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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-QSB**___________________

 

**ý                                QUARTERLY REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the quarterly period endedSeptember 30, 2005

 

OR

 

** ̈                                TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the transition period from               to              

 

Commission File No.:0-25223

**AMERICANINTERNATIONAL INDUSTRIES, INC.**(Exact Name Of RegistrantAs Specified In Its Charter)
| Nevada |      |      |      | 88-0326480

(State of Incorporation)
            
(I.R.S. Employer Identification No.)

 
                           
601 Cien Street, Suite 235, Kemah, TX
            
77565-3077

(Address of Principal Executive Offices)
            
(ZIP Code)

 Registrant'sTelephone Number, Including Area Code: (281) 334-9479

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.  Yes  **x**  No ** ̈**Issuers Involved in Bankruptcy Proceeding During The Past Five YearsIndicate by check mark whether the registrant has filed all documents and reports requiredto be filed by Section 12, 13 or 15(b) of the Exchange Act after the distribution ofsecurities under a plan confirmed by a court. Yes  ** ̈** No ** ̈**

At September 30,2005, the Registrant had 4,308,750 shares of common stock issued.
****
**TABLE OF CONTENTS**
Item    Description    Page
**PART I - FINANCIAL INFORMATION**

ITEM 1.
            
   FINANCIAL    STATEMENTS.
        3  
ITEM 2.
            
   MANAGEMENT'S    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION.
        3   
ITEM 3.
            
      CONTROLS AND PROCEDURES.
        5   
**PART II - OTHER INFORMATION**

ITEM 1.
            
      LEGAL PROCEEDINGS.
        5  
ITEM 2.
            
      CHANGES IN SECURITIES.
        5   
ITEM 3.
            
      DEFAULT UPON SENIOR SECURITIES.
        5   
ITEM 4.
            
      SUBMISSION OF    MATERS TO A VOTE OF SECURITY HOLDERS.
        5   
ITEM 5.
            
      OTHER INFORMATION.
        5   ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.5
 
****
**PART I - FINANCIAL INFORMATION**

ITEM 1. FINANCIAL STATEMENTS****Back toTable of Contents

The Registrant's financialstatements for the three and nine-month periods ended September 30, 2005 and 2004 areattached to this quarterly report.

Financial Statements

ITEM2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION****Backto Table of Contents

Forward-Looking Statements; Market Data 

As used in this Quarterly Report, the terms *"we"*, *"us"*,*"our"**"AIII"* and the *"Company"* meansAmerican International Industries, Inc., a Nevada corporation, and its subsidiaries. Tothe extent that we make any forward-looking statements in the *"Management'sDiscussion and Analysis of Financial Condition and Results of Operations"* in thisQuarterly Report, we emphasize that forward-looking statements involve risks anduncertainties and our actual results may differ materially from those expressed or impliedby our forward-looking statements. Our forward-looking statements in this Quarterly Reportreflect our current views about future events and are based on assumptions and are subjectto risks and uncertainties. Generally, forward-looking statements include phrases withwords such as *"expect"*, *"anticipate"*, *"intend"*,*"plan"*, *"believe"*, *"seek"*, *"estimate"*and similar expressions to identify forward-looking statements. 

Overview 

We are a holding company and have three reportable segments andcorporate overhead: (1) industrial/commercial, (2) oil and gas and (3) real estate. Theindustrial/commercial segment includes: (1)  industrial/ commercial (a) NortheasternPlastics, Inc. ("NPI") a wholly-owned subsidiary, which is a supplier ofautomotive after-market and consumer electrical products; and  b) through our 82.7%subsidiary, International American Technologies, In. ("IMTG), a publicly tradedentity (f/k/a Unlimited Coatings Corporation) Hammonds Technical Services, Inc.("Hammonds"), a manufacturer of water treatment equipment, fuel injectors, fueladditives and the omni directional vehicle or ODV; (2) the oil and gas segment owns anoil, gas and mineral royalty interest in Washington County, Texas and Delta Seaboard WellServices, Inc. ("Delta"), which is engaged in the oil and gas drilling equipmentand service business; (3) the real estate segment includes ownership of 287 acres ofundeveloped waterfront property on Dixon and Galveston Bays, near Houston, TX, andfollowing the quarter ended September 30, 2005, we acquired 10 acres with a 106,000 squarefoot manufacturing facility in Houston, TX for use by IMTG's subsidiary, Hammonds. Duringthe nine-month period ended September 30, 2005, we had the following operatingsubsidiaries: Delta, NPI, IMTG, and also own Brenham Oil & Gas, Inc., which isdormant.

On February 28, 2005, IMTG, our 82.7% owned subsidiary, entered into anagreement to acquire 51% of Hammonds, which agreement closed in April, 2005. Hammonds isin the business of water treatment, fuel handling equipment for the military andindustrial customers, a provider of fuel injection services for the aviation industry andthe designer of a new omni directional vehicle for a wide variety of uses. The historicalfinancial statements of AIII include the acquisitions of acquired companies as of theeffective dates of the purchases and the results of those companies subsequent toacquisition, as these transactions were accounted for under the purchase method ofaccounting. The acquisitions of certain subsidiaries were accounted for using the purchasemethod of accounting, whereby the purchase price of the acquisition was allocated based onthe fair market value of the assets acquired and liabilities assumed. If the purchaseprice exceeded the net fair market value of the assets acquired, any remaining purchaseprice was allocated to goodwill. In addition, certain subsidiaries were accounted forusing the historical cost basis of the predecessor. Reference is made to our AnnualReports on Form 10-KSB for our year ended December 31, 2005 for a full discussion of ourbusiness and subsidiaries under *"Description of Business"* and Note 2, *"Acquisitionsand Divestitures"* of the Notes to Consolidated Financial Statements. 

The Company takes an active role in the subsidiary companies itacquires, in order to foster growth and profitability by providing its financial resourcesand management expertise. American International has industrial/commercial, real estateand oil and gas assets and operations in and around the Houston, Texas area. Each of theseportfolio companies is expected to grow in its particular market or industry. By operatingas a holding company, we provide both financial assistance and professional businessexpertise and management services to our subsidiaries. Our role is to improve eachportfolio company's access to capital, help them benefit from the economies of scalethrough the consolidation of administrative functions, and provide management expertisefrom each company's corporate personnel. 

Our discussion under *"Results of Operations"* and *"Liquidityand Capital Resources"* below is on a consolidated basis. For reference to *"IndustrySegments"*. See Note 4 to the Notes to Consolidated Financial Statements underItem 1, Financial Statements above. Results of Operations - American InternationalIndustries, Inc. - Consolidated.

Three and Nine months Ended September 30, 2005 Compared to Three andNine months Ended September 30, 2004 

Net revenues for the three and nine-month periods ended September 30,2005 were $9,046,634 and $18,032,225 respectively, compared to $1,606,618 and $7,995,000respectively, for the three and nine-month periods ended September 30, 2004, representingan increase of over 463% and 125%, respectively.  The increase in revenues is dueprimarily to the increase in drilling pipe sales at Delta, the increase in revenues at NPIdue to the license to sell the Motortrend and Good Housekeeping products and the revenuesgenerated from the acquisition of Hammonds Technical Services.

Consolidated net income (loss) for the three and nine-month periodsended September 30, 2005 were $193,849 and $(1,821,042) respectively, compared toconsolidated net income of $1,907,847 and $1,134,653 respectively, for the comparableperiod of the prior year. The consolidated net loss for the nine month period is directlyattributable to the continuing market price decline in the common stock of OrionHealthcare (f/k/a Surgicare) of  $2,021,250.  During the three and nine-monthperiods ended September 30, 2005, Delta had net income of $493,664 and $1,009,076 ascompared with $193,775 and $694,323 for the comparable periods in 2004. Delta also expectsthe strong business environment to prevail during the last three months of the year. NPIhad net income of $443,237 and $302,648 during the three and nine month periods of 2005 ascompared to $519,022 and $547,805 in 2004. NPI's distribution business is seasonal andhistorically most of its profits are in the third and fourth quarters. NPI expects astrong fourth quarter as it currently has a backorder of over $2,500,000. The results ofoperations for IMTG for the three and nine month periods ended September 30, 2005 are notcomparative to IMTG's  results of operations for the prior year because IMTG acquiredHammonds in April 2005 and during 2004 IMTG was a non-operating company. During thethree-month period ended September 30, 2005, IMTG's gross revenues were $1,128,887 and hadan operating loss of $443,039 and we expect that IMTG's operating loss to decline due toits current backlog of orders and its new line of OMVs. The IMTG loss was principally dueto the closing of the Hammonds facility for two weeks in preparation for Hurricane Rita.In prior years Hammonds had experienced severe flooding damage and this year prepared forthe potential flooding at the facility, which did not occur. The selling, general andadministrative expenses during the three and nine-month periods ended September 30, 2005were $2,479,305 and $6,759,276, respectively, as compared to $1,407,055 and $3,758,243 forthe three and nine months ended September 30, 2004. The Company issued common stock forlegal and consulting services for a non-cash expense of $347,800 during the three monthperiod ended  September 30, 2005, which expense was primarily due to the company'slitigation against Orion Healthcare and Brantley Venture Partners (see the discussionunder SRG Agreements below). 

During the fourth quarter of 2005 Delta plans to add at least oneadditional well service rig which could increase revenue by $1,200,000 yearly, with anapproximate gross margin of 35%, or an additional $180,000 to the annual net income.Delta, as part of its business, sells salvaged and new pipe to the oil fields. Due to theincreased demand of pipe, Delta's sales have increased 20% and gross margins haveincreased to 40%. These increases we expect will continue to have a positive effect onDelta's profitability. With NPI’s current backlog at over $2,500,000 we expectNPI’s year end revenue to exceed $9,000,000, which represents a significant increaseover NPI's 2004 revenue. IMTG’s subsidiary, Hammonds Technical Services, acquired inApril 2005, is estimating that its revenue for the next three months could exceed$1,500,000, with estimated 2005 revenues of $6,000,000. 

Liquidity and Capital Resources

Total assets for the nine month period ended September 30, 2005 were$34,906,780 compared to $22,745,845 at December 31, 2004. During the nine-month periodended September 30, 2005, assets increased over 53%. Total liabilities at September 30,2005 were $19,087,163 compared to $6,904,448 at December 31, 2004. The increase inliabilities was principally due to increase in long-term debt associated with theacquisition of Hammonds and its draw down on a line of credit, the purchase of real estatefor Delta, and the draw down in a line of credit for NPI. At September 30, 2005consolidated working capital was $15,097,459 as compared to working capital of $12,065,215at December 31, 2004, or an increase of 25%. The current ratio is 3:1.

The Company's consolidated cash position at September 30, 2005 was$4,530,010 compared to $5,079,873 at December 31, 2004. Accounts receivable net ofreserves at September 30, 2005 was $6,340,635 compared to $3,012,398 at December 31, 2004.Inventories totaled $5,838,946 at September 30, 2005 compared to $1,235,843 at December31, 2004. Inventory of real estate held for sale totaled $1,075,000 at September 30, 2005as compared to $225,000 at December 31, 2004.

For the nine months ended September 30, 2005 the Company used$3,090,301 in its operating activities compared to net cash used in operating activitiesof $(1,775,997) during the same period of the prior year. We had net cash (used) orprovided by investing activities of $(508,847) during the nine month period endingSeptember 30, 2005, compared to net cash provided in investing activities of $1,104,330during the same period of the prior year. Financing activities provided $3,049,286compared to $(9,635) for the same period in prior year.

The Company recently renegotiated its current $1,000,000 line of creditinto a long-term debt facility. Our NPI subsidiary has recently negotiated a new$5,000,000 line of credit, of which $3,000,000 has been drawn upon, Delta has recentlynegotiated a new line of credit for $1,500,000 and IMTG’s newly acquired subsidiary,Hammonds, has negotiated a new long term line of credit of $2,000,000. All of the newlines of credit are due in eighteen months. The Company believes that it has a goodrelationship with its lenders and that it will be able to renew or refinance the abovedescribed lines of credit at or before maturity.

SRG Agreements 

In June 2002, the Company’s real estate subsidiary sold certainreal estate parcels consisting of approximately 63% of its real estate portfolio toSurgicare, Inc. (AMEX: SRG). The purchase price of $6 million was evidenced by 1,200,000shares of SRG Series AA Convertible Preferred Stock, redeemable by SRG at $5.00 per share.The real estate value was determined following receipt, ordered and paid for by SRG ofindependent MAI appraisals of the properties. In December 2002, the Company agreed toconvert 300,000 shares of the SRG Series AA preferred stock into 3,658,537 shares of SRGcommon stock, which were sold by the Company during 2003. SRG had the right to redeem theremaining 900,000 Series AA shares for $4,500,000 in cash or SRG common stock inincrements of 300,000 Series AA shares on June 2004, 2005 and 2006. 

During the quarter ended June 30, 2004, SRG issued8,750,000 shares of SRG's common stock (presently 875,000 shares after a reverse split) tothe Company having a market value of $3,150,000, in exchange for the conversion of theremaining 900,000 Series AA SRG shares owned by the Company, with a book value of$4,500,000. In addition to the $3,150,000 in SRG common stock, SRG transferred to theCompany the real estate owned by SRG to cover the difference between the book value of thepreferred stock of $4,500,000 and the $3,150,000 market value of the SRG common stock atthe date of the transaction. The real estate received was subject to a first lien in theamount of $1,100,000. The Company also agreed to pay SRG $250,000 related to costs of thetransaction at the time of the closing. No gain or loss was recognized on thistransaction. The land was placed on the books at approximately $2,939,000.

Subsequently, the Company sold the real estate to anunaffiliated third party for a cash payment equal to the first lien and the $250,000payable to SRG and received from the buyer a long-term note in the amount of $5,000,000,secured by a lien on the real estate. The note is payable in 20 years, with a 5-yearballoon payment, and bears interest of 3% per annum. The Company recorded a gain in theamount of $1,813,070 on the sale of this real estate based on discounting the $5,000,000note at an 8% interest rate (a conservative market rate for real estate transactions).

Subsequent to the exchange of the Preferred AA shares to8,750,000 common shares (or 875,000 shares after the reverse), the Company incurredsubstantial paper loss, due to the significant decline in the price of Orion/SRG shares onthe American Stock Exchange. 

In July 2005, the Company filed a lawsuit against OrionHealth Corp. Inc. (formally Surgicare) and Brantley Venture Partners, alleging common lawfraud, stock fraud, misrepresentation, civil conspiracy and violations of the rules of theAmerican Stock Exchange. The Company is seeking actual damages of $3,800,000, punitivedamages of $3,800,000 and rescission of the agreement to convert the Series AA preferredstock into common stock. We believe that the action is meritorious but we cannot predictthe outcome of this action or the recovery, if any, that will result.

ITEM 3. CONTROLS AND PROCEDURES****Back toTable of Contents

*Evaluation ofdisclosure controls and procedures*. As ofSeptember 30, 2005, the Company's chief executive officer and chief financial officerconducted an evaluation regarding the effectiveness of the Company's disclosure controlsand procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the  Exchange Act.Based upon the evaluation of these controls and procedures, our chief executive officerand chief financial officer concluded that our disclosure controls and procedures wereeffective as of the end of the period covered by this report.*Changes in internal controls*. Duringthe quarterly period covered by this report, no changes occurred in our internal controlover financial reporting that materially affected, or is reasonably likely to materiallyaffect, our internal control over financial reporting.

 

**PART II - OTHER INFORMATION**

ITEM 1. LEGAL PROCEEDINGS****Back toTable of Contents

The Registrant'sofficers and directors are not aware of any threatened or pending litigation to which theRegistrant is a party or which any of its property is the subject and which would have anymaterial, adverse effect on the Registrant.

ITEM 2. CHANGES IN SECURITIES****Back toTable of Contents

On July 1, 2005 the Company issued 2,200 restrictedshares of common stock to its corporate secretary, Rebekah Laird-Ruthstrom, as valued at$15,400. On August 24, 2005, the Company issued to Alameda Corporation 390,000 restrictedshares of common stock upon conversion of 390,000 shares of  Series A, 5% cumulative,redeemable and convertible preferred stock, having a face value of $10.00 per share.

The Company believes that the issuances and sale of therestricted shares were exempt from registration pursuant to Section 4(2) of the Act asprivately negotiated, isolated, non-recurring transactions not involving any publicsolicitation. The recipients in each case represented their intention to acquire therestricted shares of common stock for investment only and not with a view to thedistribution thereof. Appropriate restrictive legends are affixed to the stockcertificates issued in such transactions. 

ITEM 3. DEFAULTS UPON SENIORSECURITIES****Back to Table of Contents

None.

ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS****Back toTable of Contents

None.

ITEM 5. OTHER INFORMATION****Back toTable of Contents

None.

ITEM6. EXHIBITS AND REPORTS ON FORM 8-K****Back to Table of Contents

(a) The following documents are filed as exhibits tothis report on Form 10-QSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.
**Exhibit    No.**
**Description**31.1Certification of Chief    Executive Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to the    Sarbanes-Oxley Act of 200231.2
Certification    of Chief Executive Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 200232.1Certification of Chief    Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to the    Sarbanes-Oxley Act of 200232.2Certification of Chief    Financial Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K During the Period Covered by this Report:

The Registrant has not filed a Form 8-K during the Period endedSeptember 30, 2005.

 

**SIGNATURES**

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.

/s/ DANIEL DROR   CEO, PRESIDENT AND CHAIRMAN   *Dated: November 9, 2005*

/s/ GARY D. WOERZ   CHIEF FINANCIAL OFFICER   *Dated: November 9, 2005*

 

**FinancialStatements**Back to Table of Contents
Consolidated    Financial Statements   Balance Sheets - September 30, 2005 and December 31,    2004 (Audited)8   Statements of Operations - Three and nine    months ended September 30, 2005 and 20049   Statement of Cash Flows - Nine months ended    September 30, 2005 and 200410Notes to Consolidated Financial Statements11
 
**AMERICAN    INTERNATIONAL INDUSTRIES, INC. AND SUBSIDIARIES**Consolidated Balance Sheets****Back to    Table of ContentsSeptember 30, 2005    (Unaudited) and December 31, 2004  **  ****September 30, 2005**
**December    31, 2004**
Assets  **(Audited)**Current assets:
      Cash and cash equivalents
$4,530,010
$
5,079,873   Certificate of    deposit-300,000   Trading securities1,423,8033,874,500   Accounts    receivable, less allowance for doubtful accounts of          $125,627 at September 30, 2005 and $81,162 at December 31, 20046,340,6353,012,398   Accounts and notes    receivable from related parties-11,575   Inventories5,838,9461,235,743   Real estate    held-for sale1,075,000225,000   Drilling rigs held    for sale1,230,6471,230,647   Prepaid expenses    and other current assets1,538,180358,853        **Total current assets**21,977,22115,328,589   Long-term notes receivable4,285,4264,324,447Property and equipment, net of    accumulated   depreciation and    amortization4,394,9922,406,780Excess of cost over net assets    of businesses acquired, less accumulated   amortization of    $205,295 at June 30, 2005 and December 31, 20044,063,929674,539Patents and trademarks, net of    amortization135,582-Other assets49,63011,490          **Total assets**$34,906,780$22,745,845  
Liabilities    and Stockholders' Equity  Current liabilities:   Accounts payable    and accrued expenses$5,539,758$1,889,070   Margin loans from    financial institutions921,978-   Short-term notes    payable263,190609,300   Loans to related    parties-684,654   Current    installments of long-term debt154,83680,350        Total current liabilities6,879,7623,263,374Long-term debt, less current    installments7,441,1061,698,504Minority interest4,760,2951,942,570        **Total liabilities**19,081,1636,904,448  Stockholders' equity:   Preferred stock,    $.001par value.         Authorized 1,000,000 shares: Series A, 5% cumulative, redeemable and         convertible, 390,000 shares issued and outstanding  at December 31, 2004.-390   Common stock,    $.001 par value. Authorized 10,000,000 shares:         4,308,750 shares issued and 4,303,830 shares outstanding at September 30, 2005,     and    2,905,325 shares issued and 2,902,805 shares outstanding at December 31, 20044,3092,905   Additional paid-in    capital28,254,30626,208,020   Accumulated    deficit(12,386,032)(10,335,890)  15,872,58315,875,425   Less treasury    stock, at cost (4,920 shares at September 30, 2005 and 2,520 shares at December 31, 2004)(46,966)(34,028)     Total    stockholders' equity15,825,61715,841,397        **Total liabilities and stockholders' equity**
$34,906,870$22,745,845  See accompanying    notes to consolidated financial statements**AMERICAN INTERNATIONAL INDUSTRIES, INC. AND    SUBSIDIARIES**Consolidated    Statements of Operations****Back to Table of ContentsThree and nine months ended September, 30 2005 and 2004(Unaudited)     
**Three months ended September 30,**
**Nine months ended September 30,****  ****2005****2004**
**2005**
**2004**   Revenues $9,046,634$1,606,618
$
18,032,255
$
7,995,000Costs    and expenses:       Cost of sales 6,129,1441,849,899
10,926,031
6,315,954      Selling, general and administrative 2,479,3051,407,055
6,759,276
3,758,243        Total operating expenses 8,608,4493,256,954
17,685,307
10,074,197      Operating income (loss)438,185(1,650,336)
346,948
(2,079,197)      Other    income (expenses):       Interest income 213,87789,764
334,950
115,950      Realized gains (losses) on investments(26,955)213,846
(438,955)
251,346      Unrealized gain and (losses) on trading securities(330,333)-
(2,021,250)
-      Gain on sale of real estate acquired for resale-1,815,870-
1,815,870      Gain on sale of assets-1,813,070
-
1,813,070      Oil and gas royalty income3,671-
3,671
-      Interest expense(128,744)(234,677)
(194,841)
(360,137)      Other income (expense)67,280(48,751)
588,738
(97,500)        Total other income (expense)(201,204)3,649,122
(1,727,687)
3,538,599          Net    income (loss) before income tax236,9811,998,786
(1,380,739)
1,459,402Provision    for income taxes--
-
-        Net income (loss) from operations before minority interest236,9811,998,786
(1,380,739)
1,459,402Minority    interest(43,132)(90,939)
(440,303)
(324,749)    Net income (loss)$193,849$1,907,847
$
(1,821,042)
$
1,134,653      Net    earnings (loss) applicable to common shareholders:       Basic$0.05$0.68
$
(0.57)
$
0.42       Diluted$0.05$0.60$(0.57)$0.36  Weighted    average common sharesBasic3,620,3522,790,066
3,204,678
2,729,838Diluted3,620,3523,180,0663,204,6783,119,838See accompanying notes to consolidated financial statements
 
**AMERICAN INTERNATIONAL INDUSTRIES, INC. AND    SUBSIDIARIES**Consolidated    Statements of Cash Flows****Back to Table of ContentsNine  months ended September 30, 2005 and 2004(Unaudited)     **Nine    month ended**Nine    month ended**  **
**September 30, 2005**
**September 30, 2005**Cash    flows from operating activities:       Net earnings (loss)
$
(1,821,042)
$
1,134,653      Adjustments to reconcile net earnings (loss)        to net cash used in operating activities:           Depreciation and amortization 
180,211
108,071          Common stock issued for services 
347,800
1,123,251          Realized losses on the sale of trading securities930,593-          Unrealized loss on trading securities2,021,250-          (Gain) on sale of real estate
-
(1,815,870)           Gain on restructuring of debt
(466,350)
-          Minority interest
440,303
324,749          (Increase) decrease of operating assets:              Accounts receivable 
(2,818,871)
(2,963,878)             Trading securities
420,832
-             Inventories 
(3,794,365)
(486,766)             Prepaid expenses and other current assets
(951,666)
88,391             Drilling rigs held for sale-300,000             Other assets 
(19,455)
(84,362)          Increase (decrease) in operating liabilities,          net of acquisition of subsidiary:             Accounts payable and accrued expenses2,440,459495,764             Net cash    used in operating activities 
(3,090,301)
(1,775,997)  Cash    flows from investing activities:       Purchase of property and equipment
(89,249)
(287,307)      Proceeds from sale of real estate-1,350,000      Cash paid for acquisition of subsidiary(826,700)-      Cash received on acquisition of subsidiary56,506-      Redemption of certificate of deposit300,000-      Notes receivable39,02115,813      Loans from related parties
11,575
25,824            Net cash    provided by (used in) investing activities 
(508,847)
1,104,330      Cash    flows from financing activities:       Proceeds from exercise of stock options
75,000
-      Net repayment under line-of-credit agreements
(1,245,742)
(889,000)      Proceeds from long-term debt4,992,889533,534      Proceeds from borrowing from related parties-517,572      Repayment of borrowing from related parties(684,654)-      Principal payments on long-term debt(25,801)(21,741)      Payment of dividends on preferred stock
(48,750)
(150,000)      Acquisition of treasury stock(13,657)-            Net cash    provided by financing activities 
3,049,285
(9,635)                 Net decrease in cash and cash equivalents
(549,863)
(681,302)  Cash and    cash equivalents beginning of year 
5,079,873
944,233Cash and cash equivalents end of period
$
4,530,010
$
262,931      Supplemental    schedule of cash flow information:       Interest paid 
$
194,841
$
360,137  See accompanying notes to consolidated financial statements
 

**AmericanInternational Industries, Inc.**Back to Table of Contents****Notes to Consolidated Financial Statements
**(1) General

American International Industries, Inc. (the "Company" or"AIII"), operates as a diversified holding company with a number of wholly-ownedsubsidiaries and one majority-owned subsidiary.

The accompanying unaudited financial statements have been prepared inaccordance with U. S. generally accepted accounting principles ("GAAP") forinterim financial information and with the instructions to Form 10-QSB. Accordingly, theydo not include all of the information and footnotes required by GAAP for completefinancial statements. In the opinion of management, all adjustments (consisting of normalrecurring adjustments) considered necessary for a fair presentation have been included.Operating results for the nine month period ended September 30, 2005 are not indicative ofthe results that may be expected for the year ending December 31, 2005.

As contemplated by the Securities and Exchange Commission (SEC) underRules of Regulation S-B, the accompanying financial statements and related footnotes havebeen condensed and do not contain certain information that will be included in theCompany's annual financial statements and footnotes thereto. For further information,refer to the Company's audited consolidated financial statements and related footnotesthereto included in the Company's annual report on Form 10-KSB for the year ended December31, 2004.
**(2) Use of Estimates

The preparation of financial statements in conformity with U. S. GAAPrequires management to make estimates and assumptions that affect the reported amounts ofassets and liabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expenses during thereporting period. Actual results could vary from those estimates.
**(3) Recent Accounting Pronouncements

In December 2004, the Financial Accounting Standards Board issuedStatement of Financial Accounting Standards No. 153. This statement addresses themeasurement of exchanges of nonmonetary assets. The guidance in APB Opinion No. 29, *"Accountingfor Nonmonetary Transactions,"* is based on the principle that exchanges ofnonmonetary assets should be measured based on the fair value of the assets exchanged.

The guidance in that opinion; however, included certain exceptions tothat principle. This statement amends Opinion 29 to eliminate the exception fornonmonetary exchanges of similar productive assets and replaces it with a generalexception for exchanges of nonmonetary assets that do not have commercial substance. Anonmonetary exchange has commercial substance if the future cash flows of the entity areexpected to change significantly as a result of the exchange. This statement is effectivefor financial statements for fiscal years beginning after June 15, 2005. Earlierapplication is permitted for nonmonetary asset exchanges incurred during fiscal yearsbeginning after the date of this statement is issued. Management believes the adoption ofthis statement will have no impact on the financial statements of the Company.

In December 2004, the Financial Accounting Standards Board issuedStatement of Financial Accounting Standards No. 152, which amends FASB statement No. 66, *"Accountingfor Sales of Real Estate,"* to reference the financial accounting and reportingguidance for real estate time-sharing transactions that is provided in AICPA Statement ofPosition (SOP) 04-2, *"Accounting for Real Estate Time-Sharing Transactions."*This statement also amends FASB Statement No. 67, *"Accounting for Costs andInitial Rental Operations of Real Estate Projects,"* to state that the guidancefor (a) incidental operations and (b) costs incurred to sell real estate projects does notapply to real estate time-sharing transactions. The accounting for those operations andcosts is subject to the guidance in SOP 04-2. This statement is effective for financialstatements for fiscal years beginning after June 15, 2005. Management believes theadoption of this statement will have no impact on the financial statements of the Company.

November 2004, the Financial Accounting Standards Board (FASB) issuedStatement of Financial Accounting Standards No. 151, *"Inventory Costs— anamendment of ARB No. 43, Chapter 4."* This statement amends the guidance in ARBNo. 43, Chapter 4, *"Inventory Pricing,"* to clarify the accounting forabnormal amounts of idle facility expense, freight, handling costs, and wasted material(spoilage). Paragraph 5 of ARB 43, Chapter 4, previously stated that *"under somecircumstances, items such as idle facility expense, excessive spoilage, double freight,and rehandling costs may be so abnormal as to require treatment as current periodcharges."* This statement requires that those items be recognized ascurrent-period charges regardless of whether they meet the criterion of *"soabnormal."* In addition, this statement requires that allocation of fixedproduction overheads to the costs of conversion be based on the normal capacity of theproduction facilities. This statement is effective for inventory costs incurred duringfiscal years beginning after June 15, 2005. Management does not believe the adoption ofthis statement will have any immediate material impact on the Company.
**(4) Income Taxes

Income taxes for the interim periods were computed using the effectivetax rate estimated to be applicable for the full fiscal year, which is subject to ongoingreview and evaluation by management. The estimated federal income tax expense for thenine-month periods ended September 30, 2005 and 2004 is eliminated by net operating losscarry forwards.
**(5) Employee Stock-Based Compensation

The Company accounts for its employee stock options under theAccounting Principles Board Opinion No. 25, "*Accounting for Stock Issued toEmployees*," and related interpretations. No stock-based employee compensationcost is reflected in net income (loss), as all employee options granted has an exerciseprice equal to the market value of the underlying common stock on the date of grant.

The Company also grants options to non-employees for goods and servicesand in conjunction with certain agreements. These grants are accounted for under FASBStatement No. 123, "*Accounting for Stock-Based Compensation*" based on thegrant date fair values.

The following table illustrates the effect on net earnings (loss) and earnings (loss)per share if the Company had applied the fair value recognition provisions of FASBStatement No. 123 to stock-based employee compensation.

**Three months ended**
**Nine months ended**
**September 30, 2005**
**September 30, 2004**
**September 30, 2005**
**September 30, 2004**  
Net earnings    (loss) as reported
$
193,849
$
1,907,847
$
(1,821,042)
$
1,134,653
Deduct: Total    stock-based employee compensation (expense determined under the fair value method for all    awards), net of tax effect
-
(84,474)
-
(253,421)
Pro forma net    earnings (loss)
193,849
1,823,373
(1,821,042)
881,232
Earnings (loss)    per share:
Basic net    earnings (loss) per share - as reported
0.05
0.68
(0.57)
0.42
Basic net    earnings (loss) per share - pro forma
0.05
0.64
(0.57)
0.32)
The above pro forma effects onnet earnings (loss) and net earnings (loss) per share are not like to be representative ofthe effects on reported net earnings (loss) for future years because options vest overseveral years and additional awards could be made each year.

**(6) Industry Segments**

The Company has three reportable segments and corporate overhead:industrial/commercial, oil and gas, and real estate. The industrial/commercial segmentincludes (1) a supplier of automotive after-market products and (2) a holding company forfuture commercial ventures. The real estate segment includes sales of commercial realestate (undeveloped land). The oil and gas segment owns an oil, gas and mineral royaltyinterest in Washington County, Texas and an onshore rig-based well servicing contractingcompany providing service to the oil and gas industry. The corporate overhead includes theCompany's investment holdings including financing current operations and expansion of itscurrent holdings as well as evaluating the feasibility of entering into additionalbusinesses.

The Company's reportable segments are strategic business units thatoffer different technology and marketing strategies. Most of the businesses were acquiredas subsidiaries and the management at the time of the acquisition was retained.

Consolidated revenues, net operating income (loss) for the nine monthsended September 30, 2005 and 2004, and identifiable assets as of September 30, 2005 and2004, were as follows:
**2005****2004**Revenues:$$   Industrial/Commercial9,602,2736,560,190   Real estate--   Oil and gas8,429,9826,187,726$18,032,255$12,747,916Operating income (loss):   Industrial/Commercial$(176,439)$581,287   Real estate--   Oil and gas1,573,034991,297   Corporate(1,049,647)(1,309,257)$(346,948)$263,327Identifiable assets:   Industrial/commercial$15,297,718$6,823,790   Real estate1,075,000225,000   Oil and gas7,340,3945,645,704   Corporate11,193,66813,437,539$34,906,780$26,132,033
The Company's areas of operations are in the United States.

**(7) Acquisition**

Effective April 28, 2005, the Company's majority-ownedsubsidiary, International American Technologies, Inc. ("IMTG"), entered into astock purchase agreement to acquire 51% of the capital stock of Hammonds TechnicalServices, Inc., a privately-owned Texas corporation ("Hammonds") inconsideration for IMTG or the Company providing: (i) $1,000,000 in cash to Hammonds forworking capital; (ii) a secured revolving long-term line of credit in the amount of$2,000,000; and (iii) the Company issueing 145,000 restricted shares of common stock andreceipt by the Company of a $1,450,000 promissory note. The 145,000 restricted sharesweere used in exchange for the cancellation of two minority interests in Hammonds owned bythird parties. The total purchase price to acquire 51% of Hammonds was $2,450,000,representing cash payments of $826,700, 145,000 restricted shares valued at $1,450,000 andthe assumption of a note payable to one of the former Hammonds shareholders in the amountof $173,300.

Hammonds is a manufacturer of fuel injectors and pumpsfor the miliatry and commercial aviation industry and a producer of fuel and wateradditives for the aviation and potable water industries. Sales are made to customers inboth the domestic and international markets.

As required by SFAS No. 141, the Company has recordedthe acquisition using the purchase method of accounting with the purchase price allocatedto the acquired assets and liabilities based upon their repective estimated fair values atthe acquisition date. The purchase price of $2,450,000 had been allocated as follows:
Current assets
$1,404,371Property and equipment, net826,765Patents and trademarks, net of amortization173,749Goodwill4,603,634Other non-current assets18,685Current liabilities(2,223,282)49% interest not acquired(2,353,922)
$2,450,000
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