SOURCE: AmpliTech Group, Inc.

May 10, 2017 15:46 ET

AmpliTech Group, Inc. Files 10-Q for the First Quarter of 2017

BOHEMIA, NY--(Marketwired - May 10, 2017) -  Amplitech Group Inc. (OTCQB: AMPG), a leader in state-of-the-art RF Low Noise Amplifiers (LNA) and Power Amplifiers (PA) for the Domestic and International, SATCOM, Space, and Military markets, today announced an update to report fiscal results of the first quarter of 2017.

The Company reports first quarter revenue of $458,600 with a net income of $33,664. CFO Louisa Sanfratello commented, "We are extremely pleased with the results of the first quarter of 2017 and look forward to another profitable year. Although bookings are down from last quarter, we anticipate them to significantly increase in the upcoming months as customers assess their needs and begin to fulfill their contracts and our prospective projects in the pipeline come to fruition. In addition, as our distribution strategy with our channel partner progresses, we hope to stabilize and increase revenue. Amplitech generally incurs the majority of its public company expenses in the first quarter of every year which impacts the bottom line. On the positive side, we have also restated the December 31, 2016 financials to reflect the correction of the tax provision resulting in an increase in net income of $41,092. The Company has consistently shown that there is a demand for its technology and it has the ability to generate cash flow with its current product lines."

Mr. Fawad Maqbool, President and CEO, stated, "The Company has core IP and technology that when applied to many different market sectors from communications to medical, it becomes disruptive. This will improve everyone's quality of life and we will then gain access to a lucrative multi-billion dollar market. We have been striving to achieve this goal with our new products since the company went public and are getting closer each year." Below are some key highlights:

Key Highlights:

   
AmpliTech Group, Inc.  
Consolidated Balance Sheets  
   
    March 31,     December 31,  
    2017     2016  
    (Unaudited)     (Revised)  
Assets                
  Current Assets                
    Cash and cash equivalents   $ 250,239     $ 283,660  
    Accounts receivable     167,762     $ 146,235  
    Inventory, net     290,023     $ 266,938  
    Prepaid expenses     18,041     $ 3,705  
      Total Current Assets     726,065       700,538  
                 
  Property and equipment, net     69,079       73,290  
  Security deposits     8,753     $ 8,753  
                 
        Total Assets   $ 803,897     $ 782,581  
                 
Liabilities and Stockholders' Equity                
  Current Liabilities                
    Accounts Payable and accrued expenses     107,355       92,833  
    Customer deposits     -       22,430  
    Notes payable     15,000       15,000  
    Line of credit     50,467       54,907  
      Total Current Liabilities     172,822       185,170  
                 
        Total Liabilities     172,822       185,170  
                 
Commitments and Contingencies     -       -  
                 
Stockholders' Equity                
    Series A convertible preferred stock, par value $.001, 401,000 shares authorized, 1,000 shares issued and outstanding, respectively     1       1  
    Series B convertible preferred stock, par value $.001, 75,000 shares authorized, 0 shares issued and outstanding, respectively     -       -  
    Common Stock, par value $.001, 500,000,000 shares authorized, 46,136,326 shares issued and outstanding, respectively     46,136       46,136  
    Additional paid-in capital     1,631,976       1,631,976  
    Accumulated deficit     (1,047,038 )     (1,080,702 )
                 
      Total Stockholders' Equity     631,075       597,411  
                 
        Total Liabilities and Stockholders' Equity   $ 803,897     $ 782,581  
                         
   
AmpliTech Group, Inc.  
Consolidated Statements of Operations  
For The Three Months Ended March 31, 2017 and 2016  
(Unaudited)  
   
  For The Three Months Ended  
  March 31,   March 31,  
  2017   2016  
         
Revenue $ 458,600   $ 146,480  
             
Cost of goods sold   197,111     107,996  
             
  Gross Profit   261,489     38,484  
             
General and administrative expense   225,493     176,065  
             
  Income (Loss) From Operations   35,996     (137,581 )
             
Other Income (Expense)            
  Interest expense, net   (2,332 )   (3,638 )
             
Income (Loss) Before Income Taxes   33,664     (141,219 )
             
Provision For Income Taxes   -     -  
             
  Net Income (Loss)   33,664     (141,219 )
             
Net Income (Loss) Per Share;            
  Basic $ 0.01     (0.00 )
  Diluted $ 0.00     (0.00 )
             
Weighted Average Shares Outstanding;            
  Basic   46,136,326     46,136,326  
  Diluted   86,030,685     46,136,326  
             

Connect with us on Twitter (@AmpliTechAMPG) and give us your feedback.

Safe Harbor Statement:

With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.