First Quarter Revenue Increases 180 Percent With Year-to-Date Sales of $12.5 Million

CHICO, CA / 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 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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