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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amerityre Corporation (PK) | USOTC:AMTY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0406 | 0.04 | 0.045 | 0.00 | 21:15:12 |
NEVADA
|
87-0535207
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
1501 INDUSTRIAL ROAD, BOULDER CITY, NEVADA
|
89005
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
Page
|
PART I
|
||
Item 1.
|
3
|
|
Item 2.
|
11
|
|
Item 3.
|
19
|
|
Item 4.
|
19
|
|
PART II
|
||
Item 1.
|
20
|
|
Item 1A.
|
20
|
|
Item 2.
|
20
|
|
Item 3.
|
20
|
|
Item 4.
|
20
|
|
Item 5.
|
20
|
|
Item 6.
|
20
|
|
|
|
|
21
|
|
For the Three Months Ended
March 31,
|
For the Nine Months Ended
March 31,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
NET SALES
|
$
|
1,133,610
|
$
|
936,612
|
$
|
2,849,370
|
$
|
2,865,433
|
||||||||
|
||||||||||||||||
COST OF GOODS SOLD
|
693,500
|
618,366
|
1,861,288
|
2,081,813
|
||||||||||||
|
||||||||||||||||
GROSS PROFIT
|
440,110
|
318,246
|
988,082
|
783,620
|
||||||||||||
|
||||||||||||||||
EXPENSES
|
||||||||||||||||
Research and development
|
54,130
|
56,839
|
163,174
|
166,406
|
||||||||||||
Sales and marketing
|
65,000
|
53,639
|
191,191
|
219,898
|
||||||||||||
General and administrative
|
170,813
|
172,270
|
510,596
|
666,910
|
||||||||||||
|
||||||||||||||||
Total Expenses
|
289,943
|
282,748
|
864,961
|
1,053,214
|
||||||||||||
|
||||||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
150,167
|
35,498
|
123,121
|
(269,594
|
)
|
|||||||||||
|
||||||||||||||||
OTHER INCOME/(EXPENSE)
|
||||||||||||||||
Interest expense
|
(1,773
|
)
|
(870
|
)
|
(6,837
|
)
|
(2,404
|
)
|
||||||||
Interest income
|
70
|
28
|
170
|
137
|
||||||||||||
Total Other Income/(Expense)
|
(1,703
|
)
|
(842
|
)
|
(6,667
|
)
|
(2,267
|
)
|
||||||||
|
||||||||||||||||
NET INCOME (LOSS)
|
148,464
|
34,656
|
116,454
|
(271,861
|
)
|
|||||||||||
|
||||||||||||||||
Preferred Stock Dividend
|
(25,000
|
)
|
(25,000
|
)
|
(75,000
|
)
|
(75,000
|
)
|
||||||||
|
||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
|
123,464
|
$
|
9,656
|
$
|
41,454
|
$
|
(346,861
|
)
|
|||||||
|
||||||||||||||||
BASIC AND DILUTED INCOME (LOSS) PER SHARE
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
(0.01
|
)
|
|||||||
|
||||||||||||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
42,382,635
|
41,951,935
|
42,336,460
|
41,770,978
|
|
For the Nine Months Ended
March 31,
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income (loss)
|
$
|
116,454
|
$
|
(271,861
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
|
||||||||
Depreciation and amortization expense
|
77,171
|
116,338
|
||||||
Change in allowance for bad debt (recovery)
|
-
|
(289
|
)
|
|||||
Stock based compensation related to consultant, employee and director options
|
20,706
|
56,238
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
33,980
|
(165,609
|
)
|
|||||
Inventory and inventory reserve
|
53,685
|
25,318
|
||||||
Prepaid and other current assets
|
(83,951
|
)
|
(38,339
|
)
|
||||
Accounts payable and accrued expenses
|
55,253
|
5,731
|
||||||
Net Cash Provided (Used) by Operating Activities
|
273,298
|
(272,473
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase of property and equipment
|
(15,187
|
)
|
-
|
|||||
Net Cash Used by Investing Activities
|
(15,187
|
)
|
-
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Payments on lease liability
|
(4,566
|
)
|
(3,322
|
)
|
||||
Payments on notes payable
|
(10,040
|
)
|
(1,603
|
)
|
||||
Preferred stock dividends
|
-
|
(75,000
|
)
|
|||||
Net Cash Used by Financing Activities
|
(14,606
|
)
|
(79,925
|
)
|
||||
NET INCREASE (DECREASE) IN CASH
|
243,505
|
(352,398
|
)
|
|||||
CASH AT BEGINNING OF PERIOD
|
267,302
|
455,717
|
||||||
CASH AT END OF PERIOD
|
$
|
510,807
|
$
|
103,319
|
SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES
|
||||||||
|
||||||||
Interest paid
|
$
|
6,837
|
$
|
2,404
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
|
||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||
|
||||||||
Capitalized lease
|
$
|
-
|
$
|
19,337
|
||||
Reclassification of accounts receivable – related party to accounts receivable
|
$
|
-
|
$
|
6,312
|
||||
Equipment purchase accrued for, not paid in cash
|
$
|
-
|
$
|
7,641
|
||||
Write off of previously reserved forklift tires
|
$
|
81,224
|
$
|
-
|
||||
Purchase of fixed assets through debt
|
$
|
95,625
|
$
|
-
|
||||
Accrued preferred stock dividends
|
$
|
75,000
|
$
|
-
|
||||
Issuance of stock for stock payable
|
$
|
4,500
|
$
|
-
|
||||
Issuance of stock for accrued expense
|
$
|
5,000
|
$
|
-
|
|
March 31, 2017
|
June 30, 2016
|
||||||
|
(Unaudited)
|
|||||||
Raw Materials
|
$
|
216,436
|
$
|
257,260
|
||||
Finished Goods
|
570,441
|
663,666
|
||||||
Inventory reserve
|
(45,617
|
)
|
(125,981
|
)
|
||||
Inventory - net
|
$
|
741,260
|
794,945
|
Payments due by period
|
||||||||||||||||||||
Total
|
Less than
1 year
|
1 to 3 years
|
3 to 5 years
|
After
5 years
|
||||||||||||||||
Bank debt (both US Bank facilities above)
|
$
|
83,119
|
$
|
17,141
|
$
|
59,726
|
$
|
6,252
|
$
|
-
|
||||||||||
|
||||||||||||||||||||
Total cash obligations
|
$
|
83,119
|
$
|
17,141
|
$
|
59,726
|
$
|
6,252
|
$
|
-
|
2017
|
$
|
2,174
|
||
2018
|
8,697
|
|||
2019
|
725
|
|||
2020
|
-
|
|||
2021
|
-
|
|||
Total minimum lease payments
|
11,596
|
|||
Less: executory costs
|
-
|
|||
Net minimum lease payments
|
11,596
|
|||
Less: amount representing interest
|
(1,533
|
)
|
||
Present value of net minimum payments
|
$
|
10,063
|
Risk free interest rate
|
|
|
1.450
|
%
|
Expected life
|
|
|
3.0
|
years
|
Expected volatility
|
|
|
126.36
|
%
|
Dividend yield
|
|
|
0.00
|
%
|
|
March 31, 2017
|
June 30, 2016
|
||||||||||||||||||||||
|
Weight Average
|
Intrinsic
|
Weight Average
|
Intrinsic
|
||||||||||||||||||||
|
Shares
|
Exercise Price
|
Value
|
Shares
|
Exercise Price
|
Value
|
||||||||||||||||||
Outstanding beginning of period
|
3,800,000
|
$
|
0.13
|
2,270,000
|
$
|
0.14
|
||||||||||||||||||
Granted
|
480,000
|
$
|
0.10
|
1,530,000
|
$
|
0.10
|
||||||||||||||||||
Expired/Cancelled
|
-
|
$
|
0.00
|
-
|
$
|
0.00
|
||||||||||||||||||
Exercised
|
-
|
$
|
0.00
|
-
|
$
|
0.00
|
||||||||||||||||||
Outstanding end of period
|
4,280,000
|
$
|
0.12
|
$
|
-
|
3,800,000
|
$
|
0.13
|
$
|
-
|
||||||||||||||
Exercisable
|
3,960,000
|
$
|
0.12
|
$
|
-
|
3,070,000
|
$
|
0.13
|
$
|
-
|
Outstanding
|
Exercisable
|
|||||||||||||||||||||
Range of
Exercise Prices
|
Number Outstanding
at
March 31, 2017
|
Weighted
Average
Remaining
Contractual Life
|
Weighted
Average
Exercise Price
|
Number
Exercisable at
March 31, 2017
|
Weighted
Average Remaining
Contractual Life
|
|||||||||||||||||
$
|
0.08
|
150,000
|
4.67
|
$
|
0.08
|
150,000
|
4.67
|
|||||||||||||||
$
|
0.10
|
2,680,000
|
2.35
|
$
|
0.10
|
2,360,000
|
2.35
|
|||||||||||||||
$
|
0.17
|
1,450,000
|
3.67
|
$
|
0.17
|
1,450,000
|
3.67
|
|||||||||||||||
4,280,000
|
3,960,000
|
·
|
Cost of sales, which consists primarily of raw materials, components and production of our products, including applied labor costs and benefits expenses, maintenance, facilities and other operating costs associated with the production of our products;
|
·
|
Selling, general and administrative expenses, which consist primarily of salaries, commissions and related benefits paid to our employees and related selling and administrative costs including professional fees;
|
·
|
Research and development expenses, which consist primarily of contractor and direct labor conducting research and development, equipment and materials used in new product development and product improvement using our technologies;
|
·
|
Consulting expenses, which consist primarily of amounts paid to third-parties for outside services;
|
·
|
Depreciation and amortization expenses which result from the depreciation of our property and equipment, including amortization of our intangible assets; and
|
·
|
Stock based compensation expense related to stock and stock option awards issued to employees and consultants for services performed for the Company.
|
·
|
any changes in the market relating to the patents that would decrease the life of the asset;
|
·
|
any adverse change in the extent or manner in which the patents are being used;
|
·
|
any significant adverse change in legal factors relating to the use of the patents;
|
·
|
current period operating or cash flow loss combined with our history of operating or cash flow losses;
|
·
|
future cash flow values based on the expectation of commercialization through licensing; and
|
·
|
current expectations that, more likely than not, the patents will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
|
·
|
Sales consisting of product sales;
|
·
|
Sales, net of returns and trade discounts, which is an indicator of our overall business growth and the success of our sales and marketing efforts;
|
·
|
Gross profit, which is an indicator of both competitive pricing pressures and the cost of goods sold of our products and the mix of product and license fees, if any;
|
·
|
Growth in our customer base, which is an indicator of the success of our sales efforts; and
|
·
|
Distribution of sales across our products offered.
|
|
For the Three Months Ended
March 31,
|
For the Nine Months Ended
March 31,
|
||||||||||||||||||||||
|
(in 000’s)
|
Change
|
(in 000’s)
|
Change
|
||||||||||||||||||||
|
2017
|
2016
|
2017 vs. 2016
|
2017
|
2016
|
2017 vs. 2016
|
||||||||||||||||||
Net revenues
|
$
|
1,134
|
$
|
936
|
21.2
|
%
|
$
|
2,849
|
$
|
2,865
|
(0.6
|
%)
|
||||||||||||
Cost of revenues
|
(694
|
)
|
(618
|
)
|
12.3
|
%
|
(1,861
|
)
|
(2,082
|
)
|
(10.6
|
%)
|
||||||||||||
Gross profit
|
440
|
318
|
38.4
|
%
|
988
|
783
|
26.2
|
%
|
||||||||||||||||
Research and development expenses
|
(54
|
)
|
(57
|
)
|
(5.3
|
%)
|
(163
|
)
|
(166
|
)
|
(1.8
|
%)
|
||||||||||||
Sales and marketing expense
|
(65
|
)
|
(54
|
)
|
20.4
|
%
|
(191
|
)
|
(220
|
)
|
(13.2
|
%)
|
||||||||||||
General and administrative expense
|
(171
|
)
|
(172
|
)
|
(0.5
|
%)
|
(511
|
)
|
(667
|
)
|
(23.4
|
%)
|
||||||||||||
Other income (expense)
|
(2
|
)
|
-
|
100.0
|
%
|
(7
|
)
|
(2
|
)
|
250.0
|
%
|
|||||||||||||
Net income (loss)
|
148
|
35
|
322.9
|
%
|
116
|
(272
|
)
|
(142.6
|
%)
|
|||||||||||||||
Preferred stock dividend
|
(25
|
)
|
(25
|
)
|
0.0
|
%
|
(75
|
)
|
(75
|
)
|
0.0
|
%
|
||||||||||||
Net income (loss) attributable to common shareholders
|
$
|
123
|
$
|
10
|
1130
|
%
|
$
|
41
|
$
|
(347
|
)
|
(111.8
|
%)
|
|
Nine months ended Mar. 31,
|
|||||||
|
(in 000’s)
|
|||||||
|
2017
|
2016
|
||||||
Net cash provided (used) by operating activities
|
$
|
273
|
$
|
(272
|
)
|
|||
Net cash used by investing activities
|
(15
|
)
|
-
|
|||||
Net cash used by financing activities
|
(15
|
)
|
(80
|
)
|
||||
Net increase (decrease) in cash during the period
|
$
|
243
|
$
|
(352
|
)
|
|
Payments due by period
|
|||||||||||||||||||
|
Total
|
Less than
1 year
|
1 to 3 years
|
3 to 5 years
|
After
5 years
|
|||||||||||||||
|
||||||||||||||||||||
Facility lease (1)
|
$
|
448,200
|
$
|
137,700
|
$
|
310,500
|
$
|
-
|
$
|
-
|
||||||||||
Capital lease (2)
|
10,077
|
7,285
|
2,792
|
-
|
-
|
|||||||||||||||
Bank debt (3)
|
83,119
|
17,141
|
59,726
|
6,252
|
-
|
|||||||||||||||
Total contractual cash obligations
|
$
|
541,396
|
$
|
162,126
|
$
|
373,018
|
$
|
6,252
|
$
|
-
|
(1) |
In May 2015, we negotiated a five (5) year extension of the lease on our executive office and manufacturing facility located at 1501 Industrial Road, Boulder City, Nevada. The property consists of a 49,200 square foot building. We currently occupy all 49,200, inclusive of approximately 5,500 square feet of office space, situated on approximately 4.15 acres. All other terms and conditions of the building lease remain in effect.
|
(2) |
In July 2015, we entered into a capital lease for research and development equipment for $19,337.
|
(3) |
In June and July 2016, in two separate bank promissory notes, we financed critical manufacturing and facility equipment and operating enhancements which will be placed in service throughout fiscal year 2017.
|
AMERITYRE CORPORATION
|
|
|
|
By:
|
|
|
|
/s/ Michael F. Sullivan
|
|
/s/ Lynda R. Keeton-Cardno
|
|
Michael F. Sullivan
Chief Executive Officer
(Principal Executive Officer)
|
|
Lynda R. Keeton-Cardno
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
1 Year Amerityre (PK) Chart |
1 Month Amerityre (PK) Chart |
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