# EDGAR Filing Document

**Accession Number:** 0001518461
**File Stem:** 0001477932-23-002017
**Filing Date:** 2023-3
**Character Count:** 19261
**Document Hash:** 755ac45ab7422ed668fdd5619b251d1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-23-002017.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001477932-23-002017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AmpliTech Group, Inc.
- **CENTRAL INDEX KEY:** 0001518461
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATIONS EQUIPMENT, NEC [3669]
- **IRS NUMBER:** 274566352
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40069
- **FILM NUMBER:** 23784573

**BUSINESS ADDRESS:**
- **STREET 1:** 155 PLANT AVENUE
- **CITY:** HAUPPAUGE
- **STATE:** NY
- **ZIP:** 11788
- **BUSINESS PHONE:** 631-521-7831

**MAIL ADDRESS:**
- **STREET 1:** 155 PLANT AVENUE
- **CITY:** HAUPPAUGE
- **STATE:** NY
- **ZIP:** 11788

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BAYVIEW ACQUISITION CORP
- **DATE OF NAME CHANGE:** 20110418

?xml version="1.0" encoding="utf-8"?ampg_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): **March 31, 2023**

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| |
|:---|
| **AmpliTech Group, Inc.** |
| (Exact Name of Registrant as Specified in its Charter) |

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| | | |
|:---|:---|:---|
| **Nevada** | **001-40069** | **27-4566352** |
| (State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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**155 Plant Avenue**

**Hauppauge, NY 11788**

(Address of principal executive offices)

**(631)-521-7831** 

(Registrant's telephone number, including area code)

_______________________________________________

(Former Name or former address if changed from last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on**<br>**which registered** |
| Common Stock, par value $0.001 per share | AMPG | TheNasdaq Stock Market LLC |
| Warrants to Purchase Common Stock | AMPGW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On March 31, 2023, AmpliTech Group, Inc. (the "Company") issued a press release announcing its financial condition and results of operations for the year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1. The information in this Current Report on Form 8-K, including the information contained in the press release furnished as Exhibit 99.1, is deemed to be "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is not otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](ampg_ex991.htm) | [Press Release dated March 31, 2023](ampg_ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Amplitech Group Inc.** | **Amplitech Group Inc.** |
| Date: March 31, 2023 | By: | */s/ Fawad Maqbool* |
|  | Name: | Fawad Maqbool |
|  | Title: | President |

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## Exhibit 99.1

**EXHIBIT 99.1**

**AmpliTech Reports FY 2022 Results; Beats Revenue Guidance and Reports Record 267% YoY Annual Revenue Increase to $19.4 Million;**

*-Gross Profit Increases nearly 7-fold, Gross Margin Expands 2,150 basis points to 46.0%-* 

**Hauppauge, NY, March 31, 2023** – AmpliTech Group, Inc (Nasdaq: AMPG), a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite, 5G, and other communications networks and a worldwide distributor of packages and lids for integrated circuit assembly, and designer of complete 5G/6G systems, today announced financial results for year ended December 31, 2022. The company will host an investor call on Monday, April 10<sup>th</sup> at 4:00 PM EST.

**Investor Earnings Call Details**

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| | |
|:---|:---|
| Date/Time:  | Monday, April 10th at 4:00 pm EST |
| Dial-in Number:  | 1-833-630-0019 (domestic) or 1-412-317-1807 (international) |
| Online Replay/Transcript:  | Audio file and call transcript will be posted to AmpliTech's news page when available. |
| Investor Questions:  | May be submitted to investors@amplitechgroup.com prior to or during the call |

---

**Full Year 2022 Highlights**

· Revenue increased 267% to $19,394,000 in FY'22 compared to $5,275,000 in FY'21.

· FY' 22 gross profit grew to $8,925,000, an almost 7-fold increase from FY' 21 gross profit of $1,293,000. The gross profit margin increased by 2150 basis points to 46.0% compared to 24.5% a year ago.

· FY'22 net loss was $677,000 compared to a FY'21 net loss of $4,759,000, a positive swing of approximately $4.1 million. The net loss includes a one-time revenue earnout of approximately $816,000 as a result of Spectrum's beating sales expectations for the years 2021 and 2022. It is important to note that without this earnout payment, the Company would have been profitable.

· As of December 31, 2022, cash and equivalents totaled $13,290,000 and working capital was $20,331,000, which is sufficient capital for AmpliTech to fund all of its strategic growth initiatives.

· AmpliTech experienced great success at trade shows such as Satellite 2022, IMS 2022, the AOC 2022, and the APS March Meeting 2022 , achieving positive customer engagement and setting company records at each event for the number of meetings with new and existing customers.

· Customers have begun to sample AGMDC's new MMIC chip products which have received very positive praise and feedback.

**Forward-Looking Update**

· MMIC chips, or ICs, have been released to customers for testing and are expected to begin generating revenue in Q2 2023.

· Management expects sustained profitability going into 2023.

· Team is increasing sales exposure through enhanced strategic partnerships with sales representatives and distributors globally.

**Management Commentary**

Fawad Maqbool, Founder and CEO of AmpliTech, commented, "We are pleased to announce AmpliTech's annual results, with a remarkable 267% year-over-year increase in revenue. Our seamless integration of Spectrum Semiconductor and the successful launch of new initiatives, such as AGMDC's industry leading LNAs in MMIC form and TGSS's managed 5G system integration consulting service, demonstrate our unwavering commitment to innovation and growth. This is a continuation of our strategy to focus on increasing top-line revenue with high-margin products, which we are projecting will lead to increased bottom-line income later this year.

Additionally, our industry-leading low noise amplifiers, now available in MMIC form, boast unparalleled signal-to-noise ratios, the central metric that defines the quality of an amplifier as well as the entire receiver. Our team's relentless drive to solve engineering challenges underscores our dedication to providing cutting-edge technology to our clients.

While we closely monitor the current economic situation, we are pleased to report that, at this time, we continue to have strong demand for our industry leading products. The gross profit margin's impressive increase from 24.5% to 46.0% reflects our team's efficiency and long-term planning strategy.

As we celebrate these financial and operational milestones, we remain cognizant of the challenges posed by the lack of performant communication infrastructures. At AmpliTech, our mission is to empower companies to build the communications infrastructure that will fuel the future of technology – from AR/VR platforms and high-performance Quantum computing to 5G/6G networks providing satellite internet and beyond.

Although there is still much work to be done across various industries - including satcom, telecom (5G), high-performance computing, defense, and aerospace - to achieve the connectivity speeds required by emerging technologies, we recognize the immense potential for innovation and are dedicated to developing solutions that address these challenges, enabling faster and more efficient communication systems. By continuously pushing the boundaries of communications technology, we aim to play a pivotal role in shaping the future of these industries and facilitating the realization of their full potential," concluded Mr. Maqbool.

**About AmpliTech Group**

AmpliTech Group, Inc. designs, develops, manufactures, and distributes state-of-the-art radio frequency (RF) microwave components for global satellite communications, telecom (5G & IoT), space, defense, and quantum computing markets as well as systems and component design consulting services. In December 2021, AmpliTech completed the purchase of the assets and operations of Spectrum Semiconductor Materials Inc. a global specialty distributor of semiconductor components based in San Jose, CA. AmpliTech has a 13+ year track record of developing high performance, custom solutions to meet the unique needs of some of the largest companies in the global industries we serve. We are proud of our focused team's unique skills, experience and dedication, which enables us to deliver superior solutions, faster time to market, competitive pricing, excellent customer satisfaction and repeat business. For more information, please visit www.amplitechgroup.com.

**Safe Harbor Statement**

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its oﬃcers with respect to, among other things: (i) the Company's ability to execute its business plan as anticipated; (ii) trends affecting the Company's ﬁnancial condition or results of operations; (iii) the Company's growth strategy and operating strategy. The words "may" "would" "will" "expect" "estimate" "anticipate" "believe" "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. Other risks are identiﬁed and described in more detail in the "Risk Factors" section of the Company's ﬁlings with the SEC, which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising these forward-looking statements, except as required by applicable law.

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| | |
|:---|:---|
| **Corporate Social Media** <br> Twitter: @AmpliTechAMPG <br> Instagram: @AmpliTechAMPG <br> Facebook: AmpliTechInc | **Investor Social Media**<br> Twitter: @AMPG_IR<br> StockTwits: @AMPG_IR |
| **Company Contact:** <br> Shan Sawant, Director of Communications <br> AmpliTech Group, Inc. <br> Investors@amplitechgroup.com  | **Investor Relations Contact:**<br> Kirin Smith, President<br> PCG Advisory, Inc.<br> ksmith@pcgadvisory.com<br> www.pcgadvisory.com |

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*-Tables Follow-*

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AmpliTech Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated Balance Sheets** |

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $13290222 | $18018874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 1801769 | 1659878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Receivable |  | 201215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 6632121 | 4192812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable Securities | 247450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 194635 | 210028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Assets** | 22166197 | 24282807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net | 2023687 | 1355288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Right of use operating lease assets | 4197324 | 1115588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net | 3134108 | 3284082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 4696883 | 4817019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost method investment | 348250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Security deposits | 113185 | 122404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $36679634 | $35227188 |
| **Liabilities and Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 860366 | $3006334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer deposits | 210848 | 253909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of financing lease obligations | 33480 | 33688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease obligations | 586379 | 391571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of notes payable | 144358 | 129876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Current Liabilities** | 1835431 | 3815378 |
| **Long Term Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing lease, net of current obligations | 49336 | 17471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease, net of current obligations | 3768932 | 795317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable, net of current portion | 89597 | 200491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue earnout | 2180826 | 1365038 |
| **Total Liabilities** | 7924122 | 6193695 |
| **Commitments and Contingencies**  |  |  |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A convertible preferred stock, par value $0.001, 1,000,000 shares authorized, 0 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock, par value $0.001, 500,000,000 shares authorized, 9,634,613 and 9,582,113 shares issued and outstanding, respectively | 9635 | 9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 36050161 | 35651088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (7304284) | (6627177) |
| **Total Stockholders' Equity** | 28755512 | 29033493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities and**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Stockholders' Equity** | $36679634 | $35227188 |

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| | | |
|:---|:---|:---|
| **AmpliTech Group, Inc.** | **AmpliTech Group, Inc.** | **AmpliTech Group, Inc.** |
| **Consolidated Statements of Operations** | **Consolidated Statements of Operations** | **Consolidated Statements of Operations** |
| **For the Years Ended December 31, 2022 and 2021** | **For the Years Ended December 31, 2022 and 2021** | **For the Years Ended December 31, 2022 and 2021** |
|  | **2022** | **2021** |
| **Revenue** | $19394492 | $5275434 |
| **Cost of goods sold** | 10469628 | 3982797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross Profit | 8924864 | 1292637 |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative | 7631250 | 4564658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill impairment | 120136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development | 1024127 | 1833399 |
| **Total operating expenses** | 8775513 | 6398057 |
| Income (Loss) From Operations | 149351 | (5105420) |
| **Other Income (Expenses)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain on extinguishment of debt |  | 232200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income |  | 255083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized loss on investments |  | (97862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on contingent revenue earnout | (815788) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investments | 2343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | (13013) | (42806) |
| **Total other income (expense)** | (826458) | 346615 |
| **Loss Before Income Taxes** | (677107) | (4758805) |
| Provision For Income Taxes | - | - |
| **Net Loss** | $(677107) | $(4758805) |
| **Net Loss Per Share;** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $(0.07) | $(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $(0.07) | $(0.53) |
| **Weighted Average Shares Outstanding;**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 9609208 | 8900824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 9609208 | 8900824 |

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