Amerityre Corp. (AMTY, Financial) filed Quarterly Report for the period ended 2008-12-31.
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 $9.57 million; its shares were traded at around $0.3 with and P/S ratio of 3.31.
Net revenues. We had net revenues of $711,983 for the three month period ended December 31, 2008, a 33% increase over net revenues of $534,020 for the three month period ended December 31, 2007. The 33% increase as compared with 2007 is due to a combination of an increase in product and new equipment sales offset by a decrease in license fees. Sales of our closed-cell polyurethane foam products ($663,983) and equipment ($48,000) accounted for approximately 93% and 7%, respectively, of our net revenues for the three month period ended December 31, 2008. Sales of our closed-cell polyurethane foam products ($474,019) and license revenues ($60,000) accounted for approximately 89% and 11%, respectively, of our net revenues for the three month period ended December 31, 2007.
Also during the six month period ended December 31, 2008 we had $20,887 and $7,494 of returns of our products and trade discounts, respectively, compared to $12,158 and $6,454 respectively, for the same period in 2007.
Net Cash Used By Operating Activities. Our primary sources of operating cash during the six month period ended December 31, 2008 was proceeds from 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 $1,621,628 for the six months ended December 31, 2008 compared to $2,009,260 for the same period in 2007. The decrease in cash used in operating activities is due to decreases in prepaid expenses, other assets and inventory for the six months ended December 31, 2008 compared to the same period in 2007. Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $2,041,883 for the six months ended December 31, 2008 compared to a net loss of $2,121,855 for the same period in 2007. Net loss for the six month period ended December 31, 2008 included non-cash expenses of $140,959 for stock-based compensation related to employee stock options, $71,384 for the issuance of a stock option for consulting services, $25,765 for stock issued/accrued for services. Net loss for the six month period ended December 31, 2007 included non-cash expenses of $172,959 for stock-based compensation related to employee stock options.
Net Cash Used In Investing Activities. Net cash used by investing activities was $38,915 for the six month period ended December 31, 2008 and $51,777 for the same period in 2007. Our primary uses of investing cash for the six month period ended December 31, 2008 were $21,077 deposits on patents and trademarks and $16,148 for property and equipment. Our primary use of investing cash for the six month period ended December 31, 2007 was $28,188 for patents and trademarks and $23,589 related to property and equipment.
At December 31, 2008, we had approximately $361,211 available to finance our operations which includes $320,562 in stock subscription deposits related to the sale of our equity securities. Subsequent to December 31, 2008, we have raised an additional approximately $139,805 in additional stock subscriptions, for combined offering subscriptions of $460,367. (See NOTE 6 SUBSEQUENT EVENTS.) Although we have effected reductions in operation costs during the six-month period ended December 31, 2008, which have helped to reduce our cash requirement, for the remaining six-months of this fiscal year, we estimate we will need an additional $500,000 to $1,000,000 in working capital. To help reduce our cash needs, we intend to offer, where appropriate, shares of our common stock in lieu of cash as compensation for employment, development and other professional services when possible and seek project funding for business and technology development outside our core operations. Our ability to obtain further financing through the offer and sale of our securities is subject to market conditions and other factors beyond ou
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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 $9.57 million; its shares were traded at around $0.3 with and P/S ratio of 3.31.
Highlight of Business Operations:
(2) Includes deferred compensation for employee stock options of $70,480 and $92,764 in the three month periods ended December 31, 2008and 2007 respectively, and deferred compensation for employee stock options of $140,959 and $172,959 in the six month periods ended December 31, 2008and 2007 respectively.Net revenues. We had net revenues of $711,983 for the three month period ended December 31, 2008, a 33% increase over net revenues of $534,020 for the three month period ended December 31, 2007. The 33% increase as compared with 2007 is due to a combination of an increase in product and new equipment sales offset by a decrease in license fees. Sales of our closed-cell polyurethane foam products ($663,983) and equipment ($48,000) accounted for approximately 93% and 7%, respectively, of our net revenues for the three month period ended December 31, 2008. Sales of our closed-cell polyurethane foam products ($474,019) and license revenues ($60,000) accounted for approximately 89% and 11%, respectively, of our net revenues for the three month period ended December 31, 2007.
Also during the six month period ended December 31, 2008 we had $20,887 and $7,494 of returns of our products and trade discounts, respectively, compared to $12,158 and $6,454 respectively, for the same period in 2007.
Net Cash Used By Operating Activities. Our primary sources of operating cash during the six month period ended December 31, 2008 was proceeds from 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 $1,621,628 for the six months ended December 31, 2008 compared to $2,009,260 for the same period in 2007. The decrease in cash used in operating activities is due to decreases in prepaid expenses, other assets and inventory for the six months ended December 31, 2008 compared to the same period in 2007. Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $2,041,883 for the six months ended December 31, 2008 compared to a net loss of $2,121,855 for the same period in 2007. Net loss for the six month period ended December 31, 2008 included non-cash expenses of $140,959 for stock-based compensation related to employee stock options, $71,384 for the issuance of a stock option for consulting services, $25,765 for stock issued/accrued for services. Net loss for the six month period ended December 31, 2007 included non-cash expenses of $172,959 for stock-based compensation related to employee stock options.
Net Cash Used In Investing Activities. Net cash used by investing activities was $38,915 for the six month period ended December 31, 2008 and $51,777 for the same period in 2007. Our primary uses of investing cash for the six month period ended December 31, 2008 were $21,077 deposits on patents and trademarks and $16,148 for property and equipment. Our primary use of investing cash for the six month period ended December 31, 2007 was $28,188 for patents and trademarks and $23,589 related to property and equipment.
At December 31, 2008, we had approximately $361,211 available to finance our operations which includes $320,562 in stock subscription deposits related to the sale of our equity securities. Subsequent to December 31, 2008, we have raised an additional approximately $139,805 in additional stock subscriptions, for combined offering subscriptions of $460,367. (See NOTE 6 SUBSEQUENT EVENTS.) Although we have effected reductions in operation costs during the six-month period ended December 31, 2008, which have helped to reduce our cash requirement, for the remaining six-months of this fiscal year, we estimate we will need an additional $500,000 to $1,000,000 in working capital. To help reduce our cash needs, we intend to offer, where appropriate, shares of our common stock in lieu of cash as compensation for employment, development and other professional services when possible and seek project funding for business and technology development outside our core operations. Our ability to obtain further financing through the offer and sale of our securities is subject to market conditions and other factors beyond ou
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