UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2019~~2020

[  ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________

Commission file number: 000-56054

AmeraMex International, Inc.
(Exact name of registrant as specified in its charter)
Nevada		88-0501944
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)
3930 Esplanade Chico, CA		95973
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 530-895-8955

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $0.001 par value per share		Trading Symbol(s)
(Title of Each Class)		AMMX

Common Stock, $0.001 par value per share

~~Indicate by check~~(Title ~~mark if the registrant is a well-known seasoned issuer, as defined in Rule 405~~ of ~~the Securities Act. ☐ Yes ☑ No~~Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☑ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ~~Web site~~website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit and post such files). ☑ Yes ☐ No

☑ Yes ☐ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained herein, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☑
		Emerging growth company	☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☑ No

~~The~~State the aggregate market value of the ~~registrant’s~~voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second ~~quarter~~fiscal ~~was $6,780,743~~quarter.

~~The registrant~~On ~~had~~June ~~753~~30,~~415~~ 2020,~~879~~ ~~shares~~the last business day of ~~common~~the ~~stock~~Registrant’s ~~outstanding~~most asrecently completed second fiscal quarter, the aggregate market value of ~~May~~the 26Common Stock held by non-affiliates of the Registrant was $2,533,970 ~~2020~~based upon the closing price on that date of the Common Stock of the Registrant on the OTCQB marketplace of $0.49.

~~[DOCUMENTS~~The ~~INCORPORATED~~Registrant BYhad ~~REFERENCE]~~14,549,155 shares of Common Stock outstanding as of April 14, 2021.

DOCUMENTS INCORPORATED BY REFERENCE: None.

TABLE OF CONTENTS
		Page
PART I
ITEM 1.	BUSINESS	34
ITEM 1A.	RISK FACTORS	711
ITEM 1B.	UNRESOLVED STAFF COMMENTS	711
ITEM 2.	PROPERTIES	711
ITEM 3.	LEGAL PROCEEDINGS	712
ITEM 4.	MINE SAFETY DISCLOSURES	712
PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	812
ITEM 6.	SELECTED FINANCIAL DATA	914
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	914
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	1319
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	1320
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	3140
ITEM 9A.	CONTROLS AND PROCEDURES	3140
ITEM 9B.	OTHER INFORMATION	3141
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE	3142
ITEM 11.	EXECUTIVE COMPENSATION	3446
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	3547
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	3649
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	3749
PART IV
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	3750
SIGNATURES		3851

EXPLANATORY NOTE

Reliance on Relief Order.

On March 24, 2020, we filed a current report on Form 8-K in compliance with and in reliance upon the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions From Specified Provisions of the Exchange Act and Certain Rules Thereunder dated March 4, 2020 (Release No. 34-88318) as modified and superseded by a new SEC order issued on March 25, 2020 (Release No. 34-88465) (collectively, the “Order”) to delay the filing of our Annual Report on Form 10-K for the year ended December 31, 2019 (the “Report”) due to circumstances related to the coronavirus disease 2019 (“COVID-19”).

On May 6, 2020, we filed a Rule 12b-25 notification of late filing of our Form 10-K indicating that we required additional time to review and prepare certain information in our financial statements following delays resulting from the COVID-19 pandemic related audit field work completion challenges.

PART I

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (this “Annual Report”) contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, and projections about us and our industry. You can identify these forward-looking statements when you see us using words such as “expect,” “anticipate,” “estimate,” “plan,” “believe,” “seek,” and other similar expressions that are intended to identify forward-looking statements. They include statements regarding our:

●• Financial position;

●• Business plans;

●• Budgets;

●• Amount, nature, and timing of capital expenditures;

●• Cash flow and anticipated liquidity;

●• Future operations of unknown nature costs;

●• Acquisition and development of other technology;

●• Future demand for any products and services acquired; and

●• Operating costs and other expenses.

Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, some of which are beyond our control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted. All statements other than statements of historical facts included in this Annual Report including, without limitation, any projections and assumptions in this Annual Report, are forward-looking statements. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results include:

●• General economic conditions;

●• Our cost of operations;

~~● Our ability to generate sufficient cash flows to continue operating;~~3

2• Our ability to generate sufficient cash flows to continue operating;

●• Availability of capital;

●• The strength and financial resources of our competitors;

●• Our ability to find and retain skilled personnel; and

●• The lack of liquidity of our ~~common~~Common ~~stock~~Stock.

You should not place undue reliance on these forward-looking statements, which reflect our management’s view only on the date of this Annual Report. We undertake no obligation to update these statements or to report the result of any revision to the forward-looking statements that we may make to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.

ITEM 1.

BUSINESS.

Recent Developments Related to the COVID-19 Outbreak

All of the disclosures set forth in Item 1 below should be read in the context of the recent COVID-19 related developments discussed immediately below. All of the disclosures recited in “Recent Developments Related to the COVID-19 Outbreak” are as of the date of this filing.

The occurrence of the COVID-19 pandemic has and may continue to negatively affect our operations depending on the severity and longevity of the pandemic.

The COVID-19 pandemic is currently impacting countries, communities, supply chains, and ~~markets~~ businesses as well as the global financial markets. A The COVID-19 pandemic ~~typically~~has ~~results~~resulted in in social distancing, travel bans, and quarantine measures, ~~and~~which ~~this~~have ~~may~~limited ~~limit~~ access to our facilities, customers, management, support staff, and professional advisors. These factors, in turn, have impacted and may ~~not~~continue ~~only~~to impact our operations, financial condition , and demand for our goods and services ~~but~~as well as our overall ability to react timely to mitigate the impact of this event. Also, itthe COVID-19 pandemic has hampered and may continue to hamper our efforts to comply with our filing obligations with the ~~Securities and Exchange Commission~~SEC. Depending on the severity and longevity of the COVID-19 pandemic, our business, customers, and shareholders may continue to experience a significant negative impact.

~~COVID-19~~We ~~Update~~received the following financial assistance from the Small Business Administration (SBA):

~~AmeraMex has~~(1) ~~been~~$228,442 ~~approved~~under by the ~~Small~~SBA ~~Business~~Paycheck ~~Administration~~Protection ~~(SBA)~~Program ~~for~~442 ~~the~~to ~~following~~cover ~~financial~~payroll ~~assistance:~~and utility expenses. We received 100% forgiveness of this loan;

●(2) ~~The~~$150,000 ~~Company~~under ~~will~~the ~~receive~~COVID-19 ~~$228~~Economic Injury Disaster Loan. On April 7,~~442~~ ~~under~~2021 ~~the~~we ~~SBA~~received ~~Paycheck~~email ~~Protection~~notification ~~Program~~of an increase in this loan from $150,000 to $500,000. That same day, we submitted our request for the increase;

~~● The Company has been approved for up to $2 million by the SBA for a Disaster Assistance Loan. The amount of the loan and the loan terms are not yet finalized.~~4

~~AmeraMex is~~(3) ~~mandating a work-from-home policy for its sales~~$254,147 ~~administrative,~~under ~~and~~the ~~accounting~~SBA ~~employees.~~Paycheck ~~Shop~~Protection ~~employees~~Program ~~are~~– ~~busy~~Round ~~servicing contracts~~2 ~~with~~442 ~~our~~to ~~essential~~cover ~~customers~~payroll and ~~are~~utility ~~often traveling to do so~~expenses. ~~They~~We ~~are~~believe ~~practicing social distancing and~~ we are ~~only allowing~~following ~~one customer in~~ the ~~facility~~government atguidelines aand ~~time.~~tracking ~~Our~~costs ~~Company~~to ~~has~~ensure ~~worked~~100% ~~out~~forgiveness ~~payment schedules with our customers in need~~ of ~~assistance and,~~the inloan; ~~turn, has accepted all assistance offered by our vendors.~~and

(4)

We are working with the SBA on a secondary loan which pays either $10,000,000 or 45% of 2019 gross earned revenue, whichever is lower. We meet the qualifications and based on their requirements are eligible for $5,694,857. We cannot submit our application until after April 19^thand will have more updates in our Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.

We mandated a work-from-home policy for our sales, administrative, and accounting employees. Shop employees are servicing contracts with our essential customers and are often traveling to do so. They are practicing social distancing and we are only allowing one customer in the facility at a time. We have worked out payment schedules with our customers in need of assistance and, in turn, have accepted all assistance offered by our vendors.

General

The following is a summary of some of the information contained in this document. Unless the context requires otherwise, references in this document to “our Company,” “us,” “we,” “our,” “AmeraMex,” or the “Company” are to AmeraMex International, Inc.

Organization

We were originally incorporated as Hamre Equipment Company, Inc. in California on November 17, 1989. We merged into AmeraMex International, Inc., a Nevada corporation, on ~~May~~November 292, ~~1990~~2006.

Objectives

● Continue to develop and expand the availability of our products to the heavy equipment industry;

● Expand online, direct, wholesale, and government sales (both domestic and international); ~~● Expand our construction equipment division~~and

Expand our construction equipment division.

Description of Business and Principal Products or Services

We sell, lease, and rent heavy equipment to companies within ~~four~~five industries:

Construction (light and infrastructure);

Shipping logistics;

3. Mining; ~~and~~

4. Commercial farming.; and

With customers in the United States, Canada, Latin America, Asia, and Africa, we have over 30 years of experience in heavy equipment sales and service and inventories of top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc5. ~~and Terex Heavy Equipment~~Forestry.

Our parts warehouse contains a sizeable heavy equipment parts inventory, ensuring that we have the necessary parts on hand to maintain and repair all lines of represented equipment. Our in-house and field technicians solve service needs to get equipment back on the job as quickly as possible.

Our service facility is equipped with overhead cranes, a paint shop, and a welding-fabricating shop. The facility includes modern, specialized tools and state-of-the-art diagnostic equipment. Our service staff has access to manufacturers’ technical specifications to speed repairs.

Distribution Network

We sell, lease, and rent heavy equipment to a wide variety of industries, including construction, mining, infrastructure, logging, logistics, transportation, and commercial farming. We are authorized dealers for manufacturers such as Taylor Machine Works, Terex Heavy Equipment, Barko Hydraulics, Genie, and Menzi Muck.

We acquire used equipment for resale through trade-ins from our customers, returned customer leases, and selective purchases. We also sell parts and provide repair and maintenance services directly to customers at our Northern California location.

Hamre Heavy Haul, one of our divisions, operates a fleet of heavy haul equipment which includes a fleet of Kenworth trucks and Cozad heavy haulers to transport heavy equipment for our purchase and lease customers as well as others throughout the United States.

Our end-user base is diverse and fragmented, including, among others, light and heavy manufacturers, trucking and automotive companies, rental companies, building materials and paper suppliers, lumber, metal products, warehouses, retailers, food distributors, container handling companies, and domestic and foreign government agencies.

We obtain new customers in several different ways:

●• Current customer referrals; ~~● Website;~~

●• ~~Billboard advertisements~~Website;

●• ~~Company~~Billboard ~~location where our inventory yard is highly visible from the freeway~~advertisements;

●• ~~Monitoring~~Company ~~government~~location ~~websites,~~where ~~bidding~~our oninventory ~~jobs~~yard ~~and~~is ~~winning~~highly ~~contracts;~~visible ~~and~~from the freeway;

●• ~~Authorized~~Monitoring ~~equipment~~government ~~maker~~websites, ~~referrals.~~bidding on jobs and winning contracts; and

•

Authorized equipment maker referrals.

Governmental Regulation

We are subject to numerous federal, state, and local rules and regulations, including regulations promulgated by the Environmental Protection Agency (EPA) and similar state agencies with respect to storing, shipping, disposing, discharging, and manufacturing hazardous materials and hazardous and non-hazardous waste. These activities are associated with the repair and maintenance of our equipment and customers’ equipment. Compliance with these rules and regulations has not had any material effect on our operations, nor do we expect it to in the future. Further, we have not made, and do not anticipate making, any material capital expenditures in compliance with environmental regulations. However, there can be no assurance that these expectations will prove to be accurate, particularly if regulations change, unforeseen incidents occur or unknown past contamination or non-compliance is discovered, among other similar events.

Jumpstart Our Business Startups Act

We qualify as an “emerging growth company” as defined in Section 101 of the Jumpstart our Business Startups Act (“JOBS Act”) as we did not have more than $1,070,000,000 in annual gross revenue and did not have such amount as of December 31, ~~2019~~2020, ~~our~~ our last fiscal year.

We may lose our status as an emerging growth company on the last day of our fiscal year during which (i) our annual gross revenue exceeds $1,070,000,000 or (ii) we issue more than $1,070,000,000 in non-convertible debt in a three-year period. We will lose our status as an emerging growth company if at any time we are deemed to be a large accelerated filer. We will lose our status as an emerging growth company on the last day of our fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective registration statement.

As an emerging growth company, we may take advantage of specified reduced reporting and other burdens that are otherwise applicable to generally reporting companies. These provisions include:

● Aa requirement to ~~have~~present only two years of audited financial statements and only two years of related Management’s Discussion and Analysis ~~Disclosures~~of Financial Condition and Results of Operations included in a public offering registration statement; ● an exemption to provide less than five years of selected financial data in a public offering registration statement; ● an exemption from the auditor attestation requirement of Section 404 of the Sarbanes-Oxley Act in the assessment of the emerging growth company’s internal control over financial reporting; ● an exemption from the adoption of new or revised financial accounting standards until they would apply to private companies; and ● an exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board requiring mandatory audit partner rotation or a supplement to the auditor’s report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

~~● Reduced disclosure about the emerging growth company’s executive compensation arrangements; and~~7

● No non-binding advisory votes on executive compensation or golden parachute arrangements.

As an emerging growth company, we are exempt from Section 404(b) of the Sarbanes-Oxley Act of 2002 and Section 14A(a) and (b) of the Securities Exchange Act of 1934 (the “Exchange Act”). Such sections are provided below:

Section 404(b) of the Sarbanes-Oxley Act of 2002 requires a public company’s auditor to attest to, and report on, management’s assessment of its internal controls.

Sections 14A(a) and (b) of the Exchange Act, implemented by Section 951 of the Dodd-Frank Act, require companies to hold shareholder advisory votes on executive compensation and golden parachute compensation. In addition, under Section 14(a) of the Exchange Act, we will be required to file preliminary and definitive proxy statements to ensure that shareholders' rights are upheld.

We have already taken advantage of these reduced reporting burdens in this Annual Report, which are also available to us as a smaller reporting company as defined under Rule 12b-2 of the Exchange Act.

As long as we qualify as an emerging growth company, we will not be required to comply with the requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 and Section 14A(a) and (b) of the Exchange Act.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), for complying with new or revised accounting standards. We are choosing to irrevocably opt in to the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the JOBS Act.

History

We have grown from a used forklift dealer in Northern California to the owner and operator of a multi-million dollar fleet of heavy equipment for sale, lease, or rent to companies in the United States, Canada, Latin America, Asia, and Africa.

~~The Company has~~We have three business units:

1. Hamre Equipment ~~Inc.~~;

2. Hamre Heavy Haul; and

3. Hamre Parts & Service ~~Organization~~.

These units are authorized dealers for well-known equipment manufacturers and carry a large inventory of heavy equipment and Hamre Parts & Service ~~Organization~~ includes a complete maintenance organization with a large parts inventory and service department.

We supply heavy equipment to many different industries. Currently, the majority of our revenue is from the sales of new and refurbished container handlers to portside logistics companies. In addition to this line of work, we have an extensive equipment inventory for infrastructure development. Growing demand for infrastructure development typically calls for equipment to be rented, rather than purchased, allowing us to maximize the use of our inventory.

The Hamre Heavy Haul business unit includes a customized fleet of heavy haul equipment and was initially formed to transfer heavy equipment ~~for~~ ~~AmeraMex~~for us, however, in recent years, we have expanded this unit to market our heavy haul services to third-party companies throughout the United States.

Strategy

We have a clearly defined strategy to find opportunities that expand our reach within the United States and internationally. We now have customers in over 12 countries. As we continue to sell new equipment to U.S. customers, we purchase older equipment from well-respected brands that may not meet EPA Tier III requirements in the U.S., and refurbish the equipment to like-new condition. The equipment is sold AS IS with NO warranty agreement. The equipment is then marketed internationally. Our target markets for sales of new and refurbished equipment are:

●• Canada

●• Indonesia ~~● Pakistan~~

●• ~~Germany~~Pakistan

●• ~~Singapore~~Germany

●• ~~Vietnam~~Singapore

●• ~~China~~Vietnam

●• ~~Russia~~China

●• ~~India~~Russia

●• ~~The Middle East~~India

●• ~~West~~The ~~Africa~~Middle East

●• ~~Central~~West ~~America~~Africa

●• ~~Mexico~~Central America

•

Mexico

Opportunities

We believe the demand for leased or rented equipment is growing. Companies within the construction and logistics industries hesitate to purchase equipment that may become idle if related markets weaken. Additionally, the cost of many types of heavy-duty equipment and container handlers has increased substantially because of new federal emission control standards. Due to these and other concerns, many companies forgo purchasing and instead rent or lease needed equipment.

Internationally, our ongoing expansion, specifically within Western Africa, allows us to take advantage of the improving global infrastructure construction market and the increased import and export of natural resources. We have already established marketing opportunities within the governments of several West African countries.

The current trade issues with China have no bearing on our business or current plans. However, trade issues between the United States and China are constantly evolving and the future could bring about potential negative impacts on our business, including increased costs and higher prices.

Market

Our market is highly competitive and constantly changing. Commercial success is frequently dependent upon capital availability, the effectiveness and sufficiency of which are very difficult to accurately predict. It is one of the principal economic risks of companies in our industry.

According to to the “Heavy Construction Equipment Market ~~Size,~~Will ~~Share~~Reach &$90.4 ~~Trend~~Billion ~~Analysis~~by ~~Report By Product (Earth Moving, Material Handling, Concrete & Road Construction), By Application, And Segment Forecasts, 2018 –~~ 2025,” published by Grand View Research in in January ~~2018~~ 2019/2020 (the “Construction Equipment Report”): “The global heavy construction equipment market size ~~was~~ ~~valued at $55.9 billion in 2016. Increased investment in the infrastructure sector~~ is expected to ~~drive~~reach ~~growth over the forecast period~~$90.4 ~~Heavy~~billion ~~duty~~by ~~construction~~2025 ~~equipment~~at isa ~~likely~~CAGR toof ~~witness~~5.4%. ~~high~~Increased ~~demand~~investment ~~from the~~ of infrastructure ~~sector~~will ~~owing~~be to a ~~rise~~major factor in ~~construction activities~~driving market growth.”

Competition

There is a large number of companies and individuals engaged in the provision of construction equipment; accordingly, there is a high degree of competition in our industry. Many of the companies and individuals with whom we compete have substantially greater technical, personnel, and financial resources than us. In view of our limited financial resources, we will continue to be at a significant competitive disadvantage compared to our competitors.

According to the Construction Equipment Report, global vendors such as Caterpillar, Komatsu Ltd., and AB Volvo are some of the leading market players in the heavy equipment industry. These vendors dominate the market in terms of technology, experience, and quality.

A rise in prominence of Chinese vendors in the industry has been observed in the last few years. Manufacturers in China have capitalized on government-funded infrastructure projects and are continuously evolving and in some circumstances, acquiring European vendors.

Some other key players in the market for heavy duty construction equipment are Hitachi Construction Machinery Co. Ltd., Liebherr, Deere & Company, Doosan Bobcat, XCMG Group, SANY Group, and Zoomlion Heavy Industry Science & Technology Co. Ltd.

Amount Spent on Research and Development

None.

Employees

As of ~~December 31,~~the ~~2019~~date hereof, we have 16 full time employees ~~and 1 part time employee~~. In addition to our employees, we utilize various consultants and contractors for other services on an as-needed basis.

FINRA Corporate Action/Information Statement on Form 14C

On December 21, 2020, we effected a one for fifty (1:50) reverse stock split (the “Reverse Stock Split”). To effect the Reverse Stock Split, we filed a Certificate of Amendment to our Restated Certificate of Incorporation with the Nevada Secretary of State. The Reverse Stock Split was approved by our Board of Directors on September 9, 2020 and by our stockholders on September 11, 2020, by a written consent in lieu of a special meeting of stockholders.

As a result of the Reverse Stock Split, every 50 shares of issued and outstanding Common Stock were automatically combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split and any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. Following the Reverse Stock Split, the number of shares of Common Stock outstanding was reduced from 753,415,879 shares to 15,068,317 shares. There was no change to the number of authorized shares.

Unless otherwise indicated, all share and per share amounts included in this Annual Report reflect the effects of the Reverse Stock Split.

Additional Information

We file annual, quarterly, and other reports, proxy statements and other information with the SEC. The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding us and other issuers that file electronically with the SEC.

Our corporate website address is www.ammx.net. We make available free of charge, through the Investor Relations section of our website, annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The information which appears on our corporate website is not part of this Annual Report.

ITEM 1A.

RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 2.

PROPERTIES

We lease a building and real property in Chico, California from a trust whose trustee is Lee Hamre, our ~~Chief~~President ~~Executive Officer~~ for monthly lease ~~payments~~ payments of $912,~~800~~000. We are currently leasing the building and real property onthrough a ~~month-to-month~~lease ~~basis~~that renews annually. The total rent for ~~2019 was~~2020 was $~~117~~139,600, and the total rent for ~~2018~~2019 was $~~107,800 and total rent for 2017 was $~~117,600.

ITEM 3.

LEGAL PROCEEDINGS

We ~~anticipate~~ anticipate that we will from time to time become subject to claims and legal proceedings arising in the ordinary course of business. It is not feasible to predict the outcome of any such proceedings and we cannot ~~assure~~give any assurance that their ultimate disposition will not have a materially adverse effect on our business, financial condition, cash flows or results of operations. As of the ~~filing~~date of this Annual Report, we ~~are~~have ~~party~~no ~~to two pending~~ legal proceedings pending.

On May 5, 2020, Liebherr-America, Inc. d/b/a Liebherr USA, Co. (“Liebherr”) filed a Complaint in United States District Court for the Eastern District of Virginia (Newport News Division) against Ameramex International, Inc. and Ceres Terminals Incorporated (collectively the “Defendants”) seeking a declaratory judgment against the Defendants for alleged negligence that resulted in a fraudulent wire transfer. Our Company intends to vigorously defend against these claims.

On May 12, 2020, Ceres Terminals Incorporated filed a Complaint in United States District Court for the Eastern District of Virginia (Newport News Division) against Hamre Equipment Company a/k/a Ameramex International, Inc. (Defendant) seeking a judgement against the Defendant for breach of contract. Our Company intends to vigorously defend against these claims.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our stock is ~~quoted~~ ~~with~~traded on the OTCQB Venture Market (“OTCQB”) operated by the OTC Markets Group, Inc., ~~also~~Our ~~known~~trading assymbol ~~Pink~~is ~~Sheets~~AMMX. Only ~~Our~~a ~~trading~~limited ~~symbol~~market isexists ~~AMMX~~for our securities. ~~This~~There is ~~not~~no ~~considered~~assurance that a regular trading market will develop, ~~and~~ or if developed, ~~therefore~~that it will be sustained. Therefore, ~~there~~a isshareholder ~~currently~~may nobe ~~public~~unable ~~market~~to ~~for~~resell ~~our~~their ~~Common~~securities ~~Stock~~in our Company.

The ~~following~~ following table sets forth, ~~for~~ the ~~periods~~range ~~indicated~~of ~~the quarterly~~ high and low bid ~~prices~~quotations ~~per~~for ~~share~~our Common Stock for each of the periods indicated as reported by ~~OTC~~the ~~Markets~~OTCQB within the two most recent fiscal years. These quotations reflect inter-dealer prices, without retail mark-up, mark-down , or commission and may not necessarily represent actual transactions.

Period		High Price(Bid)		Low Price(Bid)
Fiscal Year Ended December 31, 2020
Year ended December 31, 2019
Quarter Ended	High $	Low $
First Quarter (Jan-Mar)		$	0.0213	$	0.0128
December 31, 2020	0.48	0.38
Second Quarter (April-June)		$	0.0196	$	0.0145
September 30, 2020	0.54	0.43
Third Quarter (July-Sept)		$	0.0196	$	0.0138
June 30, 2020	0.49	0.49
Fourth Quarter (Oct-Dec)		$	0.0139	$	0.0086
March 31, 2020	0.55	0.52
Fiscal Year Ended December 31, 2019
Quarter Ended	High $	Low $
December 31, 2019	0.70	0.43
September 30, 2019	0.98	0.69
June 30, 2019	0.98	0.73
March 31, 2019	1.07	0.64

Period	High Price(Bid)		Low Price(Bid)
Year ended December 31, 2018
First Quarter (Jan-Mar)	$	0.0087	$	0.0049
Second Quarter (April-June)	$	0.0222	$	0.0096
Third Quarter (July-Sept)	$	0.0232	$	0.0125
Fourth Quarter (Oct-Dec)	$	0.0198	$	0.0123

Holders of our Common Stock

~~Rules Governing~~We ~~Low-price~~have ~~Stocks~~approximately ~~That~~257 ~~May~~record ~~Affect~~holders ~~Our~~of ~~Stockholders'~~our ~~Ability~~Common Stock as of the date of this Annual Report according to ~~Resell~~the ~~Shares~~records of ~~Our~~our ~~Common~~transfer agent. ~~Stock~~The number of our stockholders of record excludes any estimate by us of the number of beneficial owners of shares held in street name, the accuracy of which cannot be guaranteed.

We are a “penny stock” company, as our stock price is less than $5.00 per share. If we are able to obtain an exchange listing for our stock, we cannot make an assurance that we will be able to maintain a stock price greater than $5.00 per share and if the share price were to fall below such threshold, that we would not be subject to the penny stock rules.12

The penny stock rules require broker-dealers, prior to a transaction in a penny stock not otherwise exempt from the rules, to make a special suitability determination for the purchaser to receive the purchaser’s written consent to the transaction prior to sale, to deliver standardized risk disclosure documents prepared by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer must also provide the customer with current bid and offer quotations for the penny stock. In addition, the penny stock regulations require the broker-dealer to deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the SEC relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt. A broker-dealer is also required to disclose commissions payable to the broker-dealer and the registered representative and current quotations for the securities. Finally, a broker-dealer is required to send monthly statements disclosing recent price information with respect to the penny stock held in a customer's account and information with respect to the limited market in penny stocks.

Holders

We have approximately 258 record holders of our common stock as of the date of this Annual Report according to the records of our transfer agent. The number of our stockholders of record excludes any estimate by us of the number of beneficial owners of shares held in street name, the accuracy of which cannot be guaranteed.

Our transfer agent is Pacific Stock Transfer Company, 6725 Via Austi Parkway, #300, Las Vegas, Nevada, 89119. Their telephone number is (702) 361-3033.

Dividends

We have not declared a dividend on our ~~common~~Common ~~stock~~Stock, and we do not anticipate the payment of dividends in the near future as we intend to reinvest our profits to grow our business. There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends. The Nevada Revised Statutes, however, does prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

8There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends. The Nevada Revised Statutes, however, does prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

●• we would not be able to pay our debts as they become due in the usual course of business; or ●• our total assets would be less than the sum of our total liabilities, plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution.

Employees Stock Compensation Plan

We do not have a Stock Option Plan as of the date of this filing.

Recent Sales of Unregistered Securities.

During ~~the year~~ ~~ended December 31~~2019, ~~2016,~~ we ~~issued~~did ~~14,125,000~~not ~~shares~~issue ofany ~~common stock to officers, directors, and employees for services rendered valued at $108,763. In addition, during the year ended December 31, 2016, we issued 75,000,000~~ shares of common ~~stock~~or topreferred ~~an officer and director for the settlement of $80,000 in related party debt and accounts payable~~stock.

On July ~~March~~20, 102020, ~~2016,~~ anwe ~~aggregate~~entered ofinto ~~25,000,000~~a ~~shares~~Securities ofPurchase ~~common~~Agreement ~~stock~~with ~~were~~Geneva ~~issued~~Roth toRemark ~~McCloud~~Holdings, ~~Communications~~Inc., ~~for~~a ~~investor~~New ~~relations~~York ~~services~~corporation (“Geneva”) ~~valued~~to atissue ~~$97,500~~a ~~for~~convertible ~~2015;~~promissory 50note in the amount of $60,000,~~000~~ convertible into shares of ~~common~~our ~~stock~~Common ~~were~~Stock. ~~issued~~The tonote ~~Lee~~matures ~~Hamre~~on ~~for~~July 20, ~~a $185~~2021,~~000~~ ~~partial~~bears ~~repayment~~an interest rate of a10% ~~$700~~per annum,~~000 loan~~ towith ~~us;~~a ~~and~~22% ~~500~~default interest rate,~~000~~ ~~shares~~and may be converted at 65% of ~~common~~the ~~stock~~lowest ~~were~~closing bid ~~issued~~price toin ~~Michael~~the ~~Maloney~~ten ~~for~~days ~~services~~preceding ~~valued~~a conversion. On January 15, 2021, this note was paid in ~~the~~full ~~amount~~prior to any conversion of ~~$1,850~~stock.

On September ~~February~~16, 122020, ~~2016,~~ anwe ~~aggregate~~issued a second convertible promissory note to Geneva in the amount of 12$60,000,~~000~~ convertible into shares of ~~common~~our Common ~~stock~~Stock. ~~were~~The ~~given~~note tomatures ~~three~~on ~~board~~September ~~members~~16, as2021, ~~compensation~~bears ~~for~~an ~~their~~interest ~~services~~rate ~~during 2015.~~of ~~Michael~~10% ~~Maloney~~per annum, ~~Lee~~with ~~Hamre,~~a ~~and~~22% ~~Marty~~default ~~McCloud~~interest ~~were~~rate, ~~each~~and may ~~awarded~~be ~~4,000,000~~converted ~~shares~~at 65% of ~~common~~the ~~stock.~~lowest ~~The~~closing ~~value~~bid price of the ~~services rendered~~Common ~~for~~Stock ~~each~~in ~~director~~the twenty days preceding a conversion. On March 19, 2021, this note was ~~calculated~~paid in full prior to beany ~~$15,000~~stock conversion.

~~During~~On ~~2019~~January ~~and~~21, ~~2018~~2021, we ~~did~~entered ~~not~~into ~~issue~~a ~~any~~securities purchase agreement with Geneva whereby Geneva purchased 103,500 shares of ~~common~~our orSeries ~~preferred~~A Preferred ~~stock~~Stock for a purchase price of $103,500. After payment of transaction-related expenses, net proceeds to us were $100,000. The proceeds were used for working capital. The Series A Preferred Stock earns dividends at a rate of 10% per annum, and dividends at a default rate of 22%. The shares of Series A Preferred Stock have a stated value of $1.00 per share and are convertible at 70% of the lowest closing bid price of the Common Stock in the ten days preceding a conversion.

On March 23, 2021, we entered into a securities purchase agreement with Geneva whereby Geneva purchased 78,000 shares of our Series A Preferred Stock for a purchase price of $78,000. After payment of transaction-related expenses, net proceeds to us were $75,000. The proceeds were used for working capital. The Series A Preferred Stock earns dividends at a rate of 10% per annum, and dividends at a default rate of 22%. The shares of Series A Preferred Stock have a stated value of $1.00 per share and are convertible at 70% of the lowest closing bid price of the Common Stock in the ten days preceding a conversion.

All issuances were exempt from the registration requirements of Section 5 of the Securities Act of 1933 as they did not involve a public offering under Section 4(a)(2) and were issued as restricted securities as defined in Rule 144 of the Act.

ITEM 6.

SELECTED FINANCIAL DATA

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

The following discussion and analysis should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this Annual Report.

~~Management’s~~Forward ~~Discussion~~Looking ~~and Analysis of Financial Condition and Results of Operations~~Statements

Certain ~~statements~~ statements contained in this Annual Report, including statements regarding the anticipated development and expansion of our business, ~~our~~ our intent, belief, or current expectations, primarily with respect to ~~the~~our future operating performance ~~of our company~~ and the products and services we expect to offer and other statements contained herein regarding matters that are not historical facts, are “forward-looking” statements. Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also forward-looking statements which involve risks, uncertainties, and assumptions. Because forward-looking statements are inherently subject to risks ~~and~~ and uncertainties, our actual results may differ materially from the results discussed in the forward-looking statements. The following discussion and analysis of financial condition and results of our operations is based upon, and should be read in conjunction with, the audited financial statements and related notes elsewhere in this Annual Report.

Overview

We sell, lease, and rent heavy equipment to companies within four industries: construction (light and infrastructure), shipping logistics, mining, forestry, and commercial farming. With customers in the United States, Canada, Latin America, Asia, and Africa, we have over 30 years of experience in heavy equipment sales and service and inventories of top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment.

~~We were originally incorporated as Hamre Equipment Company, Inc. in California on November 17, 1989. We merged into AmeraMex International, Inc., a Nevada corporation, on May 29, 1990.~~ 14

9Latin America, Asia, and Africa, we have over 30 years of experience in heavy equipment sales and service and inventories of top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc., ASV, and Terex Heavy Equipment.

~~Selected~~We were ~~Financial~~originally incorporated as Hamre Equipment Company, Inc. in California on November 17, 1989. We merged into AmeraMex International, ~~Data:~~Inc., a Nevada corporation, on November 2, 2006.

~~Statement of~~Selected ~~Income~~Financial ~~for the Years Ended December 31, 2019 and 2018.~~Data

	2019			2018
REVENUES		(audited)			(audited)
Sales of Equipment and Other Revenues	$	10,296,901		$	7,027,948
Rentals and Leases		2,358,337			2,769,906
Total Revenues		12,655,238			9,797,854
COST OF REVENUES
Sales of Equipment and Other Revenues		9,343,196			5,700,920
Rentals and Leases		951,366			985,584
Total Cost of Revenues		10,294,562			6,686,504
GROSS PROFIT		2,360,676			3,111,350
OPERATING EXPENSES
Sales and Marketing		448,415			325,519
General and Administrative		978,560			834,394
Total Operating Expenses		1,426,975			1,159,913
INCOME FROM OPERATIONS		933,701			1,951,437
OTHER INCOME (EXPENSE)
Interest Expense		(747,855	)		(828,585	)
Loss from Early Extinguishment of Debt		(482,908	)		—
Other Income		131,423			131,165
Total Other Income (Expense)		(1,099,340	)		(697,420	)
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES		(165,639	)		1,254,017
PROVISION (BENEFIT) FOR INCOME TAXES		(75,345	)		368,422
NET INCOME (LOSS)	$	(90,294	)	$	885,595

Statements of Income for the Years Ended December 31, 2020 and 2019.

Results of Operations

	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 REVENUES
Sales of Equipment and Other Revenues		9,566,702			9,343,196
Rentals and Leases		942,954			951,336
Total Cost of Revenues		10,509,656			10,294,562

GROSS PROFIT		1,769,464			2,360,676

OPERATING EXPENSES
Sales and Marketing		454,806			448,415
Legal Settlement		428,700			—
General and Administrative		944,567			978,560
Total Operating Expenses		1,828,073			1,426,975
PROFIT (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 Expenses, Net		222,517			131,423
Total Other Income (Expense)		(915,738)			(1,099,340	)

LOSS BEFORE BENEFIT FOR INCOME TAXES		(974,347)			(165,639	)

BENEFIT FOR INCOME TAXES		(391,657)			(75,345	)

NET LOSS	$	(582,690)		$	(90,294	)

~~Fiscal Year Ended December 31, 2019 (audited) as compared to the Fiscal Year Ended December 31, 2018 (audited)~~15

~~We had revenue~~Results of ~~$12,655,238~~Operations for the ~~year~~Fiscal ~~ended~~Year Ended December 31, ~~2019~~ 2020 as compared to ~~revenue of $9,797,854 for~~ the ~~year~~Fiscal ~~ended~~Year Ended December 31, 2018, a 29% increase. This increase is attributed to a very large order of new equipment for one of our long standing customers as well as a general economic improvement for business as the economy continues to rebound from the economic downturn.2019

~~Sales of Equipment and Other Revenues~~We inhad ~~2019~~revenues ~~were~~of $1012,~~296~~279,~~901~~120 ~~and~~for ~~made~~the upyear ~~81%~~ended ofDecember ~~our~~31, ~~Total~~2020 ~~Revenues~~as ~~and~~compared into ~~2018~~revenue ~~made~~of up $712,~~027~~655,~~948,~~238 orfor ~~71.7%,~~the ofyear ~~Total~~ended ~~Revenues.~~December ~~The~~31, ~~remaining portion of Total Revenues~~2019, ~~Rentals~~a ~~and~~3% ~~Leases,~~decrease. ~~were~~This ~~$2,358,337,~~decrease oris ~~19%,~~attributed into ~~2019~~the ~~and~~reduction in ~~2018,~~sales ~~Rentals~~while ~~and~~the ~~Leases~~State ~~made up~~of ~~28.3%~~California ofwas ~~Total~~shut ~~Revenues~~down ~~and~~during ~~totaled~~the ~~$2,769,906~~2020 Pandemic.

~~From~~We had ~~2018~~costs toof ~~2019,~~revenue ~~Sales~~ of ~~Equipment and Other Revenues increased~~ $310,~~268~~509,~~953,~~656 orfor ~~47%,~~the ~~while~~year ~~during~~ended ~~the~~December ~~same~~31, ~~period~~2020 ~~Rentals~~as ~~and~~compared ~~Leases~~to ~~decreased~~costs of $~~411~~10,~~569~~294,562 orfor ~~15%.~~the ~~In 2019,~~year ~~one of our long term rental contracts~~ ended ~~which~~December 31, ~~caused~~2019. ~~the~~Our ~~decrease~~costs ~~year~~increased ~~over~~by ~~year~~$215,094, inor ~~Rentals and Leases~~2%. InThis ~~2019~~is weas ~~delivered~~ a ~~large~~result ~~order~~ of ~~new~~the ~~equipment~~added tocosts ~~one~~associated ofwith ~~our~~working ~~long~~while ~~time customers which accounted for~~ the ~~spike~~State inof ~~Sales~~California was ofshut ~~Equipment~~down.

We experienced ~~had~~an ~~costs of~~increase ~~revenue~~in operating expenses of $101,~~294~~828,~~562~~073 ~~for~~in ~~the~~2020 ~~year ended December 31, 2019~~ as compared to ~~costs of~~ $61,~~686~~426,~~504~~975 ~~for~~in ~~the year ended December 31, 2018~~2019. ~~Our~~This ~~costs~~increase ~~increased~~of ~~by $3,608,058, or 55~~approximately 28%, ~~while~~in ~~our~~operating ~~revenues~~expenses ~~increased~~is bydue ~~29%.~~almost ~~This~~entirely isto as a ~~result~~legal ofsettlement ~~the~~liability ~~higher cost~~ of ~~new and used equipment as well as the increased hauling costs~~$428,700.

We ~~experienced~~ anhad ~~increase~~net inloss ~~operating~~of ~~expenses from~~ $1582,~~426,975~~690 infor ~~2019~~the year ended December 31, 2020 as compared to net loss of $190,~~159,913~~294 infor ~~2018.~~the ~~This~~year ~~increase~~ended ofDecember ~~approximately~~31, ~~23%~~2019. inWe ~~operating~~had ~~expenses is~~ a ~~result~~decrease of ~~the~~$492,396 ~~expanded~~in ~~marketing~~our ~~program~~net ~~that~~income ~~was~~due ~~started~~to inthe ~~2019~~following: ashigher ~~well~~travel asand anexpense ~~increase~~costs inand ~~travel by~~reduced ~~both~~sales ~~our~~while ~~sales~~enduring the COVID-19 Pandemic and ~~service~~a ~~teams~~one-time legal settlement liability.

Sales of Equipment and Other Revenues in 2020 were $9,665,607 and made up 79% of our Total Revenues and in 2019 made up $10,296,901, or 81%, of Total Revenues. The remaining portion of Total Revenues, Rentals and Leases, were $2,631,172, or 21%, in 2020 and in 2019, Rentals and Leases made up 19% of Total Revenues and totaled $2,358,337.

~~From~~Gross ~~2018~~profit on toSales ~~2019,~~of ~~our~~Equipment ~~Interest~~and ~~Expense~~ Other Revenues in 2020 decreased from $~~828~~953,~~585~~705 ~~to $747,855. This decrease is due~~ in ~~part~~2019 to ~~a March 28~~$98,905 ~~2019~~in ~~payoff~~2020. ofDuring ~~all~~the ~~debt~~first ~~tied~~six tomonths ~~a line~~ of ~~credit~~2020, ~~for~~we ~~borrowing~~had ~~and~~significantly ~~refinancing~~lower uplabor toand ~~$6.5~~hauling ~~million~~revenue ~~with~~due anto ~~interest~~the ~~rate~~Pandemic. ofWhile ~~10%~~business ~~per~~improved ~~annum,~~during ~~due~~the ~~monthly.~~last ~~This~~six ~~line~~months of ~~credit expires~~2020, ~~March~~we ~~22,~~couldn’t ~~2022.~~make ~~Upon~~up ~~funding of~~ the ~~line~~deficit of ~~credit,~~the ~~proceeds~~first ~~were~~six ~~used~~months. toWe ~~repay~~anticipate ~~one~~business ofcontinuing ~~our~~to ~~outstanding~~improve ~~lines~~in of2021 ~~credit~~as ~~in addition~~Pandemic-related torestrictions ~~other~~are ~~notes~~eased ~~payable~~and ~~(see~~lifted, ~~Note~~provided ~~7).~~that ~~Based upon~~ the ~~refinance~~effects of ~~these notes, we anticipate interest expense in 2020 will be lower than interest expense in 2019. As part of this payoff, there was a one~~COVID-~~time~~19 ~~Early~~continue ~~Extinguishment~~to ofdecline ~~Debt~~during ~~that~~the ~~amounted to $482,908~~year.

~~We had net~~From ~~loss~~2019 ofto ~~$(90~~2020,~~294)~~ ~~for~~Sales ~~the~~of ~~year~~Equipment ~~ended~~and ~~December~~Other ~~31,~~Revenues ~~2019~~decreased as$631,294, ~~compared~~or to6% ~~net~~while ~~income~~during ofthe ~~$885,595~~same ~~for~~period ~~the~~Rentals ~~year~~and ~~ended~~Leases ~~December 31,~~increased ~~2018.~~$255,176, Weor ~~had~~11%. aIn ~~decrease~~2020, ofwe ~~110%~~entered ininto ~~our~~four ~~net~~new ~~income~~long ~~due~~term inrental ~~part~~contracts towith ~~two~~a ~~main~~long ~~factors:~~standing ancustomer ~~Early~~which ~~Extinguishment~~accounts offor ~~Debt~~the ~~that~~increase ~~amounted~~year toover ~~$482,908~~year ~~and~~in aRental ~~Joint~~Revenue. ~~Venture~~At ~~Liability~~the ~~that~~same ~~was~~time, ~~initially~~Equipment ~~recorded~~Sales aswere ~~revenue~~down ~~but~~compared ~~ultimately~~to ~~adjusted~~2019 indue to the ~~fourth~~ ~~quarter~~Global ~~amounting to $459,500~~Pandemic.

We experienced an increase in operating expenses from $1,828,073 in 2020 as compared to $1,426,975 in 2019. This increase of approximately 28% in operating expenses is a result of the Global Pandemic and a one-time legal settlement liability.

From 2019 to 2020, our Interest Expense increased from $747,855 to $1,047,330. This increase is due in part to the increased debt incurred to purchase more equipment and the varying interest rates tied to that financing.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Liquidity and Capital Resources

~~Summary of Cash~~Selected ~~Flows~~Financial ~~Fiscal~~Data: ~~2019 and Fiscal 2018~~

	2019 (audited)			2018 (audited)
Net cash provided by operating activities	$	(2,491,724	)	$	1,420,165
Net cash used in investing activities		(795,205	)		(2,279,220	)
Net cash provided by financing activities		3,203,681			503,182
Net increase (decrease) in cash and cash equivalents		(83,248	)		(355,873	)
Cash and cash equivalents, beginning of years		197,152			553,625
Cash and cash equivalents, end of year	$	114,504		$	197,752

Summary of Cash Flows Fiscal 2020 and Fiscal 2019:

Our Net Income from 2018 to 2019 decreased by $975,889 from $885,595 in 2018 to $(90,294) in 2019. As of December 31, 2018, our Net Cash provided by Operating Activities was $1,420,165. This number increased to $2,491,724 as of December 31, 2019. Comparing December 31, 2018 to December 31, 2019, our Accounts Receivable decreased from $182,641 to $42,095, our Inventory was increased by $381,787 as of December 31, 2018 and as of December 31, 2019, Inventory had increased by $2,142,641. Accounts Payable as of December 31, 2018 was $937,588, but by December 31, 2019, our Accounts Payable was reduced by $777,227.

	2020 (audited)			2019 (audited)
Net cash used in operating activities	$	(256,068	)	$	(1,525,908	)
Net cash provided by (used in) investing activities	$	(753,828	)	$	(795,205	)
Net cash provided by financing activities	$	1,303,273		$	2,237,865
Net increase (decrease) in cash and cash equivalents	$	293,377		$	(83,248	)
Cash and cash equivalents, beginning of years	$	114,504		$	197,752
Cash and cash equivalents, end of year	$	407,881		$	114,504

AsOur ofNet ~~December~~Loss ~~31,~~from ~~2018,~~2019 ~~our~~to ~~Payments~~2020 ~~for~~increased ~~Property~~by ~~and~~$492,396 ~~Equipment~~from ~~was~~$(90,294) in 2019 to $~~473~~(582,~~757~~690) ~~and~~in as2020. As of December 31, 2019, ~~was~~our ~~$419,293.~~Net ~~Payments~~Cash ~~for~~used ~~Rental~~in ~~Equipment~~Operating asActivities ~~of the end of 2018~~ was $1,~~936~~525,~~628~~908. ~~and~~This asnumber ofdecreased ~~the~~to ~~end~~$256,068 as of ~~2019~~December ~~was $375~~31,~~912~~ 2020. ~~Proceeds~~Comparing ~~from~~December ~~Sale~~31, of2019 ~~Equipment~~to ~~was~~December ~~consistent~~31, ~~and~~2020, asour ofAccounts ~~the~~Receivable ~~end~~increased offrom ~~2018~~$42,095 ~~proceeds~~to ~~were~~ $~~131~~178,~~165~~661. ~~and~~Our asInventory ofwas ~~the~~increased ~~end~~by $2,142,641 as of ~~2019~~December 31, ~~proceeds~~2019 ~~were~~and ~~$0.~~as of ~~Overall~~December 31, ~~Net~~2020, ~~Cash~~Inventory ~~Used~~had inincreased ~~Investing Activities~~by as$1,031,615. ofAccounts ~~the~~Payable ~~end~~as of ~~2018~~December 31, 2019 was $2777,~~279~~227,~~220~~ ~~and~~but ~~$795~~by December 31,~~205~~ 2020, byour ~~the~~Accounts ~~end~~Payable ofwas ~~2019~~reduced by $88,394.

WeAs of ~~received~~December ~~Proceeds from~~31, ~~Notes~~2019, ~~Payable~~our asPayments offor ~~December~~Property ~~31,~~and ~~2018~~Equipment ofwas $2419,~~843,059~~293 and as of December 31, ~~2019,~~2020 ~~the amount~~ was $~~960~~141,~~505, a decrease of $1,882,554, which is a decrease of 66%~~998. Payments onfor ~~Notes~~Rental Equipment ~~Payable increased~~ as of the end of 2019 towas $4375,~~144,680~~912 ~~from~~and ~~$2,577,325~~as atof the end of ~~2018. This is an increase~~ of ~~$1,567,355,~~2020 ~~or 63%. There~~ was ~~a Joint Venture Liability in 2019 for~~ $~~459~~611,~~500, this is a 100% increase over $0 for 2018~~830. InProceeds ~~addition,~~from ~~the~~Sale ~~Net Borrowings under Lines~~ of ~~Credit~~Equipment as of the end of 2019 ~~was~~and ~~$5,947,205~~2020 ~~compared~~were to $~~286,456 at the end of 2018, an increase of $5,660,749, which is 1976%~~0. Overall, Net Cash ~~Provided~~Used byin ~~Financing~~Investing Activities ~~went from $503,182~~ as of the end of ~~2018~~2019 towas $3795,~~203,681~~205 asand ~~of the end of 2019~~$753,828 ~~due~~by to the ~~increase~~end ~~in Net Borrowings under Lines~~ of ~~Credit, an increase in the amount of Payments on Notes Payable and a Joint Venture Liability~~2020.

11We received Proceeds from Notes Payable as of December 31, 2019 of $960,505 and as of December 31, 2020, the amount was $4,594,871, an increase of $3,634,366, which is an increase of 378%. Payments on Notes Payable decreased as of the end of 2020 to $2,191,602 from $5,110,496 at the end of 2019. This is a decrease of $2,918,894, or 57.0 %. There was a Joint Venture Liability in 2020 for $20,000, this is a 95% decrease from $459,500 for 2019. In addition, the Net Borrowings under Lines of Credit as of the end of 2020 was ($971,861) compared to $5,947,205 at the end of 2019, a decrease of $6,919,066, which is 116%. Overall Net Cash Provided by Financing Activities went from $2,237,865 as of the end of 2019 to $1,303,273 as of the end of 2020.

We expect to generate sufficient cash flows from operations to meet our obligations, and to continue to obtain financing for equipment purchases ~~in the normal course of business.~~ On March 28, 2019, we entered into a line of credit with a finance company that provides for borrowing and refinancing up to $6,500,000. We believe that our expected cash flows from operations and our commitments for the above referenced credit facility will be sufficient to operate in the normal course of business.

Management may sell and lease equipment and obtain additional debt financing to acquire equipment and provide cash flow for operations.

As of December 31, ~~2019~~2020, we had a working capital ~~surplus~~of $(854,426). This is due to the Company being in technical default of our covenant with the business line of credit, with an EBITDA, less capital expenditures, to debt service coverage ratio of 1:1. The Company was overdrawn on its 75% of orderly liquidation value by $3285,000 which is currently due.8 ~~million~~Due to the technical default, the Company has reported this credit facility as a current liability in the accompanying balance sheet at December 31, 2020. We have several opportunities we are negotiating to refinance this debt either through an SBA loan, a line of credit through a different agency or renewal of this facility. We will have the new financing in place prior to the expiration of this facility.

Critical Accounting Policies

All companies are required to include a discussion of critical accounting policies and estimates used in the preparation of their financial statements. On an on-going basis, we evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Our ~~inventory~~ inventory consists of used equipment held for sale and includes parts and attachments. Our inventory is valued at the lower of the inventory’s cost (specific identification or first in, first out basis) or the current market price of the inventory, less costs to sell. Our expenditures for transporting equipment to our facility and refurbishment costs, including parts and labor, are added to the value of the inventory and these costs are capitalized. Our management compares the cost of inventory with its market value and allowances are made to write down inventory to market value, if market value is lower.

Expenditures for maintenance and repairs for property and equipment and rental equipment are expensed as incurred. Any additional renewals and improvements to property and equipment and rental equipment, and which extend its useful life, are capitalized. When these assets are retired or otherwise disposed of, the related costs for the assets and the accumulated depreciation are removed from the respective accounts. Any gain or loss is included in our operations. We depreciate these assets using the straight-line method for substantially all assets with estimated lives as follows:

Furniture and Fixtures		5-7 years.
Leasehold Improvements		Estimated life of the asset as building is owned by Lee Hamre and leased on a month-to-month basis
Vehicles		3-5 years
Equipment		5-7 years
Rental equipment		5-7 years

For the impairment or disposal of our long-lived assets (assets expected to be kept for at least one year) used in operations, when indicators of of impairment are present and the undiscounted cash flows estimated to be generated by the type of asset are less than the asset’s carrying amounts, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Any loss on long-lived assets which are disposed are determined in a similar manner, however, the fair values are reduced for the cost of disposal. In ~~2019~~2020 and ~~2018~~2019, we do not believe we had any impairment of our long-lived assets.

Revenue Recognition

Our primary source of generating revenue is through the sale and rental of heavy equipment. In accordance with accounting rules, we recognize ~~revenue~~ revenue when the customer obtains control of the promised equipment and reflect what we are paid in exchange for the equipment. To determine our revenue recognition depending upon whether the equipment is sold or leased, we perform the following five steps: (i) identify the contract(s) with the customer; (ii) identify the performance obligations in the contract; (iii) calculate the transfer price; (iv) allocate the transaction price to the performance obligation in the contract; and (v) recognize revenue when (or as) the customer satisfies a performance obligation. In the event any revenue does not meet these recognition criteria, such revenue will be deferred.

whether the equipment is sold or leased, we perform the following five steps: (i) identify the contract(s) with the customer; (ii) identify the performance obligations in the contract; (iii) calculate the transfer price; (iv) allocate the transaction price to the performance obligation in the contract; and (v) recognize revenue when (or as) the customer satisfies a performance obligation. In the event any revenue does not meet these recognition criteria, such revenue will be deferred.

Equipment Sales – We recognize revenue from the sale of equipment upon delivery of the equipment to the customer and passing the risk of loss to the customer, and when we have no other significant obligations with regard to the equipment and collectability of the revenue from the customer is reasonably assured.

Equipment Rentals – Our rental revenues are made up of short-term agreements with monthly or annual terms. We recognize rental revenues in the month rental payments are due based upon the accrual method of accounting. Our equipment lease agreements contain varying terms, but typically range from one to five years for commercial entities. In addition to commercial entities, we also have lease agreements with various governments that have terms of 12 to 24 months and contain options to renew annually through five years. When lease terms are completed, and depending on the specific lease agreement, our customers may have the option to return the equipment, to renew the lease term, purchase the equipment at fair market value, or continue to rent the equipment on a month-to-month basis. Our agreements do not contain provisions for contingent rentals, which would allow rentals to cease or continue based upon certain defined events. Rental revenues for equipment leases are recognized upon receipt. Our initial direct costs for rental equipment are capitalized and amortized over the expected term of the applicable lease. To date, initial direct costs for operating leases have not been significant.

ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

AMERAMEX INTERNATIONAL, INC.
INDEX TO FINANCIAL STATEMENTS

	~~Page~~	Page
Report of Independent Registered Public Accounting Firm	14		21
Financial Statements:
Balance Sheets as of December 31, 2019 and 2018	15
Balance Sheets as of December 31, 2020 and 2019			22
Statements of Operations for the years ended December 31, 2019 and 2018	16
Statements of Operations for the years ended December 31, 2020 and 2019			23
Statements of Stockholders’ Equity for the years ended December 31, 2019 and 2018	17
Statements of Stockholders' Equity for the years ended December 31, 2020 and 2019			24
Statements of Cash Flows for the years ended December 31, 2019 and 2018	18
Statements of Cash Flows for the years ended December 31, 2020 and 2019			25
Notes to Financial Statements	19		26

1320

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Stockholders and Board of Directors of AmeraMex International, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of AmeraMex International, Inc. (the “"Company”") as of December 31, ~~2019~~ 2020 and ~~2018~~2019, and the related statements of operations, stockholders’' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the “"financial statements”"). In ~~our~~In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2019~~2020 and ~~2018~~2019, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.

Basis for Opinion

These financial statements are the responsibility of the Company’'s management. Our responsibility is to express an opinion on the Company’'s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“"PCAOB”") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, ~~but~~ but not for the purpose of expressing an opinion on the effectiveness of the Company’'s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ dbbmckennon

We have served as the Company’'s auditor since ~~2016~~2017.

Newport Beach, California

~~June~~April 515, ~~2020~~2021

1421

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

BALANCE SHEETS


	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, Net		—			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
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no
shares issued and outstanding		—			—
Common Stock, $0.001 par value, 1,000,000,000 shares authorized
14,808,737 shares issued and outstanding at December 31, 2020 and 2019		14,549			15,068

Additional Paid-In Capital		21,545,614			21,519,435
Treasury Stock		—			—
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

DECEMBER 31, 2019 and 2018

	2019			2018
ASSETS
Current Assets:
Cash	$	114,504		$	197,752
Accounts Receivable, Net		589,710			631,805
Inventory		4,832,283			2,689,642
Other Current Assets		206,945			289,060
Total Current Assets		5,743,442			3,808,259
Noncurrent Assets:
Property and Equipment, Net		1,179,794			988,552
Rental Equipment, Net		4,036,612			4,679,122
Other Assets		489,562			234,074
Total Noncurrent Assets		5,705,968			5,901,748
TOTAL ASSETS	$	11,449,410		$	9,710,007
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable	$	531,806		$	1,309,032
Accrued Expenses		79,787			118,291
Joint Venture Liability		459,500			—
Line of Credit		408,033			—
Notes Payable, Current Portion		386,528			296,618
Total Current Liabilities		1,865,654			1,723,941
Long-Term Liabilities:
Deferred Tax Liability		226,339			301,680
Note Payable - Related Party		334,794			353,643
Notes Payable, Net of Current Portion		559,235			4,316,233
Line of Credit		6,313,628			774,456
Total Noncurrent Liabilities		7,433,996			5,746,012
TOTAL LIABILITIES	$	9,299,650		$	7,469,953
Commitments and Contingencies (Note 10)
Stockholders’ Equity:
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding		—			—
Common Stock, $0.001 par value, 1,000,000,000 shares authorized, 753,415,879 shares issued and outstanding at December 31, 2019 and 2018		753,416			753,416
Additional Paid-In Capital		20,781,087			20,785,924
Treasury Stock		—			(4,837	)
Accumulated Deficit		(19,384,743	)		(19,294,449	)
Total Stockholders’ Equity		2,149,760			2,240,054
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	11,449,410		$	9,710,007

The accompanying notes are an integral part of these financial statements

1522

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

STATEMENTS OF OPERATIONS

	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

Profit (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	)

LOSS BEFORE BENEFIT 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	)

FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

	2019			2018
REVENUES
Sales of Equipment and Other Revenues	$	10,296,901		$	7,027,948
Rentals and Leases		2,358,337			2,769,906
Total Revenues		12,655,238			9,797,854
COST OF REVENUES
Sales of Equipment and Other Revenues		9,343,196			5,700,920
Rentals and Leases		951,366			985,584
Total Cost of Revenues		10,294,562			6,686,504
GROSS PROFIT		2,360,676			3,111,350
OPERATING EXPENSES
Sales and Marketing		448,415			325,519
General and Administrative		978,560			834,394
Total Operating Expenses		1,426,975			1,159,913
INCOME FROM OPERATIONS		933,701			1,951,437
OTHER INCOME (EXPENSE)
Interest Expense		(747,855	)		(828,585	)
Loss from Early Extinguishment of Debt		(482,908	)		—
Other Income		131,423			131,165
Total Other Income (Expense)		(1,099,340	)		(697,420	)
INCOME (LOSS) BEFORE BENEFIT/PROVISION FOR INCOME TAXES		(165,639	)		1,254,017
BENEFIT/PROVISION FOR INCOME TAXES		(75,345	)		368,422
NET INCOME (LOSS)	$	(90,294	)	$	885,595
Weighted Average Shares Outstanding:
Basic		753,415,879			753,415,879
Diluted		753,415,879			753,415,879
Earnings per Share :
Basic	$	—		$	—
Diluted	$	—		$	—

The accompanying notes are an integral part of these financial statements

1623

AMERAMEX INTERNATIONAL, INC. STATEMENT OF STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019



							Additional									Total
	Common Stock						Paid-in			Treasury			Accumulated			Stockholders
Balance	Shares			Amount			Capital			Stock			Deficit			Equity

December 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 Loss		—			—			—			—			(90,294	)		(90,294	)

December 31, 2019		15,068,318			15,068			21,519,435			—			(19,384,743	)		2,149,760

Stock for Services		40,000			40			25,620			—			—			25,660

Purchase and Retire Stock		(559,163	)		(559	)		559			—			—			—

Net Loss		—			—			—			—			(582,690	)		(582,690	)

December 31, 2020		14,549,155		$	14,549		$	21,545,614		$	—		$	(19,967,433	)	$	1,592,730

					Additional									Total
	Common Stock				Paid-in			Treasury			Accumulated			Stockholders’
	Shares	Amount			Capital			Stock			Deficit			Equity
Balance, December 31, 2017	753,415,879	$	754,017		$	20,785,924		$	(5,438	)	$	(20,180,044	)	$	1,354,459
Common Stock Adjustment	—		(601	)		—			601			—			—
Net Income	—		—			—			—			885,595			885,595
Balance, December 31, 2018	753,415,879		753,416			20,785,924			(4,837	)		(19,294,449	)		2,240,054
Retirement of Treasury Stock	—		—			(4,837	)		4,837			—			—
Net Loss	—		—			—			—			(90,294	)		(90,294	)
Balance, December 31, 2019	753,415,879	$	753,416		$	20,781,087		$	—		$	(19,384,743	)	$	2,149,760

The accompanying notes are an integral part of these financial statements

~~The accompanying notes are an integral part of these financial statements.~~24

17AMERAMEX INTERNATIONAL, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

AMERAMEX INTERNATIONAL, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(582,690	)	$	(90,294	)
Adjustments to reconcile Net Income (Loss) to
Net Cash Used In Operating Activities:
Stock for Services		25,660			—
Depreciation and Amortization		1,310,018			1,246,777
Benefit 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	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for Property & Equipment		(141,998	)		(419,293	)
Payments for Rental Equipment		(611,830	)		(375,912	)
NET CASH USED IN INVESTING ACTIVITIES		(753,828	)		(795,205	)

CASH FLOWS FROM 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 Borrowings 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 AND 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

	2019			2018
OPERATING ACTIVITIES
Net Income (Loss)	$	(90,294	)	$	885,595
Adjustments to reconcile Net Income to Net Cash provided by (used in) Operating Activities:
Depreciation		1,246,777			1,183,438
Provision/Benefit for Deferred Income Taxes		(75,345	)		305,362
Gain on Sale of Property and Equipment		—			(131,165	)
Gain/Loss on early Extinguishment of Debt		(482,908	)		—
Changes in Operating Assets and Liabilities:
Accounts Receivable		42,095			(182,641	)
Inventory		(2,142,641	)		381,787
Other Current Assets		(173,677	)		(36,965	)
Accounts Payable		(777,227	)		(937,588	)
Accrued Expenses		(38,504	)		(47,658	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(2,491,724	)		1,420,165
INVESTING ACTIVITIES
Payments for Property and Equipment		(419,293	)		(473,757	)
Payments for Rental Equipment		(375,912	)		(1,936,628	)
Proceeds from Sale of Equipment		—			131,165
NET CASH USED IN INVESTING ACTIVITIES		(795,205	)		(2,279,220	)
FINANCING ACTIVITIES
Proceeds from Notes Payable		960,505			2,843,059
Payments on Notes Payable		(4,144,680	)		(2,577,325	)
Payment on Note Payable - Related Party		(18,849	)		(49,008	)
Proceeds from Joint Venture Partner		459,500			—
Net Borrowings Under Lines of Credit		5,947,205			286,456
NET CASH PROVIDED BY FINANCING ACTIVITIES		3,203,681			503,182
NET DECREASE IN CASH AND CASH EQUIVALENTS		(83,248	)		(355,873	)
Cash and Cash Equivalents, beginning of year		197,752			553,625
Cash and Cash Equivalents, end of year	$	114,504		$	197,752
CASH PAID FOR
Interest	$	747,855		$	799,831
Income Taxes	$	75,345		$	64,247
NON CASH INVESTING AND FINANCING ACTIVITIES
Transfer of inventory to rental equipment	$	—		$	1,111,066
Equipment financed under capital leases	$	812,099		$	1,411,604
Transfer of rental equipment to inventory	$	35,470		$	185,591

The accompanying notes are an integral part of these financial statements

~~The accompanying notes are an integral part of these financial statements.~~25

18AMERAMEX INTERNATIONAL, INC.

~~AMERAMEX INTERNATIONAL, INC.~~ NOTES TO FINANCIAL STATEMENTS ~~FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018~~

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Note 1 - Organization and Basis of Presentation

Organization and Line of Business

AmeraMex International, Inc., (the “Company”) was incorporated on May 29, 1990 under the laws of the state of Nevada. The Company sells, leases and rents new and refurbished heavy equipment primarily in the U.S. The Company operates under the name of Hamre Equipment.

Note 2 – Summary of Significant Accounting Policies

~~Liquidity~~Going Concern Considerations

At ~~December~~ December 31, ~~2019~~2020, the Company had working capital of approximately $~~3.8~~(854,426) ~~million~~due to classification of business line of credit as current liability because of technical default. On May 1, 2020, the Company received a Paycheck Protection Program (PPP) Loan in the amount of $228,442 to cover payroll and utility expenses during the Pandemic. The Company isreceived ~~following the government guidelines and tracking costs to insure~~ 100% forgiveness of the loan which was approved on November 25, 2020. On April 21, 2020, the Company was approved and received a $10,000 advance on an SBA Economic Injury Disaster Loan ~~for~~(EIDL) for $2 million. WeAs ~~have~~the ~~not~~Pandemic ~~received~~continued ~~the~~and ~~final~~more ~~breakdown~~legislation onwas ~~terms~~signed, ~~but typically~~ the ~~loan~~COVID isEIDL atwere ~~3.75%~~capped ~~interest~~at ~~for a 30 year term with the first six (6) months of payments deferred~~$150,000. ~~Funding~~With on this ~~loan is anticipated within the next two weeks. Finally~~change, ~~we received an increase in one of~~ our approval ~~equipment~~was ~~lines~~reduced ~~of credit from $500,000~~ to $1150,~~050,~~000~~. Moving~~ ~~forward,~~which we ~~expect~~received toin ~~generate~~full ~~sufficient~~on ~~cash~~September ~~flows from operations to meet our obligations~~10, ~~and~~2020. weThe ~~expect~~loan tois ~~continue to~~at ~~obtain~~3.75% ~~financing~~interest for ~~equipment~~a ~~purchases~~30 inyear ~~the~~term ~~normal course of business. We believe that our expected cash flows from operations, together~~ with ~~our current credit facility, will be sufficient to operate in~~ the ~~normal~~first ~~course~~twenty-four of(24) ~~business for next 12~~ months ~~from the issuance date~~ of ~~these~~payments ~~financial statements~~deferred.

~~Risks~~On February 9, 2021, the Company received a second Paycheck Protection Program (PPP) Loan in the amount of $254,147. We expect to receive 100% forgiveness as we are tracking usage and following ~~Uncertainties~~the guidelines set forth by the SBA. On April 6, 2021, we received notice that the SBA had increased the limit on the COVID EIDL from $150,000 to $500,000. We requested the increase and should be funded with in the next six (6) to eight (8) weeks. We are currently working with the SBA on a separate loan with specific terms as follows: 45% of the gross earned revenue from 2019 or $10,000,000 whichever is less. Based on our qualifications, we are eligible to receive $5,694,857 at 2% – 6% interest over a 30 year term. This is a brand new program and we cannot apply until after April 19, 2021. An update will be provided in the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.

~~In March~~Moving ~~2020~~forward, the ~~World Health Organization declared a novel strain of coronavirus (“COVID-19”) a pandemic, as a result~~ ~~of which the~~ Company isexpects ~~subject~~ to ~~additional~~generate ~~risks~~sufficient ~~and~~cash ~~uncertainties.~~flows Infrom ~~response~~operations to ~~the~~meet ~~pandemic~~our obligations, ~~governments~~ and ~~organizations have~~we ~~taken~~expect ~~preventative~~to orcontinue ~~protective~~to ~~actions, such as temporary closures of non-essential businesses and “shelter-at-home”~~obtain ~~guidelines~~financing for ~~individuals.~~equipment Aspurchases ain ~~result,~~ the ~~global~~normal ~~economy~~course ~~has been negatively affected, and the Company’s business has been negatively affected in a number~~ of ~~ways~~business. ~~The~~We ~~Company~~are ~~has~~working ~~had~~on several ~~large transactions that have been put on hold until~~exciting ~~the~~new ~~State~~financing ofopportunities ~~California is reopened. In addition, the Company has all sales, administrative~~ and ~~account~~whether ~~employees working from home. Shop employees are practicing social distancing and~~ we ~~only~~replace ~~allow~~the ~~one~~current ~~customer~~credit ~~in the~~ facility ator arenew ~~time.~~said ~~Most directly~~facility, a ~~number~~we ofbelieve ~~states and local governments have taken steps~~ that ~~have~~our ~~prohibited or curtailed the sale of equipment or curtailed~~expected ~~construction~~cash ~~activities~~flows ~~during~~from ~~the~~operations, ~~pandemic.~~together Inwith ~~some~~our ~~jurisdictions,~~current ~~shelter-at-home orders,~~ or ~~other~~new ~~orders~~credit ~~related to the pandemic~~facility, ~~impede~~ ~~equipment sales. The severity of the impact of COVID-19 on the Company’s business~~ will ~~depend~~be onsufficient ~~a number of factors, including, but not limited~~ to, ~~the~~operate ~~duration~~in ~~and severity of~~ the ~~pandemic~~normal ~~and~~course ~~the extent and severity~~ of ~~the impact on the Company’s~~business ~~customers,~~for ~~all~~next of12 ~~which~~months ~~are~~from uncertain and cannot be predicted. The Company’s future results of operations and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms. Given the ~~dynamic nature~~issuance ofdate ~~this situation, the Company cannot predict with absolute certainty, the impact~~ of ~~COVID-19~~these ~~on its~~ financial ~~condition, results of operations or cash flows~~statements.

Basis of Presentation

The accompanying financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and Generally Accepted Accounting Principles (U.S. GAAP). In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these financial statements have been included. Such adjustments consist of normal recurring adjustments.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. Significant estimates in these financial statements include the allowance for doubtful accounts, inventory reserve, valuation allowance for deferred taxes, and estimated useful life of property and equipment.

Cash

Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all highly liquid debt instruments ~~with~~ with original maturities of three months or less. At times, cash deposits may exceed FDIC- insured limits. As of December 31, ~~2019~~ ~~and 2018~~2020, ~~no amounts exceeded the FDIC-insured limit. The Company has not experienced any losses related to a concentration of cash or cash equivalents in an FDIC insured financial institution.~~

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

the Company’s exceeded the FDIC-insured limit by $157,078 and in 2019 no amounts exceeded the FDIC-insured limit. The Company has not experienced any losses related to a concentration of cash or cash equivalents in an FDIC insured financial institution.

Accounts Receivable

The Company grants credit to customers on smaller orders under credit terms that it believes are customary in the industry and does not require ~~collateral~~ collateral to support customer receivables. The Company generally does not extend credit on heavy machinery sales, with occasional exceptions. The Company provides an allowance for doubtful collections, which is based upon a review of outstanding receivables, historical collection information, and existing economic conditions. As of December 31, ~~2019~~2020 and ~~2018~~2019, the allowance for doubtful accounts was ~~$28,000~~not ~~and $87,000, respectively~~significant.

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

Inventory

Inventory consists of used equipment held for sale, as well as parts and attachments. Inventory is valued at the lower of the inventory’s cost (specific identification or first in, first out basis) or the current market price of the inventory, less costs to sell. ~~Expenditures~~ Expenditures for inbound transportation and refurbishment costs, including parts and labor which add to the value of the inventory are capitalized. Management compares the cost of inventory with its market value and an allowance is made to write down inventory to market value, less costs to sell, if lower.

Property and Equipment, and Rental Equipment

Property and equipment and rental equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and improvements, which extend the useful life of the assets, are capitalized. When these assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation is provided using the straight-line method for substantially all assets with estimated lives as follows:

Furniture and fixtures		5-7 years
Leasehold improvements		Estimated life of the asset as building is owned by Lee Hamre and leased ~~on a month to month basis~~annually
Vehicles		3-5 years
Equipment		5-7 years
Rental equipment		5-7 years

Other Assets

Other ~~assets~~ assets at December 31, ~~2019~~2020 and ~~2018~~2019, consist principally of cash surrender value of life insurance policies. Total cash value at December 31, 2020 and 2019 was $341,037 and $290,965, respectively.

Long-Lived Assets

The Company applies the provisions of Accounting Standards Codification (ASC) Topic 360, Property, Plant, and Equipment, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC ~~360~~ 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. Based on its review as of December 31, ~~2019~~2020 and ~~2018~~2019, the Company believes there was no impairment of its long-lived assets.

Fair Value of Financial Instruments

For certain of the Company’s financial instruments, including cash and equivalents, ~~restricted cash,~~ accounts receivable, advances to suppliers, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities.

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Financial Accounting Standards Board (FASB) ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. FASB ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

●• Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

20• Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

~~AMERAMEX INTERNATIONAL,~~• ~~INC.~~Level ~~NOTES~~3 TOinputs ~~FINANCIAL~~to ~~STATEMENTS FOR~~the ~~THE~~valuation ~~YEARS~~methodology ~~ENDED~~use ~~DECEMBER~~one ~~31,~~or ~~2019~~more ~~and~~unobservable ~~2018~~inputs which are significant to the fair value measurement.

● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the fair value measurement.

The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity, and FASB ASC Topic 815, Derivatives and Hedging.

As of December 31, ~~2019~~2020 and ~~2018~~2019, respectively, the Company did not identify any assets and liabilities required to be presented on the balance sheet at fair value.

Revenue Recognition

~~The~~In ~~Company~~accordance ~~generates~~with ~~revenues~~ASC ~~primarily~~606, ~~through~~ the ~~sale~~Company ~~and~~recognizes ~~rental~~revenue ofwhen ~~heavy~~the ~~equipment.~~customer Inobtains ~~May~~control ~~2014~~of ~~and~~promised ingoods ~~subsequent~~or ~~updates~~services, ~~FASB~~in an amount ~~issued~~that ~~Accounting~~reflects ~~Standards~~the ~~Update~~consideration ~~(ASU)~~which ~~No.~~it ~~2014-09,~~expects ~~Revenue~~to ~~from~~receive ~~Contracts~~in ~~with~~exchange ~~Customers,~~for asthose ~~amended,~~goods and ~~referred herein as ASC 606~~services. ~~ASC~~To ~~606~~determine ~~is a comprehensive~~ revenue recognition for ~~standard~~arrangements that ~~will~~the ~~supersede~~Company ~~nearly~~deems ~~all~~are ~~existing~~within ~~revenue~~the ~~recognition guidance~~scope ~~under~~of ~~current~~ASC ~~U.S.~~606, ~~GAAP~~the ~~and~~Company ~~replace~~performs itthe ~~with~~following afive ~~principle-based~~steps: ~~approach~~(i) ~~for determining revenue recognition. ASC 606 requires~~identify ~~that companies recognize revenue based on~~ the ~~value~~contract(s) ofwith ~~transferred~~a ~~goods~~customer; or(ii) ~~services~~identify asthe ~~they~~performance ~~occur~~obligations in the contract.; It(iii) ~~also~~calculate ~~requires additional~~transfer ~~disclosure~~price; ~~about~~(iv) allocate the ~~nature,~~transaction ~~amount,~~price ~~timing~~to ~~and~~the ~~uncertainty~~performance ofobligation ~~revenue~~in ~~and~~the ~~cash~~contract; ~~flows arising from customer contracts, including significant judgments~~ and ~~changes~~(v) inrecognize ~~judgments~~revenue ~~and~~when ~~assets~~(or ~~recognized~~as) ~~from~~the ~~costs~~entity ~~incurred~~satisfies ~~to obtain or fulfill~~ a ~~contract.~~performance ~~ASC~~obligation. ~~606~~Any ~~was~~revenues ~~effective~~that ~~for~~do ~~interim~~not ~~and~~meet ~~annual~~these ~~periods~~recognition ~~beginning~~criteria ~~after~~will ~~December~~be ~~15, 2017~~deferred.

Effective January 1, 2018, the Company adopted ASC 606, with no significant impact on our financial statements. In accordance with ASC 606, the Company recognizes revenue when the customer obtains control of promised goods or services, in an amount that reflects the consideration which it expects to receive in exchange for those goods and services. To determine revenue recognition for arrangements that the Company deems are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) calculate transfer price; (iv) allocate the transaction price to the performance obligation in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Any revenues that do not meet these recognition criteria will be deferred.

Equipment Sales

The ~~Company~~ Company recognizes revenue from equipment sales upon delivery of the equipment to the customer and the risk of loss passes to the customer ~~and~~, and no other significant obligations of the Company exist ~~and collectability is reasonably assured~~.

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Equipment Rentals

Rental revenues comprise of short term agreements that can have monthly or annual terms. Rental revenues are recognized in the month they are due on the accrual basis of accounting. Our operating lease agreements have varying terms, typically one to five years with commercial entities. We also have agreements governmental entities that are 12 to 24 months in length, with options to renew annually through year five. Upon lease termination, customers, depending in the individual lease agreements, may have the option to return the equipment, to renew the lease term, purchase the equipment at fair market value, or continue to rent on a month-to-month basis. Our operating leases do not provide for contingent rentals. Revenues related to operating leases are recognized on a straight-line basis over the term of the lease. Negotiated lease early-termination charges are recognized upon receipt. Initial direct costs are capitalized and amortized over the expected term of the leases. To date, initial direct costs for operating leases have not been insignificant.

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

Shipping and Handling

Costs incurred for shipping and handling of equipment sold to customers are included in costs of goods sold in the statements of income.

Sales Tax

Sales tax collected from customers is initially recorded as a liability and then remitted in a timely manner to the appropriate governmental entity.

Warranty Costs

Generally, the Company sells its equipment with no warranty. In the event wethe ~~determine~~Company determines we should repair equipment, weit may do so at ~~our~~its election. In the event ~~we do~~it sodoes repair equipment, such costs are expensed as incurred.

Stock-Based Compensation

The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. ~~FASB~~ FASB ASC Topic 718 requires companies to measure compensation cost for stock-based employee compensation at fair value at the grant date and recognize the expense over the employee’s requisite service period. The Company recognizes in the statement of operations the grant-date fair value of stock options and other equity- based compensation issued to employees and non-employees. There were no stock options outstanding as of December 31, ~~2019~~2020 and ~~2018~~2019 and no shares issued for employee compensation during the years then ended.

Income Taxes

The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Basic and Diluted Earnings Per Share

Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share. Basic earnings per share (EPS) is based on the weighted average number of common shares outstanding. Diluted EPS is based on the assumption that all dilutive convertible shares and stock warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were no potentially dilutive securities outstanding during ~~2019~~2020 and ~~2018~~2019.

Concentrations

AtFor the year ended December 31, ~~2019~~2020, ~~65% of the accounts receivable was due from~~ three customers ~~and~~accounted atfor ~~December 31~~10.50%, ~~2018, 53~~10.57% ofand ~~the accounts receivable was due from three customers~~11.72% ~~For~~of ~~the~~sales, ~~years~~and ~~ended~~in ~~December 31,~~ 2019 ~~and 2018~~, one customer accounted for ~~10% or more of sales at~~ 12.74% of ~~and 11~~sales.~~16%~~ ~~respectively.~~ The loss of one or more of these customers would have a negative impact on the Company’s financial results.

22For the year ended December 31, 2020, two vendors accounted for 28.26% and 24.19% of purchases, and in 2019, one vendor made up 30.49% of purchases. The loss of one or more of these vendors would have a negative impact on the Company’s financial results.

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

Recent Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (~~ASC~~Topic 842).” (“ASU 2016-02”) which supersedes ASC ~~842~~Topic ~~required~~840, Leases. ASU 2016-02 requires lessees to recognize ~~lease~~a ~~assets~~right-of-use asset and a lease ~~liabilities~~liability on ~~the~~their balance ~~sheet~~sheets ~~and~~for ~~required~~all ~~expanded~~the ~~disclosures~~leases ~~about~~with ~~leasing~~terms ~~arrangements~~greater than 12 months. ~~ASU~~Based ~~2016~~on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-02line ~~was~~basis over the lease term. In November 2019, the FASB delayed the effective date for Topic 842 to fiscal years ~~beginning~~ beginning after December 15, ~~2018~~2020 for private companies and emerging growth companies, and interim periods inwithin those years, with early adoption permitted. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning after December 15, ~~2018~~2021. We will adopt this new standard on January 1, ~~with~~2022. ~~early~~In ~~adoption~~transition, ~~permitted~~lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB Weissued ~~adopted~~ASU ~~this~~No. 2018-11, “Leases (Topic 842): Targeted Improvements” that allows entities to apply the provisions of the new standard ~~with~~at nothe ~~impact~~effective ~~since~~date, ~~our~~as ~~facilities~~opposed ~~are~~to ~~leased~~the ~~from~~earliest ~~our~~period ~~chief~~presented ~~executive~~under ~~officer~~the onmodified retrospective transition approach and recognize a ~~month~~cumulative-effect adjustment to~~-month~~ ~~basis,~~the opening balance of retained earnings in the period of adoption. The modified retrospective ~~and~~approach weincludes ~~have~~a nonumber ~~significant~~of ~~equipment~~optional practical expedients primarily focused on leases ~~accounted~~that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating ~~leases~~lease liabilities and right-of-use assets upon its adoption of Topic 842, which will increase the total assets and total liabilities that the Company reports relative to such amounts prior to adoption.

Other recent accounting pronouncements issued by the FASB, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’'s present or future financial statements.

Note 3 – Inventory

Inventory as of December 31, ~~2019~~2020 and ~~2018~~2019 consisted of the following:

	2019		2018
	2020		2019
Parts and supplies	$	~~250~~292,~~720~~616	$	~~168~~250,~~106~~720
Heavy equipment		45,~~581~~580,~~563~~953		24,~~521~~581,~~536~~563
Inventory, net	$	45,~~832~~873,~~283~~569	$	24,~~689~~832,~~642~~283

All the inventory is used as collateral for the notes payable and lines of credit (see Notes 7 6 and 87).

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Note 4 – Property and Equipment

Property and equipment includes assets held for internal use; as of December 31, ~~2019~~2020 and ~~2018~~2019, such consisted of the following:

	2019			2018
	2020			2019
Furniture and fixtures	$	~~100~~107,~~596~~105		$	74100,~~768~~596
Leasehold improvements		467,188			~~410~~467,~~072~~188
Vehicles and Equipment		1,483,701			1,147,353
Vehicles and equipment		1,619,191			1,483,701
		2,051,485			1,632,193
		2,193,484			2,051,485
Less accumulated depreciation		(~~871~~1,~~691~~157,644	)		(~~643~~871,~~641~~691	)
Property and equipment, net	$	1,~~179~~035,~~794~~840		$	~~988~~1,~~552~~179,794

Depreciation expense for the years ended December 31, ~~2019~~2020 and ~~2018~~2019 was $~~228~~285,~~051~~952 and $~~204~~228,~~186~~051, respectively.

All the property and equipment is used as collateral for the line of credit and notes payable (see ~~Notes7~~ Notes 6 and 87).

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

Note 5 – Rental Equipment

Rental equipment as of December 31, ~~2019~~2020 and ~~2018~~2019 consisted of the following:

	2019			2018
	2020			2019
Rental equipment	$	6,~~974~~480,~~953~~478		$	6,~~666~~974,~~817~~935
Less accumulated depreciation		(2,~~938~~856,~~341~~102	)		(12,~~987~~938,~~695~~341	)
Rental equipment, net	$	43,~~036~~624,~~612~~376		$	4,~~679~~036,~~122~~594

Depreciation expense for the years ended December 31, ~~2019~~2020 and ~~2018~~2019 was $~~951~~942,~~366~~400 and $~~979~~951,~~252~~366, respectively. ~~All the rental equipment is used as collateral for the line of credit and notes payable (see Notes 7 and 8).~~

~~Note~~All the rental equipment is used as collateral 6for –the ~~Loan~~lines ~~Costs~~of credit and notes payable (see Notes 6 and 7).

~~In March 2019, the Company entered into a line of credit (~~Note ~~7) with a finance company. The Loan Costs tied to this agreement~~ ~~amounted~~6 to– ~~$245,000~~Lines as of ~~December 31, 2019. These costs are amortized over the term of the loan and during the year ended December 31, 2019, amortization totaled $67,360.~~Credit

~~Note~~The Company has a line of credit with a finance company that provides for borrowing up to $1,050,000. The line of credit is secured by the equipment purchased and is interest free if paid within 180 days from finance date. After applicable free interest period interest calculates as follows; 30 day LIBOR plus 6.75% - rate after Free Period to Day 365, 30 day LIBOR plus 7.00% –- ~~Lines~~Rate Day 366 to 720, 30 Day LIBOR plus 7.25% - Rate Day 721 to 1095, 30 Day LIBOR plus 12.00% Matured Rate Day 1096 and above. Each piece of ~~Credit~~equipment has its own calculations based on the date of purchase. At December 31 2020 and 2019, the amounts outstanding under this line of credit agreement were $314,400 with $736,000 available and $408,033 with $91,967 available, respectively. Interest expense for 2020 and 2019 was $3,841 and $8,100, respectively. The agreement has no expiration date provided the Company does not default.

The Company has a line of credit with a finance company that provides for borrowing up to $500,000. The line of credit is secured by the equipment purchased and is interest free if paid within 180 days from finance date. After applicable free interest period interest calculates as follows; 30 day LIBOR plus 6.75% - rate after Free Period to Day 365, 30 day LIBOR plus 7.00% - Rate Day 366 to 720, 30 Day LIBOR plus 7.25% - Rate Day 721 to 1095, 30 Day LIBOR plus 12.00% Matured Rate Day 1096 and above. Each piece of equipment has it owns calculations based on date of purchase. At December 31 2019 and 2018, the amounts outstanding under this line of credit agreement were $408,033 with $91,967 available and $316,505 with $183,495 available, respectively. Interest expense during the years ended December 31, 2019 and 2018 were $7,414 and $3,684, respectively. The agreement has no expiration date providing the Company does not default. See Note 16 for increase in facility.

~~In March 2019,~~AMERAMEX ~~the Company entered into a line of credit with a finance company that provides for equipment borrowing and refinancing up to $6.5 million~~INTERNATIONAL, ~~as amended~~INC. The credit facility expires March 22, 2022. Interest is due monthly at a rate of 10%, per annum. Principal only becomes due and payable if the Company reaches the maximum balance under the credit facility, for which management does not expect to reach. If the maximum balance is reached, the principal becomes payable at 1.25% of the outstanding principal balance per month. The line of credit is secured by substantially all the Company assets, other than those specifically secured by an existing agreement. At December 31 2019, the amount outstanding under this line of credit agreement was $6,313,628 with $186,372 available for purchases. Interest expense for the year ended December 31, 2019 was $476,700.

~~Note~~NOTES 8TO –FINANCIAL ~~Notes Payable~~STATEMENTS

~~The~~FOR ~~Company~~THE ~~uses~~YEARS ~~credit~~ENDED toDECEMBER ~~finance the purchase of heavy equipment on a short-term and long-term basis and secured by specific pieces of equipment. Notes payable as of December~~ 31, ~~2019~~2020 and ~~2018, consisted of the following:~~2019

	2019		2018
Payable to insurance company; interest only, secured by cash surrender value of life insurance policy; no due date	$	158,535	$	132,880
Note Payable to finance company dated June 16, 2015; interest at 12.7% per annum; monthly principal and interest payments of $1,343; due 60 months from issuance; secured by equipment; fully paid on March 28, 2019		—		20,863

The Company has line of credit with a finance company that provides for borrowing and refinancing up to $6.5 million, as amended. The credit facility expires March 22, 2022. Interest is due monthly at a rate of 10%, per annum. Principal only becomes due and payable if the Company reaches the maximum balance under the credit facility, which management does not expect to reach. If the maximum balance is reached, the principal becomes payable at 1.25% of the outstanding principal balance per month. The line of credit is secured by substantially all the Company assets, other than those specifically secured by an existing agreement. At December 31 2020, the amounts outstanding under this line of credit agreement were $5,435,401 with $1,064,596 available for purchases. Interest expense for 2020 and 2019 was $569,208 and $421,557, respectively. At December 31, 2020, the Company was in technical default of our 75% covenant with this facility, with an EBITDA, less capital expenditures, to debt service coverage ratio of 1:1. The Company was overdrawn on its 75% of orderly liquidation value by $285,000 which is currently due. Due to the technical default, the Company has reported this credit facility as a current liability in the accompanying balance sheet at December 31, 2020. The lender has not notified the Company of any event of default. We have several opportunities we are negotiating to refinance this debt either through an SBA Economic Injury Disaster loan, a line of credit through a different agency or renewal of this facility. We will have the new financing in place prior to the expiration of this facility.

24Note 7 – Notes Payable

~~AMERAMEX~~The ~~INTERNATIONAL,~~Company ~~INC.~~uses ~~NOTES~~credit TOto ~~FINANCIAL~~finance ~~STATEMENTS~~the purchase of heavy equipment on a short-term and long-term basis and secured by specific pieces of ~~FOR~~equipment. ~~THE~~Notes ~~YEARS~~payable ~~ENDED~~as ~~DECEMBER~~of December 31, ~~2019~~2020 and ~~2018~~2019, consisted of the following:

Note Payable to bank dated June 6, 2016; interest at 3.23% per annum; 60 monthly principal and interest payments of $2,655 and one final payment for $14,500; due 61 months from issuance; secured by equipment; fully paid on March 28, 2019		—		87,349
	2020		2019
Note Payable to finance company dated July 29, 2016; interest at 6.25% per annum; monthly principal and interest payments of $899; due 60 months from issuance; secured by equipment; fully paid on March 28, 2019		—		26,501
Payable to insurance company; interest only, secured by cash surrender value of life insurance policy; no due date	$	158,535	$	158,535
Note Payable to finance company dated October 26, 2016; interest at 14.4% per annum; monthly principal and interest payments ranging from $1,400 to $14,850; due 26 months from issuance; secured by equipment; fully paid on March 28, 2019		—		14,106
Note Payable 043 to finance company dated March 20, 2019; interest at 0.0% per annum; monthly payment of $5,000; due 12 months from issuance; unsecured		—		15,000
Note Payable to finance company dated February 1, 2017; interest at 8.5% per annum; monthly principal and interest payments of $4,546; due 24 months from issuance; secured by equipment; fully paid on March 28, 2019		—		4,514
Note Payable ROC 001 to finance company dated June 17, 2019; interest at 2.90% per annum; monthly payment of $4,749.37; due 48 months from issuance; secured by equipment		141,489		189,467
Note Payable to finance company dated June 9, 2017; interest at 25.7% per annum; monthly payments of $12,000; due 24 months from issuance; secured by equipment; fully paid on March 28, 2019		—		87,086
Note Payable 044 to finance company dated September 26, 2019; interest at 10.228% per annum; monthly payment of $4,383.09; due 60 months from issuance; secured by equipment		156,267		197,033
Note Payable to finance company dated October 26, 2017; interest at 7.8% per annum; monthly principal and interest payments of $2,019; due 72 months from issuance; secured by equipment; fully paid March 28, 2019		—		98,580
Note Payable ROC 002 to finance company dated September 13, 2019; interest at 2.90% per annum; monthly payment of $3,422.31; due 48 months from issuance; secured by equipment		105,264		142,689
Payable to finance company; interest ranging from 7.80% to 9.04%; monthly payments of $97,090; due November 2021; secured by equipment; fully paid March 28, 2019		—		2,217,699
Note Payable 045 to finance company dated September 18, 2019; interest at 10.52% per annum; monthly payment of $2,143; due 35 months from issuance; secured by equipment		39,151		59,566
Note Payable to finance company dated November 22, 2017; monthly principal payments of $27,900; due 36 months from issuance; secured by equipment; fully paid March 28, 2019		—		781,553
Note Payable 046 to finance company dated November 1, 2019; interest at 0.0% per annum; monthly payment of $3,000; due 52 months from issuance, final payment of $12,000; secured by equipment		129,000		162,000

2532

AMERAMEX INTERNATIONAL, INC. ~~NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018~~

Note Payable to finance company dated February 28, 2018; interest at 10% per annum; monthly principal and interest payments of $2,800; due 60 months from issuance; secured by equipment; fully paid March 28, 2019	—	124,588
Notes Payable to finance company dated June 6 and 25, 2018, and September 7 and 25, 2018, respectively; interest at 10% annum; monthly principal and interest payments for four months at $625 then one at $63,125, for six months at $1,000 then one at $99,000, three months at $1,900 then one at $191,000, four months at $1,400 then one at $141,400; secured by equipment; fully paid March 28, 2019	—	252,500
Notes Payable to finance company; interest ranging from 7.658% to 7.75%; one payment at $3,787 then 35 monthly payments of $13,588, 24 monthly payments of $5,260; secured by equipment; fully paid March 28, 2019	—	531,116
Note Payable to finance company; interest at 7.49% annum; monthly principal and interest payments of $2,403; due 60 months from issuance; secured by equipment; fully paid March 28, 2019	—	136,188
Note Payable to finance company dated March 20, 2019; interest at 0.0% per annum; monthly payments of $5,000; due 12 months from issuance; unsecured	15,000	—
Note Payable to finance company dated June 17, 2019; interest at 2.90% per annum; monthly payments of $4,749.37; due 48 months from issuance; secured by equipment	189,467	—
Note Payable to finance company dated September 26, 2019; interest at 10.228% per annum; monthly payments of $4,383.09; due 60 months from issuance; secured by equipment	197,033	—
Note Payable to finance company dated September 13, 2019; interest at 2.90% per annum; monthly payments of $3,422.31; due 48 months from issuance; secured by equipment	142,689	—
Note Payable to finance company dated September 18, 2019; interest at 10.52% per annum; monthly payments of $2,143; due 35 months from issuance; secured by equipment	59,566	—
Note Payable to finance company dated November 1, 2019; interest at 0.0% per annum; monthly payments of $3,000; due 52 months from issuance, final payment of $12,000; secured by equipment	162,000	—

NOTES TO FINANCIAL STATEMENTS

26FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

Note Payable 047 to finance company dated November 22, 2019; interest at 0.0% per annum; monthly payment of $933.60; due 24 months from issuance; secured by equipment	12,030	21,473

Note Payable 050 to finance company dated February 19,2020; interest at 8.0% per annum; monthly payment of $16,500 for 6 months then $11,520.44 due 36 months from issuance; secured by equipment	330,995	—

Note Payable 051 to finance company dated February 25, 2020; interest at 10.35% per annum; monthly payment of $28,903.16; due 12 months from issuance; unsecured	48,169	—

Note Payable ROC 003 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277	—

Note Payable ROC 004 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277	—

Note Payable ROC 005 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277	—

Note Payable ROC 006 to finance company dated March 26, 2020; interest at 5% per annum; monthly payment of $6,135.98; due 60 months from issuance; secured by equipment	286,277	—

Note Payable ROC 007 to finance company dated May 1, 2020; interest at 4.95% per annum; monthly payment of $34,26.73; due 60 months from issuance; secured by equipment	181,132	—

Note Payable 052 to finance company dated April 21, 2020; interest at 10.582% per annum; monthly payment of $1,489.66; due 60 months from issuance; secured by equipment	61,918	—

Note Payable 053 to SBA dated September 24, 2020; interest at 3.884% per annum; monthly payment of $731; due 384 months from issuance; unsecured	170,000	—

Note Payable 054 to finance company dated May 22, 2020; interest at 14.378% per annum; monthly payment of $1,037.45; due 36 months from issuance; secured by equipment	26,413	—

Note Payable to finance company dated November 22, 2019; interest at 0.0% per annum; monthly payments of $933.60; due 24 months from issuance; secured by equipment		21,473		—
Other notes payable		—		97,328
Total		945,763		4,612,852
Less current portion		386,528		296,618
Long-term portion	$	559,235	$	4,316,233

~~During~~AMERAMEX ~~the years ended December 31~~INTERNATIONAL, ~~2019 and 2018 the interest expense paid for the above Notes Payable was $234,604 and $558,299, respectively~~INC. ~~From time to time, the Company’s Chief Executive Officer provides a personal guarantee on certain of the equipment loans above.~~

~~Aggregate~~NOTES ~~future~~TO ~~annual~~FINANCIAL ~~maturities of notes payable as of December 31, 2019, are as follows:~~STATEMENTS

Years ending December 31:
2020	$	386,528
2021		201,950
2022		188,207
2023		132,105
2024		36,973
	$	945,763

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Note 9 – Related-Party Transactions

Note Payable 055 to finance company dated June 18, 2020; interest at 4.990% per annum; monthly payment of $1,207.42; due 60 months from issuance; secured by equipment		58,293		—

Note Payable 056 to finance company dated June 24, 2020; interest at 10.625% per annum; monthly payment of $3,377.42; due 60 months from issuance; secured by equipment		144,475		—

Note Payable 058 to finance company dated August 28, 2020; interest at 3.390% per annum; monthly payment of $783.56; due 60 months from issuance; secured by equipment		39,863		—

Note Payable 059 to finance company dated September 16, 2020; interest at 4.850% per annum; monthly payment of $4,778.59; due 36 months from issuance; secured by equipment		147,670		—

Note Payable 060 to finance company dated October 9, 2020; interest at 8.90% per annum; monthly payment of $16,500 for 5 months, then $10,158.19; due 48 months from issuance; secured by equipment		413,428		—

Total		3,509,200		945,763

Less current portion		911,265		386,528

Long-term portion	$	2,597,935	$	559,235

From time to time, the Company’s Chief Executive Officer provides a personal guarantee on certain of the equipment loans above.

The Company entered into a note payable to purchase equipment for a customer who wished to maintain the equipment as a long term rental. After six (6) months of leasing the equipment, the customer decided to purchase the machine. This early extinguishment of debt caused the Company to be charged an additional $90,925 in pre-payment penalties on the note.

Aggregate future annual maturities of notes payable as of December 31, 2020, are as follows:

Years ending December 31:
2021	$	911,265
2022		1,025,936
2023		787,902
2024		514,494
2025		269,603
	$	3,509,200

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Note 8 – Related-Party Transactions

Related-Party Note Payable

The Company has a note payable to the Company’s Chief Executive Officer. Funds were received years ago to fund operations. The ~~note~~ note is interest bearing at 10% per annum, unsecured and payable upon demand. The balance of the note at December 31, ~~2019~~2020 and ~~2018~~ 2019 was $~~334~~226,~~794~~ 659 and $~~353~~334,~~643~~794, respectively. During the years ended December 31, ~~2019~~2020 and ~~2018~~2019, the Company repaid $18108,~~849~~135 and $4918,~~008~~849, respectively, of this note payable. The note incurred $2936,~~137~~936 and $29,~~774~~137 in interest expense for the years ended December 31, ~~2019~~2020 and ~~2018,~~2019 respectively.

Lease

The Company leases a building and real property in Chico, California under a ~~five year~~ lease agreement renewing annually every March from a trust whose ~~trustee~~ trustee is the Company’s Chief Executive Officer. The lease provides for monthly lease payment of $9,800 per month,. ~~and~~Upon ~~expired~~renewal onin ~~December~~March 1of 2020, ~~2017. The Company is currently leasing~~ the ~~building~~monthly ~~and~~lease ~~real~~payment ~~property~~was atincreased ~~the same rate on a month-~~to~~-month~~ ~~lease~~$12,000. Rent expense for the years ended December 31, ~~2019~~2020 and ~~2018~~2019 were $~~117~~139,600 and $~~107~~117,~~800~~600, respectively.

Transactions with Director

Two ~~separate~~ separate customers lost financing for purchases of equipment after already receiving the machines, so the Company sold the machines to the brokerage company of one of the Company’s ~~new~~ Directors. The customers are now renting the machines on a rent to own basis and the Company is purchasing the machines from the brokerage. WeThe ~~have~~Company has two notes payable tied to these ~~deals~~transactions that asat ofDecember 31, 2020 and December 31, 2019, have a combined total due of $168,151 and $221,566 respectively. The brokerage made $42,681 on the ~~deal~~ transactions. The notes are secured by the equipment.

~~Note~~The 10Company –also ~~Joint~~has ~~Venture~~two notes payable that were brokered through the same Director’s company. The notes are secured with equipment and as of December 31, 2020 and 2019 have a combined total due of $744,424 and $0, respectively.

InNote ~~2019,~~9 ~~the~~– ~~Company entered into a~~ Joint Venture with one of its long-time collaborators whereby costs and profits are shared equally. This arrangement was made in order to purchase 30 machines from a closing terminal in Seattle, WA for $1,089,000. During the year ended December 31, 2019, the Company received $544,500 towards the acquisition of the equipment, and repaid $85,000 of such amount for equipment sold. The Company also remitted $35,000 in joint venture profits. The amount due to the collaborator as of December 31, 2019 was $459,500. Please see Note 15 for details related to an error in the initial recording of this transaction.

27The Company entered into a Joint Venture with one of its long time collaborators. This arrangement was made in order to purchase 30 machines from a closing terminal in Seattle Washington for $1,089,000. At December 31, 2020, the Company had repaid $20,000 for equipment sold. During the same time period, the Company also remitted $63,878 in joint venture profits. The amount due to the collaborator for the years ended December 31, 2020 and 2019 was $439,500 and $459,500, respectively.

~~AMERAMEX~~Note ~~INTERNATIONAL,~~10 ~~INC.~~– ~~NOTES~~Convertible ~~TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018~~Notes

On or about July 20, 2020 and again on September 16, 2020, the Company and Geneva Roth Remark Holdings, Inc., a New York corporation (“Buyer”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) by which the Buyer purchased and the Company issued and sold convertible notes of the Company, in the aggregate principal amount of $120,000 (the “Notes”), convertible into shares of common stock of the Company (the “Common Stock”).

A summary of the terms of the Note are as follows:

The principal amount of the Notes is $120,000, with an interest rate of 10% per annum, and a maturity date of July 20, 2021 and September 16, 2021 net of direct loan costs of approximately $6,000 combined.

Any amount of principal or interest which is not paid by the maturity date shall bear interest at the rate of 22% per annum from the due date thereof. The Note holds conversion rights, whereby the Buyer has the right from time to time, and at any time after 180 days from July 20, 2020 and ending on the later of: (i) July 20, 2021 and (ii) the date of payment of the Default Amount (payable only in the event of a default), to convert the outstanding amounts of the Note into fully paid and non-assessable shares of Common Stock, at the Conversion Price (defined below). Principal may be repaid before the Maturity Date at the following premiums:

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

Prepayment Period	Prepayment Percentage
1. The period beginning on the Issue Date and ending on the date which is 60 days following the Issue Date.	120%
2. The period beginning on the date which is 61 days following the Issue Date and ending on the date which is 90 days following the Issue Date.	125%
3. The period beginning on the date that is 91 days from the Issue Date and ending 150 days following the Issue Date.	130%
4. The period beginning on the date that is 151 days from the Issue Date and ending 180 days following the Issue Date	135%

If not paid at Maturity Date, the Conversion Price shall be equal to the Variable Conversion Price (as defined below) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The "Variable Conversion Price" shall mean 65% multiplied by the Market Price (as defined below) (representing a discount rate of 35%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the ten Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service. 66,000,000 shares have been reserved for possible conversion and principal and interest will increase to 150% in the event of default.

The July 20, 2020 note was paid in full on January 15, 2021. The September 16, 2020 note was paid in full on March 19, 2021. As of December 31, 2020, the accrued and accreted Interest Expense for these convertible notes was $7,233 and $11,317, respectively. Prior to payment, 1,553,063 shares were reserved for the first note and 1,334,569 for the second. All shares were release upon payment of notes.

Note 11 – Commitments and Contingencies

From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. ~~There~~In ~~are~~2020, there were two pending legal proceedings which were subsequently dismissed as the Company reached a combined confidential settlement agreement. As of December 31, 2020, this settlement was paid in full using $50,000 in cash and a machine sale. There are no pending legal proceedings to which the Company is a party for which management believes the ultimate outcome would not have a material adverse effect on the Company’'s financial position. ~~Please~~There ~~see~~are ~~Note~~no 16pending ~~for~~legal ~~more~~proceedings ~~details~~that are expected to be material to our cash flow and operating results.

See Note 9 8 for related party operating lease.

Note 12 – Stockholders’ Equity

The ~~Company~~ Company has authorized 5,000,000 shares of $0.001 par value blank check preferred stock, of which no shares were issued and outstanding as of December 31, ~~2019~~2020 and ~~2018~~2019.

The ~~Company~~ Company has authorized 1,000,000,000 shares of $0.001 par value common stock, of which ~~753~~14,~~415~~808,~~879~~737 were issued and outstanding as of December 31, ~~2019~~2020 and ~~2018~~2019. During the years ended December 31, ~~2019~~2020 and ~~2018~~2019, the Company issued no40,000 shares of common orstock as compensation ~~preferred~~for ~~stock~~services.

On September 14, 2020, the Company entered into an agreement with M Vest LLC., a FINRA registered broker-dealer, contracting their services. In addition to monetary compensation, the Company paid out 40,000 fully vested shares of the Company’s Common Stock. The shares of Common Stock will have unlimited piggyback registration rights and the same rights afforded other holders of the Company’s Common Stock. We recorded compensation expense totaling $25,660 based on the quoted market price of the Company’s Common Stock.

On December 21, 2020, we effected a one for fifty (1:50) reverse stock split (the “Reverse Stock Split”). To effect the Reverse Stock Split, we filed a Certificate of Amendment to our Restated Certificate of Incorporation with the Nevada Secretary of State. The Reverse Stock Split was approved by our Board of Directors on September 9, 2020 and by our stockholders on September 11, 2020, by written consent in lieu of a special meeting of stockholders.

AMERAMEX INTERNATIONAL, INC.

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

result of the Reverse Stock Split and any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. Following the Reverse Stock Split, the number of shares of Common Stock outstanding was reduced from 753,415,879 shares to 15,068,317 shares. There was no change to the number of authorized shares.

At the time of the Reverse Stock Split we retired 27,958,150 shares which after the split equates to 559,163 shares at a cost of $7,813.

Unless otherwise indicated, all shares and per share amounts included in this Annual Report reflect the effects of the Reverse Stock Split.

Note 13 – Revenues

During the years ended December 31, ~~2019~~2020 and ~~2018~~2019, revenues and costs related to domestic and foreign sales of equipment are as follows:

	2019						2018
	2020						2019
	Domestic			Export			Domestic			Export
Equipment Sales	$	9,~~779~~665,~~901~~607		$	~~517,000~~—		$	67,~~085~~481,~~040~~094		$	~~942~~517,~~908~~000
Less Cost of Sales		(9,~~103~~566,~~696~~702	)		~~(239,500~~—	)		(46,~~948~~711,~~450~~262	)		(~~752~~239,~~470~~500	)
Gross profit	$	~~676~~98,~~205~~905		$	~~277,500~~—		$	1769,~~136,590~~832		$	~~190~~277,~~438~~500

During the years ended December 31, ~~2019~~2020 and ~~2018~~2019, there were no foreign rentals of equipment.

The Company provides equipment for rental on a month-to-month basis and under terms which exceed one year. Future annual estimated ~~rental~~ rental revenues as of December 31, ~~2019~~2020 are as follows:

Years ending December 31:
2020		$	2,542,975
2021	$	3,733,657
2021			2,474,575
2022		3,292,657
2022			1,713,175
2023		2,455,657
	$	$9,481,971	~~6,730,725~~

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

Note 14 – Income Taxes

Income tax expense (benefit) reflected in the statements of operations consisted of the following for the years ended December 31, ~~2019 and~~2020 ~~2018~~and 2019:

	2019			2018
	2020			2019
Current tax expense:
Federal	$	—		$	~~24,653~~—
State		800			~~38,407~~800
Total current tax expense		800			~~63,060~~800
Deferred tax expense (benefit):
Federal		(56313,~~618~~987	)		~~250~~(56,~~056~~618	)
State		(1978,~~527~~470	)		55(19,~~306~~527	)
Total deferred tax expense (benefit)		(76392,~~145~~457	)		~~305~~(76,~~362~~145	)
Total tax expense (benefit)	$	(75391,~~345~~657	)	$	~~368~~(75,~~422~~345	)

~~A reconciliation of the differences between the effective and statutory income tax rates for years ended December 31, 2019 and 2018 is as follows:~~37

	2019						2018
	Amount			Percent			Amount		Percent
Federal statutory rates	$	(34,784	)		(21.0	%)	$	263,343		21.0	%
State income taxes		(11,595	)		(7.0	%)		87,781		7.0	%
Life insurance and meals		1,954			1.5	%		17,298		1.5	%
AMT Credit Carryover		(6,604	)		(4.0	%)		—		—
True up		(24,316	)		(15	%)		—		—
Income taxes \ Effective rate	$	(75,345	)		(45.5	%)	$	368,422		29.5	%

AMERAMEX INTERNATIONAL, INC.

AsNOTES ofTO ~~December~~FINANCIAL ~~31, 2019 and 2018, the significant components of the deferred tax assets and liabilities are summarized below:~~STATEMENTS

	2019			2018
Deferred tax assets (liabilities)
Net operating loss carryforwards	$	564,125		$	565,284
Reserves and allowances		81,966			93,404
Tax credits and other		40,203			45,637
Total deferred tax assets		686,294			704,325
Deferred tax liability - Depreciation		(912,633	)		(1,006,005	)
Total deferred tax liabilities		(912,633	)		(1,006,005	)
Net deferred tax liability	$	(226,339	)	$	(301,680	)

FOR THE YEARS ENDED DECEMBER 31, 2020 and 2019

29A reconciliation of the differences between the effective and statutory income tax rates for years ended December 31, 2020 and 2019 is as follows:

AMERAMEX INTERNATIONAL, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

	2020						2019
	Amount			Percent			Amount			Percent
Federal statutory rates	$	(206,254	)		(21.0	%)	$	(34,784	)		(21.0	%)
State income taxes		(83,330	)		(8.5	%)		(11,595	)		(7.0	%)
Life insurance and meals		(44,324	)		(4.5	%)		1,954			1.5	%
True up		(57,749	)		(5.9	%)		(24,316	)		(15.0	%)
AMT Credit Carryover		—			0.0	%		(6,604	)		(4.0	%)
Income taxes \ Effective rate	$	(391,657	)		39.9	%	$	(75,345	)		45.5	%

~~The~~As ~~Company annually conducts an analysis~~ of ~~its~~December ~~tax~~31, ~~positions~~2020 and ~~has~~2019, ~~concluded~~the ~~that~~significant itcomponents ~~has~~of nothe ~~uncertain~~deferred tax ~~positions~~assets asand ofliabilities ~~December 31,~~are ~~2019~~summarized ~~and 2018.~~below:

The Company has approximately $2,600,000 in federal net operating losses that begin to expire in 2029. As of December 31, 2019, the Company has no net operating losses for state income tax reporting purposes.

	2020			2019
Deferred tax assets (liabilities)
Net operating loss carryforwards	$	688,220		$	564,125
Reserves and allowances		89,400			81,966
Tax credits and other		32,110			40,203
Total deferred tax assets		809,730			686,294
Deferred tax liability -
Depreciation		(651,606	)		(912,633	)
Total deferred tax liabilities		(651,606	)		(912,633	)
Net deferred tax asset (liability)	$	158,124		$	(226,339	)

The ~~2014~~Company toannually ~~2019~~conducts ~~tax~~an ~~years~~analysis ~~are~~of ~~still~~its ~~subject~~tax topositions ~~examination~~and byhas ~~federal~~concluded ~~and~~that ~~state~~it ~~agencies.~~has Weno ~~filed~~uncertain ~~amended~~tax ~~income~~positions ~~tax~~as ~~returns~~of ~~for~~December 31, ~~2015~~2020 and ~~2016, which are currently under examination by the Internal Revenue Service~~2019.

~~Note~~The 15Company –has ~~Fourth~~approximately ~~Quarter~~$2,213,253 ~~Adjustment~~in federal net operating losses that begin to expire in 2036. As of December 31, 2020, the Company has no net operating losses for state income tax reporting purposes.

~~As discussed~~We infiled ~~Note~~amended ~~10,~~income ~~the~~tax ~~Company~~returns ~~entered~~for ~~into~~2015 ~~a joint venture related to certain equipment acquired~~ and ~~to be sold. The receipt~~ of2016, ~~funds~~which ~~was~~are ~~recorded~~currently asunder ~~Sales~~examination ofby ~~Equipment in~~ the ~~third~~Internal ~~quarter~~Revenue ofService. 2017-2019 ~~totaling $459,500 in lieu of a liability to the joint~~returns ~~venture~~are ~~partner.~~still ~~The~~subject ~~Company corrected the error in the fourth quarter of 2019~~ to ~~reduce~~examination ~~Sales~~by offederal ~~Equipment~~ and ~~recorded~~state ~~the Venture Partner Liability~~agencies.

	Three Months ended September 30, 2019			Nine Months ended September 30, 2019
Sales of Equipment and Other Revenues, as reported	$	2,724,589		$	9,395,942
Adjustment		(459,500	)		(459,500	)
Sales of Equipment and Other Revenues, as adjusted	$	2,265,089		$	8,936,442
Joint Venture Liability, as reported	$	—		$	—
Adjustment		459,500			459,500
Joint Venture Liability, as adjusted	$	459,500		$	459,500
Tax Provision (Benefit), as reported	$	209,791		$	113,315
Tax Provision (Benefit), as adjusted	$	76,536		$	(24,153	)
Net Income, as reported	$	513,626		$	255,040
Net Loss, as adjusted	$	187,381		$	(66,992	)

~~There~~AMERAMEX ~~were~~INTERNATIONAL, ~~no effects on earnings (loss) per share~~INC.

~~Note~~NOTES 16TO –FINANCIAL ~~Subsequent Events~~STATEMENTS

OnFOR ~~April~~THE ~~21,~~YEARS ~~2020~~ENDED ~~the~~DECEMBER ~~Company received a $10~~31,~~000~~ ~~advance~~2020 onand an SBA loan of $2 million dollars. We have not received the final terms, but we have been instructed that typically these notes are 30 year terms, interest at 3.75% per annum, with six (6) months of deferred payments. We currently do not have a monthly payment amount but are expecting funding within June 2020.2019

OnNote ~~May~~15 1,– ~~2020,~~Subsequent the Company received a Paycheck Protection Program Loan in the amount of $228,442 to cover payroll and utility expenses during the Pandemic. The Company is following the government guidelines and tracking costs to insure 100% forgiveness of the loan.Events

On ~~May~~January 621, ~~2020~~2021, ~~the~~we ~~Company~~entered ~~was~~into ~~named in~~ a ~~suit~~securities ~~filed~~purchase inagreement ~~the~~with ~~State~~Geneva ofwhereby ~~Virginia~~Geneva bypurchased a103,500 ~~manufacturer~~shares ~~asking~~of ~~the~~our ~~court~~Series ~~to hold the Company~~A ~~liable~~Preferred Stock for ~~the~~a ~~amount~~purchase price of ~~our~~$103,500. ~~customer’s~~After ~~deposit~~payment ~~the~~of ~~manufacturer~~transaction-related ~~erroneously~~expenses, ~~wired~~net proceeds to aus ~~bank~~were in$100,000. ~~China after receiving fraudulent~~The ~~bank~~proceeds ~~wiring~~were ~~instructions~~used ~~from~~for aworking ~~cloned email account~~capital. The ~~deposit~~Series ~~amount~~A ~~was~~Preferred ~~$1,057,400.~~Stock Onearns ~~May~~dividends ~~13,~~at ~~2020,~~a ~~the~~rate ~~Company~~of ~~was~~10% ~~named in~~per aannum, ~~second~~and ~~suit~~dividends ~~filed~~at ina ~~the~~default rate ~~State~~ of ~~Virginia~~22%. byThe ~~the~~shares ~~customer demanding return~~ of ~~their~~Series ~~deposit.~~A WePreferred ~~believe~~Stock ~~that we~~ have ~~no liability~~a instated ~~connection~~value ~~with~~of ~~these~~$1.00 ~~matters~~per share and weare ~~intend~~convertible toat ~~defend~~70% of the ~~matter~~lowest ~~appropriately.~~closing bid Weprice ~~have~~of ~~notified~~the ~~our~~Common ~~insurance~~Stock ~~carrier to~~in ~~assist~~the usten indays ~~resolving~~preceding ~~this~~a ~~matter~~conversion.

On ~~May~~ 22February 9, ~~2020~~2021, the ~~limit~~Company onreceived a second Paycheck Protection Program (PPP) Loan in the ~~line~~amount of ~~credit~~$254,147. ~~with~~We aexpect ~~finance~~to ~~company~~receive 100% forgiveness as we are tracking usage and following the guidelines set forth by the SBA. On April 6, 2021, we received notice that ~~provides~~the ~~for~~SBA ~~borrowing~~had upincreased the limit on the COVID EIDL from $150,000 to $500,000. ~~was~~We ~~increased~~ requested the increase and should be funded with in the next six (6) to eight (8) weeks. We are currently working with the SBA on a separate loan with specific terms as follows: 45% of the gross earned revenue from 2019 or $110,~~050~~000,000 ~~with~~whichever ~~all~~is ~~other~~less. ~~terms~~Based ~~remaining~~on ~~the~~our ~~same~~qualifications, aswe ~~stated~~are eligible to receive $5,694,857 at 2% – 6% interest over a 30 year term. This is a brand new program and we cannot apply until after April 19, 2021. An update will be provided in ~~Note~~the 7Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.

30On March 23, 2021, we entered into a securities purchase agreement with Geneva whereby Geneva purchased 78,000 shares of our Series A Preferred Stock for a purchase price of $78,000. After payment of transaction-related expenses, net proceeds to us were $75,000. The proceeds were used for working capital. The Series A Preferred Stock earns dividends at a rate of 10% per annum, and dividends at a default rate of 22%. The shares of Series A Preferred Stock have a stated value of $1.00 per share and are convertible at 70% of the lowest closing bid price of the Common Stock in the ten days preceding a conversion.

At any time during the period indicated below, after the date of the issuance of shares of Series A Preferred Stock (each respectively an “Issuance Date”), the Company will have the right, at the Company’s option, to redeem all of the shares of Series A Preferred Stock by paying an amount equal to (i) the number of shares of Series A Preferred Stock multiplied by then Stated Value (including and accrued dividends); (ii) multiplied by the corresponding percentage as indicated in the chart below:

Prepayment Period	Prepayment Percentage
1. The period beginning on the Issue Date and ending on the date which is 60 days following the Issue Date.	120%
2. The period beginning on the date which is 61 days following the Issue Date and ending on the date which is 90 days following the Issue Date.	125%
3. The period beginning on the date that is 91 days from the Issue Date and ending 150 days following the Issue Date.	130%
4. The period beginning on the date that is 151 days from the Issue Date and ending 180 days following the Issue Date	135%

After the expiration of one hundred eighty (180) days following the Issuance Date, except for the Mandatory Redemption, the Company shall have no right to redeem the Series A Preferred Stock unless otherwise agreed to with the Holder.

If the Series A Preferred Stock is not redeemed, at any time on and following the six-month anniversary of the Issuance Date, the Series A Preferred Stock shall be convertible into shares of Common Stock at the option of the Holder.

In the event of a conversion of any Series A Preferred Stock, the Company shall issue to the Holder a number of Common Stock equal to: (i) the then Stated Value; multiplied by (ii) the number of shares of Series A Preferred Stock being converted by the Holder as set forth in the Conversion Notice; divided by (iii) the Conversion Price. The Conversion Price shall equal a discount of 30% off of the Trading Price. The Trading Price shall be the lowest closing bid price for the Common Stock during the prior ten (10) trading day period (“Trading Price”).

The Holder will be limited to convert no more than 4.99% of the issued and outstanding Common Stock at time of conversion at any one time.

Pertaining to the first purchase agreement, 5,000,000 of common stock were reserved for possible conversion; for the second agreement the amount of shares reserved was 4,896,500.

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

~~There~~No events ~~have~~occurred ~~been no~~requiring ~~changes~~disclosure inunder orItem ~~disagreements~~304 ~~with~~of ~~accountants~~Regulation onS-K ~~accounting~~during orthe ~~financial~~fiscal ~~disclosure~~year ~~matters~~ending December 30, 2020.

ITEM 9A.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision of our ~~Chief~~President ~~Executive Officer~~ and Chief Financial Officer performed an evaluation (the “Evaluation”) of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report. Disclosure controls and procedures include, without limitation, controls and procedures ~~designed~~ designed to provide a reasonable level of assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our ~~Chief Executive Officer~~ President and Chief Financial Officer concluded that, as of December 31, ~~2019~~2020, due to the presence of material weaknesses, our disclosure controls and procedures were ineffective.

Management’s Report on Internal Control Over Financial Reporting

~~This~~Management is ~~Annual~~responsible ~~Report does~~for ~~not~~establishing ~~include~~and amaintaining ~~report~~adequate ofinternal ~~management's~~controls ~~assessment~~over ~~regarding~~our ~~internal~~financial reporting. Internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act is a process designed by, or anunder ~~attestation~~the ~~report~~supervision of, ~~the~~our ~~company's~~principal ~~registered~~executive ~~public~~and ~~accounting~~principal ~~firm~~financial ~~due~~officers and effected by our Board of Directors, management and other personnel, to aprovide ~~transition~~reasonable ~~period~~assurance ~~established~~regarding bythe ~~rules~~reliability of ~~the Securities~~financial reporting and ~~Exchange~~ ~~Commission~~ the preparation of financial statements for ~~newly~~external purposes ~~public~~in ~~companies.~~accordance with generally accepted accounting principles and includes those policies and procedures that:

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failure. Internal control over financial reporting can also be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

In connection with the preparation of the Annual Report on Form 10-K for the year ended December 31, 2020, our President and Chief Financial Officer evaluated the effectiveness of our internal control over financial reporting as of December 31, 2020. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission’s Internal Control-Integrated Framework. As a result of this assessment, we concluded that we had not implemented effective internal control over financial reporting during the reporting year due, in part, to our continued inability to install and utilize a system wide work order software.

We plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered by this Annual Report on Form 10-K, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we hope to implement the following changes during our fiscal year ending December 31, 2021: a new work order software that communicates with our accounting system.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable and not absolute assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of certain events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control Over Financial Reporting

An ~~evaluation~~ evaluation was performed under the supervision of our management, including our ~~Chief~~President ~~Executive Officer~~ and Chief Financial Officer, of whether ~~any~~ any change in our internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) occurred ~~during~~ during the year ended December 31, ~~2019~~2020. Based on that evaluation, our management, including our ~~Chief~~President ~~Executive Officer~~ and Chief Financial Officer, concluded that there was ano change in our internal control over financial reporting that occurred during the ~~quarter~~ year ended December 31, ~~2019~~2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. ~~This change was to establish an audit committee of our board of directors comprised of three independent directors.~~

ITEM 9B.

OTHER INFORMATION

None.

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Executive Officers and Directors

The ~~following~~ following table sets forth the names and ages of our current directors and executive officers and includes the principal offices and ~~positions~~ positions held by each person and the date each person began his or her role ~~with the Company~~. Our executive officers were appointed by our Board of Directors. Our directors serve until the earlier occurrence of the election of his or her successor at the next meeting of stockholders, death, resignation, or removal by ~~the~~our Board of Directors.

Name	Age	Position	Date

Lee Hamre	70	President and Chairman	2006
Marty Tullio	73	Secretary and Director	2012
Hope Stone	50	Chief Financial Officer	2018
J. Jeff Morris	72	Director	2019
Brian Hamre	55	Director	2019
Michael Maloney	59	Director	2012

Name	Age	Position	Date
Lee Hamre	69	Chief Executive Officer and Chairman	2006
Marty Tullio	72	Secretary and Director	2012
Hope Stone	49	Chief Financial Officer	2018
J. Jeff Morris	71	Director	2019
Brian Hamre	54	Director	2019
Michael Maloney	58	Director	2012

Set forth below is a brief description of the background and business experience of our executive officers and directors for the past five years.

Lee Hamre, ~~Chief~~President ~~Executive Officer~~ and Chairman

Mr. Hamre has been in the heavy equipment business for over 38 years. He worked for Buehrer Inc. in Berkeley, California for 13 years ~~from~~ from 1976 to 1989. He then founded Hamre Equipment Co. as its sole owner in 1989. In 2006, he merged Hamre Equipment Co. with AmeraMex International after having rented equipment to AmeraMex International for several years. Mr. Hamre served in the United States Navy Reserves for six years. He earned a B.A. in Business Communications from California State College, Chico.

Michael Maloney, Chief Operations Officer, Treasurer, & Director

Having retired from a 32 year career in law enforcement which culminated with his assignment as the Chief of Police in the City of Chico, ~~California~~ California from 2009 through 2012, Mr. Maloney joined our Board of Directors and became our Chief Operating Officer. With significant budget, management, and strategic planning experience, he has provided counsel to us on a variety of management issues and has coordinated the handling of sensitive personnel matters, all while offering a fresh perspective from outside of the industry. Mr. Maloney is also Director of Public Safety, Education, and Training at Butte College; a Board Member of Catalyst Domestic Violence Services; and a Board Member of the California Partnership to End Domestic Violence.

from outside of the industry. Mr. Maloney is also Director of Public Safety, Education, and Training at Butte College; a Board Member of Catalyst Domestic Violence Services; and a Board Member of the California Partnership to End Domestic Violence. Mr. Maloney has an A.A. in Social Science from Butte College, a B.A. in Management from St. Mary’s College and has completed graduate work in Business Management at the University of Virginia.

Marty Tullio, Secretary and Director

Marty Tullio is a veteran of the investor relations and corporate communications fields. She has managed the financial communications programs for a wide range of public and private companies, providing day-to-day counsel to executive management and coordinating investor relations efforts for a number of diversified clients. Ms. Tullio is proactive in the planning and execution of investor outreach programs, including road shows and investor conferences, and in developing strategic communications plans for client organizations.

Ms. Tullio has more than a decade of in-house agency investor relations management experience, specializing in the targeting and development of institutional investor and research analyst following, support of fundraising activities, corporate and crisis communications, consulting, and the introduction and positioning of companies to the investment community.

Prior to becoming an investor relations professional, Ms. Tullio spent 15 years as a sales and marketing executive in the technology industry, with ~~companies~~major corporations such as NCR, GTE Telenet, and a division of McDonnell-Douglas, as well as smaller technology companies such as Time Systems International and Data Point Corporation. She has held several managerial and executive positions, including Vice President of Sales and Marketing, Executive Vice President, and General Manager. Marty earned a Bachelor of Arts degree as well as her investor relations certification from the University of California, Irvine.

Hope Stone, Chief Financial Officer

Hope Stone joined us as Chief Financial Officer in June 2018. Ms. Stone is responsible for our overall financial strategy and direction, as well as human resources. Within finance, she guides our treasury, accounting, tax, and internal and external audit functions.

From March 2016 to March 2018, Ms. Stone was Controller and acting Chief Financial Officer of Digital Path, Inc., a mid-sized telecommunications company servicing Northern California, Northern Nevada, and Southern Oregon from June 2016 to August 2018. From March 2014 to ~~August~~ August 2016, Ms. Stone was the Controller and Human Resources Manager at Moana Nursery, a multi-store organization servicing Northern Nevada’s nursery and landscaping industry since 1967. She also worked in the insurance practice at ISU Stetson-Beemer. Throughout her over 20-year career in accounting, auditing and financial planning, Ms. Stone has established a reputation for building world-class teams and for aligning financial and business metrics to support business strategy and high-growth. Ms. Stone has spearheaded multiple SBA loans and equipment and other financing transactions. Ms. Stone holds a BS in Finance from Tennessee Baptist College and an MBA from the University of Devonshire.

J. Jeffery Morris, Director

J. Jeffery Morris is the president of Global Finance Group located in Newport Beach, California. Mr. Morris has been in the commercial leasing/finance industry since 1974. Prior to joining Global Finance Group, Morris started Crocker Capital, a lease invoice financing company, in 1992. Mr. Morris has merged portions of the Crocker operations into Global Vantage Ltd. In 1980, Morris began Perry Morris Corporation and by 1990, the company had an annual leasing invoice position of over $100 million. The company was twice named in INC Magazine’s list of the 500 fastest growing, privately held companies in the U.S. Mr. Morris graduated from USC in 1972 as a finance major. He has been on the boards of many civic and charitable organizations such as: Southern California Chapter of YPO, Children’s Hospital of Orange County, USC Associates, and the Orange County YMCA. He also headed a public fundraising campaign for a Children’s Hospital that raised over $12 million.

a lease invoice financing company, in 1992. In 1980, Morris began Perry Morris Corporation and by 1990, the company had an annual leasing invoice position of over $100 million. The company was twice named in INC Magazine’s list of the 500 fastest growing, privately held companies in the U.S. Mr. Morris graduated from USC in 1972 as a finance major. He has been on the boards of many civic and charitable organizations such as: Southern California Chapter of YPO, Children’s Hospital of Orange County, USC Associates, and the Orange County YMCA. He also headed a public fundraising campaign for a Children’s Hospital that raised over $12 million.

Brian Hamre, Director

Brian Hamre is the Regional Sales Manager (Northern California and Northern Nevada) of Ritchie Brothers Auctioneers, which specializes in the acquisition and auction of heavy equipment. Mr. Hamre has over 32 years of sales and marketing management experience in the heavy equipment industry. Prior to joining Ritchie Brothers in 2008, Mr. Hamre worked with us for 22 years. While with us, he held a variety of positions and was responsible for successfully expanding our sales and marketing reach within the Western United States. Brian Hamre is an alumnus of California State University, Chico.

Conflicts of Interest – General

There can be no assurance that management will resolve all ~~conflicts~~ of ~~interest~~our inconflicts ~~favor~~ of ~~the Company~~interest.

Our ~~directors~~ directors and officers are, or may become, in their individual capacities, officers, directors, controlling shareholder and/or partners of other entities engaged in a variety of businesses. Thus, there exist potential conflicts of interest including, among other things, time, efforts, and corporate opportunity, involved in participation with such other entities. Consequently, there are potential inherent conflicts of interest in their acting as our officers and directors ~~of the Company~~. Insofar as the officers and directors are engaged in other business activities, management anticipates it will devote only up to approximately 40 hours per week to the ~~Company's~~our affairs.

Conflicts of Interest – Corporate Opportunities

Presently, ~~there~~ there is no requirement included in our Articles of Incorporation, Bylaws, or minutes which provides that our officers and directors of ~~our Company~~ must disclose business opportunities which come to their attention. Our officers and directors do, however, have a fiduciary duty of loyalty to us to disclose any business opportunities brought to their attention, in their capacity as an officer and/or director or otherwise. Excluded from this duty would be opportunities which the person learns about through his or her involvement as an officer and/or director of another company. We have no intention of merging with or acquiring an affiliate, associated person, or business opportunity from any affiliate or any client of any such person.

Our Board of Directors has adopted a policy that the Company will not seek a fund of, any entity in which any officer or director serves as an officer or director or in which they or their family members own or hold a controlling ownership interest. Although the Board of Directors could elect to change this policy, the Board of Directors has no present intention to do so.44

about through his or her involvement as an officer and/or director of another company. We have no intention of merging with or acquiring an affiliate, associated person, or business opportunity from any affiliate or any client of any such person.

Our Board of Directors has adopted a policy that we will not seek a fund of, any entity in which any officer or director serves as an officer or director or in which they or their family members own or hold a controlling ownership interest. Although the Board of Directors could elect to change this policy, the Board of Directors has no present intention to do so.

Annual Meeting

Our annual meeting of stockholders is scheduled to take place on November 5 of each year. This will be an annual meeting of stockholders and will include the election of directors. The annual meeting will be held at our principal office or at such other place as permitted by the laws of the State of Nevada and on such date as may be fixed from time to time by resolution of our ~~board~~Board of ~~directors~~Directors.

Involvement in ~~certain~~Certain ~~legal~~Legal ~~proceedings~~Proceedings

During the past five years, none of our officers or directors has been a party to or executive officer of an entity that has filed any bankruptcy petitions. During the past five years, none of our officers or directors have been convicted or been a named subject of any pending criminal proceedings. During the past five years, none of our officers or directors has been held to have violated any State or Federal Securities laws or any Federal commodities law or otherwise have been subject to any order, judgment or decree not subsequently reversed, suspended, or vacated permanently enjoining such officer or director from the activities enumerated in Regulation S-K Item 4.01(f)(3).

Compliance with Section 16(a) of the Exchange Act

Section 16(a) of the Exchange Act requires that our officers, ~~and~~ directors, and persons who own more than 10% of our ~~common~~Common ~~stock,~~ Stock file reports of ownership and changes in ownership with the SEC. Based solely on our review of the SEC’s EDGAR database, copies of such forms received by us, or written representations from certain reporting persons, we believe that during the fiscal year ended December 31, 2019, the following delinquencies have occurred:

Name and Affiliation	No. of Late Reports		No. of Transactions Not Filed on a Timely Basis		Known Failures to File
Jeff Morris, Director		1		1	None
Brian Hamre, Director		1		1	None

Name and Affiliation	No. of Late Reports	No. of Transactions Not Filed on Timely Basis	Known Failures to File
Lee Hamre, Chief Executive Officer, Director and Chairman	1	1	None
Brian Hamre, Director	1	1	None
Marty Tullio, Director and Secretary	1	1	None
J. Jeffrey Morris, Director	1	1	None
Hope Stone, Chief Financial Officer	1	1	None
Michael R. Maloney, Director	1	1	None

Code of Ethics

We have a code of Ethics that is signed off by each employee as part of their initial hiring package. Our code of ethics is posted on our ~~company~~ website and can be found at https://ammx.net/investor-relations/corporate-governance/#GovSection|3. We are also vetted and certified through TRACE International Organization an Anti-Bribery Compliance Solution. This certification is posted on our website.

Nominating Procedures to the Board of Directors

There have been no changes to the procedures by which our security holders may recommend nominees to our ~~board~~Board of ~~directors~~Directors.

Audit Committee and Audit Committee Financial Expert

Our separately-designated audit committee consists of J. Jeff Morris, Marty Tullio, and Hope Stone; with J. Jeff Morris acting as the audit committee financial expert.

ITEM 11.

EXECUTIVE COMPENSATION

Executive and Director Compensation

All decisions regarding compensation for our executive officers and executive compensation programs are reviewed, discussed, and approved by ~~the~~our Board of Directors. All compensation decisions are determined following a detailed review and assessment of external ~~competitive~~ competitive data, the individual’s contributions to our success, any significant changes in role or responsibility, and internal ~~equity~~ equity of pay relationships.

The ~~following~~ following table sets forth the compensation paid to our officers from the years ended December 31, ~~2019~~2020 and ~~2018~~2019.

Name and Principal Position	Year	Salary ($)	Stock Awards	Price per Share	Stock Awards ($)	Total ($)
Lee Hamre, CEO & Chairman	2019 2018	150,000 150,000	-0- -0-	N/A N/A	-0- -0-	150,000 150,000
Lee Hamre, President & Chairman	2020 2019	150,000 150,000	-0- -0-	N/A N/A	-0- -0-	150,000 150,000
Hope Stone, CFO[1]	2019 2018	120,000 120,000	-0- -0-	N/A N/A	-0- -0-	120,000 70,000
Hope Stone, Chief Financial Officer	2020 2019	120,000 120,000	-0- -0-	N/A N/A	-0- -0-	120,000 120,000

There was no Bonus, Option Award, or Other Compensation paid during the years listed in the table above.

Employment Contracts and Termination of Employment and Change-in-Control Arrangements

There are no employment contracts, compensatory plans, or arrangements, including payments to be received from us, with respect to any of our directors or executive officers which would in any way result in payments to any such person because of his or her resignation, retirement, or other termination of employment with us. These agreements do not provide for payments to be made as a result of any change in control of us, or a change in the person's responsibilities following such a change in control.

[1] Appointed as CFO of our Company on June 4, 2018.

Equity Compensation Plan Information

We currently do not have a Stock Option Plan.

Independent Contractor Agreements

As of the date of this Annual Report, we do not have any Independent Contractor Agreements in place; however, we may adopt such agreements in the future.

Other Compensation

As of the date of this Annual Report, we do not have any annuity, pension, stock options, profit sharing retirement, or other similar benefit plans; however, we may adopt such plans in the future. As of the date of this Annual Report, there are no personal benefits available to our officers and directors.

Grants of Plan Based Awards

There were no grants of plan based awards made in the fiscal year ended December 31, ~~2019~~2020.

Outstanding Equity Awards at Fiscal Year-End

We do not currently have any arrangements or contracts pursuant to which our officers and directors are compensated for any services, including any additional amounts payable for committee participation or special assignments.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The ~~following~~ following table sets forth information with respect to the beneficial ownership of our outstanding ~~common~~Common ~~stock~~Stock by:

●• Each person who is known by us to be the beneficial owner of 5% or more of our ~~common~~Common ~~stock~~Stock;

●• Our executive officers, and each director as identified in the “Management — Executive Compensation” section; and

●• All of our directors and executive officers as a group.

Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission (the “SEC”) and generally includes voting or investment power with respect to securities. Shares of common stock and options, warrants and convertible securities that are currently exercisable or convertible within 60 days of the date of this document into shares of our common stock are deemed to be outstanding and to be beneficially owned by the person holding the options, warrants or convertible securities for the purpose of computing the percentage ownership of the person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.47

~~The information~~Beneficial ~~below~~ownership is ~~based~~determined onin accordance with the ~~number~~rules of the SEC and generally includes voting or investment power with respect to securities. Shares of Common Stock and options, warrants and convertible securities that are currently exercisable or convertible within 60 days of the date of this document into shares of our ~~common~~Common ~~stock~~Stock ~~that~~are wedeemed ~~believe~~to ~~were~~be outstanding and to be beneficially owned by ~~each~~the person holding the options, warrants or ~~entity~~convertible assecurities for the purpose of computing the percentage ownership of the person, but are not treated as outstanding for the purpose of computing the ~~date~~percentage ownership of ~~this~~any ~~registration~~other ~~statement~~person.

35The information below is based on the number of shares of our Common Stock that we believe were beneficially owned by each person or entity as of the date of this registration statement.

Name and Address[1] of Beneficial Owner	Number of Shares of Common Stock	Percent of Class
Name and Address(1) of Beneficial Owner	Number of Shares of Common Stock	Percent of Class
Lee Hamre, CEO & Chairman	308,182,833	40.9%
Lee Hamre, President & Chairman	6,183,657	42.2%
Marty Tullio, Secretary & Director	45916,~~833,333~~667	6.13%
Hope Stone, CFO	-0-	*
Hope Stone, Chief Financial Officer	-0-	-
Michael Maloney, Director	13260,000~~,000~~	1.78%
J. Jeff Morris, Director	~~100~~2,000	*
Brian Hamre	3,000,000	1.0%
Brian Hamre, Director	60,000	*
All officers and directors as a group (five persons)	~~370~~7,~~116~~422,~~166~~324	4950.857%
Warren Murphy 9988 Troon Court Windsor, CA 95492	671,~~905~~358,~~000~~100	9.03%

*Less than 1%.

~~Rule 13d-3 under~~(1) ~~the~~The ~~Exchange~~address ~~Act governs the determination~~ of ~~beneficial~~all ~~ownership~~officers ~~of securities. That rule provides that a beneficial owner of a security includes any person who directly or indirectly has or shares voting power~~ and~~/or~~ ~~investment~~directors ~~power~~is ~~with~~our ~~respect~~corporate toaddress ~~such security.~~at ~~Rule~~3930 ~~13d-3 also provides that a beneficial owner of a security includes any person who has the right to acquire beneficial ownership of such security within sixty days~~Esplanade, ~~including through the exercise of any option~~Chico, ~~warrant~~California ~~or conversion of a security~~95973. Any securities not outstanding which are subject to such options, warrants or conversion privileges are deemed to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by such person. Those securities are not deemed to be outstanding for the purpose of computing the percentage of the class owned by any other person. Included in this table are only those derivative securities with exercise prices that we believe have a reasonable likelihood of being “in the money” within the next 60 days.

~~ITEM~~Rule 13d-3 13under the Exchange Act governs the determination of beneficial ownership of securities. ~~CERTAIN~~That ~~RELATIONSHIPS~~rule ~~AND~~provides ~~RELATED~~that ~~TRANSACTIONS~~a beneficial owner of a security includes any person who directly or indirectly has or shares voting power and/or investment power with respect to such security. Rule 13d-3 also provides that a beneficial owner of a security includes any person who has the right to acquire beneficial ownership of such security within 60 days, ~~AND~~including ~~DIRECTOR~~through ~~INDEPENDENCE~~the exercise of any option, warrant or conversion of a security. Any securities not outstanding which are subject to such options, warrants or conversion privileges are deemed to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by such person. Those securities are not deemed to be outstanding for the purpose of computing the percentage of the class owned by any other person. Included in this table are only those derivative securities with exercise prices that we believe have a reasonable likelihood of being “in the money” within the next 60 days.

~~Certain Relationships and Related Transactions~~48

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Related Party Transactions

Except as described below, there were no transactions with any executive officers, directors, 5% stockholders and their families and affiliates ~~since~~ since January 1, ~~2016~~2017.

We lease our facility from the Lee Hamre Trust. (See Item 2. Properties.)

We have a note payable to our ~~CHIEF EXECUTIVE OFFICER~~President, Lee Hamre, for funds loaned for our operations. The note is interest bearing at 10% per annum, unsecured, and payable upon demand. The balance of the note at December 31, ~~2019~~2020 and ~~2018~~2019 was $~~334~~226,~~794~~659 and $~~353~~334,~~643~~794, respectively. ~~During~~ During the years ended December 31, ~~2019~~2020 and ~~2018~~2019, we repaid $18158,~~849~~675 and $4918,~~008~~849, respectively, on the note. The note incurred $2936,~~137~~936 in interest in ~~2019~~2020 and $29,~~774~~137 of interest in ~~2018~~2019. See Exhibit 3.6.

Director Independence

We ~~are not subject~~ ~~to the listing requirements of any national securities exchange or national securities association and, as a result, we~~ are not at this time required to have our Board of Directors comprised of a majority of “independent directors.” None of our ~~three~~ directors (see Item 10 above) isare independent as defined under the Nasdaq Marketplace Rules.

[1] The address of all officers and directors is our corporate address at 3930 Esplanade, Chico, California 95973

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the annual audit of our financial statements and review of financial statements included in our quarterly reports and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

	For the Fiscal Year Ended
	2019		2018
	2020		2019
Audit Fees	$	~~156~~132,~~672~~657	$	92156,~~438~~672
Audit Related Fees	$	5,~~260~~213	$	85,~~435~~260
Tax Fees	$	07,100	$	~~38,918~~0
All Other Fees	$	1524,~~439~~657	$	~~125~~15,439
Total	$	~~177~~169,~~371~~626	$	~~139~~177,~~916~~371

Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors

Our Audit Committee pre-approves all audit and permissible non-audit services. These services may include audit services, audit-related services, tax services, and other services. Our Audit Committee approves these services on a case-by-case basis.

PART IV

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this report:

1. Financial Statements.

Our consolidated financial statements are included in Part II, Item 8 of this report:

	~~Page~~	Page
Report of Independent Registered Public Accounting Firm	14		21
Consolidated Balance Sheets	15		22
Consolidated Statements of Operations	16		23
Consolidated Statements of Stockholders’ Equity	17		24
Consolidated Statements of Cash Flows	18		25
Notes to the Consolidated Financial Statements	19		26

2. Financial statement schedules.

All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and notes thereto.

3. Exhibits.

A list of the exhibits filed or furnished with this report on Form 10-K (or incorporated by reference to exhibits previously filed or furnished by us) is provided in the Exhibit Index tobeginning on page 52 of this Annual Report. Those exhibits incorporated by reference herein are indicated as such by the information supplied in the parenthetical thereafter. Otherwise, the exhibits are filed herewith.

3750

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 5, 2020	AmeraMex International, Inc.
Date: April 15, 2021	AmeraMex International, Inc.
	By:	/s/ Lee Hamre
		Lee Hamre Chief Executive Officer
		Lee Hamre President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

DATED: June 5, 2020	By:	/s/ Hope Stone
Date: April 15, 2021	By:	/s/ Hope Stone
		Hope Stone
		Hope Stone Chief Financial Officer
		Chief Financial Officer

3851

EXHIBIT INDEX

Exhibit No.	Exhibit	~~Filed Herewith~~	~~Incorporated by Referenced~~
3.1	Amended and Restated Certificate of Incorporation, dated January 30, 2017 (incorporated by reference from Exhibit 3.1 to registrant's Form 10 filed with the Commission on May 10, 2019)		~~Filed as Exhibit 3.1 to registrant's Form 10 filed with the Commission on May 10, 2019~~
3.2	Amended Bylaws, dated June 16, 2019 (incorporated by reference from Exhibit 3.2 to registrant's Amendment No. 1 to Form 10 filed with the Commission on July 2, 2019)		~~Filed as Exhibit 3.2 to registrant's Amendment No. 1 to Form 10 filed with the Commission on July 2, 2019~~
3.3	~~Line~~Certificate of ~~Credit~~Designation, dated ~~March~~January 26, 2021 (incorporated by reference from Exhibit 3.1 to registrant’s Current Report on Form 8-K filed with the Commission on January 29, ~~2019~~2021)		~~Filed as Exhibit 3.3 to registrant's Form 10 filed with the Commisson on May 10, 2019~~
3.4	Amendment to $6.5M Line of Credit, dated April 17, 2019		Filed as Exhibit 3.4 to registrant's Form 10 filed with the Commission on May 10, 2019
10.1	Line of Credit, dated March 29, 2019 (incorporated by reference from Exhibit 3.3 to registrant's Form 10 filed with the Commission on May 10, 2019)
3.5	Chico Property Lease Agreement, dated December 1, 2012		Filed as Exhibit 3.5 to registrant's Form 10 filed with the Commission on May 10, 2019
10.2	Amendment to $6.5m Line of Credit, dated April 17, 2019 (incorporated by reference from Exhibit 3.4 to registrant's Form 10 filed with the Commission on May 10, 2019)
3.6	Description of Oral Agreement for Note with Lee Hamre, as of January 1, 2019		Filed as Exhibit 3.6 to registrant's Amendment No. 1 to Form 10 filed with the Commission on July 2, 2019
10.3	Chico Property Lease Agreement, dated December 1, 2012 (incorporated by reference from Exhibit 3.5 to registrant's Form 10 filed with the Commission on May 10, 2019)
31.1	Certification of Principal Executive Officer	X
10.4	Description of Oral Agreement for Note with Lee Hamre, as of January 1, 2019 (incorporated by reference from Exhibit 3.6 to registrant's Amendment No. 1 to Form 10 filed with the Commission on July 2, 2019)
31.2	Certification of Principal Financial Officer	X
31.1	Certification of Principal Executive Officer
32.1	Certification of Principal Executive Officer	X
31.2	Certification of Principal Financial Officer
32.2	Certification of Principal Financial Officer	X
32.1	Certification of Principal Executive Officer
101.INS	XBRL Instance Document	X
32.2	Certification of Principal Financial Officer
101.SCH	XBRL Taxonomy Extension Schema Document	X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	X
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	X
101.LAB	XBRL Taxonomy Extension Label Linkbase Document	X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Documen	X

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