capital | 20,785,924 | 20,785,924 | |||
| Treasury Stock | (5,438 | ) | (5,438 | ) | |
| Accumulated Deficit | (18,612,087 | ) | (20,136,956 | ) | |
| Total Stockholders' Equity (Deficit) | 2,922,416 | 1,397,547 | |||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | 12,412,267 | $ | 9,623,465 | ||
| Common Stock Issued and Out Standing: 754,015,879 | |||||
| AMERAMEX INTERNATIONAL, INC. | |||||
| UNAUDITED STATEMENT OF CASH FLOW | |||||
| For the Three months ended March 31, 2019 | |||||
| OPERATING ACTIVITIES: | |||||
| March 31, 2019 | |||||
| Net Income | 682,161 | ||||
| Adjustments to reconcile net income to | |||||
| net cash provided by operating activities: | |||||
| Depreciation | 283,420 | ||||
| Stock-based Compensation | |||||
| Loss on Settlement of Debt for Common Stock | |||||
| Change in current assets and liabilities: | |||||
| Accounts Receivable | (101,152 | ) | |||
| Inventory | (2,137,284 | ) | |||
| Other Assets | (827,252 | ) | |||
| Accounts Payable & Accrued Expenses | 1,247,696 | ||||
| Income Tax Payable | - | ||||
| Net Cash Provided by Operating Activities | (852,411 | ) | |||
| INVESTING ACTIVITIES: | |||||
| Payment for Furniture & Equipment | (2,217,455 | ) | |||
| Net Cash used in Investing Activities | (2,217,455 | ) | |||
| FINANCING ACTIVITIES: | |||||
| Repayment of Note Payable | (2,322,273 | ) | |||
| Proceeds from Note Payable - Related Party | (4,659 | ) | |||
| Net Proceeds (borrowing) under line of credit | 5,256,831 | ||||
| Purchase of Treasury Stock | - | ||||
| Net Cash used in Financing Activities | 2,929,899 | ||||
| NET DECREASE IN CASH | (139,967 | ) | |||
| CASH, BEGINNING BALANCE | 197,738 | ||||
| CASH, ENDING BALANCE | 57,771 | ||||
| CASH PAID FOR: | |||||
| Interest | 54,750 | ||||
| Income Taxes | - | ||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |||||
| Common stock issued for the settlement | |||||
| of accounts payable | - | ||||
| Common stock issued for the settlement | |||||
| of notes payable - related party | - | ||||
About AmeraMex
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company also represents an inclusive product line of advanced performance tactical military vehicles from Oshkosh Defense, LLC. 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.
Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
949.632.1900 or Marty@McCloudCommunications.com
