Company reports approximately $11.5 million in year-to-date sales for 2021

CHICO, CA / ACCESSWIRE / April 16, 2021 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its year ended December 31, 2020.

AmeraMex CEO Lee Hamre commented, "Sales for the second half of 2020 were robust and that momentum has continued through the first quarter of 2021. Our pipeline for 2021 is strong, and while we do not make projections, we believe this could be a remarkable year for AmeraMex on several fronts."

Statement of Operations for the Year Ended December 31, 2020

The company reported revenue of approximately $12.3 million, a $376,118 decrease when compared to revenue of approximately $12.7 million for comparable 2019 year-end. During the first six months of 2020, sales and ultimately revenue were significantly affected by COVID-19-related regulations. Most of AmeraMex’s customers and potential customers’ businesses are up and operational as many of COVID-19 restrictions have now been reduced or are no longer in place.

Gross profit for the year was $1.8 million, or a gross profit margin of 14 percent, compared to gross profit of $2.4 million, or a gross profit margin of 18 percent, for the comparable 2019 year-end . The decrease in gross profit for the year was due in part to the increase in cost of goods sold and the product mix of new versus refurbished equipment.

The Company reported a net loss of approximately ($582,690) for the year compared to a net loss of approximately ($90,000) for the comparable 2019 year-end. The loss for the year is related to an increase in G&A and Interest Expense. There were two pending legal proceedings which were subsequently dismissed as the Company reached a combined confidential settlement agreement of approximately $429,000. Additionally, Interest expense increased approximately $300,000 due to loan fees and additional financing for rental equipment.

Balance Sheet for the Year Ended December 31, 2020

Total Assets were $12.5 million, an increase of approximately $1 million over 2019. Total Liabilities were $11 million, an increase of $1.6 million over 2019.

Year-End 2020 Conference Call

The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial into 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 April, 2021 at 4:00 p.m. Eastern Time until April 30, 2021 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13718558. An audio version of the conference call will also be available on the Company’s website, www.ammx.net.

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 important 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.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

2020 2019
REVENUES
Sales of Equipment and Other Revenues
$ 9,665,607 $ 10,296,901
Rentals and Leases
2,613,513 2,358,337
Total Revenues
12,279,120 12,655,238
COST OF SALES
Sales of Equipment and Other Revenues
9,566,702 9,343,196
Rentals and Leases
942,954 951,366
Total Cost of Revenues
10,509,656 10,294,562
GROSS PROFIT
1,769,464 2,360,676
OPERATING EXPENSES
Selling Expense
454,806 448,415
Legal Settlement
428,700
General and Administrative
944,567 978,560
Total Operating Expenses
1,828,073 1,426,975
income (loss) From Operations
(58,609 ) 933,701
OTHER INCOME (EXPENSE)
Interest Expense
(1,047,330 ) (747,855 )
Loss from Early Extinguishment of Debt
(90,925 ) (482,908 )
Forgiveness of Debt and Other, Net
222,517 131,423
Total Other Income (Expense)
(915,738 ) (1,099,340 )
INCOME BEFORE PROVISION for INCOME TAXES
(974,347 ) (165,639 )
BENEFIT for INCOME TAXES
(391,657 ) (75,345 )
NET LOSS
$ (582,690 ) $ (90,294 )
Weighted Average Shares Outstanding:
Basic
14,808,737 14,808,737
Diluted
14,808,737 14,808,737
Earnings (loss) per Share
Basic
$ -0.04 $ -0.01
Diluted
$ -0.04 $ -0.01

AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS
AS OF DECEMBER 31, 2020 AND 2019

2020 2019
ASSETS
Current Assets:
Cash
$ 407,881 $ 114,504
Accounts Receivable, Net
768,371 589,710
Inventory
5,873,569 4,832,283
Other Current Assets
198,531 206,945
Total Current Assets
7,248,352 5,743,442
Property and Equipment, Net
1,035,840 1,179,794
Rental Equipment, Net
3,624,376 4,036,612
Deferred Tax Assets, Net
158,124
Other Assets
453,410 489,562
Total Noncurrent Assets
5,271,750 5,705,968
TOTAL ASSETS
$ 12,520,102 $ 11,449,410
LIABILITIES & STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable
$ 620,200 $ 531,806
Accrued Expenses
231,329 79,787
Joint Venture Liability
439,500 459,500
Lines of Credit
5,749,801 408,033
Notes Payable, Current Portion
911,265 386,528
Convertible Note
150,683
Total Current Liabilities
8,102,778 1,865,654
Long-Term Liabilities
Deferred Tax Liability
226,339
Notes Payable – Related Party
226,659 334,794
Notes Payable, Net of Current Portion
2,597,935 559,235
Line of Credit
6,313,628
Total Noncurrent Liabilities
2,824,594 7,433,996
TOTAL LIABILITIES
10,927,372 9,299,650
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY:
Stockholders’ Equity
shares issued and outstanding
14,808,737 issued and outstanding
at December 31, 2020 and 2019, respectively
14,549 15,068
Additional Paid-In Capital
21,545,614 21,519,435
Accumulated Deficit
(19,967,433 ) (19,384,743 )
Total Stockholders’ Equity
1,592,730 2,149,760
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
$ 12,520,102 $ 11,449,410

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

2020 2019
CASH FROM OPERATING ACTIVITIES
Net Loss
$ (582,690 ) $ (90,294 )
Adjustments to reconcile Net Income (Loss) to
Net Cash provided by (Used In) Operating Activities:
Stock for Services
25,660
Depreciation and Amortization
1,310,018 1,246,777
Provision for Deferred Income Taxes
(384,467 ) (75,345 )
Forgiveness of debt
(218,442 )
Loss on Legal Settlement
428,700
Loss on Early Extinguishment of Debt
90,925 482,908
Changes in Operating Assets and Liabilities:
Accounts Receivable
(178,661 ) 42,095
Inventory
(1,031,615 ) (2,142,641 )
Other Current Assets
44,568 (173,677 )
Accounts Payable
88,394 (777,227 )
Accrued Expenses
151,542 (38,504 )
NET CASH USED IN OPERATING ACTIVITIES
(256,068 ) (1,525,908 )
INVESTING ACTIVITIES:
Payments for Property & Equipment
(141,998 ) (419,293 )
Payments for Rental Equipment
(611,830 ) (375,912 )
Proceeds from Sale of Equipment
NET CASH USED IN INVESTING ACTIVITIES
(753,828 ) (795,205 )
FINANCING ACTIVITIES:
Proceeds from Notes Payable
4,594,871 960,505
Payments on Notes Payable
(2,191,602 ) (5,110,496 )
Payment on Note Payable – Related Party
(108,135 ) (18,849 )
Joint Venture Liability
(20,000 ) 459,500
Net Borrowing Under Line of Credit
(971,861 ) 5,947,205
NET CASH PROVIDED BY FINANCING ACTIVITIES
1,303,273 2,237,865
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
293,377 (83,248 )
CASH, BEGINNING OF YEAR
114,504 197,752
CASH, END OF YEAR
$ 407,881 $ 114,504
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash Paid for Interest
$ 907,534 $ 747,855
Cash Paid for Income Taxes
$ 800 $ 800
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment
$ $
Equipment Financed Under Capital Leases
$ 225,859 $
Transfer of Rental Equipment to Inventory
$ 526,417 $ 35,470

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

Total
Additional Stockholders’
Common Stock Paid-in Treasury Accumulated Equity/
Balance
Shares Amount Capital Stock Deficit (Deficit)
Dec. 31, 2018
15,068,318 $ 15,068 $ 21,524,272 $ (4,837 ) $ (19,294,449 ) $ 2,240,054
Retirement of Treasury Stock
(4,837 ) 4,837
Net Income
(90,294 ) (90,294 )
Dec. 31, 2019
15,068,318 15,068 21,519,435 (19,384,743 ) 2,149,760
Marketing Investment
40,000 40 25,620 25,660
Retired Stock
(559,163 ) (559 ) 559
Net Income
(582,690 ) (582,690 )
Dec. 31, 2020
14,549,155 $ 14,549 $ 21,545,614 $ $ (19,967,433 ) $ 1,592,730
14,808,737 14,549 21,545,614 (19,967,433 ) 1,592,730
(259,582 )

SOURCE: AmeraMex International, Inc.

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