AmeraMex: AmeraMex International Reports Revenue of $3.3 Million for the First Quarter Ended March 31, 2024

Chico, California--(Newsfile Corp. - May 21, 2024) - AmeraMex International, Inc. (OTC Pink: AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and forestry conservation , reported financial results for its first quarter ended March 31, 2024. Statement of Operations for the Quarter Ended March 31, 2024 The company reported revenue of approximately $3.3 million, a 3 percent increase when compared to revenue of approximately $3.2 million for the quarter ended March 31, 2023. Gross profit for the quarter was $(148,268), a significant reduction when compared to gross profit of $818,308 for the comparable quarter of 2023. Net loss for the quarter was $(436,343) compared to net income of $101,103 for the comparable quarter. Loss per share was $(0.01) for the quarter compared to earnings per share of $0.01 for the comparable 2023 quarter. Balance Sheet for the Quarter Ended March 31, 2022 Total Assets were $18.5 million. Total Liabilities were $14.9 million AMERAMEX INTERNATIONAL, INC. STATEMENTS OF OPERATIONS MARCH 31, 2024 MARCH 31, 2023 REVENUES Sales of Equipment and Other Revenues $ 2,817,577 $ 3,008,032 Rentals and Leases 462,172 201,227 Total Sales 3,279,749 3,209,259 COST OF SALES Sales of Equipment and Other Revenues 3,237,301 2,236,360 Rentals and Leases 190,716 154,591 Total Cost of Sales 3,428,017 2,390,951 GROSS PROFIT (148,268 ) 818,308 OPERATING EXPENSES Selling Expense 129,642 197,640 General and Administrative 268,843 277,891 Total Operating Expenses 398,485 475,531 Profit From Operations (546,753 ) 342,777 OTHER INCOME (EXPENSE) Interest Expense, net (167,188 ) (123,529 ) Loss from Early Extinguishment of Debt - - Other Income 99,373 (76,850 ) Total Other Expense (67,815 ) (200,379 ) INCOME BEFORE PROVISION for INCOME TAXES (614,568 ) 142,398 PROVISION for INCOME TAXES (178,225 ) 41,295 NET INCOME $ (436,343 ) $ 101,103 Weighted Average Shares Outstanding: Basic 14,112,988 14,112,988 Diluted 14,112,988 14,112,988 Earnings per Share Basic $ -0.03 $ 0.01 Diluted $ -0.03 $ 0.01 AMERAMEX INTERNATIONAL, INC. BALANCE SHEETS MARCH 31, 2024 DECEMBER 31, 2023 ASSETS Current Assets: Cash $ 163,507 $ 588,128 Accounts Receivable, Net 851,985 1,289,389 Inventory, Net 11,131,882 11,359,158 Other Current Assets 223,947 324,134 Total Current Assets 12,371,321 13,560,809 Non-Current Assets: Property and Equipment, Net 870,355 1,702,163 Rental Equipment, Net 2,893,592 1,063,464 Lease Right of Use Asset - Operating 693,045 703,802 Lease Right of Use Asset - Financing 1,219,408 905,782 Deferred Tax Asset 243,640 486,386 Other Assets 214,117 207,172 Total Long-Term Assets 6,134,157 5,068,769 TOTAL ASSETS $ 18,505,478 $ 18,629,578 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 1,333,542 $ 2,214,439 Accrued Expenses 161,666 348,415 Deferred Revenue 2,025,027 2,136,400 Joint Venture Liability (177,000 ) 105,000 Line of Credit 5,692,834 5,891,119 Notes Payable, Current Portion 1,798,671 1,273,310 Lease Liability - Operating 129,081 129,081 Lease Liability - Financing 188,121 188,121 Total Current Liabilities 11,151,942 12,285,885 Long-Term Liabilities Deferred Tax Liabilities, Net 502,403 - Notes Payable, Net of Current Portion 1,683,608 713,391 Lease Liability - Operating, Net of Current Portion 563,964 574,721 Lease Liability - Financing, Net of Current Portion 1,031,287 1,046,964 Total Long-Term Liabilities 3,781,262 2,335,076 TOTAL LIABILITIES $ 14,933,204 $ 14,620,961 - - 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 14,112 14,112 14,112,988 shares issued and outstanding at March 31, 2024 and 14,112.988 at December 31, 2023 Additional Paid-In Capital 21,671,534 21,671,534 Accumulated Deficit (18,113,372 ) (17,677,029 ) Total Stockholders' Equity 3,572,274 4,008,617 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 18,505,478 $ 18,629,578 AMERAMEX INTERNATIONAL, INC. STATEMENTS OF CASH FLOW MARCH 31, 2024 MARCH 31, 2023 OPERATING ACTIVITIES: Net Income $ (436,343 ) $ 101,103 Adjustments to reconcile Net Income to Net Cash provided (used) by Operating Activities: Depreciation and Amortization 278,693 236,252 Provision for Deferred Income Taxes 502,403 49,624 Amortization and Accretion of Interest 21,351 749 Change in Operating Assets and Liabilities: Accounts Receivable 437,404 202,317 Inventory 85,968 (457,671 ) Other Current Assets 100,187 98,514 Accounts Payable (880,180 ) 125,725 Customer Deposits (111,373 ) - Accrued Expenses (186,749 ) (121,702 ) NET CASH USED BY OPERATING ACTIVITIES $ (188,639 ) $ 234,911 INVESTING ACTIVITIES: Payments for Property and Equipment $ 740,255 $ (5 ) Proceeds (Payments) for Rental Equipment (190,716 ) (154,261 ) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 549,539 $ (154,266 ) FINANCING ACTIVITIES: Proceeds from Notes Payable $ 190,683 $ 190,683 Payments on Notes Payable (244,490 ) (244,490 ) - 279,334 Joint Venture (177,000 ) (177,000 ) Net Borrowing (Repayments) Under Lines of Credit (553,997 ) (262,893 ) NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES $ (784,804 ) $ (214,366 ) NET DECREASE IN CASH & CASH EQUIVALENTS $ (423,904 ) $ (133,721 ) Cash and Cash Equivalents, BEGINNING OF PERIOD $ 588,128 $ 1,032,209 Cash and Cash Equivalents, END OF PERIOD $ 164,224 $ 898,488 CASH PAID FOR: Interest $ 153,268 $ 122,904 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, 2024 AND 2023 Additional Total Common Stock Paid-in Accumulated Stockholders' Balance Shares Amount Capital Deficit Equity / December 31, 2022 14,829,155 $ 14,829 $ 21,671,534 $ (16,912,288 ) $ 4,774,075 Net Income - - - 101,103 101,103 March 31, 2023 14,829,155 $ 14,829 $ 21,671,534 $ (16,811,185 ) $ 4,875,178 December 31, 2023 14,829,155 $ 14,112 $ 21,671,534 $ (17,677,029 ) $ 4,008,617 Net Income - - - (436,343 ) (436,343 ) March 31, 2024 14,112,988 $ 14,112 $ 21,671,534 $ (18,113,372 ) $ 3,572,274 14,112,988 14,112 21,671,534 (18,113,372 ) 3,572,274 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. Investor and Media Relations McCloud Communications, LLC Marty Tullio, Managing Member Office: 949.632.1900 or Marty@McCloudCommunications.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209915