Ameritek Ventures, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ameritek Ventures, Inc. has filed its 2023 annual report (10-K) detailing its operations and financial standing.</b>

AI Summary

Ameritek Ventures, Inc. (ATVK) filed a Annual Report (10-K) with the SEC on April 1, 2024. Ameritek Ventures, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is classified under SIC code 3714 for Motor Vehicle Parts & Accessories. Incorporated in Nevada, the company's principal business address is in Reno, NV. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. Previous company names included ATVROCKN and AMERITEK VENTURES.

Why It Matters

For investors and stakeholders tracking Ameritek Ventures, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ameritek Ventures' financial performance and business activities for the fiscal year 2023, crucial for investors assessing the company's health and future prospects. The filing's classification under Motor Vehicle Parts & Accessories (SIC 3714) indicates the company's operational sector, which is important for understanding its market and competitive landscape.

Risk Assessment

Risk Level: low — Ameritek Ventures, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate indicators of significant financial distress or unusual risk factors beyond typical business operations.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand Ameritek Ventures' operational performance and strategic direction.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period)
• 20240401 — Filing Date (Date of submission)
• 3714 — SIC Code (Industry classification)
• NV — State of Incorporation (Legal domicile)

Key Players & Entities

• Ameritek Ventures, Inc. (company) — Filer name
• 0001530185 (company) — Central Index Key
• 3714 (company) — Standard Industrial Classification
• NV (company) — State of Incorporation
• Reno (company) — City
• 20231231 (date) — Fiscal Year End
• 20240401 (date) — Filing Date
• ATVROCKN (company) — Former Company Name

FAQ

Industry Context

Ameritek Ventures operates within the Motor Vehicle Parts & Accessories industry, a sector that involves the manufacturing and distribution of components for vehicles.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, assets, and liabilities.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance and outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

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

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparison to prior filings would require access to those documents.

Key Financial Figures

• $0.001 — section 12(g) of the Act: COMMON STOCK $0.001 (Title of class) Indicate by check m
• $375 — Wheeling, IL 60090, which we lease for $375 per month on a month-to-month basis wit
• $100,000 — linton Stokes's cancels and recover the $100,000 payment and legal fees. As February 202
• $4.5 million — aimants provided proof a claim totaling $4.5 million in claims and $283,383 in attorney's fe
• $283,383 — aim totaling $4.5 million in claims and $283,383 in attorney's fees. Claimant, Nottingha
• $7,200 — s LLC. has agreed to a total payment of $7,200 in exchange for the total extinguishmen
• $73,739 — xchange for the total extinguishment of $73,739 debt. Claimant, Meridian Pacific Holdin
• $396,350 — c Holding, LLC file a proof of claim of $396,350 and attorneys fee claim of $217,635. Me
• $217,635 — of $396,350 and attorneys fee claim of $217,635. Meridian presented to the court docume
• $350,000 — on in the form of a promissory note for $350,000 dated August 21, 2017, signed by Mr. St
• $3.8 million — r, (Jamie Mayeaux), summited a total of $3.8 million in salary claims and $50,000 in attorne
• $50,000 — al of $3.8 million in salary claims and $50,000 in attorneys fee claims. Mr. James Wesl
• $250,000 — Wesley Poff filed a proof of claims of $250,000 in salary due from the Company, however
• $646,000 — nized gain on extinguishment of debt of $646,000 related to these convertible notes in 2
• $949,438 — 022 Ameritek had operating revenue of $949,438 for the year ended December 31, 2023, a

Filing Documents

• atvk-20231231.htm (10-K) — 735KB
• av_ex31z1.htm (EX-31.1) — 16KB
• av_ex31z2.htm (EX-31.2) — 16KB
• av_ex32z1.htm (EX-32.1) — 9KB
• av10k_1.jpg (GRAPHIC) — 95KB
• av10k_2.jpg (GRAPHIC) — 23KB
• 0001376474-24-000150.txt (&nbsp;) — 4498KB
• atvk-20231231_cal.xml (EX-101.CAL) — 26KB
• atvk-20231231_def.xml (EX-101.DEF) — 138KB
• atvk-20231231_lab.xml (EX-101.LAB) — 225KB
• atvk-20231231_pre.xml (EX-101.PRE) — 212KB
• atvk-20231231.xsd (EX-101.SCH) — 51KB
• atvk-20231231_htm.xml (XML) — 585KB

Risk Factors. 4

Item 1A. Risk Factors. 4

Unresolved Staff Comments. 4

Item 1B. Unresolved Staff Comments. 4

Properties. 4

Item 2. Properties. 4

Legal Proceedings. 4

Item 3. Legal Proceedings. 4

Mine Safety Disclosures. 5

Item 4. Mine Safety Disclosures. 5 PART II 6

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 6

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 6

[Reserved] 6

Item 6. [Reserved] 6

Management's Discussion and Analysis of Financial Condition and Results of Operations 6

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 6

Quantitative and Qualitative Disclosures About Market Risk. 7

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 7

Financial Statements and Supplementary Data. 8

Item 8. Financial Statements and Supplementary Data. 8

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 26

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 26

Controls and Procedures. 26

Item 9A. Controls and Procedures. 26

Other Information. 26

Item 9B. Other Information. 26

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 26

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 26

Directors, Executive Officers and Corporate Governance. 27

Item 10. Directors, Executive Officers and Corporate Governance. 27

Compensation. 27

Item 11. Compensation. 27

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters. 28

Item 12. Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters. 28

Certain Relationships and Related Transactions, and Director Independence. 29

Item 13. Certain Relationships and Related Transactions, and Director Independence. 29

Principal Accountant Fees and Services. 29

Item 14. Principal Accountant Fees and Services. 29

Exhibit and Financial Statements Schedules. 31

Item 15. Exhibit and Financial Statements Schedules. 31

Form 10-K Summary 31

Item 16. Form 10-K Summary 31 3 PART I

Business

Item 1. Business. The Company was organized on December 27, 2010, under the laws of the State of Nevada, as ATVROCKN. On June 20, 2017, the Company changed its corporate name to Ameritek Ventures, Inc ("Ameritek Ventures" or "Ameritek" or the "Company"). Ameritek is a group of companies that provides various world-class software and hardware products and services beneficial to businesses, organizations, and governments. We have an established presence in the warehouse solutions market. With Interactive Systems, Inc. we provide software inventory management and with interlinkONE, Inc. we provide SaaS cloud-based solutions for warehouse and inventory fulfillment. We manufacture and innovate advanced technological developments in the medical industry, such as the DittoMask high-filtration mask. We also develop blockchain technology software programs under WebBeeO and CordTell companies. Furthermore, Ameritek Ventures explores augmented reality technology with Augmum, Inc. Meanwhile, our vertical landing aircraft service from AeroPass, Inc. takes ZenaDrone technology to a higher level with members-only passenger first-class transport across cities. Ecker Capital, LLC is our merger and acquisition division. ESM Software, Inc. is a software technology provider specializing in developing business strategy management solutions. The Company also recently created a new business, Equock, Inc., with which Ameritek will develop an electric bicycle with a focus on the growing online delivery industry.

Risk Factors

Item 1A. Risk Factors. The Company is not required to provide the information required by this Item as it is a "smaller reporting company," as defined by Rule 229.10(f)(1).

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. The Company is neither an accelerated ler nor a large accelerated ler, as dened in Rule 12b-2 of the Exchange Act (240.12b-2 of this chapter), nor is it a well-known seasoned issuer as dened in Rule 405 of the Securities Act (230.405 of this chapter), and as such is not required to provide the information required by this item.

Properties

Item 2. Properties. Our principal executive offices are located at 325 N Milwaukee Ave Suite G1, Wheeling, IL 60090, which we lease for $375 per month on a month-to-month basis with a 30-day notice, provided if either party does not terminate the agreement within (30) days prior to the end of the initial term, the lease shall automatically renew for successive one (1) month periods on the same terms. We believe that our existing facilities are suitable and adequate to meet our current needs. We intend to add new facilities or expand existing facilities as we add employees, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations. The company has a share office at 401 Ryland Street, Suite 200A Reno, NV 89502.

Legal Proceedings

Item 3. Legal Proceedings. There are three pending legal proceedings to which we are a party or in which any of our directors, officers or affiliates, any owner of record or beneficially of more than 5% of any class of voting securities of our company, or security holder is a party adverse to us or has a material interest adverse to us. Our property is not the subject of any pending legal proceedings. The three proceedings are: a) Ameritek Ventures vs Clinton Stokes for recovery of assets, Clinton Stokes failed to provide evidence he own the IP Assets. This case is currently in Nevada court. Custodian has unable to located the IP Assets for optic fiber technology. Custodian determine that agreements between Wesley Poff and Merdian Pacific Holdings prevented Clinton Stokes from owning the IP Assets. The Company's goals is to cancel Clinton Stokes's cancels and recover the $100,000 payment and legal fees. As February 2024, the case is back on track and the trial has been schedule for May 2024. b) Shaun Passley vs. Ameritek Ventures, Inc. for appointing Custodian, Shaun Passley was appointed Custodian and was elected CEO of Ameritek Ventures case is still pending as the judge is still ruling in the Meridian Pacific Case. With Meridian Pacific's case dismissed against Ameritke Ventures, the Custodian case will soon be concluded. c) Case Dismissed: Merdian Pacific Holding vs Ameritek Ventures, ie promissory notes, Merdian Pacific failure to provide evidence that they wire the funds to Ameritek Ventures. Ameritek Ventures has no records of the funding from the promissory notes. Merdian Pacific Holding dismissed their case against Ameritek Ventures. Ameritek Ventures may file a lawsuit against Merdian Pacific Holding, its Principal and the law firm representing the company in order recover its legal cost. The flow of the proceedings is as follows: We were incorporated on December 27, 2010 as ATVROCKN, a Nevada corporation. On June 20, 2017, our corporate name wa

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. 5 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market Information The Common Stock of the Company is currently trading on the Pink Sheets under the symbol "ATVK." The following table sets forth the high and low bid prices relating to our common stock on a quarterly basis for the periods indicated. These quotations reflect inter-dealer prices without retail mark-up, mark-down, or commissions, and may not reflect actual transactions. Quarterly period High Low Fiscal year ended December 31, 2023: First Quarter $ 0.0048 $ 0.0011 Second Quarter $ 0.0142 $ 0.0068 Third Quarter $ 0.0056 $ 0.0011 Fourth Quarter $ 0.0030 $ 0.0011 Fiscal year ended December 31, 2022: First Quarter $ 0.0042 $ 0.0014 Second Quarter $ 0.0037 $ 0.0010 Third Quarter $ 0.0045 $ 0.0010 Fourth Quarter $ 0.0028 $ 0.0010 Holders As of December 31, 2023, there were 554,226,791 shares of common stock outstanding, which were held by approximately 111 record holders. In addition, there were 7,488,730 shares of our Series A Convertible Preferred Stock outstanding, which were held by one record holders, 10,000,000 shares of our Series B Convertible Preferred Stock outstanding, which were held by one record holder; 59,988,972 shares of our Series C Convertible Preferred Stock outstanding, which were held by six record holder; 9,083,630 shares of our Series D Convertible Preferred Stock outstanding, which were held by six record holder, and 23,000,000 shares of our Series E Convertible Preferred Stock outstanding, which were held by one record holder. Dividends Through December 31, 2023, except for dividends due on our Preferred Stock, we have never paid cash dividends on any of our capital stock and we currently intend to retain our future earnings, if any, to fund the development and growth of our business. We do not intend to pay cash dividends to holders of our common stock in th

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations For the years ended December 31, 2023, and 2022 Ameritek had operating revenue of $949,438 for the year ended December 31, 2023, as compared to $1,076,286 for the year ended December 31, 2022, a decrease of $126,848, or 12%. This decrease was due to not benefiting from many one-time interlinkONE projects that the Company billed during 2022 and the Company settling into normal operations levels. Expenses decreased as the Company is now using the proprietary server from Epazz, Inc. and not loaning cloud space from third party vendors. Total general and administrative expenses were $822,896 for 2023, a decrease by $535,594 or 38% as compared to expenses incurred during 2022. Of this, development and support expenses were lower by $385,587 or 43% in 2023 since Ameritek had less software and programming done than in 2022. Salaries and benefits were reduced completely since the Company now uses contracted labor when needed. Total general and administrative expenses were $223,505 during 2023. In the 6 previous year these expenses were $76,129 more. Depreciation and amortization expenses were also down by $122,301 from $204,941. All expenses were into a normal level during 2023. Net operating income before other income was $120,542 for 2023 as compared to a net loss of $342,204 for 2022, a positive net change of $462,746. This result is due to reducing expenses significantly in 2023. Other income decreased by $661,886 during 2023. Interest expenses increased to $185,452 in 2023 from 152,803 in 2022 and the Company had no income from Robotic Arm patent as compared to $661,886 reported during 2022. The Company recognized other revenue of $661,886 for permanent licensing of the Robotic Arm patent to ZenaTech, Inc., a related party. ZenaTech, Inc.'s controlling shares are owned equally by Epazz, Inc. and Shaun Passley, PhD. Shaun Passley, PhD is the

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Furnish the information required by Item 305 of Regulation S-K ( 229.305 of this chapter). 7

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. Following are the financial statements of Ameritek Ventures as of December 31, 2023, and December 31, 2022. Index to Financial Statements Report of the Independent Registered Public Accounting Firm 9 Consolidated Balance Sheets as of December 31, 2023 and 2022 11 Consolidated Statements of Operations for the Years Ended December 31, 2023 and 2022 12 Consolidated Statements of Stockholders' Equity (Deficit) for the Years Ended December 31, 2023 and 2022 13 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023 and 2022 14

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 15 8 9 Bansal & Co. LLP – PCAOB# 2807 New Delhi, India 10 AMERITEK VENTURES, INC. CONSOLIDATED BALANCE SHEETS As of As of December 31, December 31, 2023 2022 ASSETS Current assets: Cash $ 5,618 $ 751 Accounts receivable, net 132,380 374,003 Prepaid expenses 1,519 1,519 Total current assets 139,517 376,273 Property and equipment, net - - Long-term assets: Commitment fees (lines of credit) 35,112 - Investment in securities 661,886 661,886 Patent 250,000 250,000 Product development, net 524,117 - Goodwill 2,184,715 2,791,472 Total long-term assets 3,655,830 3,703,358 Total assets $ 3,795,347 $ 4,079,631 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable $ 987,071 $ 1,191,025 Accrued interest and expenses 547,204 426,842 Deferred revenue 151,005 386,496 Short-term debt 21,000 21,000 Total current liabilities 1,706,280 2,025,363 Long-term liabilities: Long term debts 1,933,448 1,755,899 Total liabilities 3,639,728 3,781,262 Stockholders' equity (deficit): Preferred stock Series A, $ 0.01 par value, 10,000,000 shares authorized, 7,488,730 issued and outstanding, respectively 74,887 74,887 Preferred stock Series B, $ 0.01 par value, 10,000,000 shares authorized, 10,000,000 issued and outstanding, respectively 100,000 100,000 Preferred stock Series C, $ 0.01 par value, 60,000,000 shares authorized, 59,988,972 and 36,888,972 issued and outstanding at December 31, 2023 and December 31, 2022, respectively 599,890 368,890 Preferred stock Series D, $ 0.01 par value, 10,000,000 shares authorized, 9,083,630 issued and outstanding, respectively 90,836 90,836 Preferred stock Series E, $ 0.01 par value, 23,000,000 shares authorized, 23,000,000 issued and outstanding, respectively 230,000 230,000 Common stock, $ 0.001 par value, 950,000,000 shares autho

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View this 10-K filing on SEC EDGAR