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“In the last quarter of 2022 and in June and August of this year we have signed over
“I would like to add that the entire
Statement of Operations for the Quarter Ended
The Company reported revenue of approximately
Gross profit for the quarter was
Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 33 percent for the comparable 2022 quarter.
Profit from operations
Net loss for the quarter was (
Earnings per share (EPS) were
Statement of Operations for the Nine-Month period Ended
The company reported revenue of approximately
Gross profit for the period was
Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period.
Profit from operations
Net loss for the nine-month period was (
Earnings per share (EPS) were
Balance Sheet for the Nine-Month Period Ended
Total Assets were
Total Liabilities were
The
Please join the Company’s management team
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.
UNAUDITED STATEMENTS OF OPERATIONS | ||||||||||||
THREE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
REVENUES | ||||||||||||
Sales of Equipment and Other Revenues | $ | 756,581 | $ | 7,303,783 | 5,716,647 | $ | 13,904,722 | |||||
Rentals and Leases | 454,154 | 180,957 | 1,024,077 | 910,172 | ||||||||
Total Sales | 1,210,735 | 7,484,740 | 6,740,724 | 14,814,894 | ||||||||
COST OF SALES | ||||||||||||
Sales of Equipment and Other Revenues | 685,268 | 4,845,129 | 4,316,879 | 10,197,658 | ||||||||
Rentals and Leases | 154,261 | 108,081 | 521,029 | 415,805 | ||||||||
Total Cost of Sales | 839,529 | 4,953,210 | 4,837,908 | 10,613,463 | ||||||||
GROSS PROFIT | 371,206 | 2,531,530 | 1,902,816 | 4,201,431 | ||||||||
OPERATING EXPENSES | ||||||||||||
Selling Expense | 87,549 | 441,216 | 840,930 | 994,721 | ||||||||
General and Administrative | 84,329 | 386,505 | 622,358 | 989,114 | ||||||||
Total Operating Expenses | 171,878 | 827,721 | 1,463,288 | 1,983,835 | ||||||||
Profit (loss) From Operations | 199,328 | 1,703,809 | 439,528 | 2,217,596 | ||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest Expense, net | (218,551) | (275,793) | (503,990) | (549,924) | ||||||||
Loss from Early Extinguishment of Debt | (28,446) | (18,021) | (67,536) | (33,366) | ||||||||
Gain of Sale of Asset | 215,624 | 215,624 | ||||||||||
Other Income (Expense) | 1,393 | (174,292) | 63,740 | 175,842 | ||||||||
Total Other Income (Expense) | (245,604) | (252,482) | (507,786) | (191,824) | ||||||||
INCOME BEFORE PROVISION for INCOME TAXES | (46,276) | 1,451,327 | (68,258) | 2,025,772 | ||||||||
PROVISION for INCOME TAXES | (13,653) | 522,478 | (20,136) | 598,264 | ||||||||
NET INCOME | $ | (32,623) | $ | 928,849 | $ | (48,122) | $ | 1,427,508 | ||||
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 | $ | 0.00 | $ | 0.05 | $ | 0.00 | $ | 0.09 | ||||
Diluted | $ | 0.00 | $ | 0.05 | $ | 0.00 | $ | 0.09 |
UNAUDITED BALANCE SHEETS | ||||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash | $ | 281,930 | $ | 1,032,209 | ||||||||
Accounts Receivable, Net | 744,660 | 1,118,774 | ||||||||||
Inventory, Net | 11,505,978 | 6,275,823 | ||||||||||
Other Current Assets | 229,924 | 318,807 | ||||||||||
Total Current Assets | 12,762,492 | 8,745,613 | ||||||||||
Property and Equipment, Net | 970,777 | 1,047,602 | ||||||||||
Rental Equipment, Net | 2,100,269 | 1,078,470 | ||||||||||
Joint Venture Asset | 177,000 | - | ||||||||||
Operating Lease ROU Asset | 725,674 | 788,733 | ||||||||||
Financing Lease ROU Asset | 1,199,668 | 1,330,732 | ||||||||||
Other Assets | 251,615 | 329,178 | ||||||||||
Total Other Assets | 5,425,003 | 4,574,715 | ||||||||||
TOTAL ASSETS | $ | 18,187,495 | $ | 13,320,328 | ||||||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts Payable | $ | 1,564,413 | $ | 1,199,803 | ||||||||
Accrued Expenses | 120,972 | 322,060 | ||||||||||
Joint Venture Liability | - | 227,503 | ||||||||||
Lines of Credit | 860,280 | 1,327,715 | ||||||||||
Notes Payable, Current Portion | 2,150,581 | 1,499,018 | ||||||||||
Lease Liability | 317,202 | 317,202 | ||||||||||
Deferred Revenue | 556,095 | - | ||||||||||
Total Current Liabilities | 5,569,543 | 4,893,301 | ||||||||||
Long-Term Liabilities | ||||||||||||
Deferred Tax Liabilities, Net | 551,564 | 650,179 | ||||||||||
Related Party Note | 269,159 | |||||||||||
Lines of Credit | 3,567,255 | - | ||||||||||
Notes Payable, Net of Current Portion | 93,574 | 1,609,853 | ||||||||||
Lease Liability, Net of Current Portion | 1,608,140 | 1,813,389 | ||||||||||
Deferred Revenue, Net of Current Portion | 2,224,379 | - | ||||||||||
Total Long-Term Liabilities | 8,314,071 | 4,073,421 | ||||||||||
TOTAL LIABILITIES | 13,883,614 | 8,966,722 | ||||||||||
Commitments and Contingencies (Note 11) | - | - | ||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||
Shareholders' Equity | ||||||||||||
Preferred Stock, | - | - | ||||||||||
shares issued and outstanding | ||||||||||||
Common Stock, | 14,829 | 14,829 | ||||||||||
14,829,155 shares issued and outstanding at | ||||||||||||
21,671,534 | 21,671,534 | |||||||||||
Accumulated Deficit | (17,382,482) | (17,332,757) | ||||||||||
Total Stockholders' Equity | 4,303,881 | 4,353,606 | ||||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 18,187,495 | $ | 13,320,328 | ||||||||
- | - |
UNAUDITED STATEMENTS OF CASH FLOW | ||||||||||||
NINE MONTHS ENDED | ||||||||||||
2023 | 2022 | |||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net Income | (48,122) | 1,427,509 | ||||||||||
Adjustments to reconcile Net Loss to | ||||||||||||
Depreciation and Amortization | 719,468 | 562,569 | ||||||||||
Provision (Benefit) for Deferred Income Taxes | (98,615) | 534,576 | ||||||||||
Marketing Services Paid in Stock | - | 71,000 | ||||||||||
Loss on Early Extinguishment of Debt | 67,536 | 33,366 | ||||||||||
Gain/Loss on Disposal | - | (215,625) | ||||||||||
Amortization of Right of Use Asset | 19,797 | 19,797 | ||||||||||
Amortization and Accretion of Interest | 63,556 | 27,876 | ||||||||||
Change in Assets and Liabilities: | ||||||||||||
Accounts Receivable | 374,114 | (1,884,657) | ||||||||||
Inventory | (5,230,155) | (1,690,298) | ||||||||||
ROU Asset | (725,674) | (808,928) | ||||||||||
Other Current Assets | 88,883 | 71,016 | ||||||||||
Accounts Payable | 364,610 | 174,386 | ||||||||||
Customer Deposits | - | 53,522 | ||||||||||
Deferred Revenue | 2,780,474 | - | ||||||||||
Accrued Expenses | (201,088) | 13,727 | ||||||||||
Lease Liability | 725,674 | 808,928 | ||||||||||
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (1,099,542) | (801,236) | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||
Payments for Property & Equipment | (179,860) | (408,199) | ||||||||||
Payments for Rental Equipment | - | (233,347) | ||||||||||
Proceeds (Payments) for Rental Equipment | (1,484,582) | 360,000 | ||||||||||
NET CASH USED BY INVESTING ACTIVITIES | (1,664,442) | (281,546) | ||||||||||
FINANCING ACTIVITIES: | ||||||||||||
Proceeds from Notes Payable | 563,330 | 2,117,692 | ||||||||||
Payments on Notes Payable | (733,470) | (1,370,027) | ||||||||||
Payment on Note Payable - | 269,159 | - | ||||||||||
Joint Venture Liability | (227,503) | 105,003 | ||||||||||
Net Borrowing (Repayments) Under Lines of Credit | 2,142,189 | (406,818) | ||||||||||
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 2,013,705 | 445,850 | ||||||||||
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | (750,279) | (636,932) | ||||||||||
Cash and Cash Equivalents, BEGINNING OF PERIOD | 1,032,209 | 995,611 | ||||||||||
Cash and Cash Equivalents, END OF PERIOD | 281,930 | 358,679 | ||||||||||
CASH PAID FOR: | ||||||||||||
Interest | 543,573 | 564,478 | ||||||||||
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 | - | 563,750 | ||||||||||
UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) | |||||||
FOR THE | NINE MONTHS ENDED | ||||||
Common Stock | Additional Total Paid-in Accumulated Stockholders' | ||||||
Balance | Shares | Amount Capital Deficit Equity/(Deficit) | |||||
14,629,155 | |||||||
Stock for Services | 200,000 | 200 | 70,800 | ||||
Net Income | - | - | - | 1,427,509 | 1,427,509 | ||
14,829,155 | |||||||
14,829,155 | |||||||
Net Income | - | - | - | (48,122) | (48,122) | ||
14,829,155 | |||||||
14,829,155 | 14,829 | 21,671,534 | (17,382,482) | 4,303,881 | |||
- | - | - | - | - |
Contact Details
+1 949-632-1900
marty@mccloudcommunications.com
Company Website
https://www.ammx.net
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Copyright (c) 2023 TheNewswire - All rights reserved., source