AmeraMex International Reports Revenue of $13.4 Million for the Year Ended December 31, 2023

Chico, California--(Newsfile Corp. - April 18, 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 year ended December 31, 2023.

Statement of Operations for the Year Ended December 31, 2023

The company reported revenue of approximately $13.4 million, compared to revenue of approximately $19.3 million for the year ended December 31, 2022.

Gross profit for the year was $2.1 million, compared to gross profit of $4.7 million for the 2022 year-end.

Gross profit as a percentage of revenue was 16 percent for the year compared to gross profit, as a percentage of revenue, of 23 percent for the 2022 year-end.

Net loss for the year was ($764,741) compared to net income of $1.0 million for the comparable 2022 year-end. Loss per share was ($0.05) compared to earnings per share of $0.06.

Balance Sheet for the Year Ended December 31, 2023
Total Assets for the year were $18.2 million compared to $13.3 million for the year ended December 31, 2022. This increase is due in part to an increase of $5.1 million in Net Inventory. Current Liabilities for the year were $14.6 million compared to $8.5 million for the year ended December 31, 2022. This increase is due in part to the Deferred Revenue of $2.1 million and an increase in the Company's line of credit of $4.6 million.

Conference Call
The AmeraMex management team will be traveling for the next several days and a news release pertaining to the year ended 2023 conference call will be disseminated shortly.

AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. 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 "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

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF OPERATIONS
			DECEMBER 31, 2023					DECEMBER 31, 2022
REVENUES
		Sales of Equipment and Other Revenues	$	11,918,754			$	18,203,837
		Rentals and Leases		1,464,745				1,105,487
		Total Sales		13,383,499				19,309,324
COST OF SALES
		Sales of Equipment and Other Revenues		10,858,263				14,089,734
		Rentals and Leases		438,056				522,590
		Total Cost of Sales		11,296,319				14,612,324
GROSS PROFIT				2,087,180				4,697,000
OPERATING EXPENSES
		Selling Expense		689,636				1,492,744
		General and Administrative		2,153,823				1,338,818
		Total Operating Expenses		2,843,459				2,831,562
		Profit From Operations		(756,279	)			1,865,438
OTHER INCOME (EXPENSE)
		Interest Expense, net		541,218				561,091
		Loss from Early Extinguishment of Debt		-				95,544
		Other Income (Expense)		(102,589	)			(186,992	)
		Total Other Income (Expense)		438,629				469,643
INCOME BEFORE PROVISION for INCOME TAXES				(1,194,908	)			1,395,795
PROVISION for INCOME TAXES				430,167				433,638
NET INCOME			$	(764,741	)		$	962,157
Weighted Average Shares Outstanding:
		Basic		14,829,155				14,829,155
		Diluted		14,829,155				14,829,155
Earnings (loss) per Share
		Basic	$	-0.05			$	0.06
		Diluted	$	-0.05			$	0.06

 

AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
					DECEMBER 31, 2023				DECEMBER 31, 2022
ASSETS
Current Assets:
			Cash	$	588,128			$	1,032,209
			Accounts Receivable, Net		1,289,389				1,080,739
			Inventory, Net		11,359,158				6,275,823
			Other Current Assets		324,134				318,807
			Total Current Assets		13,560,809				8,707,578
			Property and Equipment, Net		1,702,163				1,047,602
			Rental Equipment, Net		1,063,464				1,078,470
			Lease Right of Use Asset - Operating		703,802				788,733
			Lease Right of Use Asset - Financing		905,782				1,297,023
			Deferred Tax Asset		56,219				-
			Other Assets		207,172				374,123
			Total Other Assets		4,638,602				4,585,951
			TOTAL ASSETS	$	18,199,411			$	13,293,529
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
			Accounts Payable	$	2,213,722			$	1,199,805
			Accrued Expenses		348,415				446,849
			Deferred Revenue		2,136,400				-
			Joint Venture Liability		105,000				227,503
			Lines of Credit		5,891,119				1,327,715
			Notes Payable, Current Portion		1,273,310				1,196,205
			Lease Liability - Operating		129,081				129,081
			Lease Liability - Financing		188,121				188,121
			Total Current Liabilities		12,285,168				4,715,279
Long-Term Liabilities
			Deferred Tax Liabilities, Net		-				78,120
			Notes Payable, Net of Current Portion		713,391				1,912,666
			Lease Liability - Operating, Net of Current Portion		574,721				659,652
			Lease Liability - Financing, Net of Current Portion		1,046,964				1,153,737
			Total Long-Term Liabilities		2,335,076				3,804,175
			TOTAL LIABILITIES		14,620,244				8,519,454
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		14,829				14,829
			14,829,155 shares issued and outstanding at December 31, 2023 and 2022
			Additional Paid-In Capital		21,671,534				21,671,534
			Accumulated Deficit		(18,107,196	)			(16,912,288	)
			Total Stockholders' Equity		3,579,167				4,774,075
			TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	18,199,411			$	13,293,529

 

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF CASH FLOW
		DECEMBER 31, 2023				DECEMBER 31, 2022
OPERATING ACTIVITIES:
Net Income		(1,194,908	)			962,157
Adjustments to reconcile Net Income to
Net Cash provided (used) by Operating Activities:
Depreciation and Amortization		688,831				747,958
Provision for Deferred Income Taxes		(134,339	)			246,601
Gain on Sale of Equipment		(34,434	)			71,000
Amortization and Acretion of Interest		303,187				31,429
Change in Assets and Liabilities:
Accounts Receivable		(208,650	)			81,561
Inventory		(6,683,912	)			(664,156	)
Other Assets		161,624				11,363
Accounts Payable		1,013,917				639,729
Accrued Expenses		(98,434	)			(113,717	)
Deferred Revenue		2,136,400				-
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES		(4,050,718	)			2,013,925
INVESTING ACTIVITIES:
Purchase of Property and Equipment		(929,148	)			442,006
NET CASH (USED) BY INVESTING ACTIVITIES		306,625				(548,093	)
FINANCING ACTIVITIES:
Joint Venture Liability		(122,503	)			85,003
Net Proceeds under Lines of Credit		4,563,404				(302,446	)
Repayments - Notes Payable		(994,419	)			(2,680,280	)
Proceeds - Notes Payable		(146,470	)			1,742,776
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES		3,300,012				(1,154,947	)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS		(444,081	)			310,885
Cash and Cash Equivalents, BEGINNING OF PERIOD		1,032,209				995,611
Cash and Cash Equivalents, END OF PERIOD		588,128				1,306,496
CASH PAID FOR:
Interest		563,750				595,278
Income Taxes		800				800
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment		1,600,577				425,803
Conversion of LOC to Note Payable		-				1,550,807
ROU Asset and Liability - Operating		-				867,155
ROU Asset and Liability - Financing		-				1,364,440

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205920