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AmeraMex International Reports Financial Statements for the Second Quarter and Six-Month Period Ended June 30, 2023

AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its second quarter and six-month period ended June 30, 2023.

Statement of Operations for the Quarter Ended June 30, 2023

The Company reported revenue of approximately $2.3 million versus revenue of $2.4 million for the comparable 2022 quarter. Revenue was flat due in part to inflation and rising interest rates affecting the Company’s target markets.

Gross profit for the quarter was $713,302, compared to a gross profit of $420, 832 for the comparable quarter. Profit is affected by sales versus leases/rentals of equipment and mix of equipment.

Gross profit as a percentage of sales was 31 percent for the quarter compared to gross profit as a percentage of sales of 18 percent for the comparable quarter. The increase in profit margins is due in part to product mix.

Net loss for the quarter was $(116,602) compared to net income of $146,172 for the comparable quarter. Loss per share was $(0.01) for the quarter compared to earnings per share of $0.01 for the comparable 2022 quarter. This is due in part to increased overhead costs.

Statement of Operations for the Six-Month period June 30, 2023

The company reported revenue for the six-month period of $5.5 million versus revenue of $7.3 million for the comparable 2022 six-month period.

Gross profit for the period was $1.5 million compared to gross profit of $1.7 million for the comparable 2022 period.

Gross profit as a percentage of sales was 25 percent for the period compared to gross profit as a percentage of sales of 23 percent for the comparable period.

Net loss for the period was $(15,499) compared to net income of $404,489 for the comparable period. Earnings per share were $0.00 for the period compared to $0.03 for the comparable 2022 period.

Balance Sheet for the Period Ended June 30, 2023

Current Assets increased by approximately $1.2 million to approximately $14.0 million while Total Assets increased by approximately $660,000 due in part to a $2.6 million increase in Inventory.

Current Liabilities for the period have decreased by approximately $1.2 million while Total Liabilities increased by $677,000 due in part to the Company’s increased Line of Credit.

Shareholders and the public are invited to attend a conference call on Tuesday, August 15 at 10:00 a.m. PT as the Company provides a shareholder update for the quarter ended June 30, 2023. The dial-in information is as follows: 1-201-689-8560. Please dial in five minutes before the call is to begin.

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.

AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30,

SIX MONTHS ENDED JUNE 30,

2023

2022

2023

2022

REVENUES

Sales of Equipment and Other Revenues

$

1,952,034

$

2,015,247

$

4,960,066

$

6,600,939

Rentals and Leases

368,696

363,301

569,923

729,215

Total Sales

2,320,730

2,378,548

5,529,989

7,330,154

COST OF SALES

Sales of Equipment and Other Revenues

1,395,251

1,799,708

3,631,611

5,352,529

Rentals and Leases

212,177

158,008

366,768

307,724

Total Cost of Sales

1,607,428

1,957,716

3,998,379

5,660,253

GROSS PROFIT

713,302

420,832

1,531,610

1,669,901

OPERATING EXPENSES

Selling Expense

555,741

230,064

753,381

553,505

General and Administrative

260,138

233,273

538,029

602,609

Total Operating Expenses

815,879

463,337

1,291,410

1,156,114

Profit (loss) From Operations

(102,577)

(42,505)

240,200

513,787

OTHER INCOME (EXPENSE)

Interest Expense, net

(161,910)

(96,374)

(285,439)

(274,131)

Loss from Early Extinguishment of Debt

(39,090)

-

(39,090)

(15,345)

Other Income (Expense)

139,197

349,580

62,347

350,134

Total Other Income (Expense)

(61,803)

253,206

(262,182)

60,658

INCOME BEFORE PROVISION for INCOME TAXES

(164,380)

210,701

(21,982)

574,445

PROVISION for INCOME TAXES

(47,778)

64,529

(6,483)

169,956

NET INCOME

$

(116,602)

$

46,172

$

(15,499)

$

404,489

Weighted Average Shares Outstanding:

Basic

14,629,155

14,629,155

14,629,155

14,629,155

Diluted

14,629,155

14,629,155

14,629,155

14,629,155

Earnings (loss) per Share

Basic

$

-0.01

$

0.01

$

0.00

$

0.03

Diluted

$

-0.01

$

0.01

$

0.00

$

0.03

AMERAMEX INTERNATIONAL, INC.

UNAUDITED BALANCE SHEETS

JUNE 30, 2023

DEC. 31, 2023

ASSETS

Current Assets:

Cash

$

184,987

$

1,032,209

Accounts Receivable, Net

741,843

1,118,774

Inventory, Net

8,839,893

6,275,823

Other Current Assets

167,847

318,807

Total Current Assets

9,934,570

8,745,613

Property and Equipment, Net

882,040

1,047,602

Rental Equipment, Net

667,447

1,078,470

Joint Venture Asset

177,000

-

Operating Lease ROU Asset

747,114

788,733

Financing Lease ROU Asset

1,330,732

1,330,732

Other Assets

241,064

329,178

Total Other Assets

4,045,397

4,574,715

TOTAL ASSETS

$

13,979,967

$

13,320,328

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts Payable

$

1,289,802

$

1,199,803

Accrued Expenses

175,244

322,060

Joint Venture Liability

-

227,503

Lines of Credit

891,616

1,327,715

Notes Payable, Current Portion

1,031,302

1,499,018

Lease Liability

317,202

317,202

Total Current Liabilities

3,705,166

4,893,301

Long-Term Liabilities

Deferred Tax Liabilities, Net

573,216

650,179

Related Party Note

276,859

Lines of Credit

2,091,818

-

Notes Payable, Net of Current Portion

1,224,634

1,609,853

Lease Liability, Net of Current Portion

1,771,770

1,813,389

Total Long-Term Liabilities

5,938,297

4,073,421

TOTAL LIABILITIES

9,643,463

8,966,722

Commitments and Contingencies (Note 11)

-

-

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

14,629,155 shares issued and outstanding at June 30, 2023 and

December 31, 2022

Additional Paid-In Capital

21,671,534

21,671,534

Accumulated Deficit

(17,349,859)

(17,332,757)

Total Stockholders' Equity

4,336,504

4,353,606

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

13,979,967

$

13,320,328

AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF CASH FLOW

SIX MONTHS ENDED JUNE 30,

2023

2022

OPERATING ACTIVITIES:

Net Income

(15,499)

404,489

Adjustments to reconcile Net Loss to

Net Cash provided (used) by Operations Activities:

Depreciation and Amortization

479,645

376,013

Provision (Benefit) for Deferred Income Taxes

(76,963)

106,268

Marketing Services Paid in Stock

-

-

Loss on Early Extinguishment of Debt

39,090

15,345

Amortization of Right of Use Asset

19,406

Amortization and Accretion of Interest

39,090

10,246

Change in Assets and Liabilities:

Accounts Receivable

376,931

(107,883)

Inventory

(2,564,070)

(4,229,007)

ROU Asset

(828,725)

Other Current Assets

150,960

92,610

Accounts Payable

89,999

1,759,279

Customer Deposits

743,078

Accrued Expenses

(146,816)

(20,550)

Lease Liability

828,725

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES

(1,627,633)

(830,706)

INVESTING ACTIVITIES:

Payments for Property & Equipment

(5,561)

(335,596)

Proceeds (Payments) for Rental Equipment

102,501

142,281

NET CASH USED BY INVESTING ACTIVITIES

96,940

(193,315)

FINANCING ACTIVITIES:

Proceeds from Notes Payable

593,060

633,930

Payments on Notes Payable

(657,033)

(657,033)

Payment on Note Payable - Related Party

276,859

-

Joint Venture Liability

(227,503)

119,793

Net Borrowing (Repayments) Under Lines of Credit

698,088

231,474

NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES

683,471

328,164

NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS

(847,222)

(695,857)

Cash and Cash Equivalents, BEGINNING OF PERIOD

1,032,209

995,611

Cash and Cash Equivalents, END OF PERIOD

184,987

299,754

CASH PAID FOR:

Interest

317,654

273,169

Income Taxes

800

800

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING

AND FINANCING ACTIVITIES:

Transfer of Inventory to Rental Equipment

-

-

Equipment Financed under Capital Leases

1,162,124

-

Transfer of Rental Equipment to Inventory

-

-

AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022

Additional

Common Stock

Paid-in

Accumulated

Balance

Shares

Amount

Capital

Deficit

December 31, 2021

14,629,155

$ 14,549

$ 21,600,734

$ (18,355,686)

Net Income

-

-

-

404,489

June 30, 2022

14,629,155

$ 14,549

$ 21,600,734

$ (17,951,197)

December 31, 2022

14,629,155

$14,629

$21,600,734

$ (17,334,360)

Net Income

-

200

70,800

(15,499)

June 30, 2023

14,629,155

$14,829

$21,671,534

$ (17,349,859)

14,629,155

14,829

21,671,534

(17,349,859)

-

-

-

-

Contact Details

McCloud Communications, LLC

Marty Tullio

+1 949-632-1900

marty@mccloudcommunications.com

Company Website

https://www.ammx.net

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