AmpliTech Group, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>AmpliTech Group, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

AmpliTech Group, Inc. (AMPGR) filed a Annual Report (10-K) with the SEC on April 1, 2024. AmpliTech Group, Inc. filed its 2023 10-K report on April 1, 2024. The company is incorporated in Nevada and operates in the Communications Equipment sector. Its principal business address is 155 Plant Avenue, Hauppauge, NY. The filing covers the fiscal year ending December 31, 2023. AmpliTech Group, Inc. was formerly known as Bayview Acquisition Corp.

Why It Matters

For investors and stakeholders tracking AmpliTech Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AmpliTech's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — AmpliTech Group, Inc. shows moderate risk based on this filing. The company's financial statements and disclosures in this 10-K filing are crucial for understanding its current financial health and operational risks, which could impact investment decisions.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K filing to understand AmpliTech Group's performance and potential challenges in fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-01 — Filing Date (Date of submission)
• 2023-01-01 — Fiscal Year Start (Reporting period)
• 2022-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• AmpliTech Group, Inc. (company) — Filer name
• 10-K (document) — Filing type
• 2024-04-01 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• NV (location) — State of incorporation
• 155 Plant Avenue, Hauppauge, NY 11788 (address) — Business address
• Bayview Acquisition Corp. (company) — Former company name
• 3669 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

AmpliTech Group, Inc. operates within the Communications Equipment, NEC industry (SIC 3669).

Regulatory Implications

As a publicly traded company, AmpliTech Group, Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of annual reports (10-K).

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the fiscal year ended December 31, 2023.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date AmpliTech Group, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This filing is the 2023 10-K, providing the annual update on the company's financial and operational status compared to previous periods.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share AMPG The Nasdaq
• $1,143,633 — wave". The total consideration paid was $1,143,633, consisting of $668,633 in cash and a $
• $668,633 — tion paid was $1,143,633, consisting of $668,633 in cash and a $475,000 promissory note
• $475,000 — 3, consisting of $668,633 in cash and a $475,000 promissory note with an interest rate o
• $10,123,276 — purchase price for the acquisition was $10,123,276, subject to certain working capital and
• $665,200 — working capital and other adjustments. $665,200 of the aggregate purchase price was pai
• $2,341,845 — s ended December 31, 2023 and 2022 were $2,341,845 and $1,024,127, respectively. Industr
• $1,024,127 — r 31, 2023 and 2022 were $2,341,845 and $1,024,127, respectively. Industry and Competiti

Filing Documents

• form10-k.htm (10-K) — 1844KB
• ex4-2.htm (EX-4.2) — 146KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 14KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• ex97-1.htm (EX-97.1) — 53KB
• 0001493152-24-012177.txt (&nbsp;) — 8906KB
• ampg-20231231.xsd (EX-101.SCH) — 58KB
• ampg-20231231_cal.xml (EX-101.CAL) — 78KB
• ampg-20231231_def.xml (EX-101.DEF) — 245KB
• ampg-20231231_lab.xml (EX-101.LAB) — 508KB
• ampg-20231231_pre.xml (EX-101.PRE) — 368KB
• form10-k_htm.xml (XML) — 1401KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 14 ITEM 1B. Unresolved Staff Comments 25 ITEM 1C. Cybersecurity 25 ITEM 2.

Properties

Properties 25 ITEM 3.

Legal Proceedings

Legal Proceedings 26 ITEM 4. Mine Safety Disclosures 26 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 ITEM 6. [Reserved] 27 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 38 ITEM 9A.

Controls and Procedures

Controls and Procedures 38 ITEM 9B. Other Information 39 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 40 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 40 ITEM 11.

Executive Compensation

Executive Compensation 42 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 46 ITEM 14. Principal Accountant Fees and Services 46 PART IV ITEM 15. Exhibit and Financial Statement Schedules 47 ITEM 16. F orm 10-K Summary 48

Signatures

Signatures 49 2 Use of Certain Defined Terms Except as otherwise indicated by the context, references in this report to "we," "us," "our," "our Company", or "the Company" are to the combined business of the Company, its subsidiary AmpliTech, Inc. and the Company's divisions, Specialty Microwave, Spectrum Semiconductor Materials, AmpliTech Group MMIC Design Center and AmpliTech Group True G Speed Services. Forward-Looking This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "estimate," "intend," "could," "should," "would," "may," "seek," "plan," "might," "will," "expect," "anticipate," "predict," "project," "forecast," "potential," "continue" negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such

forward-looking statements

forward-looking statements. We cannot predict all the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this Annual Report on Form 10-K and include information concerning possible or assumed future results of our operations, including of management; any other statements regarding future acquisitions, future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts. These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Considering these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the Annual Report on Form 10-K. All subsequent written and oral forward-looking statements concerning other matters addressed in this Annual Report on Form 10-K and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Annual Report on Form 10-K. Except to the extent required b

Business

Business Overview AmpliTech Group Inc. ("AMPG," "AmpliTech" or the "Company"), incorporated in 2010 in the state of Nevada, is the parent company of AmpliTech, Inc., and the Company's divisions, Specialty Microwave, Spectrum Semiconductor Materials, AmpliTech Group MMIC Design Center ("AGMDC") and AmpliTech Group True G Speed Services ("AGTGSS"). AmpliTech, Inc. designs, engineers and assembles micro-wave component-based amplifiers that meet individual customer specifications. Our products consist of Radio Frequency ("RF") amplifiers and related subsystems, operating at multiple frequencies from 50kHz to 44GHz, including low noise amplifiers ("LNA"), medium power amplifiers, cryogenic amplifiers, and custom assembly designs for the global satellite communications, telecom (5G & IoT), space, defense, and quantum computing markets. We also offer non-recurring engineering services on a project-by-project basis, for a predetermined fixed contractual amount, or on a time plus material basis. We have both domestic and international customers in such industries as aerospace, governmental, defense and commercial satellite. Specialty Microwave designs and manufactures state-of- the-art precision SATCOM microwave components, RF subsystems and specialized electronic assemblies for the military and commercial markets, flexible and rugged waveguides, wave guide adapters and more. On November 19, 2021, AMPG entered into an Asset Purchase Agreement with Spectrum Semiconductor Materials Inc. ("SSM"), a globally authorized distributor of integrated circuit (IC) packaging and lids for semiconductor device assembly, prototyping, testing, and production requirements founded in 1990 and headquartered in San Jose, CA, pursuant to which AMPG acquired substantially all of the assets of the Company (the Acquisition). The Acquisition was completed on December 15, 2021. In 2021, the Company opened AGMDC, a monolithic microwave integrated circuits ("MMIC") chip design center, in Texa

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View this 10-K filing on SEC EDGAR