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Articles 

Amerityre Corp. Reports Operating Results (10-Q)

May 14, 2010 | About:

Amerityre Corp. (AMTY) filed Quarterly Report for the period ended 2010-03-31.

Amerityre Corp. has a market cap of $13.32 million; its shares were traded at around $0.51 with and P/S ratio of 4.16.

Highlight of Business Operations:

Net revenues. We had net revenues of $879,702 for the three month period ended March 31, 2010, a 13.6% increase over net revenues of $774,569 for the three month period ended March 31, 2009. The 13.6% increase as compared with 2009 is a result of a strong broad based growth across our operating market segments. Sales of $859,452 of our closed-cell polyurethane foam products and $20,250 in equipment sales accounted for approximately 97.7% and 2.3%, respectively, of our net revenues for the three month period ended March 31, 2010. Sales of $622,319 of our closed-cell polyurethane foam products and $152,250 in equipment sales accounted for approximately 80% and 20%, respectively, of our net revenues for the three month period ended March 31, 2009.

Net revenues. We had net revenues of $2,769,775 for the nine month period ended March 31, 2010, a 18.4% increase over net revenues of $2,339,469 for the nine month period ended March 31, 2009. Our net sales increase as compared with 2009 is a result of a strong broad based growth across our operating market segments. $2,568,525 in sales of our closed-cell polyurethane foam products and $201,250 in equipment sales accounted for approximately 92.7% and 7.3%, respectively, of our net revenues for the nine month period ended March 31, 2010. $2,015,975 in sales of our closed-cell polyurethane foam products, $290,161 in equipment sales and $33,333 in license fees accounted for approximately 86%, 12% and 2%, respectively, of our net revenues for the nine month period ended March 31, 2009.

Cost of revenues. Our cost of revenues of $1,935,181 for the nine month period ended March 31, 2010, representing approximately 69.9% of net revenues, compared to cost of revenues of $1,698,430 for the nine month period ended March 31, 2009, representing approximately 72% of net revenues. For the nine month period ended March 31, 2010 our cost of revenues related to foam products was $1,775,155, or 69.1% of foam product revenues, compared to $1,432,133, or 71% of foam product revenues for the nine month period in 2009. During the nine month period ended March 31, 2010 our cost of revenues related to equipment sales was $160,026, or approximately 79.5% of equipment sales, compared to $266,297, or approximately 92% of equipment sales in the prior year period.

Net Cash Used By Operating Activities. Our primary sources of operating cash during the nine month period ended March 31, 2010 was proceeds from a loan subsequently converted to equity, sales of our common stock 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 $585,283 for the nine months ended March 31, 2010 compared to $2,104,545 for the same period in 2009. The decrease in cash used in operating activities is due to decreases in overall selling, general, and administrative expenditures for the nine months ended March 31, 2010 compared to the same period in 2009. Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $1,067,270 for the nine months ended March 31, 2010 compared to a net loss of $2,720,245 for the same period in 2009. Net loss for the nine month period ended March 31, 2010 included non-cash expenses of $55,748 for stock-based compensation related to employee stock options, $63,000 issued as bonus compensation and $94,500 for stock issued for services. Net loss for the nine month period ended March 31, 2009 included non-cash expenses of $51,691 for stock-based compensation related to employee stock options, $194,680 for amortization and depreciation expenses, and $42,431 for stock issued/accrued for services.

Net Cash Used In Investing Activities. Net cash used by investing activities was $59,363 for the nine month period ended March 31, 2010 and $66,458 for the same period in 2009. Our primary uses of investing cash for the nine month period ended March 31, 2010 were $7,710 related to patents and trademarks and $51,653 for property and equipment. Our primary uses of investing cash for the nine month period ended March 31, 2009 were $29,099 deposits on patents and trademarks and $37,359 for property and equipment.

Net Cash Provided by Financing Activities. During the nine months ended March 31, 2010, in September 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 of our common stock and received net proceeds of $507,500 in a private placement. We also received an aggregate loan of $150,000 under a credit agreement with a partnership. The members of the partnership elected to immediately convert the funds loaned into stock per the credit agreement and, accordingly, we issued an aggregate of 714,285 shares of our common stock in full satisfaction of the loan. In addition, as of March 31, 2010, we have received a total of $240,000 out of $250,000 total proceeds from a private placement that closed in April 2010. We sold an aggregate of 666,666 shares of our common stock and received net proceeds of $250,000. During the nine months ended March 31, 2009 financing activities provided net cash of $493,740 for the issuance of common stock for cash.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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