Amerityre Corp. (AMTY, Financial) filed Quarterly Report for the period ended 2010-09-30.
Amerityre Corp. has a market cap of $10.48 million; its shares were traded at around $0.51 with and P/S ratio of 2.84.
Selling, General, and Administrative Expenses. For the three month period ended September 30, 2010, we had $543,648 of SG&A expenses, including the amortization of deferred compensation, compared to $548,130 for the same period in 2009. We amortized $12,777 of deferred compensation for the three month period ended September 30, 2010 compared to $18,718 for same period in 2009. We expect our quarterly SG&A expenses to decrease during the balance of the 2011 fiscal year as a result of cost reduction measures currently being implemented.
Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $303,013 for the three months ended September 30, 2010 compared to a net loss of $280,056 for the same period in 2009. Net loss for the three month period ended September 30, 2010 included non-cash expenses of $12,777 for stock-based compensation related to employee stock options, $29,063 issued as bonus compensation and $23,499 for stock issued/accrued for services. 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 Cash Used In Investing Activities. Net cash used by investing activities was $44,789 for the three month period ended September 30, 2010 and $32,839 for the same period in 2009. Our primary uses of investing cash for the three month period ended September 30, 2010 was $44,789 related to property and equipment. 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.
Net Cash Provided by Financing Activities. During the three months ended September 30, 2010, we closed a private placement of secured convertible promissory notes (the Notes). We sold an aggregate of $755,800 in Notes. The Notes are for a term of one year with simple interest of 6%. The Notes are convertible at the holders option to our common stock at a conversion rate of $0.35 per share. If the holder elects such conversion, for each two shares in the conversion, the holder shall also receive one warrant to purchase an additional share, exercisable at $0.60 per share for an exercise period of 2 years from the date of conversion. In connection with the private placement of secured convertible promissory notes, we issued 142,856 shares of restricted common stock as finders' fees. During the three months ended September 30, 2009, we completed the private placement of our securities at a price of $0.21 per share. We sold an aggregate of 2,416,664 shares and received net proceeds of $507,500 in the private placement.
Our total indebtedness at September 30, 2010 was $1,477,628 and our total cash and cash equivalents was $572,145, none of which is restricted. Our total indebtedness at September 30, 2010 includes $363,968 in accounts payable, $354,306 in accrued expenses, and $759,354 in principal and interest for convertible notes payable. We have no long-term liabilities.
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Amerityre Corp. has a market cap of $10.48 million; its shares were traded at around $0.51 with and P/S ratio of 2.84.
Highlight of Business Operations:
Also during the three month period ended September 30, 2010 we had $25,328 and $5,276 of returns of our products and trade discounts, respectively, compared to $2,182 and $4,773, respectively, for the same period in 2009. The increase in returns for the current period is a result of the field testing program for our solid tires that has generated a higher return rate.Selling, General, and Administrative Expenses. For the three month period ended September 30, 2010, we had $543,648 of SG&A expenses, including the amortization of deferred compensation, compared to $548,130 for the same period in 2009. We amortized $12,777 of deferred compensation for the three month period ended September 30, 2010 compared to $18,718 for same period in 2009. We expect our quarterly SG&A expenses to decrease during the balance of the 2011 fiscal year as a result of cost reduction measures currently being implemented.
Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $303,013 for the three months ended September 30, 2010 compared to a net loss of $280,056 for the same period in 2009. Net loss for the three month period ended September 30, 2010 included non-cash expenses of $12,777 for stock-based compensation related to employee stock options, $29,063 issued as bonus compensation and $23,499 for stock issued/accrued for services. 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 Cash Used In Investing Activities. Net cash used by investing activities was $44,789 for the three month period ended September 30, 2010 and $32,839 for the same period in 2009. Our primary uses of investing cash for the three month period ended September 30, 2010 was $44,789 related to property and equipment. 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.
Net Cash Provided by Financing Activities. During the three months ended September 30, 2010, we closed a private placement of secured convertible promissory notes (the Notes). We sold an aggregate of $755,800 in Notes. The Notes are for a term of one year with simple interest of 6%. The Notes are convertible at the holders option to our common stock at a conversion rate of $0.35 per share. If the holder elects such conversion, for each two shares in the conversion, the holder shall also receive one warrant to purchase an additional share, exercisable at $0.60 per share for an exercise period of 2 years from the date of conversion. In connection with the private placement of secured convertible promissory notes, we issued 142,856 shares of restricted common stock as finders' fees. During the three months ended September 30, 2009, we completed the private placement of our securities at a price of $0.21 per share. We sold an aggregate of 2,416,664 shares and received net proceeds of $507,500 in the private placement.
Our total indebtedness at September 30, 2010 was $1,477,628 and our total cash and cash equivalents was $572,145, none of which is restricted. Our total indebtedness at September 30, 2010 includes $363,968 in accounts payable, $354,306 in accrued expenses, and $759,354 in principal and interest for convertible notes payable. We have no long-term liabilities.
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