AmeraMex International Reports Revenue of $4 Million For the First Quarter Ended March 31, 2021
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AmeraMex International Reports Revenue of $4 Million For the First Quarter Ended March 31, 2021

Friday, May 14, 2021 9:45 AM
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Earnings

First Quarter Revenue Increases 180 Percent With Year-to-Date Sales of $12.5 Million

CHICO, CA / ACCESSWIRE / May 14, 2021 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies (stevedoring/shipping), infrastructure construction, and forestry conservation reported financial results for its first quarter ended March 31, 2021.

Highlights for the First Quarter of 2021

Revenue increases 180 percent.

  • Revenue was approximately $4 million, a 180 percent increase when compared to revenue of $1.4 million for the 2020 period.

Gross profit increases 260 percent.

  • Gross profit was approximately $1.2 million, a 260 percent increase when compared to gross profit of $444,211 for the period ended March 31, 2020.

Net profit increases 350 percent.

  • Net profit was $365,829 a 350 percent increase when compared to a net loss of <$128,079> for the first quarter ended March 31, 2020.
  • Earnings Before Interest, Taxes, Depreciation, and Appreciation (EBITDA) were $1.2 million.

Balance Sheet

  • Total Assets on the Balance Sheet were $13.5 million an increase of $1 million when compared to the December 31, 2020 period.
  • Total Liabilities increased from $11.5 million, an increase of $597,317 when compared to the December 2020 period.

The Company's sales, administrative, and accounting employees are now working from home 50 percent of the time and alternating their days in the office. Shop employees are servicing contracts with our customers and we continue to limit the number of customers in our facility. This will increase as customers and employees are vaccinated.

COVID-19 pandemic continues to impact AmeraMex's international customers due to travel restrictions and a reemergence of the virus in several countries. It is expected that, once more countries inoculate their citizens, rules will begin to relax. Here in the US, it is business as usual for the most part.

April 7, 2021, AmeraMex was offered and accepted an increase in the COVID Economic Injury Disaster Loan from $150,000, which was received in 2020, to $500,000. The remaining $350,000 is expected to be funded in the next few weeks.

The Company is also working with the SBA on a new loan program that is based on the difference between gross earned revenue compared between 2020 and 2019. AmeraMex meets the qualifications and is eligible to receive $5.6 million. The application will be submitted when the SBA begins the submission process.

 

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF OPERATIONS
AS OF MARCH 31, 2021 AND MARCH 31, 2020

 
 
 
 
 
 
 
     
 
 
  MARCH 31, 2021     MARCH 31, 2020  
REVENUES
           
Sales of Equipment and Other Revenues
  $ 3,245,982     $ 912,315  
Rentals and Leases
    783,714       526,154  
Total Revenues
    4,029,696       1,438,469  
 
               
COST OF SALES
               
Sales of Equipment and Other Revenues
    2,690,787       745,952  
Rentals and Leases
    167,201       248,306  
Total Cost of Revenues
    2,857,988       994,258  
 
               
GROSS PROFIT
    1,171,708       444,211  
 
               
OPERATING EXPENSES
               
Selling Expense
    139,189       88,833  
General and Administrative
    244,303       268,523  
Total Operating Expenses
    383,492       357,356  
 
               
Profit From Operations
    788,216       86,855  
 
               
OTHER INCOME (EXPENSE)
               
Interest Expense
    (267,057 )     (261,110 )
Loss from Early Extinguishment of Debt
    (12,333 )     -  
Other Income
    10,078       -  
Total Other Income (Expense)
    (269,312 )     (261,110 )
 
               
INCOME BEFORE PROVISION for INCOME TAXES
    518,904       (174,255 )
 
               
PROVISION (BENEFIT) for INCOME TAXES
    153,075       (46,176 )
 
               
NET PROFIT (LOSS)
  $ 365,829     $ (128,079 )
 
               
Weighted Average Shares Outstanding:
               
Basic
    14,549,155       15,068,318  
Diluted
    14,549,155       15,068,318  
 
               
Earnings (loss) per Share
               
Basic
  $ 0.03     $ 0.00  
Diluted
  $ 0.03     $ 0.00  
AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
AS OF MARCH 31, 2021 AND DECEMBER 31,2020
 
 
 
     
 
           
 
  MARCH 31, 2021     DECEMBER 31, 2020  
ASSETS
           
Current Assets:
           
Cash
  $ 337,600     $ 407,881  
Accounts Receivable, Net
    1,763,281       768,371  
Inventory
    6,630,817       5,873,569  
Other Current Assets
    232,291       198,531  
Total Current Assets
    8,963,989       7,248,352  
 
               
Property and Equipment, Net
    968,972       1,035,840  
Rental Equipment, Net
    3,114,425       3,624,376  
Deferred Tax Assets, Net
    -       158,124  
Other Assets
    435,862       453,410  
Total Noncurrent Assets
    4,519,259       5,271,750  
 
               
TOTAL ASSETS
  $ 13,483,248     $ 12,520,102  
 
               
LIABILITIES & STOCKHOLDERS' EQUITY
               
Current Liabilities:
               
Accounts Payable
  $ 1,253,413     $ 620,200  
Accrued Expenses
    347,316       231,329  
Joint Venture Liability
    594,747       439,500  
Lines of Credit
    5,165,554       5,749,801  
Notes Payable, Current Portion
    1,026,552       911,265  
Convertible Note
    194,686       150,683  
Total Current Liabilities
    8,582,268       8,102,778  
 
               
Long-Term Liabilities
               
Deferred Tax Liability
    (4,249 )     -  
Notes Payable - Related Party
    239,412       226,659  
Notes Payable, Net of Current Portion
    2,707,258       2,597,935  
Line of Credit
    -       -  
Total Noncurrent Liabilities
    2,942,421       2,824,594  
 
               
TOTAL LIABILITIES
    11,524,689       10,927,372  
 
               
Commitments and Contingencies (Note 11)
               
 
               
STOCKHOLDERS' EQUITY:
               
Stockholders' Equity
               
             
shares issued and outstanding
    -       -  
             
             
14,548,851 at December 31,2020
    14,549       14,549  
Additional Paid-In Capital
    21,545,614       21,545,614  
Accumulated Deficit
    (19,601,604 )     (19,967,433 )
Total Stockholders' Equity
    1,958,559       1,592,730  
 
               
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
  $ 13,483,248     $ 12,520,102  
 
               
 
    -       -  
 

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF CASH FLOW
AS OF MARCH 31, 2021 AND MARCH 31, 2020

 
 
 
 
     
 
  MARCH 31, 2021     DECEMBER 31, 2020  
CASH FROM OPERATING ACTIVITIES
           
Net Profit (Loss)
  $ 365,829     $ (128,079 )
Adjustments to reconcile Net Income (Loss) to
               
 
       
Depreciation and Amortization
    220,810       337,673  
Provision/Benefit for Deferred Income Taxes
    (4,249 )     (46,176 )
Loss on Early Extinguishment of Debt
    12,333       -  
Changes in Operating Assets and Liabilities:
               
Accounts Receivable
    (994,910 )     110,486  

Inventory
    (757,248 )     (1,943,023 )
Other Current Assets
    (16,212 )     25,417  
Accounts Payable
    633,213       107,097  
Accrued Expenses
    115,987       (25,232 )
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    (424,447 )     (1,561,837 )
 
               
INVESTING ACTIVITIES:
               
Payments for Property & Equipment
    (6,501 )     (20,416 )
Payments for Rental Equipment
    362,510       (18,589 )
Proceeds from Sale of Equipment
    -       -  
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
    356,009       (39,005 )
 
               
FINANCING ACTIVITIES:
               
Proceeds from Notes Payable
    700,940       2,900,600  
Payments on Notes Payable
    (286,537 )     (129,950 )
Payment on Note Payable - Related Party
    12,753       (4,568 )
Joint Venture Liability
    155,247       (17,500 )
Net Borrowing Under Line of Credit
    (584,246 )     (1,075,247 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    (1,843 )     1,673,335  
 
               
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
    (70,281 )     72,493  
 
               
Cash, beginning of period
    407,881       114,504  
Cash, end of period
  $ 337,600     $ 186,997  
 
               
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
               
INFORMATION:
               
Cash Paid for Interest
  $ 201,278     $ 259,808  
Cash Paid for Income Taxes
  $ -     $ -  
 
               
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
               
AND FINANCING ACTIVITIES:
               
Transfer of Inventory to Rental Equipment
  $ 508,000     $ -  
Equipment Financed Under Capital Leases
  $ 197,186     $ -  
Transfer of Rental Equipment to Inventory
  $ 964,600     $ -  
 
               
AMERAMEX INTERNATIONAL, INC.  
UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)  
AS OF MARCH 31, 2021 AND DECEMBER 31,2020  
 
                                Total  
 
              Additional                 Stockholders'  
 
  Common Stock     Paid-in     Treasury     Accumulated     Equity/  
Balance
  Shares     Amount     Capital     Stock     Deficit     (Deficit)  
 
                                   
Dec. 31, 2019
    15,068,318     $ 15,068     $ 21,519,435     $ -     $ (19,384,743 )   $ 2,149,760  
 
                                               
Net Income
                                    (128,079 )     (128,079 )
 
                                               
March 31, 2020
    15,068,318       15,068       21,519,435       -       (19,512,822 )     2,021,681  
 
                                               
Stock for Services
    40,000       40       25,620               -       25,660  
 
                                               
Purchase & Retire Stock
    (559,163 )     (559 )     559                       -  
 
                                               
Net Income
                                    (454,611 )     (454,611 )
 
                                               
Dec. 31, 2020
    14,549,155     $ 14,549     $ 21,545,614     $ -     $ (19,967,433 )   $ 1,592,730  
 
                                               
Net Income
                                    365,829       365,829  
 
                                               
Feb. 28, 2021
    14,549,155     $ 14,549     $ 21,545,614     $ -     $ (19,601,604 )   $ 1,958,559  
 
    14,549,155       14,549       21,545,614       -       (19,601,604 )     1,958,559  

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 corporate information, online heavy equipment inventory/ pricing and 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 important 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 Company's 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 Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's 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 new information becomes available in the future.

Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or [email protected]

SOURCE: AmeraMex International, Inc.

AmeraMex International, Inc.
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