AMERITYRE CORP

CIK:0000945828|SEC Filings

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
NET SALES	$ 6,495,530	$ 4,863,412
COST OF REVENUES	4,740,931	3,579,227
GROSS PROFIT	1,754,599	1,284,185
EXPENSES
Research and development	101,817	102,265
Sales and marketing	281,440	224,686
General and administrative	963,890	860,693
Total Expenses	1,347,147	1,187,644
INCOME FROM OPERATIONS	407,452	96,541
OTHER (EXPENSE)/ INCOME
Interest expense	(65)	0
Interest income	1,390	1,710
Gain on debt extinguishment	0	149,570
Loss on asset disposal/impairment	(395)	(26,183)
Other income	23,505	36,698
Total Other Income (Expense)	24,435	161,795
NET INCOME BEFORE INCOME TAXES	431,887	258,336
Income tax benefit, net of allowance	0	0
NET INCOME	$ 431,887	$ 258,336
BASIC AND DILUTED INCOME PER SHARE (in Dollars per share)	$ 0.01	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in Shares)	74,042,279	70,918,758

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 431,887	$ 258,336
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	230,162	210,696
Stock based compensation, employee and Board of Directors	116,123	88,806
Gain on debt extinguishment	0	(149,570)
Loss on assets, due to impairment or disposal	395	26,183
Changes in operating assets and liabilities:
Accounts receivable	42,670	(435,674)
Prepaid and other current assets	(25,061)	(39,220)
Inventory and change in inventory reserve	(217,865)	(45,176)
Accounts payable and accrued expenses	(66,187)	82,155
Deferred revenue	82,421	13,700
Lease liability, operating lease	(147,600)	(145,799)
Net Cash Provided By/(Used In) Operating Activities	446,945	(135,563)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(154,617)	(3,675)
Cash paid for leasehold improvements of an operating lease asset	(2,750)	(10,786)
Net Cash Used In Investing Activities	(157,367)	(14,461)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	50,000	0
Payment for line of credit	(50,000)	0
Payments on notes payable	(613)	(540)
Net Cash Used In Financing Activities	(613)	(540)
NET INCREASE (DECREASE) IN CASH	288,965	(150,564)
CASH AT BEGINNING OF YEAR	516,192	666,756
CASH AT END OF YEAR	805,157	516,192
Interest paid	65	0
Income taxes paid	0	0
Write off of fully depreciated and disposed fixed assets	0	131,131
Use of store inventory, capitalized as fixed asset	$ 36,327	$ 31,203

Balance Sheets - USD ($)	Jun. 30, 2022	Jun. 30, 2021
CURRENT ASSETS
Cash	$ 805,157	$ 516,192
Accounts receivable	685,645	728,315
Current inventory – net	853,837	659,333
Prepaid and other current assets	83,217	94,483
Total Current Assets	2,427,856	1,998,323
RIGHT TO USE LEASE ASSETS, OPERATING, NET	385,366	544,070
PROPERTY AND EQUIPMENT
Molds and models	583,611	583,611
Equipment	3,093,034	2,910,018
Furniture and fixtures	76,536	73,423
Software	233,528	233,528
Less – accumulated depreciation	(3,737,040)	(3,690,515)
Total Property and Equipment - net	249,669	110,065
OTHER ASSETS
Patents and trademarks – net	58,214	75,977
Non-current inventory	186,650	163,289
Deposits	11,000	11,000
Total Other Assets	255,864	250,266
TOTAL ASSETS	3,318,755	2,902,724
CURRENT LIABILITIES
Accounts payable and accrued expenses	701,006	767,193
Current portion of long-term debt	2,000	2,000
Current portion of lease liability	149,400	147,600
Deferred revenue	108,313	25,892
Total Current Liabilities	960,719	942,685
Long-term debt, net of current portion	60,713	61,326
Long-term lease liability, net of current portion	151,200	300,600
TOTAL LIABILITIES	1,172,632	1,304,611
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock: 2,000,000 shares authorized, none outstanding, respectively	0	0
Common stock: 100,000,000 shares authorized of $0.001 par value, 73,047,868 and 75,787,868 shares issued and outstanding, respectively	75,788	73,048
Additional paid-in capital	62,918,787	62,805,404
Accumulated deficit	(60,848,452)	(61,280,339)
Total Stockholders’ Equity	2,146,123	1,598,113
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,318,755	$ 2,902,724