AmeraMex International Reports Revenue of $3.3 Million for the First Quarter Ended March 31, 2024
AmeraMex International (OTC Pink: AMMX) reported a revenue of $3.3 million for Q1 2024, marking a 3% year-over-year increase from $3.2 million in Q1 2023.
However, gross profit declined significantly to -$148,268 from $818,308 in the previous year.
The company also reported a net loss of $436,343, compared to a net income of $101,103 in Q1 2023.
Loss per share was $-0.01, down from earnings per share of $0.01 last year.
Total assets decreased slightly to $18.5 million from $18.6 million at the end of 2023, while total liabilities increased to $14.9 million from $14.6 million.
Cash and cash equivalents fell to $163,507 from $588,128 at the end of 2023.
- Revenue increased by 3% to $3.3 million, compared to $3.2 million in the same quarter last year.
- Rental and lease revenues rose significantly to $462,172 from $201,227 year-over-year.
- Total assets remain robust at $18.5 million.
- Inventory levels are stable, slightly decreasing to $11.1 million from $11.3 million in Q4 2023.
- Gross profit plummeted to -$148,268 from $818,308, indicating a severe decline.
- Net loss of $436,343 was reported, compared to a net income of $101,103 in Q1 2023.
- Loss per share was $-0.01, a drop from earnings per share of $0.01 in Q1 2023.
- Cash and cash equivalents fell sharply to $163,507 from $588,128 at the end of 2023.
- Total liabilities increased to $14.9 million from $14.6 million, indicating rising debt levels.
Chico, California--(Newsfile Corp. - May 21, 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 first quarter ended March 31, 2024.
Statement of Operations for the Quarter Ended March 31, 2024
The company reported revenue of approximately
Gross profit for the quarter was
Net loss for the quarter was
Balance Sheet for the Quarter Ended March 31, 2022
Total Assets were
Total Liabilities were
| AMERAMEX INTERNATIONAL, INC. | ||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||
| MARCH 31, 2024 | MARCH 31, 2023 | |||||||||||
| REVENUES | ||||||||||||
| Sales of Equipment and Other Revenues | $ | 2,817,577 | $ | 3,008,032 | ||||||||
| Rentals and Leases | 462,172 | 201,227 | ||||||||||
| Total Sales | 3,279,749 | 3,209,259 | ||||||||||
| COST OF SALES | ||||||||||||
| Sales of Equipment and Other Revenues | 3,237,301 | 2,236,360 | ||||||||||
| Rentals and Leases | 190,716 | 154,591 | ||||||||||
| Total Cost of Sales | 3,428,017 | 2,390,951 | ||||||||||
| GROSS PROFIT | (148,268 | ) | 818,308 | |||||||||
| OPERATING EXPENSES | ||||||||||||
| Selling Expense | 129,642 | 197,640 | ||||||||||
| General and Administrative | 268,843 | 277,891 | ||||||||||
| Total Operating Expenses | 398,485 | 475,531 | ||||||||||
| Profit From Operations | (546,753 | ) | 342,777 | |||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||
| Interest Expense, net | (167,188 | ) | (123,529 | ) | ||||||||
| Loss from Early Extinguishment of Debt | - | - | ||||||||||
| Other Income | 99,373 | (76,850 | ) | |||||||||
| Total Other Expense | (67,815 | ) | (200,379 | ) | ||||||||
| INCOME BEFORE PROVISION for INCOME TAXES | (614,568 | ) | 142,398 | |||||||||
| PROVISION for INCOME TAXES | (178,225 | ) | 41,295 | |||||||||
| NET INCOME | $ | (436,343 | ) | $ | 101,103 | |||||||
| Weighted Average Shares Outstanding: | ||||||||||||
| Basic | 14,112,988 | 14,112,988 | ||||||||||
| Diluted | 14,112,988 | 14,112,988 | ||||||||||
| Earnings per Share | ||||||||||||
| Basic | $ | -0.03 | $ | 0.01 | ||||||||
| Diluted | $ | -0.03 | $ | 0.01 | ||||||||
| AMERAMEX INTERNATIONAL, INC. | ||||||||||
| BALANCE SHEETS | ||||||||||
| MARCH 31, 2024 | DECEMBER 31, 2023 | |||||||||
| ASSETS | ||||||||||
| Current Assets: | ||||||||||
| Cash | $ | 163,507 | $ | 588,128 | ||||||
| Accounts Receivable, Net | 851,985 | 1,289,389 | ||||||||
| Inventory, Net | 11,131,882 | 11,359,158 | ||||||||
| Other Current Assets | 223,947 | 324,134 | ||||||||
| Total Current Assets | 12,371,321 | 13,560,809 | ||||||||
| Non-Current Assets: | ||||||||||
| Property and Equipment, Net | 870,355 | 1,702,163 | ||||||||
| Rental Equipment, Net | 2,893,592 | 1,063,464 | ||||||||
| Lease Right of Use Asset - Operating | 693,045 | 703,802 | ||||||||
| Lease Right of Use Asset - Financing | 1,219,408 | 905,782 | ||||||||
| Deferred Tax Asset | 243,640 | 486,386 | ||||||||
| Other Assets | 214,117 | 207,172 | ||||||||
| Total Long-Term Assets | 6,134,157 | 5,068,769 | ||||||||
| TOTAL ASSETS | $ | 18,505,478 | $ | 18,629,578 | ||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||
| Current Liabilities: | ||||||||||
| Accounts Payable | $ | 1,333,542 | $ | 2,214,439 | ||||||
| Accrued Expenses | 161,666 | 348,415 | ||||||||
| Deferred Revenue | 2,025,027 | 2,136,400 | ||||||||
| Joint Venture Liability | (177,000 | ) | 105,000 | |||||||
| Line of Credit | 5,692,834 | 5,891,119 | ||||||||
| Notes Payable, Current Portion | 1,798,671 | 1,273,310 | ||||||||
| Lease Liability - Operating | 129,081 | 129,081 | ||||||||
| Lease Liability - Financing | 188,121 | 188,121 | ||||||||
| Total Current Liabilities | 11,151,942 | 12,285,885 | ||||||||
| Long-Term Liabilities | ||||||||||
| Deferred Tax Liabilities, Net | 502,403 | - | ||||||||
| Notes Payable, Net of Current Portion | 1,683,608 | 713,391 | ||||||||
| Lease Liability - Operating, Net of Current Portion | 563,964 | 574,721 | ||||||||
| Lease Liability - Financing, Net of Current Portion | 1,031,287 | 1,046,964 | ||||||||
FAQ
What was AmeraMex International's revenue for Q1 2024?
Did AmeraMex International's gross profit increase in Q1 2024?
What was AmeraMex International's net loss for Q1 2024?
What is AmeraMex International's (AMMX) loss per share for Q1 2024?
How did AmeraMex International's liabilities change in Q1 2024?
What was the change in AmeraMex International's cash and cash equivalents in Q1 2024?
