AmeraMex International Reports Third Quarter and Nine-Month Financials for the Period Ended September 30, 2024

About this update from Ameramex International Inc.

Chico, California--(Newsfile Corp. - November 25, 2024) - AmeraMex International, Inc . (OTC Pink: AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reports financial results for its third quarter and nine-month period ended September 30, 2024. While the Company's revenues were up 61 percent for the third quarter and 34 percent for the nine-month period ended September 30, 2024, Cost of Goods Sold (COGS) for the quarter significantly increased when compared to the second quarter ended June 30, 3024 and for the comparable third quarter ended September 20, 2023. The increase in COGS for sales revenue was due in part to a reserve journal entry that had to be made to the Inventory. This accounting adjustment, 25 percent of the value of equipment inventory and 50 percent of the value of parts inventory, was made to cover any possible miscounts or errors in the inventory records. The adjustment made for the nine-month period ended September 30, 2024, which was just over $3.1 million, reduced inventory while increasing COGS in the third quarter. COGS associated with rental revenues is based on the depreciation of long-term rental equipment. A combination of issues occurred: Rental equipment was purchased and delivered but not on rent long enough to generate revenue/create a receivable. Since the equipment isn't sold but rented, the Company uses depreciation, an internal accounting figure, to offset the COGS. This means that the cost of the equipment being used (depreciated) is accounted for as a COGS rather than recording the equipment's full purchase cost up front. According to the Company's CEO Lee Hamre, these are one-time adjustments that affected the third quarter and will not be affect the Company's fourth quarter. Statement of Operations for the Quarter Ended September 30, 2024 The Company reported revenue of approximately $1.9 million versus revenue of $1.2 million for the comparable 2023 quarter. Gross loss for the quarter was ($1.2 million), compared to gross profit of $371,206 for the comparable 2023 quarter. Loss from operations was ($1.4 million) for the quarter, compared to a profit from operations of $199,328 for the comparable 2023 quarter. Net loss for the quarter was ($1.1 million) compared to net loss of ($32,623) for the comparable 2023 quarter. Loss per share was ($0.07) for the quarter compared to earnings per share of $0.00 for the comparable 2023 quarter. Statement of Operations for the Nine-Month period Ended September 30, 2024 The company reported revenue of approximately $9.0 million versus revenue of $6.7 million for the comparable 2023 period. Gross profit for the period was $1.2 million compared to gross profit of $1.9 million for the comparable 2023 period. Profit from operations was $18,585 for the nine-month period, compared to profit from operations of $438,528 for the comparable 2023 nine-month period. Net loss for the nine-month period was ($478,790) compared to a net loss of ($48,122) for the comparable nine-month period of 2023. Loss per share was ($0.03) for the period compared to earnings per share of $0.00 for the comparable nine-month period of 2023. Balance Sheet for the Nine-Month Period Ended September 30, 2024 Total Assets were $20.1 million, a $2.2 million increase due in part to a $4.0 million increase in rental equipment. Total Liabilities were $17.2 million, a $2.8 million increase due in part to an increase in the Company's notes payable. Please join the Company's management team November 25 at 9:00 a.m. PT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from November 25, 2024, at 5:00 p.m. ET until December 9, 2024, at 11:59 p.m. ET. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13750228. 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" "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 [email protected] AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30,   NINE MONTHS ENDED SEPTEMBER 30, 2024   2023   2024   2023       REVENUES       Sales of Equipment and Other Revenues $ 1,426,566   $ 756,581   7,547,016   $ 5,716,647 Rentals and Leases 522,842   454,154   1,465,987   1,024,077 Total Sales 1,949,408   1,210,735   9,013,003   6,740,724               COST OF SALES               Sales of Equipment and Other Revenues 2,445,961   685,268   6,601,371   4,316,879 Rentals and Leases 686,789   154,261   1,168,241   521,029 Total Cost of Sales 3,132,750   839,529   7,769,612   4,837,908               GROSS PROFIT (1,183,342 )   371,206   1,243,391   1,902,816               OPERATING EXPENSES               Selling Expense 107,393   87,549   511,900   840,930 General and Administrative 158,119   84,329   712,906   622,358 Total Operating Expenses 265,512   171,878   1,224,806   1,463,288               Profit (loss) From Operations (1,448,854 )   199,328   18,585   439,528               OTHER INCOME (EXPENSE)               Interest Expense, net (145,968 )   (218,551 )   (845,507 )   (503,990 ) Loss from Early Extinguishment of Debt -   (28,446 )   -   (67,536 ) Gain of Sale of Asset     -       - Other Income (Expense) 39,818   1,393   147,790   63,740 Total Other Income (Expense) (106,150 )   (245,604 )   (697,717 )   (507,786 )               INCOME BEFORE PROVISION for INCOME TAXES (1,555,004 )   (46,276 )   (679,132 )   (68,258 )               PROVISION for INCOME TAXES (488,225 )   (13,653 )   (200,342 )   (20,136 )               NET INCOME $ (1,066,779 )   $ (32,623 )   (478,790 )   $ (48,122 )               Weighted Average Shares Outstanding:               Basic 14,829,155   14,829,155   14,829,155   14,829,155 Diluted 14,829,155   14,829,155   14,829,155   14,829,155               Earnings (loss) per Share               Basic $ -0.07   $ 0.00   -0.03   $ 0.00 Diluted $ -0.07   $ 0.00   -0.03   $ 0.00   AMERAMEX INTERNATIONAL, INC. UNAUDITED BALANCE SHEETS   SEPTEMBER 30, 2024   DECEMBER 31, 2023 ASSETS   Current Assets:   Cash $ 90,248   $ 588,128 Accounts Receivable, Net 1,292,157   1,289,389 Inventory, Net 10,674,988   11,359,158 Other Current Assets 245,587   324,134 Total Current Assets 12,302,980   13,560,809       Property and Equipment, Net 769,483   1,420,163 Rental Equipment, Net 5,014,295   1,063,464 Joint Venture Asset 177,000   - Operating Lease ROU Asset 703,802   703,802 Financing Leasae ROU Asset 883,310   883,310 Other Assets 220,480   203,025 Total Other Assets 7,768,370   4,273,764 TOTAL ASSETS $ 20,071,350   $ 17,834,573       LIABILITIES & STOCKHOLDERS' EQUITY       Current Liabilities:       Accounts Payable $ 2,404,590   $ 2,213,722 Accrued Expenses 207,051   348,415 Deferred Revenue 1,802,279   2,136,400 Joint Venture Liability -   105,000 Lines of Credit 5,505,791   5,509,788 Notes Payable, Current Portion 1,758,490   1,273,310 Operating Lease Liability 129,081   129,081 Financing Lease Liability 376,242   376,242 Total Current Liabilities 12,183,524   12,091,958       Long-Term Liabilities       Notes Payable, Net of Current Portion 3,718,723   1,094,722 Operating Lease Liability, Net of Current Portion 574,721   574,721 Financing Lease Liability, Net of Current Portion 673,458   673,458 Total Long-Term Liabilities 4,966,902   2,342,901 TOTAL LIABILITIES 17,150,426   14,434,859             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 14,829,155 shares issued and outstanding 14,829   14,829 Additional Paid-In Capital 21,671,534   21,671,534 Accumulated Deficit (18,765,439 )   (18,286,649 ) Total Stockholders' Equity 2,920,924   3,399,714 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 20,071,350   $ 17,834,573   AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF CASH FLOW   NINE MONTHS ENDED SEPTEMBER 30, 2024   2023   OPERATING ACTIVITIES:   Net Income (478,790 )   (48,122 ) Adjustments to reconcile Net Loss to       Net Cash provided (used) by Operations Activities:       Depreciation and Amortization 1,628,066   719,468 Provision (Benefit) for Deferred Income Taxes -   (98,615 ) Marketing Services Paid in Stock -   - Loss on Early Extinguishment of Debt -   67,536 Gain/Loss on Disposal -   - Amortization of Right of Use Asset 19,797   19,797 Amortization and Accretion of Interest 10,863   63,556 Change in Assets and Liabilities:       Accounts Receivable (2,768 )   374,114 Inventory 684,170   (5,230,155 ) ROU Asset (725,674 )   (725,674 ) Other Current Assets 78,547   88,883 Accounts Payable 190,868   364,610 Customer Deposits -   - Deferred Revenue (334,121 )   2,780,474 Accrued Expenses (141,364 )   (201,088 ) Lease Liability 725,674   725,674 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 1,655,268   (1,099,542 )       INVESTING ACTIVITIES:       Payments for Property & Equipment 189,443   (179,860 ) Payments for Rental Equipment -   - Proceeds (Payments) for Rental Equipment (5,117,660 )   (1,484,582 ) NET CASH USED BY INVESTING ACTIVITIES (4,928,217 )   (1,664,442 )       FINANCING ACTIVITIES:       Proceeds from Notes Payable 616,023   563,330 Payments on Notes Payable (733,470 )   (733,470 ) Payment on Note Payable - Related Party -   269,159 Joint Venture Liability (105,000 )   (227,503 ) Net Borrowing (Repayments) Under Lines of Credit 2,997,516   2,142,189 NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,775,069   2,013,705       NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (497,880 )   (750,279 )       Cash and Cash Equivalents, BEGINNING OF PERIOD 588,128   1,032,209 Cash and Cash Equivalents, END OF PERIOD 90,248   281,930       CASH PAID FOR:       Interest 855,609   543,573 Income Taxes 800   800       SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:       Transfer of Inventory to Rental Equipment -   1,666,085 Equipment Financed under Capital Leases -   779,160 Transfer of Rental Equipment to Inventory -   -   AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023               Additional     Common Stock   Paid-in   Accumulated Balance   Shares   Amount   Capital   Deficit         December 31, 2022   14,829,155   $ 14,829   $ 21,671,534   $ (17,334,360 )                 Net Income   -   -   -   (48,122 )                 September 30, 2022   14,829,155   $ 14,829   $ 21,671,534   $ (17,382,482 )                 December 31, 2023   14,829,155   $ 14,829   $ 21,671,534   $ (18,286,649 )                 Net Income   -   -   -   (478,790 )                 September 30, 2024   14,829,155   $ 14,829   $ 21,671,534   $ (18,765,439 )   14,829,155   14,829   21,671,534   (18,765,439 )   -   -   -   -   To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231107

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