Amerityre Corp. (AMTY) filed Quarterly Report for the period ended 2009-09-30.
Amerityre Corporation is actively engaged in the development of revolutionary new tire technologies. Amerityre has developed patented and proprietary technology relating to closed-cell polyurethane foam so it can manufacture non-highway use Flatfree tires for bicycles, wheelchairs, lawn and garden products, commercial and riding lawnmowers, as well as golf cars. In addition, Amerityre is also engaged in the development of polyurethane elastomer tires for highway and agricultural use based on our proprietary technologies and various methods and processes relating to the manufacturing those products from liquid elastomers. Amerityre Corp. has a market cap of $7.8 million; its shares were traded at around $0.2808 with and P/S ratio of 2.4.
Highlight of Business Operations:
Net revenues. We had net revenues of $1,139,834 for the three month period ended September 30, 2009, a 34% increase over net revenues of $852,917 for the three month period ended September 30, 2008. Our net sales increase as compared with 2008 is a result of a strong broad based growth across our operating market segments. Sales of our closed-cell polyurethane foam products $1,014,634 and equipment $125,200 accounted for approximately 89% and 11%, respectively, of our net revenues for the three month period ended September 30, 2009. Sales of our closed-cell polyurethane foam products $729,673, equipment $89,911 and licensee fees $33,333 accounted for approximately 86%, 10% and 4%, respectively, of our net revenues for the three month period ended September 30, 2008.
Also during the three month period ended September 30, 2009 we had $2,182 and $4,773 of returns of our products and trade discounts, respectively, compared to $16,785 and $2,608, respectively, for the same period in 2008.
Net Cash Used By Operating Activities. Our primary sources of operating cash during the three month period ended September 30, 2009 was proceeds from our private placement, prior period finance activities and collected accounts receivable. Our primary uses of operating cash are payments made to our vendors and employees. Net cash used by operating activities was $153,332 for the three months ended September 30, 2009 compared to $895,301 for the same period in 2008. The decrease in cash used in operating activities is due to decreases in overall selling, general, and administrative expenditures for the three months ended September 30, 2009 compared to the same period in 2008. Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $280,056 for the three months ended September 30, 2009 compared to a net loss of $1,047,762 for the same period in 2008. Net loss for the three month period ended September 30, 2009 included
non-cash expenses of $18,718 for stock-based compensation related to employee stock options, $63,000 issued as bonus compensation and $24,500 for stock issued for services. Net loss for the three month period ended September 30, 2008 included non-cash expenses of $70,480 for stock-based compensation related to employee stock options, $35,692 for the issuance of a stock option for consulting services, and $16,098 for stock issued/accrued for services.
Net Cash Used In Investing Activities. Net cash used by investing activities was $32,839 for the three month period ended September 30, 2009 and $16,018 for the same period in 2008. Our primary uses of investing cash for the three month period ended September 30, 2009 were $4,290 related to patents and trademarks and $28,549 for property and equipment. Our primary uses of investing cash for the three month period ended September 30, 2008 were $11,155 related to patents and trademarks and $4,863 for property and equipment.
Our total indebtedness at September 30, 2009 was $716,325 and our total cash and cash equivalents were $349,963, none of which is restricted. Our total indebtedness at September 30, 2009 includes $482,008 in accounts payable, and $234,317 in accrued expenses and deferred revenues. We have no long-term liabilities.
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