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

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 Marty@McCloudCommunications.com

SOURCE: AmeraMex International, Inc.



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