AMERICAN INTERNATIONAL INDUSTRIES INC

CIK:0001073146|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues	$ 1,726	$ 9,016	$ 5,736	$ 25,080
Costs and expenses:
Cost of revenues	1,758	22,717	8,039	39,385
Impairment of oil and gas property	0	0	20,000	0
Selling, general and administrative	245,583	512,105	1,328,162	1,322,439
Total expenses	247,341	534,822	1,356,201	1,361,824
Gain on sale of real estate	0	1,491,091	971	1,470,012
Operating income (loss)	(245,615)	965,285	(1,349,494)	133,268
Other income (expenses):
Interest and dividend income	1,152	18,021	13,523	25,838
Realized losses on the sale of trading securities, net	(67,878)	(90,912)	(235,748)	(41,494)
Unrealized gains (losses) on trading securities, net	27,798	(160,295)	(138,182)	(213,143)
Interest expense	(19,723)	(16,033)	(65,298)	(59,981)
Other income	15,136	1,029	31,279	359,134
Total other income (expense)	(43,515)	(248,190)	(394,426)	70,354
Income (loss) before income tax	(289,130)	717,095	(1,743,920)	203,622
Income tax benefit	0	0	0	12,291
Net income (loss) from continuing operations	(289,130)	717,095	(1,743,920)	215,913
Net loss from discontinued operations, net of income taxes	0	(207,753)	0	(562,876)
Net income (loss)	(289,130)	509,342	(1,743,920)	(346,963)
Net loss attributable to the non-controlling interest	20,353	27,297	72,939	81,843
Net income (loss) attributable to American International Industries, Inc.	$ (268,777)	$ 536,639	$ (1,670,981)	$ (265,120)
Basic and diluted income (loss) per common share:
Income (loss) from continuing operations (in Dollars per share)	$ (0.11)	$ 0.34	$ (0.69)	$ 0.1333
Loss from discontinued operations (in Dollars per share)	$ 0	$ (0.10)	$ 0	$ (0.25)
Weighted average common shares outstanding -basic and diluted (in Shares)	2,412,965	2,141,561	2,430,767	2,290,326
Comprehensive loss:
Net income (loss)	$ (289,130)	$ 509,342	$ (1,743,920)	$ (346,963)
Unrealized gain (loss) on marketable securities	650	16,250	(60,650)	43,550
Total comprehensive income (loss)	(288,480)	525,592	(1,804,570)	(303,413)
Comprehensive loss attributable to the non-controlling interests	20,300	27,297	72,886	81,843
Comprehensive income (loss) attributable to American International Industries, Inc. shareholders	$ (268,180)	$ 552,889	$ (1,731,684)	$ (221,570)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (1,743,920)	$ (346,963)
Loss from discontinued operations	0	562,876
Income (loss) from continuing operations	(1,743,920)	215,913
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,433	2,266
Impairment of oil and gas property	20,000	0
Stock-based compensation	48,450	215,320
Gain on sale of real estate	(971)	(1,470,012)
Realized loss on the sale of trading securities, net	235,748	41,494
Unrealized loss on trading securities, net	138,182	213,143
Change in operating assets and liabilities:
Accounts payable to related parties	(104,000)	(503)
Other current assets	(7,970)	5,754
Accounts payable and accrued expenses	(453,903)	137,810
Net cash used in operating activities from continuing operations	(1,864,951)	(638,815)
Net cash used in operating activities from discontinued operations	0	(451,124)
Net cash used in operating activities	(1,864,951)	(1,089,939)
Cash flows from investing activities:
Purchases of trading securities	(308,546)	(3,332,574)
Sales of trading securities	85,141	3,232,675
Purchase of land	0	(220,000)
Investment in oil and gas property	0	(20,000)
Proceeds from sale of real estate	1,662,500	1,327,519
Proceeds from notes receivable	2,004,291	38,274
Net cash provided by investing activities from continuing operations	3,443,386	1,028,106
Net cash provided by investing activities from discontinued operations	0	1,174,266
Net cash provided by investing activities	3,443,386	2,202,372
Cash flows from financing activities:
Principal payments on debt	(321,215)	(1,221,101)
Proceeds from the issuance of debt	0	450,000
Payments for acquisition of treasury stock in subsidiary	0	(1,706)
Payments for acquisition of treasury stock	(35,037)	(19,024)
Net cash used in financing activities from continuing operations	(356,252)	(791,831)
Net cash used in financing activities from discontinued operations	0	(379,526)
Net cash used in financing activities	(356,252)	(1,171,357)
Net increase (decrease) in cash and cash equivalents	1,222,183	(58,924)
Cash and cash equivalents at beginning of period	373,482	670,372
Cash and cash equivalents at end of period	1,595,665	611,448
Supplemental cash flow information:
Interest paid	39,833	59,981
Income taxes paid	0	0
Non-cash investing and financing transactions:
Reclassification of promissory note to accounts payable and accrued expenses	131,081	0
Unrealized loss on marketable securities	60,050	43,550
Cancellation of treasury stock	260,530	0
Write off of Inez acquisition payable	230,000	0
Contingent obligation	750,000	0
Contract obligation paid with restricted cash	130,645	0
Change in estimate of asset retirement obligations	499	0
Unpaid portion of Inez oil and gas property acquisition	0	230,000
Stock and note issued to related party for acquisition of real estate	$ 0	$ 450,000

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,595,665	$ 373,482
Restricted cash	619,355	0
Other current assets	16,114	8,144
Current portion of long-term notes receivable	60,000	2,346,053
Marketable securities - trading	28,368	0
Real estate held for sale	4,751,979	6,413,635
Current assets of discontinued operations	0	2,096,841
Total current assets	7,071,481	11,238,155
Long-term notes receivable, less current portion	767,452	485,690
Oil and gas properties, costs subject to amortization	88,086	87,541
Oil and gas properties, costs not subject to amortization	91,900	341,900
Property and equipment, net of accumulated depreciation	24,083	25,415
Marketable securities - available for sale	2,600	63,250
Other assets	4,005	4,005
Long-term assets of discontinued operations	0	409,194
Total assets	8,049,607	12,655,150
Current liabilities:
Accounts payable and accrued expenses	1,780,313	1,532,104
Accounts payable to related parties	131,124	235,124
Short-term notes payable	0	131,081
Current portion of long-term debt	18,544	241,902
Current liabilities of discontinued operations	0	492,395
Total current liabilities	1,929,981	2,632,606
Asset retirement obligations	6,650	5,621
Long-term debt, less current portion	355,236	454,286
Long-term related party debt	300,000	300,000
Long-term liabilities of discontinued operations	0	2,013,640
Total liabilities	$ 2,591,867	$ 5,406,153
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, 1,000 shares issued and outstanding	$ 1	$ 1
Common stock, $0.001 par value, 50,000,000 shares authorized; 2,208,456 and 2,415,986 shares issued, respectively; 2,218,418 and 2,410,948 shares outstanding, respectively	2,208	2,424
Less: treasury stock, at cost; 50,952 and 259,393 shares, respectively	(929,591)	(1,155,084)
Additional paid-in capital	38,938,302	39,150,266
Accumulated deficit	(31,067,364)	(29,396,383)
Accumulated other comprehensive loss	(1,402,400)	(1,341,750)
Total equity attributable to American International Industries, Inc.	5,541,156	7,259,474
Non-controlling interest	(83,416)	(10,477)
Total equity	5,457,740	7,248,997
Total liabilities and equity	$ 8,049,607	$ 12,655,150