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CST: 18/07/2019 06:47:51   

AmeraMex International Reports Revenue of $2.6 Million For the First Quarter Ended March 31, 2019

65 Days ago

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, forestryconservation 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

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